# EDGAR Filing Document

**Accession Number:** 0001910992
**File Stem:** 0001185185-26-000445
**Filing Date:** 2026-2
**Character Count:** 3735218
**Document Hash:** 1baed6a4fa9fb8d075490e4fe3c4c54b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001185185-26-000445.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001185185-26-000445

**CONFORMED SUBMISSION TYPE**: S-4/A

**PUBLIC DOCUMENT COUNT**: 97

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blockfusion Data Centers, Inc.
- **CENTRAL INDEX KEY:** 0002097508
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 395104456
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291994
- **FILM NUMBER:** 26609460

**BUSINESS ADDRESS:**
- **STREET 1:** 447 BROADWAY, 2ND FLOOR, #538
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 646-732-4427

**MAIL ADDRESS:**
- **STREET 1:** 447 BROADWAY, 2ND FLOOR, #538
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blockfusion USA, Inc.
- **CENTRAL INDEX KEY:** 0001910992

**ORGANIZATION NAME:**
- **EIN:** 851729331
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-4/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291994-01
- **FILM NUMBER:** 26609461

**BUSINESS ADDRESS:**
- **STREET 1:** 5380 FRONTIER AVE.
- **CITY:** NIAGARA FALLS
- **STATE:** NY
- **ZIP:** 14304
- **BUSINESS PHONE:** (716) 379-6273

**MAIL ADDRESS:**
- **STREET 1:** 5380 FRONTIER AVE.
- **CITY:** NIAGARA FALLS
- **STATE:** NY
- **ZIP:** 14304

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

**As filed with the U.S. Securities and Exchange Commission on February 9, 2026.**

**Registration No. 333-291994**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Amendment No. 1 to**

**FORM S-4**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**BLOCKFUSION DATA CENTERS, INC.**

**Co-registrant is listed on the following page**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **6199** | **39-5104456** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer <br> Identification No.) |

---

447 Broadway, 2nd Floor, #538

New York, NY 10013

(212) 561-1200

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

Robert Scott

447 Broadway, 2nd Floor, #538

New York, NY 10013

(212) 561-1200

(Name, address, including zip code, and telephone number, including area code, of agent for service)

**Copies to:**

---

| | |
|:---|:---|
| **Douglas S. Ellenoff, Esq.**<br> **Stuart Neuhauser, Esq.**<br> **Meredith Laitner, Esq.**<br> **David Landau, Esq.<br> Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas<br> New York, New York 10105-0302<br> (212) 370-1300** | **Michael J. Blankenship<br> Winston & Strawn LLP**<br> **800 Capitol Street, Suite 2400**<br> **Houston, TX 77002<br> (713) 651-2678** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this Registration Statement becomes effective and after all conditions under the Business Combination Agreement to consummate the proposed merger are satisfied or waived.

If the securities being registered on this Form are being offered in connection with the formation of a holding company and there is compliance with General Instruction G, check the following box: ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering: ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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 7(a)(2)(B) of the Securities Act. ☐

If applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:

Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) ☐

Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer) ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

**TABLE OF CO-REGISTRANT**

---

| | | | |
|:---|:---|:---|:---|
| **Exact Name of Co-registrant<br> as Specified in Its Charter** | **State or Other Jurisdiction of <br> Incorporation or Organization** | **Primary Standard Industrial <br> Classification Code Number** | **I.R.S. Employer <br> Identification Number** |
| Blockfusion USA, Inc.<sup>(1)</sup> | Delaware | 6199 | 85-1729331 |

---

____________

(1) The Co-registrant has the following principal executive
offices:

Blockfusion USA, Inc.

447 Broadway, 2nd Floor, #538

New York, NY 10013

(212) 561-1200

(2) The agent for service for the Co-registrant is:

Robert Scott

447 Broadway, 2nd Floor, #538

New York, NY 10013

(212) 561-1200

**The information in this preliminary proxy statement/prospectus is not complete and may be changed. These securities may not be issued until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary proxy statement/prospectus is not an offer to sell these securities and does not constitute the solicitation of offers to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**PRELIMINARY PROXY STATEMENT/PROSPECTUS — SUBJECT TO COMPLETION, DATED FEBRUARY 9, 2026**

**PROXY STATEMENT FOR EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF BLUE ACQUISITION CORP. AND PROSPECTUS FOR UP TO 84,508,200 SHARES OF CLASS A COMMON STOCK**

**OF** **BLOCKFUSION DATA CENTERS, INC.**

To the Shareholders of Blue Acquisition Corp.:

You are cordially invited to attend the extraordinary general meeting of shareholders (the "**Blue Extraordinary General Meeting**") of Blue Acquisition Corp. ("**Blue**"), which will be held at [_] a.m., Eastern Time, on [_], 2026. The Board of Directors of Blue (the "**Blue Board**") has determined to convene and conduct the Blue Extraordinary General Meeting in a virtual meeting format at *www.cstproxy.com/[_]*. For the purposes of Blue's Amended and Restated Memorandum and Articles of Association (the "**Current Charter**"), the Blue Extraordinary General Meeting may also be attended in person at the offices of Ellenoff Grossman & Schole LLP located at 1345 Avenue of the Americas, 11th Floor, New York, NY 10105*.* The accompanying proxy statement/prospectus includes instructions on how to access the virtual Blue Extraordinary General Meeting and how to listen and vote from home or any remote location with internet connectivity. You or your proxy holder will be able to attend and vote at the Blue Extraordinary General Meeting by visiting *www.cstproxy.com/[_]* and using a control number assigned by Continental Stock Transfer & Trust Company and printed on your proxy card. To register and receive access to the Blue Extraordinary General Meeting, registered shareholders and beneficial shareholders (those holding shares through a stock brokerage account or by a bank or other holder of record) of Blue will need to follow the instructions applicable to them provided in the accompanying proxy statement/prospectus.

On November 19, 2025, Blue entered into a Business Combination Agreement (as it may be amended or supplemented from time to time, the "**Business Combination Agreement**") with (i) Blockfusion Data Centers, Inc., a Delaware corporation ("**Pubco**"), (ii) Atlas I Merger Sub, a Cayman Islands exempted company and wholly-owned subsidiary of Pubco ("**Blue Merger Sub**"), (iii) Atlas Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco ("**Company Merger Sub**" and together with Blue Merger Sub, the "**Merger Subs**") and (iv) **Blockfusion USA, Inc.**, a Delaware corporation ("**Blockfusion**" or the "**Company**") (all of the transactions (the "**Transactions**") contemplated by the Business Combination Agreement and ancillary agreements entered into in connection therewith, including the issuances of securities thereunder, the "**Business Combination**"). A copy of the Business Combination Agreement is attached to the accompanying proxy statement/prospectus as *Annex A*. **You are being asked to vote on the Business Combination and certain other related matters**.

Pursuant to the Business Combination Agreement, and subject to the terms and conditions set forth therein, in connection with the consummation of the proposed Business Combination (the "**Closing**," to occur on the "**Closing Date**"), among other things, (i) Blue Merger Sub will merge with and into Blue, with Blue continuing as the surviving entity and wholly-owned subsidiary of Pubco (the "**Blue Merger**"), as a result of which all of the Blue securities issued and outstanding as of immediately prior to the effective time of the Blue Merger will be cancelled and extinguished in exchange for the right to receive newly-issued securities of Pubco, as follows: (a) each Blue Class A ordinary share, par value $0.0001 per share ("**Blue Class A Ordinary Share**") (including the Blue Class A Ordinary Shares issued upon conversion of each Blue Class B ordinary share, par value $0.0001 per share ("**Blue Class B Ordinary Share**")) will be converted into the right to receive one newly-issued share of Pubco Class A common stock, par value $0.0001 per share ("**Pubco Class A Common Stock**"), and (b) Pubco will issue one share of Pubco Class A Common Stock for each Blue Class A Ordinary Shares into which each Blue share right (entitling holders thereof to the right to receive one-tenth (1/10<sup>th</sup>) of one Blue Class A Ordinary Share) ("**Blue Share Right**") outstanding as of immediately prior to the Effective Time would have been converted; and (ii) Company Merger Sub will merge with and into Blockfusion, with Blockfusion continuing as the surviving entity (the "**Company Merger**" and, together with the Blue Merger, the "**Mergers**"), and as a result of which each security of the Company outstanding as of immediately prior to the time of effectiveness of the Blue Merger and the Company Merger (the "**Effective Time**") shall be cancelled in exchange for the right to receive substantially equivalent securities of Pubco, subject to certain adjustments, as applicable, and subject to the Exchange Ratio, as further described below. Prior, and as a condition, to the consummation of the Business Combination, of all of the outstanding shares of Blockfusion preferred stock will have been converted into shares of Company common stock (the "**Preferred Conversion**") in accordance with the terms of the Business Combination Agreement and the Company's governing documents then in effect. Shares of Blockfusion Series A common stock, par value $0.0001 per share ("**Company Class A Common Stock**") outstanding as of immediately prior to the Effective Time will be exchanged in the Company Merger for newly-issued shares of Pubco Class A Common Stock, entitling holders thereof to one (1) vote per share. Shares of Blockfusion Series B common stock, par value $0.0001 per share ("**Company Class B Common Stock**") outstanding as of immediately prior to the Effective Time will be exchanged in the Company Merger for newly-issued shares of Pubco Class B common stock, par value $0.0001 per share ("**Pubco Class B Common Stock**"), which shares of Pubco Class B Common Stock will have economic rights (including dividend and liquidation rights) identical to those of the Pubco Class A Common Stock, but the holders thereof will be entitled to 20 votes per share on all matters on which shares of Pubco Class B common stock are entitled to vote in accordance with the terms of the amended and restated certificate of incorporation of Pubco to be adopted in connection with the consummation of the Business Combination (the "**Proposed Charter**"). Additionally, in connection with the Company Merger, (1) each option to purchase shares of Company capital stock outstanding as of immediately prior to the Effective Time ("**Company Options**") will be assumed by Pubco and converted into options to purchase shares of Pubco Class A Common Stock ("**Assumed Options**") with substantially equivalent terms, subject to certain adjustments to exercise prices and the number of shares for which such Assumed Options may be exercised in accordance with the terms of the Business Combination Agreement; (2) each warrant to purchase shares of Company capital stock outstanding as of immediately prior to the Effective Time ("**Company Warrants**") will be assumed by Pubco and converted into warrants to purchase shares of Pubco Class A Common Stock ("**Assumed Warrants**") with substantially equivalent terms, subject to certain adjustments to exercise prices and the number of shares for which such Assumed Warrants may be exercised in accordance with the terms of the Business Combination; and (3) any other Company convertible securities (other than Company Options and Company Warrants), if not exercised or converted prior to the Effective Time, will be cancelled without consideration.

Upon the Closing, the consideration to be delivered to holders of Blockfusion securities as of immediately prior to the Effective Time (collectively, "**Company Security Holders**") under the terms of the Business Combination Agreement, consisting of newly-issued shares of Pubco Class A Common Stock, Pubco Class B Common Stock, Assumed Options and Assumed Warrants, will have an aggregate value equal to Four Hundred and Fifty Million U.S. Dollars ($450,000,000) (the "**Merger Consideration**"). Pursuant to the terms of the Business Combination Agreement, each holder of shares of capital stock of the Company (each, a "**Company Stockholder**") will, at the Closing, receive, in consideration for each share of Company common stock as of immediately prior to the Effective Time (after giving effect to the Preferred Conversion, but excluding treasury shares), a number of newly-issued Pubco shares determined based on an exchange ratio (the "**Exchange Ratio**") equal to a quotient, (i) the numerator of which is equal to the Merger Consideration divided by the number of fully diluted Company shares, and (ii) the denominator of which is equal to the per share price at which each Public Share (as defined below) may be redeemed in connection with the Business Combination (the "**Redemption Price**"), with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock and holders of shares of Company Class A Common Stock receiving shares of Pubco Class A Common Stock.

The Business Combination Agreement also contains a closing condition, waivable by Blockfusion, that, at the Closing, aggregate cash and cash equivalents equal to or greater than $75.0 million be delivered to Pubco, after satisfaction of all required payments from the trust account (the "**Trust Account**") established at the time of Blue's initial public offering (the "**IPO**") to holders of the Blue Class A Ordinary Shares included as part of the units sold in the IPO (the "**Blue Public Units**," and such shares, the "**Public Shares**," and such shareholders "**Public Shareholders**") that validly redeemed (and had not withdrawn such redemption requests) such shares in connection with the Closing in accordance with the Current Charter and instructions set forth in the accompanying proxy statement/prospectus and after payment of all unpaid transaction expenses of Blue and of Blockfusion, whether from funds remaining in the Trust Account or from net proceeds from any financing transactions ("**Financing Transactions**") that may be entered into and consummated in connection with the proposed Business Combination in accordance with the terms of the Business Combination Agreement.

**Material Financing Transactions**

Prior to the closing of the IPO, the Sponsor loaned Blue an aggregate of up to $300,000 under an unsecured promissory note (the "**IPO Promissory Note**") to be used for a portion of the expenses of the IPO. The Promissory Note was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the IPO. As of June 16, 2025, the IPO Promissory Note was repaid in full and is no longer available to Blue.

Simultaneously with the consummation of the IPO, Blue sold an aggregate of 592,250 units (the "**Blue Private Placement Units**") to the Sponsor and the underwriters of the IPO (the "**IPO Underwriters**"), at a price of $10.00 per Blue Private Placement Unit, generating total proceeds of $5,922,500.

Since the IPO, there has not been any material financing of Blue. However, if necessary in order to fund working capital deficiencies or finance transaction costs in connection with the Business Combination, the Sponsor, or certain of Blue's officers and directors or their affiliates, may, but are not obligated to, loan funds to Blue as may be required. If Blue completes the Business Combination or another initial business combination, it would repay such loaned amounts. In the event that the Business Combination or another initial business combination does not close, Blue may use a portion of the working capital held outside of the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such working capital loans may be convertible into additional Blue Private Placement Units at a price of $10.00 per unit at the option of the lender. As of the date of this proxy statement/prospectus, there are no such working capital loans outstanding. Our non-redeeming shareholders may experience material dilution if the $1,500,000 in working capital loans are issued by the Sponsor and remain unpaid prior to Closing, and the Sponsor elects to convert the working capital loans into Blue Private Placement Units.

On December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination (the "**Ketan Seth Promissory Note**"). Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance.

Pursuant to the Business Combination Agreement, Blue and Blockfusion agreed to use reasonable best efforts to enter into written agreements for Financing Transactions with an aggregate proceeds of at least $100 million (on such terms and structuring and using such strategy, placement agents and approach, as Blue and Blockfusion shall mutually agree). Blue has engaged each of the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. Blue or Pubco may, prior to the Closing, offer or sell additional securities in connection with a PIPE or other Financing Transactions, the issuance of which would dilute ownership interests to Public Shareholders that do not redeem Public Shares in connection with the Business Combination. As of the date of this of this proxy statement/prospectus, no such transactions have yet been identified, committed or consummated.

The closing of the Business Combination is subject to the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million (the "**Minimum Cash Condition**"). If no additional funds are raised by Blue or Pubco through a PIPE or other Financing Transaction, the Minimum Cash Condition may not be satisfied and the Business Combination may not be consummated unless the Minimum Cash Condition is waived by Blockfusion.

Immediately after the Closing, assuming that none of the outstanding Public Shares are redeemed prior to the Closing Date, taking into account also the assumptions further described under the headings "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and "*Unaudited Pro Forma Condensed Combined Financial Information*" in the accompanying proxy statement/prospectus, (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding shares of Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.8% of the outstanding shares of common stock of Pubco (the "**Pubco Common Stock**"), (iii) the IPO Underwriters are expected to own approximately 0.5% of the outstanding shares of Pubco Common Stock, (iv) the Blue Advisor (as defined below) is expected to own approximately 0.4% of the outstanding shares of Pubco Common Stock, and (v) the Company Stockholders are expected to own approximately 59.0% of the outstanding shares of Pubco Common Stock., excluding, for purposes of the foregoing calculations, the dilutive effects of the Assumed Options and Assumed Warrants, but including the shares of Pubco Class A Common Stock issuable to former holders of Blue Share Rights. If the actual facts immediately after the Closing are different from the foregoing assumptions, which they are likely to be, the percentage ownership information set forth above will also be different.

Only holders of record of Blue Class A Ordinary Shares and Blue Class B Ordinary Shares (collectively, the "**Blue Ordinary Shares**"), at the close of business on [_], 2026, the record date for the Blue Extraordinary General Meeting (the "**Record Date**"), are entitled to notice of and to vote and have their votes counted at the Blue Extraordinary General Meeting and any adjournments or postponements thereof.

Blue is, and following the Business Combination, Pubco will be, an "emerging growth company" as that term is used in the Jumpstart Our Business Startups Act of 2012, as amended, and, as such, may elect to comply with certain reduced public company reporting requirements in future reports after the consummation of the Business Combination.

**After careful consideration, the Blue Board has unanimously approved the Business Combination Agreement and the Business Combination and determined that each of the proposals to be presented at the Blue Extraordinary General Meeting is fair, advisable and in the best interests of Blue and Blue's shareholders and recommends that you vote "FOR" each of the above proposals.**

**The existence of financial and personal interests of Blue's directors and officers may result in conflicts of interest, including a conflict between what may be in the best interests of Blue and Blue's shareholders and what may be best for a director's personal interests when determining to recommend that shareholders vote for the proposals set forth in the accompanying proxy statement/prospectus. See the sections entitled "*The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination*" and "*Beneficial Ownership of Securities*" in the accompanying proxy statement/prospectus for a further discussion.**

The Blue Board obtained a fairness opinion from Houlihan Capital, LLC ("**Houlihan Capital**"), dated as of November 17, 2025, which provides that, as of that date and based on and subject to the assumptions, limitations, qualifications and other conditions set forth therein, (i) the consideration to be issued or paid pursuant to the Business Combination Agreement is fair, from a financial point of view, to Blue and its shareholders, and (ii) Blockfusion has an aggregate fair market value equal to at least 80% of the balance of funds in the Trust Account (excluding the deferred underwriting commissions and taxes payable). See the section of the accompanying proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Opinion of Houlihan Capital, the Blue Board's Financial Advisor*" for additional information.

There are currently no specified circumstances or arrangements under which Blue securities held by the Sponsor or its affiliates could be transferred, or that could result in the forfeiture, surrender or cancellation of such securities, provided, that it is possible that pre-Closing changes to Sponsor securities could occur in connection with Financing Transaction arrangements (should any such arrangements or transactions be pursued in connection with the Business Combination, which is not currently anticipated but could occur, subject to the terms of the Business Combination Agreement) or otherwise. If any such Financing Transactions do occur, material dilution to non-redeeming Blue shareholders could also occur, as would be described in subsequent public disclosure documents.

Pursuant to a letter agreement among Blue, the Sponsor, Blue's officers and directors and the Blue Advisor (the "**Insider Letter**"), the Sponsor and such individuals agreed to (i) vote any Blue Ordinary Shares held by them in favor of any proposed initial business combination presented by Blue for approval by Blue shareholders and (ii) not to redeem any Blue Ordinary Shares owned by them in connection with such shareholder approval. No consideration was offered to any of the Sponsor or such individuals in respect of the foregoing commitments. There are currently no agreements, arrangements, or understandings, including any payments, between the Sponsor and unaffiliated security holders of Blue regarding the redemption of outstanding securities of Blue or with respect to determining whether to proceed with a de-SPAC transaction.

The Insider Letter contains restrictions on whether and when the Sponsor may sell Blue securities held by the Sponsor. Pursuant to terms of the Insider Letter, the Class B Ordinary Shares held by the Sponsor (the "**Founder Shares**") are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing of the Business Combination, distribute some or all of the Founder Shares held by it, and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. The Blue Private Placement Units (including the underlying securities) held by the Sponsor are subject to a lock-up whereby, subject to certain limited exceptions, such securities are not transferable until 30 days following the consummation by Blue of an initial business combination.

Because the Sponsor acquired the Founder Shares at a nominal price, the holders of non-redeeming Public Shares will incur an immediate and substantial dilution at the Closing and will incur additional dilution upon the conversion of the Share Rights underlying the Blue Private Placement Units (the "**Blue Private Share Rights**") held by the Sponsor. **Additional detailed information about the potential dilutive impact of interests held by the Sponsor and Blue's directors and officers is contained in the accompanying proxy statement/prospectus, including in the sections entitled:**

●  ***"Questions and Answers About the Blue Extraordinary General Meeting — What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?"*** 

●  ***"Risk Factors — Risks Related to the Business Combination and Blue — The Sponsor paid nominal consideration for the Founder Shares it holds. As a result, the Sponsor may make a substantial profit if the Business Combination is consummated, even if the shares held by the Sponsor lose substantial value and even if the Business Combination arguably may not be in the best interests of Blue's Public Shareholders."*** 

●  ***"The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination."*** 

**When Blue shareholders consider the proposals presented in the accompanying proxy statement/prospectus, they should keep in mind that the Sponsor and Blue's directors and officers have interests in the Business Combination that are different from or in addition to, or may conflict with, interests of unaffiliated holders of Blue Ordinary Shares. For instance, the Sponsor will benefit from the completion of a business combination and may be incentivized to complete a business combination that is less favorable to Public Shareholders rather than liquidating Blue. In the event of liquidation, the value of certain interests of the Sponsor, its affiliates and Blue directors and officers would become worthless, among other things, including:**

● that if the Business Combination or another initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 6,769,913 Class B Ordinary Shares, also referred to as the Founder Shares (which, upon consummation of an initial business combination or earlier, in accordance with the terms of the Current Charter, will or may be converted into Blue Class A Ordinary Shares) held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to the terms of the Insider Letter, the Founder Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing, distribute some or all of the Founder Shares held by it and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. In this regard, while the Founder Shares are not the same as the Blue Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the Blue Class A Ordinary Shares, and may become worthless if Blue does not complete a business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the aggregate value of the 6,769,913 Founder Shares owned by the Sponsor is estimated to be approximately $[_] million, assuming the per share value of the Founder Shares is the same as the $[_] closing price of the Blue Class A Ordinary Shares on The Nasdaq Stock Market LLC ()"**Nasdaq**") on [_], 2026;

● that if the Business Combination or another Blue initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 391,000 Blue Private Placement Units held by the Sponsor will expire worthless. The Sponsor purchased the Blue Private Placement Units at an aggregate purchase price of $3,910,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the IPO. Pursuant to the terms of the Insider Letter, the Blue Private Placement Units and all of their underlying securities are also subject to lock-up restrictions whereby, subject to certain limited exceptions, such securities will not be sold or transferred until 30 days after Blue has completed an initial business combination. In this regard, while the Blue Private Placement Units are not the same as the Blue Public Units, the aggregate value of the 391,000 Blue Private Placement Units held by the Sponsor is estimated to be approximately $[_] million, assuming the per unit value of the Blue Private Placement Units is the same as the $[_] closing price of the Blue Public Units on Nasdaq on [_], 2026;

● that if the proposed Business Combination is consummated, immediately after the Closing, the Sponsor is anticipated to hold 9.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*," which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*," assuming, among other assumptions further described in aforementioned other sections of this proxy statement/prospectus, no redemptions of Public Shares prior to or in connection with the proposed Business Combination;

● that each of Blue's officers and directors holds indirect interests in the Founder Shares held by Blue Holdings Management LLC ()"**Blue Holdings** "), the managing member of the Sponsor. Blue Holdings has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (and a former special advisor), indirectly through membership interests in Blue Holdings. In addition, Dario Dino Ferrari, a director, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000. As a result of their indirect interest in the Founder Shares through membership interests in Blue Holdings, Blue's management team may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

● that the Sponsor has invested an aggregate of $3,935,000 (consisting of $25,000 for the Founder Shares and $3,910,000 for the Blue Private Placement Units). Based on the difference in the effective purchase price of $0.004 per share paid for the Founder Shares, and $10.00 per unit paid for the Blue Private Placement Units, as compared to the purchase price of $10.00 per Blue Public Unit sold in the IPO, the Sponsor and its members may earn a positive rate of return on their investment even if the share price of Pubco after the Closing falls below the price initially paid for the Blue Public Units in the IPO and the non-redeeming unaffiliated Blue Public Shareholders experience a negative rate of return following the Closing of the Business Combination;

● that if, prior to the Closing, the Sponsor provides working capital loans to Blue, up to $1,500,000 of such working capital loans may be convertible into Blue Private Placement Units at the option of the lender, such loans may not be repaid if no business combination is consummated and Blue is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;

● that unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of them expecting to incur)) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof (but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);

● that if the Trust Account is liquidated, including in the event Blue is unable to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the Sponsor has agreed that it will be liable to Blue, if and to the extent any claims by a third party for services rendered or products sold to Blue or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, in each case net of income taxes, if any, and up to $100,000 of dissolution expenses, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under Blue's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "**Securities Act** ");

● that the Sponsor and Blue's officers and directors may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;

● that Ketan Seth is the Chief Executive Officer and a director of Blue and has been nominated to serve as a director of Pubco following the Closing. As such, in the future, Mr. Seth may receive any cash fees or equity awards that the Pubco Board determines to pay its directors;

● that Blue's directors and officers will be eligible for continued indemnification and continued coverage under directors' and officers' liability insurance after the Business Combination and pursuant to the terms of the Business Combination Agreement;

● that Alberto Pontonio (the "**Blue Advisor** "), a registered broker-dealer associated with Roberts & Ryan, Inc. ()"**Roberts & Ryan** "), one of the IPO Underwriters, and an advisor of Blue who has been authorized by the Blue Board to provide support to Blue's management, on behalf of the Blue Board, in the identification, evaluation, negotiation and, ultimately, consummation of an initial business combination, including the proposed Business Combination, holds 300,000 Founder Shares (the "**Blue Advisor Shares**") and has been nominated to serve as a director of Pubco following the Closing. The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor and were issued in exchange for services provided in connection with Blue's initial business combination. If Blue fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders) and is forced to liquidate, the Founder Shares will expire worthless. Aside from the 300,000 Founder Shares, the Blue Advisor has not and will not receive any compensation for his services to Blue (although he may receive additional compensation as part of his association with Roberts & Ryan, to the extent that Roberts & Ryan, receives deferred underwriting fees payable to the IPO Underwriters upon consummation of the Business Combination and/or in connection with the engagement of Roberts & Ryan as financial advisor and placement agent for any Financing Transactions). However, in the future, he may receive any cash fees or equity awards that the Pubco Board determines to pay its directors. As such, the Blue Advisor may have a conflict of interest in determining whether a particular target business is an appropriate business with which Blue should effectuate an initial business combination;

● that on December 2, 2025, Blockfusion issued the Ketan Seth Promissory Note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance; and

● that the Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements have been determined as of the date hereof and no written agreements exist with respect to such arrangements, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

**For more information about the potential conflicts of interest, the nature of compensation and the potential dilutive impact of such interests held by the Sponsor and Blue's directors and officers, see the following sections in the accompanying proxy statement/prospectus:**

●  ***"Questions and Answers About the Blue Extraordinary General Meeting — What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?"*** 

●  ***"Risk Factors — Risks Related to the Business Combination and Blue — The Sponsor paid nominal consideration for the Founder Shares it holds. As a result, the Sponsor may make a substantial profit if the Business Combination is consummated, even if the shares held by the Sponsor lose substantial value and even if the Business Combination arguably may not be in the best interests of Blue's Public Shareholders."*** 

 ****

***●***  ***"The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination"*** 

In addition, you should carefully consider the matters discussed under the heading entitled "*Risk Factors*" beginning on page 30 of the accompanying proxy statement/prospectus.

 ****

***Consideration Received or to be Received, and Securities Issued or to be Issued, by or to the Sponsor and Affiliates***

Blue's Sponsor, Blue Holdings Sponsor LLC, a Delaware limited liability company, and its affiliates have received or may receive the following consideration from Blue prior to or in connection with the completion by Blue of an initial business combination in accordance with the terms of Blue's governing documents (including upon the Closing of the proposed Business Combination):

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| | | |
|:---|:---|:---|
|  | **Interest in Securities** | **Other Consideration** |
| Sponsor | At Closing, the Sponsor will hold a total of 7,200,013 shares of Pubco Class A Common Stock, which will be issued in exchange for (i) 6,769,913 Founder Shares purchased by the Sponsor prior to Blue's IPO for an aggregate price of $25,000 (or $0.004 per share), (ii) 391,000 Blue Class A Ordinary Shares included as part of the Blue Private Placement Units that were purchased by the Sponsor at the time of Blue's IPO for an aggregate price of $3,901,000 (or $1.00 per unit), and (i) 39,100 Blue Class A Ordinary Shares underlying Blue Private Share Rights that were included in the Blue Private Placement Units.<br>If any such loans are issued by the Sponsor and remain unpaid prior to Closing, up to $1,500,000 of working capital loans by the Sponsor to Blue, which may be convertible into Blue Private Placement Units at the Closing, would, if not so converted, be repaid (or converted) at the Closing; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected).<br>Payment to Blue Holdings, the managing member of the Sponsor, in an amount equal to $5,000 per month for office space, utilities and secretarial and administrative support made available to Blue, pursuant to an Administrative Services Agreement, dated June 12, 2025, by and between Blue and Blue Holdings. |
| Blue's officers, directors and special advisors | Of the 6,769,913 Founder Shares currently held by the Sponsor, 75,000 Founder Shares have been allocated to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (not including the Blue Advisor) and a former special advisor. In addition, Dario Dino Ferrari, a director of Blue, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000.<br>At Closing, each of Blue's CEO and CFO is entitled to 75,000 shares of Pubco Class A Common Stock issuable in exchange for the 75,000 Founder shares allocated to each of them by the Sponsor. Dario Dino Ferrari is also entitled to 11,000 shares of Pubco Class A Common Stock issuable in exchange for the Blue Class A Ordinary Shares underlying the Blue Private Placement Units and the Blue Private Share Rights that were included in the Blue Private Placement Units.<br>At Closing, each of Blue's three independent directors is entitled to 50,000 shares of Pubco Class A Common Stock issuable in exchange for the 50,000 Founder shares allocated to each of them by the Sponsor.<br>At Closing, each of Blue's two special advisors (not including the Blue Advisor) and a formal special advisor is entitled to 25,000 shares of Pubco Class A Common Stock issuable in exchange for the 25,000 Founder shares allocated to each of them by the Sponsor.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected). |
| Blue Advisor | The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor. in exchange for services provided in connection with Blue's initial business combination. | Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected). |

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Prior to the Closing, the Sponsor is expected to waive its anti-dilution rights that would otherwise allow the Sponsor to maintain of the Founder Shares as 20% of Pubco, However, if the Sponsor does not waive its anti-dilution rights, the Pubco Class A Ordinary Shares issuable in connection with the conversion of the Founder Shares may result in material dilution to our non-redeeming shareholders due to the anti-dilution rights of our Founder Shares that could result in an issuance of Pubco Class A Ordinary Shares on a greater than one-for-one basis upon conversion. Additionally, our non-redeeming shareholders will experience dilution from the conversion of the Blue Private Share Rights included in the Blue Private Placement Units into Blue Class A Ordinary Shares upon the Closing. Further, our non-redeeming shareholders may experience material dilution if the $1,500,000 in working capital loans are issued by the Sponsor and remain unpaid prior to Closing, and the Sponsor elects to convert the working capital loans into Blue Private Placement Units.

The Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements or fees have been determined as of the date hereof and no written agreements exist with respect to such arrangements or fees, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

**The accompanying proxy statement/prospectus provides Blue shareholders with detailed information about the Business Combination and other matters to be considered at the Blue Extraordinary General Meeting. Blue urges you to read the accompanying proxy statement/prospectus, including the financial statements and annexes and other documents referred to therein, carefully and in their entirety.**

The accompanying proxy statement/prospectus may refer to important business and financial information about Blue reflected in documents Blue has filed with the U.S. Securities and Exchange Commission (the "**SEC**") that are not included in or delivered with this proxy statement/prospectus. You may access these and other filings of Blue with the SEC by visiting its website at *www.sec.gov* or by requesting them in writing or by telephone at the following address:

[_]

You will not be charged for any of these documents that you request. Shareholders requesting documents should do so by [_], 2026 in order to receive them before the Blue Extraordinary General Meeting.

**Your vote is very important.** To ensure your representation at the Blue Extraordinary General Meeting, please complete and return the enclosed proxy card or submit your proxy by following the instructions contained in the accompanying proxy statement/prospectus and on your proxy card. Please submit your proxy promptly whether or not you expect to participate in the meeting. Submitting a proxy now will NOT prevent you from being able to vote online during the virtual Blue Extraordinary General Meeting. If you hold your shares in "street name," you should instruct your broker, bank or other nominee how to vote in accordance with the voting instruction form you receive from your broker, bank or other nominee.

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| |
|:---|
| Very truly yours, |
| General (Ret.) Wesley Clark |
| Non-Executive Chairman of the Board |

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If you return your proxy card signed and without an indication of how you wish to vote, your shares will be voted in favor of each of the proposals and for the election of each of the directors proposed by Blue for election.

TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST (1) IF YOU HOLD BLUE CLASS A ORDINARY SHARES THROUGH BLUE PUBLIC UNITS, SEPARATE YOUR UNITS INTO THE UNDERLYING BLUE CLASS A ORDINARY SHARES AND PUBLIC SHARE RIGHTS PRIOR TO EXERCISING YOUR REDEMPTION RIGHTS WITH RESPECT TO THE PUBLIC SHARES, (2) SUBMIT A WRITTEN REQUEST, INCLUDING THE LEGAL NAME, PHONE NUMBER AND ADDRESS OF THE BENEFICIAL OWNER OF THE PUBLIC SHARES FOR WHICH REDEMPTION IS REQUESTED, TO THE TRANSFER AGENT AT LEAST TWO BUSINESS DAYS PRIOR TO THE DATE OF THE BLUE EXTRAORDINARY GENERAL MEETING, THAT YOUR PUBLIC SHARES BE REDEEMED FOR CASH AND (3) DELIVER YOUR SHARE CERTIFICATES (IF ANY) AND OTHER REDEMPTION FORMS TO THE TRANSFER AGENT, PHYSICALLY OR ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY'S DWAC (DEPOSIT/WITHDRAWAL AT CUSTODIAN) SYSTEM, IN EACH CASE, IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS. IF THE BUSINESS COMBINATION IS NOT CONSUMMATED, THEN THE PUBLIC SHARES WILL NOT BE REDEEMED FOR CASH. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK, BROKER OR OTHER NOMINEE TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS. SEE "*THE BLUE EXTRAORDINARY GENERAL MEETING — REDEMPTION RIGHTS*" IN THE PROXY STATEMENT/PROSPECTUS FOR MORE SPECIFIC INSTRUCTIONS.

**Neither the U.S. Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Business Combination or the other transactions contemplated thereby, as described in the accompanying proxy statement/prospectus, or passed upon the adequacy or accuracy of the disclosure in the accompanying proxy statement/prospectus. Any representation to the contrary is a criminal offense.**

The accompanying proxy statement/prospectus is dated [_], 2026, and is first being mailed to shareholders of Blue on or about [_], 2026.

**Blue Acquisition Corp. 1601 Anita Lane Newport Beach, CA 92660**

**NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS To Be Held On [_], 2026 [_] a.m. Eastern Time**

[_], 2026

**TO THE SHAREHOLDERS OF BLUE ACQUISITION CORP.:**

NOTICE IS HEREBY GIVEN that an extraordinary general meeting of shareholders (the "**Blue Extraordinary General Meeting**") of Blue Acquisition Corp., a Cayman Islands exempted company ("**Blue**"), will be held virtually at [_] a.m. Eastern Time on [_], 2026. The Blue Board of Directors (the "**Blue Board**") has determined to convene and conduct the Blue Extraordinary General Meeting in a virtual meeting format at *www.cstproxy.com/[_]*. For the purposes of the Current Charter, the Blue Extraordinary General Meeting may also be attended in person at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105. The accompanying proxy statement/prospectus includes instructions on how to access the virtual Blue Extraordinary General Meeting and how to listen and vote from home or any remote location with internet connectivity. You or your proxy holder will be able to attend and vote at the Blue Extraordinary General Meeting by visiting *www.cstproxy.com/[_]* and using a control number assigned by Continental Stock Transfer & Trust Company. The Blue Extraordinary General Meeting will be held for the purpose of considering and voting on the proposals described below and in the accompanying proxy statement/prospectus. To register and receive access to the virtual meeting, registered shareholders and beneficial shareholders (those holding shares through a stock brokerage account or by a bank or other holder of record) of Blue will need to follow the instructions applicable to them provided in the accompanying proxy statement/prospectus. At the Blue Extraordinary General Meeting, Blue shareholders will be asked to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *The Business Combination Proposal (**Proposal 1**)* — to consider and vote on a proposal to approve, by ordinary resolution, the (1) Business Combination Agreement,
dated as of November 19, 2025 (as it may be amended or supplemented from time to time, the "**Business Combination Agreement** "),
by and among (i) Blockfusion Data Centers, Inc., a Delaware corporation ()"**Pubco** "), (ii) Atlas I Merger Sub, a Cayman
Islands exempted company and wholly-owned subsidiary of Pubco ()"**Blue Merger Sub** "), (iii) Atlas Merger Sub, Inc., a
Delaware corporation and a wholly-owned subsidiary of Pubco ()"**Company Merger Sub**" and together with Blue Merger Sub,
the "**Merger Subs**") and (iv) Blockfusion USA, Inc., a Delaware corporation ()"**Blockfusion**" or the
" **Company**") (all of the transactions (the "**Transactions**") contemplated by the Business Combination
Agreement and ancillary agreements entered into in connection therewith, including the issuances of securities thereunder, the "**Business Combination**") and (2) all of the Transactions comprising the Business Combination, including, without limitation, (a) the
merger of Blue Merger Sub with and into Blue, with Blue continuing as the surviving corporation and a wholly-owned subsidiary of Pubco
(the "**Blue Merger** "), (b) the merger of Company Merger Sub with and into Blockfusion, with Blockfusion continuing as
the surviving corporation and a wholly-owned subsidiary of Pubco (the "**Company Merger**," and together with the Blue
Merger, the "**Mergers** "), (c) the issuance of Pubco securities in connection with the Transactions and (d) the
delivery to the former security holders of Blockfusion (the "**Company Security Holders**") of consideration under the
Business Combination Agreement consisting of newly-issued Pubco securities, including shares of Pubco Class A common stock, par value
$0.0001 per share ()"**Pubco Class A Common Stock** "), shares of Pubco Class B common stock, par value $0.0001 per share
(" **Pubco Class B Common Stock** "), options to purchase shares of Pubco Class A Common Stock (the "**Assumed Options** ")
and warrants exercisable for shares of Pubco Class A Common Stock (the "**Assumed Warrants** ").

The Business Combination Proposal is described in more detail in the accompanying proxy statement/prospectus under the heading "*The Business Combination Proposal (Proposal 1)*." A copy of the Business Combination Agreement is attached to the accompanying proxy statement/prospectus as *Annex A*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *The Merger Proposal* ( ***Proposal 2***) — to
consider and vote on a proposal to authorize and approve, by special resolution, (i) the merger of Blue Merger Sub with and into
Blue, with Blue continuing as the surviving entity and (ii) the plan of merger (the "**Plan of Merger**") to be adopted
in connection with the Blue Merger, a copy of which is attached to the accompanying proxy statement/prospectus as *Annex B*.
The Merger Proposal is described in more detail in the accompanying proxy statement/prospectus under the heading "*The Merger Proposal (Proposal 2)."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *The Charter Proposal (**Proposal 3**)* — to
consider and vote on a proposal to approve, by ordinary resolution, an amended and restated certificate of incorporation of Pubco (the
" **Proposed Charter**") in the form attached to the accompanying proxy statement/prospectus as *Annex C*, which
will be effective as of the Closing, concurrent with which the amended and restated bylaws of Pubco (the "**Proposed Bylaws** ")
in the form attached to the accompanying proxy statement/prospectus as *Annex D,* will also be adopted. The Charter Proposal
is described in more detail in the accompanying proxy statement/prospectus under the heading "*The Charter Proposal (Proposal 3)."* 

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| | |
|:---|:---|
| (iv-xi) | *The Organizational Documents Proposals (**Proposals 4 – 11**)* — to consider and vote on eight separate non-binding advisory proposals to approve, by ordinary resolution, material differences between the Current Charter in effect prior to the Blue Merger and the terms and provisions to be set forth in the Proposed Charter and Proposed Bylaws of Pubco upon completion of the Business Combination in accordance with the requirements of the U.S. Securities and Exchange Commission (the "**SEC**"), specifically: |

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● *Advisory Proposal A* – to approve authorized capital stock of Pubco of 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share (the "**Pubco Class A Common Stock** "), 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share (the "**Pubco Class B Common Stock**" and together with the Pubco Class A Common stock, the "**Pubco Common Stock** "), and 300,000,000 shares of preferred stock, par value $0.0001 per share (the "**Pubco Preferred Stock** ").

● *Advisory Proposal B* — to approve a provision that any or all of the directors of Pubco may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66 2/3% of the voting power of all then-outstanding shares of capital stock of Pubco entitled to vote generally in the election of directors, voting together as a single class.

● *Advisory Proposal C* — to approve a provision that Pubco will not be governed by Section 203 of the Delaware General Corporation Law.

● *Advisory Proposal D* — to approve a provision that amendment of the Proposed Charter generally requires the approval of the board of directors of Pubco (the "**Pubco Board**") and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class, with the exception of certain provisions that would require the affirmative vote of at least 66 2/3% of the total voting power of all the then-outstanding shares of stock of the company entitled to vote thereon, voting as a single class.

● *Advisory Proposal E* — to approve a provision expressly authorizing the Pubco Board to make, alter, amend or repeal the Proposed Bylaws by an affirmative vote of a majority of the Pubco Board. The Proposed Bylaws may also be adopted, amended, altered or repealed by the affirmative vote of at least 66 2/3% of the voting power of all of the then-outstanding shares of stock of the company entitled to vote generally in the election of directors, voting as a single class.

● *Advisory Proposal F* — to approve the removal of all of the provisions applicable only to blank check companies.

● *Advisory Proposal G* — to approve a provision providing for the automatic conversion of Pubco Class B Common Stock into Pubco Class A Common Stock upon any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition that is not a Permitted Transfer of such share or any legal or beneficial interest in such share.

● *Advisory Proposal H* — to approve a provision stating that holders of Pubco Class A Common Stock and Pubco Class B Common Stock will vote together as a single class on all matters, receive notice of meetings per the bylaws, and may vote as permitted under Delaware General Corporate Law, except where law, the Proposed Charter, or any Preferred Stock Designation provides otherwise. Under this proposal, each Class B share carries 20 votes and each Class A share carries 1 vote.

The Organizational Documents Proposals are described in more detail in the accompanying proxy statement/prospectus under the heading "*The Organizational Documents Proposals (Proposals 4 – 11).*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *The Incentive Plan Proposal (**Proposal 12**) —* to
consider and vote on a proposal to approve, by ordinary resolution, the 2026 Stock Incentive Plan (the "**Incentive Plan** ")
in the form attached to the accompanying proxy statement/prospectus as *Annex E*, which, if approved by the Blue shareholders
and adopted by Pubco, will be available to Pubco on a go-forward basis from the Closing. The Incentive Plan Proposal is described in
more detail in the accompanying proxy statement/prospectus under the heading "*The Incentive Plan Proposal (Proposal 12)*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *The Nasdaq Proposal (**Proposal 13**) —* to
consider and vote on a proposal to approve, by ordinary resolution, for the purposes of complying with the applicable provisions of Nasdaq
Rule 5635, the issuance of Pubco Common Stock in connection with the Business Combination and the additional shares of Pubco Common Stock
that will, upon Closing, be reserved for issuance pursuant to the Incentive Plan, to the extent such issuances would require shareholder
approval under Nasdaq Rule 5635. The Nasdaq Proposal is described in more detail in the accompanying proxy statement/prospectus under
the heading "*The Nasdaq Proposal (Proposal 13).* "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *The Director Election Proposal* ( ***Proposal 14***)
— to consider and vote on a proposal, by ordinary resolution, to approve the election of seven (7) directors, effective
upon the Closing, to serve on the Pubco Board until their respective successors are duly elected and qualified, or until such directors'
earlier death, resignation or removal. The Director Election Proposal is described in more detail in the accompanying proxy statement/prospectus
under the heading "*The Director Election Proposal (Proposal 14).* "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *The Adjournment Proposal (**Proposal 15**)* —
to consider and vote on a proposal to approve, by ordinary resolution, the adjournment of the Blue Extraordinary General Meeting
to a later date or dates, if necessary or desirable, at the determination of the Blue Board or the chairman of the Blue Extraordinary
General Meeting. The Adjournment Proposal is described in more detail in the accompanying proxy statement/prospectus under
the heading "*The Adjournment Proposal (Proposal 15)*."

**The proposals being submitted for a vote at the Blue Extraordinary General Meeting are more fully described in the accompanying proxy statement/prospectus, which also includes, as *Annex A*, a copy of the Business Combination Agreement. Blue urges you to read carefully the accompanying proxy statement/prospectus in its entirety, including the annexes and accompanying financial statements.**

**After careful consideration, the Blue Board has unanimously approved the Business Combination Agreement and the Transactions comprising the Business Combination and determined that each of the proposals to be presented at the Blue Extraordinary General Meeting is fair, advisable and in the best interests of Blue and Blue's shareholders and recommends that you vote or give instruction to vote "FOR" each of the above proposals.**

**The existence of financial and personal interests of Blue's directors and officers may result in conflicts of interest, including a conflict between what may be in the best interests of Blue and Blue's shareholders and what may be best for a director's personal interests when determining to recommend that shareholders vote for the proposals. See the sections entitled "*The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination" and "Beneficial Ownership of Securities"* in the accompanying proxy statement/prospectus for a further discussion.**

The Record Date for the Blue Extraordinary General Meeting is [_], 2026 (the "**Record Date**"). Only holders of record of the Blue Class A ordinary shares, par value $0.0001 per share (the "**Blue Class A Ordinary Shares**"), and Blue Class B ordinary shares, par value $0.0001 per share (the "**Blue Class B Ordinary Shares**" and together with the Blue Class A Ordinary Shares, the "**Blue Ordinary Shares**") at the close of business on the Record Date are entitled to notice of the Blue Extraordinary General Meeting and to vote at the Blue Extraordinary General Meeting and any adjournments or postponements of the Blue Extraordinary General Meeting.

Pursuant to the Current Charter, in connection with the Business Combination, holders ("**Public Shareholders**") of Blue Class A Ordinary Shares (the "**Public Shares**") underlying the units (the "**Blue Public Units**") issued in Blue's initial public offering (the "**IPO**") may elect to have Blue redeem, effective upon the closing of the Business Combination, the Public Shares then held by them for cash equal to a pro rata portion of the aggregate amount on deposit in the trust account (the "**Trust Account**") established at the time of the IPO as of two (2) business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released to Blue in connection with withdrawals from the interest accrued in the Trust Account (in accordance with Blue's organizational documents and IPO prospectus), divided by the number of then outstanding Public Shares, subject to the limitations described herein. As of [_], based on funds in the Trust Account of approximately $[_] million as of such date, the pro rata portion of the funds available in the Trust Account for the redemption of Public Shares was approximately $[_] per share. Public Shareholders are not required to attend or vote at the Blue Extraordinary General Meeting in order to elect to have Blue redeem their Public Shares for cash. This means that Public Shareholders who hold Blue Class A Ordinary Shares on or before [_], 2026 (two (2) business days before the Blue Extraordinary General Meeting) will be eligible to elect to have their Public Shares redeemed for cash in connection with the Blue Extraordinary General Meeting, whether or not they are holders as of the Record Date, and whether or not such shares are voted at the Blue Extraordinary General Meeting. A Public Shareholder, together with any of such shareholder's affiliates or any other person with whom such Public Shareholder is acting in concert or as a "group" (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**")), will be restricted from electing to have shares redeemed without Blue's prior consent if, in the aggregate such shareholder's shares or, if part of such a group, the group's shares, for which redemption is sought exceeds 15% or more of the Public Shares (including overallotment securities sold to Blue's underwriters in connection with the IPO). Holders of outstanding share rights included in the Blue Public Units (the "**Blue Public Share Rights**") and Blue Public Units do not have redemption rights with respect to such securities in connection with the Business Combination. Holders of outstanding Blue Public Units must separate the underlying Blue Class A Ordinary Shares and Blue Public Share Rights prior to exercising redemption rights with respect to Public Shares.

In order to exercise redemption rights, holders of Public Shares must:

● prior to 5:00 p.m. Eastern Time on [_], 2026 (two (2) business days before the Blue Extraordinary General Meeting), tender your shares physically or electronically using The Depository Trust Company's DWAC system and submit a request in writing that your Public Shares be redeemed for cash to Continental Stock Transfer & Trust Company, Blue's transfer agent, at the following address:

Continental Stock Transfer & Trust Company

One State Street Plaza, 30<sup>th</sup> Floor

New York, New York 10004

Attention: SPAC Redemption Team

E-mail: spacredemptions@continentalstock.com

● In your request to Continental Stock Transfer & Trust Company for redemption, you must also affirmatively certify if you "**ARE**" or "**ARE NOT**" acting in concert or as a "group" (as defined in Section 13d-3 of the Exchange Act) with any other shareholder with respect to Blue Ordinary Shares; and

● deliver your Public Shares either physically or electronically through DTC to Blue's transfer agent at least two (2) business days before the Blue Extraordinary General Meeting. Public Shareholders seeking to exercise redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from the transfer agent and time to effect delivery. It is Blue's understanding that shareholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, Blue does not have any control over this process, and it may take longer than two weeks. Shareholders who hold their Public Shares in "street name" will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically. If you do not submit a written request and deliver your Public Shares as described above, your shares will not be redeemed.

Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests (and submitting shares to the transfer agent) and thereafter, with Blue's consent, until the consummation of to the Business Combination, or such other date and time as may be determined by the Blue Board in its sole discretion. If you delivered your shares for redemption to Blue's transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Blue's transfer agent return the shares (physically or electronically). You may make such a request by contacting Blue's transfer agent at the phone number or address listed above. See the accompanying proxy statement/prospectus for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.

The Sponsor has agreed to waive its redemption rights with respect to any Blue Ordinary Shares it may hold in connection with the consummation of the Business Combination, and such shares will be excluded from the pro rata calculation used to determine the per share redemption price for Public Shares in connection with the consummation of the Business Combination. Currently, the Sponsor beneficially owns approximately 26.7% of the issued and outstanding Blue Class A Ordinary Shares, after giving effect to the conversion from Blue Class B Ordinary Shares to Blue Class A Ordinary Shares as contemplated by the Current Charter at a one-to-one ratio (as, prior to the Closing, the Sponsor is expected to waive its anti-dilution rights that would otherwise allow the Sponsor to maintain of the Founder Shares as 20% of Pubco), and not including any Blue Class A Ordinary Shares issuable upon conversion of share rights. The Sponsor has agreed to vote any Blue Ordinary Shares owned by it on the Record Date in favor of the Business Combination and the other proposals.

**Your vote is very important, regardless of the number of Blue Class A Ordinary Shares that you own.** The approval of each of the Business Combination Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under the Current Charter and Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting.

If the Business Combination Proposal is not approved, the Merger Proposal will not be presented to the Blue shareholders for a vote. If the Merger Proposal is not approved, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal and the Director Election Proposal will not be presented to the Blue shareholders for a vote. The approval of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal, the Nasdaq Proposal and the Director Election Proposal are preconditions to the consummation of the Business Combination.

The Blue Board has adopted and approved the Business Combination Agreement and recommends that Blue shareholders vote "**FOR**" all of the proposals presented to Blue shareholders at the Blue Extraordinary General Meeting. In arriving at its recommendations, the Blue Board carefully considered a number of factors described in the accompanying proxy statement/prospectus. When you consider the recommendation of the Blue Board, you should keep in mind that directors and officers of Blue have interests in the Business Combination that may conflict with your interests as a shareholder. For instance, rather than liquidating Blue, the Sponsor will benefit from the Business Combination and may be incentivized to complete the Business Combination, even if the transaction is unfavorable to Blue shareholders. See the section of the accompanying proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination*" for a further discussion of these considerations.

All Blue shareholders are cordially invited to virtually attend the Blue Extraordinary General Meeting and we are providing the accompanying proxy statement/prospectus and proxy card in connection with the solicitation of proxies to be voted at the Blue Extraordinary General Meeting (or any adjournment or postponement thereof). To ensure your representation at the Blue Extraordinary General Meeting, however, you are urged to complete, sign, date and return the enclosed proxy card as soon as possible. If your shares are held in an account at a brokerage firm, bank or other nominee, you must instruct your broker, bank or other nominee on how to vote your shares or, if you wish to virtually attend the Blue Extraordinary General Meeting and vote, obtain a proxy from your broker, bank or other nominee.

Your vote is important regardless of the number of shares you own. Whether you plan to attend the Blue Extraordinary General Meeting or not, please sign, date and return the enclosed proxy card as soon as possible in the envelope provided. If your shares are held in "street name" or are in a margin or similar account, you should contact your broker to ensure that votes related to the shares you beneficially own are properly counted.

Your attention is directed to the proxy statement/prospectus accompanying this notice (including the annexes thereto) for a more complete description of the proposed Business Combination and related transactions and each of the proposals. We encourage you to read this proxy statement/prospectus carefully. If you have any questions or need assistance voting your shares, please contact [_], our proxy solicitor, using the contact information provided in the enclosed proxy statement/prospectus.

---

| |
|:---|
| Very truly yours, |
| General (Retired) Wesley Clark |
| Non-Executive Chairman of the Board |

---

**IF YOU RETURN YOUR PROXY CARD WITHOUT AN INDICATION OF HOW YOU WISH TO VOTE, YOUR SHARES WILL BE VOTED "FOR" EACH OF THE PROPOSALS.**

**TO EXERCISE YOUR REDEMPTION RIGHTS, YOU MUST (1) IF YOU HOLD BLUE CLASS A ORDINARY SHARES THROUGH BLUE PUBLIC UNITS, SEPARATE YOUR UNITS INTO THE UNDERLYING BLUE CLASS A ORDINARY SHARES AND PUBLIC SHARE RIGHTS PRIOR TO EXERCISING YOUR REDEMPTION RIGHTS WITH RESPECT TO THE PUBLIC SHARES, (2) SUBMIT A WRITTEN REQUEST, INCLUDING THE LEGAL NAME, PHONE NUMBER AND ADDRESS OF THE BENEFICIAL OWNER OF THE PUBLIC SHARES FOR WHICH REDEMPTION IS REQUESTED, TO THE TRANSFER AGENT AT LEAST TWO BUSINESS DAYS PRIOR TO THE DATE OF THE BLUE EXTRAORDINARY GENERAL MEETING, THAT YOUR PUBLIC SHARES BE REDEEMED FOR CASH AND (3) DELIVER YOUR SHARE CERTIFICATES (IF ANY) AND OTHER REDEMPTION FORMS TO THE TRANSFER AGENT, PHYSICALLY OR ELECTRONICALLY USING THE DEPOSITORY TRUST COMPANY'S DWAC (DEPOSIT/WITHDRAWAL AT CUSTODIAN) SYSTEM, IN EACH CASE, IN ACCORDANCE WITH THE PROCEDURES AND DEADLINES DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS. IF THE BUSINESS COMBINATION IS NOT CONSUMMATED, THEN THE PUBLIC SHARES WILL NOT BE REDEEMED FOR CASH. IF YOU HOLD THE SHARES IN STREET NAME, YOU WILL NEED TO INSTRUCT THE ACCOUNT EXECUTIVE AT YOUR BANK, BROKER OR OTHER NOMINEE TO WITHDRAW THE SHARES FROM YOUR ACCOUNT IN ORDER TO EXERCISE YOUR REDEMPTION RIGHTS. SEE "*THE BLUE EXTRAORDINARY GENERAL MEETING — REDEMPTION RIGHTS*" IN THE PROXY STATEMENT/PROSPECTUS FOR MORE SPECIFIC INSTRUCTIONS.**

**ABOUT THIS DOCUMENT**

This document, which forms part of the registration statement on Form S-4 filed with the SEC, constitutes a prospectus of Pubco under the Securities Act , with respect to securities to be issued by Pubco in connection with the proposed Business Combination. This document also constitutes a notice of a meeting and a proxy statement of Blue under Section 14(a) of the Exchange Act with respect to the Blue Extraordinary General Meeting at which Blue shareholders will be asked to consider and vote on a proposal to approve the Business Combination by approving and adopting the Business Combination Agreement, among other matters.

This proxy statement/prospectus is dated as of the date set forth on the cover hereof. You should not assume that the information contained in this proxy statement/prospectus is accurate as of any date other than that date on the cover hereof, or the date referenced herein, as applicable. Neither the mailing of this proxy statement/prospectus to Blue shareholders nor the issuance by Pubco of its securities in connection with the Business Combination will create any implication to the contrary.

Information contained in this proxy statement/prospectus regarding Blue and its business, operations, management and other matters has been provided by Blue and its representatives and information contained in this proxy statement/prospectus regarding Blockfusion and its business, operations, management and other matters has been provided by Blockfusion and its representatives.

This proxy statement/prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities, or the solicitation of a proxy or consent, in any jurisdiction to or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction.

If you would like additional copies of this proxy statement/prospectus or if you have questions about the Business Combination or the proposals to be presented at the Blue Extraordinary General Meeting, please contact Blue's proxy solicitor listed below. You will not be charged for any of the documents that you request.

[_]

**In order for you to receive the timely delivery of the documents in advance of the Blue Extraordinary General Meeting to be held on [_], 2026, you must request the information by [_], 2026.**

**You may also obtain additional information about Blue from documents filed with the SEC by following the instructions in the section entitled "*Where You Can Find More Information*" beginning on page 240 of the accompanying proxy statement/prospectus.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [TRADEMARKS](#a_001) | ii |
| [MARKET AND INDUSTRY DATA](#a_002) | iii |
| [FREQUENTLY USED TERMS](#a_003) | iv |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_004) | xiv |
| [QUESTIONS AND ANSWERS ABOUT THE BLUE EXTRAORDINARY GENERAL MEETING](#a_005) | xvii |
| [SUMMARY OF THE PROXY STATEMENT/PROSPECTUS](#a_006) | 1 |
| [SUMMARY OF RISK FACTORS](#a_007) | 24 |
| [SELECTED HISTORICAL FINANCIAL INFORMATION OF BLUE](#a_008) | 26 |
| [SELECTED HISTORICAL FINANCIAL INFORMATION OF BLOCKFUSION](#a_009) | 27 |
| [SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#a_010) | 28 |
| [MARKET PRICE AND DIVIDEND INFORMATION](#a_011) | 29 |
| [RISK FACTORS](#a_012) | 30 |
| [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#a_013) | 74 |
| [NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS](#via_001) | 81 |
| [COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA PER SHARE FINANCIAL INFORMATION](#comparative) | 89 |
| [INFORMATION ABOUT THE PARTIES TO THE BUSINESS COMBINATION](#a_016) | 90 |
| [THE BLUE EXTRAORDINARY GENERAL MEETING](#a_017) | 91 |
| [THE BUSINESS COMBINATION PROPOSAL (PROPOSAL 1)](#a_018) | 100 |
| [THE MERGER PROPOSAL (PROPOSAL 2)](#a_019) | 142 |
| [THE CHARTER PROPOSAL (PROPOSAL 3)](#a_020) | 143 |
| [THE ORGANIZATIONAL DOCUMENTS PROPOSALS (PROPOSALS 4-11)](#a_021) | 144 |
| [THE INCENTIVE PLAN PROPOSAL (PROPOSAL 12)](#a_022) | 147 |
| [THE NASDAQ PROPOSAL (PROPOSAL 13)](#a_023) | 154 |
| [THE DIRECTOR ELECTION PROPOSAL (PROPOSAL 14)](#a_024) | 155 |
| [THE ADJOURNMENT PROPOSAL (PROPOSAL 15)](#a_025) | 156 |
| [U.S. FEDERAL INCOME TAX CONSIDERATIONS](#a_026) | 157 |
| [INFORMATION ABOUT BLUE](#a_027) | 165 |
| [BLUE'S MANAGEMENT](#a_028) | 172 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BLUE](#a_029) | 177 |
| [INFORMATION ABOUT Blockfusion](#a_030) | 182 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF Blockfusion](#a_031) | 196 |
| [DESCRIPTION OF SECURITIES OF PUBCO](#a_032) | 214 |
| [COMPARISON OF SHAREHOLDER RIGHTS](#a_033) | 219 |
| [BENEFICIAL OWNERSHIP OF SECURITIES](#a_034) | 223 |
| [MANAGEMENT AFTER THE BUSINESS COMBINATION](#a_035) | 226 |
| [EXECUTIVE AND DIRECTOR COMPENSATION OF Blockfusion](#a_036) | 230 |
| [CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS](#a_037) | 235 |
| [APPRAISAL RIGHTS](#a_038) | 239 |
| [LEGAL MATTERS](#a_039) | 239 |
| [EXPERTS](#a_040) | 239 |
| [TRANSFER AGENT AND REGISTRAR](#a_041) | 239 |
| [DELIVERY OF DOCUMENTS TO SHAREHOLDERS](#a_042) | 239 |
| [SUBMISSION OF SHAREHOLDER PROPOSALS](#a_043) | 240 |
| [FUTURE SHAREHOLDER PROPOSALS](#a_044) | 240 |
| [SHAREHOLDER COMMUNICATIONS](#a_045) | 240 |
| [WHERE YOU CAN FIND MORE INFORMATION](#a_046) | 240 |
| [INDEX TO THE FINANCIAL STATEMENTS](#a_047) | F-1 |
| [Annex A — Business Combination Agreement](#annex_a) | A-1 |
| ANNEX B — PLAN OF MERGER |  |
| [ANNEX C — PROPOSED CHARTER](#annex_c) | C-1 |
| [ANNEX D — PROPOSED BYLAWS](#annex_d) | D-1 |
| [ANNEX E — 2026 STOCK INCENTIVE PLAN](#annex_e) | E-1 |
| [ANNEX F — FAIRNESS OPINION](#annex_f) | F-1 |

---

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**TRADEMARKS AND TRADE NAMES**

This proxy statement/prospectus includes trademarks of Blockfusion which are protected under applicable intellectual property laws and are the property of Blockfusion. This proxy statement/prospectus also includes other trademarks, trade names, service marks and trade names that are the property of their respective owners. Solely for convenience, in some cases, the trademarks, trade names and service marks referred to in this proxy statement/prospectus are listed without the applicable <sup>®</sup>,™ and <sup>SM</sup> symbols, but such references are not intended to indicate, in any way, that Blue, Pubco or Blockfusion do not assert, to the fullest extent under applicable law, their respective rights, or the right of the applicable licensor to these trademarks, service marks and trade names.

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**MARKET AND INDUSTRY DATA**

This proxy statement/prospectus includes estimates, industry position, forecasts, market size growth and information that Blue and Blockfusion obtained or derived from internal company reports, independent third-party reports and publications, surveys and studies by third parties. Some data are also based on good faith estimates, which are derived from internal company research or analyses, or review of internal company reports as well as the independent sources referred to above. Information that is based on market research, estimates, forecasts, projections, or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. The industry in which Blockfusion operates, and Pubco will operate, is subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the section entitled "*Risk Factors*." Industry publications, research, studies and forecasts generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information with respect to industry, business, market, and other data are subject to the same qualifications and additional uncertainties regarding the other forward-looking statements in this proxy statement/prospectus. See "*Cautionary Note Regarding Forward-Looking Statements.*" These forecasts and forward-looking information are subject to uncertainty and risk due to a variety of factors, including those described under "*Risk Factors*." These and other factors could cause results to differ materially from those expressed in the forecasts, industry information or estimates from independent third parties, Blue and Blockfusion. Although both Blue and Blockfusion believe that third-party information on which the companies have based estimates of industry position and industry data are generally reliable, the accuracy and completeness of this information is not guaranteed and is, in any event, subject to change and has not been independently verified.

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**FREQUENTLY USED TERMS**

In this document:

"**Administrative Services Agreement**" means the Administrative Services Agreement, dated as of June 12, 2025, between Blue and Blue Holdings, pursuant to which Blue agreed to pay Blue Holdings a total of $5,000 a month for office space and secretarial and shared personnel support services.

"**AI**" means artificial intelligence.

"**AI/ML**" means artificial intelligence/machine learning.

"**Amended and Restated Registration Rights Agreement**" means the amended and restated registration rights agreement to be entered into effective as of the Closing among Blue, Pubco, the Sponsor and relevant Company Stockholders.

"**Ancillary Agreements**" means each agreement, instrument or document attached to the Business Combination Agreement or executed or delivered by any party to the Business Combination Agreement in connection with or pursuant to the Business Combination Agreement.

"**Assumed Options**" means options to purchase shares of Pubco Class A Common Stock to be issued to holders of outstanding Company Options at the Effective Time in accordance with the terms of the Merger Agreement.

"**Assumed Warrants**" means warrants exercisable for shares of Pubco Class A Common Stock to be issued to holders of outstanding Company Warrants at the Effective Time in accordance with the terms of the Merger Agreement.

"**Blockfusion**" or the "**Company**" means Blockfusion USA, Inc., a Delaware corporation.

"**Blockfusion Consideration**" means the consideration to be delivered to security holders of Blockfusion, assuming the consummation of the Business Combination.

"**Blockfusion HPC/AI Business**" means the future potential business of Blockfusion after implementing the changes required to become an HPC/AI data center serving HPC/AI clients.

"**Blockfusion management**" means, collectively, the officers and directors of Blockfusion.

"**Blockfusion Transaction Expenses**" means the unpaid Expenses of Blockfusion immediately prior to the Closing.

"**Blue**" means Blue Acquisition Corp., a Cayman Islands exempted company.

"**Blue Advisor**" means Alberto Pontonio, a registered broker-dealer associated with Roberts & Ryan.

"**Blue Board**" means the board of directors of Blue.

"**Blue Class A Ordinary Shares**" means the Class A ordinary shares, par value $0.0001 per share, of Blue.

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"**Blue Class B Ordinary Shares**" means the Class B ordinary shares, par value $0.0001 per share, of Blue.

"**Blue Extraordinary General Meeting**" means the Extraordinary General meeting of the shareholders of Blue, to be held virtually at [_] a.m., Eastern Time on [_], 2026, and, for purposes of the Current Charter, in person at [_______________].

"**Blue Holdings**" means Blue Holdings Management LLC, the managing member of the Sponsor.

"**Blue management team**" means, collectively, Blue's management and the Blue Advisor.

"**Blue Merger**" means the merger, in accordance with the terms of the Business Combination Agreement and which is the subject of the Plan of Merger, of Blue Merger Sub with and into Blue, with Blue continuing as the surviving entity, as a result of which, all of the Blue securities outstanding as of immediately prior to the Effective Time will be cancelled in exchange for the right to receive substantially equivalent securities of Pubco.

"**Blue Merger Documents**" means the Plan of Merger and all such other documents, records and filings as may be required to effect the Blue Merger in accordance with the Companies Act and the terms of the Business Combination Agreement.

"**Blue Merger Sub**" means Atlas I Merger Sub, a Cayman Islands exempted company.

"**Blue Ordinary Shares**" means the Blue Class A Ordinary Shares and the Blue Class B Ordinary Shares.

"**Blue Preference Shares**" means preference shares, par value $0.0001 per share, of Blue, to the extent issued under the terms of the Current Charter, if any, prior to the Business Combination.

"**Blue Private Placement Units**" means the units issued by Blue to the Sponsor, BTIG and Roberts & Ryan, respectively, in the Private Placement, each consisting of one Blue Class A Ordinary Share and one Blue Private Share Right.

"**Blue Private Share Right**" means a right, entitling a holder thereof to receive one tenth (1/10th) of one Blue Class A Ordinary Share upon consummation of by Blue of an initial business combination (including the proposed Business Combination), included in Blue Private Placement Units.

"**Blue Public Share Right**" means a right, entitling a holder thereof to receive one tenth (1/10th) of one Blue Class A Ordinary Share upon consummation of by Blue of an initial business combination (including the proposed Business Combination), included in Blue Public Units (which, for the avoidance of doubt, do not include the Blue Private Placement Units).

"**Blue Public Units**" means the units issued by Blue in the IPO, each consisting of one Blue Class A Ordinary Share and one Blue Public Share Right.

"**Blue Share Rights**" means the rights to receive one tenth (1/10<sup>th</sup>) of one Blue Class A Ordinary Share upon consummation by Blue of an initial business combination (including the proposed Business Combination) included in the Blue Units.

"**Blue Securities**" means the Blue Units, the Blue Ordinary Shares, the Blue Preference Shares, Blue Share Rights and Blue Units, collectively.

"**Blue Transaction Expenses**" means the unpaid fees and expenses of Blue immediately prior to the Closing incurred in connection with or related to the authorization, preparation, negotiation, execution or performance of the Business Combination Agreement, any Ancillary Agreements related thereto and all other matters related to the consummation of the Business Combination Agreement.

"**Blue Units**" means the Blue Public Units and Blue Private Placement Units.

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"**BTIG**" means BTIG, LLC.

"**Business Combination**" or the "**Transactions**" means all of the transactions associated with the proposed business combination of Pubco, Blue and Blockfusion, as contemplated by the terms of the Business Combination Agreement and the Ancillary Agreements.

"**Business Combination Agreement**" means the Business Combination Agreement, dated as of November 19, 2025, as it may be amended or supplemented from time to time, between Blue, Pubco, Blockfusion, Blue Merger Sub and Company Merger Sub.

"**Cayman Registrar**" means the Registrar of Companies of the Cayman Islands.

"**Closing**" means the closing of the Business Combination.

"**Closing Consideration Spreadsheet**" means the spreadsheet to be delivered by the Company to Blue at least three (3) business days prior to the Closing in accordance with the terms of the Business Combination Agreement setting forth the identities and ownership of Company securities as of immediately prior to the Effective Time, together with detailed calculations of, among other matters, the following, as of the Closing Date: number of Fully-Diluted Company Shares, Exchange Ratio, the number of Company shares subject to the aggregate Merger Consideration, and, with regard to the Assumed Options and Assumed Warrants issuable by Pubco at the Closing, the exercise prices and number of shares of Pubco Common Stock issuable upon exercise of such Assumed Options and Assumed Warrants, respectively, after the Closing.

"**Closing Date**" means the date of the Closing of the Business Combination.

"**Code**" means the Internal Revenue Code of 1986, as amended.

"**Combination Period**" means the 21-month period from the closing of the IPO until March 16, 2027, that Blue has to consummate an initial business combination, unless such time period is further extended by an amendment to the Current Charter.

"**Companies Act**" means the Companies Act (Revised) of the Cayman Islands.

"**Company Board**" means the board of directors of Blockfusion.

"**Company Class A Common Stock**" means shares of Blockfusion Series A Common Stock, par value $0.0001 per share.

"**Company Class B Common Stock**" means shares of Blockfusion Series A Common Stock, par value $0.0001 per share.

"**Company Common Stock**" means Company Class A Common Stock and Company Class B Common Stock.

"**Company Convertible Securities**" means the Company Options, Company Warrants and any other outstanding Company securities that are convertible into, exchangeable or exercisable for, or otherwise represent the right to acquire shares of capital stock of Blockfusion.

"**Company Current Charter**" means the Second Amended and Restated Certificate of Incorporation of the Company, as currently in effect, or as may be in effect as of a relevant date.

"**Company Equity Plan**" means the Blockfusion USA, Inc. 2022 Stock Plan.

"**Company Merger**" means the merger, in accordance with the terms of the terms of the Business Combination Agreement, of Company Merger Sub with and into Blockfusion, with Blockfusion continuing as the surviving entity, as a result of which each share of Blockfusion Stock outstanding as of immediately prior to the Effective Time will be cancelled in exchange for the right to receive the Merger Consideration in accordance with the terms of the Business Combination Agreement.

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"**Company Merger Sub**" means Atlas Merger Sub, Inc., a Delaware corporation.

"**Company Options**" means outstanding options to purchase shares of capital stock of Blockfusion outstanding as of immediately prior to the Effective Time.

"**Company Preferred Stock**" means the Company Series Seed Preferred Stock and Company Series A Preferred Stock.

"**Company Series A Preferred Stock**" means shares of Blockfusion Series A Preferred Stock, par value $0.0001 per share.

"**Company Series Seed Preferred Stock**" means shares of Blockfusion Series Seed Preferred Stock, par value $0.0001 per share.

"**Company Security Holders**" means the holders of outstanding Company Securities as of the immediately prior to the Effective Time.

"**Company Stockholders**" means the holders of outstanding Company Common Stock and Company Preferred Stock as of immediately prior to the Effective Time (before giving effect to the Preferred Conversion).

"**Company Support Agreements**" means the Company Support Agreements entered into by Blue, Blockfusion and certain significant Blue Stockholders simultaneously with the execution of the Business Combination Agreement.

**"Company Warrants**" means outstanding warrants to purchase shares of capital stock of Blockfusion outstanding as of immediately prior to the Effective Time.

"**CST**" means Continental Stock Transfer & Trust Company, a New York corporation.

"**Current Charter**" means Blue's Amended and Restated Memorandum and Articles of Association as currently in effect or in effect from time to time.

"**DGCL**" means the General Corporation Law of the State of Delaware.

"**DTC**" means The Depository Trust Company.

"**DWAC**" means The Depository Trust Company's Deposit Withdrawal At Custodian.

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"**Effective Time**" means the time of effectiveness of the Blue Merger and the Company Merger.

"**Energy Program**" means NYISO demand-response programs.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Exchange Ratio**" means a quotient, (i) the numerator of which is equal to (a) the Merger Consideration divided by (b) the Fully-Diluted Company Shares, and (ii) the denominator of which is equal to the Redemption Price.

"**Expenses**" shall mean all fees, costs and expenses, including all out-of-pocket expenses (including all such fees, costs and expenses with respect to counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party hereto or any of its Affiliates, exchange listings, SEC filings, compliance with the Hart Scott Rodino Antitrust Improvements Act of 1976 and obtaining the D&O Tail Insurance), incurred by a Blue or Blockfusion or on either of their respective behalves in connection with or related to the Business Combination and the Transactions, including, also, with respect to Blue, any and all deferred expenses (including fees or commissions payable to the underwriters and any legal fees) of the IPO upon consummation of a Business Combination and all Extension Expenses, if any.

"**Extension**" means an extension of the time period for Blue to consummate an initial business combination obtained by amendment to the Current Charter, subject to approval by Blue shareholders.

"**Extension Expenses**" means all costs and expenses necessary for Blue to obtain an Extension (including any costs or expenses incurred by Sponsor or its affiliates or Blue's directors or officers in connection with obtaining an Extension, in each case on behalf of Blue and that the Blue is liable for), if and to the extent applicable.

"**Fairness Opinion**" means the opinion dated November 17, 2025, rendered by Houlihan Capital for the Blue Board regarding the financial fairness of the consideration to be paid in the Business Combination to the Blue shareholders and the satisfaction of the 80% test.

"**Financial Advisory Agreement**" means that certain advisory agreement, by and between Blockfusion and ING, pursuant to which Blockfusion has engaged ING to provide financial advisory services to Blockfusion.

"**Financing Transaction**" means a capital raising transaction in connection with the Transactions structured as one or a combination of common equity, preferred equity, convertible equity or debt, non-redemption or backstop arrangements with respect to the Trust Account, a committed equity facility, debt facility, and/or other sources of cash or cash equivalents, in each case, whether such investment is into SPAC, the Company or Pubco.

"**FINRA**" means the Financial Industry Regulatory Authority (and any successor thereto, as applicable).

"**Founder Shares**" means the Blue Class B Ordinary Shares held by the Sponsor and the Blue Advisor Shares.

"**Forecast Assumptions**" means the variety of assumptions used in the preparation of the Forecasts.

"**Forecasts**" means the financial and operating projections prepared by Blockfusion management and provided to Blue in connection with the proposed Business Combination. The Forecasts cover the Forecast Period and were developed as of the Forecast Preparation Date based on information available at that time and the Forecast Assumptions that Blockfusion management believed to be reasonable. These projections were considered by the Blue Board and its advisors in evaluating the Business Combination.

"**Forecast Period**" means the five-year period beginning January 1, 2026 and ending December 31, 2030.

"**Forecast Preparation Date**" means the specific date as of which the Forecasts were developed.

"**Fully-Diluted Company Shares**" means the (a) the total number of issued and outstanding shares of Company Common Stock issued and outstanding and vested as of immediately prior to the Effective Time (after giving effect to the Preferred Conversion), plus (b) the aggregate number of shares of Company Common Stock issuable upon, or pursuant to, the exercise of Company Options that are issued and outstanding and vested as of immediately prior to the Effective Time, treating such outstanding and vested Company Options as having been exercised in full (calculated using the treasury stock method of accounting), plus (c) the aggregate number of shares of Company Common Stock issuable upon, or pursuant to, the exercise of Company Warrants that are issued and outstanding and vested as of immediately prior to the Effective Time, treating such Company Warrants as having been exercised in full (calculated using the treasury stock method of accounting).

**"GAAP"** means generally accepted accounting principles as in effect in the United States of America.

**"Gensler"** means Gensler Architecture, Design & Planning, P.C.

"**GPUs**" means graphics processing units used to support AI/HPC and other computational workloads in data centers.

"**Houlihan Capital**" means Houlihan Capital LLC, engaged by Blue as a financial advisor to evaluate and deliver the opinion as to the fairness of the proposed Business Combination, from a financial point of view, to Blue and its shareholders.

"**HPC**" means high-performance computing.

"**HPC/AI Development Plans**" means the development, design, engineering, construction and operational plans to effectuate the HPC/AI Transition prepared by the Blockfusion management team over a period of more than a year, in close collaboration with the Company's Strategic Transition Partners.

"**HPC/AI Transition**" means Blockfusion's transitioning of its business model to support AI training and inference workloads and other HPC applications, subject to completion of facility modifications, receipt of required permits and regulatory approvals and availability of adequate capital (such transition, including the construction, design, engineering, building, infrastructure updates and other related activities).

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"**HPC/AI Transition Team**" means, collectively, the Strategic Transition Partners and certain key Blockfusion personnel responsible for planning, designing, and implementing the HPC/AI Transition, as further described in the section of this proxy statement/prospectus entitled "*Information About Blockfusion*."

"**HSR Act**" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

"**ING**" means ING Financial Markets LLC.

"**Incentive Plan**" means the Pubco 2026 Equity Incentive Plan, in the form included as *Annex E* to this proxy statement/prospectus.

"**Initial Shareholders**" means the holders of the Founder Shares prior to the Initial Public Offering.

"**Insider Letter**" means the letter agreement, dated June 12, 2025, and as amended, by and among Blue, its directors and members of its management team, including the Blue Advisor.

"**Insider Letter Amendment**" means the amendment to the Insider Letter, dated as of November 19, 2025, by and among Blue, Blockfusion and Pubco, to add Pubco and Blockfusion as parties, to provide for Pubco's assumption of Blue's rights and obligations, and amend lock-up terms in connection with the Transactions, subject to the Closing.

"**Investment Company Act**" means the Investment Company Act of 1940, as amended.

"**IPO**" means the initial public offering of Blue's securities consummated on June 16, 2025.

"**IPO Promissory Note**" means the unsecured promissory note in the principal amount of up to $300,000 issued to the Sponsor, which was repaid in full by Blue as of June 16, 2025.

"**IPO Prospectus**" means the final prospectus of Blue, dated as of June 12, 2025, in connection with the IPO, as filed with the SEC pursuant to Rule 424(b) under the Securities Act on June 13, 2025 (File No. 333-287281).

"**IPO Underwriters**" means BTIG and Roberts & Ryan.

"**JB&B**" means Jaros, Baum & Bolles Consulting Engineers, LLP.

"**Ketan Seth Promissory Note**" means the promissory note, dated December 2, 2025, issued by Blockfusion to Ketan Seth, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination.

"**Lock-Up Agreements**" means the lock-up agreements entered into simultaneously with the execution of the Business Combination Agreement between Pubco and certain stockholders of Blockfusion, pursuant to which the applicable Company Stockholders agreed to certain transfer and other restrictions applicable to the shares of Pubco Common Stock they will receive in the Business Combination for a period of time after the Closing.

"**Merger Consideration**" means the aggregate consideration to be paid to Company Security Holders as of the Effective Time pursuant to the Company Merger, which shall consist of a number of newly issued securities of Pubco with an aggregate value equal to Four Hundred and Fifty Million U.S. Dollars ($450,000,000), with each Company Stockholder receiving for each share of Company Common Stock held (after giving effect to the Preferred Conversion or otherwise treating shares of Company Preferred Stock on an as-converted to Company Common Stock basis, but excluding any treasury shares), a number of shares of Pubco Common Stock equal to the Exchange Ratio, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock and holders of shares of Company Class A Common Stock receiving shares of Pubco Class A Common Stock.

"**Merger Subs**" means the Company Merger Sub together with the Blue Merger Sub.

"**Mergers**" means the Blue Merger and the Company Merger.

"**Minimum Cash Condition**" means the condition to Blue and its Subsidiaries' respective obligations to consummate the Business Combination under the terms of the Business Combination Agreement that, at the Closing, the sum of (i) the aggregate cash proceeds available for release from the Trust Account (after giving effect to the completion and payment of the Redemption), *plus* (ii) and the net proceeds of any Financing Transactions, shall equal or exceed $75,000,000 after deducting all Expenses of Blue and Blockfusion.

"**ML**" means machine learning.

"**MW**" means megawatt, the standard unit of measurement for bulk electricity.

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"**Nasdaq**" means The Nasdaq Stock Market LLC.

"**Niagara Facility**" means Blockfusion's flagship campus, a purpose-built data-center facility located at 5380–5384 Frontier Avenue in Niagara Falls, New York.

"**Non-Competition Agreements**" means the non-competition and non-solicitation agreements between Pubco, Blockfusion and each of the Blockfusion Members, entered into simultaneously with the execution of the Business Combination Agreement.

"**Nasdaq**" means The Nasdaq Stock Market LLC.

"**NYISO**" means the New York Independent System Operator.

"**NYISO Zone A**" means a geographical region in New York that represents a specific area for electricity pricing, identified as the "WEST" zone by the New York Independent System Operator.

"**Outside Date**" means May 31, 2026, or an applicable later date if extended pursuant to the terms of the Business Combination Agreement.

"**PCAOB**" means the Public Company Accounting Oversight Board.

"**Permitted Transfer**" means any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition of Pubco Class B Common Stock or any legal or beneficial interest therein that is expressly permitted under the Proposed Charter.

"**Person**" or "**person**" means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership), limited liability company, exempted company, association, trust or other entity or organization, including a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

"**Placement Agent Engagement Letter**" means that certain letter agreement, dated as of November 2, 2025, among Blue and the IPO Underwriters in connection with the Financing Transaction.

"**Plan of Merger**" means the plan of merger to be entered into between Blue, Blue Merger Sub, and Pubco in connection with effecting the Blue Merger in accordance with the Companies Act and the terms and provisions set forth in the Business Combination Agreement.

"**Preferred Conversion**" means the mandatory conversion of all outstanding shares of Company Preferred Stock into shares of Company Common Stock to be effected prior to the Company Merger Effective Date in accordance with the terms of the Business Combination Agreement.

"**Private Placement**" means the private placement consummated concurrently with the IPO pursuant to which Blue issued Blue Private Placement Units to the Sponsor pursuant to the Sponsor Private Placement Units Purchase Agreement and the IPO Underwriters pursuant to the Underwriter Private Placement Units Purchase Agreement.

"**Private Share Rights**" means the Share Rights included in the Blue Private Placement Units.

"**Proposed Bylaws**" means the amended and restated bylaws of Pubco in the form included as *Annex D* to this proxy statement/prospectus, to be adopted by Pubco upon consummation of the Business Combination.

"**Proposed Charter**" means the amended and restated certificate of incorporation of Pubco in the form included as *Annex C* to this proxy statement/prospectus, to be adopted by Pubco and which will be effective as of the Closing, assuming the Charter Proposal is approved by Blue shareholders at the Blue Extraordinary General Meeting.

"**Pubco**" means Blockfusion Data Centers, Inc., a Delaware corporation.

"**Pubco Board**" means the board of directors of Pubco.

"**Pubco Class A Common Stock**" means the shares of Pubco Class A Common Stock, par value $0.0001 per share, each entitling the holder thereof to one (1) vote per share.

"**Pubco Class B Common Stock**" means the shares of Pubco Class B Common Stock, par value $0.0001 per share, which will have economic rights (including dividend and liquidation rights) identical to those of the Pubco Class A Common Stock, but the holders thereof will be entitled to twenty (20) votes per share on all matters on which the Pubco Common Stock are entitled to vote, subject to the terms set forth in the Proposed Charter.

"**Pubco Common Stock**" means the shares of Pubco Class A Common Stock and Pubco Class B Common Stock.

"**Pubco Organizational Documents**" means, collectively, the Proposed Bylaws and Proposed Charter.

"**Pubco Preferred Stock**" means the preferred stock, par value $0.0001 per share, of Pubco.

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"**Public Share Rights**" means Share Rights included in the Blue Public Units.

"**Public Shareholders**" means the holders of Public Shares.

"**Public Shares**" means Blue Class A Ordinary Shares underlying the Units sold in the IPO, including pursuant to the exercise of the IPO Underwriters' overallotment option.

**"Record Date"** means the close of business on [_____], the date on which only holders of record of the Blue Ordinary Shares are entitled to notice of the Blue Extraordinary General Meeting and to vote at the Blue Extraordinary General Meeting and any adjournments or postponements of the Blue Extraordinary General Meeting.

"**Redemption**" means the right of the holders of Public Shares to have their shares redeemed in connection with the consummation of the Business Combination in accordance with the procedures set forth in this proxy statement/prospectus and the Current Charter.

"**Redemption Payment**" means the aggregate amount paid to such Public Shareholders that have redeemed their Public Shares pursuant to the Redemption.

"**Redemption Price**" means an amount equal to the price at which Public Shareholders that timely and properly request Redemptions may have Public Shares held by them redeemed pursuant to the Redemption.

"**Registration Rights Agreement**" means the Registration Rights Agreement dated as of July 12, 2025, among Blue, Sponsor, and BTIG, as the representative of the IPO Underwriters and the other persons listed thereto, entered into in connection with the IPO.

"**Representative Shares**" means the 175,000 Blue Class A Ordinary Shares issued by Blue to the IPO Underwriters in connection with the IPO.

"**Required Proposals**" means the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal.

"**Roberts & Ryan**" means Roberts & Ryan, Inc.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Share Rights**" means the rights to receive one tenth (1/10<sup>th</sup>) of one Blue Class A Ordinary Share included in Blue Public Units and Blue Private Placement Units.

"**Share Rights Agreement**" means the Share Rights Agreement, dated as of June 12, 2025, between Blue and CST, in CST's capacity as rights agent.

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"**Sponsor**" means Blue Holdings Sponsor LLC, a Delaware limited liability company.

"**Sponsor Private Placement Units Purchase Agreement**" means the Sponsor Private Placement Units Purchase Agreement pursuant to which the Sponsor agreed to purchase certain Blue Private Placement Units in the Private Placement.

"**Strategic Transition Partners**" means Gensler, JB&B, and Thornton Tomasetti.

"**Thornton Tomasetti**" means Thornton Tomasetti, Inc.

"**Transactions**" means all of the actions and transactions comprising the proposed Business Combination, including all of the transactions contemplated by the Business Combination Agreement, the Ancillary Agreements and any other agreements entered into in connection with the Closing, including the issuances of Pubco securities pursuant to the foregoing.

 ****

"**Trust Account**" means the trust account of Blue, established at the time of the IPO, containing proceeds of the sale of the Blue Public Units in the IPO, including from overallotment securities sold by Blue's underwriters, and the sale of Blue Private Placement Units following the closing of the IPO.

"**Trust Agreement**" means the Investment Management Trust Agreement, dated as of June 12, 2025, between Blue and the Trustee, as well as any other agreements entered into related to or governing the Trust Account.

"**Trustee**" means CST, in its capacity as Trustee under the Trust Agreement.

"**Underwriting Agreement**" means the underwriting agreement dated June 12, 2025, by and between Blue and BTIG, as the representative of the IPO Underwriters.

"**Underwriter Private Placement Units Purchase Agreement**" means the Private Placement Units Purchase Agreement pursuant to which the IPO Underwriters each agreed to purchase certain Blue Private Placement Units in the Private Placement.

"**Working Capital Loans**" means funds, if any, that, in order to provide working capital or finance transaction costs in connection with a business combination, the Sponsor, Blue Holdings or certain of Blue's directors and officers may, but are not obligated to, loan to Blue, up to $1,500,000 of which loans, if any, may, in the discretion of the Sponsor, be converted into up to 150,000 private placement-equivalent units at a price of $10.00 per unit, unless otherwise repaid prior to the Closing.

 ****

"**Voting Agreement**" means the agreement to be entered into by the Founders upon the Closing relating to the voting of their shares of Pubco Class B Common Stock, pursuant to which a proxyholder will be appointed to vote or abstain from voting shares of Pubco Class B Common Stock in accordance with the direction of at least sixty percent (60%) of the outstanding Pubco Class B Common Stock, subject to the terms and conditions set forth therein.

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 **

***Share Calculations and Ownership Percentages***

 **

Unless otherwise specified (including in the sections of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*"), the share calculations and ownership percentages set forth in this proxy statement/prospectus with respect to holders of securities of Pubco as of immediately following the Business Combination are for illustrative purposes only and assume the following (certain capitalized terms below are defined elsewhere in this proxy statement/prospectus):

&nbsp;&nbsp;&nbsp;&nbsp;1. That no Public Shareholders exercise their redemption rights
prior to (in the event that, in connection with a meeting of Blue shareholders convened prior to the Closing Date, if any, Public Shareholders
are provided an opportunity to redeem Public Shares in accordance with the terms of the Current Charter) or in connection with the Closing
of the Business Combination. Please see the section entitled "*The Blue Extraordinary General Meeting — Redemption Rights*."

&nbsp;&nbsp;&nbsp;&nbsp;2. That there are no transfers, distributions, conversions or
forfeitures of securities held by the Sponsor prior to or in connection with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. That no Blue Share Rights are converted into Blue Class A Ordinary Shares prior to the Closing, and that all outstanding Blue Share Rights converted into shares of Pubco Class A Common Stock upon the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;4. That there are no issuances of equity securities by Blue
prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;5. That other than as contemplated in the Business Combination
Agreement, Blockfusion does not issue any equity or equity-linked securities prior to or in connection with the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;6. For
purposes of calculating estimated Redemption Payments in connection with the presentation in this proxy statement/prospectus of various
illustrative examples of pro forma Pubco ownership scenarios, except to the extent otherwise noted, a Redemption Price of $10.12 per
Public Share, calculated based on $203.7 million contained in the Trust Account as of September 30, 2025, is used, solely for calculation
purposes.

The share calculations and ownership percentages set forth in this proxy statement/prospectus with respect to Pubco security holders following the Business Combination also do not include any shares reserved for issuance in connection with, or equity awards that may be made in connection with or following completion of the Business Combination pursuant to the Incentive Plan, and do not give effect to any other potential dilutive issuances of equity or equity-linked securities.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements contained in this proxy statement/prospectus may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Forward-looking statements reflect Blue's, Pubco's, and Blockfusion's current views, as applicable, with respect to, among other things, their respective capital resources, performance and results of operations. Likewise, all of Blue's and Blockfusion's statements, if any, regarding anticipated growth in operations, anticipated market conditions, demographics, reserves and results of operations are forward-looking statements. In some cases, you can identify these forward-looking statements by the use of terminology such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "plans," "scheduled," "forecasts," "estimates," "anticipates" or the negative version of these words or other comparable words or phrases. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

Blue and Blockfusion caution readers of this proxy statement/prospectus that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond Blue's and Blockfusion's control, which could cause the actual results to differ materially from the expected results. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and operating metrics, forecasts regarding expansion opportunities and potential results thereof, market opportunity and customer demand, potential benefits and the commercial attractiveness to its customers of Blockfusion's offerings, including the Company's anticipated HPC/AI hosting services after the anticipated transition of Blockfusion's business (the "**HPC/AI Transition**") become an HPC/AI data center company (with such future potential HPC/AI business of Blockfusion following such transition referred to in this proxy statement/prospectus as the "**Blockfusion HPC/AI Business**"), the potential success of Blockfusion's business strategies, potential benefits of the Business Combination (including with respect to stockholder value), and expectations related to the terms and timing of the Business Combination, among other factors. These statements are based on various assumptions, whether or not identified in this proxy statement/prospectus, and on the current expectations of Blockfusion's and Blue's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions and none of Blue, Pubco or Blockfusion guarantees that the transactions and events described will happen as described or that they will happen at all. These forward-looking statements are subject to a number of risks and uncertainties, including:

● risks related to Blockfusion's planned transition to become an HPC/AI data center company;

● risks related to the availability of capital to carry out Blockfusion's business plans;

● risks related to the timeline, costs and other material resources required to successfully become a successful HPC/AI data center operator;

● risks related to power access and permitting;

● risks related to securing long-term HPC/AI client agreements;

● changes in demand for, and investment into, data center and high-performance computing infrastructure;

● changes in applicable laws or regulations affecting Blockfusion's business;

● management forecasts regarding the Blockfusion HPC/AI Business may not materialize as predicted and actual results may be materially less favorable than estimates;

● the ability of Blockfusion to implement business plans and realize opportunities;

● changes in the competitive landscape of the industries and markets in which Blockfusion operates or plans to operate;

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● risks related to the expansion of Blockfusion's business;

● risks related to Blockfusion's potential inability to generate significant revenues and achieve profitability;

● current and future economic, political and social conditions in the U.S. economy and the impacts, uncertainty, unrest or concern about any of the foregoing may have on Blockfusion's business and the market in which it operates;

● the ability of Blockfusion to retain customers and other material business relationships and attract new business partners in the future;

● the potential inability of Blockfusion to manage growth effectively;

● estimates of the prospects and financial performance of Blockfusion's business may prove to be incorrect or materially different from actual results;

● Blockfusion's ability to continue to enhance its infrastructure and technology;

● the ability to recruit, train and retain qualified personnel;

● risks related to supply or labor shortages or a potential inability to keep pace with product or marketplace innovations;

● if appropriate opportunities become available to Blockfusion to implement management's growth plans, they may not be on attractive terms or timelines which enable the Company to consummate such opportunities;

● risk related to Blockfusion listing shares on Nasdaq and operating as a public company;

● risks related to Blockfusion's marketing and growth strategies;

● the effects of competition on Blockfusion's business;

● the possibility that Blockfusion will not have access to sufficient amounts of capital to pursue its planned infrastructure upgrades and other transition plans in the timeline or to the scale expected, or both;

● estimates for the prospects and financial performance of Blockfusion's business may prove to be incorrect or materially different from actual results;

● the inability of the parties to successfully or timely consummate the proposed Business Combination, including the risk that required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect Pubco or that the expected benefits of the proposed Business Combination or that the approval of the shareholders of Blue are not obtained;

● costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination or to realize estimated pro forma results and underlying assumptions, including with respect to estimated shareholder redemptions;

● the amount of redemption requests made by the Public Shareholders;

● the inability to fulfill the terms of the closing conditions set forth in the Business Combination Agreement, including the Minimum Cash Condition;

● the ability of Blue or Pubco to issue equity or equity-linked securities in connection with the proposed Business Combination or in the future;

● Blockfusion's and Blue's inability to complete the proposed Business Combination as contemplated by the Business Combination Agreement;

● matters discovered by the parties as they complete their respective due diligence investigation of the other;

● the inability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, the amount of cash available to Pubco and Blockfusion from and after the Closing;

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● the ability of Pubco to meet the initial listing standards of Nasdaq upon consummation of the Business Combination or to satisfy the continued listing requirements of Nasdaq after the Closing;

● costs related to the proposed Business Combination;

● expectations with respect to future operating and financial performance and growth;

● the failure to satisfy the conditions to the consummation of the Business Combination, including the approval of the Business Combination and definitive agreements for the Business Combination by the shareholders of Blue;

● the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination;

● the outcome of any legal proceedings that may be instituted against Blockfusion or Blue related to the Business Combination, and those factors discussed in Blue's IPO Prospectus under the heading "*Risk Factors*," and other documents of Blue filed, or to be filed, with the SEC; and

● other risks and uncertainties described in this proxy statement/prospectus, including those under the section entitled "*Risk Factors*."

If any of these risks materialize or any of Blue's or Blockfusion's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Blue nor Blockfusion presently know or that Blue and Blockfusion currently believe are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Blue's and Blockfusion's expectations, plans or forecasts of future events and views as of the date of this proxy statement/prospectus. Blue and Blockfusion anticipate that subsequent events and developments may cause Blue's and Blockfusion's assessments to change. However, while Blue, Pubco or Blockfusion may elect to update these forward-looking statements at some point in the future, Blue, Pubco and Blockfusion specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Blue's and Blockfusion's assessments as of any date subsequent to the date of this proxy statement/prospectus. Accordingly, undue reliance should not be placed upon the forward-looking statements. Actual results, performance or achievements may, and are likely to, differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements were based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Blue's and Blockfusion's control. Forward-looking statements are not guarantees of performance. All forward-looking statements attributable to Blue, Pubco or Blockfusion or a person acting on their behalf are expressly qualified in their entirety by the foregoing cautionary statements.

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**QUESTIONS AND ANSWERS ABOUT THE BLUE EXTRAORDINARY GENERAL MEETING**

 

*The following questions and answers below only highlight selected information from this document and only briefly address some commonly asked questions about the proposals to be presented at the Blue Extraordinary General Meeting, including with respect to the proposed Business Combination. The following questions and answers do not include all the information that is important to Blue shareholders. We urge you to read this entire proxy statement/prospectus, including the Annexes and other documents referred to herein, carefully and in their entirety to fully understand the proposed Business Combination and the voting procedures for the Blue Extraordinary General Meeting. See also the section of this proxy statement/prospectus entitled "Where You Can Find More Information*.*"*

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| **Q:** | **Why am I receiving this proxy statement/prospectus?** |

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| A: | Blue shareholders are being asked to consider and vote upon a proposal to approve and adopt the Business Combination including the Transactions contemplated by the Business Combination Agreement, among other proposals. Upon the completion of the Transactions contemplated by the Business Combination Agreement, both Blue and Blockfusion will become wholly-owned subsidiaries of Pubco. A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as *Annex A*. |

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This proxy statement/prospectus and its annexes contain important information about the proposed Business Combination and the other matters to be acted upon at the Blue Extraordinary General Meeting. You should read this proxy statement/prospectus and its annexes and the other documents referred to herein carefully and in their entirety.

**THE VOTE OF BLUE SHAREHOLDERS IS IMPORTANT. BLUE SHAREHOLDERS ARE URGED TO SUBMIT THEIR PROXIES AS SOON AS POSSIBLE AFTER CAREFULLY REVIEWING THIS PROXY STATEMENT/PROSPECTUS AND ITS ANNEXES AND CAREFULLY CONSIDERING EACH OF THE PROPOSALS BEING PRESENTED AT THE BLUE EXTRAORDINARY GENERAL MEETING**.

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| **Q:** | **What proposals are shareholders of Blue being asked to vote upon?** |

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| A: | Shareholders of Blue are being asked to vote upon the following proposals: |

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&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **The Business Combination Proposal (Proposal 1**) — To
consider and vote on a proposal to approve, by ordinary resolution, the (1) Business Combination Agreement and (2) all of the
Transactions comprising the Business Combination, including, without limitation, (a) the merger of Blue Merger Sub with and into
Blue, with Blue continuing as the surviving corporation and a wholly-owned subsidiary of Pubco, (b) the merger of Company Merger Sub
with and into Blockfusion, with Blockfusion continuing as the surviving corporation and a wholly-owned subsidiary of Pubco, (c) the
issuance of Pubco securities in connection with the Transactions and (d) the delivery to the Company Security Holders of the Merger
Consideration pursuant to the Business Combination Agreement consisting of newly-issued Pubco securities, including shares of Pubco Class
A Common Stock, shares of Pubco Class B Common Stock, the Assumed Options and the Assumed Warrants.

We refer to this proposal as the "**The Business Combination Proposal**." A copy of the Business Combination Agreement is attached to the proxy statement/prospectus as *Annex A*.

In addition to the approval of the proposals at the Blue Extraordinary General Meeting, unless waived by the parties to the Business Combination Agreement, in accordance with the Business Combination Agreement and applicable law, the closing of the Business Combination is subject to a number of conditions set forth in the Business Combination Agreement including, among other things, receipt of the requisite shareholder approvals contemplated by this proxy statement/prospectus. For more information about the closing conditions to the Business Combination, see the section of this proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Conditions to Closing*."

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The Business Combination Agreement may be terminated at any time prior to the Closing of the Business Combination upon agreement of Blockfusion and Blue, or by Blockfusion or Blue acting alone in specified circumstances as described in the Business Combination Agreement. For more information about the termination rights under the Business Combination Agreement, see the section entitled "*The Business Combination Proposal (Proposal 1) — Termination*."

Pursuant to the Current Charter, in connection with the Business Combination, the Public Shareholders may elect to redeem, effective upon the Closing of the Business Combination, Blue Class A Ordinary Shares then held by them for cash equal to the aggregate amount then on deposit in the Trust Account as of two (2) business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account (net of taxes payable), divided by the number of then outstanding Public Shares, subject to the limitations described herein and in the Current Charter. As of September 30, 2025, based on funds in the Trust Account of approximately $203.7 million as of such date, the pro rata portion of the funds available in the Trust Account for the redemption of Public Shares was approximately $10.12 per share. Public Shareholders are not required to affirmatively vote for or against the Business Combination in order to redeem their Blue Class A Ordinary Shares for cash. This means that Public Shareholders who hold Blue Class A Ordinary Shares on or before [_], 2026 (two (2) business days before the Blue Extraordinary General Meeting) will be eligible to elect to have their Blue Class A Ordinary Shares redeemed for cash in connection with the Blue Extraordinary General Meeting, whether or not they are holders as of the Record Date, and whether or not such shares are voted at the Blue Extraordinary General Meeting.

A Public Shareholder, together with any of such shareholder's affiliates or any other person with whom it is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from redeeming in the aggregate such shareholder's shares or, if part of such a group, the group's shares, with respect to 15% or more of the Public Shares. Holders of Blue's outstanding Blue Share Rights and Blue Private Placement Units do not have redemption rights with respect to such securities in connection with the Business Combination. Holders of outstanding Blue Public Units must separate the underlying Blue Class A Ordinary Shares and Blue Public Share Rights prior to exercising redemption rights with respect to the Public Shares.

See the section entitled "*The Blue Extraordinary General Meeting — Redemption Rights*."

Under the terms of the Business Combination Agreement, the approval by the Blue shareholders of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal (collectively, the "**Required Proposals**") are conditions to the consummation of the Business Combination. Each of the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Organizational Documents Proposals are conditioned on the approval of the Business Combination Proposal. The Adjournment Proposal is not conditioned on the approval of any other proposals set forth in this proxy statement/prospectus.

The Business Combination is not structured in a way that approval of at least a majority of unaffiliated Blue shareholders is required.

The Business Combination involves numerous risks. For more information about these risks, see the section entitled "*Risk Factors*."

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **The Merger Proposal (Proposal 2)** — To
consider and vote on a proposal to authorize and approve, by special resolution, (i) the merger of Blue Merger Sub with and into
Blue, with Blue continuing as the surviving entity and (ii) the Plan of Merger, a copy of which is attached to this proxy statement/prospectus
as *Annex B*, and any and all transactions provided for in the Plan of Merger.

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **The Charter Proposal (Proposal 3)** — To
consider and vote on a proposal to approve, by ordinary resolution, the Proposed Charter, in the form attached to this proxy statement/prospectus
as *Annex C* (the "**Proposed Charter** "), which will be effective as of the Closing, concurrent with which
the Proposed Bylaws, in the form attached to the accompanying proxy statement/prospectus as *Annex D,* will also be adopted.

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| **(4-11)** | **The Organizational Documents Proposals (Proposals 4-11)** — to consider and vote on eight separate non-binding advisory proposals to approve, by ordinary resolution, material differences between the Current Charter in effect prior to the Blue Merger and the terms and provisions to be set forth in the Proposed Charter and Proposed Bylaws of Pubco upon completion of the Business Combination in accordance with the requirements of the SEC, specifically: |

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● *Advisory Proposal A* – to approve authorized capital stock of Pubco of 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share (the "**Pubco Class A Common Stock** "), 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share (the "**Pubco Class B Common Stock**" and together with the Pubco Class A Common stock, the "**Pubco Common Stock** "), and 300,000,000 shares of preferred stock, par value $0.0001 per share (the "**Pubco Preferred Stock** ").

● *Advisory Proposal B* — to approve a provision that any or all of the directors of Pubco may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66 2/3% of the voting power of all then-outstanding shares of capital stock of Pubco entitled to vote generally in the election of directors, voting together as a single class.

● *Advisory Proposal C* — to approve a provision that Pubco will not be governed by Section 203 of the Delaware General Corporation Law.

● *Advisory Proposal D* — to approve a provision that amendment of the Proposed Charter generally requires the approval of the board of directors of Pubco (the "**Pubco Board**") and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class, with the exception of certain provisions that would require the affirmative vote of at least 66 2/3% of the total voting power of all the then-outstanding shares of stock of the company entitled to vote thereon, voting as a single class.

● *Advisory Proposal E* — to approve a provision expressly authorizing the Pubco Board to make, alter, amend or repeal the Proposed Bylaws by an affirmative vote of a majority of the Pubco Board. The Proposed Bylaws may also be adopted, amended, altered or repealed by the affirmative vote of at least 66 2/3% of the voting power of all of the then-outstanding shares of stock of the company entitled to vote generally in the election of directors, voting as a single class.

● *Advisory Proposal F* — to approve the removal of all of the provisions applicable only to blank check companies.

● *Advisory Proposal G* — to approve a provision providing for the automatic conversion of Pubco Class B Common Stock into Pubco Class A Common Stock upon any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition that is not a Permitted Transfer of such share or any legal or beneficial interest in such share.

● *Advisory Proposal H* — to approve a provision stating that holders of Pubco Class A Common Stock and Pubco Class B Common Stock will vote together as a single class on all matters, receive notice of meetings per the bylaws, and may vote as permitted under Delaware General Corporate Law, except where law, the Proposed Charter, or any Preferred Stock Designation provides otherwise. Under this proposal, each Class B share carries 20 votes and each Class A share carries 1 vote.

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&nbsp;&nbsp;&nbsp;&nbsp;**(12)** **The Incentive Plan Proposal (Proposal 12)** — To
consider and vote on a proposal to approve, by ordinary resolution, the 2026 Stock Incentive Plan (the "**Incentive Plan** ")
in the form attached to this proxy statement/prospectus as *Annex E*, which, if approved by the Blue shareholders and adopted
by Pubco, will be available to Pubco on a go-forward basis from the Closing. The Incentive Plan Proposal is described in more detail
in this proxy statement/prospectus under the heading "*The Incentive Plan Proposal (Proposal 12)*."

&nbsp;&nbsp;&nbsp;&nbsp;**(13)** **The Nasdaq Proposal (Proposal 13)** — To
consider and vote on a proposal to approve, by ordinary resolution and for purposes of complying with the applicable listing rules of
Nasdaq, the issuance of the shares of Common Stock to be issued in connection with the Business Combination. The Nasdaq Proposal is described
in more detail in this proxy statement/prospectus under the heading "*The Nasdaq Proposal (Proposal 13).* "

&nbsp;&nbsp;&nbsp;&nbsp;**(14)** **The Director Election Proposal (Proposal 14)** — To
consider and vote on a proposal to approve, by ordinary resolution, the election of seven (7) directors to serve terms on Pubco's
board of directors effective at the Effective Time as set forth in the Proposed Charter or until their respective successors are duly elected
and qualified. The Director Election Proposal is described in more detail in this proxy statement/prospectus under the heading "*The Director Election Proposal (Proposal 14)."* 

&nbsp;&nbsp;&nbsp;&nbsp;**(15)** **The Adjournment Proposal (Proposal 15)** — To
consider and vote on a proposal to approve, by ordinary resolution, the adjournment of the Blue Extraordinary General Meeting to a later
date or dates, if necessary or appropriate as determined by the Blue Board.

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| **Q:** | **What interests do Blue's Sponsor, current officers and directors and advisors have in the Business Combination?** |

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| A: | In considering the recommendation of the Blue Board to vote in favor of the Business Combination, Public Shareholders should be aware that, aside from their interests as shareholders, the Sponsor, directors and officers have interests in the Business Combination that are different from, or in addition to, those of Blue's other shareholders generally, including the aggregate amount at risk to the Sponsor of $3,935,000, which is the amount that the Sponsor paid for its Founder Shares and Blue Private Placement Units. Blue's directors were aware of and considered these interests, among other matters, in evaluating the Business Combination, and in recommending to the Public Shareholders that they approve the Business Combination. Further, the interests of the Sponsor and current officers or directors of Blue may be different from or in addition to (and which may conflict with) your interests and they may be incentivized to complete a less favorable business combination rather than liquidating Blue. Public Shareholders should take these interests into account in deciding whether to approve the Business Combination. These interests include, among other things, the fact that: |

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● that if the Business Combination or another initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 6,769,913 Class B Ordinary Shares, also referred to as the Founder Shares (which, upon consummation of an initial business combination or earlier, in accordance with the terms of the Current Charter, will or may be converted into Blue Class A Ordinary Shares) held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to the terms of the Insider Letter, the Founder Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing, distribute some or all of the Founder Shares held by it and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. In this regard, while the Founder Shares are not the same as the Blue Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the Blue Class A Ordinary Shares, and may become worthless if Blue does not complete a business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the aggregate value of the 6,769,913 Founder Shares owned by the Sponsor is estimated to be approximately $[_] million, assuming the per share value of the Founder Shares is the same as the $[_] closing price of the Blue Class A Ordinary Shares on Nasdaq on [_], 2026;

● that if the Business Combination or another Blue initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 391,000 Blue Private Placement Units held by the Sponsor will expire worthless. The Sponsor purchased the Blue Private Placement Units at an aggregate purchase price of $3,910,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the IPO. Pursuant to the terms of the Insider Letter, the Blue Private Placement Units and all of their underlying securities are also subject to lock-up restrictions whereby, subject to certain limited exceptions, such securities will not be sold or transferred until 30 days after Blue has completed an initial business combination. In this regard, while the Blue Private Placement Units are not the same as the Blue Public Units, the aggregate value of the 391,000 Blue Private Placement Units held by the Sponsor is estimated to be approximately $[_] million, assuming the per unit value of the Blue Private Placement Units is the same as the $[_] closing price of the Blue Public Units on Nasdaq on [_], 2026;

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● that if the proposed Business Combination is consummated, immediately after the Closing, the Sponsor is anticipated to hold 9.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*," which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*," assuming, among other assumptions further described in aforementioned other sections of this proxy statement/prospectus, no redemptions of Public Shares prior to or in connection with the proposed Business Combination;

● that each of Blue's officers and directors holds indirect interests in the Founder Shares held by Blue Holdings, the managing member of the Sponsor. Blue Holdings has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (and a former special advisor), indirectly through membership interests in Blue Holdings. In addition, Dario Dino Ferrari, a director, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000. As a result of their indirect interest in the Founder Shares through membership interests in Blue Holdings, Blue's management team may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

● that the Sponsor has invested an aggregate of $3,935,000 (consisting of $25,000 for the Founder Shares and $3,910,000 for the Blue Private Placement Units). Based on the difference in the effective purchase price of $0.004 per share paid for the Founder Shares, and $10.00 per unit paid for the Blue Private Placement Units, as compared to the purchase price of $10.00 per Blue Public Unit sold in the IPO, the Sponsor and its members may earn a positive rate of return on their investment even if the share price of Pubco after the Closing falls below the price initially paid for the Blue Public Units in the IPO and the non-redeeming unaffiliated Blue Public Shareholders experience a negative rate of return following the Closing of the Business Combination;

● that if, prior to the Closing, the Sponsor provides working capital loans to Blue, up to $1,500,000 of such working capital loans may be convertible into Blue Private Placement Units at the option of the lender, such loans may not be repaid if no business combination is consummated and Blue is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;

● that unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of them expecting to incur)) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof (but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);

● that if the Trust Account is liquidated, including in the event Blue is unable to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the Sponsor has agreed that it will be liable to Blue, if and to the extent any claims by a third party for services rendered or products sold to Blue or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, in each case net of income taxes, if any, and up to $100,000 of dissolution expenses, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under Blue's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act;

● that the Sponsor and Blue's officers and directors may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;

● that Ketan Seth is the Chief Executive Officer and a director of Blue and has been nominated to serve as a director of Pubco following the Closing. As such, in the future, Mr. Seth may receive any cash fees or equity awards that the Pubco Board determines to pay its directors;

● that Blue's directors and officers will be eligible for continued indemnification and continued coverage under directors' and officers' liability insurance after the Business Combination and pursuant to the terms of the Business Combination Agreement;

● that Alberto Pontonio, a registered broker-dealer associated with Roberts & Ryan, one of the IPO Underwriters, and an advisor of Blue who has been authorized by the Blue Board to provide support to Blue's management, on behalf of the Blue Board, in the identification, evaluation, negotiation and, ultimately, consummation of an initial business combination, including the proposed Business Combination, holds 300,000 Founder Shares and has been nominated to serve as a director of Pubco following the Closing. The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor and were issued in exchange for services provided in connection with Blue's initial business combination. If Blue fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders) and is forced to liquidate, the Founder Shares will expire worthless. Aside from the 300,000 Founder Shares, the Blue Advisor has not and will not receive any compensation for his services to Blue (although he may receive additional compensation as part of his association with Roberts & Ryan, to the extent that Roberts & Ryan, receives deferred underwriting fees payable to the IPO Underwriters upon consummation of the Business Combination and/or in connection with the engagement of Roberts & Ryan as financial advisor and placement agent for any Financing Transactions). However, in the future, he may receive any cash fees or equity awards that the Pubco Board determines to pay its directors. As such, the Blue Advisor may have a conflict of interest in determining whether a particular target business is an appropriate business with which Blue should effectuate an initial business combination;

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● that on December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance; and

● that the Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements have been determined as of the date hereof and no written agreements exist with respect to such arrangements, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

In addition to the interests of the Sponsor and Blue's executive officers and directors in the Business Combination, Blue shareholders should be aware that the IPO Underwriters (BTIG, LLC and Roberts & Ryan, Inc.) may also have financial interests that are different from, or in addition to, the interests of Blue shareholders, including the fact that:

● pursuant to the terms of the Underwriting Agreement, the IPO Underwriters will receive deferred underwriting fees in an amount equal to up to $0.35 per Blue Public Unit issued in the IPO, or $7,043,750, and such fees are payable only if Blue completes an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per Blue Public Unit sold in the IPO shall be paid to the IPO Underwriters in cash, and (ii) $0.15 per Blue Public Unit sold in the IPO shall be paid to the underwriters in cash based on the funds remaining in the Trust Account after giving effect to Public Shares that are redeemed in connection with an initial business combination;

● the IPO Underwriters hold an aggregate of 201,250 Blue Private Placement Units, which they purchased in the Private Placement at a price of $10.00 per Blue Private Placement Units, or $2,012,500 in the aggregate. The Blue Private Placement Units held by the IPO Underwriters will expire worthless if a business combination is not consummated by Blue by the end of the Combination Period;

● the IPO Underwriters hold an aggregate of 175,000 Blue Class A Ordinary Shares (the "**Representative Shares** "), which they purchased for $0.001 per share, or $175 in the aggregate. The IPO Underwriters have agreed to waive any entitlement to participate in any redemption or liquidating distributions with respect to such shares. The Representative Shares may not be sold or transferred until after Blue has completed an initial business combination. As such, the Representative Shares will be worthless if a business combination is not consummated by Blue by the end of the Combination Period; and

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● Blue and the IPO Underwriters are parties to that certain letter agreement, dated as of November 2, 2025 (the "**Placement Agent Engagement Letter** "), pursuant to which Blue engaged the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. BTIG, LLC will act as the lead capital markets advisor and placement agent. Pursuant to the Placement Agent Engagement Letter, the IPO Underwriters are entitled to receive (1) a cash fee upon the consummation of any Financing Transaction in an amount equal to (i) 5% of the gross proceeds raised from the sale of equity securities, (ii) 4% the gross proceeds raised from the sale of equity-linked securities and (iii) the gross proceeds raised from the sale of debt securities in the Financing Transaction, excluding expenses (the "**Placement Fee**") and (2) a cash fee upon the consummation of the Business Combination in an amount equal to two million dollars ($2,000,000) (the "**Advisory Fee** "); provided, that, in the event that the Placement Fee exceeds three million dollars ($3,000,000), fifty percent (50%) of the amount of such Placement Fee that exceeds three million dollars ($3,000,000) and that has been paid to the IPO Underwriters at the time that any Advisory Fee become due shall be credited against the Advisory Fee, provided, further, that such credit shall not exceed one million dollars ($1,000,000). 85% of any Placement Fee and/or Advisory Fee will be payable to BTIG, LLC, and 15% will be payable to Roberts & Ryan, Inc. The IPO Underwriters will also be reimbursed for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of such services. Further, following the closing of the Business Combination, BTIG, LLC shall have a right of first refusal for a period of one (1) year thereafter to act as the lead-managing underwriter and/or lead bookrunner in the case of any public offering.

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| **Q:** | **Did the Blue Board obtain a fairness opinion (or any similar report or appraisal) in determining whether or not to proceed with the Business Combination?** |

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| A: | Yes. Pursuant to the Current Charter, and as provided in the IPO Prospectus, in the event that Blue seeks to complete an initial business combination with a target that is affiliated with the Sponsor, its affiliates or Blue's directors or officers, Blue, or a committee of independent directors, is required to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions, stating that the consideration to be paid by Blue in such an initial business combination is fair to Blue from a financial point of view. Blue is not required to obtain such an opinion in any other context. As such, an opinion was not required under the Current Charter. However, The Blue Board obtained a fairness opinion from Houlihan Capital, LLC ("**Houlihan Capital**"), dated November 17, 2025, which provided that, as of that date and based on and subject to the assumptions, limitations, qualifications and other conditions set forth therein, (i) the consideration to be issued or paid pursuant to the Business Combination Agreement is fair, from a financial point of view, to Blue and its shareholders, and (ii) Blockfusion has an aggregate fair market value equal to at least 80% of the balance of funds in the Trust Account (excluding the deferred underwriting commissions and taxes payable). The Blue Board obtained such fairness opinion to (1) inform itself with respect to all material information reasonably available to it and (2) act with appropriate care in considering the Business Combination. See the section of this proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Opinion of Houlihan Capital, the Blue Board's Financial Advisor*" for additional information. |

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| **Q:** | **What determination was made by the Blue Board regarding the fairness and advisability of the Business Combination?** |

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| A: | Prior to Blue entering into the Business Combination Agreement, the Blue Board convened a meeting to complete its evaluation of the proposed Business Combination and the Transactions. In such evaluation, the Blue Board considered the matters necessary or appropriate to reach an informed conclusion as to the fairness, advisability and reasonableness of the Business Combination, including, without limitation, whether the proposed Business Combination is in the best interests of Blue and Blue's shareholders. Having affirmed the foregoing, the Blue Board proceeded to approve the Business Combination. As Blue is an exempted company under the laws of the Cayman Islands, the Blue Board's review of the Business Combination was conducted in accordance with Cayman Islands law, based on advice from Cayman legal counsel that directors of a Cayman company have a duty to act in good faith and in the best interests of the company (generally considered to include the interests of the company's shareholders, as a whole). Accordingly, taking into account the Blue Board's view that the proposed Transactions are in the best interests of the Blue shareholders, the Blue Board approved the Business Combination as being fair, advisable and in the best interests of Blue. |

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| **Q:** | **Are any of the proposals conditioned on one another?** |

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|:---|:---|
| A: | Yes. Each of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal is conditioned on one another. The remaining proposals, consisting of the Organizational Documents Proposals, the Nasdaq Proposal and the Adjournment Proposal are not Required Proposals. Unless the Business Combination Proposal is approved, the other Required Proposals will not be presented to the shareholders of Blue at the Blue Extraordinary General Meeting, because they are conditioned on the approval of the Business Combination Proposal. The Organizational Documents Proposals and the Nasdaq Proposal are likewise conditioned on the approval of these Required Proposals. The approval of the Business Combination Proposal and the other Required Proposals are preconditions to the consummation of the Business Combination. The Adjournment Proposal is not conditioned on the approval of any other proposal set forth in this proxy statement/prospectus. |

---

It is important for you to note that if the Required Proposals do not receive the requisite vote for approval, Blue will not consummate the Business Combination. If Blue does not consummate the Business Combination and fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will be required, in accordance with the Current Charter, to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account (less up to $100,000 of interest to pay dissolution expenses) to its Public Shareholders. If Blue's initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), then Blue's existence will terminate, and Blue will distribute amounts in the Trust Account as provided in the Current Charter.

---

| | |
|:---|:---|
| **Q:** | **When and where will the Blue Extraordinary General Meeting take place?** |

---

---

| | |
|:---|:---|
| A: | The Blue Extraordinary General Meeting will be held on [_], 2026 at [_] a.m. Eastern Time, in a virtual meeting format at *www.cstproxy.com/[_]*. For the purposes of the Current Charter, the Blue Extraordinary General Meeting may also be attended in person at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105. |

---

---

| | |
|:---|:---|
| **Q:** | **What will happen in the Business Combination?** |

---

---

| | |
|:---|:---|
| A: | At the Effective Time, (i) Blue Merger Sub will merge with and into Blue, with Blue continuing as the surviving entity, as a result of which all of the Blue securities issued and outstanding as of immediately prior to the Blue Merger Effective Time will be cancelled and extinguished in exchange for the right to receive newly-issued securities of Pubco, as follows: (a) each Blue Class A Ordinary Share (including the Blue Class A Ordinary Shares issued upon conversion of each Blue Class B Ordinary Share) will be converted into the right to receive one newly-issued share of Pubco Class A Common Stock, and (b) Pubco will issue one share of Pubco Class A Common Stock for each Blue Class A Ordinary Shares into which each Blue Share Right outstanding as of immediately prior to the Effective Time would have been converted; (ii) Company Merger Sub will merge with and into Blockfusion, with Blockfusion continuing as the surviving entity, as a result of which each of the outstanding interests in Blockfusion held by Company Stockholders will be cancelled in exchange for the right to receive the Merger Consideration pursuant to the Business Combination Agreement consisting of newly-issued Pubco securities, including shares of Pubco Class A Common Stock, shares of Pubco Class B Common Stock, the Assumed Options and the Assumed Warrants. As a result of the Mergers and other Transactions contemplated by the Business Combination Agreement, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, all upon the terms and subject to the conditions set forth in the Business Combination Agreement, and Pubco will become a publicly traded company. For details and more information please see the sections entitled "*The Business Combination Proposal (Proposal 1) — The Business Combination Agreement — Merger Consideration."* After the Closing of the Business Combination and following satisfaction of the Redemption Payments, the cash held in the Trust Account will be released from the Trust Account and used (i) to pay the Blue Transaction Expenses due as of the Closing, (ii) to pay the Blockfusion Transaction Expenses due as of the Closing and (iii) by Pubco for working capital and general corporate purposes. A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as *Annex A*. |

---

---

| | |
|:---|:---|
| **Q:** | **What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?** |

---

---

| | |
|:---|:---|
| A: | Upon consummation of the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"), (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding shares of Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.8% of the outstanding shares of Pubco Common Stock, (iii) the IPO Underwriters are expected to own approximately 0.5% of the outstanding shares of Pubco Common Stock, (iv) the Blue Advisor is expected to own approximately 0.4% of the outstanding shares of Pubco Common Stock, and (v) the Company Stockholders are expected to own approximately 59.0% of the outstanding shares of Pubco Common Stock. |

---

These percentages assume, among other assumptions, that at, or in connection with, the Closing, (i) no Public Shareholders redeem Public Shares prior to or in connection with the Business Combination, (ii) there are no pre-Closing transfers, distributions or forfeitures of securities held by the Sponsor, (iii) that all outstanding Blue Share Rights have been converted into shares of Pubco Class A Common Stock at Closing, (iv) that no Assumed Options or Assumed Warrants are converted or exercised post-Closing, and (v) no shares of Pubco Common Stock are issued pursuant to the Incentive Plan. If actual facts are different from these assumptions, which they are likely to be, the percentage ownership retained by the Blue shareholders and Company Security Holders in Pubco, and the associated voting power, will be different.

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If any of the Public Shareholders redeem their Public Shares prior to or in connection with the Closing, the percentage of the outstanding Pubco Common Stock held by Public Shareholders will decrease and the percentages of the outstanding Pubco Common Stock held by the Sponsor and by the Company Security Holders will increase, in each case, relative to the percentages held if none of the Blue Class A Ordinary Shares are redeemed.

Upon the issuance of the Pubco Common Stock in connection with the Business Combination, the percentage ownership of the total outstanding shares of Pubco Common Stock by Public Shareholders who do not redeem their Public Shares will be diluted. Public Shareholders that do not redeem their Public Shares in connection with the Business Combination will experience further dilution upon the exercise of Assumed Warrants and Assumed Options after the Closing by Company Security Holders. The percentage of the total number of outstanding shares of Pubco Common Stock that will be owned by Public Shareholders as a group will vary based on the number of Public Shares for which the holders thereof elect to have redeemed in connection with the Business Combination.

The numbers of shares and percentage interests in the table below reflect different redemption scenarios as set forth below.

● **Assuming No Redemptions:** This presentation assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares at or prior to the consummation of the Business Combination.

● **Assuming 25% of Contractual Maximum Redemptions:** In addition to the assumptions in the "No Redemptions" scenario, this presentation assumes that the Public Shareholders holding approximately 13.2% of the Public Shares exercise redemption rights with respect to their Public Shares, which is approximately 25% of the Public Shares assumed to be redeemed under the contractual maximum redemption scenario. This scenario assumes that 2,655,120 Public Shares are redeemed for an aggregate Redemption Payment of approximately $26.9 million.

● **Assuming 50% of Contractual Maximum Redemptions:** In addition to the assumptions in the "No Redemptions" scenario, this presentation assumes that the Public Shareholders holding approximately 26.4% of the Public Shares exercise redemption rights with respect to their Public Shares, which is approximately 50% of the Public Shares assumed to be redeemed under the contractual maximum redemption scenario. This scenario assumes that 5,310,240 Public Shares are redeemed for an aggregate Redemption Payment of approximately $53.7 million.

● **Assuming Contractual Maximum Redemptions:** In addition to the assumptions described in the "No Redemptions" scenario, this presentation assumes that 10,620,480 Public Shares are redeemed upon consummation of the Business Combination for aggregate Redemption Payments of $107.5 million, assuming a redemption price of $10.12 per share (based on $203.7 million contained in the Trust Account as of September 30, 2025), which represents the maximum number of Public Shares that could be redeemed in connection with the Closing while still enabling the parties to satisfy the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of Redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million (the "**Minimum Cash Condition** "). The "contractual maximum redemption scenario" represents the maximum number of Public Shares that may be redeemed while satisfying the Minimum Cash Condition, taking into account the assumptions described above. In the event that aggregate cash and cash equivalents delivered to Pubco at Closing is insufficient to meet the Minimum Cash Condition, a condition to the Closing would not be met and the Business Combination may not be consummated unless the Minimum Cash Condition is waived.

The following table does not reflect the impact of any other equity issuances on the beneficial ownership levels of Pubco, such as:

● grants of equity under the Incentive Plan or any other Pubco equity incentive plans that may be made in the future; or

● any private investment in public equity or any other dilutive financing sources, as none of Blue, Blockfusion or Pubco has commitments for any such Financing Transaction commitments as this time, in connection with the proposed Business Combination or otherwise.

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The following table illustrates varying ownership levels of Pubco immediately following the Business Combination, excluding the potential dilutive effects of (i) potentially issuable Pubco Class A Common Stock to holders of Assumed Options and (ii) potentially issuable Pubco Class A Common Stock to holders of Assumed Warrants in all scenarios:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
|  | Shares | | % Ownership | Shares |  | % Ownership | Shares |  | % Ownership | Shares |  | % Ownership |
| Pubco Class A Common Stock held by Blockfusion Stockholders<sup>(1)</sup> | 25796121 |  | 35.4% | 25796121 |  | 36.7% | 25796121 |  | 38.2% | 25796121 |  | 41.5% |
| Pubco Class B Common Stock held by Blockfusion Stockholders<sup>(2)</sup> | 17016302 |  | 23.4% | 17016302 |  | 24.2% | 17016302 |  | 25.2% | 17016302 |  | 27.3% |
| Pubco Class A Common Stock held by Blue Public Shareholders and holders of Public Rights | 22137500 | (3) | 30.4% | 19482380 | (4) | 27.8% | 16827260 | (5) | 24.9% | 11517020 | (6) | 18.5% |
| Pubco Class A Common Stock held by Sponsor<sup>(7)</sup> | 7200013 |  | 9.9% | 7200013 |  | 10.3% | 7200013 |  | 10.7% | 7200013 |  | 11.6% |
| Pubco Class A Common Stock held by IPO Underwriters and affiliates<sup>(8)</sup> | 396375 |  | 0.5% | 396375 |  | 0.6% | 396375 |  | 0.6% | 396375 |  | 0.6% |
| Pubco Class A Common Stock held by Blue Advisor | 300000 |  | 0.4% | 300000 |  | 0.4% | 300000 |  | 0.4% | 300000 |  | 0.5% |
| **Total Pubco Common Stock** | **72846311** |  | **100.0%** | **70191191** |  | **100.0%** | **67536071** |  | **100.0%** | **62225831** |  | **100.0%** |

---

(1) Consists of Pubco Class A Common Stock issued to holders of
shares of Company Class A Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class A Common Stock issued and outstanding immediately prior to the Closing.

(2) Consists of Pubco Class B Common Stock issued to holders of
shares of Company Class B Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class B Common Stock issued and outstanding immediately prior to the Closing.

(3) Consists of, in the No Redemptions Scenario, (i) 20,125,000
Blue Class A Ordinary Shares subject to possible redemption which Public Shareholders elected not to redeem in connection with the Business
Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of which will automatically convert into one-tenth of one share
of Pubco Class A Common Stock upon the Closing.

(4) Consists of, in the
 25% Contractual Maximum Redemptions Scenario (i) 17,469,880 Blue Class A Ordinary Shares
 subject to possible redemption which Public Shareholders elected not to redeem in connection
 with the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of
 which will convert into one-tenth of one share of Class A Pubco Common Stock upon the Closing
 of the Business Combination.

(5) Consists of, in the
 50% Contractual Maximum Redemptions Scenario, (i) 14,814,760 Blue Class A Ordinary Shares
 subject to possible redemption which Public Shareholders elected not to redeem in connection
 with the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of
 which will convert into one-tenth of one share of Class A Pubco Common Stock upon the Closing
 of the Business Combination.

(6) Consists of, in the
 Contractual Maximum Redemptions Scenario, (i) 9,504,520 Blue Class A Ordinary Shares subject
 to possible redemption which Public Shareholders elected not to redeem in connection with
 the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of which
 will automatically convert into one-tenth of one share of Pubco Class A Common Stock upon
 the Closing.

(7) Consists of (i) 391,000 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the Sponsor, (ii) 6,769,913 issued and outstanding Blue Class A Ordinary Shares
not subject to possible redemption held by the Sponsor resulting from the conversion of the Blue Class B Ordinary Shares held by the
Sponsor which will convert on a one-for-one basis into Blue Class A Ordinary Shares not subject to possible redemption immediately prior
to the effective time of the Closing, and (iii) 39,100 Blue Class A Ordinary Shares not subject to possible redemption held by the Sponsor
resulting from the conversion of the Private Placement Rights held by the Sponsor, each of which will automatically convert into one-tenth
of one share of Class A Pubco Common Stock upon the Closing.

(8) Consists of (i) 376,250 issued and outstanding Blue Class A Ordinary Shares not subject to possible
 redemption held by the IPO Underwriters, and (ii) 20,125 Blue Class A Ordinary Shares not subject to
 possible redemption held by the IPO Underwriters resulting from the conversion of the Private Placement Rights held
 by the IPO Underwriters, each of which will automatically convert into one-tenth of one share of Pubco Class A Common
 Stock upon the Closing.

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All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described in the section entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and, with respect to the determination of the assumptions incorporated into the "Contractual Maximum Redemptions" scenario, as described above. Should one or more of the assumptions prove incorrect, actual ownership percentages may vary materially from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended. See "*Unaudited Pro Forma Condensed Combined Financial Information*."

***Dilution***

 ****

Dilution per share to the original investors in Blue is determined by its net tangible book value per share, as adjusted, while excluding the Business Combination, while giving effect to material probable or consummated transactions and other material effects on Blue's net tangible book value per share, from the IPO price per share paid by original investors in Blue as set forth as follows under three redemption scenarios.

The following table presents the net tangible book value per share at specified redemption levels assuming various sources of material probable dilution (but excluding the effects of the Business Combination itself) (in thousands, except per share data):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
| Blue's historical net tangible book value as of September 30, 2025 | $197748 | $197748 | $197748 | $197748 |
| Blue's historical ordinary shares issued and outstanding as of September 30, 2025 | 27962163 | 27962163 | 27962163 | 27962163 |
| Blue's historical net tangible book value per share | $7.07 | $7.07 | $7.07 | $7.07 |
| Blue's net tangible book value, as adjusted<sup>(1)</sup> | $191938 | $165465 | $138992 | $86045 |
| Blue's ordinary shares issued and outstanding, as adjusted<sup>(1)</sup> | 27962163 | 25307043 | 22651923 | 17341683 |
| Blue's net tangible book value per share, as adjusted | $6.86 | $6.54 | $6.14 | $4.96 |
| Decrease in net tangible book value per share attributable to Blue's shareholders | $(0.21) | $(0.53) | $(0.94) | $(2.11) |
| Blue IPO price per share | $10.00 | $10.00 | $10.00 | $10.00 |
| Dilution per share to Blue Public Shareholders | $(3.14) | $(3.46) | $(3.86) | $(5.04) |

---

(1) Net tangible book value, as adjusted, depicts the amount of
net assets that Blue will contribute to the post-combination entity, while excluding the effect of the consummation of the de-SPAC transaction
itself. Blue Ordinary Shares issued and outstanding, as adjusted, depicts the number of shares that Blue will contribute to the post-combination
entity, while excluding the effect of the consummation of the de-SPAC transaction itself. The historical Blue net tangible book value
and the historical Blue Ordinary Shares issued and outstanding as of September 30, 2025 have been adjusted for: (A) the assumed redemptions
in each redemption scenario presented below, (B) material probable or consummated transactions other than the consummation of the de-SPAC
transaction itself, and (C) other material effects of the de-SPAC transaction on the historical Blue net tangible book value but excluding
the de-SPAC transaction itself. Net tangible book value, as adjusted, and Blue Ordinary Shares issued and outstanding, as adjusted, are
calculated as follows (in thousands, except for share data):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
| **Numerator:** | | | | |
| Blue's historical net tangible book value as of September 30, 2025<sup>(1)</sup> | $197748 | $197748 | $197748 | $197748 |
| *Adjustments to numerator:* |  |  |  |  |
| Less: Cash payment for redemption of Public Shares<sup>(2)</sup> | $- | $(26871) | $(53743) | $(107486) |
| Less: Expected and actual transaction and other costs incurred by Blue subsequent to September 30, 2025<sup>(3)</sup> | $(4310) | $(3912) | $(3513) | $(2717) |
| Less: Blue transaction bonus<sup>(4)</sup> | $(1500) | $(1500) | $(1500) | $(1500) |
| *Total adjustments to numerator* | (5810) | (32283) | (58756) | (111703) |
| Blue net tangible book value, as adjusted | $191938 | $165465 | $138992 | $86045 |
| **Denominator:** |  |  |  |  |
| Blue Class A Ordinary Shares subject to possible redemption held by Public Shareholders as of September 30, 2025 | 20125000 | 20125000 | 20125000 | 20125000 |
| Blue Class B Ordinary Shares held by Sponsor as of September 30, 2025 | 6769913 | 6769913 | 6769913 | 6769913 |
| Blue Class A Ordinary Shares not subject to possible redemption held by Sponsor as of September 30, 2025 | 391000 | 391000 | 391000 | 391000 |
| Blue Class A Ordinary Shares not subject to possible redemption held by IPO Underwriters and affiliates as of September 30, 2025 | 376250 | 376250 | 376250 | 376250 |
| Blue Class B Ordinary Shares held by Blue Advisor as of September 30, 2025 | 300000 | 300000 | 300000 | 300000 |
| Blue Ordinary Shares issued and outstanding as of September 30, 2025 | 27962163 | 27962163 | 27962163 | 27962163 |
| *Adjustments to denominator:* |  |  |  |  |
| Redemptions of Blue Public Shares<sup>(2)</sup> | - | (2655120) | (5310240) | (10620480) |
| *Total adjustments to denominator:* |  | (2655120) | (5310240) | (10620480) |
| Blue Class A Ordinary Shares subject to possible redemption held by Public Shareholders | 20125000 | 17469880 | 14814760 | 9504520 |
| Blue Class A Ordinary Shares not subject to possible redemption held by Sponsor | 7160913 | 7160913 | 7160913 | 7160913 |
| Blue Class A Ordinary Shares not subject to possible redemption held by IPO Underwriters and affiliates | 376250 | 376250 | 376250 | 376250 |
| Blue Class A Ordinary Shares not subject to possible redemption held by Blue Advisor | 300000 | 300000 | 300000 | 300000 |
| Blue Ordinary Shares issued and outstanding, as adjusted | 27962163 | 25307043 | 22651923 | 17341683 |

---

(1) Blue's historical net tangible book value is calculated as Blue's
total historical tangible assets less total historical liabilities as of September 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents a decrease in net tangible book value from
 aggregate cash payments in the amount of $26.9 million, $53.7 million, and $107.5 million in the 25% of Contractual Maximum Redemptions
 Scenario, 50% of Contractual Maximum Redemptions Scenario, and Contractual Maximum Redemptions Scenario, respectively, as a result
 of the respective redemptions of 2,655,120, 5,310,240, and 10,620,480 Public Shares at an assumed redemption price of $10.12 per
 share.

(3) Expected and actual transaction and other costs are inclusive
(i) payment of Blue's transaction costs of $4.3 million, (ii) payment of Pubco formation and accounting costs of $10 thousand, and (iii)
payment of the deferred underwriting fee and reduction of the deferred underwriting fee payable under each respective redemption scenario.
The deferred underwriting fee payable balance on Blue's historical September 30, 2025 balance sheet was $7.0 million. Pursuant to the
terms of the agreement with the IPO Underwriters, the amount payable at the Closing of the Business Combination will be $7.0 million,
$6.6 million, $6.2 million, and $5.4 million in the No Redemptions Scenario, 25% of Contractual Maximum Redemptions Scenario, 50% of
Contractual Maximum Redemptions Scenario, and Contractual Maximum Redemptions Scenario, respectively. As the historical payable balance
of $7.0 million is greater than the amount of cash paid in the 25% of Contractual Maximum Redemptions Scenario, 50% of Contractual Maximum
Redemptions Scenario, and Contractual Maximum Redemptions Scenario, respectively, there is a resulting net increase to the net tangible
book value of $0.4 million, $0.8 million, and $1.6 million, in each respective scenario to reflect the removal of the historical payable
balance and payment of cash.

(4) Reflects the payment of the transaction completion bonus
 at the Closing of the Business Combination to certain Blue executives and affiliates in the amount of $1.5 million.

The above discussion and table excludes any Financing Transaction as a source of material probable dilution, as none of Blue, Blockfusion or Pubco has commitments for any such Financing Transaction commitments at this time, in connection with the proposed Business Combination or otherwise. Any equity issuances in connection with any Financing Transactions could result in dilution of the relative ownership interest of the non-redeeming Blue Public Shareholders or the former equity holders of Blockfusion.

Blue issued the Blue Class A Ordinary Shares in the IPO at $10 per share. After giving effect to the IPO and the concurrent private placement of 7,069,913 Founder Shares sold to the Initial Shareholders, there are an aggregate of 27,962,163 Blue Ordinary Shares issued and outstanding. In connection with the proposed Business Combination, assuming its consummation in accordance with the Business Combination Agreement, immediately after the Closing, Pubco is expected to have outstanding an additional 42,812,423 shares of Pubco Common Stock to be issued to the Company Security Holders in the Company Merger. The tabular disclosure includes presentations of information at various illustrative redemption levels consistent with the "No Redemptions," "25% of Contractual Maximum Redemptions," "50% of Contractual Maximum Redemptions" and "Contractual Maximum Redemptions" scenarios further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*."

For purposes of Item 1604(c)(1) of Regulation S-K, Pubco would have 70,774,586 total shares of outstanding Pubco Common Stock immediately after giving effect to the Business Combination under the "No Redemptions" scenario. Where there are no redemptions of Public Shares prior to the Closing, Blue valuation is based on the issuance price of Blue securities in the IPO of $10.00 and is therefore calculated as: $10.00 (Blue per share IPO price) times 70,774,586 shares, or $707.7 million. The following table illustrates the valuation at the offering price of the securities at the IPO price of $10.00 per share for each redemption scenario:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
| Pubco Class A Common Stock held by Blockfusion stockholders | 25796121 | 25796121 | 25796121 | 25796121 |
| Pubco Class B Common Stock held by Blockfusion stockholders | 17016302 | 17016302 | 17016302 | 17016302 |
| Pubco Class A Common Stock held by Blue Acquisition public shareholders | 20125000 | 17469880 | 14814760 | 9504520 |
| Pubco Class A Common Stock held by Sponsor | 7160913 | 7160913 | 7160913 | 7160913 |
| Pubco Class A Common Stock held by IPO Underwriters and affiliates | 376250 | 376250 | 376250 | 376250 |
| Pubco Class A Common Stock held by Blue Advisor | 300000 | 300000 | 300000 | 300000 |
| Total Pubco shares outstanding upon Closing of the Business Combination | 70774586 | 68119466 | 65464346 | 60154106 |
| Blue IPO price per share | $10.00 | $10.00 | $10.00 | $10.00 |
| Value of Pubco upon Closing of the Business Combination based on offering price of the securities in the Blue IPO of $10.00 per share | $707745860 | $681194660 | $654643460 | $601541060 |

---

The foregoing required disclosure is not a guarantee that the trading price of the Pubco Class A Common Stock will not be below the offering price of Blue Class A Ordinary Shares in the IPO, nor is the required disclosure a guarantee that Pubco will attain any of the levels of valuation presented.

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The above discussion and table are based on an aggregate of 27,962,163 Blue Ordinary Shares outstanding on September 30, 2025, and exclude, as of such date, up to 2,071,725 shares issuable upon conversion of outstanding Blue Share Rights. If all of such Blue Share Rights are converted, the number of outstanding shares will be increased by 2,071,725 shares, and the adjusted net book value per share will be decreased by $0.47 in the "No Redemptions" scenario.

The above discussion and table also exclude potential dilutive effects associated with any exercise or conversion of Assumed Warrants or Assumed Options after the Closing by Company Security Holders, as well as future issuances or grants of equity or equity-linked securities by Pubco pursuant to the Incentive Plan expected to be adopted in connection with the Closing, assuming the approval by Blue shareholders of the Incentive Plan at the Blue Extraordinary General Meeting, or pursuant to any private investment in public equity or any other dilutive financing sources, as none of Blue, Blockfusion or Pubco has commitments for any such Financing Transaction commitments at this time, in connection with the proposed Business Combination or otherwise. Any equity issuances in connection with any Financing Transactions could result in dilution of the relative ownership interest of the non-redeeming Blue Public Shareholders or the former equity holders of Blockfusion. If no additional funds are raised by Blue or Pubco through a PIPE or other Financing Transaction, the Minimum Cash Condition may not be satisfied and the Business Combination may not be consummated unless the Minimum Cash Condition is waived by Blockfusion.

The following table illustrates potential sources of dilution under each scenario that may occur:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
| Pubco shares underlying the Company Class A Common Stock options<sup>(1)</sup> | 638111 | 638111 | 638111 | 638111 |
| Pubco shares underlying the Company Class A Common Stock warrants<sup>(2)</sup> | 1214652 | 1214652 | 1214652 | 534471 |
| Total potentially dilustive shares of Pubco Common Stock | 1852763 | 1852763 | 1852763 | 1172582 |

---

(1) Represents
 600,000 Company Options to purchase shares of Company Class A Common Stock assumed to be
 outstanding immediately prior to the Closing Date, which will be assumed by Pubco and represent
 600,000 Pubco options on the Closing Date. These 600,000 Pubco options will be exercisable
 for 638,111 shares of Pubco Class A Common Stock equal to the 600,000 Pubco options multiplied
 by the Exchange Ratio.

(2) Represents
 1,187,107 Company Warrants to purchase Company Class A Common Stock assumed to be outstanding
 immediately prior to the Closing Date, which will be assumed by Pubco and represent 1,187,107
 Pubco warrants on the Closing Date. These 1,187,107 Pubco warrants will be exercisable for
 1,214,652 Pubco Class A Common Stock equal to the 1,187,107 Pubco warrants multiplied by
 the Exchange Ratio.

The above table does not include shares underlying any Blue Private Placement Units that may be issued upon conversion of any working capital loans as potential sources of dilution, as such securities may never be issued upon consummation of the Business Combination given that there are no such working capital loans outstanding as of the date of this proxy statement/prospectus.

The aforementioned equity issuances are not the only sources of potential dilution to the relative ownership and associated voting percentage associated with shares of Pubco Common Stock held by non-redeeming Public Shareholders after the Closing; any additional equity and equity-linked issuances by Pubco may result in additional dilution to Public Shareholders' percentage ownership in Pubco, potentially significantly, which, in turn, may limit or decrease Public Shareholders' voting power and ability to influence decision-making with regard to Pubco and may have other effects, as described above and as further described in the "*Risk Factors*" section of this proxy statement/prospectus.

All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described in the section entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and, with respect to the determination of the "Maximum Redemptions," the section entitled "*Unaudited Pro Forma Condensed Combined Financial Statements*." Should one or more of the assumptions prove incorrect, actual ownership percentages may vary, potentially materially, from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended. See "*Unaudited Pro Forma Condensed Combined Financial Information*."

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| | |
|:---|:---|
| **Q:** | **What is the expected impact on the ownership and voting control of Pubco after the Closing of the dual-class voting structure incorporated in the Proposed Charter, including on the voting power of the Public Shareholders after the Closing?** |

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| | |
|:---|:---|
| A: | Upon consummation of the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"), (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding shares of Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.8% of the outstanding shares of Pubco Common Stock, (iii) the IPO Underwriters are expected to own approximately 0.5% of the outstanding shares of Pubco Common Stock, (iv) the Blue Advisor is expected to own approximately 0.4% of the outstanding shares of Pubco Common Stock, and (v) the Company Stockholders are expected to own approximately 59.0% of the outstanding shares of Pubco Common Stock. It is anticipated that upon completion of the Business Combination, the Public Shareholders would retain voting power of approximately 5.6% in Pubco, the Sponsor would have voting power of approximately 1.8% of Pubco, IPO Underwriters would have voting power of approximately 0.1% of Pubco, the Blue Advisor would have voting power of approximately 0.1% of Pubco, and the Company Stockholders would have voting power of approximately 92.3% of Pubco. |

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Upon the consummation of the Business Combination, Alex Martini-Lo Manto, Kant Trivedi, Robert Scott and Gustavo Mana will hold an aggregate of approximately 89% of the voting power of Pubco's outstanding capital stock following the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"). See "*Management of Pubco Following the Business Combination – Controlled Company*" and "*Risk Factors – Risks Related to Ownership of Pubco Common Stock – Following the Business Combination, Pubco will become a "controlled company" within the meaning of the Nasdaq rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are subject to such requirements.*" for more information.

The concentrated control resulting from Pubco's dual class multiple voting structure incorporated in the Proposed Charter may limit or preclude the Public Shareholders' ability to influence corporate matters with respect to Pubco after the Closing for the foreseeable future, including the election of directors, amendments of Pubco's organizational documents and any merger, consolidation, sale of all or substantially all of Pubco's assets or other major corporate transactions requiring stockholder approval. In addition, this concentrated control may prevent or discourage unsolicited acquisition proposals or offers for Pubco capital stock that Public Shareholders may believe are in your best interest as a stockholder of Pubco. As a result, such concentrated control may adversely affect the market price of the Pubco Class A Common Stock.

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| | |
|:---|:---|
| **Q:** | **How many votes per share is each share of Pubco Common Stock entitled to pursuant to the Proposed Charter?** |

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| | |
|:---|:---|
| A: | Upon the Closing, each holder of record of Pubco Class A Common Stock will be entitled to one vote for each share of Pubco Class A Common Stock, and each holder of record of Pubco Class B Common Stock will be entitled to twenty (20) votes for each share of Pubco Class B Common Stock. |

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| **Q:** | **What conditions must be satisfied to complete the Business Combination?** |

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| | |
|:---|:---|
| A: | In addition to the Required Proposals, there are a number of closing conditions in the Business Combination Agreement, including the approval of the Business Combination by the Company Stockholders and the satisfaction of the Minimum Cash Condition. For a summary of the conditions that must be satisfied or waived prior to the Closing of the Business Combination, see the section entitled "*The Business Combination Proposal (Proposal 1) — The Business Combination Agreement*" and "*Summary of the Proxy Statement/Prospectus — Proposals to be Voted on by Blue Shareholders.*" |

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|:---|:---|
| **Q:** | **Why is Blue providing shareholders with the opportunity to vote on the Business Combination?** |

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| | |
|:---|:---|
| A: | Under the Current Charter, Blue must provide all holders of its Public Shares with the opportunity to have their Public Shares redeemed upon the consummation of Blue's initial business combination either in conjunction with a tender offer or in conjunction with a shareholder vote. For business and other reasons, Blue has elected to provide its shareholders with the opportunity to have their Public Shares redeemed in connection with a shareholder vote rather than a tender offer. Therefore, Blue is seeking to obtain the approval of its shareholders of the Business Combination Proposal in order to allow its public shareholders to effectuate redemptions of their Public Shares in connection with the Closing of the Business Combination. |

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|:---|:---|
| **Q:** | **How many votes do I have at the Blue Extraordinary General Meeting?** |

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| | |
|:---|:---|
| A: | Blue shareholders are entitled to one vote at the Blue Extraordinary General Meeting for each Blue Ordinary Share. Holders of Blue Class A Ordinary Shares and Blue Class B Ordinary Shares will vote together as a single class on all proposals. As of the close of business on the Record Date, there were 20,892,250 outstanding Blue Class A Ordinary Shares and 7,069,913 outstanding Blue Class B Ordinary Shares. |

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|:---|:---|
| **Q:** | **What vote is required to approve each of the proposals to be presented at the Blue Extraordinary General Meeting?** |

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| | |
|:---|:---|
| A: | The approval of each of the Business Combination Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under the Current Charter and Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. |

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If the Business Combination Proposal is not approved, the Merger Proposal, the Charter Proposal, the Inventive Plan Proposal and the Director Election Proposal will not be presented to the Blue shareholders for a vote. If the Required Proposals are not approved, the Organizational Documents Proposals and the Nasdaq Proposal will not be presented to the Blue shareholders for a vote, although the Adjournment Proposal may be presented. The approval of the Business Combination Proposal and the other Required Proposals are preconditions to the consummation of the Business Combination.

The Sponsor has agreed to vote its Blue Ordinary Shares in favor of the proposals.

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| | |
|:---|:---|
| **Q:** | **What constitutes a quorum at the Blue Extraordinary General Meeting?** |

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| | |
|:---|:---|
| A: | A quorum will be present at the Blue Extraordinary General Meeting if one-third (1/3) of the Blue Ordinary Shares issued and outstanding and entitled to vote at the Blue Extraordinary General Meeting are represented in person online or by proxy at the Blue Extraordinary General Meeting. As of the Record Date, 18,641,442 Blue Ordinary Shares would be required to achieve a quorum. |

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| | |
|:---|:---|
| **Q:** | **May the Sponsor or Blue's directors, officers, advisors or their affiliates purchase shares in connection with the Business Combination?** |

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| | |
|:---|:---|
| A: | In connection with the shareholder vote to approve the proposed Business Combination, the Sponsor, or Blue's directors, officers or advisors or their respective affiliates may privately negotiate transactions to purchase shares from shareholders who would have otherwise elected to have their shares redeemed in conjunction with a proxy solicitation pursuant to the proxy rules for a per-share pro rata portion of the Trust Account. None of Blue's Sponsor or the other members of the Sponsor, directors, officers or advisors or their respective affiliates will make any such purchases when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation M under the Exchange Act. Such a purchase would include a contractual acknowledgement that such shareholder, although still the record holder of Blue's shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights, and could include a contractual provision that directs such shareholder to vote such shares in a manner directed by the purchaser. In the event that the Sponsor or any other member of the Sponsor or Blue's directors, officers or advisors or their respective affiliates purchase shares in privately negotiated transactions from Public Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their shares. Any such privately negotiated purchases may be transacted at purchase prices that are below or in excess of the per-share pro rata portion of the Trust Account. |

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|:---|:---|
| **Q:** | **How will the Sponsor vote?** |

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|:---|:---|
| A: | The Sponsor entered into the Insider Letter, pursuant to which it has agreed to vote any Blue Ordinary Shares owned by it in favor of the Business Combination, including each of the proposals. Accordingly, because of the Insider Letter, it is more likely that the necessary shareholder approval for the proposals will be received. |

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| | |
|:---|:---|
| **Q:** | **What interests do Blockfusion's officers and directors have in the Business Combination?** |

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A: Blockfusion's officers and directors have interests in the Business Combination that may be different from or in addition to (and which may conflict with) your interests. These interests include, among other things, the interests listed below:

● Certain officers of Blockfusion are expected to become officers of Pubco upon the consummation of the Business Combination. Specifically, the following individuals who are currently officers of Blockfusion are expected to become officers of Pubco upon the consummation of the Business Combination, serving in the offices set forth opposite their names below:

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| | |
|:---|:---|
| **Name** | **Position** |
| Alex Martini-Lo Manto | Chief Executive Officer and Director |
| Kant Trivedi | Chief Operating Officer and Director |
| Robert Scott | General Counsel and Secretary |

---

● Additionally, each of Alex Martini-Lo Manto and Kant Trivedi have been identified as nominees to serve on the Pubco Board immediately after the consummation of the Business Combination, in connection with which Alex Martini-Lo Manto and Kant Trivedi may receive compensation for such service, to the extent Pubco determines to provide any such compensation to its board and board committee members. See also the section of this proxy statement/prospectus entitled "*Executive and Director Compensation of Blockfusion — Executive Officer and Director Compensation After the Business Combination*."

● Each of Alex Martini-Lo Manto, Kant Trivedi and Robert Scott will enter into employment agreements with Pubco prior to the Closing, which will be effective and contingent upon the consummation of the Business Combination. For a summary of such employment agreements see the section of this proxy statement/prospectus entitled "*Executive and Director Compensation of Blockfusion — Executive Officer and Director Compensation After the Business Combination*."

Please see the sections entitled "*Risk Factors*" and "*The Business Combination Proposal (Proposal 1) — Interests of Blockfusion's Officers, Directors and Advisors" and "Management After the Business Combination — Executive Officers and Directors After the Business Combination" and "Executive and Director Compensation of Blockfusion — Executive Officer and Director Compensation After the Business Combination"* and "*The Charter Proposal (Proposal 3)*" of this proxy statement/prospectus for a further discussion of these interests.

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|:---|:---|
| **Q:** | **What happens if I sell my Blue Class A Ordinary Shares before the Blue Extraordinary General Meeting?** |

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| | |
|:---|:---|
| A: | The Record Date is earlier than the date of the Blue Extraordinary General Meeting. If you transfer your Blue Class A Ordinary Shares after the Record Date, but before the Blue Extraordinary General Meeting, unless the transferee obtains a proxy from you to vote those shares, you will retain your right to vote at the Blue Extraordinary General Meeting. However, you will not be able to seek redemption of your shares because you will no longer be able to deliver them for cancellation upon consummation of the Business Combination in accordance with the provisions described herein. If you transfer your Blue Class A Ordinary Shares prior to the Record Date, you will have no right to vote those shares at the Blue Extraordinary General Meeting. |

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|:---|:---|
| **Q:** | **What happens if a substantial number of the Public Shareholders vote in favor of the Business Combination and exercise their redemption rights?** |

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|:---|:---|
| A: | Blue shareholders who vote in favor of the Business Combination may nevertheless also exercise their redemption rights. Accordingly, the Business Combination may be consummated even though the funds available from the Trust Account and the number of Public Shares and Public Shareholders are reduced as a result of redemptions by Public Shareholders. Both parties' obligation to consummate the Business Combination is also conditioned upon at least $75.0 million in cash and cash equivalents being delivered to Pubco, and including funds remaining in the Trust Account (after giving effect to the completion and payment of the Redemption), and payment of Blue Transaction Expenses and Blockfusion Transaction Expenses, and including the aggregate amount of any Financing Transaction. In addition, with fewer Public Shares and Public Shareholders, the trading market for Pubco's stock may be less liquid than the market for Blue Ordinary Shares was prior to consummation of the Business Combination, and Pubco may not be able to meet the listing standards of Nasdaq. In addition, with less funds available from the Trust Account, the working capital infusion from the Trust Account into Blockfusion's business will be reduced. As a result, the proceeds will be greater in the event that no Public Shareholders exercise redemption rights with respect to their Public Shares for a pro rata portion of the Trust Account as opposed to the scenario in which Public Shareholders exercise the maximum allowed redemption rights. |

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|:---|:---|
| **Q:** | **What happens if I vote against any of the Required Proposals (consisting of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal)?** |

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|:---|:---|
| A: | If any of the Required Proposals are not approved, the Business Combination will not be consummated. If Blue does not otherwise consummate an alternative business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), pursuant to the Current Charter, Blue will be required to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to the public shareholders (less up to $100,000 of interest to pay dissolution expenses), unless Blue seeks and obtains the consent of its shareholders to amend the Current Charter to extend the date by which it must consummate its initial business combination (an "**Extension**"), in which event Public Shareholders will be entitled to redemption rights in accordance with the Current Charter. If Blue's initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), then Blue will cease all business except for the purposes of winding up, and Blue will redeem all Public Shares and distribute amounts in the Trust Account as provided in the Current Charter. |

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|:---|:---|
| **Q:** | **Do I have redemption rights in connection with the Business Combination?** |

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|:---|:---|
| A: | Pursuant to the Current Charter, holders of Public Shares may elect to have their shares redeemed for cash at the applicable redemption price per share calculated in accordance with the Current Charter. As of September 30, 2025, based on funds in the Trust Account of approximately $203.7 million as of such date, the pro rata portion of the funds available in the Trust Account for the redemption of Public Shares was approximately $10.12 per share. If a holder exercises its redemption rights, then such holder will be exchanging its Blue Class A Ordinary Shares for cash and will only have equity interests in Pubco pursuant to the conversion of its Blue Public Share Rights, to the extent it still holds Blue Public Share Rights. Such a holder will be entitled to receive cash for its Public Shares only if it properly demands redemption and delivers its shares (either physically or electronically) to Blue's transfer agent prior to the Blue Extraordinary General Meeting. See the section entitled "*The Blue Extraordinary General Meeting — Redemption Rights*" for the procedures to be followed if you wish to elect to have Blue redeem your shares for cash. |

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|:---|:---|
| **Q:** | **Will my vote affect my ability to exercise redemption rights?** |

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|:---|:---|
| A: | No. You may exercise your redemption rights whether or not you attend or vote your Blue Ordinary Shares at the Blue Extraordinary General Meeting, and regardless of how you vote your shares. As a result, the Business Combination Agreement and the Required Proposals can be approved by shareholders who will elect to have their shares redeemed and who will no longer remain shareholders, leaving shareholders who choose not to elect to have their shares redeemed holding shares in a company with a potentially less liquid trading market, fewer shareholders, potentially less cash and the potential inability of Pubco to meet the listing standards of Nasdaq. |

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|:---|:---|
| **Q:** | **How do I exercise my redemption rights?** |

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|:---|:---|
| A: | In order to exercise your redemption rights, you must, prior to 5:00 p.m., Eastern Time, on [_], 2026 (two (2) business days before the date of the Blue Extraordinary General Meeting), tender your shares physically or electronically using The Depository Trust Company's DWAC system and submit a request in writing, including the legal name, phone number and address of the beneficial owner of the shares for which redemption is requested, that Blue redeem your Public Shares for cash to Continental Stock Transfer & Trust Company, Blue's transfer agent, at the following address: |

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Continental Stock Transfer & Trust Company

One State Street Plaza, 30<sup>th</sup> Floor

New York, New York 10004

Attention: SPAC Redemption Team

E-mail: spacredemptions@continentalstock.com

Please also affirmatively certify in your request to Continental Stock Transfer & Trust Company for redemption if you "**ARE**" or "**ARE NOT**" acting in concert or as a "group" (as defined in Section 13d-3 of the Exchange Act) with any other shareholders with respect to Blue Ordinary Shares. A holder of the Public Shares, together with any affiliate of his or any other person with whom he is acting in concert or as a "group" (as defined in Section 13d-3 of the Exchange Act) will be restricted from seeking redemption rights with respect to an aggregate of 15% or more of the Public Shares, which we refer to as the "15% threshold." Accordingly, all Public Shares in excess of the 15% threshold beneficially owned by a Public Shareholder or group will not be redeemed for cash. Shareholders seeking to exercise their redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from the transfer agent and time to effect delivery. It is Blue's understanding that shareholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, Blue does not have any control over this process, and it may take longer than two weeks. Shareholders who hold their shares in "street name" will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically.

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Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests and thereafter, with Blue's consent, until the consummation of the Business Combination, or such other date and time as determined by the Blue Board. If you delivered your shares for redemption to Blue's transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Blue's transfer agent return the shares (physically or electronically). You may make such request by contacting Blue's transfer agent at the phone number or address listed under the question "*Who can help answer my questions?*" below.

If Blue receives valid redemption requests from holders of Public Shares prior to the redemption deadline, Blue may, at its sole discretion, following the redemption deadline and until the date of Closing (or such earlier date and time, if any, as Blue may determine in its sole discretion), seek and permit withdrawals by one or more of such holders of their redemption requests. Blue may select which holders to seek such withdrawals of redemption requests from based on any factors we may deem relevant, and the purpose of seeking such withdrawals may be to increase the funds held in the Trust Account. If a holder of Public Shares delivered its Public Shares for redemption to the transfer agent and decides within the required timeframe not to exercise its redemption rights, it may request that the transfer agent return the shares (physically or electronically). The holder can make such request by contacting the transfer agent, at the address or email address listed in this proxy statement/prospectus.

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|:---|:---|
| **Q:** | **What are the U.S. federal income tax consequences of exercising my redemption rights?** |

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|:---|:---|
| A: | Holders of Blue Ordinary Shares who exercise their redemption rights to receive cash will be considered for U.S. federal income tax purposes to have made a sale or exchange of the tendered shares, or will be considered for U.S. federal income tax purposes to have received a distribution with respect to such shares that may be treated as: (i) dividend income, (ii) a non-taxable recovery of basis in his investment in the tendered shares, or (iii) gain (but not loss) as if the shares with respect to which the distribution was made had been sold. See the section entitled "*U.S. Federal Income Tax Considerations*." |

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**TAX MATTERS ARE COMPLICATED, AND THE TAX CONSEQUENCES OF EXERCISING YOUR REDEMPTION RIGHTS WILL DEPEND ON THE FACTS OF YOUR OWN SITUATION. YOU SHOULD CONSULT YOUR OWN TAX ADVISOR AS TO THE SPECIFIC TAX CONSEQUENCES OF THE EXERCISE OF REDEMPTION RIGHTS TO YOU IN YOUR PARTICULAR CIRCUMSTANCES.**

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|:---|:---|
| **Q:** | **If I am a Blue Public Unit holder, can I exercise redemption rights with respect to my Blue Public Units?** |

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A: No. Holders of outstanding Blue Public Units must separate the underlying Public Shares and Blue Public Share Rights prior to exercising redemption rights with respect to the Public Shares.

If you hold Blue Public Units registered in your own name, you must deliver the certificate for such units to Continental Stock Transfer & Trust Company, our transfer agent, with written instructions to separate such units into Public Shares and Blue Public Share Rights. This must be completed far enough in advance to permit the mailing of the stock certificates for the Public Shares back to you so that you may then exercise your redemption rights upon the separation of the Public Shares from the Blue Public Units. See "*How do I exercise my redemption rights?*" above. The address of Continental Stock Transfer & Trust Company is listed under the question "*Who can help answer my questions?*" below.

If a broker, dealer, commercial bank, trust company or other nominee holds your units, you must instruct such nominee to separate your Blue Public Units. Your nominee must send written instructions by facsimile to Continental Stock Transfer & Trust Company, our transfer agent. Such written instructions must include the number of Blue Public Units to be split and the nominee holding such units. Your nominee must also initiate electronically, using The Depository Trust Company's DWAC system, a withdrawal of the relevant units and a deposit of an equal number of Public Shares and Blue Public Share Rights. This must be completed far enough in advance to permit your nominee to exercise your redemption rights upon the separation of the Public Shares from the Blue Public Units. While this is typically done electronically on the same business day, you should allow at least one full business day to accomplish the separation. If you fail to cause your Public Shares to be separated in a timely manner, you will likely not be able to exercise your redemption rights.

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|:---|:---|
| **Q:** | **Do I have appraisal rights in connection with the proposed Business Combination?** |

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|:---|:---|
| A: | The Cayman Islands Companies Act (As Revised) (the "**Companies Act**") prescribes when shareholder appraisal rights are available and sets limitations on such rights. Blue shareholders will have appraisal rights and dissenter's rights under Section 238 and 239 of the Companies Act. Where such rights are available, shareholders are entitled to receive fair value for their shares. However, regardless of whether such rights are or are not available, the Blue public shareholders are still entitled to exercise the rights of redemption as set out herein, and the Blue Board has determined that the redemption proceeds payable to shareholders who exercise such redemption rights represent the fair value of those shares. |

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Section 238. (1) of the Companies Act provides that a member of a constituent company incorporated thereunder shall be entitled to payment of the fair value of that person's shares upon dissenting from a merger or consolidation.

Section 239. (1) of the Companies Act provides that no rights under section 238 of the Companies Act shall be available in respect of the shares of any class for which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5) of the Companies Act, provided that such section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 or 237 of the Companies Act to accept for such shares anything except: (a) shares of a surviving or consolidated company, or depository receipts in respect thereof; (b) shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated as a national market system security on a recognized interdealer quotation system or held of record by more than two thousand holders; (c) cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or (d) any combination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).

Blue shareholders who are considering exercising dissenter's rights are advised to consult appropriate legal counsel.

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|:---|:---|
| **Q:** | **What happens to the funds held in the Trust Account upon consummation of the Business Combination?** |

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|:---|:---|
| A: | After completion of the Business Combination, if consummated, the funds held in the Trust Account will be used to pay holders of the Public Shares who properly exercise their redemption rights and, after paying the Redemptions, a portion is expected to be used (i) to pay the Expenses due as of the Closing, (ii) to pay the Blockfusion Transaction Expenses due as of the Closing and (iii) by Pubco for working capital and general corporate purposes. |

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If the Business Combination is consummated, the funds remaining in the Trust Account after payment of the foregoing and any additional transaction expenses, if any, are expected to be used by Pubco for working capital and general corporate purposes.

Despite the receipt of the remaining proceeds, Pubco may still require other available sources of liquidity to fund its operations, including any funds on hand, any funds generated through business operations and any funds that may be available to Pubco through financing or other means, if and to the extent available.

As of the date of this proxy statement/prospectus, Blockfusion cannot predict with certainty all of the particular uses of the funds held in the Trust Account. The amounts and timing of Pubco's actual expenditures may vary significantly depending on numerous factors, including the amount of remaining proceeds realized from the Business Combination, if any, cash flows from operations and the anticipated growth of Pubco's business. Pubco's management will retain broad discretion over the allocation of the proceeds from the Business Combination. Pending its use of the funds in the Trust Account, Blockfusion intends to invest the funds in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments and U.S. government securities.

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|:---|:---|
| **Q:** | **What happens if the Business Combination is not consummated?** |

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|:---|:---|
| A: | There are certain circumstances under which the Business Combination Agreement may be terminated. See the section entitled "*The Business Combination Proposal (Proposal 1) — The Business Combination Agreement*" for information regarding the parties' specific termination rights. |

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If, as a result of the termination of the Business Combination Agreement or otherwise, Blue is unable to complete the Business Combination or another initial business combination transaction by March 16, 2027 (or such other date as approved by the Blue shareholders), the Current Charter provides that Blue will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to Blue (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as Blue shareholders (including the right to receive further liquidation distributions, if any), and (iii) as promptly as reasonably possible following such redemption, subject to the approval of Blue's remaining shareholders and the Blue Board, liquidate and dissolve, subject in each case to Blue's obligations under Cayman Islands law to provide for claims of creditors and the requirements of all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to Blue. Blue expects that the amount of any distribution its Public Shareholders will be entitled to receive upon its dissolution will be approximately the same as the amount they would have received if they had redeemed their shares in connection with the Business Combination, subject in each case to Blue's obligations under the Companies Act to provide for claims of creditors and other requirements of applicable law. The Sponsor has waived any right to any liquidation distribution from the Trust Account with respect to its Founder Shares and Blue Class A Ordinary Shares underlying Private Placement Units. The IPO Underwriters have waived any right to any liquidation distribution from the Trust Account with respect to its Representative Shares and Blue Class A Ordinary Shares underlying Private Placement Units.

In the event of liquidation, there will be no liquidating distributions with respect to the outstanding Blue Share Rights. Accordingly, the Blue Share Rights will expire worthless in the event of liquidation.

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|:---|:---|
| **Q:** | **When is the Business Combination expected to be completed?** |

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| A: | The Closing is expected to take place (i) as promptly as practicable, but in no event later than the second business day following the satisfaction or waiver of the conditions described below under the section entitled "*The Business Combination Proposal (Proposal 1) — Conditions to Closing"* or (ii) on such other date as agreed to by the parties to the Business Combination Agreement in writing, in each case, subject to the satisfaction or waiver of the Closing conditions. The Business Combination Agreement may be terminated by Blue and/or Blockfusion if the Closing has not occurred by May 31, 2026, or an applicable later date if extended pursuant to the Business Combination Agreement (the "**Outside Date**"). |

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For a description of the conditions to the completion of the Business Combination, see the section entitled "*The Business Combination Proposal (Proposal 1).*"

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| **Q:** | **What do I need to do now?** |

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| A: | You are urged to read carefully and consider the information contained in this proxy statement/prospectus, including the annexes, and to consider how the Business Combination will affect you as a shareholder. You should then submit a proxy to vote as soon as possible in accordance with the instructions provided in this proxy statement/prospectus and on the enclosed proxy card or, if you hold your shares through a brokerage firm, bank or other nominee, submit your voting instructions on the voting instruction form provided by the broker, bank or nominee. |

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| **Q:** | **How do I vote?** |

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A: If you are a shareholder of record of Blue as of [_], 2026, the Record Date, you may submit your proxy before the Blue Extraordinary General Meeting in any of the following ways, if available:

● use the toll-free number shown on your proxy card;

● visit the website shown on your proxy card to vote via the internet; or

● complete, sign, date and return the enclosed proxy card in the enclosed postage-paid envelope.

Shareholders who choose to participate in the Blue Extraordinary General Meeting can vote their shares electronically during the meeting via live audio webcast by visiting *www.cstproxy.com/[_]*. You will need the control number that is printed on your proxy card to enter the Blue Extraordinary General Meeting. Blue recommends that you log in at least 15 minutes before the meeting to ensure you are logged in when the Blue Extraordinary General Meeting starts.

If your shares are held in "street name" through a broker, bank or other nominee, your broker, bank or other nominee will send you separate instructions describing the procedure for voting your shares. "Street name" shareholders who wish to vote at the Blue Extraordinary General Meeting will need to obtain a proxy form from their broker, bank or other nominee.

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| **Q:** | **What will happen if I abstain from voting or fail to vote at the Blue Extraordinary General Meeting?** |

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| A: | If you fail to take any action with respect to the Blue Extraordinary General Meeting and the Business Combination is approved by Blue's shareholders and consummated, you will become a shareholder of Pubco. If you fail to take any action with respect to the Blue Extraordinary General Meeting and the Business Combination is not approved, you will remain a shareholder of Blue. However, if you fail to take any action with respect to the Blue Extraordinary General Meeting, you will nonetheless be able to elect to redeem your Public Shares in connection with the Business Combination, provided you follow the instructions in this proxy statement/prospectus to redeem your shares. |

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| **Q:** | **What will happen if I sign and return my proxy card without indicating how I wish to vote?** |

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| A: | Signed and dated proxies received by Blue without an indication of how the shareholder intends to vote on a proposal will be voted "**FOR**" each proposal presented to the shareholders. The proxy holders may use their discretion to vote on any other matter which properly comes before the Blue Extraordinary General Meeting. |

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| **Q:** | **If I am not going to attend the Blue Extraordinary General Meeting virtually or in person, should I return my proxy card instead?** |

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| A: | Yes. Whether or not you plan to attend the Blue Extraordinary General Meeting, please read this proxy statement/prospectus carefully, and vote your shares by completing, signing, dating and returning the enclosed proxy card in the postage-paid envelope provided. |

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| **Q:** | **If my shares are held in "street name," will my broker, bank or nominee automatically vote my shares for me?** |

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| A: | No. Under the rules of various national and regional securities exchanges, your broker, bank or nominee cannot vote your shares with respect to non-routine matters unless you provide instructions on how to vote in accordance with the information and procedures provided to you by your broker, bank or nominee. Each of the proposals is non-discretionary. Blue believes that the proposals presented to the shareholders will be considered non-routine and therefore your broker, bank or nominee cannot vote your shares without your instruction on any of the proposals presented at the Blue Extraordinary General Meeting. Your bank, broker or other nominee can vote your shares only if you provide instructions on how to vote. You should instruct your broker to vote your shares in accordance with the directions you provide. However, Blue expects that the Adjournment Proposal will be treated as a routine proposal. Accordingly, your broker, bank or nominee may vote your shares with respect to such proposal without receiving voting instructions. |

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| **Q:** | **May I change my vote after I have mailed my signed proxy card?** |

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| A: | Yes. If you are a holder of record of Blue Ordinary Shares as of the close of business on the Record Date, and submit a proxy by mail or otherwise, you can change your vote or revoke your proxy before it is voted at the Blue Extraordinary General Meeting by sending a later-dated, signed proxy card to Blue's secretary at the address listed below so that it is received by Blue's secretary prior to the Blue Extraordinary General Meeting or attend the Blue Extraordinary General Meeting in person online and vote (although attending the Blue Extraordinary General Meeting will not, by itself, revoke a proxy). You also may revoke your proxy by sending a notice of revocation to Blue's secretary, which must be received by Blue's secretary prior to the Blue Extraordinary General Meeting. If you are a beneficial owner of Blue Ordinary Shares as of the close of business on the Record Date, you must follow the instructions of your broker, bank or other nominee to revoke or change your voting instructions. |

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| **Q:** | **What should I do if I receive more than one set of voting materials?** |

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| A: | You may receive more than one set of voting materials, including multiple copies of this proxy statement/prospectus and multiple proxy cards or voting instruction cards. For example, if you hold your shares in more than one brokerage account, you will receive a separate voting instruction card for each brokerage account in which you hold shares. If you are a holder of record and your shares are registered in more than one name, you will receive more than one proxy card. Please complete, sign, date and return each proxy card and voting instruction card that you receive in order to cast your vote with respect to all of your shares. |

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| **Q:** | **Who will solicit and pay the cost of soliciting proxies?** |

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| A: | Blue will pay the cost of soliciting proxies for the Blue Extraordinary General Meeting. Blue has engaged [_] ("**[_]**") to assist in the solicitation of proxies for the Blue Extraordinary General Meeting. Blue has agreed to pay [_] a fee of $[_], plus disbursements of its expenses in connection with the services relating to the Blue Extraordinary General Meeting. Blue will reimburse [_] for reasonable out-of-pocket expenses and will indemnify [_] and its affiliates against certain claims, liabilities, losses, damages and expenses. Blue will also reimburse banks, brokers and other custodians, nominees and fiduciaries representing beneficial owners of Blue Ordinary Shares for their expenses in forwarding soliciting materials to beneficial owners of the Blue Ordinary Shares and in obtaining voting instructions from those owners. Blue's directors, officers and employees may also solicit proxies by telephone, by facsimile, by mail, on the internet or in person online. They will not be paid any additional amounts for soliciting proxies. |

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| **Q:** | **Who can help answer my questions?** |

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A: If you have questions about the proposals or if you need additional copies of this proxy statement/prospectus or the enclosed proxy card you should contact our proxy solicitor at:

[_]

To obtain timely delivery, Blue shareholders must request the materials no later than [_], 2026.

You may also obtain additional information about Blue from documents filed with the SEC by following the instructions in the section entitled "*Where You Can Find More Information*."

If you intend to seek redemption of your Public Shares, you will need to send a letter demanding redemption and deliver your shares (either physically or electronically) to Blue's transfer agent prior to the Blue Extraordinary General Meeting in accordance with the procedures detailed under the question "*How do I exercise my redemption rights?*" If you have questions regarding the certification of your position or delivery of your shares, please contact:

Continental Stock Transfer & Trust Company

One State Street Plaza, 30<sup>th</sup> Floor

New York, New York 10004

Attention: SPAC Redemption Team

E-mail: spacredemptions@continentalstock.com

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**SUMMARY OF THE PROXY STATEMENT/PROSPECTUS**

 

*This summary, together with the section entitled "Questions and Answers about the Blue Extraordinary General Meeting" highlights certain information contained in this proxy statement/prospectus and may not contain all of the information that is important to you. To better understand the Business Combination and the proposals to be considered at the Blue Extraordinary General Meeting, you should read this entire proxy statement/prospectus carefully, including the annexes. See also the section entitled "Where You Can Find More Information" of this proxy statement/prospectus.*

 

*Unless otherwise indicated or the context otherwise requires, references in this summary to "Blue" refer to Blue Acquisition Corp. and references to "Blockfusion" refer to Blockfusion USA, Inc. prior to the Business Combination. References to "Pubco" refer to Blockfusion Data Centers, Inc*., *and include Blockfusion and any other direct or indirect subsidiaries of Pubco (to the extent applicable) after giving effect to the Business Combination.*

 

*Unless otherwise specified, all share calculations assume no exercise of redemption rights by Blue's Public Shareholders.*

**Parties to the Business Combination**

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***Blue***

Blue is a special purpose acquisition company incorporated as an exempted company under the laws of the Cayman Islands on February 10, 2025, for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Blue Class A Ordinary Shares, Blue Public Units and Blue Share Rights are currently listed on Nasdaq under the symbols "BACC," "BACCU" and "BACCR," respectively.

The mailing address of Blue's principal executive office is 1601 Anita Lane, Newport Beach, CA 92660 and its telephone number is (646) 543-5060.

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***Blockfusion***

Blockfusion is a Delaware corporation incorporated on February 8, 2021. Blockfusion is in the business of the development and operation of data centers. For more information about Blockfusion, see the sections entitled "*Information About Blockfusion*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion.*"

The mailing address of Blockfusion's principal executive office is 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

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***Pubco***

Pubco is a Delaware corporation incorporated on September 29, 2025. Pubco was formed for the purpose of effectuating the Business Combination described herein and it has not conducted, and prior to the effective times of the Mergers will not conduct, any activities other than those incidental to its formation and the Transactions. As a result of the Business Combination, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, and Pubco will become a publicly traded company.

In connection with the Business Combination, Pubco has applied for the listing of its Class A Common Stock on Nasdaq under the proposed symbol "BLDC," to be effective at the Closing. Pubco will not have units or share rights traded following the consummation of the Business Combination.

The mailing address of Pubco's principal executive office is 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

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***Blue Merger Sub***

Blue Merger Sub was formed as an exempted company under the laws of the Cayman Islands on October 9, 2025, and is currently a wholly-owned subsidiary of Pubco. Blue Merger Sub was formed for the purpose of effectuating the Blue Merger described herein and it has not conducted, and prior to the Blue Merger Effective Time will not conduct, any activities other than those incidental to its formation and the transactions contemplated by the Business Combination Agreement. Blue Merger Sub will not be the surviving entity in the Blue Merger, as contemplated by the Business Combination Agreement and described herein.

The mailing address of Blue Merger Sub's principal office is 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 and its telephone number is (646) 543-5060.

[**Table of Contents**](#TableOfContents)

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***Company Merger Sub***

Company Merger Sub was formed as a corporation under the laws of the State of Delaware on September 29, 2025, and is currently a wholly-owned subsidiary of Pubco. Company Merger Sub was formed for the purpose of effectuating the Company Merger described herein and it has not conducted, and prior to the Effective Time will not conduct, any activities other than those incidental to its formation and the transactions contemplated by the Business Combination Agreement. Company Merger Sub will not be the surviving entity in the Company Merger, as contemplated by the Business Combination Agreement and described herein.

The mailing address of Company Merger Sub's principal executive office 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

**Proposals to be Voted on by Blue Shareholders**

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***The Business Combination Proposal (Proposal 1)***

Pubco, Blue, Blockfusion and the Merger Subs have agreed to the Business Combination under the terms of the Business Combination Agreement, dated as of November 19, 2025. Pursuant to the terms and subject to the conditions of the Business Combination Agreement, at the effective times, respectively, of the Mergers, among other things:

● Blue Merger Sub will merge with and into Blue, with Blue continuing as the surviving entity and a wholly-owned subsidiary of Pubco, as a result of which all of the Blue securities issued and outstanding as of immediately prior to the Blue Merger Effective Time will be cancelled and extinguished in exchange for the right to receive newly-issued securities of Pubco, as follows: (a) each Blue Class A Ordinary Share (including the Blue Class A Ordinary Shares issued upon conversion of each Blue Class B Ordinary Share) will be converted into the right to receive one newly-issued share of Pubco Class A Common Stock, and (b) Pubco will issue one share of Pubco Class A Common Stock for each Blue Class A Ordinary Shares into which each Blue Share Right outstanding as of immediately prior to the Effective Time would have been converted; and

● Company Merger Sub will merge with and into Blockfusion, with Blockfusion continuing as the surviving entity and a wholly-owned subsidiary of Pubco, as a result of which each of the outstanding interests in Blockfusion held by Company Stockholders will be cancelled in exchange for the right to receive the Merger Consideration pursuant to the Business Combination Agreement consisting of newly-issued Pubco securities, including shares of Pubco Class A Common Stock, shares of Pubco Class B Common Stock, the Assumed Options and the Assumed Warrants.

Assuming the other Required Proposals are approved, Blue is asking its shareholders to vote upon this Proposal to approve and adopt the Business Combination Agreement.

[**Table of Contents**](#TableOfContents)

***Organizational Structure***

The diagram below depicts a simplified version of the current organizational structures of Pubco and Blockfusion prior to, and after, the consummation of the proposed Business Combination, taking into account various assumptions, as further described below and under the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and as described under the presentation described as the "Assuming No Redemption" in the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*."

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| ![](image_001.jpg) | ![](image_002.jpg) |

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The diagram below depicts a simplified version of Pubco's organizational structure immediately following the completion of the Business Combination, taking into account the assumptions identified in the caption above.

![](image_003.jpg)

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[**Table of Contents**](#TableOfContents)

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***The Merger Proposal (Proposal 2)***

Blue is asking its shareholders to consider and vote on a proposal to authorize and approve, by special resolution, (i) the merger of Blue Merger Sub with and into Blue, with Blue continuing as the surviving entity and (ii) the Plan of Merger in connection with the Blue Merger, a copy of which is attached to this proxy statement/prospectus as *Annex B*, and any and all transactions provided for in the Plan of Merger. The Merger Proposal is described in more detail in this proxy statement/prospectus under the heading "*The Merger Proposal (Proposal 2).*"

***The Charter Proposal (Proposal 3)***

Blue is asking its shareholders to consider and vote on a proposal to approve, by ordinary resolution, the Proposed Charter, as attached to this proxy statement/prospectus as *Annex C*. The Proposed Charter, which will be effective as of the Closing, will, among other things, increase the authorized shares of capital stock of Pubco to 1,000,000,000 shares of capital stock, consisting of 500,000,000 shares of Pubco Class A Common Stock, 200,000,000 shares of Pubco Class B Common Stock and 300,000,000 shares of undesignated Pubco Preferred Stock. Concurrent with the adoption of the Proposed Charter, the Proposed Bylaws in the form attached to this proxy statement/prospectus as *Annex D* will also be adopted.

A summary of these provisions is set forth in the "*The Charter Proposal (Proposal 3)*" section of this proxy statement/prospectus and a copy of these provisions is attached hereto as *Annex C*. You are encouraged to read them in their entirety.

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***The Organizational Documents Proposals (Proposals 4-11)***

Blue is asking its shareholders to consider and vote upon proposals to approve, by ordinary resolution and on a non-binding advisory basis, certain material differences between the Current Charter in effect prior to the Blue Merger and the terms and provisions to be set forth in the Proposed Charter of Pubco upon completion of the Business Combination. In accordance with SEC guidance, each of the Organizational Documents Proposals is being presented separately and will be voted upon on a non-binding advisory basis.

● *Advisory Proposal A* – to approve authorized capital stock of Pubco of 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share (the "**Pubco Class A Common Stock** "), 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share (the "**Pubco Class B Common Stock**" and together with the Pubco Class A Common stock, the "**Pubco Common Stock** "), and 300,000,000 shares of preferred stock, par value $0.0001 per share (the "**Pubco Preferred Stock** ").

● *Advisory Proposal B* — to approve a provision that any or all of the directors of Pubco may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66 2/3% of the voting power of all then-outstanding shares of capital stock of Pubco entitled to vote generally in the election of directors, voting together as a single class.

● *Advisory Proposal C* — to approve a provision that Pubco will not be governed by Section 203 of the Delaware General Corporation Law.

● *Advisory Proposal D* — to approve a provision that amendment of the Proposed Charter generally requires the approval of the board of directors of Pubco (the "**Pubco Board**") and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class, with the exception of certain provisions that would require the affirmative vote of at least 66 2/3% of the total voting power of all the then-outstanding shares of stock of the company entitled to vote thereon, voting as a single class.

● *Advisory Proposal E* — to approve a provision expressly authorizing the Pubco Board to make, alter, amend or repeal the Proposed Bylaws by an affirmative vote of a majority of the Pubco Board. The Proposed Bylaws may also be adopted, amended, altered or repealed by the affirmative vote of at least 66 2/3% of the voting power of all of the then-outstanding shares of stock of the company entitled to vote generally in the election of directors, voting as a single class.

● *Advisory Proposal F* — to approve the removal of all of the provisions applicable only to blank check companies.

● *Advisory Proposal G* — to approve a provision providing for the automatic conversion of Pubco Class B Common Stock into Pubco Class A Common Stock upon any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition that is not a Permitted Transfer of such share or any legal or beneficial interest in such share.

● *Advisory Proposal H* — to approve a provision stating that holders of Pubco Class A Common Stock and Pubco Class B Common Stock will vote together as a single class on all matters, receive notice of meetings per the bylaws, and may vote as permitted under Delaware General Corporate Law, except where law, the Proposed Charter, or any Preferred Stock Designation provides otherwise. Under this proposal, each Class B share carries 20 votes and each Class A share carries 1 vote.

[**Table of Contents**](#TableOfContents)

A summary of these provisions is set forth in the "*The Organizational Documents Proposals (Proposals 4 – 11)*" section of this proxy statement/prospectus. You are encouraged to read them in their entirety.

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***The Incentive Plan Proposal (Proposal 12)***

Blue is asking its shareholders to consider and vote on a proposal to approve, by ordinary resolution, the Incentive Plan, including the authorization of the initial share reserve under the Incentive Plan.

If approved by the Blue shareholders and adopted by Pubco, the Incentive Plan will be available to Pubco on a go-forward basis from the Closing. The number of shares of Pubco Class A Common Stock available for issuance under the Incentive Plan will be equal to 5% of the total number of shares of issued and outstanding Pubco Common Stock as of immediately following the Closing of the Business Combination.

A summary of the Incentive Plan is set forth in the "*The Incentive Plan Proposal (Proposal 12)*" section of this proxy statement/prospectus and the form of the Incentive Plan is attached to this proxy statement/prospectus as *Annex E*.

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***The Nasdaq Proposal (Proposal 13)***

Blue is asking its shareholders to consider and vote upon a proposal to approve, by ordinary resolution, for purposes of complying with the applicable provisions of Nasdaq Rule 5635, the issuance of the shares of Pubco Common Stock to be issued in the Business Combination and the additional shares of Pubco Class A Common Stock that will, upon Closing, be reserved for issuance pursuant to the Incentive Plan, to the extent such issuances would require shareholder approval under Nasdaq Rule 5635.

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***The Director Election Proposal (Proposal 14)***

Blue is asking its shareholders to consider and vote upon a proposal to approve, by ordinary resolution, the election of seven (7) directors, effective upon the Closing, to serve on the Pubco Board until their respective successors are duly elected and qualified, or until such directors' earlier death, resignation or removal.

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***The Adjournment Proposal (Proposal 15)***

Blue is asking its shareholders to consider and vote upon a proposal to approve, by ordinary resolution, the adjournment of the Blue Extraordinary General Meeting to a later date or time, if necessary or appropriate as determined by the Blue Board, at the determination of the Blue Board.

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***Conditionality of Proposals***

The Required Proposals are conditioned on the approval of the Business Combination Proposal and the Business Combination Proposal is conditioned on the approval of the other Required Proposals (which do not include the Organizational Documents Proposals, the Nasdaq Proposal or the Adjournment Proposal). Unless the Business Combination Proposal is approved, the remaining Required Proposals, the Organizational Documents Proposal and the Nasdaq Proposal will not be presented to the shareholders of Blue at the Blue Extraordinary General Meeting. The Adjournment Proposal is not conditioned on any other proposal. It is important for you to note that in the event the Required Proposals (consisting of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal) do not receive the requisite vote for approval, then Blue will not consummate the Business Combination. If Blue does not consummate the Business Combination and fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), it will be required to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to its public shareholders (less up to $100,000 of interest to pay dissolution expenses).

**The Blue Extraordinary General Meeting**

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***Date, Time and Place of the Blue Extraordinary General Meeting***

The Blue Extraordinary General Meeting will be held virtually at [_] a.m. Eastern time on [_], 2026 or at such other date and time to which such meeting may be adjourned or postponed, to consider and vote upon the proposals. For the purposes of the Current Charter (as defined below), the Blue Extraordinary General Meeting may also be attended in person at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105.

[**Table of Contents**](#TableOfContents)

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***Registering for the Blue Extraordinary General Meeting***

As a registered Blue shareholder, you received a proxy card from Continental Stock Transfer & Trust Company. The form contains instructions on how to attend the meeting including the URL address, along with your control number. You will need your control number for access. If you do not have your control number, contact Continental Stock Transfer & Trust Company at the phone number or e-mail address below. Continental Stock Transfer & Trust Company's support contact information is as follows: (917) 262-2373, or email proxy@continentalstock.com.

You can pre-register to attend the meeting starting [_], 2026 at [_] a.m. Eastern Time. Enter the URL address *www.cstproxy.com/[_]* into your browser and enter your control number, name, and email address. At the start of the meeting, you will need to re-log in using your control number and will also be prompted to enter your control number if you vote during the meeting.

A Blue shareholder that holds such shareholder's shares in "street name," which means such shareholder's shares are held of record by a broker, bank or other nominee, may need to contact Continental Stock Transfer & Trust Company to receive a control number. If you plan to vote shares you hold in "street name" at the meeting, you will need to have a legal proxy from your bank or broker, or if you would like to join and not vote, Continental Stock Transfer & Trust Company will issue you a guest control number with proof of ownership. Either way, you must contact Continental Stock Transfer & Trust Company for specific instructions on how to receive the control number. They can be contacted at the number or email address above. Please allow up to 72 hours prior to the meeting for processing your control number.

If you do not have internet capabilities, you can listen only to the meeting by dialing [_] within the U.S. and Canada (toll-free), or [_] outside the U.S. and Canada (standard rates apply) when prompted enter the pin number [_]#. This is listen-only and is being provided as a courtesy, and you will not be able to vote, be deemed present at the meeting or enter or ask questions during the meeting via telephone.

**Purpose of the Blue Extraordinary General Meeting**

**At the Blue Extraordinary General Meeting, Blue is asking its shareholders to consider and vote upon:**

● The Business Combination Proposal. A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as *Annex A*.

● The Merger Proposal. A copy of the Plan of Merger is attached to this proxy statement/prospectus as *Annex B*.

● The Charter Proposal. The form of Proposed Charter to become effective upon consummation of the Business Combination is attached to this proxy statement/prospectus as *Annex C.* Concurrent with the adoption of the Proposed Charter, the Proposed Bylaws in the form attached to this proxy statement/prospectus as *Annex D* will also be adopted.

● The Organizational Documents Proposals.

● The Incentive Plan Proposal. The form of the Incentive Plan is attached to this proxy statement/prospectus as *Annex E*.

● The Nasdaq Proposal.

● The Director Election Proposal.

● The Adjournment Proposal, if presented at the Blue Extraordinary General Meeting.

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***Voting Power and Record Date***

You will be entitled to vote or direct votes to be cast at the Blue Extraordinary General Meeting if you owned Blue Ordinary Shares at the close of business on [_], 2026, which is the Record Date. You are entitled to one vote for each share of Blue Ordinary Shares that you owned as of the close of business on the Record Date. If your shares are held in "street name" or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the Record Date, there were an aggregate of 27,962,163 Blue Ordinary Shares outstanding, of which 20,892,250 are Blue Class A Ordinary Shares and 7,069,913 are Blue Class B Ordinary Shares.

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***Vote of the Sponsor***

In connection with the IPO, Blue entered into the Insider Letter with the Sponsor pursuant to which the Sponsor agreed to vote any Blue Ordinary Shares owned by it in favor of the Business Combination Proposal and for all other proposals presented at the Blue Extraordinary General Meeting. This agreement applies to the Business Combination Proposal and for all other proposals presented to Blue shareholders in this proxy statement/prospectus.

[**Table of Contents**](#TableOfContents)

The Sponsor has waived any redemption rights, including with respect to Blue Class A Ordinary Shares purchased in the aftermarket, in connection with Business Combination. No consideration was provided in exchange for the Sponsor's waiver of its redemption rights. The Founder Shares have no redemption rights upon Blue's liquidation and will be worthless if no business combination is effected by Blue by March 16, 2027 (or such other date as approved by the Blue shareholders). If Blue's initial business combination is not consummated by March 16, 2027 (or such other date as may be approved by Blue shareholders), then Blue's existence will terminate, and Blue will distribute amounts in the Trust Account as provided in the Current Charter.

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***Quorum and Required Vote for Shareholder Proposals***

A quorum of Blue shareholders is necessary to hold a valid meeting. A quorum will be present at the Blue Extraordinary General Meeting if one-third (1/3) of the Blue Ordinary Shares issued and outstanding and entitled to vote at the Blue Extraordinary General Meeting are represented in person online or by proxy at the Blue Extraordinary General Meeting.

The approval of each of the Business Combination Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under the Current Charter and Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting.

The Required Proposals are conditioned on the approval of the Business Combination Proposal and the Business Combination Proposal is conditioned on the approval of the other Required Proposals (which do not include the Organizational Documents Proposals, the Nasdaq Proposal or the Adjournment Proposal). Unless the Business Combination Proposal is approved, the remaining Required Proposals, the Organizational Documents Proposals and the Nasdaq Proposal will not be presented to the shareholders of Blue at the Blue Extraordinary General Meeting. The Adjournment Proposal is not conditioned on any other proposal. It is important for you to note that in the event the Required Proposals (consisting of the Business Combination Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal) do not receive the requisite vote for approval, then Blue will not consummate the Business Combination. If Blue does not consummate the Business Combination and fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), it will be required to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to its Public Shareholders (net of up to $100,000 of interest to pay dissolution expenses).

In accordance with the Insider Letter entered into concurrently with the IPO, all of the Blue Ordinary Shares owned by the Sponsor, equal approximately 26.7% of the issued and outstanding Blue Ordinary Shares (not including any Blue Class A Ordinary Shares issuable upon conversion of Blue Share Rights), will be voted in favor of each of the proposals. Assuming all of the outstanding Blue Ordinary Shares vote on each proposal, each of the proposals other than the Merger Proposal requires the affirmative vote of an additional 6,520,169 Blue Class A Ordinary Shares, or approximately 32.4% of the Public Shares, in order to be approved, where the Blue Class A Ordinary Shares vote together with the Blue Class B Ordinary Shares as a single class. Assuming all of the outstanding Blue Ordinary Shares vote on the Merger Proposal, the Merger Proposal requires the affirmative vote of an additional 11,180,529 Blue Class A Ordinary Shares, or approximately 55.6% of the Public Shares, in order to be approved, where the Blue Class A Ordinary Shares vote together with the Blue Class B Ordinary Shares as a single class.

For more information about these proposals, see the sections of this proxy statement/prospectus entitled "*The Blue Extraordinary General Meeting — Quorum and Required Vote for Proposals*."

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***Proxy Solicitation***

Proxies may be solicited by telephone, by facsimile, by mail, on the Internet or in person. We have engaged [_] to assist in the solicitation of proxies. If a shareholder grants a proxy, it may still vote its shares in person online (which will have the effect of revoking any prior proxy given before the Blue Extraordinary General Meeting). A shareholder may also change its vote by submitting a later-dated proxy or written revocation, as described in the section entitled "*Blue Extraordinary General Meeting — Revoking Your Proxy; Changing Your Vote*."

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***Redemption Rights***

Pursuant to the Current Charter, holders of Public Shares have the right to redeem their Public Shares in connection with (i) a shareholder vote to approve Blue's initial business combination, (ii) a shareholder vote to approve an amendment to Blue's amended and restated memorandum and articles of association (A) to modify the substance or timing of Blue's obligation to allow redemption in connection with an initial business combination or to redeem 100% of the Public Shares if Blue has not consummated an initial business combination within the completion window (including to extend the deadline by which Blue must complete an initial business combination) or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity, and (iii) Blue's liquidation if Blue fails to complete an initial business combination within the combination period.

Public Shareholders are entitled to exercise their redemption rights in connection with the Business Combination, regardless of whether they attend the Blue Extraordinary General Meeting or vote for or against the Business Combination Agreement or the Required Proposals. As a result, the Business Combination Agreement and the Required Proposals may be approved by shareholders who elect to redeem their shares and who will not remain shareholders following the consummation of the Business Combination, which could result in shareholders who choose not to elect to have their shares redeemed holding shares in a company with a potentially less liquid trading market, fewer shareholders, potentially less cash and the potential inability of Pubco to meet the listing standards of Nasdaq.

Pursuant to the Current Charter, holders of Public Shares may demand that such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the Trust Account, calculated as of two (2) business days prior to the consummation of the Business Combination. If such demand is properly made in accordance with the procedures reflected in this proxy statement/prospectus and the Current Charter and the Business Combination is consummated, these shares, immediately prior to the Business Combination, will cease to be outstanding and will represent only the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account (calculated as of two (2) business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released to Blue). For illustrative purposes, based on funds in the Trust Account of approximately $203.7 million on September 30, 2025, the estimated per share Redemption Price at the Closing would have been approximately $10.12. A Public Shareholder, together with any of such shareholder's affiliates or any other person with whom it is acting in concert or as a "group" (as defined under Section 13 of Exchange Act) will be restricted from redeeming in the aggregate such shareholder's shares or, if part of such a group, the group's shares, with respect to 15% or more of the Public Shares.

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In order to exercise redemption rights, holders of Public Shares must:

● prior to 5:00 p.m. Eastern Time on [_], 2026 (two (2) business days before the Blue Extraordinary General Meeting), tender your shares physically or electronically using The Depository Trust Company's DWAC system and submit a request in writing that your Public Shares be redeemed for cash to Continental Stock Transfer & Trust Company, Blue's transfer agent, at the following address:

Continental Stock Transfer & Trust Company

One State Street Plaza, 30<sup>th</sup> Floor

New York, New York 10004

Attention: SPAC Redemption Team

E-mail: spacredemptions@continentalstock.com

● In your request to Continental Stock Transfer & Trust Company for redemption, you must also affirmatively certify if you "**ARE**" or "**ARE NOT**" acting in concert or as a "group" (as defined in Section 13d-3 of the Exchange Act) with any other shareholder with respect to Blue Ordinary Shares; and

● deliver your Public Shares either physically or electronically through DTC to Blue's transfer agent at least two (2) business days before the Blue Extraordinary General Meeting. Public Shareholders seeking to exercise redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from the transfer agent and time to effect delivery. It is Blue's understanding that shareholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, Blue does not have any control over this process, and it may take longer than two weeks. Shareholders who hold their Public Shares in "street name" will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically. If you do not submit a written request and deliver your Public Shares as described above, your shares will not be redeemed.

Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests (and submitting shares to the transfer agent) and thereafter, with Blue's consent, until the consummation of to the Business Combination, or such other date and time as may be determined by the Blue Board in its sole discretion. If you delivered your shares for redemption to Blue's transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Blue's transfer agent return the shares (physically or electronically). You may make such a request by contacting Blue's transfer agent at the phone number or address listed above. See the accompanying proxy statement/prospectus for a detailed description of the procedures to be followed if you wish to redeem your Public Shares for cash.

If Blue receives valid redemption requests from holders of Public Shares prior to the redemption deadline, Blue may, at its sole discretion, following the redemption deadline and until the date of Closing (or such earlier date and time, if any, as Blue may determine in its sole discretion), seek and permit withdrawals by one or more of such holders of their redemption requests. Blue may select which holders to seek such withdrawals of redemption requests from based on any factors Blue may deem relevant, and the purpose of seeking such withdrawals may be to increase the funds held in the Trust Account. If a holder of Public Shares delivered its Public Shares for redemption to the transfer agent and decides within the required timeframe not to exercise its redemption rights, it may request that the transfer agent return the shares (physically or electronically). The holder can make such request by contacting the transfer agent, at the address or email address listed in this proxy statement/prospectus.

Prior to exercising redemption rights, shareholders should verify the market price of Blue Ordinary Shares as they may receive higher proceeds from the sale of their Blue Ordinary Shares in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price. We cannot assure you that you will be able to sell your Blue Ordinary Shares in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in Blue Ordinary Shares when you wish to sell your shares.

If you exercise your redemption rights, your Blue Ordinary Shares will cease to be outstanding immediately prior to the Business Combination and will only represent the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination. You will no longer own those shares and will have no right to participate in, or have any interest in, the future growth of Pubco, if any. You will be entitled to receive cash for these shares only if you properly and timely demand redemption.

If the Business Combination is not consummated and Blue otherwise does not consummate an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will be required to redeem all Public Shares and dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to the Public Shareholders and the Share Rights will expire worthless.

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***Appraisal Rights***

The Companies Act prescribes when shareholder appraisal rights are available and sets limitations on such rights. Blue shareholders will have appraisal rights and dissenter's rights under Section 238 and 239 of the Companies Act. Where such rights are available, shareholders are entitled to receive fair value for their shares. However, regardless of whether such rights are or are not available, the Blue public shareholders are still entitled to exercise the rights of redemption as set out herein, and the Blue Board has determined that the redemption proceeds payable to shareholders who exercise such redemption rights represent the fair value of those shares.

Section 238. (1) of the Companies Act provides that a member of a constituent company incorporated thereunder shall be entitled to payment of the fair value of that person's shares upon dissenting from a merger or consolidation.

Section 239. (1) of the Companies Act provides that no rights under section 238 of the Companies Act shall be available in respect of the shares of any class for which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5) of the Companies Act, provided that such section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 or 237 of the Companies Act to accept for such shares anything except: (a) shares of a surviving or consolidated company, or depository receipts in respect thereof; (b) shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated as a national market system security on a recognized interdealer quotation system or held of record by more than two thousand holders; (c) cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or (d) any combination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).

Blue shareholders who are considering exercising dissenter's rights are advised to consult appropriate legal counsel.

**Blue Board's Reasons for the Approval of the Business Combination**

The Blue Board considered a variety of factors in connection with its evaluation of the proposed Business Combination with Blockfusion. In light of the number and complexity of those factors, the Blue Board, as a whole, did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determination and supporting its decision. Individual directors may have given different weight to different factors. The Blue Board viewed its decision as being a business judgment that was based on all of the information available to, and the factors presented to and considered by, the Blue Board. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under "*Cautionary Note Regarding Forward-Looking Statements*."

The Blue Board, before reaching its decision to recommend the Business Combination to the Blue shareholders, reviewed in detail information and analyses provided to the Blue Board by the Blue management team and advisors engaged by Blue, as further described below. Additionally, the Blue management team and the members of the Blue Board have extensive experience evaluating the financial merits of companies across a variety of industries, including data center, technology, infrastructure, energy sector and other companies and the Blue Board concluded that this experience and background enabled them to make the necessary analyses and determinations regarding the Business Combination and its terms. The factors and information considered by Blue Board, as further described under the heading "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*," included financial and operating forecasts prepared by Blockfusion management, and provided to Blue, as well as certain financial analyses carried out by the Blue management team based on such forecasts, each as further described below, and other relevant information selected based on the business experience and professional judgment of the Blue management team and the Blue Board. The due diligence and analyses conducted by the Blue management team and Blue's advisors included:

● meetings, including an on-site visit to the Niagara Facility, and calls with the management team and advisors of Blockfusion regarding, among other things, Blockfusion's NYISO Zone-A hydroelectric power access, proximity to New York's SMART I-corridor, Niagara Facility location and attributes, permitting and authorizations and management's views regarding demand for AI workload and HPC-enabled hosting and other services;

● in-depth discussions with Blockfusion management regarding the Company's anticipated HPC/AI Transition, including meetings, calls and on-site review of aspects of the HPC/AI Development Plans developed by the Company hand-in-hand with industry-leading engineering, design and technical experts, together with Blockfusion management's views regarding the anticipated demand HPC/AI power compute services;

● review of material contracts (including Blockfusion's current colocation lease agreements) and other material matters;

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● financial, tax, legal, intellectual property, technical, IT infrastructure, accounting, operational, business and other due diligence;

● consultation with Blockfusion management and its legal counsel;

● financial and valuation analysis of Blockfusion and its scalability and prospects, including review of the Blockfusion financial and operational forecasts, as well as comparative benchmarking to public company comparables collaboratively identified by Blockfusion management, with input from its financial advisor, and Blue;

● fairness opinion provided by Houlihan Capital; and

● financial analyses of Blockfusion, including the potential future business of Blockfusion after the HPC/AI Transition, and the Business Combination, as presented by the Blue management team to the Blue Board, as further described in the section entitled "*Blue Financial Analyses*" below.

At the conclusion of this process, the Blue Board determined that while, like all potential business deals, an acquisition of Blockfusion presents potential risks, nevertheless pursuing a potential business combination with Blockfusion would overall be an attractive opportunity for Blue and its shareholders for a number of reasons, including, but not limited to, the belief that (1) the proliferation of AI and machine learning workloads and resulting demand for high-performance, scalable, and energy-efficient data centers appears likely to continue, as traditional data centers services are unable to support AI training and inference workloads and other HPC applications; (2) among Blockfusion's advantages, relative to its transition to become a HPC/AI DC, is the Company's access reliable, clean and scalable hydroelectric and other power sources at the Niagara Facility that Blockfusion owns and operates; (3) Blockfusion has spent more than a year preparing detailed HPC/AI Development Plans with industry-leading engineering, construction and design consultants for an upgraded facility designed to host next-generation HPC/AI workloads; (4) Blockfusion management plans to undertake "core" HPC/AI construction and other transition efforts as soon as Blockfusion has access to sufficient capital to execute on its plans, from proceeds, if any, from the proposed Business Combination and other sources, which would ultimately be required in connection with a term sheet for an offtake agreement, and would likely take the form of debt financing in connection with construction loans; (5) while Blockfusion management has not previously managed a HPC/AI data center, Blockfusion's team has industry and data center operations knowledge and Blockfusion has traits and advantages suggesting, and Blockfusion management believes, that Blockfusion may be able transition to become a HPC/AI DC more rapidly than greenfield site developers and competitors lacking similar advantages; and (6) that, if Blockfusion is successful in achieving its goals, Blockfusion can currently be acquired at an attractive valuation.

In addition, based on its review of information about Blockfusion and its HPC/AI Transition-related and other business plans, together with the Forecasts provided by Blockfusion management to Blue, the results of the Blue management team's financial analyses (as further described below) and other industry and market information, the factors considered by the Blue Board included, but were not limited to, the following:

● *Growing Market Opportunity.* The Blue Board noted the increasing demand for data centers able to host next generation low-latency, high-density AI workloads and high-power computing applications.

● *Competitive Positioning*. Blockfusion appears well-positioned to transition its legacy ASIC business to an HPC/AI DC model, subject to capital access and securing offtake agreement(s), given the Company's foundational infrastructure and energy access, Niagara Facility location, detailed transition plans developed with industry-leading experts and experienced management team.

● *Facility Location*. The Niagara Facility owned and operated by Blockfusion is strategically positioned proximate to New York's SMART I-Corridor innovation hub, offering multi-carrier fiber connectivity and regional proximity to key endpoints such as major HPC and semiconductor operators, making the site's location well-suited for latency-sensitive and data-intensive workloads that benefit from being near users, data sources, and interconnection hubs.

● *Power Access*. The Company benefits from the Niagara Facility's access to hydroelectric NYISO Zone A power, which, together with other sources of power, provides Blockfusion's current business with reliable, clean and relatively low-cost power, with pathways towards expanded access, including through adjacent or other expansion opportunities, subject to receipt of applicable permits and approvals, potentially on faster timelines than greenfield and other projects requiring new utility interconnections and permitting.

● *Prepared for AI Transition*. Working hand-in-hand with industry leading structural and architectural engineering and design teams, the Company has detailed, ready-to-deploy HPC/AI plans to transition the Niagara Facility and its rack configurations, cooling infrastructure and redundant fiber connectivity, among other attributes, to serve next-generation, high-density workloads. Management is fully committed to disciplined execution, focusing on technical resilience and speed-to-market.

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● *Strong Management Team; Continuity.* Blockfusion's management and advisory team has deep experience in high-availability data center operation, large-scale project delivery and deployment of mission-critical operations, as well as long-standing industry relationships, including with power and utilities companies, leading engineering and design teams, potential client offtakers, end users and others, which experience the management team will leverage and build upon as the Company's business continues to grow and change. Additionally, immediately after the Business Combination, significant Company Stockholders, most of whom are members of Blockfusion management, are expected to have voting control over Pubco as a result of the issuance to such holders of shares of Pubco Class B Common Stock at the Closing.

 

● *Potential Benefits to Business Combination.* While the timeline and certainty to consummate the proposed Business Combination cannot be predicted, Blockfusion's HPC/AI Transition readiness makes the Company well-positioned to benefit from advantages that going public through a transaction with Blue may offer, including the possibility that the Company receives proceeds, at the Closing from funds, if any, remaining in the Trust Account after satisfaction of redemptions, and accompanying Financing Transactions, if any such transactions are pursued and consummated.

● *Attractive Valuation.* The Blue Board's determination that if Blockfusion is successful in achieving its goals, Blue shareholders will have acquired their shares in Pubco at an attractive valuation based on the implied total enterprise to forward-looking EBITDA multiples of other guideline peer companies, as described under the section entitled "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses - Guideline Company Analyses*."

● *Terms and Conditions of the Business Combination.* The terms and conditions of the Business Combination Agreement and the Business Combination were, in the opinion of the Blue Board, the product of arm's-length negotiations between the parties.

● *Continued Ownership by Blue Stockholders.* The Blue Board considered that Company Stockholders are converting all of their equity into Pubco securities in the proposed Business Combination and that shares of certain significant Company Stockholders will be subject to post-Closing lock-up restrictions.

● *Blockfusion Being an Attractive Target.* The Blue Board considered the fact that, after a thorough review of other business combination opportunities reasonably available to Blue, the proposed Business Combination with Blockfusion represents the most attractive opportunity based upon the process used to evaluate and assess other potential acquisition targets.

In the course of its deliberations, in addition to the various other risks associated with the business of Blockfusion, as described in the section entitled "*Risk Factors*" and appearing elsewhere in this proxy statement/prospectus, the Blue Board also considered a variety of uncertainties, risks and other potentially negative reasons, factors and potentially negative outcomes relative to the proposed Business Combination, including the following:

● *Business Model Transition Evaluation Risk*. Because of the anticipated significant changes to Blockfusion's current business model and operations, it may be difficult for investors to evaluate the potential future business of Blockfusion following the HPC/AI Transition.

● *Access to Capital.* To achieve Blockfusion's plans to transition its business model become a next-generation HPC/AI data center will require enormous amounts of capital, currently predicted by Company management to exceed $900 million relative solely to "core" Niagara Facility construction, infrastructure and engineering expenses, excluding costs associated with expansion opportunities, among others, and there can be no guarantees that capital in such amounts will be available on terms acceptable to the Company or within Blockfusion's desired timelines, if at all.

● *HPC/AI DC Transition Requirements*. To achieve the results reflected in the Blockfusion management forecasts delivered to Blue ()"**Forecasts** "), Blockfusion will need to, among other things, secure access to significant amounts of capital, retain at least one long-term HPC/AI colocation leasing agreement and successfully transition its Niagara Facility and business model to serve AI workload and HPC client requirements, which may take longer or require more resources than Blockfusion anticipates; even if such goals are achieved, post-Transition Blockfusion HPC/AI Business may not yield the results forecasted by Company management or lead to sustainable profitability for Blockfusion. The Forecasts anticipate capital requirements of 175-200 during the first year of the forecast period. While the forecasts assume certain proceeds from the Business Combination, the Board considered the fact that Blockfusion would need access to capital beyond such funds and that upon the signing of the Business Combination Agreement, financing sources to meet such requirements will need to be identified.

● *Growth Plans May Not be Achieved*. For Blockfusion to achieve the estimated financial and operating results reflected in the Forecasts and continue to grow its business beyond information reflected therein, Blockfusion will need to acquire and potentially develop additional land and facilities, all which will require, among other things, access to additional significant amounts of capital, as well as additional licenses, permits and other approvals, some or all of which expansion and growth opportunities, once identified, may not be able to be consummated on terms acceptable to the Company and may cost more or take longer, perhaps significantly, than Company management currently anticipates, if such plans are achieved at all, which could limit Blockfusion's ability to grow its business and remain competitive in the marketplace.

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● *Competition*. Blockfusion currently faces competition from a number of companies and expects to face significant competition in the future, as the number HPC/AI data center businesses expands. Different business models, technology and facility upgrades, geographical locations and additional factors may make the businesses of other companies more competitive than Blockfusion relative to customer demands, offtake or hosting agreement terms and in other respects, which may have material and negative effects on Blockfusion's results of operations.

● *Project/Customer Risk*. Developing high-availability, next generation workload-ready data center projects is challenging and not all projects may be as successful as predicted, or may encounter unforeseen interruptions, delays and challenges. Customer contracts, including long-term hosting agreements, can be terminated or modified, which, if any of the foregoing occurs, could be costly to Blockfusion and result in operating results that do not align with management expectations.

● *Expansion Risks*. To date, Blockfusion's operations have been concentrated at the Niagara Facility site, where, among other advantages, the Company is able to access NYISO Zone A power. To successfully expand into new geographical areas will be costly and time-consuming and may present unanticipated challenges relative to the Company's business model, potentially including, among many other factors, it being potentially more costly to access reliable and sustainable power at other locations.

● *Permitting and Approval Risk*. To successfully complete the transition to become an HPC/AI DC in accordance with the Company's development plans will require the Company to, among other things, complete an environmental impact statement and obtain certain permissions and approvals from state and local authorities; additionally, other permissions and approvals are expected to be required as the Company continues to grow and expand over time. Delays in obtaining, or denial of, any of these impact statements, permits and approvals could materially adversely affect the Company's business plans and prospects.

● *Indebtedness*. The risk that Blockfusion may not be able to repay its outstanding indebtedness upon or prior to the consummation of the Business Combination, which could limit the Company's ability to raise additional capital and have other adverse effects on the Company's timeline or ability to pursue its business plans.

● *Increased Costs*. Blockfusion may not be able to compete successfully if costs associated with its post-transition business model make the Company unable to deliver economically attractive hosting services to customers or compete with other HPC/AI data center companies.

● *Public Company Risk*. Blockfusion has not previously been a public company and its current management team not previously managed a public company, accordingly, Blockfusion may not have all the different types of employees necessary for it to timely and accurately prepare financial statements and reports for filing with the SEC. There is a risk that Blockfusion will not be able to hire the right people to timely fill in these gaps or that the Company's compliance infrastructure may not be able to keep pace with the increased compliance risks presented by being a public company.

● *Key Person Risk*. The risk that key Blockfusion personnel, including, without limitation, one or more of Blockfusion's executive management team, could discontinue his or their involvement with Blockfusion or develop a competing business, and/or that Blockfusion management, including the holders of shares of Pubco Class B Common Stock, who are expected to have significant influence over the post-Closing business, may have goals or priorities that do not, in all cases, align with stockholders' interests

● *Valuation*. The risk that the Blue Board may not have properly valued Blockfusion's current or future potential business in connection with the Business Combination.

● *Redemptions*. The risk that holders of Blue Public Shares exercise their redemption rights, thereby depleting the amount of cash available from the Trust Account to fund Blockfusion's business plans after the Business Combination.

● *Fees and Expenses*. The fees and expenses associated with completing the Business Combination.

● *Litigation*. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.

● *Macroeconomic Uncertainty*. Macroeconomic uncertainty and the effects they could have on Blockfusion's revenues and financial performance.

● *Benefits May Not Be Achieved Risk*. The risk that the potential benefits of the Business Combination may not be fully achieved or may not be achieved within the expected timeframe.

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● *Infrastructure/Upgrade Risk*. Assuming Blockfusion's development plans proceed, the Company will need to significantly upgrade its existing cooling systems, technology and infrastructure to meet demands associated with HPC/AI workloads, which will be costly and time-consuming, and additional upgrades, which may also be costly and time-consuming, will be necessary from time to time and over time, as the Company's business and the requirements of its clients continue to evolve.

● *Exchange Listing*. The potential inability to maintain the listing of Pubco's securities on a national exchange following the Closing.

● *Shareholder Vote Risk*. The risk that Blue shareholders may fail to provide the votes necessary to approve the Business Combination.

● *Closing Conditions Risk*. The risk that completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within Blue's control.

● *Liquidation*. The risks and costs to Blue if the Business Combination with Blockfusion is not completed, including the risk of diverting management focus and resources from other business combination opportunities, which could result in Blue being unable to effect a business combination within the completion window, which would require Blue to liquidate.

● *Conflicts of Interest*. The possibility that the Blue Board and members of the Blue management team may have been influenced by conflicts between what may be in Blue's best interests and what may be best for a director's personal interests, including the possibility that if the Business Combination is not consummated, and Blue is forced to liquidate because it is unable to consummate another business combination within the timeframe permitted by the Current Charter, the Blue securities issued in private placement transactions consummated concurrent with the IPO would be worthless. See the section entitled "*The Business Combination Proposal — Interests of the Sponsor and Blue's Officers and Directors in the Business Combination*."

● *Other Risks Factors*. Various other risk factors associated with the business of Blockfusion, as described in the section entitled "*Risk Factors*" appearing elsewhere in this proxy statement/prospectus.

In evaluating the conflicts of interest referenced above, the Blue Board concluded that the potentially disparate interests would be mitigated because (i) certain of these interests were disclosed in the prospectus for Blue's IPO and are disclosed in this proxy statement/prospectus, (ii) most of these disparate interests would exist with respect to a business combination by Blue with any other target business or businesses, and (iii) the Sponsor and the Blue Advisor will hold equity interests in Pubco with value that, after the Closing, will be based on the future performance of Pubco and the trading prices of Pubco shares.

After considering the foregoing, the Blue Board concluded, in its business judgment, that the potential benefits to Blue and its shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination.

**Blockfusion's Reasons for the Business Combination**

Blockfusion's board of directors and management considered a number of factors in determining to pursue and enter into the Business Combination Agreement and to recommend the Business Combination, including the following principal reasons:

● *Access to capital to support strategic plans*. Blockfusion believes that becoming a publicly traded company may enhance access to capital, including potential proceeds, if any, available at Closing from the Trust Account after redemptions and from any Financing Transactions that may be pursued and consummated, to help fund the Company's anticipated HPC/AI transition and related capital expenditures. See "The Business Combination Proposal (Proposal 1) — General; The Business Combination Agreement" and "Unaudited Pro Forma Condensed Combined Financial Information."

● *Public equity as a currency and liquidity over time*. Blockfusion believes that a public listing can provide a more flexible capital structure and the ability to use publicly traded equity as acquisition or partnership currency and, over time and subject to applicable restrictions, provide liquidity opportunities for shareholders.

● *Commercial visibility and credibility*. Blockfusion believes that public company status may improve visibility and credibility with prospective customers, suppliers, employees, and partners in the data center and HPC/AI ecosystem, supporting the Company's growth strategy.

● *Governance and reporting readiness*. Blockfusion considered that the Business Combination would accelerate the Company's implementation of public company governance, internal controls, and reporting processes, which the Company believes are important to support scaling operations and engagement with institutional stakeholders.

● *Alignment with transaction partner and structure*. Blockfusion considered that the terms of the Business Combination Agreement were the product of arm's-length negotiations, that the proposed structure would result in Blockfusion becoming a wholly owned subsidiary of Pubco, and that legacy Blockfusion shareholders would hold a substantial majority of the voting interest in Pubco following Closing, which the Company believes appropriately aligns interests. See "The Business Combination Proposal (Proposal 1) — The Business Combination Agreement" and "Anticipated Accounting Treatment."

● *Evaluation of alternatives*. In considering whether to pursue the Business Combination, Blockfusion evaluated other potential financing and strategic alternatives (including remaining private and pursuing private capital raises and alternative strategic combinations) in light of market conditions and the Company's objectives, and determined that the Business Combination represented an attractive path to support the Company's strategy and growth plans. See "Background of the Business Combination."

In making its determination, Blockfusion also considered a number of risks and uncertainties, including those described under "*Risk Factors*," and uncertainties related to market conditions, access to capital, execution of the Company's anticipated HPC/AI transition, and the timing and magnitude of potential benefits of the Business Combination. See also "*Blue Board's Reasons for the Approval of the Business Combination*" and "*Background of the Business Combination*."

**Fairness Opinion**

Pursuant to the Current Charter, and as provided in the IPO Prospectus, in the event that Blue seeks to complete an initial business combination with a target that is affiliated with the Sponsor, its affiliates or Blue's directors or officers, Blue, or a committee of independent directors, is required to obtain an opinion from an independent investment banking firm or another independent entity that commonly renders valuation opinions, stating that the consideration to be paid by Blue in such an initial business combination is fair to Blue from a financial point of view. Blue is not required to obtain such an opinion in any other context. As such, an opinion was not required under the Current Charter. However, The Blue Board obtained a fairness opinion from Houlihan Capital, dated November 17, 2025, which provided that, as of that date and based on and subject to the assumptions, limitations, qualifications and other conditions set forth therein, (i) the consideration to be issued or paid pursuant to the Business Combination Agreement is fair, from a financial point of view, to Blue and its shareholders, and (ii) Blockfusion has an aggregate fair market value equal to at least 80% of the balance of funds in the Trust Account (excluding the deferred underwriting commissions and taxes payable). The Blue Board obtained such fairness opinion to (1) inform itself with respect to all material information reasonably available to it and (2) act with appropriate care in considering the Business Combination. See the section of this proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Opinion of Houlihan Capital, the Blue Board's Financial Advisor*" for additional information.

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**Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination**

When you consider the recommendation of the Blue Board to vote in favor of approval of the proposals, you should keep in mind that Blue's directors and officers have interests in the Business Combination that may be different from or in addition to (and which may conflict with) your interests as a shareholder and may be incentivized to complete a business combination that is less favorable to shareholders rather than liquidating Blue. These interests include, among other things, the fact that:

● that if the Business Combination or another initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 6,769,913 Class B Ordinary Shares, also referred to as the Founder Shares (which, upon consummation of an initial business combination or earlier, in accordance with the terms of the Current Charter, will or may be converted into Blue Class A Ordinary Shares) held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to the terms of the Insider Letter, the Founder Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing, distribute some or all of the Founder Shares held by it and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. In this regard, while the Founder Shares are not the same as the Blue Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the Blue Class A Ordinary Shares, and may become worthless if Blue does not complete a business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the aggregate value of the 6,769,913 Founder Shares owned by the Sponsor is estimated to be approximately $[_] million, assuming the per share value of the Founder Shares is the same as the $[_] closing price of the Blue Class A Ordinary Shares on Nasdaq on [_], 2026;

● that if the Business Combination or another Blue initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 391,000 Blue Private Placement Units held by the Sponsor will expire worthless. The Sponsor purchased the Blue Private Placement Units at an aggregate purchase price of $3,910,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the IPO. Pursuant to the terms of the Insider Letter, the Blue Private Placement Units and all of their underlying securities are also subject to lock-up restrictions whereby, subject to certain limited exceptions, such securities will not be sold or transferred until 30 days after Blue has completed an initial business combination. In this regard, while the Blue Private Placement Units are not the same as the Blue Public Units, the aggregate value of the 391,000 Blue Private Placement Units held by the Sponsor is estimated to be approximately $[_] million, assuming the per unit value of the Blue Private Placement Units is the same as the $[_] closing price of the Blue Public Units on Nasdaq on [_], 2026;

● that if the proposed Business Combination is consummated, immediately after the Closing, the Sponsor is anticipated to hold 9.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*," which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*," assuming, among other assumptions further described in aforementioned other sections of this proxy statement/prospectus, no redemptions of Public Shares prior to or in connection with the proposed Business Combination;

● that each of Blue's officers and directors holds indirect interests in the Founder Shares held by Blue Holdings, the managing member of the Sponsor. Blue Holdings has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (and a former special advisor), indirectly through membership interests in Blue Holdings. In addition, Dario Dino Ferrari, a director, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000. As a result of their indirect interest in the Founder Shares through membership interests in Blue Holdings, Blue's management team may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

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● that the Sponsor has invested an aggregate of $3,935,000 (consisting of $25,000 for the Founder Shares and $3,910,000 for the Blue Private Placement Units). Based on the difference in the effective purchase price of $0.004 per share paid for the Founder Shares, and $10.00 per unit paid for the Blue Private Placement Units, as compared to the purchase price of $10.00 per Blue Public Unit sold in the IPO, the Sponsor and its members may earn a positive rate of return on their investment even if the share price of Pubco after the Closing falls below the price initially paid for the Blue Public Units in the IPO and the non-redeeming unaffiliated Blue Public Shareholders experience a negative rate of return following the Closing of the Business Combination;

● that if, prior to the Closing, the Sponsor provides working capital loans to Blue, up to $1,500,000 of such working capital loans may be convertible into Blue Private Placement Units at the option of the lender, such loans may not be repaid if no business combination is consummated and Blue is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;

● that unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of them expecting to incur)) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof (but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);

● that if the Trust Account is liquidated, including in the event Blue is unable to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the Sponsor has agreed that it will be liable to Blue, if and to the extent any claims by a third party for services rendered or products sold to Blue or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, in each case net of income taxes, if any, and up to $100,000 of dissolution expenses, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under Blue's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act;

● that the Sponsor and Blue's officers and directors may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;

● that Ketan Seth is the Chief Executive Officer and a director of Blue and has been nominated to serve as a director of Pubco following the Closing. As such, in the future, Mr. Seth may receive any cash fees or equity awards that the Pubco Board determines to pay its directors;

● that Blue's directors and officers will be eligible for continued indemnification and continued coverage under directors' and officers' liability insurance after the Business Combination and pursuant to the terms of the Business Combination Agreement;

● that Alberto Pontonio, a registered broker-dealer associated with Roberts & Ryan, one of the IPO Underwriters, and an advisor of Blue who has been authorized by the Blue Board to provide support to Blue's management, on behalf of the Blue Board, in the identification, evaluation, negotiation and, ultimately, consummation of an initial business combination, including the proposed Business Combination, holds 300,000 Founder Shares and has been nominated to serve as a director of Pubco following the Closing. The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor and were issued in exchange for services provided in connection with Blue's initial business combination. If Blue fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders) and is forced to liquidate, the Founder Shares will expire worthless. Aside from the 300,000 Founder Shares, the Blue Advisor has not and will not receive any compensation for his services to Blue (although he may receive additional compensation as part of his association with Roberts & Ryan, to the extent that Roberts & Ryan, receives deferred underwriting fees payable to the IPO Underwriters upon consummation of the Business Combination and/or in connection with the engagement of Roberts & Ryan as financial advisor and placement agent for any Financing Transactions). However, in the future, he may receive any cash fees or equity awards that the Pubco Board determines to pay its directors. As such, the Blue Advisor may have a conflict of interest in determining whether a particular target business is an appropriate business with which Blue should effectuate an initial business combination;

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● that on December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance; and

● that the Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements have been determined as of the date hereof and no written agreements exist with respect to such arrangements, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

In addition to the interests of the Sponsor and Blue's executive officers and directors in the Business Combination, Blue shareholders should be aware that the IPO Underwriters (BTIG, LLC and Roberts & Ryan, Inc.) may also have financial interests that are different from, or in addition to, the interests of Blue shareholders, including the fact that:

● pursuant to the terms of the Underwriting Agreement, the IPO Underwriters will receive deferred underwriting fees in an amount equal to up to $0.35 per Blue Public Unit issued in the IPO, or $7,043,750, and such fees are payable only if Blue completes an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per Blue Public Unit sold in the IPO shall be paid to the IPO Underwriters in cash, and (ii) $0.15 per Blue Public Unit sold in the IPO shall be paid to the underwriters in cash based on the funds remaining in the Trust Account after giving effect to Public Shares that are redeemed in connection with an initial business combination;

● the IPO Underwriters hold an aggregate of 201,250 Blue Private Placement Units, which they purchased in the Private Placement at a price of $10.00 per Blue Private Placement Units, or $2,012,500 in the aggregate. The Blue Private Placement Units held by the IPO Underwriters will expire worthless if a business combination is not consummated by Blue by the end of the Combination Period;

● the IPO Underwriters hold an aggregate of 175,000 Representative Shares, which they purchased for $0.001 per share, or $175 in the aggregate. The IPO Underwriters have agreed to waive any entitlement to participate in any redemption or liquidating distributions with respect to such shares. The Representative Shares may not be sold or transferred until after Blue has completed an initial business combination. As such, the Representative Shares will be worthless if a business combination is not consummated by Blue by the end of the Combination Period; and

● Blue and the IPO Underwriters are parties to that certain Placement Agent Engagement Letter, dated as of November 2, 2025, pursuant to which Blue engaged the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. BTIG, LLC will act as the lead capital markets advisor and placement agent. Pursuant to the Placement Agent Engagement Letter, the IPO Underwriters are entitled to receive (1) a cash fee upon the consummation of any Financing Transaction in an amount equal to (i) 5% of the gross proceeds raised from the sale of equity securities, (ii) 4% the gross proceeds raised from the sale of equity-linked securities and (iii) the gross proceeds raised from the sale of debt securities in the Financing Transaction, excluding expenses and (2) a cash fee upon the consummation of the Business Combination in an amount equal to two million dollars ($2,000,000); provided, that, in the event that the Placement Fee exceeds three million dollars ($3,000,000), fifty percent (50%) of the amount of such Placement Fee that exceeds three million dollars ($3,000,000) and that has been paid to the IPO Underwriters at the time that any Advisory Fee become due shall be credited against the Advisory Fee, provided, further, that such credit shall not exceed one million dollars ($1,000,000). 85% of any Placement Fee and/or Advisory Fee will be payable to BTIG, LLC, and 15% will be payable to Roberts & Ryan, Inc. The IPO Underwriters will also be reimbursed for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of such services. Further, following the closing of the Business Combination, BTIG, LLC shall have a right of first refusal for a period of one (1) year thereafter to act as the lead-managing underwriter and/or lead bookrunner in the case of any public offering.

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**Consideration Received or to be Received, and Securities Issued or to be Issued, by or to the Sponsor and Affiliates**

Blue's Sponsor, Blue Holdings Sponsor LLC, a Delaware limited liability company, and its affiliates have received or may receive the following consideration from Blue prior to or in connection with the completion by Blue of an initial business combination in accordance with the terms of Blue's governing documents (including upon the Closing of the proposed Business Combination):

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| | | |
|:---|:---|:---|
|  | **Interest in Securities** | **Other Consideration** |
| Sponsor | At Closing, the Sponsor will hold a total of 7,200,013 shares of Pubco Class A Common Stock, which will be issued in exchange for (i) 6,769,913 Founder Shares purchased by the Sponsor prior to Blue's IPO for an aggregate price of $25,000 (or $0.004 per share), (ii) 391,000 Blue Class A Ordinary Shares included as part of the Blue Private Placement Units that were purchased by the Sponsor at the time of Blue's IPO for an aggregate price of $3,901,000 (or $1.00 per unit), and (i) 39,100 Blue Class A Ordinary Shares underlying Blue Private Share Rights that were included in the Blue Private Placement Units.<br>If any such loans are issued by the Sponsor and remain unpaid prior to Closing, up to $1,500,000 of working capital loans by the Sponsor to Blue, which may be convertible into Blue Private Placement Units at the Closing, would, if not so converted, be repaid (or converted) at the Closing; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected).<br>Payment to Blue Holdings, the managing member of the Sponsor, in an amount equal to $5,000 per month for office space, utilities and secretarial and administrative support made available to Blue, pursuant to an Administrative Services Agreement, dated June 12, 2025, by and between Blue and Blue Holdings. |
| Blue's officers, directors and special advisors | Of the 6,769,913 Founder Shares currently held by the Sponsor, 75,000 Founder Shares have been allocated to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (not including the Blue Advisor) and a former special advisor. In addition, Dario Dino Ferrari, a director of Blue, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000.<br>At Closing, each of Blue's CEO and CFO is entitled to 75,000 shares of Pubco Class A Common Stock issuable in exchange for the 75,000 Founder shares allocated to each of them by the Sponsor. Dario Dino Ferrari is also entitled to 11,000 shares of Pubco Class A Common Stock issuable in exchange for the Blue Class A Ordinary Shares underlying the Blue Private Placement Units and the Blue Private Share Rights that were included in the Blue Private Placement Units.<br>At Closing, each of Blue's three independent directors is entitled to 50,000 shares of Pubco Class A Common Stock issuable in exchange for the 50,000 Founder shares allocated to each of them by the Sponsor.<br>At Closing, each of Blue's two special advisors (not including the Blue Advisor) and a formal special advisor is entitled to 25,000 shares of Pubco Class A Common Stock issuable in exchange for the 25,000 Founder shares allocated to each of them by the Sponsor.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected).<br>|
| Blue Advisor | The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor in exchange for services provided in connection with Blue's initial business combination. | Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected). |

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Because the Sponsor acquired the Founder Shares at a nominal price, the holders of non-redeeming Public Shares will incur an immediate and substantial dilution at the Closing. **Additional detailed information about the potential dilutive impact of interests held by the Sponsor and Blue's directors and officers is contained in the accompanying proxy statement/prospectus, including in the sections entitled: *"Questions and Answers About the Blue Extraordinary General Meeting — What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?"* and *"The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination."***

Prior to the Closing, the Sponsor is expected to waive its anti-dilution rights that would otherwise allow the Sponsor to maintain of the Founder Shares as 20% of Pubco, However, if the Sponsor does not waive its anti-dilution rights, the Pubco Class A Ordinary Shares issuable in connection with the conversion of the Founder Shares may result in material dilution to our non-redeeming shareholders due to the anti-dilution rights of our Founder Shares that could result in an issuance of Pubco Class A Ordinary Shares on a greater than one-for-one basis upon conversion. Additionally, our non-redeeming shareholders will experience dilution from the conversion of the Blue Private Share Rights included in the Blue Private Placement Units into Blue Class A Ordinary Shares upon the Closing. Further, our non-redeeming shareholders may experience material dilution if the $1,500,000 in working capital loans are issued by the Sponsor and remain unpaid prior to Closing, and the Sponsor elects to convert the working capital loans into Blue Private Placement Units.

The Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements or fees have been determined as of the date hereof and no written agreements exist with respect to such arrangements or fees, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

**Recommendation to Blue Shareholders**

After careful consideration, the Blue Board has unanimously approved the Business Combination Agreement and the Transactions comprising the Business Combination and determined that each of the proposals to be presented at the Blue Extraordinary General Meeting is fair, advisable and in the best interests of Blue and Blue's shareholders and recommends that you vote or give instruction to vote "**FOR**" each of the above proposals.

For a description of various factors considered by the Blue Board in reaching its decision to recommend in favor of voting for each of the proposals to be presented at the Blue Extraordinary General Meeting, see the section herein titled "*Blue Board's Reasons for the Approval of the Business Combination*."

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**The Business Combination Agreement**

 

*This section describes the material provisions of the Business Combination Agreement but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of the Business Combination Agreement and the related agreements; a copy of the Business Combination Agreement is attached as Annex A hereto, which is incorporated herein by reference. Blue shareholders and other interested parties are urged to read such agreement in its entirety because it is the primary legal document that governs the Business Combination. Unless otherwise defined herein, the capitalized terms used in this section are defined in the Business Combination Agreement.*

 

*The Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of the Business Combination Agreement or other specific dates, including, in some cases, as of the Closing of the Business Combination. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Business Combination Agreement. The representations, warranties and covenants in the Business Combination Agreement are also modified in important part by the disclosure schedules attached thereto which are not filed publicly and which are subject to a contractual standard of materiality different from that generally applicable to shareholders. The disclosure schedules were used for the purpose of allocating risk among the parties rather than establishing matters as facts. Blue does not believe that the disclosure schedules contain information that is material to an investment decision.*

On November 19, 2025, Blue entered into the Business Combination Agreement with Blockfusion, Pubco, Blue Merger Sub and Company Merger Sub. Pursuant to the Business Combination Agreement and subject to the terms and conditions set forth therein, (i) on or prior to the Closing, the holders of Company Series Seed Preferred Stock and Company Series A Preferred shall convert all of their issued and outstanding shares of Company Preferred Stock for shares of Company Class A Common Stock and Company Class B Common Stock, at the applicable conversion ratio (including any accrued or declared but unpaid dividends) as set forth in the Second Amended and Restated Certificate of Incorporation of the Company, as currently in effect (the "**Company Current Charter**"), in the Preferred Conversion, (ii) and on the Closing Date, (A) Blue Merger Sub will merge with and into Blue in the Blue Merger, with Blue continuing as the surviving entity and, as a result of which, each issued and outstanding security of Blue immediately prior to the effective time of the Blue Merger shall no longer be outstanding and shall automatically be cancelled and extinguished in exchange for which the security holders of Blue shall receive substantially equivalent securities of Pubco, (B) Company Merger Sub will merge with and into Blockfusion in the Company Merger, with Blockfusion continuing as the surviving entity, and as a result of which each issued and outstanding security of Blockfusion immediately prior to the effective time of the Company Merger shall no longer be outstanding and shall automatically be cancelled in exchange for which the Company Security Holders shall receive shares of Pubco Common Stock, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock, which will have the same economic rights as the Pubco Class A Common Stock, but will have the right to twenty (20) votes per share for such shares of Company Class B Common Stock, and holders of Company Class A Common Stock receiving shares of Pubco Class A Common Stock for such shares of Company Class A Common Stock. As a result of the Mergers and the other Transactions, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, all upon the terms and subject to the conditions set forth in the Business Combination Agreement, and Pubco will become a publicly traded company.

Additionally, at the Effective Time, each outstanding and unexercised Company Option will be assumed by and become an option of Pubco containing the same terms, conditions, vesting and other provisions as are currently applicable to such Company Options, provided that each Assumed Option will be exercisable for the number of shares of Pubco Class A Common Stock equal to the Exchange Ratio multiplied by the number of shares of Company Class A Common Stock subject to the Company Option as of immediately prior to the Effective Time, rounded down to the nearest whole number, at an exercise price equal to the per share exercise price of the Company Option divided by the Exchange Ratio, rounded up to the nearest whole cent.

Additionally, at the Effective Time, each outstanding and unexercised Company Warrant will be assumed by Pubco and become a warrant to purchase shares of Pubco Class A Common Stock containing the same terms, conditions, vesting and other provisions as are currently applicable to such Company Warrants, provided that each Assumed Warrant will be exercisable for the number of shares of Pubco Class A Common Stock equal to the Exchange Ratio multiplied by the number of shares of Company Class A Common Stock subject to the Company Warrant as of immediately prior to the Effective Time, rounded up to the nearest whole share, at an exercise price equal to the per share exercise price of the Company Warrant divided by the Exchange Ratio, rounded down to the nearest whole cent.

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***Consideration***

The aggregate consideration to be delivered to the Company Security Holders as of the Effective Time will be a number of newly issued shares of Pubco Common Stock equal to Four Hundred Fifty Million U.S. Dollars ($450,000,000), with each Company Stockholder receiving for each share of Company Common Stock held (after giving effect to the Preferred Conversion), a number of shares of Pubco Common Stock determined based on an Exchange Ratio equal to a quotient, (i) the numerator of which is equal to the Merger Consideration divided by the number of fully diluted shares of Company Common Stock, and (ii) the denominator of which is equal to the Redemption Price, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock and holders of shares of Company Class A Common Stock receiving shares of Pubco Class A Common Stock

***Representations and Warranties***

The Business Combination Agreement contains representations and warranties that are reasonably customary for similar transactions that are made by the parties as of the date of the Business Combination Agreement, or other specified dates, solely for the benefit of certain of the parties to the Business Combination Agreement, and in certain cases are subject to specified exceptions and materiality, Material Adverse Effect (as defined below), knowledge and other qualifications contained in the Business Combination Agreement or in information provided pursuant to certain disclosure schedules to the Business Combination Agreement. "**Material Adverse Effect**" means, with respect to any specified person or entity, any fact, event, occurrence, change or effect that has had or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon the business, assets, liabilities, results of operations, prospects or condition (financial or otherwise) of such person or entity and its subsidiaries, taken as a whole, or the ability of such person or entity or any of its subsidiaries on a timely basis to consummate the transactions contemplated by the Business Combination Agreement or the Ancillary Agreements to which it is a party or bound or to perform its obligations thereunder, in each case subject to certain customary exceptions.

***No Survival***

The representations and warranties of the parties contained in the Business Combination Agreement terminate as of, and do not survive, the Closing, and there are no indemnification rights for another party's breach. The covenants and agreements of the parties contained in the Business Combination Agreement do not survive the Closing, except those covenants and agreements to be performed after the Closing, which covenants and agreements will survive until fully performed. ****

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***Covenants of the Parties***

Each party to the Business Combination Agreement has agreed to use its commercially reasonable efforts, and to cooperate fully with one another, to consummate the Transactions. The Business Combination Agreement also contains certain customary covenants by each of the parties that apply during the period between the signing of the Business Combination Agreement and the earlier of the Closing or the termination of the Business Combination Agreement (the "**Interim Period**"), including (i) the provision of access to the applicable party's properties, books and personnel; (ii) the operation of the parties' respective businesses in the ordinary course of business; (iii) the current and timely filing of Blue's public filings; (iv) no insider trading; (v) notifications to the other parties of certain breaches, consent requirements and other matters; (vi) obtaining third party and regulatory approvals; (vii) tax matters; (viii) further assurances; (ix) public announcements; (x) confidentiality; and other covenants. The Business Combination Agreement also contains certain customary post-Closing covenants, including, without limitation, in regard to (1) tax matters; (2) the maintenance of books and records; and (3) the indemnification of directors and officers. Additionally:

Each of Blue and Blockfusion will not solicit or enter into a competing alternative transaction, in accordance with customary terms and provisions set forth in the Business Combination Agreement.

Blue will not approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition proposal (as defined in the Business Combination Agreement), or otherwise change, withdraw, withhold, qualify or modify its recommendation to its shareholders for approval of the Business Combination Agreement and the Transactions (a "**Change in Recommendation**"); provided, however, that if at any time prior to (but not after) obtaining the approval of the Blue shareholders, the Blue Board determines in good faith, in response to an Intervening Event (as defined in the Business Combination Agreement) after consultation with its outside legal counsel, that the failure to make a Change in Recommendation would be a breach of its fiduciary duties under applicable law, then the board may make a Change in Recommendation, provided that Blue delivers, pursuant to procedures set forth in the Business Combination Agreement, written notice advising Blockfusion that the Blue Board proposes to take such action and containing the material facts underlying the board's determination. If requested by Blockfusion, Blue will use its reasonable best efforts to engage in good faith negotiations with Blockfusion to make adjustments in the terms and conditions of the Business Combination Agreement that obviate the need for a Change in Recommendation.

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Blockfusion will deliver to Blue financial statements of Pubco and Blockfusion audited by a PCAOB-qualified auditor in accordance with PCAOB auditing standards, accompanied by an unqualified opinion of the auditor thereon (collectively, the "**Audited Financials**"), as soon as reasonably practicable after the date of the Business Combination Agreement but no later than thirty (30) days from the date of the Business Combination Agreement (the "**Audit Delivery Date**"). In addition, Blockfusion and Pubco will deliver to Blue unaudited monthly and quarterly financial information through the Closing Date and Pubco will deliver to Blue Pubco's interim financial statements for such periods as required by applicable law or SEC Guidance to be included in the Registration Statement (as defined below).

Blue, Blockfusion and Pubco will, as promptly as practicable after the date of the Business Combination Agreement, prepare and file with the SEC, a registration statement on Form S-4 (as amended, the "**Registration Statement**") in connection with the registration under the Securities Act of the securities of Pubco to be issued pursuant to the Transactions, and containing a proxy statement/prospectus for the solicitation of proxies from Blue shareholders to approve the Business Combination Agreement, the Transactions and related matters at an extraordinary general meeting of Blue's shareholders, and providing Blue's public shareholders with an opportunity to request redemption of their Public Shares in connection with the Transactions, as required by the Current Charter and Blue's IPO Prospectus.

As promptly as practicable after the Registration Statement has become effective and been distributed by Pubco (and in all cases within ten (10) days following such date), Blockfusion will solicit a written consent of its stockholders in order to obtain the requisite vote of its stockholders to approve the Business Combination Agreement and each of the Ancillary Agreements to which Blockfusion is or is required to be a party or bound and the consummation of the transactions contemplated thereby (the "**Company Stockholder Approval**") and to take all other actions necessary or advisable to secure the Company Stockholder Approval, including enforcing the Company Support Agreements (as described below). At the request of Blue, Blockfusion shall make the members of its management reasonably available to participate in management presentations, "road shows," rating agency presentations, meetings with financing sources and similar events in connection with obtaining the approval of Blue shareholders, any "share recycling" efforts by Blue and the obtaining of any debt or equity financing, ratings or governmental or other third-party approvals.

The parties shall take all action necessary so that, effective at the Closing, the Pubco Board will consist of seven (7) individuals, two (2) of whose members will be designated by Blue (at least one (1) of whom shall be an independent director in accordance with the requirements of Nasdaq), four (4) of whose members will be designated by Blockfusion (at least two (2) of whom shall be an independent director in accordance with the requirements of Nasdaq), and one (1) additional member (who shall be an independent director in accordance with the requirements of Nasdaq) to be mutually agreed upon by Blue and Blockfusion prior to the Closing. The parties shall also take all action necessary so that the individuals serving as the chief executive officer and chief financial officer (or such equivalent role whose duties include those of the principal accounting officer), respectively, of Pubco immediately after the Closing will be the same individuals (in the same office) as that of Blockfusion immediately prior to the Closing (unless, at its sole discretion, Blockfusion desires to appoint another qualified person to either such role, in which case, such other person(s) identified by Blockfusion shall serve in such role or roles).

During the Interim Period, Blue and Blockfusion shall use reasonable best efforts to enter into written agreements for Financing Transactions with an aggregate proceeds of at least $100 million (on such terms and structuring and using such strategy, placement agents and approach, as Blue and Blockfusion shall mutually agree). "**Financing Transaction**" means a capital raising transaction in connection with the Transactions structured as one or a combination of common equity, preferred equity, convertible equity or debt, non-redemption or backstop arrangements with respect to the Trust Account, a committed equity facility, debt facility, and/or other sources of cash or cash equivalents, in each case, whether such investment is into Blue, Blockfusion or Pubco.

***Conditions to Closing***

The obligations of the parties to consummate the Transactions are subject to various conditions, including the following mutual conditions of the parties, unless waived: (i) the approval of the Business Combination Agreement and the Transactions and related matters by the requisite vote of each of Blue's shareholders and Blockfusion's stockholders; (ii) the expiration or termination of any waiting period applicable to the consummation of the Business Combination Agreement under any antitrust laws; (iii) obtaining material regulatory approvals; (iv) no law or order preventing or prohibiting the Transactions; (v) appointment of the Pubco Board consistent with the requirements of the Business Combination Agreement; (vi) the effectiveness of the Registration Statement; (vii) Pubco shall have amended and restated its certificate of incorporation in a form satisfactory to Blue and Blockfusion; (viii); (ix) Pubco Class A Common Stock shall have been approved for listing on Nasdaq upon the Closing; and (x) Pubco shall have adopted, on or prior to the Closing, an equity incentive plan in a form satisfactory to Blue and Blockfusion, and which will provide for awards for a number of shares of Pubco Class Common Stock equal to five (5%) of the aggregate number of shares of Pubco Common Stock issued and outstanding immediately after the Closing.

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In addition, unless waived by Blockfusion, the obligations of Blockfusion to consummate the Transactions are subject to the satisfaction of the following closing conditions, in addition to customary certificates and other closing deliveries: (i) the representations of Blue relating to organization and standing, authorization, non-contravention, capitalization (other than the first sentence of such representation in the Business Combination Agreement) and finders and brokers being true and correct in all material respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (ii) the representations and warranties of Blue set forth in the first sentence of the capitalization representation being true and correct in all respects (except for *de minimis* inaccuracies) on and as of the date of the Business Combination Agreement and as of the Closing Date; (iii) all other representations and warranties of Blue being true and correct (without giving effect to any limitations as to "materiality" or any similar limitation set forth herein) in all respects on and as of the date of the Business Combination Agreement and as of the Closing Date, as though made on and as of the Closing Date, except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a SPAC Material Adverse Effect (as defined in the Business Combination Agreement); (iv) Blue having performed in all material respects its obligations and complied in all material respects with the covenants and agreements under the Business Combination Agreement required to be performed or complied with by Blue on or prior the Closing Date; (v) the Amended and Restated Registration Rights Agreement being in full force and effect as of the Closing: and (vi) the sum of (i) the aggregate cash proceeds available for release from the Trust Account (after giving effect to the completion and payment of the Redemption), *plus* (ii) the net proceeds of any Financing Transactions, shall equal or exceed $75,000,000 after deducting all Expenses of Blue and Blockfusion.

Unless waived by Blue, the obligations of Blue to consummate the Transactions are subject to the satisfaction of the following closing conditions, in addition to customary certificates and other closing deliveries: (i) the representations of Blockfusion relating to organization and standing, authorization, non-contravention, capitalization (other than the first sentence of such representation in the Business Combination Agreement) and finders and brokers being true and correct (without giving effect to any limitation as to "materiality" set forth therein) in all material respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (ii) the representations and warranties set forth in the first sentence of the capitalization representation being true and correct in all respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (iii) all other representations and warranties of Blockfusion being true and correct (without giving effect to any limitation as to "materiality" or "Material Adverse Effect" or any similar limitation set forth herein) in all respects on and as of the date of the Business Combination Agreement and on and as of the Closing Date, except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a Material Adverse Effect; (iv) Blockfusion, Pubco and Merger Subs (collectively, the "***Target Companies***") having performed in all material respects all of their respective obligations and complied in all material respects with all of their agreements and covenants under the Business Combination Agreement required to be performed or complied with on or prior the Closing Date; (v) absence of any Material Adverse Effect with respect to the Target Companies since the date of the Business Combination Agreement; (vi) each Non-Competition Agreement, each Lock-Up Agreement, the Company Support Agreement and the Amended and Restated Registration Rights Agreement being in full force and effect as of the Closing; (vii) the Preferred Conversion having been completed; (viii) certain loans issued by the Company to its officers and directors having been repaid or cancelled; (ix) Blue and Pubco having received employment agreements, in each case effective as of the Closing, in form and substance reasonable to Blue, between certain employees and Pubco, and each such employment agreement duly executed by the parties thereto; and (x) Blockfusion shall have delivered to Blue evidence that consents from certain specified lenders have been received. ****

***Termination***

The Business Combination Agreement may be terminated at any time prior to the Closing by either Blue or Blockfusion if the Closing does not occur by May 31, 2026, or such other date as may be extended pursuant to the Business Combination Agreement.

The Business Combination Agreement may also be terminated under certain other customary and limited circumstances at any time prior the Closing, including, among other reasons: (i) by mutual written consent of Blue and Blockfusion; (ii) by written notice by either Blue or Blockfusion to the other if a governmental authority of competent jurisdiction shall have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Transactions, and such order or other action has become final and non-appealable; (iii) by Blockfusion for Blue's uncured material breach of the Business Combination Agreement, such that the related closing condition would not be met; (iv) by Blue for Blockfusion's uncured material breach of the Business Combination Agreement, such that the related closing condition would not be met; (v) by Blue, if there shall have been a Material Adverse Effect on the Target Companies following the date of the Business Combination Agreement which is uncured and continuing; (vi) by either Blockfusion or Blue if Blue holds its shareholder meeting to approve the Business Combination Agreement and the Transactions, and such approval is not obtained; (vii) by either Blockfusion or Blue if Blockfusion holds its stockholder meeting to approve the Business Combination Agreement and the Transactions, and such approval is not obtained; and (viii) by written notice from Blue to Blockfusion if Blockfusion has not delivered the Audited Financials on or before the Audit Delivery Date.

If the Business Combination Agreement is terminated, all further obligations of the parties under the Business Combination Agreement (except for certain obligations related to public announcements, confidentiality, effect of termination, fees and expenses, trust fund waiver, and customary miscellaneous provisions) will terminate, and no party to the Business Combination Agreement will have any further liability to any other party thereto except for liability for fraud or for willful breach of the Business Combination Agreement prior to such termination.

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***Trust Account Waiver***

Blockfusion agreed that it and its affiliates will not have any right, title, interest or claim of any kind in or to any monies in the Trust Account and has agreed not to, and waived any right to, make any claim against the Trust Account (including any distributions therefrom).

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***Governing Law***

The Business Combination Agreement is governed by New York law, provided that matters that are required to be governed by the laws of the Cayman Islands (including, without limitation, in respect of the Blue Merger and the fiduciary duties that may apply to the directors and officers of the parties) shall be governed by the laws of the Cayman Islands and, the parties are subject to exclusive jurisdiction of federal and state courts located in New York County, State of New York (and any appellate courts thereof).

**Material Financing Transactions**

Prior to the closing of the IPO, the Sponsor loaned Blue an aggregate of up to $300,000 under the IPO Promissory Note to be used for a portion of the expenses of the IPO. The Promissory Note was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the IPO. As of June 16, 2025, the IPO Promissory Note was repaid in full and is no longer available to Blue.

Simultaneously with the consummation of the IPO, Blue sold an aggregate of 592,250 Blue Private Placement Units to the Sponsor and the IPO Underwriters, at a price of $10.00 per Blue Private Placement Unit, generating total proceeds of $5,922,500.

Since the IPO, there has not been any material financing of Blue. However, if necessary in order to fund working capital deficiencies or finance transaction costs in connection with the Business Combination, the Sponsor, or certain of Blue's officers and directors or their affiliates, may, but are not obligated to, loan funds to Blue as may be required. If Blue completes the Business Combination or another initial business combination, it would repay such loaned amounts. In the event that the Business Combination or another initial business combination does not close, Blue may use a portion of the working capital held outside of the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such working capital loans may be convertible into additional Blue Private Placement Units at a price of $10.00 per unit at the option of the lender. As of the date of this proxy statement/prospectus, there are no such working capital loans outstanding. Our non-redeeming shareholders may experience material dilution if the $1,500,000 in working capital loans are issued by the Sponsor and remain unpaid prior to Closing, and the Sponsor elects to convert the working capital loans into Blue Private Placement Units.

On December 2, 2025, Blockfusion issued the Ketan Seth Promissory Note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance.

Pursuant to the Business Combination Agreement, Blue and Blockfusion agreed to use reasonable best efforts to enter into written agreements for Financing Transactions with an aggregate proceeds of at least $100 million (on such terms and structuring and using such strategy, placement agents and approach, as Blue and Blockfusion shall mutually agree). Blue has engaged each of the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. Blue or Pubco may, prior to the Closing, offer or sell additional securities in connection with a PIPE or other Financing Transactions, the issuance of which would dilute ownership interests to Public Shareholders that do not redeem Public Shares in connection with the Business Combination. As of the date of this of this proxy statement/prospectus, no such transactions have yet been identified, committed or consummated.

The closing of the Business Combination is subject to the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million. If no additional funds are raised by Blue or Pubco through a PIPE or other Financing Transaction, the Minimum Cash Condition may not be satisfied and the Business Combination may not be consummated unless the Minimum Cash Condition is waived by Blockfusion.

**Ownership of Pubco after the Business Combination**

Upon consummation of the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"), (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding shares of Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.9% of the outstanding shares of Pubco Common Stock, (iii) the IPO Underwriters are expected to own approximately 0.5% of the outstanding shares of Pubco Common Stock, (iv) the Blue Advisor is expected to own approximately 0.4% of the outstanding shares of Pubco Common Stock, and (v) the Company Stockholders are expected to own approximately 58.9% of the outstanding shares of Pubco Common Stock. It is anticipated that upon completion of the Business Combination, the Public Shareholders would retain voting power of approximately 5.6% in Pubco, the Sponsor would have voting power of approximately 1.8% of Pubco, IPO Underwriters would have voting power of approximately 0.1% of Pubco, the Blue Advisor would have voting power of approximately 0.1% of Pubco, and the Company Stockholders would have voting power of approximately 92.3% of Pubco.

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These percentages assume, among other assumptions, that at, or in connection with, the Closing, (i) no Public Shareholders redeem Public Shares prior to or in connection with the Business Combination, (ii) there are no pre-Closing transfers, distributions or forfeitures of securities held by the Sponsor, (iii) that all outstanding Blue Share Rights have been converted into shares of Pubco Class A Common Stock at Closing, (iv) that no Assumed Options or Assumed Warrants are converted or exercised post-Closing, and (v) no shares of Pubco Common Stock are issued pursuant to the Incentive Plan. If actual facts are different from these assumptions, which they are likely to be, the percentage ownership retained by the Blue shareholders and Company Security Holders in Pubco, and the associated voting power, will be different.

**Dual Class Structure After Consummation of the Business Combination**

The Charter Proposal proposes to approve the Proposed Charter which will authorize the issuance of an aggregate of 1,000,000,000 shares, of which 500,000,000 shares will be shares of Pubco Class A Common Stock, 200,000,000 shares will be shares of Pubco Class B Common Stock, and 300,000,000 shares will be shares of Pubco Preferred Stock. The dual class common stock structure provides Pubco's founders with the ability to control the outcome of matters requiring stockholder approval, even if they own significantly less than a majority of the shares of Pubco Common Stock. Holders of shares of Pubco Class A Common Stock will be entitled to cast one (1) vote per share of Pubco Class A Common Stock, and the holders of shares of Pubco Class B Common Stock will be entitled to cast twenty (20) votes per share of Pubco Class B Common Stock. The Proposed Charter provides that each share of Pubco Class B Common Stock may be converted, at any time, into one share of Pubco Class A Common Stock at the option of the holder of Pubco Class B Common Stock, which, if issued in the future, could result in dilution to holders of Pubco Class A Common Stock. For more information on Pubco's capital stock, see the section titled "*Description of Securities of Pubco*" and "*Risk Factors – Risks Related to Ownership of Pubco Common Stock – The dual class structure of the Pubco Common Stock will have the effect of concentrating voting power with Blockfusion's founders, which will limit an investor's ability to influence the outcome of important transactions, including a change in control*" and "*Risk Factors – Risks Related to Ownership of Pubco Common Stock – The Proposed Charter provides for a dual-class multiple voting Pubco Common Stock structure, and Pubco cannot predict the effect this structure of the Pubco Common Stock may have on the market price of the Pubco Class A Common Stock*" for more information.

**Controlled Company** 

Upon the consummation of the Business Combination, Alex Martini-Lo Manto, Kant Trivedi, Robert Scott and Gustavo Mana will hold an aggregate of approximately 87.1% of the voting power of Pubco's outstanding capital stock following the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"). As a result, Pubco will be a "controlled company" within the meaning of the corporate governance standards of Nasdaq. See "*Management of Pubco Following the Business Combination – Controlled Company*" and "*Risk Factors – Risks Related to Ownership of Pubco Common Stock – Following the Business Combination, Pubco will become a "controlled company" within the meaning of the Nasdaq rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are subject to such requirements*" for more information.

**U.S. Federal Income Tax Consequences**

The material U.S. federal income tax considerations that may be relevant to you in respect of the Business Combination are discussed in more detail in the section entitled "*U.S. Federal Income Tax Considerations*" beginning on page 157, which contains a detailed discussion of the U.S. federal income tax consequences of the Business Combination and the redemption of Public Shares for cash if you so elect if the Business Combination is completed. You should also consult your tax advisor for a complete analysis of the effect of the Business Combination on your federal, state and local and/or foreign taxes.

**Risk Factors**

In evaluating the Business Combination and the proposals set forth in this proxy statement/prospectus, you should carefully read this proxy statement/prospectus, including the annexes, and especially consider the factors discussed in the section entitled "*Risk Factors*" beginning on page 30 of this proxy statement/prospectus. Among these important risks are the following:

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**SUMMARY RISK FACTORS**

In evaluating the proposals to be presented at the Blue Extraordinary General Meeting, you should carefully read this proxy statement/prospectus and especially consider the factors discussed in the section entitled "*Risk Factors*."

Some of the risks related to Blockfusion's business are summarized below. References in the summary below to "we," "us," "our" and "the Company" refer to Blockfusion.

 

*Risks Related to Blockfusion and Our HPC/AI Transition*

● Our recurring losses from operations have raised substantial doubt regarding our ability to continue as a going concern.

● Our HPC/AI Transition plans will take significant time and expenditure to implement and our efforts may not be successful.

● Blockfusion management has certain expectations regarding our future potential Blockfusion HPC/AI Business, including as described in the Forecasts and the assumptions on which such Forecasts are based (as further described in the section of this proxy statement/prospectus entitled "Background of the Business Combination – Certain Unaudited Financial and Operating Forecasts"). Some or all of these expectations and assumptions, and the forecasts and estimates derived from them, may prove inaccurate and the results of such future potential business, if established, may be materially less favorable than management expectations.

● Our post-transition HPC/AI business may not perform as planned.

● We depend on a small number of current customers of which we derive substantially all of our current revenues; we expect to need to secure new HPC/AI customers as part of our HPC/AI Transition plans, of which there may also be a limited number.

● We may not be able to timely complete our forecasted revenues and earnings or within our anticipated cost estimates, if at all.

● We may be unable to access sufficient additional capital for our HPC/AI Transition plans.

● We may be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.

● Our ability to serve high-performance AI workloads depends on delivering sufficient power density and cooling capacity

● We plan to finance our HPC/AI Transition plans through various financing methods, including by issuing new shares of our common stock in public offerings, which dilutes the ownership interests of our current stockholders, and which may adversely affect the market price of our securities.

● We have a history of operating losses, and we may report additional operating losses in the future.

● We have a material weakness in our internal control over financial reporting. If Blockfusion is unable to develop and maintain an effective system of internal control over financial reporting, it may not be able to accurately report its financial results in a timely manner, which may adversely affect Blockfusion's business and operating results.

● Delays or failures in obtaining necessary permits, approvals, and regulatory compliance could impede our HPC/AI Transition plans and operations.

● Our increased focus on HPC/AI services may expose us to increased competition.

● We will not be able to compete effectively unless our technology, infrastructure and facilities continue to evolve in parallel with changing customer demands and market preferences.

● The HPC/AI Transition represents a material shift in Blockfusion's business model from its historical operations.

● Expansion of our existing facilities could expose us to additional risks.

● Economic and geopolitical events and macroeconomic conditions may create increased uncertainty and price changes.

*Risks Related to Our Bitcoin Mining Colocation Operations During Our Business Transition Period*

 

● The lack of regulation of digital asset exchanges which Bitcoin, and other cryptocurrencies, are traded on may expose us to the effects of negative publicity resulting from fraudulent actors in the cryptocurrency space and can adversely affect an investment in the Company.

 

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*Risks Related to Our Legacy Operations*

● We depend on third-party network connectivity and telecommunications infrastructure providers.

● We plan to make considerable investments in our information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.

● The development and advancement in the efficiency of AI models presents risks and challenges that may adversely impact our business and operating results.

● Supply chain and logistics issues for us, our contractors or our suppliers may frustrate or delay our expansion plans or increase the cost of constructing our infrastructure.

● We may be vulnerable to climate-related risks, severe weather conditions and natural and man-made disasters, including earthquakes, fires, floods, hurricanes, tornadoes and severe storms (including impacts from rain, hail, snow, lightning and wind), as well as power outages and other industrial incidents, which could severely disrupt the normal operation of our business and adversely affect our results of operations.

*Risks Related to Governmental Regulation and Enforcement*

● Changing environmental regulation and public energy policy may expose our business to new risks. .

● We are subject to a highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, reputation, prospects or operations.

 

*Risks Related to the Business Combination and Blue*

● The ability of Blue shareholders to exercise redemption rights with respect to a large number of Public Shares, the terms of the proposed Business Combination or other factors may not allow Blue to complete the Business Combination or optimize its capital structure.

● Past performance by any member of the Blue management team or Blue Board, the Sponsor or any of their respective affiliates, may not be indicative of future performance of an investment in Blue or Pubco.

● The Sponsor paid nominal consideration for the Founder Shares it holds. As a result, the Sponsor may make a substantial profit if the Business Combination is consummated, even if the shares held by the Sponsor lose substantial value and even if the Business Combination arguably may not be in the best interests of Blue's Public Shareholders.

● Blue's directors and officers may have interests in the Business Combination that differ from the interests of Blue's shareholders.

● Blue's non-redeeming shareholders and Company Stockholders may not realize a benefit from the Business Combination commensurate with the ownership dilution they will experience in connection with the Business Combination.

 

*Risks Related to Ownership of Pubco Common Stock*

 

● An active market for Pubco's securities may not develop, which would adversely affect the liquidity and price of Pubco's securities.

● Pubco's stock price may change significantly following the Business Combination and you could lose all or part of your investment as a result.

● The dual class structure of the Pubco Common Stock will have the effect of concentrating voting power with Blockfusion's founders, which will limit an investor's ability to influence the outcome of important transactions, including a change in control.

 

*Risks Related to the Redemption*

 

● There is no guarantee that a Public Shareholder's decision whether to redeem its Blue Ordinary Shares for a pro rata portion of the Trust Account will put such shareholder in a better future economic position.

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**SELECTED HISTORICAL FINANCIAL INFORMATION OF BLUE**

The following table sets forth selected historical financial information of Blue derived from Blue's unaudited financial statements included elsewhere in this proxy statement/prospectus for the three months ended September 30, 2025 and for the period from February 10, 2025 (Inception) through September 30, 2025, and from Blue's audited financial statements included elsewhere in this proxy statement/prospectus for the period from February 10, 2025 (Inception) through February 28, 2025. Such financial information should be read in conjunction with Blue's audited financial statements and related notes included elsewhere in this proxy statement/prospectus.

The historical results presented below are not necessarily indicative of the results to be expected for any future period. You should carefully read the following selected historical financial information in conjunction with the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blue*" and Blue's financial statements and the related notes appearing elsewhere in this proxy statement/prospectus.

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| | | | |
|:---|:---|:---|:---|
|  | **Three Months**<br>**Ended**<br>**September 30,<br> 2025** | **For the <br> Period<br> From <br> February 10, <br> 2025<br> (Inception)**<br>**Through**<br>**September 30,<br> 2025** | **For the <br> Period<br> From <br> February 10, <br> 2025<br> (Inception)**<br>**Through**<br>**February 28,<br> 2025** |
| **Income Statement Data:** | | | |
| &nbsp;&nbsp;Loss from operations | $(239398) | $(377646) | $(11741) |
| &nbsp;&nbsp;Other income | $2118483 | $2440359 | $- |
| &nbsp;&nbsp;Net income (loss) | $1879085 | $2062713 | $(11741) |
| &nbsp;&nbsp;Weighted average shares outstanding of redeemable Class A ordinary shares | 20125000 | 9155579 |  |
| &nbsp;&nbsp;Basic and diluted net income per share, redeemable Class A ordinary shares | $0.10 | $0.79 | $- |
| &nbsp;&nbsp;Weighted average shares outstanding of non-redeemable Class A and Class B ordinary shares | 7837163 | 6976822 | 6147750 |
| &nbsp;&nbsp;Basic and diluted net loss per share, non-redeemable Class A and Class B ordinary shares | $(0.01) | $(0.74) | $(0.00) |

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| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **February 28,<br> 2025** |
| **Balance Sheet Data:** | | |
| &nbsp;&nbsp;Total assets | $204890324 | $57000 |
| &nbsp;&nbsp;Total liabilities | $7142772 | $43741 |
| &nbsp;&nbsp;Total Class A ordinary shares subject to possible redemption | $203677270 | $- |
| &nbsp;&nbsp;Total shareholders' (deficit) equity | $(5929718) | $13259 |

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**SELECTED HISTORICAL FINANCIAL INFORMATION OF Blockfusion**

The following tables summarize selected historical financial information of Blockfusion derived from Blockfusion's audited consolidated financial statements included elsewhere in this proxy statement/prospectus as of and for the nine months ended September 30, 2025. Such financial information should be read in conjunction with Blockfusion's audited consolidated financial statements and related notes included elsewhere in this proxy statement/prospectus.

Blockfusion's historical results are not necessarily indicative of the results that may be expected in the future. The following selected historical financial information should be read in conjunction with the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion*" and Blockfusion's financial statements and accompanying notes included elsewhere in this proxy statement/prospectus. The selected historical financial information included in this section is not intended to replace Blockfusion's financial statements and accompanying notes. As explained elsewhere in this proxy statement/prospectus, the selected historical financial information contained in this section relates to Blockfusion, prior to and without giving pro forma effect to the impact of the Business Combination and, as a result, the results reflected in this section may not be indicative of the results of Blockfusion going forward. For further information regarding the estimated pro forma effect of the Business Combination, see the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" included elsewhere in this proxy statement/prospectus.

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| | | |
|:---|:---|:---|
| **Statement of Operations Data:<br> *(in thousands, except share and per share data)*** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2024** |
| Revenue | $15781 | $17501 |
| Gross margin | $1609 | $2755 |
| Selling, general and administrative | $1925 | $2342 |
| Loss from operations | $(3391) | $(822) |
| Net (loss) income | $(7249) | $1681 |
| Per share information attributable to Blockfusion |  |  |
| Weighted-average shares outstanding, Blockfusion Common Stock - basic | 33422353 | 32980472 |
| Weighted-average shares outstanding, Blockfusion Common Stock - diluted | 33422353 | 39963394 |
| Net (loss) income per share attributable to Blockfusion common stockholders - basic | $(0.24) | $0.05 |
| Net (loss) income per share attributable to Blockfusion common stockholders - diluted | $(0.24) | $0.04 |

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| | | |
|:---|:---|:---|
| **Balance Sheet Data:** | **As of September 30, 2025** | **As of December 31, 2024** |
| Cash and cash equivalents | $279 | $2947 |
| Total assets | $17038 | $19384 |
| Total liabilities | $35238 | $37480 |
| Total temporary equity | $1666 | $- |
| Total stockholders' deficit | $(19866) | $(18096) |

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**SUMMARY UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

 

*Defined terms included below will have the same meaning as terms defined and included elsewhere in this proxy statement/prospectus.*

 

The following summary unaudited pro forma condensed combined financial data (the "**Summary Pro Forma Information**") gives effect to the transactions contemplated by the Business Combination. The Business Combination will be accounted for as a reverse recapitalization, in accordance with GAAP. Under this method of accounting, Blue will be treated as the "acquired" company for financial reporting purposes. Accordingly, the Business Combination will be reflected as the equivalent of Blockfusion issuing shares for the net assets of Blue, followed by a recapitalization whereby no goodwill or other intangible assets are recorded. Operations prior to the Business Combination will be those of Blockfusion. The summary unaudited pro forma condensed combined balance sheet as of December 31, 2024, gives pro forma effect to the Business Combination as if it had occurred on December 31, 2024. The unaudited pro forma condensed combined statement of operations for the year ended December 31, 2024 reflects adjustments assuming that any adjustments that were made to the unaudited pro forma condensed combined balance sheet as of December 31, 2024 are assumed to have been made on January 1, 2024 for the purpose of adjusting the unaudited pro forma condensed combined statement of operations.

The summary Pro Forma Information has been derived from, and should be read in conjunction with, the more detailed unaudited pro forma condensed combined financial information included in the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" in this proxy statement/prospectus and the accompanying notes thereto. The unaudited pro forma condensed combined financial information is based upon, and should be read in conjunction with, the historical financial statements and related notes of Blue, Blockfusion and Pubco for the applicable period included in this proxy statement/prospectus. The Summary Pro Forma Information has been presented for informational purposes only and is not necessarily indicative of what Pubco's financial position or results of operations actually would have been had the Business Combination been completed as of the dates indicated. In addition, the Summary Pro Forma Information does not purport to project the future financial position or operating results of Pubco following the reverse recapitalization.

The unaudited pro forma condensed combined financial information has been prepared using the assumptions below with respect to the potential redemption for cash of Public Shares:

**●** **Assuming No Redemptions**:&nbsp;&nbsp;&nbsp;&nbsp;This presentation assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares at or prior to the consummation of the Business Combination.

● **Assuming Contractual Maximum Redemptions**:&nbsp;&nbsp;&nbsp;&nbsp;In addition to the assumptions described in the "No Redemptions" scenario, this presentation assumes that 10,620,480 Public Shares are redeemed upon consummation of the Business Combination for aggregate Redemption Payments of $107.5 million, assuming a redemption price of $10.12 per share (based on $203.7 million contained in the Trust Account as of September 30, 2025), which represents the maximum number of Public Shares that could be redeemed in connection with the Closing while still enabling the parties to satisfy the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of Redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million. The "contractual maximum redemption scenario" represents the maximum number of Public Shares that may be redeemed while satisfying the Minimum Cash Condition, taking into account the assumptions described above. In the event that aggregate cash and cash equivalents delivered to Pubco at Closing is insufficient to meet the Minimum Cash Condition, a condition to the Closing would not be met and the Business Combination may not be consummated unless the Minimum Cash Condition is waived.

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| | | |
|:---|:---|:---|
| | **Pro Forma Combined** | **Pro Forma Combined** |
| <br>***(in thousands, except share and per share data)*** | **Assuming No Redemptions** | **Assuming Contractual Maximum Redemptions** |
| **Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data for the Nine Months Ended September 30, 2025** | | |
| Net loss | $(8049) | $(8049) |
| Net loss per share - basic and diluted | $(0.12) | $(0.14) |
| Weighted average shares outstanding, Pubco Common Stock - basic and diluted | 73526492 | 62906012 |
| **Summary Unaudited Pro Forma Condensed Combined Statement of Operations Data for the Year Ended December 31, 2024** |  |  |
| Net loss | $(8697) | $(8697) |
| Net loss per share - basic and diluted | $(0.12) | $(0.14) |
| Weighted average shares outstanding, Pubco Common Stock - basic and diluted | 73526492 | 62906012 |
| **Summary Unaudited Pro Forma Condensed Combined Balance Sheet Data as of September 30, 2025** |  |  |
| Total assets | $197133 | $91241 |
| Total liabilities | $31089 | $31089 |
| Total stockholders' equity | $166044 | $60152 |

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**MARKET PRICE AND DIVIDEND INFORMATION**

**Blue**

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***Holders***

As of [_], 2026, there were [_] holders of record of Blue Public Units, [_] holders of record of Blue Class A Ordinary Shares and [_] holders of record of the Blue Share Rights.

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***Ticker Symbol and Market Price***

The Blue Public Units, Blue Class A Ordinary Shares and Blue Public Share Rights are currently listed on Nasdaq under the symbols "BACCU," "BACC" and "BACCR," respectively. The closing price of the Blue Public Units, Blue Class A Ordinary Shares and Blue Public Share Rights on November 18, 2025, the last trading day before announcement of the execution of the Business Combination Agreement, was $10.43, $10.13 and $0.22 respectively. As of [_], 2026, the closing price of the Blue Public Units, Blue Class A Ordinary Shares and Blue Public Share Rights was $[_], $[_] and $[_], respectively.

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***Dividend Policy***

Blue has not paid any cash dividends on its ordinary shares to date and does not intend to pay cash dividends prior to the completion of its initial business combination.

**Blockfusion**

Currently, there is no public market for Blockfusion Common Stock or any other Blockfusion securities.

**Pubco**

Currently, there is no public market for Pubco Common Stock or any other Blockfusion securities. We are applying to list shares of Pubco Class A Common Stock on The Nasdaq Global Market upon the Closing under the ticker symbol "BLDC."

**Dividend Policy of Pubco Following the Business Combination**

The payment of cash dividends in the future will be dependent upon Pubco's revenue and earnings, if any, capital requirements and general financial condition subsequent to completion of the Business Combination. The payment of any cash dividends subsequent to the Business Combination will be within the discretion of the Pubco Board.

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**RISK FACTORS**

**Risks Related to Blockfusion and Our HPC/AI Transition**

 

*Unless the context otherwise requires, references in this section under the heading "Risks Related to Blockfusion" to "we," "us" or "our" refer to Blockfusion. Our business faces many risks. Before deciding whether to invest in our common stock, you should carefully consider the risk factors discussed in this prospectus. If any of the risks or uncertainties described herein actually occurs, our business, financial condition, results of operations or cash flow could be materially and adversely affected. This could cause the trading price of our common stock to decline, resulting in a loss of all or part of your investment. The risks and uncertainties we have described are not the only ones facing our company. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our business operations.*

 **

***We have a history of significant operating losses and expect to incur significant and increasing losses for the foreseeable future, and we may never achieve or maintain profitability.***

 **

We do not expect to generate revenue or profitability that is necessary to finance our operations in the short term. Our net loss for the fiscal year ended December 31, 2023, was approximately $6,135 and our net income for the fiscal year ended December 31, 2024 was approximately $1,917. As of December 31, 2024, we had an accumulated deficit of approximately $20,827. Our net losses may fluctuate significantly from quarter to quarter and year to year. Net losses and negative cash flows have had, and will continue to have, an adverse effect on our stockholders' (deficit) equity and working capital. Substantial additional financing will be needed by us to fund our operations; we have substantial doubt about our ability to continue as a going concern.

Additionally, we will need access to highly significant amounts of capital and anticipate our expenses increasing materially if and as we:

● continue pursuing our plans to transition to become a HPC/AI business;

● undertake construction on our Niagara Facility and effectuate related infrastructure upgrades;

● execute on future expansion opportunities, subject to capital access, permitting and other factors;

● secure and need to service HPC/AI compute demands of HPC/AI clients;

● finalize terms of agreements with our Strategic Transition Partners to enable us to carry out our HPC/AI Development plans;

● add operational, financial and management information systems and personnel, including personnel to help us comply with our obligations as a public company.

Our failure to become and remain profitable would depress the market price of our common stock and could impair our ability to raise capital, expand our business, diversify our product offerings or continue our operations. If we continue to suffer losses, investors may not receive any return on their investment and may lose their entire investment.

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***Our recurring losses from operations have raised substantial doubt regarding our ability to continue as a going concern.***

We have incurred recurring losses and negative cash flows from operations activities since inception and we expect to generate losses and negative cash flows from operations for the foreseeable future. As of September 30, 2025, we had approximately $279 of cash and cash equivalents, and an accumulated deficit of $28,063.

Substantial additional financing will be needed by us to fund our current operations, if continued; additionally large sums of capital will be required to effectuate our planned HPC/AI transition, as described elsewhere in this "Risk Factor" section and in other sections of this proxy statement/prospectus. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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We will require additional capital in the future, through proceeds, if any, from the proposed Business Combination and accompanying Financing Transactions, if any, and other sources to carry out our planned activities. If additional capital is not secured, we may need to delay or curtail our operations until such funding is received. Additionally, we will not be able to pursue our HPC/AI Transition-related business plans unless and until we have access to highly substantial amounts of capital.

Our ability to continue as a going concern is dependent on our ability to raise additional equity or debt capital to raise additional cash. Should we be unable to raise sufficient additional capital, we may be required to undertake cost-cutting measures and may not be able to pursue our HPC/AI Development Plans.

The source, timing and availability of any future financing will depend upon market conditions, among other factors, as well as on continued demand for, and investment, in HPC/AI-related infrastructure and building, as well as market perception of and reaction to the Niagara Facility, the proposed Business Combination, our management team and a multitude of other factors. Funding may not be available when needed, at all, or on terms acceptable to us. These factors among others create a substantial doubt about our ability to continue as a going concern.

***Dependence on continued growth in demand for, and material ongoing investment in, data center and high-performance computing infrastructure.***

Our planned HPC/AI Transition strategy and associated financial and operating forecasts are fundamentally dependent on continued expansion in demand for cloud computing, artificial intelligence, and high-performance computing infrastructure services, as well as associated investment and financing in such projects. Our revenue projections, capacity expansion plans, and resource allocation decisions are based on assumptions that enterprises, hyperscalers, cloud service providers, and other customers will continue to require increasing amounts of data center capacity to support AI workloads, machine learning applications, and other compute-intensive operations and that there will also be significant and ongoing investment in related infrastructure, development and architecture projects. However, the HPC/AI market is still emerging and subject to significant uncertainty regarding adoption rates, technological development, and long-term viability. A material slowdown in AI adoption, delays in enterprise AI investment, changes in customer compute requirements, or shifts in the technological landscape could substantially reduce demand for our services and adversely affect our utilization rates, pricing power, and revenue growth. Slow-down in rates or magnitude of project financing in these areas could also materially affect our ability to carry out Blockfusion's HPC/AI Transition plans.

The demand for our HPC/AI infrastructure services may be adversely affected by various factors beyond our control, including technological breakthroughs that significantly reduce computational requirements for AI training and inference, the development of alternative computing paradigms or architectural approaches that shift demand away from traditional data center infrastructure, economic downturns that cause enterprises to delay or reduce capital expenditures on AI and digital infrastructure, or changes in the competitive landscape that result in oversupply and pricing pressure. For example, advances in AI model efficiency, edge computing technologies, or quantum computing could potentially reduce the need for centralized, high-power data center infrastructure. Additionally, if economic conditions deteriorate, customers may postpone AI initiatives, reduce their infrastructure requirements, or seek more cost-effective alternatives, which could materially impact our business.

Furthermore, the data center industry has experienced periods of overbuilding and excess capacity, which have historically led to pricing pressure and reduced profitability across the sector. If competitors continue to announce and develop significant additional HPC/AI data center capacity, or if demand growth fails to materialize as anticipated, market conditions could become increasingly competitive, potentially requiring us to reduce pricing, offer more favorable terms, or accept lower utilization rates to attract and retain customers. Our substantial capital investments in facility development and equipment procurement are made based on forward-looking demand projections that may prove inaccurate. If actual demand for HPC/AI infrastructure services and levels of associated third-party investment grows more slowly than we anticipate, or if market conditions change materially, we may be unable to achieve our projected returns on investment, which could have a material adverse effect on our business, financial condition, and results of operations.

***If the single facility where we provide data center colocation and hosting services fails due to natural disaster, fire and other types of risks, many of which may be outside of our control, our business, results of operations and financial condition would be harmed.***

Our ability to provide high quality data center colocation and hosting services depends in part on the efficient and uninterrupted operation of our facility infrastructure and communications systems. Substantially all of our facility infrastructure and customer equipment are located at a single facility—the Niagara Facility in Niagara Falls, New York. Our facility and operations are vulnerable to damage or interruption from human error, fire, flood, power loss, telecommunications failure, terrorist attacks, acts of war, break-ins, earthquake and similar events. For example, on May 10, 2022, a fire and explosion at our Niagara Facility substantially destroyed the main electrical substation and other portions of the facility, resulting in a temporary cessation of operations until repairs were completed. We have filed legal action to recover damages and the matter remains in litigation. See "Legal Proceedings." We have redundant systems for certain disaster backup and recovery purposes, but we do not operate multiple data centers, and our business interruption insurance may be insufficient to compensate us for losses that may occur. In addition, customer equipment and our facility systems are vulnerable to computer viruses, physical or electronic break-ins and similar disruptions, which could lead to interruptions, delays, loss of critical data, service outages affecting our customers or the unauthorized disclosure of confidential customer data. The occurrence of any of the foregoing risks could substantially harm our business and results of operations.

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***We currently obtain substantially all of our power from local hydroelectric and nuclear sources; if we cease to be able to access those and our other sources of power, we might not be able to obtain access to sufficient alternative power sources or, if we could find other sources, they might not be as cost-efficient, clean or reliable than Blockfusion's current power sources.***

We currently obtain substantially all of our power from local hydroelectric and nuclear sources, and any disruption, reduction, or loss of access to these sources or to our other existing power supplies could materially impact our operations. Changes in energy availability, market fluctuations, regulatory developments, and climatic events affecting power generation, transmission, or pricing may result in power supply interruptions or increased costs. Grid constraints, transmission limitations, and other infrastructure issues may further restrict access to reliable power. Growing demand for electricity, including demand driven by data centers in energy-constrained regions, may also reduce available capacity or exert upward pressure on power prices. If we are required to procure power from alternative sources, such sources may be more costly, less reliable, or less sustainable than our current hydroelectric and nuclear supply. Any limitations in power availability or increases in power costs may adversely affect our business, financial condition, and results of operations.

***Rising interest rates and macroeconomic conditions may increase our financing costs and adversely affect our business.***

Our business is highly capital-intensive and relies on substantial access to financing to fund facility development, infrastructure expansion, and equipment procurement. Rising interest rates directly increase our cost of borrowing and debt service obligations, which could materially impact our financial condition and results of operations. Higher interest rates make our expansion projects less economical by increasing financing costs relative to projected returns, which may cause us to delay or abandon planned facility developments. Additionally, we may have variable-rate debt obligations or may need to refinance existing debt at higher prevailing rates, further increasing our financing costs. Interest rate increases can also reduce our customers' willingness to commit to long-term capacity agreements, as higher borrowing costs may cause them to delay or reduce their own infrastructure investments, thereby affecting our ability to secure binding commitments that support our expansion plans.

Adverse macroeconomic conditions, including economic recession, persistent inflation, or financial market volatility, can compound the negative effects of rising interest rates on our business. Economic slowdowns typically cause enterprises and other potential customers to delay capital expenditure decisions, reduce technology investments, or postpone HPC/AI infrastructure projects, which could significantly reduce demand for our services and delay customer decision-making processes. Inflation increases the costs of construction materials, labor, and data center equipment, thereby reducing our project margins at the same time that higher financing costs are pressuring our returns. The combination of increased construction costs, higher financing expenses, and potentially reduced customer demand during periods of economic uncertainty could materially impair our ability to execute our HPC/AI business plans successfully or at all.

Furthermore, higher financing costs could reduce our available cash flow and limit our ability to invest in expansion opportunities, technology upgrades, or competitive infrastructure improvements. If we are unable to access capital markets on favorable terms, or if economic conditions cause our customers to experience financial distress or reduce their infrastructure spending, our revenue growth and profitability could be materially and adversely affected. Such conditions could also impact our ability to attract and retain customers, meet our debt service obligations, or maintain compliance with financial covenants in our financing agreements, any of which could have a material adverse effect on our business, financial condition, and results of operations.

***There can be no assurance that we will succeed in establishing and maintaining a customer base for our data center colocation and hosting business, or that we will be successful in generating a recurring stream of revenue from that business.***

As of the date of this proxy statement/prospectus, we do not have any contractual agreement with any party to provide HPC/AI services. Our HPC/AI Transition plan includes expanding and diversifying our revenue sources into new markets, and we are continuing to diversify into data center colocation and hosting for HPC/AI infrastructure pursuant to that strategy. The success of our expansion into data center colocation and hosting for HPC/AI infrastructure is dependent, in part, on our ability to establish and maintain a customer base that generates recurring revenues. There can be no assurance that we will secure definitive agreements for HPC/AI services on acceptable terms, in the amounts, or in the timeframes that we expect, if at all. As an emerging player in an established industry, our experience in developing and offering data center colocation and hosting for customers deploying HPC/AI compute equipment is limited relative to incumbent operators. As a result, our customer acquisition efforts may not be successful or may take longer than anticipated, and we may incur higher costs than anticipated in acquiring customers. To the extent we are not able to enter into contracts with respect to our available facility capacity (rack space, power allocation), our facility infrastructure will not be fully utilized, potentially for an extended period of time, and we will generate less revenue from our data center colocation and hosting business than anticipated.

Further, the sales cycle to acquire and retain colocation and hosting customers for HPC/AI infrastructure may be unpredictable and longer than expected and may require material time and expense. Our direct sales team develops relationships with our customers, and works on account penetration, account coordination, sales, and overall market development. We spend substantial time and resources on our sales efforts without any assurance that our efforts will lead to customer commitments. Large enterprises in particular, often undertake a significant evaluation process that further lengthens our sales cycle. As a result, it is difficult to predict whether and when a contract will be completed. The failure of our efforts to secure colocation and hosting customers after investing resources in a lengthy sales process would adversely affect our business, operating results, financial condition, and future prospects.

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Even if we are able to contract all or a portion of our available capacity for data center colocation and hosting, customers may prefer to enter into more flexible and short-term arrangements with us, particularly if we are not able to compete effectively to assure potential customers as to the reliability of our facility infrastructure, including power availability, cooling systems, and uptime.

Customers for our data center colocation and hosting services may also have the right to terminate agreements with us in certain circumstances. For example, our customer contracts relating to data center colocation and hosting may include certain service level and other contractual obligations relating to facility operations, including power availability, cooling systems, network uptime, and physical security, and our customers may have the right to terminate their contracts if we fail to meet such obligations. There can be no assurance that we will be able to replace any customers that terminate their contracts with us on a timely basis or at all, in which case our available facility capacity, including rack space and power allocation, will not be fully utilized, potentially for an extended period of time, and we may generate less revenue from our data center colocation and hosting business than anticipated.

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***Our post-transition HPC/AI business may not perform as planned.***

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We believe that the HPC/AI business and hosting services we seek to build may enable us to generate long-term and high margin revenue pursuant to a business model that we anticipate may have less risk than we experience based on our historical dependence on traditional Bitcoin mining colocation customers. However, the success of our HPC/AI hosting services may not develop as anticipated, and may be affected by factors such as the lack of an off-taker, supply chain disruption (including local labor availability), the implementation of new tariffs and more restrictive trade regulations and changes in in-house specialized expertise to manage the business. A failure to successfully implement our HPC/AI business strategy upon substantial investment therein would adversely affect our business, prospects, or operations.

***Our HPC/AI Transition plans will take significant time and expenditure to implement and our efforts may not be successful.***

Our HPC/AI Transition plans will take time and be costly to implement and are subject to risks and contingencies, including as a result of various factors beyond our control. Our ability to develop, construct, and operate data center facilities is dependent on obtaining and maintaining all necessary permits, zoning approvals, and utility interconnection agreements from various governmental authorities and utility providers. The process for securing these approvals can be lengthy, complex, and subject to change, and may involve compliance with evolving environmental, energy, and land use regulations. Delays in obtaining, or failure to obtain or maintain, required permits or approvals could result in increased costs, postponement or cancellation of projects, or the inability to operate facilities as planned.

There may be difficulties in integrating new equipment into existing infrastructure, delays in attracting HPC/AI customers, constraints on our ability to connect to or procure the expected electricity supply capacity at our facilities, defects in design, construction or installed equipment, diversion of management resources, insufficient funding or other resource constraints. Actual costs for development may exceed our planned budget. We have limited experience in developing and offering HPC/AI services, or acquiring the relevant components to develop an offering of HPC/AI services for customers in various industries and markets. We may experience difficulties with infrastructure development or modification, engineering, product design, product development, marketing or certification, which could result in excessive research and development expenses and capital expenditure, delays or prevent us from developing and offering HPC/AI services at all.

If we pursue such plans but are not successful, we will have to identify, raise capital and pursue alternative strategies, which we may or may not be able to do.

***We depend on a small number of current customers from which we derive substantially all of our current revenues; we expect to need to secure new HPC/AI customers as part of our HPC/AI Transition plans, of which there may also be a limited number.***

We presently generate most of our revenues from a limited number of client agreements. However, as of the date of this proxy statement/prospectus, we do not have any contractual agreement with any party to provide HPC/AI services. Additionally, going forward our business strategy may rely on a limited number of large customers, particularly in the artificial intelligence and cloud computing sectors, for a significant portion of Blockfusion's future anticipated revenue. There can be no assurance that we will convert ongoing discussions or indicative interest into definitive HPC/AI customer agreements on acceptable terms or within expected timeframes, if at all. The loss, delay, or failure to secure or convert a key customer, or a reduction in demand from one or more major customers, could materially and adversely affect our revenue, cash flow, and ability to achieve projected growth.

The timing and certainty of converting customer interest or discussions into binding agreements is inherently uncertain and may be influenced by factors outside of our control, including changes in customer strategy, market conditions, or the competitive landscape.

If we are unable to diversify our customer base or if anticipated demand does not materialize as expected, the Company's business, financial condition, and results of operations could be materially and adversely affected.

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***Risk Related to Timing and Terms of Customer Offtake Agreements***

Our ability to achieve our projected revenues, earnings, and cash flows depends in significant part on the timing, volume, and commercial terms of customer offtake agreements. Delays in securing definitive commitments or less favorable terms—including pricing, volumes, duration, indexation mechanisms, take-or-pay or minimum volume commitments, termination rights, credit support, and allocations of operating and capital expenditure responsibilities (including requirements that we fund greater upfront or ongoing capital expenditures)—could defer or reduce our forecasted revenue and earnings. There can be no assurance we will secure offtake commitments in the amounts, on the schedule, or on the terms we expect, and investors should not place undue reliance on our projections. Failure to achieve our assumed offtake profile could have a material adverse effect on our business, financial condition, results of operations, and prospects.

***We may not be able to timely complete our forecasted revenues and earnings or within our anticipated cost estimates, if at all.***

Any delays to our timeline may result in significant delays in achieving our HPC/AI Development plans, expansion opportunities and other aspects of our business plans. Numerous factors may affect the timeline for us to complete our planned transition efforts, including, without limitation, capital access, permitting, construction and building delays and others. If we cannot complete our plans in the timeline expected, we also may not be able to generate expected financial results as anticipated or at all. We cannot guarantee we will complete our expansion projects (or any future strategic growth initiatives) on time or within our cost estimates, if at all, due in part to the ongoing challenges to the global supply chain, the implementation of new tariffs and more restrictive trade policies, increased inflation and changing conditions within the United States labor market. If we are unable to complete our planned expansions on schedule and within our anticipated cost estimates, our ability to execute our business plan may be impaired, which could affect our competitiveness and our results of operations, which could have a material adverse effect on our financial condition and the market price for our securities.

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***We may be unable to access sufficient additional capital for our HPC/AI Transition plans.***

The expansion of our existing facilities and our digital infrastructure to support HPC/AI hosting and colocation are capital-intensive projects, and we anticipate that future strategic growth initiatives will likewise continue to be capital-intensive. We expect to raise additional capital to fund these and other future strategic growth initiatives; however, we may be unable to do so in a timely manner, in sufficient quantities, or on terms acceptable to us, if at all. If we are unable to raise the additional capital needed to execute our HPC/AI Transition plans, the Blockfusion HPC/AI business may not generate the revenues and earnings expected by management and we may be less competitive in our industry and the results of our operations and financial condition may suffer, and the market price for our securities may be materially and adversely affected.

***Delays or failures in obtaining necessary permits, approvals, and regulatory compliance could impede our HPC/AI Transition plans and operations.***

The development, construction, and operation of our data center facilities require obtaining and maintaining numerous permits, approvals, and authorizations from various federal, state, and local governmental authorities and regulatory agencies. These requirements needed for our HPC/AI Transition plan include, but are not limited to, environmental permits relating to air quality, water use, noise levels, and waste disposal, building and construction permits, electrical and utility interconnection permits, zoning approvals and variances, operating licenses, and compliance with applicable energy efficiency and safety standards. The process for securing these permits and approvals can be lengthy, complex, uncertain, and expensive, often requiring extensive documentation, environmental impact studies, public hearings, and coordination with multiple regulatory agencies. Permit requirements and regulatory standards vary significantly by jurisdiction and are subject to change, and there can be no assurance that we will be able to obtain all necessary permits and approvals for our planned facilities in a timely manner, or at all. Additionally, environmental regulations governing air quality, water usage, noise emissions, and waste disposal are becoming increasingly stringent, and new energy and climate regulations may impose additional requirements on data center operations, potentially requiring facility modifications or operational changes that could increase our compliance costs and delay our development timelines.

Our ongoing operations require continuous compliance with all applicable laws, regulations, and permit conditions, and any violations could result in significant fines, penalties, operational restrictions, or revocation of permits, which could force us to curtail or cease operations at affected facilities. Local community opposition, environmental concerns, or changes in political or regulatory priorities may delay or prevent the approval of our projects, particularly in jurisdictions where data center development faces increased scrutiny due to energy consumption or environmental impact concerns. The failure to obtain required permits or approvals, or delays in the permitting process, could result in project delays, increased development costs, or the abandonment of planned facilities, which could materially impact our HPC/AI Transition plans and financial performance. Furthermore, regulatory changes affecting existing facilities could require costly retrofits, operational modifications, or additional compliance measures.

The permitting and regulatory compliance process requires significant management attention and financial resources, and we may need to engage specialized consultants, legal counsel, and regulatory experts to navigate complex approval processes. Success in obtaining permits for one facility does not guarantee approval for similar facilities in other jurisdictions, as regulatory requirements, community attitudes, and approval processes can vary significantly across different markets. If we encounter unexpected delays in obtaining necessary permits, experience cost overruns in the permitting process, or are unable to maintain compliance with applicable regulations, our ability to develop new facilities, expand existing operations, or compete effectively could be materially impaired, which could have a material adverse effect on our business, financial condition, and results of operations.

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***Our increased focus on HPC/AI services may expose us to increased competition.***

The data center and digital infrastructure industry is highly competitive and rapidly evolving. We compete with a broad range of participants, including global and regional data center operators, hyperscale cloud providers, infrastructure-focused real estate investment trusts, telecommunications companies, and private operators. Many competitors have greater financial resources, longer operating histories, broader geographic reach, and more established customer relationships. Competition is based on factors such as location, power availability and cost, facility reliability, scalability, connectivity, sustainability, and reputation. The Company's ability to compete effectively may be impacted by new entrants, technological advancements, changes in customer requirements, or shifts in the regulatory environment. If Blockfusion is unable to compete successfully, its business, financial condition, and results of operations could be materially and adversely affected.

***We will not be able to compete effectively unless our technology, infrastructure and facilities continue to evolve in parallel with changing customer demands and market preferences.***

The market for HPC/AI services is driven in large part by demand for data center space capable of supporting GPUs, server clusters, specialized or high-performance applications, and hosted software solutions which require fast and efficient data processing, and is characterized by rapid advances in technologies. It is difficult to predict the development of demand for HPC/AI services, the size and growth rate for this market, the entry of competitive products, or the success of any existing or future products that may compete with any HPC/AI services we may develop. There has been an increasing number of competitors providing HPC/AI services, which has resulted in increasing competition and pricing pressure that may cause us to reduce our pricing in order to remain competitive. Meanwhile, if there is a reduction in demand for any HPC/AI services, whether caused by a lack of customer acceptance, a slowdown in demand for computational power, an overabundance of unused computational power, advancements in technology, technological challenges, competing technologies and solutions, decreases in corporate and customer spending, weakening economic conditions or otherwise, it could result in reduced customer orders, early order cancellations, the loss of customers, or decreased sales, any of which would adversely affect our business, results of operations and financial condition.

***The HPC/AI Transition represents a material shift in Blockfusion's business model from its historical operations.***

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The HPC/AI Transition represents a material change from Blockfusion's historical bitcoin mining operations and involves significant operational, technical, and financial risks. Blockfusion has no experience operating a HPC/AI data center, and its existing personnel may not be sufficient to support this new line of operations. The HPC/AI transition will require substantial capital investment, engagement of new customer relationships, and adherence to regulatory and industry standards that differ from those applicable to digital asset mining. There can be no assurance that Blockfusion will successfully manage these requirements or that the HPC/AI business will achieve anticipated performance or profitability. Any failure to execute the HPC/AI Transition effectively could materially and adversely affect Blockfusion's business, financial condition, and results of operations.

***Our increased focus on HPC/AI services may not be successful and may result in adverse consequences to our business, results of operations and financial condition.***

Our growth strategy includes expanding and diversifying our revenue sources into new markets, and we are continuing to diversify into HPC/AI services pursuant to that strategy. In particular, we are utilizing certain existing infrastructure and also plan to building out new infrastructure to develop and offer HPC/AI services to a broad range of customers for a variety of applications, which may include scientific research, engineering, rendering, AI/machine learning and other AI cloud service providers. We believe our future success will depend in part on our ability to execute on our growth strategy and expand into new markets.

We have limited experience in developing and offering HPC/AI services, or acquiring the relevant components to develop an offering of HPC/AI services for customers in various industries and markets. We may experience difficulties with infrastructure development or modification, engineering, product design, product development, marketing or certification, which could result in excessive research and development expenses and capital expenditure, delays or prevent us from developing and offering HPC/AI services at all. For example, we may need to make modifications to existing data centers, or modify the design of new data centers, in order to meet customer requirements for HPC/AI services or provide a competitive offering of HPC/AI services. Any such modifications (if possible at all) may involve significant capital expenditures, and may result in increased cost of our facilities, delays in our development and construction schedules for our new facilities, or outages at existing data centers. Further, any such modifications could adversely impact the performance of our data centers, including cooling systems and electrical performance, among others. Our focus on developing and offering HPC/AI services will disrupt our current business, divert our resources, and require significant management attention that would otherwise be available for utilization within and development of our existing business. It may also impact our energy strategy, including limiting our ability to curtail energy use and require a different strategy for hedging in the electricity markets in which we operate. Additionally, our ability to develop and offer HPC/AI services relies on third-party components, including GPUs for which there are limited suppliers, which require significant capital expenditure and may be difficult to procure given the current elevated demand. We may be unable to raise the required capital as a result of the risks described under "-*We may be unable to raise additional capital needed to fulfill our capital or liquidity needs or grow our business and achieve expansion plans*."

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***Transition of our business to HPC/AI services could increase competitive, operational, legal and regulatory risks to our business in ways we cannot predict.***

As we continue to enter into new markets for HPC/AI services, competitive, operational, legal and regulatory risks may be exacerbated as there is substantial uncertainty about the extent to which artificial intelligence will result in changes that come with risks that we may not be able to anticipate, prevent, mitigate or remediate.

We will face new sources of competition, new business models and new customer relationships, and our competitors may be larger, have longer operating histories and significantly greater resources than we do. In order to be successful, we will need to cultivate new industry relationships and strengthen existing relationships to bring any new solutions and offerings to market, and the success of any HPC/AI services we develop will depend on many factors, including demand for those solutions, our ability to win and maintain customers, and the cost, performance and perceived value of any HPC/AI services we develop. As a result, there can be no assurance that any HPC/AI services we develop will be adopted by the market, or be profitable or viable. Our limited experience with respect to HPC/AI solutions (and AI Cloud Services in particular) could limit our ability to successfully execute on our HPC/AI Transition plans or adapt to market changes. If we are unsuccessful in continuing to develop and offer HPC/AI services, our business, results of operations and financial condition could be adversely affected. Further, an increased focus on HPC/AI services could is expected to substantially displace or reduce our Bitcoin mining operations colocation operations, which may adversely affect our business, results of operations and financial condition during the transition period.

Our investments in further developing and offering HPC/AI services in addition to our business of Bitcoin mining may result in new or enhanced governmental or regulatory scrutiny, litigation, confidentiality or security risks, ethical concerns or other complications that could adversely affect our business, reputation, results of operations or financial condition. The increasing focus on the risks and strategic importance of certain HPC/AI services, such as AI Cloud Services, and AI/ML technologies, has already resulted in regulatory restrictions that target products and services capable of enabling or facilitating AI/ML, and may in the future result in additional restrictions impacting any offerings we may develop, including AI Cloud Services and other HPC/AI solutions. Complying with multiple evolving laws, rules and regulations from different jurisdictions related to new solutions that we develop could increase our cost of doing business or may change the way that we operate in certain jurisdictions. We may not be able to adequately anticipate or respond to these evolving laws and regulations, and we may need to expend additional resources to adjust our offerings in certain jurisdictions if applicable legal frameworks are inconsistent across jurisdictions.

For example, the European Union ("**EU**") recently adopted the Artificial Intelligence Act ("**AI Act**"), which establishes, among other things, a risk-based governance framework for regulating AI/ML systems operating in the EU. There is a risk that the AI Act could have a negative impact on our current or future use of AI/ML. For example, the AI Act prohibits certain uses of AI/ML systems and places numerous obligations on providers and deployers of permitted AI/ML systems, with heightened requirements based on AI/ML systems that are considered high risk. This regulatory framework is expected to have a material impact on the way AI/ML is regulated in the EU and beyond. Similarly, other jurisdictions, such as Canada with its Artificial Intelligence and Data Act and certain U.S. states, have also implemented or are considering similar regulatory frameworks. In April 2023, the U.S. Federal Trade Commission, Department of Justice, Consumer Financial Protection Bureau and Equal Employment Opportunity Commission issued a joint statement on AI/ML, demonstrating their interest in monitoring the development and use of automated systems and enforcement of their respective laws and regulations. Such regulatory frameworks, as well as developing regulatory guidance and judicial decisions in this area, may affect our use of AI/ML and our ability to provide and to improve our products and solutions, require additional compliance measures and changes to our operations and processes, result in increased compliance costs and potential increases in civil claims against us and could adversely affect our business, financial condition and results of operations.

Furthermore, concerns regarding third-party use of AI/ML for purposes contrary to governmental and societal interests, including concerns relating to the misuse of AI/ML applications, models, and solutions, could result in restrictions on AI/ML products. Any such restrictions could reduce the demand for our HPC/AI services, and negatively impact our business, financial condition and operating results, and damage our reputation.

It is also unclear how our status as an infrastructure provider for customers developing and deploying AI/ML applications, as opposed to developing such applications ourselves, will affect the applicability of these existing or proposed regulatory frameworks and other restrictions with respect to any HPC/AI services we may offer from time to time. However, it is possible that such regimes will impose obligations on infrastructure providers, such as us, to oversee, monitor or restrict the use of AI systems that are trained or deployed on their systems, and/or to ensure compliance with such regulatory frameworks and other restrictions. If our customers violate existing or proposed regulatory regimes or other restrictions, or if they use our services for unlawful, harmful or non-compliant purposes, we could be subject to regulatory investigations, regulatory fines, reputational damage or contractual liability for any such actions, even if we do not control the customer applications. Further, HPC/AI services customers increasingly are looking to pass through their regulatory obligations and other liabilities to their outsourced data center providers, and we may not be able to limit our liability or damages in an event of loss suffered by such customers whether as a result of our breach of an agreement or otherwise.

These competitive, operational, legal and regulatory risks are evolving and uncertain and could impact our business in ways we cannot predict. Any of the foregoing could limit our ability to expand our offering of HPC/AI services and continue to grow our business, which could have a material adverse effect on prospects, results of operations and financial condition.

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***Expansion of our existing facilities could expose us to additional risks.***

Expansion of our existing facilities and digital infrastructure to support HPC/AI hosting and colocation potentially exposes us to additional risks, including risks related to, among other sources: construction delays; lack of availability of parts and/or labor, increased prices as a result, in part, of inflation, and delays for data center equipment; labor disputes and work stoppages, including interruptions in work due to pandemics, epidemics, and other health risks; unanticipated environmental issues and geological problems; delays related to permitting and approvals to commence operations from public agencies and utility companies; and delays in site readiness leading to our failure to meet commitments made in connection with such expansion. All construction-related projects depend on the skill, experience, and attentiveness of our personnel throughout the design and construction process. Should a designer, general contractor, significant subcontractor or key supplier experience financial difficulties or other problems during the design or construction process, we could experience significant delays, increased costs to complete the project and/or other negative impacts to our expected returns.

If we are unable to overcome these risks and additional pressures to complete our expansion and construction projects in a timely manner, if at all, we may not realize their anticipated benefits, and our business and financial condition may suffer as a result.

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***Economic and geopolitical events and macroeconomic conditions may create increased uncertainty and price changes.***

We are subject to price volatility and uncertainty due to geopolitical crises and economic downturns. Such geopolitical crises and global economic downturns may be a result of invasion, or possible invasion by one nation of another, global outbreaks of various epidemics or disease, implementation of new tariffs and more restrictive trade regulations, leading to increased inflation and supply chain volatility. Such crises will likely continue to have an effect on our ability to do business in a cost-effective manner. Inflation has caused the price of materials to increase leading to increased expenses to our business. Global crises and economic downturns may negatively impact our HPC/AI customers' businesses and their ability to invest in data center infrastructure. Such shifts could have a materially adverse effect on our business, operations and those of our customers.

Sustaining our HPC/AI Transition plans will require the ongoing readiness and solvency of our suppliers and vendors, a stable and motivated production workforce, and government cooperation, each of which may be affected by macroeconomic factors outside of our immediate control. We cannot predict the duration or direction of current or new global trends or their sustained impact. Ultimately, we continue to monitor macroeconomic conditions to remain flexible and to optimize and evolve our business as appropriate, and we will have to accurately project demand and infrastructure requirements globally and deploy our workforce and capital resources accordingly. If we experience unfavorable global market conditions, or if we cannot or do not maintain operations at a scope that is commensurate with such conditions or are later required to or choose to suspend such operations, our business, prospects, financial condition, and operating results may be harmed.

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***Enhanced tariff, import/export restrictions, or other trade barriers may have an adverse impact on global economic conditions.***

There have been, and continue to be, uncertainties with respect to the global economy and trade relations between the U.S. and other countries globally, including trade policies, treaties, tariffs, and customs duties and taxes. Implementation of more restrictive trade policies or the renegotiation of existing U.S. trade agreements or trade agreements of other countries where we procure supplies and materials for our digital infrastructure could negatively impact our business results of operations, cash flows, and financial condition. Tariffs, sanctions and other barriers to trade could adversely affect the business of our customers and suppliers, which could in turn negatively impact our net revenue and results of operations. If tariffs, trade restrictions or trade barriers are expanded or increased, then our exposure to future taxes and duties on imported products and components could be significant and could have a material effect on our financial results.

We cannot predict the extent to which the U.S. or other countries will impose new or additional quotas, duties, tariffs, taxes, or other similar restrictions upon the import of goods and services in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. The continuing adoption or expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact demand for our HPC/AI data centers, our costs, our customers, our suppliers, and the U.S. economy, which in turn could have a material adverse effect on our business, operating results, and financial condition.

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***We may be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints as well as insufficient access to power.***

Any power outages, shortages, capacity constraints or significant increases in the cost of power may have an adverse effect on our business and our results of operations.

We rely on third parties, third party infrastructure, and global supplies to provide a sufficient amount of power to maintain our HPC/AI data center operations to meet the needs of our current and future HPC/AI hosting and colocation customers. Any limitation on the delivered energy supply could limit our ability to operate HPC/AI data centers. These limitations could have a negative impact on our ability to grow our business, which could negatively affect our financial performance and results of operations. Each new HPC/AI data center requires access to significant quantities of electricity. Limitations on generation, transmission and distribution may limit our ability to obtain sufficient power capacity for potential expansion sites or existing markets. Utility companies may impose onerous operating conditions to any approval or provision of power or we may experience significant delays and substantial increased costs to provide the level of electrical service required by our current or future data center designs.

***Our ability to serve high-performance AI workloads depends on delivering sufficient power density and cooling capacity.***

Our success in the HPC/AI infrastructure market depends critically on our ability to deliver sufficient power density and cooling capacity to meet the demanding requirements of high-performance computing workloads, particularly GPU clusters used for AI training and inference. HPC/AI applications typically require substantially higher power density per rack than traditional data center workloads, often requiring 30 kW to 100 kW or more per rack compared to 5-15 kW for conventional enterprise applications. Our power delivery infrastructure, including electrical distribution systems, busway capacity, circuit sizing, and transformer capacity, must be capable of supporting these extreme power requirements. If our electrical infrastructure is inadequate to deliver sufficient power density to customer racks, we may be unable to support customer requirements, which could limit our ability to attract and retain customers or require us to reject potential business opportunities. Additionally, cooling these high-density workloads presents significant technical challenges, potentially requiring advanced cooling technologies such as liquid cooling, immersion cooling, or enhanced air cooling systems that exceed the capabilities of traditional data center cooling infrastructure.

Customer requirements for power density and cooling capacity are evolving rapidly as AI hardware becomes more powerful and energy-intensive, and our current infrastructure capabilities may prove insufficient to meet future customer demands. If our cooling systems cannot adequately handle the heat loads generated by high-performance AI workloads, we may be forced to limit the power density we can deliver to customers, restrict customer deployments, or require customers to implement throttling or other performance limitations that could make our services less competitive. Retrofitting existing facilities to support higher power densities can be extremely expensive, technically complex, or in some cases infeasible due to structural, electrical, or mechanical constraints. Competitors with newer facilities specifically designed for high-density AI workloads may have significant competitive advantages in terms of power delivery capacity, cooling efficiency, and operational flexibility.

Our failure to meet customer power density and cooling requirements could result in our inability to attract new customers, early termination of existing contracts, the need for costly infrastructure upgrades that may not be economically justified, and a significant competitive disadvantage in the rapidly growing AI infrastructure market. Additionally, design decisions we make today regarding power and cooling infrastructure may prove inadequate as customer requirements continue to evolve, potentially necessitating expensive modifications or limiting our ability to fully utilize our facilities. We may also face situations where we have made commitments to customers regarding power density or cooling capacity that we are ultimately unable to satisfy due to infrastructure limitations, which could result in customer disputes, contract penalties, or reputational damage. Any of the foregoing could have a material adverse effect on our business, competitive position, financial condition, and results of operations.

***The financial distress or default of our customers could materially adversely affect our revenue, cash flow, and financial condition.***

Our business and revenue depend significantly on our customers' ability to meet their financial obligations under their agreements with us, including timely payment of hosting fees and other charges. A substantial portion of our target customer base for HPC/AI infrastructure services consists of early-stage technology companies, AI startups, and emerging growth companies that may have limited operating histories, unproven business models, uncertain revenue streams, and dependence on venture capital or other external funding sources to sustain their operations. These customers may face significant financial volatility and business risk, and their ability to continue operations and meet their payment obligations to us is subject to substantial uncertainty. Additionally, during our transition period from Bitcoin mining colocation to HPC/AI services, we continue to serve customers in the digital asset and cryptocurrency sectors, which have experienced significant financial distress in recent years, including numerous high-profile bankruptcies, business failures, and fraud allegations that have affected companies throughout the cryptocurrency ecosystem. Given our potential customer concentration, where a significant portion of our revenue may be derived from a limited number of large customers, the financial distress or default of even one or two major customers could have a disproportionately material adverse effect on our business and financial performance.

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Many factors, including global economic conditions, may cause our HPC/AI data center customers to experience a downturn in their businesses or otherwise experience a lack of liquidity, which may weaken their financial condition and impact our estimates as to the probability of collectability of payments, and ultimately result in their failure to make timely rental and other payments or their default under their agreements with us. Customer financial distress could result in payment defaults, demands for price reductions or contract renegotiations, early termination of agreements, bankruptcy proceedings in which our claims for payment are subject to statutory limitations and may not be paid in full, and the inability or unwillingness of customers to renew their contracts or their renewal on substantially less favorable terms. Further, the development of new technologies, the adoption of new industry standards or other factors could render our HPC/AI data center customers' current products and services obsolete or unmarketable and contribute to a downturn in their businesses, thereby increasing the likelihood that they default under their leases, become insolvent or file for bankruptcy. Conducting adequate due diligence on the creditworthiness and financial stability of early-stage AI and technology companies is inherently challenging due to their limited financial history, lack of profitability, evolving business models, and dependence on continued access to external funding. Even customers that appear financially stable and credit-worthy at the time we enter into agreements may experience sudden and material changes in their funding availability, business viability, or financial condition due to factors such as failure to secure additional investment rounds, changes in investor sentiment, competitive pressures, or adverse developments in their end markets. If a customer defaults or fails to make timely rent or other payments, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment, which could adversely affect our financial condition and results of operations.

If a customer becomes a debtor in a case under the U.S. Bankruptcy Code, we cannot evict the customer solely because of the bankruptcy. In addition, the bankruptcy court might authorize the customer to reject and terminate its contracts with us. Our claim against the customer for unpaid, future rent and other payments would be subject to a statutory cap that might be substantially less than the remaining amounts actually owed under their agreements with us. In either case, our claim for unpaid rent and other amounts would likely not be paid in full. Our revenue could be materially adversely affected if a significant customer were to become bankrupt or insolvent, suffer a downturn in its businesses, fail to renew its contract or renew on terms less favorable to us than its current terms.

***Our contracts with HPC/AI data center customers could subject us to significant liability.***

In the ordinary course of business, we aim to enter into agreements with customers pursuant to which we will provide data center space, power, environmental controls, physical security and connectivity products to our HPC/AI hosting and colocation customers. We expect that these contracts will typically contain indemnification and liability provisions, in addition to service level commitments, which could potentially impose a significant cost on us in the event of losses arising out of certain breaches of such agreements, services to be provided by us or our subcontractors or from third-party claims. HPC/AI data center customers increasingly are looking to pass through their regulatory obligations and other liabilities to their outsourced data center providers and we may not be able to limit our liability or damages in an event of loss suffered by such customers whether as a result of our breach of an agreement or otherwise. If such an event of loss occurred, we could be liable for material monetary damages and could incur significant legal fees in defending against such an action, which could adversely affect our financial condition and results of operations.

We may develop space specifically for HPC/AI data center customers pursuant to agreements that would be signed prior to beginning or early in the development process. In those cases, if we were to fail to meet our development obligations under those agreements, those customers may be able to terminate their agreements and we would be required to find a new customer for this space. In addition, in certain circumstances we may lease HPC/AI data center facilities prior to their completion. If we fail to complete the facilities in a timely manner, the customer may be entitled to terminate its agreement, seek damages or penalties against us or pursue other remedies and we may be required to find a new customer for the space. If we are not able to complete an HPC/AI data center in a timely manner, if development costs are higher than we currently estimate, our financial condition, results of operations and cash flow could be materially adversely affected.

Additionally, a customer's decision to lease space and power in our HPC/AI data center will typically involve a significant commitment of resources and due diligence on the part of our customers regarding the adequacy of our facilities, including power density capabilities, cooling infrastructure for high-performance AI workloads, and network connectivity requirements. As a result, we may expend significant time and resources in pursuing a particular transaction that may not result in revenue. Economic conditions, including market downturns, ongoing tariff policies affecting data center equipment and semiconductors, and more restrictive trade regulations may impact customers' ability to plan future business activities and investments in AI infrastructure, which could cause customers to slow spending or delay decision-making. Our inability to adequately manage the risks associated with these developments may adversely affect our business, financial condition and results of operations.

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***Certain of our agreements with HPC/AI data center customers may include restrictions on providing HPC/AI hosting and colocation services to certain third parties, which could have a material adverse effect on us.***

Certain of our customer agreements may prohibit us from providing HPC/AI hosting and colocation services to certain third parties, including competitors of existing HPC/AI data center customers. The existence of such restrictions could hinder our ability to enter into agreements with additional HPC/AI data center customers, which could materially adversely affect our business, financial condition and results of operations.

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***Failure to successfully integrate acquired businesses, if any, could negatively impact our balance sheet and results of operations.***

Expansion opportunities, which may include strategic acquisitions and/or combinations, are a component of our growth strategy and the success of any acquisition we make depends in part on our ability to integrate the acquired business and realize anticipated synergies. In the future if we identify business to acquire and consummate such acquisitions integrating the acquired businesses may involve unforeseen difficulties, may require a disproportionate amount of our management's attention, and may require us to reallocate our resources, financial or otherwise.

For example, we may encounter challenges in the integration process such as: difficulties associated with managing the resulting larger and more complex company; conforming administrative and corporate structures and standards, controls, procedures and policies, business cultures, hiring and retention of key employees, and compensation and benefits structures, coordinating geographically dispersed operations; and our ability to deliver on our strategy going forward.

Further, our acquisitions may subject us to new liabilities and risks, some of which may be unknown. Although we and our advisors conduct due diligence on the operations of businesses we consider acquiring, there can be no guarantee that we are aware of all the liabilities of an acquired company. These liabilities, and any additional risks and uncertainties related to an acquired company not known to us or that we may deem immaterial or unlikely to occur at the time of the acquisition, could negatively impact our future business, financial condition, and results of operations.

We can give no assurance that we will ultimately be able to effectively integrate and manage the operations of any acquired business or realize anticipated synergies. The failure to successfully integrate the cultures, operating systems, procedures and information technologies of an acquired business could have a material adverse effect on our financial condition and results of operations.

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***We may be unable to identify and consummate new acquisition opportunities, which would significantly impact our growth strategy.***

Acquisitions are expected to continue to be a critical part of our growth strategy. The identification of suitable acquisition candidates can be difficult, time-consuming and costly, and we may not complete acquisitions successfully that we target in the future. If we cannot identify and purchase a sufficient quantity of profitable acquisition opportunities at favorable prices, or if we are unable to finance acquisition opportunities on commercially favorable terms, our business, financial condition or results of operations could be materially adversely affected. Acquisition activity presents certain risks to our business, operations and financial condition, and we may not realize the financial and strategic goals contemplated at the time of a transaction. We are continuing to evaluate and to pursue appropriate acquisition and combination opportunities as they arise in the expansion of our operations. No assurance can be given with respect to the timing, likelihood or financial or business effect of any possible transaction.

***Blockfusion management has certain expectations regarding our future potential Blockfusion HPC/AI Business, including as described in the Forecasts and the assumptions on which such Forecasts are based (as further described in the section of this proxy statement/prospectus entitled "Background of the Business Combination – Certain Unaudited Financial and Operating Forecasts"). Some or all of these expectations and assumptions, and the forecasts and estimates derived from them, may prove inaccurate and the results of such future potential business, if established, may be materially less favorable than management expectations.***

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Blockfusion management's expectations regarding our prospective HPC/AI Business, including as shown in the illustrative forecasts Blockfusion management prepared and delivered to Blue as part of due diligence (the "Forecasts" as further described in the section of this proxy statement/prospectus entitled *Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*). The assumptions incorporated in the Forecasts are not based on Blockfusion's historical financial performance or operations and are entirely prospective, reflecting numerous assumptions regarding, among other things, the HPC/AI Transition and the future potential Blockfusion HPC/AI Business. Some or all of these expectations and assumptions, and the forecasts and estimates derived from them, may prove inaccurate and the results of such future potential business, if established, may be materially less favorable than management expectations. All of such forecasts and estimates reflect numerous assumptions regarding future market conditions, operational performance, capital requirements, customer demand, pricing, power availability, and the timing and success of our HPC/AI Transition plans. Many of these assumptions are subjective, are beyond the control of management, or may not materialize as anticipated.

Actual performance may differ materially from management's present expectations, including as reflected in the Forecasts, due to a variety of factors, including delays in the HPC/AI Transition plans, higher-than-expected capital or operating costs, weaker-than-anticipated customer demand, equipment or supply chain constraints, competitive pressures, or regulatory developments. If the HPC/AI business is established but fails to achieve the scale, utilization, margins, or growth assumed in the Forecasts and other Blockfusion estimates and forward-looking statements, the results of such business could be materially less favorable than management currently anticipates. Any such divergence could adversely affect Blockfusion's and Pubco's business, financial condition, results of operations, and prospects.

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***We may experience increased compliance costs as a result of our strategic acquisitions.***

Future strategic acquisitions could carry substantial compliance burdens, which may limit our ability to realize the anticipated benefits of such acquisitions, and which may require our management and personnel to shift their focus to such compliance burdens and away from their other functions. Such increased costs and compliance burdens could affect our ability to realize the anticipated benefits of such strategic acquisitions, and our business, results of operations, and financial condition may suffer as a result.

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***We plan to finance our HPC/AI Transition plans through various financing methods, including by issuing new shares of our common stock in public offerings, which dilutes the ownership interests of our current stockholders, and which may adversely affect the market price of our securities.* **

We plan to raise capital through various financing methods, including public offerings of our common stock to finance the completion of current and future expansion initiatives and to finance the HPC/AI Transition plans. Blockfusion management expects that Transition CapEx Requirements will be largest during Years 1-3 of the Forecast Period (estimated to be approximately $150.5 million, $526.2 million and $229.7 million during Years 1, 2 and 3, respectively) and such capital expenditures will require financing, which may not be fulfilled through the net proceeds received through the Business Combination. We may not be able to obtain additional debt or equity financing on favorable terms, if at all, which could impair our growth and adversely impact our existing operations. If we are unable to generate cash flows from operations sufficient to support our HPC/AI Transition plans, we may be required to adopt one or more alternatives, such as reducing or delaying investments or capital expenditures, selling assets, or obtaining additional equity financing on terms that may be onerous or highly dilutive. Furthermore, if we engage in debt financing, as we currently do, the holders of any debt we issue would likely have priority over the holders of shares of our common stock in terms of order of payment preference. We may be required to accept terms that restrict our ability to incur additional indebtedness or take other actions including accepting terms that require us to maintain specified liquidity or other ratios that could otherwise not be in the interests of our stockholders.

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***We may be required to record impairment charges on our data center assets if demand projections decline or technology changes.***

We make substantial capital investments in data center facilities and specialized equipment based on long-term projections of demand for HPC/AI infrastructure services. These assets are carried on our balance sheet at cost, less accumulated depreciation, and are subject to impairment testing under applicable accounting standards when events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the projected undiscounted cash flows from our data center assets decline below their carrying value due to lower than anticipated demand, competitive pricing pressure, technological obsolescence, or other factors, we may be required to record impairment charges to write down the assets to their estimated fair value. Factors that could trigger such impairment include slower than expected adoption of AI technologies, loss of significant customers, technological changes that render our facilities less competitive or desirable, market oversupply resulting in reduced utilization and pricing, changes in customer infrastructure requirements that reduce demand for our specific configurations, or adverse changes in the regulatory environment affecting data center operations. The rapid pace of change in AI hardware, cooling technologies, and data center design standards increases the risk that portions of our infrastructure investments could become less competitive or obsolete more quickly than originally anticipated.

Impairment charges, while non-cash, reduce the book value of our assets and stockholders' equity and could adversely affect key financial metrics, potentially impacting compliance with debt covenants, investor confidence, and our ability to access capital markets on favorable terms. Additionally, the recognition of significant impairment charges could indicate to investors and lenders that our business strategy or market assumptions were flawed, potentially affecting our market valuation and access to financing even beyond the immediate financial impact of the charges. Our specialized HPC/AI infrastructure may be less fungible than general-purpose data center space, meaning that assets specifically designed for high-performance computing workloads may have limited alternative uses and potentially lower recovery values in the event of impairment. Even if we do not ultimately record impairment charges, the perceived risk of potential asset impairments could adversely affect market perception of our company and the valuation of our securities. Any significant impairment charges could have a material adverse effect on our financial condition, results of operations, and ability to execute our HPC/AI Transition plans.

***We have an evolving business model which is subject to various uncertainties.***

We have an evolving business model which is subject to various uncertainties as we intentionally transition from Bitcoin mining colocation to HPC/AI infrastructure services. We are actively transitioning our business model from providing colocation services for Bitcoin mining equipment to providing high-performance computing and AI infrastructure services to hyperscalers, cloud service providers, and other enterprises. Future regulations may affect both our existing Bitcoin mining colocation customers and our target HPC/AI customers in ways we cannot predict. In order to stay current with the industry and successfully execute our strategic transition, we must adapt our infrastructure, operations, sales strategies, and customer relationships. We have limited operating history in the HPC/AI data center market, and we cannot offer any assurance that our strategic transition will be successful, that we will attract and retain HPC/AI customers, or that our HPC/AI business will be profitable.

As cryptoassets and blockchain technologies become more widely available, we expect the services and products associated with them to evolve. Future regulations may require our co-hosting customers to change their business in order to comply fully with federal and state laws regulating cryptoasset (including Ethereum and Bitcoin) mining. In order to stay current with the industry, our business model may need to continue to evolve as well. From time to time, we may modify aspects of our business model relating to our strategy. We cannot offer any assurance that these or any other modifications will be successful or will not result in harm to our business.

***We face additional risks in expanding our business, including the significant amount of capital required.***

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Expanding our business will require significant capital. In addition, we may be required to commit significant operational and financial resources in connection with the organic growth of our business substantially in advance of such newly developed data centers generating revenue. If we are unable to acquire sufficient capital, our HPC/AI Transition may be delayed and/or cancelled. Blockfusion management expects that Transition CapEx Requirements will be largest during Years 1-3 of the Forecast Period (estimated to be approximately $150.5 million, $526.2 million and $229.7 million during Years 1, 2 and 3, respectively) and such capital expenditures will require financing, which may not be fulfilled through the net proceeds received through the Business Combination.

The costs of constructing, developing, operating, and maintaining our HPC/AI operations are substantial. Our HPC/AI hosting operations may be impacted by costs and expenses beyond our control or require capital investment that neither we nor our customers are able to bear, reducing our revenue and profitability. Moreover, in order to grow our hosting business, we may need additional facilities to increase our capacity for more customers. The costs of constructing, developing, operating, and maintaining hosting facilities and growing our hosting operations may not be profitable or possible as construction costs are rising which reflect the increase in cost of labor and raw materials, as well as supply chain and logistical challenges. Unexpected disruptions to our supply chain, continued inflationary pressures, high interest rates, tariffs, delays in construction, limited financing availability, constrained supplies of new power, or changes in customer requirements could significantly affect the cost or timing of our planned expansion projects, have consequences under our project financing and partnership agreements, and interfere with our ability to meet commitments to customers who have contracted for space in new data centers under construction.

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All construction-related data center projects will require us to carefully select, manage, and rely on the experience of one or more design firms, general contractors, and associated subcontractors during the design and construction process, and to obtain critical government permits and authorizations. Should a design firm, general contractor, significant subcontractor, or key supplier experience financial or operational problems during the design or construction process or fail to perform properly, or should we be unable to obtain or experience delays in obtaining, all necessary zoning, land-use, building, occupancy, and other governmental permits and authorizations, we could experience significant delays, increased costs to complete the project, penalties under customer preleases, and other negative impacts to the expected return on our committed capital. Further, there can be no assurance we will have sufficient customer demand to support the data centers we may acquire or build.

***Our management team has not managed a public company before and we will need to hire additional personnel and will need access to additional resources in order to be able to carry out our financial reporting and other public company obligations.***

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Our management does not have prior experience in managing a publicly traded company. As such, the management team may encounter difficulties in successfully or effectively complying with our reporting and other obligations under federal securities laws and other regulations and in connection with operating as a public company. Their lack of prior experience in dealing with the reporting and other obligations and laws pertaining to public companies could result in management being required to devote significant time to these activities, which may result in less time being devoted to our management and growth. Additionally, we will be required to hire additional personnel with the appropriate level of knowledge, experience, and training in the accounting policies, practices or internal controls over financial reporting required of public companies. We may be required to incur significant expense in connection with these efforts.

***We have a history of operating losses, and we may report additional operating losses in the future.***

We have recorded historical losses and negative cash flows from our operations from our Bitcoin mining colocation business. Further, as part of our HPC/AI Transition plans, we have made and will continue to make capital investments to support HPC hosting and colocation services, including the conversion and expansion of our Niagara Falls facility. Our business plan projects near-term operating losses as we complete this transition, with anticipated profitability once HPC/AI operations are fully deployed. However, there can be no assurance we will achieve profitability on the timeline projected or at all. For these reasons we cannot guarantee that our future revenue from HPC/AI data center operations will exceed our associated costs.

***We have a material weakness in our internal control over financial reporting. If Blockfusion is unable to develop and maintain an effective system of internal control over financial reporting, it may not be able to accurately report its financial results in a timely manner, which may adversely affect Blockfusion's business and operating results.***

The material weaknesses identified pertained to the lack of effectively designed, implemented, and maintained IT general controls over applications that support Blockfusion's financial reporting processes, insufficient segregation of duties across financially relevant functions, and lack of sufficient number of qualified personnel within its accounting, finance, and operations functions who possessed an appropriate level of expertise to provide reasonable assurance that transactions were being appropriately recorded and disclosed. Blockfusion has concluded that these material weaknesses existed because it did not have the necessary business processes, systems, personnel, and related internal controls.

***We will implement a remediation plan for material weaknesses in internal control over financial reporting.***

Blockfusion has initiated a remediation program to address the material weaknesses identified in its internal control over financial reporting. Blockfusion has engaged CFGI, an external accounting and advisory firm, to assist management in designing and implementing an enhanced internal control framework. The remediation program focuses on (i) establishing and documenting IT general controls over applications that support financial reporting, including user access, change management, and IT operations; (ii) implementing appropriate segregation of duties and role-based responsibilities across financially relevant processes; and (iii) building out the accounting, finance, and operations functions with personnel possessing the requisite technical expertise.

As part of this program, Blockfusion is implementing new systems and process-level controls to support financial reporting and related disclosures, including standardized accounting policies, formal reconciliation and review procedures, and periodic management reporting. CFGI is assisting with the design and documentation of these controls and the related governance structure, with a plan to transition responsibilities to Blockfusion's internal finance team as it is built out. Management is developing and will conduct testing procedures to evaluate the design and operating effectiveness of newly implemented controls on a rolling basis and will make further enhancements as necessary.

The material weaknesses will not be considered remediated until the applicable controls have been designed, implemented, and demonstrated to operate effectively for a sufficient period of time, and management has completed testing of such controls. Blockfusion cannot provide assurance as to the timing of the completion of these remediation efforts or that the measures taken will be sufficient to remediate the identified material weaknesses or to prevent future material weaknesses.

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**Risks Related to Our Bitcoin Mining Colocation Operations During Our Business Transition Period**

We are actively transitioning our business from Bitcoin mining colocation services to HPC/AI infrastructure services as part of our strategic transformation. During this transition period, we continue to derive revenue from hosting Bitcoin mining equipment for existing customers, and as such, we remain exposed to risks associated with the cryptocurrency industry and digital asset markets. As we complete our transition to HPC/AI infrastructure services, our exposure to cryptocurrency market risks will decline materially, and we expect Bitcoin mining colocation to represent a decreasing portion of our overall business. The following risk factors relate primarily to our legacy Bitcoin mining colocation operations and the cryptocurrency industry, and are expected to become less material to our business as our strategic transition progresses. However, during the transition period, adverse developments in the cryptocurrency industry could continue to impact our financial performance and results of operations.

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***The lack of regulation of digital asset exchanges which Bitcoin, and other cryptocurrencies, are traded on may expose us to the effects of negative publicity resulting from fraudulent actors in the cryptocurrency space and can adversely affect an investment in the Company.***

The digital asset exchanges on which Bitcoin is traded are relatively new and largely unregulated. Many digital asset exchanges do not provide the public with significant information regarding their ownership structure, management teams, corporate practices, or regulatory compliance. As a result, the marketplace may lose confidence in, or may experience problems relating to, such digital asset exchanges, including prominent exchanges handling a significant portion of the volume of digital asset trading. From 2022 through 2024, a number of digital asset exchanges filed for bankruptcy proceedings and/or became the subjects of investigation by various governmental agencies for, among other things, fraud, causing a loss of confidence and an increase in negative publicity for the digital asset ecosystem. As a result, many digital asset markets, including the market for Bitcoin, have experienced increased price volatility. The Bitcoin ecosystem may continue to be negatively impacted and experience long term volatility if public confidence decreases.

These events are continuing to develop and it is not possible to predict, at this time, every risk that they may pose to us, our service providers, or the digital asset industry as a whole. A perceived lack of stability in the digital asset exchange market and the closure or temporary shutdown of digital asset exchanges due to business failure, hackers or malware, government-mandated regulation, or fraud may reduce confidence in digital asset networks and result in greater volatility in cryptocurrency values. These potential consequences of a digital asset exchange's failure could adversely affect our business and an investment in the Company.

As we complete our transition to HPC/AI services and Bitcoin mining colocation becomes a smaller portion of our business, we expect our exposure to cryptocurrency market risks to decline materially. However, during the transition period, negative developments in the cryptocurrency industry could impact our current customers' ability to pay for our services and could affect market perception of our company.

 

***We depend on attracting and retaining officers, managers, and skilled professionals.***

Our success is critically dependent on our ability to attract, retain, and motivate highly qualified officers, key management personnel, and specialized technical professionals with expertise in HPC/AI data center operations, and the loss of key personnel or our inability to attract qualified replacements could materially impair our ability to execute our business strategy.

The design, construction, operation, and marketing of HPC/AI data center facilities require specialized expertise and technical skills that are not widely available in the labor market, including expertise in high-density power distribution, advanced cooling systems (including liquid cooling and immersion cooling technologies), GPU cluster deployment and management, AI workload optimization, facility design for extreme power densities, electrical engineering, data center operations, and sales and business development within the rapidly evolving AI infrastructure market. We face intense competition for qualified personnel from well-funded competitors, including established data center operators, hyperscale cloud providers, technology companies, and well-capitalized startups, many of whom have substantially greater financial resources and may be able to offer more attractive compensation packages, equity incentives, and career advancement opportunities than we can provide. The loss of key executives, senior management, technical leaders, or other critical personnel, whether due to resignation, retirement, disability, death, or other reasons, could result in significant disruption to our operations, loss of institutional knowledge and customer relationships, delays in facility development and customer acquisition, and difficulty in executing our strategic initiatives. Additionally, our ability to attract qualified replacements for departed personnel is uncertain, and any extended period of time required to identify, recruit, and onboard replacement personnel could adversely affect our business operations and competitive position.

Our HPC/AI Transition plans and operational effectiveness depend on our ability to continuously expand our management team and technical workforce to support facility development, customer acquisition, ongoing operations, and technical innovation. However, our growth may be constrained by human capital resource limitations, and we will need to take strategic action to develop our pool of management and skilled employees as well as grow such pool to meet the demands of our expanding operations and corporate functions. We face challenges in succession planning for key roles, and the lack of adequate succession plans could leave us vulnerable to operational disruption if key individuals depart unexpectedly. The specialized nature of HPC/AI data center operations means that training and developing personnel to the required level of expertise can be time-consuming and expensive, and we may not be able to develop internal talent quickly enough to meet our growth requirements. The loss of key personnel or our inability to attract, retain, and develop qualified employees could adversely impact multiple aspects of our business, including facility development timelines, the quality and reliability of our operations, our ability to provide high-quality technical support to customers, our capacity to win new business and maintain customer relationships, our rate of technical innovation, and our ability to execute our strategic plan. If we are not able to successfully attract, retain, and motivate the talented officers, managers, and specialized professionals necessary to support our business, our growth prospects, competitive position, operational performance, customer relationships, financial condition, and results of operations may be materially adversely affected.

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**Risks Related to Our Legacy Operations**

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***Cyber-attacks, data breaches or malware may disrupt our operations and trigger significant liability for us, which could harm our operating results and financial condition, and damage our reputation or otherwise materially harm our business.***

As a publicly traded company, at times we may experience cyber-attacks, such as phishing, and other attempts to gain unauthorized access to our systems, and we anticipate continuing to be subject to such attempts. As we increase in size, we may become a more appealing target of hackers, malware, cyber-attacks or other security threats, and, despite our implementation of strict security measures, it is impossible to eliminate all such vulnerability. For instance, we may not be able to ensure the adequacy of the security measures employed by third parties, such as our service providers. Additionally, though we provide cybersecurity training for all employees, we cannot guarantee that we will not be affected by further phishing attempts. Efforts to limit the ability of malicious actors to disrupt the operations of the internet or undermine our own security efforts may be costly to implement and may not be successful. Such breaches, whether attributable to a vulnerability in our systems or otherwise, could result in claims of liability against us, damage our reputation and materially harm our business.

***We depend on third-party network connectivity and telecommunications infrastructure providers.***

Our data center services are fundamentally dependent on reliable, high-bandwidth network connectivity to enable our customers to access and utilize their infrastructure and applications. We rely on third-party telecommunications carriers, fiber optic providers, internet service providers, and other network infrastructure companies to provide the critical connectivity services that link our facilities to the broader internet and to our customers' locations and users. These providers control essential infrastructure elements outside our facilities, including fiber optic routes, network switching and routing equipment, internet backbone connections, and data transmission pathways, over which we have no direct control. Our dependence on these third-party providers exposes us to various risks, including service failures, network outages, capacity constraints, routing issues, cybersecurity incidents such as denial-of-service attacks on provider networks, and the potential financial distress or bankruptcy of key providers. Provider failures or significant service degradations could impair our ability to deliver high-quality services to customers, reduce customer satisfaction, damage our reputation, and result in customer claims for service level agreement violations or contract penalties.

We may face disputes with telecommunications and connectivity providers regarding pricing, service levels, contract terms, or service quality, and we may have limited recourse if providers fail to meet their obligations or if their service quality deteriorates. In certain geographic locations, competition among fiber and telecommunications providers may be limited, potentially giving these providers significant leverage in contract negotiations and pricing discussions, which could result in higher costs or less favorable contract terms for us. Network connectivity failures or performance degradations could prevent customers from accessing their infrastructure hosted in our facilities or could significantly degrade the performance of customer applications, potentially resulting in revenue loss, customer dissatisfaction, early contract terminations, or demands for service credits or contract renegotiation. Additionally, costs for bandwidth, internet connectivity, and telecommunications services may increase due to provider pricing changes, market conditions, or increased demand for network capacity, which could adversely affect our operating margins. Our contracts with connectivity providers may not adequately protect us against service failures or may contain limitations of liability that restrict our ability to recover damages for provider failures. To ensure adequate redundancy and minimize single points of failure, we may need to maintain relationships with multiple connectivity providers and invest in diverse network paths, which increases our operating costs and complexity. Any significant disruption to our network connectivity, whether due to provider failures, infrastructure damage, or other factors beyond our control, could have a material adverse effect on our business, customer relationships, financial condition, and results of operations.

***Equipment failures, power outages, and operational disruptions could cause service interruptions and revenue loss.***

Our data center operations depend on the continuous and reliable operation of complex, interconnected systems, including servers, cooling infrastructure, power distribution equipment, network connectivity systems, and automated monitoring and control systems. Any failure or malfunction of these critical systems could cause service interruptions that adversely affect our customers' operations and our financial performance. Equipment failures may result from manufacturing defects, wear and tear, inadequate maintenance, human error, or unforeseen technical issues. Power outages, whether caused by utility grid failures, problems with our on-site power distribution systems, or failures of backup generators and uninterruptible power supply systems, could disrupt operations and potentially damage customer equipment. Cooling system failures could force us to shut down operations to prevent overheating and equipment damage, particularly given the high power density and heat generation associated with HPC/AI workloads. Network connectivity issues, including failures of our internet connections, internal networking equipment, or telecommunications infrastructure, could impair our ability to deliver services to customers and prevent remote monitoring and management of customer systems.

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Service interruptions, even of brief duration, can be extremely costly for customers running time-sensitive AI training, HPC simulations, or other compute-intensive workloads that cannot easily be paused or restarted. Such disruptions could result in customer claims for damages, liability under service level agreements, revenue loss from contractual credits or penalties, early contract terminations, and significant reputational damage that could impair our ability to attract and retain customers. Additionally, failures of our automation and monitoring systems could prevent us from detecting operational issues promptly, delay our response to problems, or result in inadequate oversight of customer infrastructure, potentially exacerbating service disruptions and increasing the associated costs and liabilities.

Our ability to prevent operational disruptions and respond rapidly to technical issues depends on the effectiveness of our maintenance procedures, the reliability of our backup and redundant systems, the skill and availability of our technical personnel, and the adequacy of our monitoring and alerting systems. While we maintain insurance coverage, such insurance may not cover all types of losses, may be subject to significant deductibles and coverage limitations, and may not adequately compensate us for the full extent of direct and indirect costs associated with service interruptions, including lost revenue, customer remediation costs, reputational harm, and the expense of implementing corrective measures. Any significant operational disruption could have a material adverse effect on our business, customer relationships, financial condition, and results of operations.

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***Increased scrutiny and changing expectations from stakeholders with respect to our environmental, social, and governance ("ESG") practices and the impacts of climate change may result in additional costs or risks.***

Companies across many industries are facing increasing scrutiny related to their ESG practices. Investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the non-financial impacts of their investments. Furthermore, increased public awareness and concern regarding environmental risks, including global climate change, has resulted and may continue to result in increased public scrutiny of our business and our industry, and our management team may divert significant time and energy away from our operations and towards responding to such scrutiny and reassuring our employees.

In addition, the physical risks of climate change may impact the availability and cost of materials and natural resources, sources and supply of energy, and could increase our insurance and other operating costs, including, potentially, to repair damage incurred as a result of extreme weather events or to renovate or retrofit facilities to better withstand extreme weather events. If environmental laws or regulations or industry standards are either changed or adopted and impose significant operational restrictions and compliance requirements on our operations, or if our operations are disrupted due to the physical impacts of climate change, our business, capital expenditures, results of operations, financial condition and competitive position could be negatively impacted. However, as a predominantly zero-carbon data center, we believe we are advantageously positioned relative to our competitors in this regard.

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***We plan to make considerable investments in our information technology systems and processes. Difficulties from or disruptions to these efforts may interrupt our normal operations and adversely affect our business and results of operations.***

We plan to make considerable investments in our information technology systems and processes and expect such investment to continue for the foreseeable future in support of our HPC hosting and colocation services. These continuing investments and upgrades include the implementation of new tools and technologies to further streamline and automate processes, including with respect to customer management, monitoring and reporting capabilities, procurement, and to support our compliance with evolving U.S. GAAP. These investments and upgrades and may take longer to complete and cost more than originally planned. As a result of our continued work on these projects, we may experience difficulties with our systems and business disruptions. Any such difficulties or disruptions may adversely affect our business and results of operations.

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***The development and advancement in the efficiency of AI models presents risks and challenges that may adversely impact our business and operating results.***

Rapid technological changes in computing hardware, software, and data center design could render our infrastructure obsolete or less competitive, adversely affecting our business and operating results.

The data center and high-performance computing industries are characterized by rapid technological change, frequent introduction of new products and services, and evolving industry standards and customer requirements. Advances in computing hardware, including the development of more powerful and efficient GPUs, accelerators, processors, and other specialized computing components, could render portions of our existing equipment less competitive or obsolete more quickly than anticipated, potentially requiring substantial capital expenditures to maintain competitiveness. Similarly, the introduction of, and advancement in the efficiency of AI models could potentially adversely affect data center usage by significantly reducing the computational power needed to train AI models, potentially leading to less demand for high-power density, liquid-cooled data center infrastructure and colocation facilities such as ours. New advancements in AI models could also alter the way data centers are currently designed and utilized and may adversely affect our business and results of operations. Changes in cooling technologies, including the potential shift from liquid cooling to more advanced or efficient cooling methodologies, could make our cooling infrastructure obsolete or less attractive to customers. Advances in data center design and architecture, including innovations in power distribution, space utilization, or facility layout, could favor newer facilities over our existing infrastructure, placing us at a competitive disadvantage.

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Furthermore, the emergence of new computing paradigms, such as quantum computing, neuromorphic computing, edge computing, or other distributed computing models, could fundamentally alter customer requirements and shift demand away from centralized, high-density data center infrastructure such as ours. Changes in networking requirements or technologies, including advances in interconnect speeds, protocols, or architectures, could require costly upgrades to our facilities or render our existing network infrastructure less competitive. The rapid pace of technological change in the HPC/AI sector may result in frequent hardware replacement cycles, increasing our capital expenditure requirements and reducing the useful life of our investments. Our substantial capital investments in facilities and equipment are made based on current technology and market requirements, and there is a significant risk that these investments may not adequately meet future customer demands or industry standards, potentially requiring premature write-offs, expensive retrofits, or replacement of infrastructure sooner than expected. If we are unable to adapt our facilities and offerings to keep pace with technological change, or if we make substantial investments in technologies that become obsolete or less desirable, our competitive position, utilization rates, pricing power, and profitability could be materially and adversely affected, which could have a material adverse effect on our business, financial condition, and results of operations.

***Supply chain and logistics issues for us, our contractors or our suppliers may frustrate or delay our expansion plans or increase the cost of constructing our infrastructure.***

The equipment used in our operations is generally manufactured by third parties using a large amount of commodity inputs (for example, steel, copper, aluminum). Many manufacturing businesses globally are currently experiencing supply chain issues and increased costs with respect to such commodities and other materials and labor used in their production processes, which is due to a complex array of factors including increased demand from the Bitcoin mining, HPC/AI services, data center and other industries, and which can occur from time to time. Procurement from suppliers which manufacture equipment outside of North America is also exposed to additional risks such as regulatory changes (for example, a tariff or ban on equipment imported or exported from certain jurisdictions) and global freight disruptions. Additionally, shortages in global semiconductor chip supply may impact procurement timelines for equipment. Such issues may cause delays in the delivery of, or increases in the cost of, the equipment used in our operations, which could materially impact our operating results and may delay our expansion plans.

***We may be vulnerable to climate-related risks, severe weather conditions and natural and man-made disasters, including earthquakes, fires, floods, hurricanes, tornadoes and severe storms (including impacts from rain, hail, snow, lightning and wind), as well as power outages and other industrial incidents, which could severely disrupt the normal operation of our business and adversely affect our results of operations.***

Our business may be subject to the physical risks of climate change, severe weather conditions and natural and man- made disasters, including earthquakes, fires, floods, hurricanes, tornadoes and severe storms (including impacts from rain, hail, snow, lightning and wind), as well as power outages and other industrial incidents, any of which could result in system failures, damage to equipment, power supply disruptions and other interruptions that could harm our business.

The potential physical impacts of climate change on our properties and operations are highly uncertain and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. The increased prevalence of natural disasters and other impacts attributable to climate change may materially and adversely impact the cost of production, operational efficiency and financial performance of our operations. Further, any impacts to our business and financial condition as a result of climate change are likely to occur over a sustained period of time and are therefore difficult to quantify with any degree of specificity. For example, extreme weather events may result in adverse physical effects on portions of our infrastructure, which could impact the operational efficiency of our assets or disrupt our supply chain and ultimately our business operations. In addition, disruption of transportation, power and distribution systems could result in delays to potential expansion plans, additional costs or reduced operational efficiency.

The reliability and operating efficiency of GPUs and other equipment is linked to weather conditions, including temperature and humidity. If we are unable to appropriately manage climatic conditions for the operating equipment inside our data centers, whether caused by either long or short term variations in weather conditions outside of optimal operating thresholds or as a result of ventilation equipment failure, GPUs and other equipment may be subject to reduced operating efficiency, increased equipment failure and higher maintenance costs. More severe or sustained climate-related events have the potential to disrupt our business and may cause us to experience higher attrition, losses and additional costs to resume operations.

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***A decline in the price of cryptoassets could lead to a reduction in the usage of mining equipment at our facilities.***

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As we transition our facility from Bitcoin mining colocation to HPC/AI infrastructure services, we continue to serve Bitcoin mining customers during the conversion period. Although we no longer hold significant direct exposure to Bitcoin, our current customers engage in Bitcoin mining. The price of cryptoassets have historically been subject to dramatic price fluctuations and are highly volatile. If the price of cryptoassets declines, our customers could incur future losses and these losses could be significant as they incur costs and expenses associated with our hosting of their miners at our facilities and other costs and expenses. If our colocation customers' losses are significant enough, they may be unable to continue to pay our fees, we may experience a decline in revenue from our colocation operations during the transition period. As we complete our transition to HPC/AI services, our exposure to cryptoasset price volatility will decline materially. However, this could have a material adverse effect on our business, prospects or operations during the transition period.

***Developments regarding the treatment of cryptoassets for tax purposes could adversely impact our business.***

Due to the new and evolving nature of cryptoassets and the absence of comprehensive guidance, many significant aspects of the tax treatment of transactions involving cryptoassets, such as the purchase and sale of Bitcoin and the receipt of staking rewards and other cryptoasset incentives and rewards products, are uncertain, and it is unclear what guidance may be issued in the future with respect to the tax treatment of cryptoassets and related transactions.

Current Internal Revenue Service ("**IRS**") guidance indicates that for U.S. federal income tax purposes cryptoassets, including Bitcoin, should be treated and taxed as property, and transactions involving the payment of Bitcoin for goods and services should be treated in effect as barter transactions. The IRS has also released guidance to the effect that, under certain circumstances, hard forks and airdrops of digital currencies may give rise to taxable events and guidance with respect to the determination of the tax basis of digital currencies. However, current IRS guidance does not address other significant aspects of the U.S. federal income tax treatment of cryptoassets and related transactions. Moreover, although current IRS guidance addresses the treatment of certain hard forks and airdrops, there continues to be uncertainty with respect to the timing and amount of income inclusions for various cryptoasset transactions, including staking rewards, other digital asset incentives, and reward products.

There can be no assurance that the IRS will not alter its existing position with respect to cryptoassets in the future or that applicable state, local, and other taxing authorities or courts will follow, or continue to follow, the approach of the IRS with respect to the treatment of cryptoassets, including Bitcoin. Generally, any alteration of existing guidance or issuance of new or different guidance may have negative consequences, including the imposition of a greater tax burden on investors in cryptoassets or imposing a greater cost on the acquisition and disposition of cryptoassets, In either case, this may have a negative effect on the trading price of Bitcoin or otherwise negatively impact our business, financial condition, and results of operations. In addition, future technological and operational developments that may arise with respect to cryptoassets may increase the uncertainty of its treatment for applicable tax purposes.

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***Government regulators and utilities may potentially restrict the ability of electricity suppliers to provide electricity to Bitcoin miners or data center colocation and hosting providers, including us, or Bitcoin mining or data center operations generally. While Blockfusion currently engages in bitcoin mining operations as a transitional revenue source while building out our primary business of data center colocation and hosting for AI/HPC infrastructure, both our transitional bitcoin mining activities and our core colocation and hosting business face potential regulatory restrictions on electricity supply.***

The supply of electricity for our existing or future operations, and the interconnection to the transmission system of any facilities we are currently developing or may develop in the future, could be limited or otherwise adversely impacted as a result of political pressure or regulation. Government and regulatory scrutiny related to Bitcoin mining facilities and HPC/AI services and their energy consumption and impact on the environment has increased and may continue to increase. Some governments and regulators are increasingly focused on the energy and environmental impact of Bitcoin mining activities and data centers in particular, including the impact on the electricity market that may arise from Bitcoin miners' price responsiveness. This has led to new governmental measures regulating, restricting or prohibiting the use of electricity for Bitcoin mining activities, or Bitcoin mining activities generally, and may lead to further measures with respect to Bitcoin miners and data centers more generally in any of the jurisdictions in which we operate from time to time. While we currently operate only in New York, regulations and restrictions in other states and jurisdictions represent risks to our future expansion plans and ability to develop facilities in other markets.

At the federal level, legislation has been proposed by various Senators that would require certain agencies to analyze and report on topics around energy consumption in the digital asset industry, including the type and amount of energy used for cryptocurrency mining and the effects of digital asset mining on energy prices and baseload power levels and the effect Bitcoin mining using more than 5 megawatts of power has on greenhouse gas emissions. There have also been calls by various members of Congress on the Environmental Protection Agency ("**EPA**") and Department of Energy ("**DOE**") to establish rules that would require digital asset miners to report their energy usage and emissions.

While Blockfusion currently operates only in New York, Texas regulations could materially impact any future expansion plans into Texas markets, given the state's importance as a data center hub. Further, in March 2022, ERCOT started requiring large scale digital asset miners to apply for permission to connect to Texas' power grid, and in April 2022, set up the Large Flexible Load Task Force ("**LFLTF**") which has since been rebranded as the Large Load Working Group ("**LLWG**"), to review the participation of large loads, including data centers and Bitcoin mining facilities, in the ERCOT system. The LLWG has been tasked to develop policy recommendations for consideration by ERCOT relating to network planning, markets, operations, and large load interconnection processes for large loads in the ERCOT network. In addition, in 2025 the Texas government enacted Senate Bill 6 ("**SB 6**"), which requires the PUCT and ERCOT to create new processes and impose new requirements for the interconnection of facilities with large electrical loads of at least 75 MWs to the ERCOT system. SB 6 also requires security type payments as part of the initial interconnection request, and creates a new approval that is required for co-location of generation with large loads. These changes, subject to the final rules adopted by the PUCT and ERCOT and any potential judicial review, would include:

● standardization for interconnecting large loads customers in manner designed to support business development in Texas while minimizing the potential for stranded infrastructure costs and maintain system reliability;

● requiring that a large load customer who is subject to these standards contribute to the recovery of the interconnecting electric utility's costs to interconnect the large load to a transmission system;

● codifying the process for the PUCT's evaluation of net metering arrangements involving a large load co-located with an existing generation resource;

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● directing ERCOT to develop a reliability service to competitively procure demand reductions from large load customers with a demand of at least 75 MWs to be deployed in the event of an anticipated emergency condition, which could include prohibitions on simultaneously participating in other demand response programs; and

● determining whether the current 4CP methodology used to calculate wholesale transmission rates ensures that all loads appropriately contribute to the recovery of a utility's costs to provide access to the transmission system, and if not, determine whether alternative methods to calculate wholesale transmission rates would more appropriately assign the cost of providing access to and wholesale service from the transmission system.

These processes and requirements remain subject to rulemaking procedures and there can be no assurance as to the timing or ultimate outcome of this rulemaking process. While these regulations do not currently affect our New York operations, the final regulations resulting from SB 6 and other processes involving PUCT and ERCOT, or any other restrictions on availability of electricity in Texas, could adversely impact any future expansion into Texas markets. Such regulations could result in increased costs in connection with interconnections to the ERCOT grid, changes to how transmission costs are allocated, reduced revenue from participation in demand response or similar programs, reduced availability of electricity, increased cost of electricity and other costs (including technical and reliability measures such as in connection with large load voltage ride-through), delays in the development and/or interconnection of facilities with transmission systems, onerous conditions and obligations, impacts on required equipment installations and/or more onerous disclosure and compliance burdens, and any of the foregoing could have a material adverse effect on our expansion strategy, business, operations, prospects, financial condition and operating results.

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**Risks Related to Governmental Regulation and Enforcement**

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***Changing environmental regulation and public energy policy may expose our business to new risks.***

Our HPC data center operations require a substantial amount of power and can only be successful, and ultimately profitable, if the costs we incur, including for electricity, are lower than the revenue we generate from our operations. As a result, any HPC data center facility we establish can only be successful if we can obtain sufficient electrical power for that facility on a cost-effective basis, and our establishment of new facilities requires us to find locations where that is the case. If new regulations are imposed, or if existing regulations are modified, the assumptions we made underlying our plans and strategic initiatives may be inaccurate, and we may incur additional costs to adapt our planned business, if we are able to adapt at all, to such regulations.

In addition, there continues to be increasing focus on the environmental impact of energy-intensive data center operations, particularly those supporting AI workloads. Data centers serving AI applications can require significantly more power per rack than traditional cloud computing, which may attract regulatory scrutiny. New legislation and increased regulation regarding climate change could impose significant costs on us and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs to comply with such regulations. Further, any future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such limitations.

Given the political significance and uncertainty around the impact of climate change and how it should be addressed, and energy disclosure and use regulations, we cannot predict how legislation and regulation will affect our financial condition and results of operations in the future in the United States. However, due to our Niagara Facility's access to clean power from predominantly hydroelectric and other renewable sources, we believe we are advantageously positioned relative to our competitors in this regard. Further, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change or energy use by us or other companies in our industry could harm our reputation. Any of the foregoing could result in a material adverse effect on our business and financial condition.

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***We are subject to a highly-evolving regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations could adversely affect our business, reputation, prospects or operations.***

As we transition from Bitcoin mining colocation to HPC/AI infrastructure services, we face evolving regulatory frameworks in multiple areas. Our future HPC/AI business will be subject to data center regulations, energy and environmental regulations, and potentially AI-specific regulatory requirements depending on how our role as infrastructure provider is classified. During our transition period, we also remain subject to regulations affecting cryptocurrency mining operations. As cryptocurrencies have grown in both popularity and market size, governments around the world have reacted differently to cryptocurrencies; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while some jurisdictions, such as the United States, subject the mining, ownership and exchange of cryptocurrencies to certain, and in some cases overlapping, unclear and evolving regulatory requirements.

We currently only operate in the United States, and do not currently have any plans to expand our operations beyond the United States. The complexity and evolving nature of our business and the significant uncertainty surrounding regulation of both the cryptocurrency industry and emerging AI infrastructure services requires us to exercise our judgment as to whether certain laws, rules, and regulations apply to us, and it is possible that governmental bodies and regulators may disagree with our conclusions. To the extent we have not complied with such laws, rules, and regulations, we could be subject to significant fines, revocation of licenses, limitations on our products and services, reputational harm, and other regulatory consequences, each of which may be significant and could adversely affect our business, operating results, and financial condition.

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Potentially increasing regulation and regulatory scrutiny may result in new costs for the Company and Company's management having to devote increased time and attention to regulatory matters, change aspects of the Company's business or result in limits on our operations. As discussed in "Expansion of our HPC/AI services could increase competitive, operational, legal and regulatory risks to our business in ways we cannot predict," emerging AI regulation such as the EU AI Act may impose requirements on infrastructure providers like us. The extent to which data center operators will be responsible for monitoring or restricting AI applications deployed on their infrastructure remains uncertain, but could result in additional compliance costs and operational restrictions. In addition, regulatory developments and/or the Company's business activities may require the Company to comply with certain regulatory regimes. Increasingly strict legal and regulatory requirements and any regulatory investigations and enforcement may result in changes to our business, as well as increased costs, and supervision and examination for ourselves and our service providers. Ongoing and future regulation and regulatory actions could also significantly restrict or eliminate the market for or uses of our services and/or may adversely affect the Company's business, reputation, financial condition and results of operations. Moreover, new laws, regulations, or interpretations may result in additional litigation, regulatory investigations, and enforcement or other actions. Adverse changes to, or our failure to comply with, any laws and regulations may have an adverse effect on our reputation and brand and our business, operating results, and financial condition.

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***The compliance costs of responding to new and changing regulations could adversely affect our operations.***

We are subject to various federal, state and local laws and regulations, including those relating to the generation, storage, handling, and disposal of hazardous substances and wastes. Certain of these laws and regulations also impose joint and several liability, without regard to fault, for investigation and cleanup costs on current and former owners and operators of real property and persons who have disposed of or released hazardous substances into the environment. Our operations may involve the use of hazardous substances and materials, such as petroleum fuel for temporary generators, as well as batteries, cleaning solutions, and other materials.

The course of future legislation and regulation in the United States remains difficult to predict, and potential increased costs associated with new legislation or regulation cannot be estimated at this time.

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***Our interactions with a blockchain may expose us to specially designated nationals ("SDN") or blocked persons and new legislation or regulation could adversely impact our business or the market for cryptocurrencies.***

During our transition period while we continue to provide Bitcoin mining colocation services, we face limited sanctions compliance risks. The Office of Financial Assets Control ("**OFAC**") of the U.S. Department of Treasury requires us to comply with its sanction program and not conduct business with persons named on its SDN list. As a data center infrastructure provider, we contract directly with identifiable customers and can implement know-your-customer (KYC) and sanctions screening procedures. However, to the extent our customers use our infrastructure for cryptocurrency-related activities, there is a theoretical risk that their blockchain transactions could involve sanctioned parties, which could result in negative publicity or regulatory scrutiny even though we do not control or have visibility into individual blockchain transactions. As we transition to HPC/AI infrastructure services, this risk will decline materially.

We are unable to predict the nature or extent of new and proposed legislation and regulation affecting our operations, or the potential impact of our customers' activities, which could have material adverse effects on our business and our industry more broadly. Further, we may be subject to investigation, administrative or court proceedings, and civil or criminal monetary fines and penalties as a result of any regulatory enforcement actions, all of which could harm our reputation and affect the value of our common stock.

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***Changing political and geopolitical conditions, including changing international trade policies and the implementation of wide-ranging, reciprocal and retaliatory tariffs, surtaxes and other similar import or export duties, or trade restrictions, could adversely impact our business, prospects, operations and financial performance.***

Changes in political and geopolitical conditions may be difficult to predict and may adversely affect our business, prospects, operations and financial performance. For example, changes in political and geopolitical conditions may lead to changes in governmental policies, laws and regulations, including with respect to sanctions, taxes, tariffs, surtaxes and other similar import or export duties, import and export controls or restrictions, tariff rate quotas, and the general movement of goods, materials, services and capital, or may lead to uncertainty as to the potential for such changes. Accordingly, our business, prospects, operations and financial condition may be significantly impacted by such changes in political and geopolitical conditions, and in particular by changes in international trade policies, including the imposition of tariffs, surcharges and other similar import or export duties, or trade restrictions including tariff rate quotas, as well as by uncertainty with respect to the potential for such changes.

In particular, in April 2025 the United States announced new tariffs, including an across-the-board 10% tariff on all countries and individualized higher tariffs on certain countries, including countries from which we have historically sourced miners and other hardware and equipment. Bilateral trade negotiations between the United States and various countries are ongoing, and further negotiations with other countries may still occur. As a result, tariffs rates are continuing to evolve, however we expect such tariffs as currently in effect or as currently proposed, as applicable, will likely result in higher costs to acquire miners and other hardware and equipment shipped after the effectiveness of applicable tariffs. For example, on August 7, 2025, the United States proposed a 100% tariff on semiconductors imported to the United States. While we may revisit our procurement strategy to attempt to mitigate the impact of such tariffs on our business, including by sourcing hardware and equipment from countries subject to lower tariffs, there can be no assurance that any such efforts will be effective. It is also possible that such tariffs and other trade restrictions could limit the availability of miners and other hardware and equipment, disrupt our operations, or adversely impact our growth plans. In addition, certain foreign countries have changed, and others may in the future change, their trade policies in response to changes in U.S. tariff policies, including by imposing reciprocal or retaliatory tariffs, surcharges or other similar import or export duties, and trade restrictions including tariff rate quotas, which may in turn escalate and result in a "trade war" or worsen and existing "trade war." Any escalated trade war could have a significant adverse effect on world trade and the world economy.

These shifts in trade policies in the U.S. and other countries are rapidly evolving and difficult to predict. The ultimate impact of any announced or future tariffs, surtaxes, or other similar import or export duties, and trade restrictions will depend on various factors, including what is ultimately implemented, the timing of implementation and the amount, scope and nature of such measures and potential exclusions from the application of those measures. The potential implications of such uncertainty, which include trade barriers, exchange rate fluctuations, rising costs for miners and other hardware and equipment and broader market contractions, could adversely affect our business, prospects, operations and financial performance.

***We are subject to environmental, health and safety laws and regulations, including applicable zoning, building-code and energy-efficiency standards and worker health and safety laws and regulations, that may expose us to significant liabilities for penalties, damages or costs of remediation or compliance.***

We and our operations and properties are subject to laws and regulations governing health and safety, the discharge of pollutants into the environment or otherwise relating to health, safety and environmental protection requirements in the countries and localities in which we operate. These laws and regulations may impose numerous obligations that are applicable to us, including acquisition of a permit or other approval before conducting construction or regulated activities; restrictions on the types, quantities and concentration of materials that can be released into the environment; limitation or prohibition of construction and operating activities in environmentally sensitive areas, such as wetlands or areas with endangered plants or species; imposition of specific health and safety standards addressing worker protection from work related health and safety risks; imposition of certain zoning, building code and energy-efficiency standards for the sites at which we operate; and imposition of significant liabilities for pollution, including investigation, remedial and clean-up costs. Failure to comply with these requirements may expose us to fines, penalties and/or interruptions in our operations (including our ability to recruit and retain personnel), among other sanctions, that could have a material adverse effect on our financial position, results of operations and cash flows. Certain environmental laws may impose strict, joint and several liability for costs required to clean up and restore sites where hazardous substances have been disposed of or otherwise released into the environment, including at current or former properties owned, leased or operated by us or at offsite disposal facilities, even under circumstances where the hazardous substances were released by prior owners or operators or the activities conducted and from which a release emanated complied with applicable law. Failure to obtain, secure renewal of, or maintain, permits or tightening of restrictions within our existing permits, or the failure to meet the zoning, building code, health and safety and energy-efficiency standards imposed by regulations applicable to our sites, could have a material adverse effect on our business, including our ability to recruit and retain personnel, or cause us to incur material expenses. Moreover, it is not uncommon for neighboring landowners, community groups, activists and other third parties to file claims for personal injury, property damage and nuisance allegedly caused by noise or the release of hazardous substances into the environment.

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The trend in environmental regulation has been to place more restrictions and limitations on activities that may be perceived to impact the environment or exacerbate climate change impacts, such as restrictions on the use of electricity for Bitcoin mining, HPC or other energy-intensive activities or the environmental impact of mining for the rare earth metals used in the production of mining servers, and thus there can be no assurance as to impact or the amount or timing of future expenditures for environmental regulation compliance or remediation. New or revised laws and regulations that result in increased compliance costs or additional operating restrictions, or the incurrence of environmental liabilities, could have a material adverse effect on our financial position, results of operations and cash flows.

***Our compliance and risk management methods might not be effective and may result in outcomes that could adversely affect our reputation, operating results and financial condition.***

Our ability to comply with applicable complex and evolving laws, regulations and rules is largely dependent on the establishment and maintenance of our compliance, audit and reporting systems, as well as our ability to attract and retain qualified compliance and other risk management personnel. We cannot assure you that our policies and procedures will be effective or that we will be successful in identifying all laws, regulations and rules applicable to us and in monitoring or evaluating the risks to which we are or may be exposed in all market environments or against all types of risks, including unidentified or unanticipated risks. Our risk management policies and procedures rely on a combination of technical and human controls and supervision that are subject to error and failure. Some of our methods for managing risk are discretionary by nature and are based on internally developed controls and observed historical market behavior, and may also involve reliance on standard industry practices. These methods may not adequately prevent losses, particularly as they relate to extreme market movements, which may be significantly greater than historical fluctuations in the market. Our compliance and risk management policies and procedures also may not adequately prevent losses due to technical errors if our testing and quality control practices are not effective in preventing failures. In addition, we may elect to adjust our risk management policies and procedures to allow for an increase in risk tolerance, which could expose us to the risk of greater losses.

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***The requirements of being a public company may strain Blockfusion's resources, divert management's attention and affect its ability to attract and retain qualified independent board members.***

As a public company, we will be subject to the reporting and corporate governance requirements of the Exchange Act, the listing requirements of the Nasdaq and other applicable securities rules and regulations, including the Sarbanes-Oxley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "**Dodd-Frank Act**"). Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming or costly and increase demand on our systems and resources, particularly after we are no longer an "emerging growth company" as defined in the JOBS Act. Among other things, the Exchange Act will require us to file annual, quarterly and current reports with respect to our business and results of operations and maintain effective disclosure controls and procedures and internal control over financial reporting. In order to improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from other business concerns, which could harm our business, financial condition, results of operations and prospects. Although we have already hired outside consultants to help comply with these requirements, we may hire additional personnel within our legal and finance departments in the future, which will increase our costs and expenses.

In addition, changing laws, regulations and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices. We intend to invest resources to comply with evolving laws, regulations and standards, and this investment may result in increased general and administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities. If our efforts to comply with new laws, regulations and standards differ from the activities intended by regulatory or governing bodies, regulatory authorities may initiate legal proceedings against us and our business and prospects may be harmed. As a result of disclosure of information in the filings required of a public company and in this proxy statement/prospectus, our business and financial condition will become more visible, which may result in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business, financial condition, results of operations and prospects could be materially harmed, and even if the claims do not result in litigation or are resolved in our favor, these claims, and the time and resources necessary to resolve them, could divert the resources of our management and materially harm our business, financial condition, results of operations and prospects.

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***Blockfusion may be exposed to risk if it cannot enhance, maintain and adhere to its internal controls and procedures.***

As a public company trading on the Nasdaq, we will have significant requirements for enhanced financial reporting and internal controls. The process of designing and implementing effective internal controls is a continuous effort that will require us to anticipate and react to changes in our business accounting, auditing and regulatory requirements and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company, and we are still early in the process of generating a mature system of internal controls and integration across business systems. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our financial statements, and harm our operating results.

Matters impacting our internal controls may cause us to be unable to report our financial information in an accurate manner or on a timely basis and thereby subject us to adverse regulatory consequences, including sanctions by the SEC or violations of Nasdaq rules. There also could be a negative reaction in the financial markets due to a loss of investor confidence in us and the reliability of our financial statements. Confidence in the reliability of our financial statements also could suffer if we or our independent registered public accounting firm continue to report a material weakness in our internal controls over financial reporting. This could seriously affect us and lead to a decline in the market price of our common stock.

***Blockfusion's auditor has identified a material weakness with respect to the design, implementation, and maintenance controls over applications that support Blockfusion's financial reporting processes.***

The material weaknesses identified for Blockfusion pertained to the lack of effectively designed, implemented, and maintained IT general controls over applications that support Blockfusion's financial reporting processes, insufficient segregation of duties across financially relevant functions, and lack of sufficient number of qualified personnel within its accounting, finance, and operations functions who possessed an appropriate level of expertise to provide reasonable assurance that transactions were being appropriately recorded and disclosed. Blockfusion has concluded that these material weaknesses existed because it did not have the necessary business processes, systems, personnel, and related internal controls.

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***As a public company, Blockfusion will incur increased expenses associated with the costs of being a public company.***

Following the consummation of the Business Combination, we will face a significant increase in insurance, legal, auditing, accounting, administrative and other costs and expenses as a public company that we do not currently incur as a private company. The Sarbanes-Oxley Act, including the requirements of Section 404 of that Act, as well as rules and regulations subsequently implemented by the SEC, the Dodd-Frank Act and the rules and regulations promulgated and to be promulgated thereunder, the Public Company Accounting Oversight Board ("**PCAOB**"), the SEC and the Nasdaq, impose additional reporting and other obligations on public companies. Compliance with public company requirements will increase our costs and make certain activities more time-consuming. A number of those requirements will require us to carry out activities that we have not done previously. For example, we will create new board committees and adopt new internal controls and disclosure controls and procedures. In addition, additional expenses associated with SEC reporting requirements will be incurred. Further, if any issues in complying with those requirements are identified (for example, if our independent registered accounting firm identifies a material weakness or significant deficiency in the internal control over financial reporting), we could incur additional costs to remediate those issues, and the existence of those issues could adversely affect our reputation or investor perceptions of it. Being a public company could make it more difficult or costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage with increased self-retention risk or substantially higher costs to obtain the same or similar coverage. Being a public company could also make it more difficult and expensive for us to attract and retain qualified persons to serve on our board of directors, board committees or as executive officers. Further, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

The additional reporting and other obligations imposed by various rules and regulations applicable to public companies will increase legal and financial compliance costs and the costs of related legal, auditing, accounting and administrative activities. These increased costs will require us to divert a significant amount of money that could otherwise be used to expand the business and achieve strategic objectives. Advocacy efforts by shareholders and third parties may also prompt additional changes in governance and reporting requirements, which could further increase costs.

**Risks Related to the Business Combination and Blue**

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***The ability of Blue shareholders to exercise redemption rights with respect to a large number of Public Shares, the terms of the proposed Business Combination or other factors may not allow Blue to complete the Business Combination or optimize its capital structure.***

Under the terms of the Business Combination Agreement, it is a condition to Blue's and Blockfusion's respective obligations to consummate the Business Combination, waivable by both parties, that, at the Closing, Pubco will receive cash and cash equivalents, of at least $75.0 million, after satisfaction of all unpaid Expenses of Blue and unpaid Expenses of Blockfusion, including funds remaining in the Trust Account (after satisfaction of required redemption payments) and net proceeds from Financing Transaction, if any such transactions are identified and consummated in connection with the proposed Business Combination in accordance with the terms and provisions contained in the Business Combination Agreement.

If redemptions reduce the funds available from the Trust Account to the point that the Minimum Cash Condition is not satisfied, Blue may need to seek to restructure the transaction to reserve a greater portion of the cash in the Trust Account, arrange for third-party financing or otherwise. Third-party financing may not be available on acceptable terms or at all. Furthermore, raising additional third-party financing may involve dilutive equity issuances or the incurrence of indebtedness at higher than desirable levels.

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If the Business Combination is unsuccessful, you would not receive your pro rata portion of the Trust Account until Blue liquidates the Trust Account or consummates an alternative initial business combination or upon the occurrence of an Extension or certain other corporation actions as set forth in the Current Charter. If you are in need of immediate liquidity, you could attempt to sell your shares in the open market; however, at such time Blue Ordinary Shares may trade at a discount to the pro rata amount per share in the Trust Account or there may be limited market demand at such time. In either situation, you may suffer a material loss on your investment or lose the benefit of funds expected in connection with Blue's redemption until Blue liquidates, consummates an alternative initial business combination, effectuates an Extension or takes certain other actions set forth in the Current Charter or you are able to sell your shares in the open market.

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***You may be unable to ascertain the merits or risks of Blockfusion's operations.***

If the Business Combination is consummated, Pubco will be affected by numerous risks inherent in Blockfusion's business, including those described in "*Risks Related to Blockfusion*." Although Blue's management has endeavored to evaluate the risks inherent in the proposed Business Combination with Blockfusion, Blue cannot assure you that it can adequately ascertain or assess all of the significant risk factors. Further, some of these risks may be outside of Blue's and Blockfusion's control. Blue also cannot assure you that an investment in Pubco's securities will not ultimately prove to be less favorable to investors in Blue than a direct investment, if an opportunity were available, in Blockfusion. In addition, if Blue shareholders do not believe that the prospects for the Business Combination are promising, a greater number of shareholders may exercise their redemption rights, which may make it difficult for Blue to consummate the Business Combination.

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***There is no assurance that Blue's diligence will reveal all material risks that may be present with regard to Blockfusion. Subsequent to the completion of the Business Combination, Pubco may be required to take write-downs or write-offs, restructuring and impairment or other charges that could have a significant negative effect on its financial condition and its share price, which could cause you to lose some or all of your investment.***

Blue cannot assure you that the due diligence Blue has conducted on Blockfusion will reveal all material issues that may be present with regard to Blockfusion, or that it would be possible to uncover all material issues through a customary amount of due diligence or that risks outside of Blue's and Blockfusion's control will not later arise. Blockfusion is aware that Blue must complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders). Consequently, Blockfusion may have obtained leverage over Blue, knowing that if Blue does not complete the Business Combination, Blue may be unlikely to be able to complete an initial business combination with any other target business prior to such deadline.

Blockfusion operates in a highly competitive industry and, while it has been doing business since 2019, Blockfusion has never before been a public company and its business and platform operations continue to change and evolve. As a result, Blue has therefore made its decision to pursue a business combination with Blockfusion on the basis of limited information, which may result in a business combination that is not as profitable as expected, if at all, for Blockfusion, Blue and their respective security holders. As a result of these factors, Pubco may be forced to later write-down or write-off assets, restructure operations, or incur impairment or other charges that could result in reporting losses.

Even if Blue's due diligence successfully identified certain risks, unexpected risks may arise and previously known risks may materialize in a manner not consistent with Blue's preliminary risk analysis. Even though these charges may be non-cash items and would not have an immediate impact on Blue's or Pubco's liquidity, the fact that charges of this nature are reported could contribute to negative market perceptions about Blockfusion or Blue and Pubco's securities. In addition, charges of this nature, if any, may cause Pubco to violate leverage or other covenants to which it may be (or in the future become) subject as a result of any financing that may be obtained by Pubco or Blockfusion after the consummation of the proposed Business Combination transaction. Accordingly, any shareholders of Blue who choose to remain shareholders of Pubco following the Business Combination could suffer a reduction in the value of their shares. Such shareholders are unlikely to have a remedy for such reduction in value unless they are able to successfully claim that the reduction was due to the breach by Blue's officers or directors of a fiduciary duty owed by them to Blue, or if they are able to successfully bring a private claim under securities laws that the proxy statement/prospectus relating to the Business Combination contained an actionable material misstatement or material omission.

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***Past performance by any member of the Blue management team or Blue Board, the Sponsor or any of their respective affiliates, may not be indicative of future performance of an investment in Blue or Pubco.***

Past performance by any member of Blue's management team or the Blue Board, the Sponsor, or any of their respective current or former affiliates or entities related to one or more of them, is not a guarantee of success with respect to the Business Combination. You should not rely on the historical record of any member of Blue's management team or the Blue Board or any of their respective current or former affiliates or entities related to one or more of them, or any of the investment performance of any of the foregoing, as indicative of the future performance of an investment in Blue or Pubco or the returns Blue or Pubco may (or may not), generate going forward. You are urged to read carefully, and consider independently, all of the information contained in this proxy statement/prospectus and in Pubco's public filings after the Closing, including the financial statements and other information incorporated herein and therein, including, without limitation, under the headings "*Risk Factors*" and "*The Business Combination Proposal — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination*." You are advised, in your sole discretion, to consult with your own financial and other advisors before you make investment decisions about buying or selling Blue's or Pubco's securities or investing in the business of Blockfusion. Involvement or past performance by Persons associated with any of Blockfusion, Pubco, or any other businesses, entities or persons affiliated or associated with any of them, does not guarantee that the Business Combination, Blockfusion or Pubco will be successful, and you should be prepared to lose your entire investment.

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***There are risks to Blue's shareholders who are not affiliates of the Sponsor of becoming shareholders of Pubco through the Business Combination rather than acquiring securities of Blockfusion directly in an underwritten public offering, including no independent due diligence review by an underwriter.***

There is no independent third-party underwriter involved in the Business Combination or the issuance of Pubco's securities in connection therewith. Underwritten public offerings of securities conducted by a licensed broker-dealer are subjected to a due diligence review by the underwriter or dealer manager to satisfy statutory duties under the Securities Act, the rules of Financial Industry Regulatory Authority, Inc. ("**FINRA**") and the national securities exchange where such securities are listed. Additionally, underwriters or dealer-managers conducting such public offerings are subject to liability for any material misstatements or omissions in a registration statement filed in connection with the public offering.

If Blockfusion became a public company through an underwritten public offering, the underwriters would be subject to liability under Section 11 of the Securities Act for material misstatements and omissions in the initial public offering registration statement. In general, an underwriter is able to avoid liability under Section 11 if it can prove that, it "had, after reasonable investigation, reasonable ground to believe and did believe, at the time the registration statement became effective, that the statements therein (other than the audited financial statements) were true and that there was no omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading." Because Blockfusion will become a public company through a business combination with Blue, a special purpose acquisition company, investors in Blue and Pubco may not have the same remedies available to them under U.S. federal securities laws in connection with the Business Combination as they otherwise might have had if Blockfusion were to have gone public in a traditional firm commitment underwritten initial public offering.

In addition, the amount of due diligence conducted by Blue and its advisors in connection with the Business Combination may not be as high as would have been undertaken by an underwriter in connection with an initial public offering of Blockfusion. Accordingly, it is possible that defects in Blockfusion's business or problems with Blockfusion's management that would have been discovered if Blockfusion conducted an underwritten public offering will not be discovered in connection with the Business Combination, which could adversely affect the market price of Pubco's securities.

Unlike an underwritten initial public offering, the initial trading of Pubco's securities will not benefit from the book-building process undertaken by underwriters that helps to inform efficient price discovery with respect to opening trades of newly listed shares and underwriter support to help stabilize, maintain or affect the public price of the new issue immediately after listing. The lack of such a process in connection with the listing of Pubco's securities on the Nasdaq could result in diminished investor demand, inefficiencies in pricing and a more volatile public price for Pubco's securities during the period immediately following the listing.

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***If third parties bring claims against Blue, the proceeds held in the Trust Account could be reduced and the per share redemption amount received by shareholders may be less than $10.12 per share (based on the Trust Account balance as of September 30, 2025).***

Blue's placing of funds in the Trust Account may not protect those funds from third-party claims against Blue. Although Blue seeks to have vendors, service providers (other than Blue's independent registered public accounting firm), prospective target businesses and other entities with which Blue does business execute agreements with Blue waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account, there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from bringing claims against the Trust Account, including, but not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against Blue's assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, Blue's management will consider whether competitive alternatives are reasonably available to Blue and will only enter into an agreement with such third party if management believes that such third party's engagement would be in the best interests of Blue under the circumstances. Blue's auditor, Elliott Davis, PLLC, and the IPO Underwriters have not and will not execute an agreement with Blue waiving such claims to the monies held in the Trust Account.

Examples of possible instances where Blue may engage a third party that refuses to execute a waiver include the engagement of a third-party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with Blue and will not seek recourse against the Trust Account for any reason. Upon redemption of Public Shares, if Blue has not completed its initial business combination within the required time period, or upon the exercise of a redemption right in connection with its initial business combination, Blue will be required to provide for payment of claims of creditors that were not waived that may be brought against Blue within the ten years following redemption. Accordingly, the per share redemption amount received by Blue Public Shareholders could be less than the $10.12 per Public Share (based on the Trust Account balance as of September 30, 2025, before the deduction of taxes payable and dissolution expenses), due to claims of such creditors.

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The Sponsor has agreed that it will be liable to Blue if and to the extent any claims by a third party for services rendered or products sold to Blue, or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination Agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in value of the trust assets, in each case net of taxes payable (and up to $100,000 of interest to pay dissolution expenses), except as to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under Blue's indemnity of the underwriters of Blue's IPO against certain liabilities, including liabilities under the Securities Act. Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. Blue has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor's only assets are securities of Blue. The Sponsor may not have sufficient funds available to satisfy those obligations. Blue has not asked the Sponsor to reserve for such obligations, and therefore, no funds are currently set aside to cover any such obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for the Business Combination and redemptions could be reduced to less than $10.00 per Public Share. In such event, Blue may not be able to complete the Business Combination, and you would receive such lesser amount per share in connection with any redemption of your Public Shares. None of Blue's directors or officers will indemnify Blue for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

Additionally, if Blue is forced to file a bankruptcy case or an involuntary bankruptcy case is filed against Blue which is not dismissed, or if Blue otherwise enters compulsory or court supervised liquidation, the proceeds held in the Trust Account could be subject to applicable bankruptcy law, and may be included in Blue's bankruptcy estate and subject to the claims of third parties with priority over the claims of Blue's shareholders. To the extent any bankruptcy claims deplete the Trust Account, Blue may not be able to return to its Public Shareholders $10.12 per share (which is the approximate amount per Blue's Public Share based on the Trust Account balance as of September 30, 2025, before the deduction of taxes payable and dissolution expenses). Blue has access to minimal funds held outside the Trust Account with which to pay any such potential claims. In the event that Blue liquidates, and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by creditors, however such liability will not be greater than the amount of funds from our Trust Account received by any such shareholder.

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***Blue's shareholders may be held liable for claims by third parties against Blue to the extent of distributions received by them upon redemption of their shares.***

If Blue is forced to enter into an insolvent liquidation, any distributions received by shareholders could be viewed as an unlawful payment if it was proved that immediately following the date on which the distribution was made, Blue was unable to pay Blue's debts as they fall due in the ordinary course of business. As a result, a liquidator could seek to recover all amounts received by Blue's shareholders. Furthermore, Blue's directors may be viewed as having breached their fiduciary duties to Blue or Blue's creditors or having acted in bad faith, and thereby exposing themselves and Blue to claims, by paying Blue's Public Shareholders from the Trust Account prior to addressing the claims of creditors. Blue cannot assure you that claims will not be brought against Blue for these reasons. Blue and its directors or any manager thereof who knowingly and willfully authorized or permitted any distribution to be paid out of Blue's share premium account while Blue was unable to pay Blue's debts as they fall due in the ordinary course of business would be guilty of an offence and may be liable to a fine and to imprisonment for five years in the Cayman Islands.

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***The unaudited pro forma financial information included in the section entitled "Unaudited Pro Forma Condensed Combined Financial Information" may not be representative of Pubco's results if the Business Combination is consummated and, accordingly, you will have limited financial information on which to evaluate the financial performance of Pubco and your investment decision.***

Blue and Blockfusion currently operate as separate companies, and Pubco is an entity established solely to effect the proposed Business Combination and has no operations. Blue has had no prior history as an operating company and its operations have not previously been managed on a combined basis. The pro forma financial information included in this proxy statement/prospectus is presented for informational purposes only and is not necessarily indicative of the financial position or results of operations that would have actually occurred had the Business Combination been completed at or as of the dates indicated, nor is it indicative of the future operating results or financial position of Pubco. The pro forma statement of operations does not reflect future nonrecurring charges resulting from the Business Combination. The unaudited pro forma financial information does not reflect future events that may occur after the Business Combination and does not consider potential impacts of current or future market conditions on revenues or expenses. The pro forma financial information included in the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" has been derived from Blue's and Blockfusion's historical financial statements and certain adjustments and assumptions have been made regarding Pubco after giving effect to the Business Combination. Differences between preliminary estimates in the pro forma financial information and the final acquisition accounting will occur and could have an adverse impact on the pro forma financial information and Pubco's financial position and future results of operations.

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In addition, the assumptions used in preparing the pro forma financial information may not prove to be accurate and other factors may affect Pubco's financial condition or results of operations following the Closing. Any potential decline in Pubco's financial condition or results of operations may cause significant variations in the stock price of Pubco.

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***Blue may issue preferred stock or additional ordinary shares to complete the Business Combination, which would dilute the interest of Blue shareholders and likely present other risks.***

The Current Charter authorizes the issuance of up to 500,000,000 Blue Class A Ordinary Shares, 50,000,000 Blue Class B Ordinary Shares, and 5,000,000 Blue Preference Shares. There are currently 479,107,750 authorized but unissued Blue Class A Ordinary Shares available for issuance, which amount does not take into account shares reserved for issuance upon exercise of outstanding Share Rights. There are currently 42,930,087 authorized but unissued Blue Class B Ordinary Shares available for issuance. There are currently no shares of Blue Preference Shares issued and outstanding.

Blue may issue preference shares or a substantial number of additional ordinary shares to complete the initial Business Combination or under an employee incentive plan after completion of the Business Combination. However, the Current Charter provides, among other things, that prior to Blue's initial business combination, Blue may not issue additional shares or any other securities that would entitle the holders thereof to (i) receive funds from the Trust Account or (ii) vote as a class with Public Shares on an initial business combination. These provisions of the Current Charter may be amended with a shareholder vote. The Sponsor agreed, pursuant to a written agreement with Blue, that it will not propose any amendment to the Current Charter that would affect the substance or timing of Blue's obligation to redeem 100% of its Public Shares if Blue does not complete the initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), unless Blue provides its Public Shareholders with the opportunity to redeem their Blue Class A Ordinary Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest will be net of taxes payable), divided by the number of then outstanding Public Shares. The issuance of additional shares:

● may significantly dilute the equity interest of existing investors;

● may subordinate the rights of shareholders if preferred stock is issued with rights senior to those afforded the Blue Ordinary Shares;

● could cause a change of control if a substantial number of ordinary shares are issued, which may affect, among other things, Blue's ability to use its net operating loss carry forwards, if any, and could result in the resignation or removal of Blue's present officers and directors; and

● may adversely affect prevailing market prices for Blue Units, Public Shares, and/or Share Rights.

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***Blue is dependent upon its executive officers and directors and their departure could adversely affect Blue's ability to operate and to consummate the initial business combination. Additionally, Blue's executive officers and directors also allocate their time to other businesses, thereby causing potential conflicts of interest that could have a negative impact on Blue's ability to complete the initial business combination.***

Blue's operations and its ability to consummate the Business Combination are dependent upon a relatively small group of individuals and, in particular, its executive officers and directors. Blue believes that its success depends on the continued service of its executive officers and directors, at least until the completion of the Business Combination. The unexpected loss of the services of one or more of Blue's directors or executive officers could have a detrimental effect on Blue and the ability to consummate the Business Combination. In addition, Blue's executive officers and directors are not required to commit any specified amount of time to its affairs and, accordingly, may have conflicts of interest in allocating management time among various business activities, including monitoring the due diligence and undertaking the other actions required in order to consummate the Business Combination. Each of Blue's executive officers is engaged in several other business endeavors for which they may be entitled to substantial compensation, and Blue's directors also serve as officers and board members for other entities. If Blue's executive officers' and directors' other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment levels, it could limit their ability to devote time to Blue's affairs, which may have a negative impact on Blue's ability to consummate the Business Combination.

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***Pubco's ability to be successful following the Business Combination will depend upon the efforts of the Pubco Board and key personnel, and the loss of such persons could negatively impact the operations and profitability of Pubco's post-Business Combination business.***

Pubco's ability to be successful following the Business Combination will be dependent upon the efforts of the Pubco Board and key personnel of Pubco. Blue cannot assure you that the Pubco Board and key personnel will be effective or successful or remain with Pubco. In addition to the other challenges they will face, such individuals may be unfamiliar with the requirements of operating a public company, which could cause Pubco's management to have to expend time and resources helping them become familiar with such requirements.

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It is estimated that, pursuant to the Business Combination Agreement, assuming no redemptions prior to or in connection with the proposed Business Combination, Blue's Public Shareholders will own approximately 30.3% of the equity interests or assets of Pubco after the Closing and Blue's management will not be engaged in the management of Pubco's business. Accordingly, the future performance of Pubco will depend upon the quality of the post-Business Combination board of directors, management and key personnel of Pubco.

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***Because the Initial Shareholders will lose their entire investment in Blue if the Business Combination or an alternative business combination is not completed by March 16, 2027 (or such other date as approved by the Blue shareholders), and because the Sponsor, executive officers and directors will not be eligible to be reimbursed for their out-of-pocket expenses if the Business Combination is not completed, a conflict of interest may have arisen in determining whether Blockfusion was appropriate for Blue's initial business combination.***

The Initial Shareholders received 7,069,913 Blue Class B Ordinary Shares from Blue for an aggregate price of $25,000, which will have a significantly higher value at the time of the Business Combination, if it is consummated, and, based on the closing price of the Blue Class A Ordinary Shares on [_], 2026, which was $[_], would have an aggregate value of $[_] as of the same date. If Blue does not consummate the Business Combination or another initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), and Blue is therefore required to be liquidated, these shares would be worthless, as the Initial Shareholders are not entitled to participate in any redemption or liquidation of the Trust Account. Additionally, unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of the forgoing expecting to occur) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof, but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated).

The personal and financial interests of Blue's executive officers and directors may have influenced their motivation in identifying and selecting a target business combination, completing an initial business combination and influencing the operation of the business following the initial business combination. At the closing of Blue's initial business combination, its Sponsor, executive officers and directors, or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on Blue's behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. In the event the Business Combination or an alternative business combination is completed, there is no cap or ceiling on the reimbursement of out-of-pocket expenses incurred in connection with activities on Blue's behalf. However, Blue's Sponsor, executive officers and directors, or any of their respective affiliates will not be eligible for any such reimbursement if the Business Combination or an alternative business combination is not completed. Such financial interests of Blue's Sponsor, executive officers and directors may have influenced their motivation in approving the Business Combination and may influence their motivation for completing the Business Combination.

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***The Sponsor paid nominal consideration for the Founder Shares it holds. As a result, the Sponsor may make a substantial profit if the Business Combination is consummated, even if the shares held by the Sponsor lose substantial value and even if the Business Combination arguably may not be in the best interests of Blue's Public Shareholders.***

The Sponsor has invested in Blue an aggregate of $3,935,000, comprised of the $25,000 purchase price for the Founder Shares and the $3,910,000 purchase price for the Private Placement Units. Assuming a trading price of $10.00 per share of Pubco upon consummation of the Business Combination, the 6,769,913 Founder Shares would have an aggregate implied value of $67,699,130 and the 391,000 shares underlying the Blue Private Placement Units would have an aggregate implied value of $3,647,500 at that time. Even if the trading price of Pubco Common Stock were as low as approximately $0.55 per share and the Share Rights were worthless, the value of the Founder Shares and Blue Private Placement Units would be equal to the Sponsor's initial investment in Blue. As a result, the Sponsor is likely to be able to make a substantial profit on its investment in Blue at a time when the Public Shares have lost significant value. If the Business Combination is not completed, however, and if Blue is forced to liquidate, the Sponsor will lose its entire investment in Blue. Accordingly, members of Blue's management team, who own interests in the Sponsor, may be more willing to pursue a business combination with a riskier or less-established target business than would be the case if the Sponsor had paid the same per share price for the Founder Shares as the Public Shareholders paid for their Public Shares in the IPO.

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***Blue's directors and officers may have interests in the Business Combination that differ from the interests of Blue's shareholders.***

Executive officers of Blue negotiated the terms of the Business Combination Agreement with their counterparts at Blockfusion, and the Blue Board determined that the Business Combination Agreement and the transactions contemplated thereby are fair, advisable and in the best interests of Blue, and approved the Business Combination Agreement and the transactions contemplated thereby. In considering these facts and the other information contained in this proxy statement/prospectus, you should be aware that Blue's executive officers and directors may have financial interests in the Business Combination that may be different from, or in addition to, the interests of Blue's shareholders, including, but not limited to, the continued service as an officer or director of Pubco, severance benefits, equity grants, continued indemnification and the potential ability to sell an increased number of shares of common stock of Pubco.

The Blue Board was aware of and considered these interests, among other matters, in reaching the determination that the Business Combination Agreement and the transactions contemplated thereby were fair, advisable and in the best interests of Blue. For a detailed discussion of the special interests that Blue's directors and executive officers may have in the Business Combination, see the section of this proxy statement/prospectus entitled "*Proposal No. 1: The Business Combination Proposal — Blue's Sponsor, Directors, Officers and Advisors in the Business Combination*."

You should consider the financial incentives that Blue's officers and directors may have to approve and complete the Business Combination when evaluating whether to vote for the Business Combination Proposal, as well as when considering whether to redeem your Public Shares prior to or in connection with the Business Combination.

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***The exercise of Blue's directors' and executive officers' discretion in agreeing to changes or waivers in the terms of the Business Combination may result in a conflict of interest when determining whether such changes to the terms of the Business Combination or waivers of conditions are appropriate and in Blue's shareholders' best interest.***

In the period leading up to the Closing, events may occur that, pursuant to the Business Combination Agreement, would require Blue to agree to amend the Business Combination Agreement, to consent to certain actions taken by Blockfusion or to waive rights that Blue is entitled to under the Business Combination Agreement. Such events could arise because of changes in the course of Blockfusion's business or a request by Blockfusion to undertake actions that would otherwise be prohibited by the terms of the Business Combination Agreement. In any of such circumstances, it would be at Blue's discretion to grant its consent or waive those rights. The existence of financial and personal interests of one or more of the directors or officers described in the preceding risk factors (and described elsewhere in this proxy statement/prospectus) may result in a conflict of interest on the part of such director(s) or officers(s) between what he, she or they may believe is best for Blue and its shareholders and what he, she or they may believe is best for himself, herself or themselves in determining whether or not to take the requested action.

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***Blue and Blockfusion will incur significant transaction and transition costs in connection with the Business Combination.***

Blue and Blockfusion have incurred significant transaction and transition costs in connection with the Business Combination, and Pubco will incur significant costs in operating as a public company following the consummation of the Business Combination. Pubco may also incur additional costs to retain key employees.

These expenses will reduce the amount of cash available to be used for other corporate purposes by Pubco if the Business Combination is completed or by Blue if the Business Combination is not completed. If the Business Combination is not consummated, Blue may not have sufficient funds to seek an alternative business combination and may be forced to liquidate and dissolve.

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***Blue's non-redeeming shareholders and Company Stockholders may not realize a benefit from the Business Combination commensurate with the ownership dilution they will experience in connection with the Business Combination.***

If Pubco is unable to realize the full strategic and financial benefits currently anticipated from the Business Combination, Blue shareholders and Company Stockholders will have experienced substantial dilution of their ownership interests in their respective companies without receiving any commensurate benefit, or only receiving part of the commensurate benefit to the extent Pubco and Blockfusion are able to realize only part of the strategic and financial benefits currently anticipated from the Business Combination.

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***During the pendency of the Business Combination, Blue and Blockfusion may not be able to enter into a business combination with another party because of restrictions in the Business Combination Agreement, which could adversely affect their respective businesses. Further, certain provisions of the Business Combination Agreement may discourage third parties from submitting alternative takeover proposals, including proposals that may be superior to the arrangements contemplated by the Business Combination Agreement.***

Covenants in the Business Combination Agreement impede the ability of Blue and Blockfusion to make acquisitions or complete other transactions that are not in the ordinary course of business pending completion of the Business Combination. As a result, if the Business Combination is not completed, the parties may be at a disadvantage to their competitors during the interim period prior to Closing. In addition, while the Business Combination Agreement is in effect, each party is generally prohibited from soliciting, initiating, encouraging or entering into certain extraordinary transactions, such as a merger, sale of assets or other business combination outside the ordinary course of business, with any third party, which transactions, if any materialized and were pursued, could have been or could be favorable to such party's shareholders.

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***If the conditions to the Business Combinations are not met, the Business Combination may not occur.***

Even if the Business Combination is approved by the shareholders of Blue (including each of the Required Proposals) and Company Stockholders, specified conditions must be satisfied or waived to complete the Business Combination. These conditions are described in detail in the Business Combination Agreement and, in addition to Blue shareholder or Company Stockholder's consent, include, among other requirements, (i) approval by Blue's shareholders of the Business Combination Agreement and the Transactions, (ii) approval by Company Stockholders of the Business Combination Agreement and the Transactions, (iii) the expiration or termination of any applicable waiting period under any applicable antitrust laws; (iv) the absence of any applicable law or order that makes illegal, or prohibits or prevents, the transactions contemplated by the Business Combination Agreement; (v) the members of the Pubco Board having been elected or appointed as of the Closing consistent with the requirements of the Business Combination Agreement; (vi) the Registration Statement having become effective in accordance with the provisions of the Securities Act, (vii) Pubco will have amended and restated its certificate of incorporation in a form satisfactory to Blue and Blockfusion, (viii) upon the Closing, the satisfaction of the Minimum Cash Condition; and (ix) shares of Pubco Class A Common Stock will have been approved for listing on Nasdaq upon the Closing. See "*The Business Combination Proposal (Proposal 1) — Conditions to Closing*" below for a more complete summary. Blue and Blockfusion cannot assure you that all of the conditions will be satisfied. If the conditions are not satisfied or waived, the Business Combination may not occur, or may be delayed and such delay may cause Blue and Blockfusion to each lose some or all of the intended benefits of the Business Combination. If the Business Combination does not occur, Blue may not be able to find another potential candidate for its initial business combination prior to Blue's deadline (currently March 16, 2027, or such other date as approved by the Blue shareholders), and Blue will be required to liquidate.

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***On January 24, 2024, the SEC issued final rules to regulate special purpose acquisition companies. Certain of the procedures that we, a potential business combination target, or others may determine to undertake in connection with such rules may increase Blue's costs and the time needed to complete the Business Combination and may constrain the circumstances under which Blue could complete a business combination.***

On January 24, 2024, the SEC issued final rules (the "**SPAC Rules**") relating, among other items, to disclosures in business combination transactions between special purpose acquisition companies ("**SPACs**") such as Blue and private operating companies; the condensed financial statement requirements applicable to transactions involving shell companies; the use of projections by SPACs in SEC filings in connection with proposed business combination transactions; and the potential liability of certain participants in proposed business combination transactions. These SPAC Rules may increase the costs of, and the time needed to negotiate and complete, an initial business combination, and may constrain the circumstances under which Blue could complete an initial business combination.

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***If Blue is deemed to be an investment company for purposes of the Investment Company Act, Blue would be required to institute burdensome compliance requirements and its activities would be severely restricted. As a result, in such circumstances, unless Blue is able to modify its activities so that it would not be deemed an investment company, Blue may abandon its efforts to complete an initial business combination and instead liquidate.***

There is currently some uncertainty concerning the applicability of the Investment Company Act to a SPAC, including a company like Blue. As a result, it is possible that a claim could be made that Blue has been operating as an unregistered investment company.

If Blue is deemed to be an investment company under the Investment Company Act, its activities would be severely restricted. In addition, Blue would be subject to burdensome compliance requirements. Blue does not believe that its principal activities will subject it to regulation as an investment company under the Investment Company Act. However, if Blue is deemed to be an investment company and subject to compliance with and regulation under the Investment Company Act, Blue would be subject to additional regulatory burdens and expenses for which it has not allotted funds. As a result, unless Blue is able to modify its activities so that it would not be deemed an investment company, Blue may abandon its efforts to complete an initial business combination and instead liquidate. Were Blue to liquidate, Blue's Share Rights would expire worthless, and its securityholders would lose the investment opportunity associated with an investment in the combined company, including potential price appreciation of Blue's securities.

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***To mitigate the risk that Blue might be deemed to be an investment company for purposes of the Investment Company Act, Blue may, at any time, instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in an interest-bearing demand deposit account until the earlier of the consummation of a business combination or Blue's liquidation. As a result, Blue may receive less interest on the funds held in the Trust Account than the interest Blue would have received pursuant to Blue's original Trust Account investments, which could reduce the dollar amount Blue's Public Shareholders would receive upon any redemption or Blue's liquidation.***

The funds in the Trust Account have, since the IPO, been held only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds investing solely in U.S. government treasury obligations and meeting certain conditions under Rule 2a-7 under the Investment Company Act. However, to mitigate the risk of Blue being deemed to be an unregistered investment company (including under the subjective test of Section 3(a)(1)(A) of the Investment Company Act) and thus subject to regulation under the Investment Company Act, Blue may, at any time, instruct Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing demand deposit account at a bank until the earlier of the consummation of a business combination or the liquidation of Blue. Blue intends to take such steps in the event that the proposed Business Combination with Blockfusion is not consummated or, in the event that Blue, in its sole discretion, determines there to be a reasonable likelihood of a material delay to the consummation of the proposed Business Combination with Blockfusion. However, the risks described herein exist even if no such material delay occurs or is determined to be reasonably likely to occur. Following such liquidation, Blue may receive less interest on the funds held in the Trust Account ****than the interest Blue would have received pursuant to its original Trust Account investments. However, interest previously earned on the funds held in the Trust Account still may be released to Blue to pay its taxes, if any, and certain other expenses as permitted. As a result, any decision to liquidate the investments held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest-bearing demand deposit account could reduce the dollar amount the Public Shareholders would receive upon any redemption or Blue's liquidation.

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The longer that the funds in the Trust Account are held in short-term U.S. government treasury obligations or in money market funds invested exclusively in such securities, the greater the risk that Blue may be deemed to be an unregistered investment company, in which case Blue may be required to liquidate. Accordingly, Blue may determine, in its discretion, to liquidate the securities held in the Trust Account at any time and instead hold all funds in the Trust Account in an interest-bearing demand deposit account, which could further reduce the dollar amount the Public Shareholders would receive upon any redemption or Blue's liquidation, and Blue expects to proceed with such steps in the event that that proposed Business Combination with Blockfusion is not consummated or in the event that Blue, in its sole discretion, determines there to be a reasonable likelihood of a material delay to the consummation of the proposed Business Combination with Blockfusion. Were Blue to liquidate, Blue Share Rights would expire worthless, and Blue's securityholders would lose the investment opportunity associated with an investment in the combined company, including any potential price appreciation of Blue's securities.

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***The Proposed Charter will designate the Court of Chancery of the State of Delaware as the sole and exclusive forum for actions and proceedings that may be initiated by the stockholders of Pubco, which could limit the stockholders' ability to obtain a favorable judicial forum for disputes with Pubco or its directors, officers, or employees.***

These choice of forum provisions may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Pubco or its directors, officers, or employees, which may discourage such lawsuits against Pubco and such persons. A stockholder that is unable to bring a claim in the judicial forum of its choosing may be required to incur additional costs in the pursuit of actions which are subject to the exclusive forum provisions described above. We believe these choice of forum provisions may benefit us by providing increased consistency in the application of the DGCL and federal securities laws by chancellors and judges, as applicable, particularly experienced in resolving corporate disputes, efficient administration of cases on a more expedited schedule relative to other forums, and protection against the burdens of multi-forum litigation. Pubco's stockholders will not be deemed to have waived Pubco's compliance with the federal securities laws and the rules and regulations thereunder as a result of the choice of forum provisions included in Pubco's governing documents. If a court were to find these provisions of Pubco's governing documents inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, Pubco may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect its financial condition, results of operations and cash flows.

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***The Sponsor or Blue's directors, officers, advisors and their affiliates may elect to purchase Blue Class A Ordinary Shares from Blue Public Shareholders, which may influence a vote on a proposed initial business combination and reduce the public "float" of the Blue Class A Ordinary Shares.***

The Sponsor or Blue's directors, officers, advisors or their affiliates may purchase Blue Class A Ordinary Shares in privately negotiated transactions or in the open market either prior to or following the completion of the Business Combination, although they are under no obligation to do so. However, other than as expressly stated herein, they have no current commitments, plans or intentions to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds in the Trust Account will be used to purchase Blue Class A Ordinary Shares in such transactions.

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Such a purchase may include a contractual acknowledgement that such a shareholder, although still the record holder of Blue Ordinary Shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights. In the event that the Sponsor or Blue's directors, officers, advisors or their affiliates purchase Blue Class A Ordinary Shares in privately negotiated transactions from Public Shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their shares. The purpose of such purchases could be to vote such shares in favor of the initial business combination and thereby increase the likelihood of obtaining shareholder approval of the initial business combination. Any such purchases of the Blue securities may result in the completion of the initial business combination that may not otherwise have been possible. Any such purchases will be reported pursuant to Section 13 and Section 16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements.

In addition, if such purchases are made, the public "float" of Blue Class A Ordinary Shares and the number of beneficial holders of Blue's securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of the Blue securities on a national securities exchange.

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***Blue shareholders who redeem their Blue Class A Ordinary Shares may continue to hold any Public Share Rights that they own, which will result in dilution to non-redeeming Blue shareholders upon conversion of such Public Share Rights.***

Blue shareholders who redeem their Blue Class A Ordinary Shares may continue to hold any Public Share Rights that they own at such time, which will result in additional dilution to non-redeeming holders upon conversion of such Public Share Rights into shares of Pubco Common Stock if the Business Combination is consummated. Assuming (a) all redeeming Blue shareholders that acquired Blue Units in the IPO continue to hold the Public Share Rights that were included in such Blue Units, and (b) maximum redemption of Blue Class A Ordinary Shares held by the redeeming Blue shareholders, 20,125,000 Public Share Rights would be retained by redeeming Blue shareholders. As a result, the redeeming Blue shareholders would hold Public Share Rights with an aggregate market value of approximately $[_] million, assuming a closing price of $[_] as reported by the Nasdaq on [_], 2026, while non-redeeming Blue shareholders would suffer additional dilution in their percentage ownership of Pubco upon conversion of the Public Share Rights held by redeeming Blue shareholders.

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***Blue's Share Rights Agreement designates the courts of the State of New York or the United States District Court for the Southern District of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the Share Rights, which could limit the ability of Share Right holders to obtain a favorable judicial forum for disputes with Blue.***

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***If Blue requires Public Shareholders who wish to redeem their Public Shares to comply with the delivery requirements for redemption, such shareholders may be unable to sell their securities when they wish to if the Business Combination is not approved.***

If Blue requires Public Shareholders who wish to redeem their Public Shares to comply with specific delivery requirements for redemption and such proposed business combination is not consummated, Blue will promptly return such certificates to the applicable Public Shareholders. Accordingly, investors who attempted to redeem their shares in such a circumstance will be unable to sell their securities after the failed acquisition until Blue has returned their securities to them. The market price for Blue's shares may decline during this time and Public Shareholders may not be able to sell their securities when they wish to, even while other shareholders that did not seek conversion may be able to sell their securities.

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***Investors may not have sufficient time to comply with the delivery requirements associated with exercise of their redemption rights.***

Pursuant to the Current Charter, Blue is required to give a minimum of only five (5) clear days' notice (meaning five (5) days' notice, excluding the day when the notice is received or deemed to be received and the day for which it is given or which it is to take effect) for an extraordinary general meeting. As a result, if Blue requires Public Shareholders who wish to redeem their Public Shares into the right to receive a *pro rata* portion of the funds in the Trust Account to comply with specific delivery requirements for conversion, holders may not have sufficient time to receive the notice and deliver their shares for redemption. Accordingly, investors may not be able to exercise their redemption rights and may be forced to retain Blue's securities when they otherwise would not want to.

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***Changes in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect Blue's business, including its ability to complete the Business Combination, and results of operations.***

Blue is subject to laws and regulations enacted by national, regional and local governments. In particular, Blue is required to comply with certain SEC and other legal requirements. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations and their interpretation and application may also change from time to time and those changes could have a material adverse effect on Blue's business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could have a material adverse effect on Blue's business, including its ability to complete the Business Combination, and results of operations.

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***The Business Combination may be subject to U.S. foreign investment regulations, which may impose conditions on or prevent the consummation of the Business Combination. Such conditions or limitations could also potentially make Class A Ordinary Shares less attractive to investors or cause Blue's future investments to be subject to U.S. foreign investment regulations.***

Blue's Sponsor is Blue Holdings Sponsor LLC, a Delaware limited liability company. The Sponsor currently owns 6,769,913 shares of Blue Class B Ordinary Shares, initially purchased by the Sponsor in the private placement occurring prior to the IPO, and 391,000 Private Placement Units, that were purchased by the Sponsor in a private placement which occurred simultaneously with the completion of the IPO. Ketan Seth, Blue's Chief Executive Officer and a director of Blue and a U.S. citizen, is the managing member of Blue Holdings, which is the managing member of the Sponsor. Other members of the Sponsor include certain officers and directors of Blue and other third party investors, who are all U.S. citizens except for one non-managing member, who is a citizen of the United Kingdom. The Sponsor is not controlled by any non-U.S. persons on a look-through basis. To the best of Blue's knowledge, the Sponsor does not have substantial ties or substantial interests with any non-U.S. persons. The Sponsor is expected to own approximately 9.9% of Pubco following the Business Combination, assuming that the other conditions and assumptions incorporated in the sections of this proxy statement/prospectus entitled "*Share Calculations and Ownership Percentages*" and "*Unaudited Pro Forma Condensed Combined Financial Information*" are also accurate as of the Closing Date.

Certain acquisitions or an initial business combination may be subject to review or approval by regulatory authorities pursuant to certain U.S. or foreign laws or regulations. In the event that such regulatory approval or clearance is not obtained, or the review process is extended beyond the period of time that would permit an initial business combination to be consummated with us, Blue may not be able to consummate an initial business combination with such target. In addition, regulatory considerations may decrease the pool of potential target companies Blue may be willing or able to consider.

Among other things, the U.S. Federal Communications Act prohibits foreign individuals, governments, and corporations from owning more than a specified percentage of the capital stock of a broadcast, common carrier, or aeronautical radio station licensee. In addition, U.S. law currently restricts foreign ownership of U.S. airlines. In the United States, certain mergers that may affect competition may require certain filings and review by the Department of Justice and the Federal Trade Commission, and investments or acquisitions that may affect national security are subject to review by the Committee on Foreign Investment in the United States ("**CFIUS**"). CFIUS is an interagency committee authorized to review certain transactions involving foreign investment in the United States by foreign persons in order to determine the effect of such transactions on the national security of the United States.

Outside the United States, laws or regulations may affect Blue's ability to consummate an initial business combination with potential target companies incorporated or having business operations in jurisdictions where national security considerations, involvement in regulated industries (including telecommunications), or in businesses where a country's culture or heritage may be implicated.

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U.S. and foreign regulators generally have the power to deny the ability of the parties to consummate a transaction or to condition approval of a transaction on specified terms and conditions, which may not be acceptable to Blue or a target. In such event, Blue may not be able to consummate a transaction with that potential target.

Blue does not believe that the business combination with Blockfusion is subject to review by CFIUS. However, if Blue does not complete the business combination with Blockfusion, the pool of other potential targets with whom Blue could complete an initial business combination may be limited and Blue may be adversely affected in competing with other special purpose acquisition companies that do not have similar ownership issues. Moreover, the process of government review, whether by CFIUS or otherwise, could be lengthy. Because Blue has only a limited time to complete its initial business combination, Blue's failure to obtain any required approvals within the requisite time period may require Blue to liquidate. If Blue liquidates, Blue's Public Shareholders may only receive a pro rata amount of the funds in Blue's trust account, and Blue Share Rights will expire worthless. This will also cause you to lose any potential investment opportunity in a target company and the chance of realizing future gains on your investment through any price appreciation in Pubco.

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***Changes in international trade policies, tariffs and treaties affecting imports and exports may have a material adverse effect on the performance or business prospects of Pubco after the Business Combination.***

There have recently been significant changes to international trade policies and tariffs affecting imports and exports. Any significant increases in tariffs on goods or materials or other changes in trade policy could negatively affect our ability to complete the Business Combination.

Recently, the U.S. has implemented a range of new tariffs and increases to existing tariffs. In response to the tariffs announced by the U.S., other countries have imposed, are considering imposing, and may in the future impose new or increased tariffs on certain exports from the United States. There is currently significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, taxes, government regulations and tariffs. and we cannot predict whether, and to what extent, current tariffs will continue or trade policies will change in the future.

Tariffs, or the threat of tariffs or increased tariffs, could have a significant negative impact on certain businesses, including Blockfusion (either due to domestic businesses' reliance on imported goods or dependence on access to foreign markets, or foreign businesses' reliance on sales into the United States). These tariffs and threats of tariffs and other potential trade policy changes could negatively affect the attractiveness of the Business Combination with Blockfusion or lead to material adverse effects on Pubco following the Business Combination. Among other things, to the extent that Blockfusion's business is affected by trade policies and/or tariffs, historical financial performance of Blockfusion may not provide useful guidance as to the future performance of Blockfusion, because future financial performance of Blockfusion may be materially affected by new U.S. tariffs or foreign retaliatory tariffs, or other changes to trade policies. We have entered into the Business Combination Agreement with Blockfusion, and the business prospects of a Blockfusion could change prior to the consummation of the Business Combination pursuant to the Business Combination Agreement, as a result of tariffs or the threat of tariffs that may have a material impact on Blockfusion's business, and it may be costly or impractical for us to terminate the Business Combination Agreement.

We may not be able to adequately address the risks presented by these tariffs or other potential trade policy changes. As a result, we may deem it costly, impractical or risky to complete the Business Combination with Blockfusion. If we complete the Business Combination with Blockfusion, Pubco's operations and financial results could be adversely affected following the Business Combination as a result of tariffs or changes to trade policies, which may cause the market value of the securities of Pubco to decline.

**Risks Related to Ownership of Pubco Common Stock**

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***An active market for Pubco's securities may not develop, which would adversely affect the liquidity and price of Pubco's securities.***

The price of Pubco's securities may vary significantly due to factors specific to Pubco, as well as to general market or economic conditions. Further, an active trading market for Pubco's securities may never develop or, if developed, it may not be sustained. You may be unable to sell your securities unless a market can be established and sustained.

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***There can be no assurance that the shares of Pubco Class A Common Stock that will be issued in connection with the Business Combination will be approved for listing on the Nasdaq following the Closing, or that Pubco after the Closing will be able to comply with the continued listing rules of the Nasdaq.***

In connection with the Business Combination and as a condition to Blue's and Blockfusion's obligations to complete the Business Combination, Pubco will be required to demonstrate compliance with the Nasdaq's initial listing requirements for Pubco Common Stock. Blue cannot assure you that Pubco will be able to meet those initial listing requirements, in which case neither party will be obligated to complete the Business Combination.

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In order to continue the listing of its securities on the Nasdaq, Blue prior to the Business Combination, and Pubco following the consummation of the Business Combination, must maintain certain financial, share price and distribution levels. Even if Pubco Class A Common Stock are approved for listing on the Nasdaq, Pubco may not meet the Nasdaq continued listing requirements following the Business Combination.

If the Nasdaq delists Pubco's securities from trading on its exchange and Pubco is not able to list its securities on another national securities exchange, Pubco's securities could be quoted on an over-the-counter market. If this were to occur, Pubco could face significant material adverse consequences, including:

● a limited availability of market quotations for its securities;

● reduced liquidity for its securities;

● a determination that Pubco Class A Common Stock is a "penny stock" which will require brokers trading in the common stock to adhere to more stringent rules and possibly result in a reduced level of trading activity in the secondary trading market for Pubco's securities;

● a decreased ability to issue additional securities or obtain additional financing in the future.

The continued eligibility for listing of Pubco's securities may depend on, among other things, the number of Public Shares that are redeemed.

The National Securities Markets Improvement Act of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred to as "covered securities." Because Blue Public Units, Public Shares and Blue Public Share Rights are listed on the Nasdaq, such securities qualify as covered securities under the statute. Although the states are preempted from regulating the sale of Blue's securities, the federal statute does allow the states to investigate companies if there is a suspicion of fraud, and, if there is a finding of fraudulent activity, then the states can regulate or bar the sale of covered securities in a particular case. While Blue is not aware of a state having used these powers to prohibit or restrict the sale of securities issued by blank check companies, other than the State of Idaho, certain state securities regulators view blank check companies unfavorably and might use these powers, or threaten to use these powers, to hinder the sale of securities of blank check companies in their states. Further, if Blue was no longer listed on the Nasdaq, Blue's securities would not qualify as covered securities under the statute and Blue would be subject to regulation in each state in which Blue offers its securities.

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***The market price of Pubco Class A Common Stock may decline as a result of the Business Combination.***

The market price of Pubco Class A Common Stock may decline as a result of the Business Combination for a number of reasons, including if:

● investors react negatively to the prospects of Pubco's business and the prospects of the Business Combination;

● the effect of the Business Combination on Pubco's business and prospects is not consistent with the expectations of financial or industry analysts; or

● Pubco does not achieve the perceived benefits of the Business Combination as rapidly or to the extent anticipated by financial or industry analysts.

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***Pubco's stock price may change significantly following the Business Combination and you could lose all or part of your investment as a result.***

The trading price of Pubco Class A Common Stock is likely to be volatile. The stock market recently has experienced extreme volatility. This volatility often has been unrelated or disproportionate to the operating performance of particular companies. You may not be able to resell your shares of Pubco Common Stock at an attractive price due to a number of factors such as those listed in "— *Risks Related to Blockfusion*" and the following:

● results of operations that vary from the expectations of securities analysts and investors;

● results of operations that vary from those of Pubco's competitors;

● changes in expectations as to Pubco's future financial performance, including financial estimates and investment recommendations by securities analysts and investors;

● declines in the market prices of stocks generally;

● strategic actions by Pubco or its competitors;

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● announcements by Pubco or its competitors of significant contracts, acquisitions, joint ventures, other strategic relationships or capital commitments;

● any significant change in Pubco's management;

● changes in general economic or market conditions or trends in Pubco's industry or markets;

● changes in business or regulatory conditions, including new laws or regulations or new interpretations of existing laws or regulations applicable to Pubco's business;

● future sales of Pubco Class A Common Stock or other securities;

● investor perceptions of the investment opportunity associated with Pubco Class A Common Stock relative to other investment alternatives;

● the public's response to press releases or other public announcements by Pubco or third parties, including Pubco's filings with the SEC;

● litigation involving Pubco, Pubco's industry, or both, or investigations by regulators into the Pubco Board, Pubco's operations or those of Pubco's competitors;

● guidance, if any, that Pubco provides to the public, any changes in this guidance or Pubco's failure to meet this guidance;

● the development and sustainability of an active trading market for Pubco Class A Common Stock;

● actions by institutional or activist shareholders;

● changes in accounting standards, policies, guidelines, interpretations or principles; and

● other events or factors, including those resulting from pandemics, natural disasters, war, acts of terrorism or responses to these events.

These broad market and industry fluctuations may adversely affect the market price of Pubco Class A Common Stock, regardless of Pubco's actual operating performance. In addition, price volatility may be greater if the public float and trading volume of Pubco Class A Common Stock is low.

In the past, following periods of market volatility, shareholders have instituted securities class action litigation. If Pubco was involved in securities litigation, it could have a substantial cost and divert resources and the attention of executive management from Pubco's business regardless of the outcome of such litigation.

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***Because there are no current plans to pay cash dividends on Pubco Class A Common Stock for the foreseeable future, you may not receive any return on investment unless you sell your Pubco Class A Common Stock at a price greater than what you paid for it.***

Pubco intends to retain future earnings, if any, for future operations, expansion and debt repayment and there are no current plans to pay any cash dividends for the foreseeable future. The declaration, amount and payment of any future dividends on shares of Pubco Class A Common Stock will be at the sole discretion of the Pubco Board. The Pubco Board may take into account general and economic conditions, Pubco's financial condition and results of operations, Pubco's available cash and current and anticipated cash needs, capital requirements, contractual, legal, tax and regulatory restrictions, implications of the payment of dividends by Pubco to its shareholders or by its subsidiaries to it and such other factors as the Pubco Board may deem relevant. As a result, you may not receive any return on an investment in Pubco Class A Common Stock unless you sell your Pubco Class A Common Stock for a price greater than that which you paid for it.

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***Pubco stockholders may experience dilution in the future.***

The percentage of shares of Pubco Common Stock owned by current shareholders may be diluted in the future because of equity issuances for acquisitions, capital market transactions or otherwise, including, without limitation, equity awards that Pubco may grant to its directors, officers and employees, if any. Such issuances may have a dilutive effect on Pubco's earnings per share, which could adversely affect the market price of Pubco Common Stock. Blockfusion management expects that Transition CapEx Requirements will be largest during Years 1-3 of the Forecast Period (estimated to be approximately $150.5 million, $526.2 million and $229.7 million during Years 1, 2 and 3, respectively) and such capital expenditures will require financing, which may not be fulfilled through the net proceeds received through the Business Combination. If Pubco's HPC/AI Transition requires funding through equity issuances, the holders of Pubco Common Stock could experience further dilution as a result of such issuances. See the risk factor entitled *"We plan to finance our HPC/AI Transition plans through various financing methods, including by issuing new shares of our common stock in public offerings, which dilutes the ownership interests of our current stockholders, and which may adversely affect the market price of our securities."* for more information regarding dilution associated with such issuances.

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***The dual class structure of the Pubco Common Stock will have the effect of concentrating voting power with Blockfusion's founders, which will limit an investor's ability to influence the outcome of important transactions, including a change in control.***

Shares of Pubco Class B Common Stock will have twenty (20) votes per share, while shares of Pubco Class A Common Stock will have one (1) vote per share. Upon the consummation of the Business Combination, Alex Martini-Lo Manto, Kant Trivedi, Robert Scott and Gustavo Mana will hold an aggregate of approximately 87.1% of the voting power of Pubco's outstanding capital stock following the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"). As a result, if they act together, they will be able to control matters submitted to Pubco's stockholders for approval, including the election of directors, amendments of its organizational documents and any merger, consolidation, sale of all or substantially all of its assets or other major corporate transactions (although neither founder will individually have a majority of the voting power). As long as Alex Martini-Lo Manto, Kant Trivedi, Robert Scott and Gustavo Mana continue to hold greater than 51.7% of the Pubco Class B Common Stock, they may be able to control the outcome of matters submitted to stockholders for approval. Blockfusion's founders may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. This concentrated control may have the effect of delaying, preventing or deterring a change in control of Pubco, could deprive its stockholders of an opportunity to receive a premium for their shares as part of a sale of Pubco, and might ultimately affect the market price of shares of Pubco Class A Common Stock. The Proposed Charter provides that each share of Pubco Class B Common Stock may be converted, at any time, into one share of Pubco Class A Common Stock at the option of the holder of Pubco Class B Common Stock, which, if issued in the future, could result in dilution to holders of Pubco Class A Common Stock. For information about its dual class structure, see the section titled "*Description of Securities of Pubco*."

***The Proposed Charter provides for a dual-class multiple voting Pubco Common Stock structure, and Pubco cannot predict the effect this structure of the Pubco Common Stock may have on the market price of the Pubco Class A Common Stock.***

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Pubco cannot predict whether having a Proposed Charter that permits the issuance of multiple voting shares in a dual-class structure will result in a lower or more volatile market price of the Pubco Class A Common Stock, adverse publicity or other adverse consequences. For example, certain index providers have announced and implemented restrictions on including companies with multiple-class share structures in certain of their indices. In July 2017, FTSE Russell announced that it would require new constituents of its indices to have greater than 5% of the company's voting rights in the hands of public stockholders, and S&P Dow Jones announced that it would no longer admit companies with multiple class share structures to certain of its indices. Affected indices include the Russell 2000 and the S&P 500, S&P MidCap 400 and S&P SmallCap 600, which together make up the S&P Composite 1500 (although S&P Dow Jones recently announced changes to its policies in April 2024 to again permit inclusion of companies with multi-class share structures in its indices). Also in 2017, MSCI, a leading stock index provider, opened public consultations on its treatment of no-vote and multi-class structures and temporarily barred new multi-class listings from certain of its indices; however, in October 2018, MSCI announced its decision to include equity securities "with unequal voting structures" in its indices and to launch a new index that specifically includes voting rights in its eligibility criteria. Under such announced and implemented policies, the dual-class structure of the Pubco Common Stock may make Pubco ineligible for inclusion in certain indices and, as a result, mutual funds, exchange-traded funds and other investment vehicles that attempt to passively track those indices may not invest in Pubco's Class A Common Stock. These policies are relatively new and it is unclear what effect, if any, they will have on the valuations of publicly-traded companies excluded from indices, but it is possible that they may adversely affect valuations, as compared to similar companies that are included. Due to the dual-class structure of the Pubco Common Stock, Pubco may be excluded from certain indices, and Pubco cannot assure you that other stock indices will not take similar actions. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from certain stock indices would likely preclude investment by many of these funds and could make the Pubco Class A Common Stock less attractive to other investors. As a result, the market price of the Pubco Class A Common Stock could be adversely affected.

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***Following the Business Combination, Pubco will become a "controlled company" within the meaning of the Nasdaq rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are subject to such requirements.***

Pubco will have a dual class structure and, upon the Closing, Alex Martini-Lo Manto, Kant Trivedi, Robert Scott and Gustavo Mana will hold an aggregate of approximately 87.1% of the voting power of Pubco's outstanding capital stock following the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*").

Pubco will qualify as a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and will elect not to comply with certain corporate governance requirements, specifically director nominees be selected or recommended to the board by independent directors. Pubco does not expect to rely on any of the controlled company exemptions. However, Pubco may rely on the corporate governance exemptions only so long as we qualify as a controlled company. To the extent Pubco relies on any of these exemption in the future, holders of shares of Pubco Class A Common Stock will not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of Nasdaq, and Pubco cannot predict the impact this may have on the price of the Pubco Class A Common Stock.

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***If securities or industry analysts do not publish research or reports about Pubco's business, if they change their recommendations regarding Pubco Common Stock or if Pubco's operating results do not meet their expectations, Pubco Common Stock price and trading volume could decline.***

The trading market for Pubco Common Stock will depend in part on the research and reports that securities or industry analysts publish about Pubco or its businesses. If no securities or industry analysts commence coverage of Pubco, the trading price for Pubco Common Stock could be negatively impacted. In the event securities or industry analysts initiate coverage, if one or more of the analysts who cover Pubco downgrade its securities or publish unfavorable research about its businesses, or if Pubco's operating results do not meet analyst expectations, the trading price of Pubco Common Stock would likely decline. If one or more of these analysts cease coverage of Pubco or fail to publish reports on Pubco regularly, demand for Pubco Common Stock could decrease, which might cause Pubco Common Stock price and trading volume to decline.

***Pubco will issue shares of Common Stock as consideration for the Business Combination, which will result in immediate dilution to Blue shareholders, and may issue additional shares or other equity or equity-linked securities without approval of its shareholders, which would dilute existing ownership interests and may depress the market price of shares of Pubco Common Stock.***

Upon consummation of the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Share Calculations and Ownership Percentages*"), (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding shares of Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.9% of the outstanding shares of Pubco Common Stock, (iii) the IPO Underwriters are expected to own approximately 0.5% of the outstanding shares of Pubco Common Stock, (iv) the Blue Advisor is expected to own approximately 0.4% of the outstanding shares of Pubco Common Stock, and (v) the Company Stockholders are expected to own approximately 58.9% of the shares of Pubco Common Stock.

These percentages assume, among other assumptions, that at, or in connection with, the Closing, (i) no Public Shareholders redeem Public Shares prior to or in connection with the Business Combination, (ii) there are no pre-Closing transfers, distributions or forfeitures of securities held by the Sponsor, (iii) that all outstanding Blue Share Rights have been converted into shares of Pubco Class A Common Stock at Closing, (iv) that no Assumed Options or Assumed Warrants are converted or exercised post-Closing, and (v) no shares of Pubco Common Stock are issued pursuant to the Incentive Plan. If actual facts are different from these assumptions, which they are likely to be, the percentage ownership retained by the Blue shareholders and Company Security Holders in Pubco, and the associated voting power, will be different.

Additionally, Blue or Pubco may, prior to the Closing, offer or sell additional securities in connection with a PIPE or other Financing Transaction, the issuance of which would dilute ownership interests to Public Shareholders that do not redeem Public Shares in connection with the Business Combination.

Additionally, the terms of the Business Combination Agreement contemplate the adoption, effective at Closing, subject to approval by the Blue shareholders at the Blue Extraordinary General Meeting, of the Incentive Plan, pursuant to which Pubco may make grants or issue equity or equity-linked securities after the Closing in accordance with the terms of such plan from reserves of shares Pubco Common Stock to be established for such purpose.

The potential issuance of shares, or the vesting and settlement or exercise of equity-linked securities issued or granted under the Incentive Plan would also result in additional dilution to non-redeeming Blue shareholders. The dilutive effects of the conversion of Public Rights and Private Rights at various redemptions levels is illustrated in the table set forth below.

In addition to the foregoing potential sources of dilution to non-redeeming Public Shareholders, after the Closing, Pubco may require capital investment to support its business, and Pubco may issue additional shares of Common Stock or other equity or convertible debt securities of equal or senior rank in the future without approval of the holders of Pubco stock in certain circumstances, all of which may result in additional dilution to non-redeeming Public Shareholders.

The percentage of the outstanding shares and voting power of Pubco Common Stock that will be owned by Public Shareholders after the Closing will vary based, among other things, on the number of Public Shares redeemed in connection with the Business Combination and the issuance by Blue or Pubco of additional equity or equity-based securities prior to, at or after the Closing. Certain dilutive effects on non-redeeming Blue shareholders across various redemption scenarios are shown in the table set forth below, though, as described herein, there may be other sources of dilution that impact ownership and voting control of Public Shareholders after the Business Combination is consummated.

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The following table illustrates varying beneficial ownership levels in Pubco immediately following the Business Combination, incorporating the assumptions described below and in the section entitled *"Unaudited Pro Forma Condensed Combined Financial Information,"* as well as possible sources and extents of dilution for non-redeeming Public Shareholders, assuming no redemptions by Public Shareholders, 25% redemption by Public Shareholders, 50% redemption by Public Shareholders, and the Contractual Maximum Redemptions Scenario assumptions with regard to redemptions by Public Shareholders, as further described below:

The following table illustrates varying ownership levels of Pubco immediately following the Business Combination:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 25% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming 50% of<br> Contractual Maximum Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
|  | Shares | | % Ownership | Shares |  | % Ownership | Shares |  | % Ownership | Shares |  | % Ownership |
| Pubco Class A Common Stock held by Blockfusion Stockholders<sup>(1)</sup> | 25796121 |  | 35.4% | 25796121 |  | 36.7% | 25796121 |  | 38.2% | 25796121 |  | 41.5% |
| Pubco Class B Common Stock held by Blockfusion Stockholders<sup>(2)</sup> | 17016302 |  | 23.4% | 17016302 |  | 24.2% | 17016302 |  | 25.2% | 17016302 |  | 27.3% |
| Pubco Class A Common Stock held by Blue Public Shareholders and holders of Public Rights | 22137500 | (3) | 30.4% | 19482380 | (4) | 27.8% | 16827260 | (5) | 24.9% | 11517020 | (6) | 18.5% |
| Pubco Class A Common Stock held by Sponsor<sup>(7)</sup> | 7200013 |  | 9.9% | 7200013 |  | 10.3% | 7200013 |  | 10.7% | 7200013 |  | 11.6% |
| Pubco Class A Common Stock held by IPO Underwriters and affiliates<sup>(8)</sup> | 396375 |  | 0.5% | 396375 |  | 0.6% | 396375 |  | 0.6% | 396375 |  | 0.6% |
| Pubco Class A Common Stock held by Blue Advisor | 300000 |  | 0.4% | 300000 |  | 0.4% | 300000 |  | 0.4% | 300000 |  | 0.5% |
| **Total Pubco Common Stock** | **72846311** |  | **100.0%** | **70191191** |  | **100.0%** | **67536071** |  | **100.0%** | **62225831** |  | **100.0%** |

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(1) Consists
of Pubco Class A Common Stock issued to holders of shares of Company Class A Common Stock upon the effective time of the Business Combination,
which is equal to the product of (x) the Exchange Ratio multiplied by (y) the total shares of Company Class A Common Stock issued and
outstanding immediately prior to the Closing.

(2) Consists
of Pubco Class B Common Stock issued to holders of shares of Company Class B Common Stock upon the effective time of the Business Combination,
which is equal to the product of (x) the Exchange Ratio multiplied by (y) the total shares of Company Class B Common Stock issued and
outstanding immediately prior to the Closing.

(3) Consists of, in the No Redemptions Scenario, (i) 20,125,000
Blue Class A Ordinary Shares subject to possible redemption which Public Shareholders elected not to redeem in connection with the Business
Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of which will automatically convert into one-tenth of one share
of Pubco Class A Common Stock upon the Closing.

(4) Consists of, in the
 25% Contractual Maximum Redemptions Scenario (i) 17,469,880 Blue Class A Ordinary Shares
 subject to possible redemption which Public Shareholders elected not to redeem in connection
 with the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of
 which will convert into one-tenth of one share of Pubco Class A Common Stock upon the Closing
 of the Business Combination.

(5) Consists of, in the
 50% Contractual Maximum Redemptions Scenario, (i) 14,814,760 Blue Class A Ordinary Shares
 subject to possible redemption which Public Shareholders elected not to redeem in connection
 with the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of
 which will convert into one-tenth of one share of Pubco Class A Common Stock upon the Closing
 of the Business Combination.

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(6) Consists of, in the
 Contractual Maximum Redemptions Scenario, (i) 9,504,520 Blue Class A Ordinary Shares subject
 to possible redemption which Public Shareholders elected not to redeem in connection with
 the Business Combination and (ii) 20,125,000 Blue Acquisition Public Rights, each of which
 will automatically convert into one-tenth of one share of Pubco Class A Common Stock upon
 the Closing.

(7) Consists of (i) 391,000 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the Sponsor, (ii) 6,769,913 issued and outstanding Blue Class A Ordinary Shares
not subject to possible redemption held by the Sponsor resulting from the conversion of the Blue Class B Ordinary Shares held by the
Sponsor which will convert on a one-for-one basis into Blue Class A Ordinary Shares not subject to possible redemption immediately prior
to the effective time of the Closing, and (iii) 39,100 Blue Class A Ordinary Shares not subject to possible redemption held by the Sponsor
resulting from the conversion of the Private Placement Rights held by the Sponsor, each of which will automatically convert into one-tenth
of one share of Pubco Class A Common Stock upon the Closing.

(8) Consists of (i) 376,250 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the IPO Underwriters, and (ii) 20,125 Blue Class A Ordinary
Shares not subject to possible redemption held by the IPO Underwriters resulting from the conversion of the Private Placement
Rights held by the IPO Underwriters, each of which will automatically convert into one-tenth of one share of Pubco Class
A Common Stock upon the Closing.

The numbers of shares and percentage interests set forth above reflect different redemption scenarios as set forth below.

● **Assuming No Redemptions:** This presentation assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares at or prior to the consummation of the Business Combination.

● **Assuming 25% of Contractual Maximum Redemptions:** In addition to the assumptions in the "No Redemptions" scenario, this presentation assumes that the Public Shareholders holding approximately 13.2% of the Public Shares exercise redemption rights with respect to their Public Shares, which is approximately 25% of the Public Shares assumed to be redeemed under the contractual maximum redemption scenario. This scenario assumes that 2,655,120 Public Shares are redeemed for an aggregate Redemption Payment of approximately $26.9 million.

● **Assuming 50% of Contractual Maximum Redemptions:** In addition to the assumptions in the "No Redemptions" scenario, this presentation incorporates all of the assumptions in the "Contractual Maximum Redemptions Scenario" described below and assumes that the Public Shareholders holding approximately 26.4% of the Public Shares exercise redemption rights with respect to their Public Shares, which is approximately 50% of the Public Shares assumed to be redeemed under the contractual maximum redemption scenario. This scenario assumes that 5,310,240 Public Shares are redeemed for an aggregate Redemption Payment of approximately $53.7 million.

**●** **Assuming Contractual Maximum Redemptions:** In addition to the assumptions described in the "No Redemptions" scenario, this presentation assumes there are no redemptions of Public Shares prior to the Business Combination's consummation and that 10,620,480 Public Shares are redeemed upon consummation of the Business Combination for aggregate Redemption Payments of $107.5 million, assuming a redemption price of $10.12 per share (based on $203.7 million contained in the Trust Account as of September 30, 2025), which represents the maximum number of Public Shares that could be redeemed in connection with the Closing while still enabling the parties to satisfy the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of Redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million. The "contractual maximum redemption scenario" represents the maximum number of Public Shares that may be redeemed while satisfying the Minimum Cash Condition, taking into account the assumptions described above. In the event that aggregate cash and cash equivalents delivered to Pubco at Closing is insufficient to meet the Minimum Cash Condition set forth in the Business Combination Agreement, a condition to the Closing would not be met and the Business Combination may not be consummated unless the Minimum Cash Condition is waived.

The foregoing table does not reflect the impact of any other equity issuances on the beneficial ownership levels of Pubco, such as:

● grants of equity under the Incentive Plan or any other Pubco equity incentive plans that may be made in the future; or

● any private investment in public equity or any other dilutive financing sources, as none of Blue, Blockfusion or Pubco has any commitments any such Financing Transaction commitments at this time, in connection with the Business Combination or otherwise.

All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described in the section entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and, with respect to the determination of the assumptions incorporated into the "Contractual Maximum Redemptions" scenario, as described above. Should one or more of the assumptions prove incorrect, actual ownership percentages may vary materially from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended. See "*Unaudited Pro Forma Condensed Combined Financial Information*."

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The issuance of additional shares of Common Stock or other equity or convertible debt securities by Blue prior to the Closing or Pubco after the Closing would have the following effects: (i) Blue's existing shareholders' proportionate ownership interest in Pubco may decrease relative to such holders' ownership percentage if no such dilutive issuances occur; (ii) the amount of cash available per share, including for payment of dividends in the future, may decrease; (iii) the relative voting power of shares of Pubco Common Stock held by non-redeeming Public Shareholders may be diminished; (iv) the market price of shares of Pubco Common Stock may decline; and (v) as a result of having a minority (or diminished) ownership and voting position, Public Shareholders' ability to influence management of Pubco may be reduced relative to Public Shareholders' influence over Blue management currently.

 ****

***Future sales, or the perception of future sales, by Pubco or its shareholders in the public market following the Business Combination could cause the market price for Pubco Common Stock to decline.***

The sale of shares of Pubco Common Stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of Pubco Common Stock. These sales, or the possibility that these sales may occur, also might make it more difficult for Pubco to sell equity securities in the future at a time and at a price that it deems appropriate.

Upon consummation of the Business Combination, it is currently expected that Pubco will have a total of 72,846,311 shares of Pubco Common Stock outstanding (i) assuming that there are no redemptions of any shares by Blue's public shareholders in connection with the Business Combination, and (ii) without giving effect to any awards that may be issued under the Incentive Plan. All shares currently held by Public Shareholders and all of the shares issued in the Business Combination to Company Stockholders will be freely tradable without registration (other than contractual lock-ups pursuant to the Lock-Up Agreements, as described below) under the Securities Act, and without restriction by persons other than Pubco's "affiliates" (as defined under Rule 144 under the Securities Act, ("**Rule 144**")), including Pubco's directors, executive officers and other affiliates.

Simultaneously with the execution and delivery of the Business Combination Agreement, Company Stockholders, who are expected to collectively own approximately 53.9% of the shares of Pubco Common Stock outstanding following the Business Combination (based on the above assumptions and holdings of Blockfusion's securities), agreed with Blue pursuant to the Lock-Up Agreements, subject to certain exceptions, not to dispose of or hedge any of their shares of Pubco Common Stock or securities convertible into or exchangeable for shares of Pubco Common Stock during the period from the date of the Closing and ending six months after such date. See "*The Business Combination Proposal — Certain Related Agreements — Lock-Up Agreements.*"

In addition, the shares of Pubco Common Stock reserved for future issuance under the Incentive Plan will become eligible for sale in the public market once those shares are issued, subject to any applicable vesting requirements, lock-up agreements and other restrictions imposed by law. A total number of shares representing 5% of the outstanding shares of Pubco Common Stock immediately following consummation of the Business Combination are expected to be reserved for future issuance under the Incentive Plan. Pubco is expected to file one or more registration statements on Form S-8 under the Securities Act to register shares of Pubco Common Stock or securities convertible into or exchangeable for shares of Pubco Common Stock issued pursuant to the Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market.

In the future, Pubco may also issue its securities in connection with investments or acquisitions. The amount of shares of Pubco Common Stock issued in connection with an investment or acquisition could constitute a material portion of the then-outstanding shares of Pubco Common Stock. Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to Pubco stockholders.

 ****

***Blue currently is, and Pubco will be, an "emerging growth company" and a "smaller reporting company" within the meaning of the Securities Act, and if Pubco takes advantage of certain exemptions from disclosure requirements available to emerging growth companies and smaller reporting companies, this could make Blue's securities less attractive to investors and may make it more difficult to compare Blue's performance with other public companies.***

Blue is currently and, following the consummation of the Business Combination, Pubco will be, an "emerging growth company" and "smaller reporting company" within the meaning of the Securities Act, as modified by the JOBS Act. Pubco may continue to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies or smaller reporting companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved. As a result, Pubco stockholders may not have access to certain information they may deem important. Blue cannot predict whether investors will find securities issued by Pubco less attractive because Pubco will rely on these exemptions. If some investors find those securities less attractive as a result of its reliance on these exemptions, the trading prices of Pubco's securities may be lower than they otherwise would be, there may be a less active trading market for Pubco's securities and the trading prices of Pubco's securities may be more volatile.

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Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. Blue has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, Pubco, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of Pubco's financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Pubco will remain an emerging growth company until the earliest of: (i) the last day of the fiscal year following the fifth anniversary of the date of its first sale of common equity securities pursuant to an effective registration statement, (ii) the last day of the fiscal year in which Pubco has total annual gross revenue of at least $1.235 billion; (iii) the last day of the fiscal year in which Pubco is deemed to be a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the worldwide market value of Pubco Common Stock held by non-affiliates exceeded $700.0 million as of the last business day of the second fiscal quarter of such year; or (iv) the date on which Pubco has issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

**Risks Related to the Redemption**

 ****

***There is no guarantee that a Public Shareholder's decision whether to redeem its Blue Ordinary Shares for a pro rata portion of the Trust Account will put such shareholder in a better future economic position.***

Blue cannot assure you as to the price at which a Public Shareholder may be able to sell the shares of Pubco Common Stock in the future following the completion of the Business Combination. Certain events following the consummation of any business combination, including the Business Combination, may cause a decrease in Pubco stock price, and may result in a lower value realized now than a Blue shareholder might realize in the future had the shareholder not elected to redeem such shareholder's Public Shares. Similarly, if a Public Shareholder does not redeem such shareholder's shares, such shareholder will bear the risk of ownership of Pubco Common Stock after the consummation of the Business Combination, and there can be no assurance that a shareholder can sell such shareholder's shares of Pubco Common Stock in the future for a greater amount than the redemption price set forth in this proxy statement/prospectus. A Public Shareholder should consult such shareholder's own tax or financial advisor for assistance on how this may affect its individual situation.

 ****

***If Public Shareholders fail to comply with the redemption requirements specified in this proxy statement/prospectus, they will not be entitled to redeem their Public Shares for a pro rata portion of the funds held in the Trust Account.***

Blue intends to comply with the U.S. federal proxy rules in conducting redemptions in connection with the Business Combination. However, despite Blue's compliance with these rules, if a Blue shareholder fails to receive Blue's proxy materials, such shareholder may not become aware of the opportunity to redeem its Blue Ordinary Shares. In addition, this proxy statement/prospectus provides the various procedures that must be complied with in order to validly tender or redeem Public Shares. In the event that a Public Shareholder fails to comply with these or any other procedures, its Public Shares may not be redeemed.

In order to exercise their redemption rights, public shareholders are required to deliver their Public Shares, either physically or electronically using Continental Stock Transfer & Trust Company's DWAC System, to Blue's transfer agent prior to the vote at the Blue Extraordinary General Meeting. If a public shareholder properly seeks redemption as described in this proxy statement/prospectus and the Business Combination is consummated, Blue will redeem these Public Shares for a pro rata portion of the funds deposited in the Trust Account and the public shareholder will no longer own such Public Shares following the Business Combination. See the section entitled "*Blue Extraordinary General Meeting of Shareholders — Redemption Rights*" for additional information on how to exercise your redemption rights.

 ****

***If you or a "group" of Blue shareholders of which you are a part is deemed to hold an aggregate of more than 15% of the Public Shares, you (or, if a member of such a group, or all of the members of such group in the aggregate) will lose the ability to redeem all such Public Shares in excess of 15% of the Public Shares.***

A Public Shareholder, together with any of such shareholder's affiliates or any other person with whom it is acting in concert or as a "group" (as defined in Section 13(d)(3) of the Exchange Act), will be restricted from redeeming in the aggregate such shareholder's Public Shares or, if part of such a group, the group's Public Shares, in excess of 15% of the Public Shares, without the prior consent of Blue. However, Blue shareholders' ability to vote all of their Public Shares (including such excess shares) for or against the Business Combination Proposal is not restricted by this limitation on redemptions. Your inability to redeem any such excess Public Shares could result in you suffering a material loss on your investment in Blue if you sell such excess Public Shares in open market transactions. Blue cannot assure you that the value of such excess Public Shares will appreciate over time following the Business Combination or that the market price of the Public Shares will exceed the per share redemption price.

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**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

 

*Defined terms included below have the same meaning as terms defined and included elsewhere in this proxy statement/prospectus.*

**Introduction**

The following unaudited pro forma condensed combined financial information and accompanying notes present the historical financial information of Blue and Blockfusion, adjusted to give effect to the Business Combination and the adjustments for the formation of Pubco (referred to herein as the "**Formation of Pubco**") and the adjustments for other material events (referred to herein as the "**Other Material Events"**).

The following unaudited pro forma condensed combined balance sheet as of September 30, 2025, gives pro forma effect to the Business Combination as if it had occurred on September 30, 2025. The unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2025 and the year ended December 31, 2024 reflect adjustments assuming that any adjustments that were made to the unaudited pro forma condensed combined balance sheet as of September 30, 2025 are assumed to have been made on January 1, 2024 for the purpose of adjusting the unaudited pro forma condensed combined statement of operations.

The unaudited pro forma condensed combined financial statements have been presented for illustrative purposes only and do not necessarily reflect what Pubco's financial condition or results of operations would have been had the Business Combination, the Formation of Pubco and the Other Material Events occurred on the dates indicated. Further, the pro forma condensed combined financial information also may not be useful in predicting the future financial condition and results of operations of Pubco. The actual financial position and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

***Description of the Business Combination***

On November 19, 2025, Blue and Blockfusion entered into the Business Combination Agreement with Pubco, Blue Merger Sub and Company Merger Sub. Pursuant to the terms of the Business Combination Agreement, at the Effective Time, (i) Blue Merger Sub will merge with and into Blue, with Blue continuing as the surviving entity, as a result of which all of the Blue securities issued and outstanding as of immediately prior to the Effective Time will be exchanged for the right to receive substantially equivalent newly-issued securities of Pubco, (ii) Company Merger Sub will merge with and into Blockfusion, with Blockfusion continuing as the surviving entity, as a result of which each of the outstanding interests in Blockfusion held by Company Stockholders will be cancelled in exchange for the right to receive the Merger Consideration pursuant to the Business Combination Agreement, consisting of newly-issued Pubco securities. As a result of the Mergers and other transactions contemplated by the Business Combination Agreement, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, and Pubco will become a publicly traded company. For details and more information please see the sections entitled "*The Business Combination Proposal (Proposal 1) — The Business Combination Agreement — Merger Consideration."*

***Merger Consideration***

Pursuant to the terms of the Business Combination Agreement, the consideration to be delivered to the Company Security Holders, consisting of newly-issued shares of Pubco Class A Common Stock, shares of Pubco Class B Common Stock, Assumed Options and Assumed Warrants, will have an aggregate value equal to Four Hundred and Fifty Million U.S. Dollars ($450,000,000). Pursuant to the terms of the Business Combination Agreement, each Company Stockholder will, at the Closing, receive, in consideration for each share of Company common stock as of immediately prior to the Effective Time (after giving effect to the Preferred Conversion, but excluding treasury shares), a number of newly-issued Pubco shares determined based on the Exchange Ratio, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock and holders of shares of Company Class A Common Stock receiving shares of Pubco Class A Common Stock.

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The table below presents the exchange of Company Class A Common Stock and Company Class B Common Stock for Pubco Class A Common Stock and Pubco Class B Common Stock that is expected to occur upon the Closing:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Blockfusion shares outstanding as of September 30, 2025 (Historical)** | **Conversion of Blockfusion Preferred Stock into Blockfusion Common Stock** | **Exercise of Company Warrants for shares of Blockfusion Common Stock** | **Blockfusion Common Stock assumed outstanding prior to Closing** |
| Series Seed Preferred Stock, par value $0.0001 per share | 2640000 | (2640000) |  |  |
| Series A Preferred Stock, par value $0.0001 per share | 1702922 | (1702922) |  |  |
| Company Class A Common Stock, par value $0.0001 per share | 19867521 | 4342922 | 45000 | 24255443 |
| Company Class B Common Stock, par value $0.0001 per share | 13110000 | 2640000 | 250000 | 16000000 |
| Total | 37320443 | 2640000 | 295000 | 40255443 |
| Blockfusion Common Stock outstanding immediately prior to Closing | Blockfusion Common Stock outstanding immediately prior to Closing | Blockfusion Common Stock outstanding immediately prior to Closing |  | 40255443 |
| Assumed Exchange Ratio | Assumed Exchange Ratio | Assumed Exchange Ratio |  | 1.0635 |
| Estimated shares of Pubco Class A Common Stock issued to Company Class A stockholders upon Closing | Estimated shares of Pubco Class A Common Stock issued to Company Class A stockholders upon Closing | Estimated shares of Pubco Class A Common Stock issued to Company Class A stockholders upon Closing |  | 25796121 |
| Estimated shares of Pubco Class B Common Stock issued to Company Class B stockholders upon Closing | Estimated shares of Pubco Class B Common Stock issued to Company Class B stockholders upon Closing | Estimated shares of Pubco Class B Common Stock issued to Company Class B stockholders upon Closing |  | 17016302 |
| Estimated shares of Pubco Common Stock issued to Blockfusion Stockholders upon Closing | Estimated shares of Pubco Common Stock issued to Blockfusion Stockholders upon Closing | Estimated shares of Pubco Common Stock issued to Blockfusion Stockholders upon Closing |  | 42812423 |

---

The following table summarizes the pro forma number of shares of Pubco Common Stock expected to be outstanding immediately following the consummation of the Business Combination under two separate scenarios, each as further described below, assuming (i) that there are no pre-Closing transfers, distributions or forfeitures of securities held by the Sponsor, (ii) that all outstanding Blue Share Rights have been converted into shares of Pubco Class A Common Stock at Closing, (iii) that no Assumed Options or Assumed Warrants are converted or exercised post-Closing, and (iv) that no shares of Pubco Common Stock are issued pursuant to the Incentive Plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
|  | Shares | % Ownership | Shares | % Ownership |
| Pubco Class A Common Stock held by Blockfusion Stockholders<sup>(1)</sup> | 25796121 | 35.4% | 25796121 | 41.5% |
| Pubco Class B Common Stock held by Blockfusion Stockholders<sup>(2)</sup> | 17016302 | 23.4% | 17016302 | 27.3% |
| Pubco Class A Common Stock held by Blue Public Shareholders and holders of Public Rights | 22137500<sup>(3)</sup> | 30.4% | 11517020<sup>(4)</sup> | 18.5% |
| Pubco Class A Common Stock held by Sponsor<sup>(5)</sup> | 7200013 | 9.9% | 7200013 | 11.6% |
| Pubco Class A Common Stock held by IPO Underwriters and affiliates<sup>(6)</sup> | 396375 | 0.5% | 396375 | 0.6% |
| Pubco Class A Common Stock held by Blue Advisor | 300000 | 0.4% | 300000 | 0.5% |
| **Total Pubco Common Stock** | **72846311** | **100.0%** | **62225831** | **100.0%** |

---

(1) Consists of Pubco Class A Common Stock issued to holders of
shares of Company Class A Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class A Common Stock issued and outstanding immediately prior to the Closing.

(2) Consists of Pubco Class B Common Stock issued to holders of
shares of Company Class B Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class B Common Stock issued and outstanding immediately prior to the Closing.

(3) Consists of, in the No Redemptions Scenario, (i) 20,125,000
Blue Class A Ordinary Shares subject to possible redemption which Public Shareholders elected not to redeem in connection with the Business
Combination and (ii) 2,012,500 Public Rights, each of which will automatically convert into one-tenth of one share of Pubco Class A Common
Stock upon the Closing.

(4) Consists of, in the
 Contractual Maximum Redemptions Scenario, (i) 9,504,520 Blue Class A Ordinary Shares subject
 to possible redemption which Public Shareholders elected not to redeem in connection with
 the Business Combination and (ii) 2,012,500 Blue Class A Ordinary Shares not subject to possible
 redemption resulting from the conversion of the Public Rights, each of which will automatically
 convert into one-tenth of one share of Pubco Class A Common Stock upon the Closing.

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(5) Consists of (i) 391,000 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the Sponsor, (ii) 6,769,913 issued and outstanding Blue Class A Ordinary Shares
not subject to possible redemption held by the Sponsor resulting from the conversion of the Blue Class B Ordinary Shares held by the
Sponsor which will convert on a one-for-one basis into Blue Class A Ordinary Shares not subject to possible redemption immediately prior
to the effective time of the Closing, and (iii) 39,100 Blue Class A Ordinary Shares not subject to possible redemption held by the Sponsor
resulting from the conversion of the Private Placement Rights held by the Sponsor, each of which will automatically convert into one-tenth
of one share of Pubco Class A Common Stock upon the Closing.

(6) Consists of (i) 376,250 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the IPO Underwriters, and (ii) 20,125 Blue Class A Ordinary
Shares not subject to possible redemption held by the IPO Underwriters resulting from the conversion of the Private Placement
Rights held by the IPO Underwriters, each of which will automatically convert into one-tenth of one share of Pubco Class
A Common Stock upon the Closing.

Pursuant to the Business Combination Agreement, former holders of Company Class A Common Stock will receive 25,796,121 shares of Pubco Class A Common Stock, each share having one vote; former holders of Company Class B Common Stock will receive 17,016,302 shares of Pubco Class B Common Stock, each share having 20 votes. The former holders of Blockfusion common stock will have approximately 92.4% and 94.9% of the total voting rights in the No Redemptions Scenario and Contractual Maximum Redemption Scenario, respectively.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assuming No<br> Redemptions** | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** | **Assuming Contractual Maximum<br> Redemptions** |
|  | Voting Rights | % Voting Rights | Voting Rights | % Voting Rights |
| Pubco Class A Common Stock held by Blockfusion Stockholders<sup>(1)</sup> | 25796121 | 6.5% | 25796121 | 6.6% |
| Pubco Class B Common Stock held by Blockfusion Stockholders<sup>(2)</sup> | 340326040 | 85.9% | 340326040 | 88.3% |
| Pubco Class A Common Stock held by Blue Public Shareholders and holders of Public Rights | 22137500<sup>(3)</sup> | 5.6% | 11517020<sup>(4)</sup> | 3.0% |
| Pubco Class A Common Stock held by Sponsor<sup>(5)</sup> | 7200013 | 1.8% | 7200013 | 1.9% |
| Pubco Class A Common Stock held by IPO Underwriters and affiliates<sup>(6)</sup> | 396375 | 0.1% | 396375 | 0.1% |
| Pubco Class A Common Stock held by Blue Advisor | 300000 | 0.1% | 300000 | 0.1% |
| **Total Pubco Common Stock** | **396156049** | **100.0%** | **385535569** | **100.0%** |

---

(1) Consists of Pubco Class A Common Stock issued to holders of
shares of Company Class A Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class A Common Stock issued and outstanding immediately prior to the Closing.

(2) Consists of Pubco Class B Common Stock issued to holders of
shares of Company Class B Common Stock upon the effective time of the Business Combination, which is equal to the product of (x) the
Exchange Ratio multiplied by (y) the total shares of Company Class B Common Stock issued and outstanding immediately prior to the Closing.
Pursuant to the Business Combination Agreement, each share of Pubco Class B Common Stock will have 20 votes per share.

(3) Consists of, in the No Redemptions Scenario, (i) 20,125,000
Blue Class A Ordinary Shares subject to possible redemption which Public Shareholders elected not to redeem in connection with the Business
Combination and (ii) 2,012,500 Blue Class A Ordinary Shares not subject to possible redemption resulting from the conversion of the 20,125,000
Public Rights, each of which will automatically convert into one-tenth of one share of Pubco Class A Common Stock upon the Closing.

(4) Consists of, in the
 Contractual Maximum Redemptions Scenario, (i) 9,504,520 Blue Class A Ordinary Shares subject
 to possible redemption which Public Shareholders elected not to redeem in connection with
 the Business Combination and (ii) 2,012,500 Blue Class A Ordinary Shares not subject to possible
 redemption resulting from the conversion of the 20,125,000 Public Rights, each of which will
 automatically convert into one-tenth of one share of Pubco Class A Common Stock upon the
 Closing.

(5) Consists of (i) 391,000 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the Sponsor, (ii) 6,769,913 issued and outstanding Blue Class A Ordinary Shares
not subject to possible redemption held by the Sponsor resulting from the conversion of the Blue Class B Ordinary Shares held by the
Sponsor which will convert on a one-for-one basis into Blue Class A Ordinary Shares not subject to possible redemption immediately prior
to the effective time of the Closing, and (iii) 39,100 Blue Class A Ordinary Shares not subject to possible redemption held by the Sponsor
resulting from the conversion of the 391,000 Private Placement Rights held by the Sponsor, each of which will automatically convert into
one-tenth of one share of Pubco Class A Common Stock upon the Closing.

(6) Consists of (i) 376,250 issued and outstanding Blue Class A
Ordinary Shares not subject to possible redemption held by the IPO Underwriters, and (ii) 20,125 Blue Class A Ordinary
Shares not subject to possible redemption held by the IPO Underwriters resulting from the conversion of the 201,250 Private
Placement Rights held by the IPO Underwriters, each of which will automatically convert into one-tenth of one share of
Pubco Class A Common Stock upon the Closing.

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All of the relative percentages above are for illustrative purposes only and are based upon certain assumptions as described in the section entitled "*Share Calculations and Ownership Percentages*" and, with respect to the determination of the assumptions incorporated into the "Contractual Maximum Redemptions" scenario, as further described below. Additionally, the relative percentages above assume the Business Combination was consummated on September 30, 2025. Should one or more of the assumptions prove incorrect, actual ownership percentages may vary, perhaps materially, from those described in this proxy statement/prospectus as anticipated, believed, estimated, expected or intended.

***Formation of Pubco***

Pubco was incorporated on September 29, 2025, for the sole purpose of effectuating the Business Combination. In September and October 2025, Blue Merger Sub and Company Merger Sub were formed to facilitate the mergers with Blue and Blockfusion, respectively. Shortly after their formation, Pubco acquired 100% of the outstanding equity interests in both entities, causing Blue Merger Sub and Company Merger Sub to be wholly owned subsidiaries of Pubco.

The formation and accounting costs associated with Pubco, Blue Merger Sub, and Company Merger Sub will be paid by Blue or Blockfusion on behalf of Pubco, Blue Merger Sub, and Company Merger Sub.

***Other Material Events and Background Relevant to Other Material Events***

 ****

● In October 2025, Blockfusion issued a promissory note to a related party in the amount of $0.1 million to help fund operations. The note bears interest at 12% per annum and is repayable in cash upon the Closing. The note was funded through the transfer of Bitcoin to Blockfusion, which was immediately sold for cash upon receipt resulting in a gain on sale.

● In December 2025, Blockfusion issued a promissory note to a related party in the amount of $0.2 million to help fund operations. The note bears interest at 12% per annum and is repayable in cash upon the Closing.

● In December 2025, Blockfusion amended an existing loan agreement to help fund operations. Under the amended agreement, Blockfusion obtained additional principal from the lender in the amount of $0.4 million, the payment schedule was amended, and the maturity date was extended from September 2027 to September 2028. The loan still bears interest at 12% per annum per the original agreement.

● In December 2025, and January 2026, Blockfusion granted stock options to nonemployees in exchange for advisory services. Certain awards were fully vested upon grant; other awards are subject to service-based vesting conditions, with all awards vesting in full approximately one year after grant.

● In January 2026, a non-employee Board member elected to cash exercise warrants originally issued on February 22, 2021. Subject to the terms of the warrants, Blockfusion delivered 45,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock upon exercise of the warrants.

***Additional Information Related to the Unaudited Pro Forma Condensed Combined Financial Information***

The unaudited pro forma condensed combined financial information has been prepared based on Blue and Blockfusion's historical financial statements as adjusted to give effect to the Business Combination, the Formation of Pubco and the Other Material Events. The unaudited pro forma condensed combined balance sheet as of September 30, 2025 gives pro forma effect to the Closing as if it had occurred on September 30, 2025. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2025 and the year ended December 31, 2024 reflect adjustments assuming that any adjustments that were made to the unaudited pro forma condensed combined balance sheet as of September 30, 2025 are assumed to have been made on January 1, 2024 for the purpose of adjusting the unaudited pro forma condensed combined statements of operations.

The historical financial information of Blockfusion was derived from the unaudited consolidated financial statements of Blockfusion as of and for the nine months ended September 30, 2025 and the audited consolidated financial statements of Blockfusion as of and for the year ended December 31, 2024, which are included elsewhere in this proxy statement/prospectus. This information should be read together with Blockfusion's audited consolidated financial statements and related notes, the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion*" and other financial information included elsewhere in this proxy statement/prospectus.

The historical financial information of Blue was derived from the unaudited financial statements of Blue as of and for the period from February 10, 2025 (inception) through September 30, 2025, which are included elsewhere in this proxy statement/prospectus. This information should be read together with Blue's unaudited financial statements and related notes, the section entitled "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blue*" and other financial information included elsewhere in this proxy statement/prospectus.

Pubco was incorporated on September 29, 2025 and had no operations other than organizational activities as of September 29, 2025 and for the period from September 29, 2025 through November 3, 2025. Accordingly, Pubco's historical financial statements have not been included in the unaudited pro forma condensed combined financial information. The impact of Pubco's formation has been reflected in the pro forma adjustments.

The unaudited pro forma condensed combined financial information has been prepared using the assumptions below with respect to the potential redemption for cash of Public Shares:

● **No Redemptions Scenario:** This presentation assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares at or prior to the consummation of the Business Combination.

● **Contractual Maximum Redemptions Scenario:** In addition to the assumptions described in the "No Redemptions" scenario, this presentation assumes there are no redemptions of Public Shares prior to the Business Combination's consummation and that 10,620,480 Public Shares are redeemed upon consummation of the Business Combination for aggregate Redemption Payments of $107.5 million, assuming a redemption price of $10.12 per share (based on $203.7 million contained in the Trust Account as of September 30, 2025), which represents the maximum number of Public Shares that could be redeemed in connection with the Closing while still enabling the parties to satisfy the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that, aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of Redemptions and payment of unpaid transaction expenses of Blue and Blockfusion), will equal or exceed $75 million. The "contractual maximum redemption scenario" represents the maximum number of Public Shares that may be redeemed while satisfying the Minimum Cash Condition, taking into account the assumptions described above. In the event that aggregate cash and cash equivalents delivered to Pubco at Closing is insufficient to meet the Minimum Cash Condition set forth in the Business Combination Agreement, a condition to the Closing would not be met and the Business Combination may not be consummated unless the Minimum Cash Condition is waived.

The unaudited pro forma condensed combined financial statements are for informational purposes only. They do not purport to indicate the results that would have been obtained had the Business Combination, the Formation of Pubco and the Other Material Events. actually been completed on the assumed date or for the period presented, or which may be realized in the future. The unaudited pro forma adjustments are based on information currently available, and assumptions and estimates underlying the unaudited pro forma adjustments are described in the accompanying notes. Actual results may differ materially from the assumptions used to present the accompanying unaudited pro forma condensed combined financial information and include immaterial rounding differences.

[**Table of Contents**](#TableOfContents)

**UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF SEPTEMBER 30, 2025**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | |  | |  | |  | | **Scenario 2 Assuming Contractual Maximum Redemptions** | **Scenario 2 Assuming Contractual Maximum Redemptions** | **Scenario 2 Assuming Contractual Maximum Redemptions** |
| | | | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | **Scenario 1<br> Assuming No Redemptions** | | | |
| |<br>**As of<br> September 30,<br> 2025** |<br>**As of<br> September 30,<br> 2025** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | | | | |
| <br>*(In thousands, except for share data)* | **Blue Acquisition Corp.** | **Blockfusion USA, Inc.** | **Formation of Pubco** | **Notes** | **Adjustments for Other Material Events** | **Notes** | **Other Transaction <br> Accounting <br> Adjustments** | **Notes** |<br>**Pro Forma Balance Sheet** |<br>**Other Transaction <br> Accounting <br> Adjustments** | <br>**Notes** |<br>**Pro Forma Balance Sheet** |
| **Assets** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Current assets:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalents | $1045 | $279 | $(10) | **3(aa)** | $137 | **3(aaa)** | $203677 | **3(a)** | $178781 | $1593 | **3(m)** | $72889 |
|  |  |  |  |  | 150 | **3(bbb)** | (7044) | **3(d)** |  | (107485) | **3(n)** |  |
|  |  |  |  |  | 350 | **3(ccc)** | (4300) | **3(e)** |  |  |  |  |
|  |  |  |  |  | 74 | **3(eee)** | (7866) | **3(f)** |  |  |  |  |
|  |  |  |  |  |  |  | 516 | **3(h)** |  |  |  |  |
|  |  |  |  |  |  |  | (2933) | **3(j)** |  |  |  |  |
|  |  |  |  |  |  |  | (3350) | **3(o)** |  |  |  |  |
|  |  |  |  |  |  |  | (294) | **3(r)** |  |  |  |  |
|  |  |  |  |  |  |  | (1425) | **3(s)** |  |  |  |  |
|  |  |  |  |  |  |  | (225) | **3(t)** |  |  |  |  |
| Prepaid expenses - current | 105 |  |  |  |  |  | (105) | **3(p)** |  |  |  |  |
| Trade accounts receivable |  | 265 |  |  |  |  |  |  | 265 |  |  | 265 |
| Other accounts receivable |  | 1958 |  |  |  |  |  |  | 1958 |  |  | 1958 |
| Unbilled receivables |  | 1006 |  |  |  |  |  |  | 1006 |  |  | 1006 |
| Utility deposits |  | 104 |  |  |  |  |  |  | 104 |  |  | 104 |
| Due from related party | 10 |  |  |  |  |  |  |  | 10 |  |  | 10 |
| Prepaid expenses and other current assets |  | 122 |  |  |  |  | 105 | **3(p)** | 1652 |  |  | 1652 |
|  | - | - | - |  | - |  | 1425 | **3(s)** | - | - |  | - |
| **Total current assets** | 1160 | 3734 | (10) |  | 711 |  | 178181 |  | 183776 | (105892) |  | 77884 |
| Cash and marketable securities held in Trust Account | 203677 |  |  |  |  |  | (203677) | **3(a)** |  |  |  |  |
| Property and equipment, net |  | 12910 |  |  |  |  |  |  | 12910 |  |  | 12910 |
| Prepaid expenses - non current | 53 |  |  |  |  |  |  |  | 53 |  |  | 53 |
| Crypto assets | - | 394 | - |  | - | **3(aaa)** | - |  | 394 | - |  | 394 |
| **Total assets** | $204890 | $17038 | $(10) |  | $711 |  | $(25496) |  | $197133 | $(105892) |  | $91241 |
| **Liabilities, Temporary equity, and Stockholders' (deficit) equity** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Current liabilities:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Accounts payable | $92 | $4670 | $- |  | $- |  | $(1034) | **3(f)** | $3728 | $- |  | $3728 |
| Administrative services fee payable - related party | 5 |  |  |  |  |  | (5) | **3(q)** |  |  |  |  |
| Short-term notes payable |  | 719 |  |  |  |  |  |  | 719 |  |  | 719 |
| Notes payable, current portion, net |  | 2369 |  |  |  |  |  |  | 2369 |  |  | 2369 |
| Deferred revenue |  | 1090 |  |  |  |  |  |  | 1090 |  |  | 1090 |
| Customer deposits |  | 4670 |  |  |  |  |  |  | 4670 |  |  | 4670 |
| Accrued expenses and other current liabilities | 2 | 4205 |  |  | 4 | **3(aaa)** | (2933) | **3(j)** | 648 |  |  | 648 |
|  |  |  |  |  | 4 | **3(bbb)** | (631) | **3(f)** |  |  |  |  |
|  |  |  |  |  |  |  | 5 | **3(q)** |  |  |  |  |
|  | - | - | - |  | - |  | (8) | **3(r)** | - | - |  | - |
| **Total current liabilities** | 99 | 17723 | - |  | 8 |  | (4606) |  | 13224 | - |  | 13224 |
| Notes payable, non-current portion, net |  | 17515 |  |  | 350 | **3(ccc)** |  |  | 17865 |  |  | 17865 |
| Notes payable, related parties, non-current portion, net |  |  |  |  | 136 | **3(aaa)** | (286) | **3(r)** |  |  |  |  |
|  |  |  |  |  | 150 | **3(bbb)** |  |  |  |  |  |  |
| Deferred underwriter fee liability | 7044 | - | - |  | - |  | (7044) | **3(d)** | - | - | **3(m)** | - |
| **Total liabilities** | 7143 | 35238 | - |  | 644 |  | (11936) |  | 31089 | - |  | 31089 |
| **Temporary equity:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Class A ordinary shares subject to possible redmption, $0.0001 par value; 20,125,000 shares issued and outstanding at redemption value as of September 30, 2025 | 203677 |  |  |  |  |  | (203677) | **3(l)** |  |  |  |  |
| Blockfusion convertible preferred stock (Series Seed and Series A, respectively), $0.0001 par value; 2,640,000 and 2,360,000 shares authorized at September 30, 2025, 2,640,000 and 1,702,922 shares issued and outstanding at September 30, 2025, liquidation preference of $2,910 at September 30, 2025 |  | 1666 |  |  |  |  | (1666) | **3(c)** |  |  |  |  |
| **Stockholders' (deficit) equity:** |  |  |  |  |  |  |  |  |  |  |  |  |
| Blue preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding as of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
| Blue Class A Ordinary Shares, $0.0001 par value; 500,000,000 shares authorized, 767,250 shares issued and outstanding (excluding 20,125,000 shares subject to possible redemption) as of September 30, 2025 |  |  |  |  |  |  | (1) | **3(k)** |  |  |  |  |
|  |  |  |  |  |  |  | 1 | **3(b)** |  |  |  |  |
| Blue Class B Ordinary Shares $0.0001 par value; 50,000,000 shares authorized, 7,069,913 shares issued and outstanding as of September 30, 2025 | 1 |  |  |  |  |  | (1) | **3(b)** |  |  |  |  |
| Blockfusion Class A Common Stock, $0.0001 par value; 45,000,000 shares authorized, and 19,867,521 shares issued and outstanding as of September 30, 2025 |  | 2 |  |  |  | **3(eee)** |  | **3(c)** |  |  |  |  |
|  |  |  |  |  |  |  | (2) | **3(g)** |  |  |  |  |
| Blockfusion Class B Common Stock, $0.0001 par value; 16,000,000 shares authorized, 13,110,000 shares issued and outstanding as of September 30, 2025 |  | 1 |  |  |  | **3(eee)** |  | **3(c)** |  |  |  |  |
|  |  |  |  |  |  |  | (1) | **3(g)** |  |  |  |  |
| Pubco Class A Common Stock, par value $0.0001 |  |  |  |  |  | **3(eee)** | 2 | **3(l)** | 5 | (1) | **3(n)** | 4 |
|  |  |  |  |  |  |  | 1 | **3(k)** |  |  |  |  |
|  |  |  |  |  |  |  | 2 | **3(g)** |  |  |  |  |
|  |  |  |  |  |  |  |  | **3(i)** |  |  |  |  |
| Pubco Class B Common Stock, par value $0.0001 |  |  |  |  |  |  | 1 | **3(g)** | 1 |  |  | 1 |
| Additional paid-in-capital |  | 8194 |  |  | 619 | **3(ddd)** | 1666 | **3(c)** | 201254 | (107484) | **3(n)** | 95363 |
|  |  |  |  |  | 74 | **3(eee)** | (1759) | **3(f)** |  | 1593 | **3(m)** |  |
|  |  |  |  |  |  |  | (11731) | **3(g)** |  |  |  |  |
|  |  |  |  |  |  |  | 516 | **3(h)** |  |  |  |  |
|  |  |  |  |  |  |  |  | **3(i)** |  |  |  |  |
|  |  |  |  |  |  |  | 203675 | **3(l)** |  |  |  |  |
| Accumulated deficit | (5931) | (28063) | (10) | **3(aa)** | (3) | **3(aaa)** | (4300) | **3(e)** | (35216) |  |  | (35216) |
|  |  |  |  |  | (4) | **3(bbb)** | (4442) | **3(f)** |  |  |  |  |
|  |  |  |  |  | (619) | **3(ddd)** | 11731 | **3(g)** |  |  |  |  |
|  |  |  |  |  |  |  | (3350) | **3(o)** |  |  |  |  |
|  | - | - | - |  | - |  | (225) | **3(t)** | - | - |  | - |
| **Total stockholders' (deficit) equity** | (5930) | (19866) | (10) |  | 67 |  | 191783 |  | 166044 | (105892) |  | 60152 |

---

*See accompanying notes to the unaudited pro forma condensed combined financial information.*

[**Table of Contents**](#TableOfContents)

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the period from<br> February 10, 2025 (inception) through September 30, 2025** | **Nine Months Ended<br> September 30, 2025** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** |
| <br>*(In thousands, except per share and weighted-average share data)* | **Blue Acquisition Corp.** | **Blockfusion USA, Inc.** | **Other Transaction <br> Accounting <br> Adjustments** | **Notes** | **Pro Forma Statement of Operations** | <br>**Notes** | **Other Transaction <br> Accounting <br> Adjustments** | **Pro Forma Statement of Operations** | **Notes** |
| Revenue | $- | $15781 | $- |  | $15781 |  | $- | $15781 |  |
| Cost of sales | - | 14172 | - |  | 14172 |  | - | 14172 |  |
| **Gross margin** | **-** | 1609 |  |  | 1609 |  |  | 1609 |  |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| Formation, general and administrative expenses | 195 |  | (195) | **4(e)** |  |  |  |  |  |
| Legal and accounting expenses | 116 |  | (116) | **4(f)** |  |  |  |  |  |
| Administrative services fee - related party | 18 |  | (18) | **4(f)** |  |  |  |  |  |
| Listing fees | 27 |  | (27) | **4(e)** |  |  |  |  |  |
| Insurance expense | 22 |  | (22) | **4(e)** |  |  |  |  |  |
| Selling, general and administrative |  | 1925 | 262 | **4(e)** | 3256 |  |  | 3256 |  |
|  |  |  | 1069 | **4(g)** |  |  |  |  |  |
| Legal and professional fees |  | 2382 | 116 | **4(f)** | 2498 |  |  | 2498 |  |
| Depreciation and amortization | - | 693 | - |  | 693 |  | - | 693 |  |
| **Total operating expenses** | 378 | 5000 | 1069 |  | 6447 |  | - | 6447 |  |
| **Operating loss** | (378) | (3391) | (1069) |  | (4838) |  |  | (4838) |  |
| Other income (expense): |  |  |  |  |  |  |  |  |  |
| Income earned on cash and marketable securities held in Trust Account | 2427 |  | (2427) | **4(d)** |  |  |  |  |  |
| Interest income on operating account | 13 |  |  |  | 13 |  |  | 13 |  |
| Interest expense |  | (1652) |  |  | (1652) |  |  | (1652) |  |
| Change in fair value of warrant liability |  | (7056) |  |  | (7056) |  |  | (7056) |  |
| Energy program income | **-** | 2943 | **-** |  | 2943 |  | **-** | 2943 |  |
| Gain on settlement | **-** | 93 | **-** |  | 93 |  | **-** | 93 |  |
| Unrealized loss |  | (9) |  |  | (9) |  |  | (9) |  |
| Realized gains (losses), net |  | 29 |  |  | 29 |  |  | 29 |  |
| Other income (expense), net | **-** | 1922 | **-** |  | 1922 |  | **-** | 1922 |  |
| **Total other income (expense), net** | 2440 | (3730) | (2427) |  | (3717) |  | - | (3717) |  |
| Income (loss) before income taxes | 2062 | (7121) | (3496) |  | (8555) |  |  | (8555) |  |
| (Provision) benefit for income taxes | - | (128) | 634 | **4(c)** | 506 |  | - | 506 |  |
| **Net income (loss)** | $**2062** | $**(7249)** | $**(2862)** |  | $**(8049)** |  | $**-** | **$(8049)** |  |
| **Net loss attributable to Pubco ordinary shareholders** |  |  |  |  | $**(8913)** |  |  | **$(8913)** |  |
| Weighted-average shares outstanding, Blue redeemable Class A ordinary shares - basic and diluted | 9155579 |  |  |  |  |  |  |  |  |
| Basic and diluted net income per share, Blue redeemable Class A ordinary shares | $0.79 | $- | $- |  | $- |  | $- | $- |  |
| Weighted-average shares outstanding, Blue non-redeemable Class A and Class B ordinary shares - basic and diluted | 6976822 |  |  |  |  |  |  |  |  |
| Basic and diluted net loss per share, Blue non-redeemable Class A and Class B ordinary shares | $(0.74) | $- | $- |  | $- |  | $- | $- |  |
| Weighted-average shares outstanding, Blockfusion Common Stock - basic and diluted |  | 33422353 |  |  |  |  |  |  |  |
| Net loss per share attributable to Blockfusion common stockholders - basic and diluted | $- | $(0.24) | $- |  | $- |  | $- | $- |  |
| Weighted-average shares outstanding, Pubco Common Stock - basic and diluted |  |  |  |  | 73526492 | **4(j)** |  | &nbsp;&nbsp;&nbsp;&nbsp;62906012 | **4(j)** |
| Net loss per share attributable to Pubco common stockholders - basic and diluted | $- | $- | $- |  | $(0.12) | **4(j)** | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.14) | **4(j)** |

---

***See accompanying notes to the unaudited pro forma condensed combined financial information.***

[**Table of Contents**](#TableOfContents)

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2024**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | **Scenario 1 <br> Assuming No Redemptions** | | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** | **Scenario 2 <br> Assuming Contractual Maximum <br> Redemptions** | |
| |<br>**Year Ended <br> December 31, 2024** |<br>**Year Ended <br> December 31, 2024** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | **Transaction Accounting Adjustments** | | | | | | | |
| <br>*(In thousands, except per share and weighted-average share data)* | **Blue Acquisition Corp.** | **Blockfusion USA, Inc.** | **Formation of Pubco** | **Notes** | **Adjustments for Other Material Events** | **Notes** | **Other Transaction <br> Accounting <br> Adjustments** | <br>**Notes** |<br>**Pro Forma Statement of Operations** | <br>**Notes** |<br>**Other Transaction <br> Accounting <br> Adjustments** | <br>**Notes** |<br>**Pro Forma Statement of Operations** | <br>**Notes** |
| Revenue | $- | $23689 | $- |  | $- |  | $- |  | $23689 |  | $- |  | $23689 |  |
| Cost of sales | - | 20297 | - |  | - |  | - |  | 20297 |  | - |  | 20297 |  |
| **Gross margin** |  | 3392 |  |  |  |  |  |  | 3392 |  |  |  | 3392 |  |
| Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Selling, general and administrative |  | 2948 |  |  | 619 | **4(aaa)** | 4300 | **4(a)** | 17699 |  |  |  | 17699 |  |
|  |  |  |  |  |  |  | 4832 | **4(b)** |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 3350 | **4(i)** |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 1425 | **4(g)** |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 225 | **4(h)** |  |  |  |  |  |  |
| Legal and professional fees |  | 584 |  |  |  |  |  |  | 584 |  |  |  | 584 |  |
| Depreciation and amortization | - | 1039 | - |  | - |  | - |  | 1039 |  | - |  | 1039 |  |
| **Total operating expenses** | - | 4571 | - |  | 619 |  | 14132 |  | 19322 |  | - |  | 19322 |  |
| **Operating loss** |  | (1179) |  |  | (619) |  | (14132) |  | (15930) |  |  |  | (15930) |  |
| Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Interest expense |  | (2604) |  |  |  |  |  |  | (2604) |  |  |  | (2604) |  |
| Energy program income |  | 2589 |  |  |  |  |  |  | 2589 |  |  |  | 2589 |  |
| Gain on settlement |  | 3619 |  |  |  |  |  |  | 3619 |  |  |  | 3619 |  |
| Realized losses, net |  | (42) |  |  |  |  |  |  | (42) |  |  |  | (42) |  |
| Other expense, net | - | (386) | (10) | **4(aa)** | - |  | 390 | **4(b)** | (6) |  | - |  | (6) |  |
| **Total other income (expense), net** | - | 3176 | (10) |  | - |  | 390 |  | 3556 |  | - |  | 3556 |  |
| Income (loss) before income taxes |  | 1997 | (10) |  | (619) |  | (13742) |  | (12374) |  |  |  | (12374) |  |
| (Provision) benefit for income taxes | - | (80) | - |  | - |  | 3757 | **4(c)** | 3677 |  | - |  | 3677 |  |
| **Net income (loss)** | $**-** | $**1917** | $**(10)** |  | $**(619)** |  | $**(9985)** |  | $**(8697)** |  | $**-** |  | $**(8697)** |  |
| Weighted-average shares outstanding, Blockfusion Common Stock - basic |  | 33072624 |  |  |  |  |  |  |  |  |  |  |  |  |
| Weighted-average shares outstanding, Blockfusion Common Stock - diluted |  | 40116442 |  |  |  |  |  |  |  |  |  |  |  |  |
| Net income per share attributable to Blockfusion common stockholders - basic | $- | $0.06 | $- |  | $- |  | $- |  | $- |  | $- |  | $- |  |
| Net income per share attributable to Blockfusion common stockholders - diluted | $- | $0.05 | $- |  | $- |  | $- |  | $- |  | $- |  | $- |  |
| Weighted-average shares outstanding, Pubco Common Stock - basic and diluted |  |  |  |  |  |  |  |  | 73526492 | **4(j)** |  |  | 62906012 | **4(j)** |
| Net loss per share attributable to Pubco common stockholders - basic and diluted | $- | $- | $- |  | $- |  | $- |  | $(0.12) | **4(j)** | $- |  | $(0.14) | **4(j)** |

---

*See accompanying notes to the unaudited pro forma condensed combined financial information.*

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**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**1.** **Basis of Pro Forma Presentation** 

The unaudited pro forma condensed combined financial information was prepared in accordance with Article 11 of SEC Regulation S-X, as amended by the final rule, Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses. Release No. 33-10786 replaces the historical pro forma adjustments criteria with simplified requirements to depict the accounting for the transaction ("**Transaction Accounting Adjustments**") and presents the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("**Management's Adjustments**"). Blue and Blockfusion management have elected not to present Management's Adjustments and will only be presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial information. The adjustments presented in the unaudited pro forma condensed combined financial information have been identified and presented to provide relevant information necessary for an understanding of Pubco following the Business Combination, the Formation of Pubco and the Other Material Events. The unaudited pro forma condensed combined financial information does not give effect to any anticipated synergies, operating efficiencies, tax savings, or cost savings that may be associated with the Closing. Blue and Blockfusion have not had any historical relationship prior to the Closing. Accordingly, no pro forma adjustments were required to eliminate activities between the companies.

The pro forma adjustments reflecting the Business Combination, the Formation of Pubco and the Other Material Events are based on certain currently available information and certain assumptions and methodologies that both Blue and Blockfusion believe are reasonable under the circumstances. The pro forma adjustments, which are described in the accompanying notes, may be revised as additional information becomes available and is evaluated. Therefore, it is likely that the actual adjustments will differ from the pro forma adjustments, and it is possible the differences may be material. Both Blue and Blockfusion believe that the assumptions and methodologies provide a reasonable basis for presenting all the significant effects of the Business Combination, the Formation of Pubco and the Other Material Events based on information available to management at this time and that the pro forma adjustments give appropriate effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.

The scenarios presented (the No Redemptions Scenario and the Contractual Maximum Redemptions Scenario) are for illustrative purposes as Blue does not have, as of the date of this proxy statement/prospectus, a meaningful way of providing any certainty regarding the number of Blue Class A Ordinary Shares subject to possible redemption that will be redeemed in connection with the Closing.

**2.** **Accounting Treatment for the Transaction** 

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Blue will be treated as the "acquired" company and Blockfusion will be treated as the accounting acquirer for financial statement reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Blockfusion issuing stock for the net assets of Blue, accompanied by a recapitalization. The net assets of Blue will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to and following the Business Combination will be those of Blockfusion.

Blockfusion has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances with regard to Pubco immediately after the Closing, applicable to both the "no redemptions" and "contractual maximum" redemption scenarios:

● Under all redemption scenarios, legacy Blockfusion shareholders will have a majority of the voting interest in Pubco, with between 92.4% and 94.9% of the voting power held by legacy Blockfusion shareholders under the "no redemptions" and "contractual maximum" redemption scenarios, respectively.

● Effective upon the Closing, the Pubco Board will consist of seven (7) directors, a majority of whom will be designees of Blockfusion.

● The executive officers of Blockfusion will become the initial executive officers of Pubco.

● The assets of Blockfusion will represent a significant majority of the assets of Pubco (excluding cash formerly held in the Trust Account); and

● Immediately after the Closing, Pubco's business will be the continued business of Blockfusion, focusing on its core operations as a digital infrastructure developer and operator focused on high-density, high-efficiency computing workloads.

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**3.** **Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet as of September 30, 2025** 

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

***Pro Forma Adjustments for Other Material Events:***

 ****

&nbsp;&nbsp;&nbsp;&nbsp;(aaa) To reflect the issuance of a related party promissory note in the principal amount
 of $0.1 million in October 2025 to fund operations. The note was funded through the transfer of Bitcoin to Blockfusion and bears
 interest at 12% per annum. It is mandatorily repayable in cash upon Closing. The Bitcoin was immediately sold upon receipt for cash
 by Blockfusion in the amount of $0.1 million, resulting in a gain on sale of $2 thousand. This adjustment reflects the initial recognition
 of the receipt of crypto assets in the amount of $0.1 million, recognition of the note payable in the amount of $0.1 million, and
 immediate sale of crypto assets in the amount of $0.1 million, resulting in a net impact of $0 in crypto assets. Further, this adjustment
 also reflects the accrual of interest through Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(bbb) To reflect the issuance of a related party promissory note in the principal amount
 of $0.2 million in December 2025 to fund operations. The note bears interest at 12% per annum and is mandatorily repayable in cash
 upon Closing. This adjustment also reflects the accrual of interest through Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(ccc) In December 2025, Blockfusion amended an existing loan agreement to extend the
 maturity date and obtain additional principal from the lender in order to fund operations. The amendment was accounted for as a troubled
 debt restructuring under ASC 470-60. No gain was recognized upon the restructuring because the carrying amount of the debt exceeded
 the undiscounted future cash flows under the amended terms.

&nbsp;&nbsp;&nbsp;&nbsp;(ddd) In December 2025 and January 2026, Blockfusion granted stock options to nonemployees. Certain
 awards were fully vested upon grant, and the associated stock-based compensation expense was recognized immediately in accordance
 with ASC 718. Other awards are subject to service-based vesting conditions, and the associated stock-based compensation expense is
 recognized on a straight-line basis over the requisite service period. The grant-date fair value of the options was estimated using
 the Black-Scholes option pricing model. The assumptions used in deriving the grant-date fair value of the options via the Black-Scholes
 Model were as follows: (i) a stock price of $5.19 per share, (ii) an exercise price of $5.19 per share, (iii) an estimated risk-free
 interest rate ranging from 3.53% to 3.75%, (iv) an expected term of 5.0 to 5.3 years, (v) volatility of 85.80% to 87.50%, and (vi)
 a dividend yield of 0%. These assumptions resulted in a grant-date fair value ranging from approximately $3.64 per option to $3.67
 per option.

(eee) In January 2026, a nonemployee Board member of Blockfusion elected to cash exercise
 Company Warrants originally issued on February 22, 2021. Subject to the terms of the Company Warrants, Blockfusion delivered 45,000
 shares of its Series A Common Stock and 250,000 shares of its Series B Common Stock in exchange for an exercise price of $74 thousand,
 or $0.25 per share.

***Pro Forma Adjustments for Formation of Pubco***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To reflect the payment of formation costs and accounting costs of Pubco, Blue Merger Sub, and Company Merger Sub which will be paid for by Blue and/or Blockfusion on behalf of Pubco, Blue Merger Sub, and Company Merger Sub.

***Pro Forma Transaction Accounting Adjustments:***

&nbsp;&nbsp;&nbsp;&nbsp;(a) To reflect, in the No Redemptions Scenario, the release of
the cash and investments held in the Trust Account to cash and cash equivalents, assuming no Blue Public Shareholders exercise their
right to have their Public Shares redeemed for their pro rata share of the Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect the conversion of all Blue Class B Ordinary Shares
to Blue Class A Ordinary Shares immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To reflect the Preferred Conversion, which results in the
conversion of all 2,640,000 issued and outstanding shares of Blockfusion Series Seed Preferred Stock and all 1,702,922 issued and outstanding
shares of Blockfusion Series A Preferred Stock to Blockfusion Common Stock immediately prior to the Closing. Each share of Blockfusion
Series Seed Preferred Stock will convert into one share of Company Class A Common Stock and one share of Company Class B Common Stock.
Each share of Blockfusion Series A Preferred Stock will convert into one share of Company Class A Common Stock. The conversion of the
shares resulted in a $0 thousand adjustment within the Blue Class A Ordinary Shares, par value $0.0001 line item and the Blue Class B
Ordinary Shares, par value $0.0001 line item due to the effects of rounding as the adjustment to record the shares at par value were
less than $1 thousand, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To reflect, in the No Redemptions Scenario, the payment of
the $7.0 million deferred underwriting fee payable to the IPO Underwriters at the Closing. This $7.0 million payment was
made pursuant to the terms of the agreement with the IPO Underwriters and consists of:

● $4.0 million, calculated as $0.20 for each of the 20,125,000 Public Units sold in the IPO, and

● $3.0 million, calculated as $0.15 for each of the 20,125,000 Blue Public Shares that were subject to possible redemption but for which Public Shareholders did not elect to redeem in connection with the Business Combination.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To reflect the payment of total estimated transaction costs
of Blue of $4.3 million on the Closing Date. These $4.3 million of transaction costs are expected to be incurred subsequent to September
30, 2025 through the estimated Closing Date and primarily relate to legal, advisory, accounting, auditing, fairness opinion, printer,
and proxy solicitation services. Management evaluated the nature of these costs in accordance with Staff Accounting Bulletin Topic 5.A
and ASC 340-10-S99-1, and determined that all $4.3 million of the transaction costs would be expensed as incurred as they are not directly
attributable to the offering. Accordingly, these costs have been reflected as an increase to accumulated deficit in the unaudited pro
forma condensed combined balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;(f) To reflect the payment of total estimated transaction costs
of Blockfusion of $7.8 million on the Closing Date. Management evaluated the nature of these costs in accordance with Staff Accounting
Bulletin Topic 5.A and ASC 340-10-S99-1. Based on this evaluation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Approximately $1.2
 million of transaction costs were incurred prior to September 30, 2025 and were expensed
 as incurred as they were not directly attributable to the offering. These costs include legal
 and advisory services related to the negotiation and structuring of the business combination
 agreement, accounting and audit services for historical financial statements, and marketing
 and communications activities. None of these services were specific incremental costs directly
 attributable to the offering. These costs were reflected in the accounts payable and accrued
 expenses and other current liabilities line items on Blockfusion's historical financial
 statements. Approximately $0.4 million of these costs will be waived at Closing pursuant
 to an engagement letter with a legal services provider, pursuant to which the provider agreed
 to receive a partial payment of the total amounts owed in lieu of receiving the full balance.
 As such, the $1.2 million of transaction costs incurred prior to September 30, 2025 includes
 approximately $0.4 million that will be written off at closing. This amount is reflected
 within other income in the unaudited pro forma condensed combined income statement, see adjustment
 4(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Approximately
 $1.8 million of transaction costs incurred and expected to be incurred after September 30,
 2025 were accounted for as specific incremental costs directly attributable to the offering
 and recorded as a reduction to additional paid-in capital in the unaudited pro forma condensed
 combined balance sheet. These costs include legal services directly supporting the preparation
 and filing of the registration statement and advisory services for the preparation of the
 pro forma financial information. These services were specific incremental costs directly
 attributable to the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Approximately
 $4.8 million of transaction costs expected to be incurred after September 30, 2025 were expensed
 as incurred as they were not directly attributable to the offering. These costs include legal
 and advisory services related to the negotiation and structuring of the business combination
 agreement, accounting and audit services for historical financial statements, and marketing
 and communications activities. None of these services were specific incremental costs directly
 attributable to the offering. Accordingly, these costs were recorded as an increase to accumulated
 deficit in the unaudited pro forma condensed combined balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To reflect the recapitalization of Blockfusion through the contribution of 25
 and 15,750,000 shares of Company Class A Common Stock and Company Class B Common Stock, respectively, and the issuance of 25,796,121
 and 17,016,302 shares of Pubco Class A Common Stock and Pubco Class B Common Stock, respectively, reflecting the Exchange Ratio of
 1.0635. Additionally, to reflect the derecognition of the accumulated deficit of Blue which is reversed to additional paid-in capital
 on the Closing Date.

The reverse recapitalization adjustment is determined as follows (in thousands):

---

| | |
|:---|:---|
| Derecognition of Company Class A Common Stock, par value $0.0001 | $(2) |
| Derecognition of Company Class B Common Stock, par value $0.0001 | $(1) |
| Derecognition of Blue's accumulated deficit<sup>(1)</sup> | $(11731) |
| Issuance of Pubco Class A Common Stock, par value $0.0001 in accordance with the Exchange Ratio | $2 |
| Issuance of Pubco Class B Common Stock, par value $0.0001 in accordance with the Exchange Ratio | $1 |
| Net reduction of additional paid-in capital due to derecognition of Blue's accumulated deficit and Blockfusion's Common Stock and issuance of Pubco Common Stock | $11731 |

---

(1) The derecognition of Blue's accumulated deficit of $11.7 million is determined as follows (in thousands):

---

| | |
|:---|:---|
| Historical accumulated deficit of Blue as of September 30, 2025 | $5931 |
| Estimated transaction costs of Blue through the estimated Closing Date, see 3(e) | 4300 |
| Blue transaction bonus paid at Closing, see 3(o) | 1500 |
| Total adjustment to derecognize Blue's accumulated deficit | $11731 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) To reflect the expected settlement of the Blockfusion notes
receivable with related parties, along with their accrued and unpaid interest on the Closing Date. The notes receivable balances were
classified as contra equity pursuant to ASC 310-10-S99-3 and recognized in additional paid-in capital in the amount of $500 within Blockfusion's
historical financial statements. Pursuant to the terms of the note agreements, interest will be repaid upon the Closing, which will be
recognized as a capital contribution on receipt, increasing additional paid-in capital in the amount of $16 thousand.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To reflect the issuance of 2,071,725 shares of Pubco Class A Common Stock upon
 the automatic conversion of the 20,125,000 Public Rights and 592,250 Private Placement Rights into one-tenth of one share of Pubco
 Class A Common Stock upon the Closing. The issuance of the shares resulted in a $0 thousand adjustment within the Pubco Class A Common
 Stock, par value $0.0001 and additional paid-in capital line items, respectively, due to the effects of rounding as the adjustment
 to record the shares at par value and associated adjustment to additional paid-in capital were less than $1 thousand, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(j) To reflect the expected settlement of the Blockfusion accrued
payroll balance on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;(k) To reflect the conversion of all 9,908,888 issued and outstanding
shares of Blue Class A Ordinary Shares not subject to possible redemption immediately prior to the Closing into shares of Pubco Class
A Common Stock. The 9,908,888 shares of Blue Class A Ordinary Shares not subject to possible redemption immediately prior to the Closing
is made up of (i) 767,250 shares outstanding as of September 30, 2025, (ii) 2,071,725 shares issued upon the automatic conversion of
Public Rights and Private Placement Rights (see Note 3(i)), and (iii) 7,069,913 Blue Class A Ordinary Shares issued upon the conversion
of the Blue Class B Ordinary Shares (see Note 3(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(l) To reflect, in the No Redemptions Scenario, the conversion
of all 20,125,000 issued and outstanding Blue Class A Ordinary Shares subject to possible redemption immediately prior to the Closing
into shares of Pubco Class A Common Stock with no cash redemptions.

The table below presents the calculation demonstrating that the Minimum Cash Condition is satisfied under the No Redemptions Scenario:

---

| | |
|:---|:---|
| **(in thousands)** | **Assuming No Redemptions** |
| **Minimum Cash Condition:** | |
| Cash and investments held in Trust Account as of September 30, 2025 | $203677 |
| Minus: Share redemption amount |  |
| Minus: Blue Acquisition deferred expenses - underwriting fee | (7044) |
| Minus: Unpaid Blue Acquisition transaction expenses - other transaction costs | (4300) |
| Minus: Unpaid Blockfusion transaction expenses - other transaction costs | (7866) |
| Minus: Transaction bonus paid upon Closing | (3350) |
| Minus: Directors' and officers' tail insurance | (225) |
| **Minimum Cash Condition Met** | $180892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(m) To reflect, in the Contractual Maximum Redemptions Scenario,
(i) the reversal of the $7.0 million deferred underwriting fee payable in the No Redemptions Scenario (see Note 3(d)), and (ii) the recognition
of a $5.4 million cash payment of the deferred underwriting fee payable under the Contractual Maximum Redemptions Scenario. (ii) This
$5.4 million payment was made pursuant to the terms of the agreement with the IPO Underwriters and consists of:

● $4.0 million, calculated as $0.20 for each of the 20,125,000 Units sold in the IPO, and

● $1.4 million, calculated as $0.15 for each of the 9,504,520 Blue Public Shares that were subject to possible redemption but were not redeemed by Public Shareholders in connection with the Business Combination.

In accordance with Staff Accounting Bulletin Topic 5.A, the original $7.0 million in deferred underwriting fees were recorded as a reduction to additional paid-in capital in Blue's historical financial statements on the IPO date. Under the Contractual Maximum Redemptions Scenario, $5.4 million of these fees are expected to be paid in cash to the IPO Underwriters upon the Closing of the Business Combination, as reflected above. This results in a reversal of $1.6 million from the original deferred charge which is recorded as an increase to additional paid-in capital in the unaudited pro forma condensed combined balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To reflect, in the Contractual Maximum Redemptions Scenario, the assumption that
 Blue's Public Shareholders exercise their redemption rights with respect to up to 10,620,480 Blue Class A Ordinary Shares subject
 to possible redemption, which represents the maximum number of shares that may be redeemed while still satisfying the Minimum Cash
 Condition required pursuant to the Business Combination Agreement, at a redemption price of $10.12 per share, or approximately $107.5
 million in cash.

The table below presents the calculation demonstrating that the Minimum Cash Condition is satisfied under the Contractual Maximum Redemptions Scenario:

---

| | |
|:---|:---|
| **(in thousands)** | **Assuming<br> Contractual<br> Maximum<br> Redemptions** |
| **Minimum Cash Condition:** | |
| Cash and investments held in Trust Account as of September 30, 2025 | $203677 |
| Minus: Share redemption amount | (107485) |
| Minus: Blue Acquisition deferred expenses - underwriting fee | (5451) |
| Minus: Unpaid Blue Acquisition transaction expenses - other transaction costs | (4300) |
| Minus: Unpaid Blockfusion transaction expenses - other transaction costs | (7866) |
| Minus: Transaction bonus paid upon Closing | (3350) |
| Minus: Directors' and officers' tail insurance | (225) |
| **Minimum Cash Condition Met** | $75000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(o) To reflect the payment of the transaction completion bonus
to certain Blue and Blockfusion executives and affiliates in the amount of $1.5 million and $1.9 million, respectively, at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(p) To reclassify Blue's Prepaid expenses - current to the Prepaid
expenses and other current assets line item to conform the presentation of Blue's historical balance sheet as of September 30, 2025 to
the presentation of Blockfusion's historical balance sheet as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(q) To reclassify Blue's Administrative services fee payable
- related party to the Accrued expenses and other current liabilities line item to conform the presentation of Blue's historical balance
sheet as of September 30, 2025 to the presentation of Blockfusion's historical balance sheet as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(r) To reflect the repayment in cash at Closing of two related party promissory notes with aggregate
 principal amounts of $0.1 million and $0.2 million issued in October and December 2025, respectively, together with accrued interest.

(s) To reflect the payment at Closing of the $1.4 million premium for a prepaid directors' and
 officers' insurance policy for Pubco's directors and officers.

(t) To reflect the payment at Closing of the $0.2 million premium for a directors'
 and officers' tail insurance policy.

**4.** **Adjustments to Unaudited Pro Forma Condensed Combined Statement of Operations for the Nine Months Ended September 30, 2025 and the Year Ended December 31, 2024** 

The pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are as follows:

***Pro Forma Adjustments for Other Material Events:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) To recognize stock-based compensation expense related to the vested stock
 option awards described in Note 3(ddd). The full grant-date fair value of these awards was expensed immediately in accordance with
 ASC 718. Further, to reflect stock-based compensation expense for the unvested stock option awards described in Note 3(ddd), assuming
 the Business Combination occurred on January 1, 2024.

***Pro Forma Adjustments for Pubco Formation:***

&nbsp;&nbsp;&nbsp;&nbsp;(aa) To reflect the Pubco formation costs and accounting costs
in the pro forma condensed combined statement of operations. This is a non-recurring item.

***Pro Forma Transaction Accounting Adjustments:***

&nbsp;&nbsp;&nbsp;&nbsp;(a) To reflect the estimated transaction costs of Blue for certain
accounting, auditing, and other professional fees expected to be incurred in connection with the Business Combination that were not deemed
to be specific incremental costs directly attributable to the offering of securities. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To reflect estimated transaction costs of Blockfusion for certain accounting,
 auditing, and other professional fees expected to be incurred in connection with the Business Combination that were not deemed to
 be specific incremental costs directly attributable to the offering of securities. Per an engagement letter with a legal services
 provider, the provider agreed to receive a partial payment of the amounts owed at the Closing of the Business Combination in lieu
 of receiving the full balance. As such, approximately $0.4 million will be written off at Closing, resulting in approximately $0.4
 million of other income in the unaudited pro forma condensed combined income statement. This is a non-recurring item.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents the application of an estimated marginal tax rate
of 26.14% to the pro forma adjustments included in the unaudited pro forma condensed combined statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents the removal of previously recognized dividend
income from Blue's dividend income from trust account as the Trust Account will be released upon the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(e) To reclassify Blue's
 Formation, General and administrative expenses, Listing fees, and Insurance expense to the
 Selling, general and administrative line item to conform the presentation of Blue's
 historical statement of operations for the nine months ended September 30, 2025 to the presentation
 of Blockfusion's historical statement of operations for the nine months ended September
 30, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;(f) To reclassify Blue's Legal and accounting expenses and Administrative
services fee - related party to the Legal and professional fees line item to conform the presentation of Blue's historical statement
of operations for the nine months ended September 30, 2025 to the presentation of Blockfusion's historical statement of operations
for the nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) To reflect one year and nine months of amortization expense for Pubco's
 directors' and officers' insurance policy recorded in Note 3(s) for the year ended December 31, 2024 and nine months
 ended September 30, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) To reflect expense recognized for the directors' and officers' tail
 insurance policy recorded in Note 3(t).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To reflect the payment of the transaction completion bonus recorded in Note 3(o)
 to certain Blue and Blockfusion executives and affiliates in the amount of $1.5 million and $1.9 million, respectively, at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;(j) The pro forma basic
 and diluted loss per share amounts presented in the unaudited pro forma condensed combined
 statement of operations are based upon the number of shares of Pubco Common Stock outstanding
 on the Closing Date of the Business Combination, assuming the Business Combination occurred
 on January 1, 2024.

Pro forma basic and diluted net loss per share attributable to Pubco common stockholders is calculated as follows for the nine months ended September 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
|  | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum Redemptions** |
| **Numerator:** | | |
| Allocation of pro forma net loss | $(8049000) | $(8049000) |
| Deemed dividend upon reclassification of preferred stock to temporary equity<sup>(1)</sup> | (864000) | (864000) |
| Pro forma net loss attributable to Pubco ordinary shareholders | $(8913000) | $(8913000) |
| **Denominator:** |  |  |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class A Ordinary Shares subject to possible redemption into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 20125000 | 9504520 |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class A Ordinary Shares not subject to possible redemption into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 767250 | 767250 |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class B Ordinary shares into Blue Class A Ordinary Shares immediately prior to the closing of the Business Combination and the conversion of Blue Class A Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 7069913 | 7069913 |
| &nbsp;&nbsp;&nbsp;Assume the automatic conversion of Blue Public Rights to acquire one-tenth (1/10) of one Blue Class A Ordinary Share immediately prior to the closing of the Business Combination and the conversion of the Blue Class A Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 2012500 | 2012500 |
| &nbsp;&nbsp;&nbsp;Assume the automatic conversion of Blue Private Placement Rights to acquire one-tenth (1/10) of one Blue Class A Ordinary Share immediately prior to the closing of the Business Combination and the conversion of the Blue Class B Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 59225 | 59225 |
| Pubco Class A Common Stock issuable for little or no consideration<sup>(2)</sup> | 680181 | 680181 |
| &nbsp;&nbsp;&nbsp;Assume January 1, 2024 issuance of shares of Pubco Class A Common Stock to holders of shares of Company Class A Common Stock as a result of assuming closing of the Business Combination on January 1, 2024 | 25796121 | 25796121 |
| &nbsp;&nbsp;&nbsp;Assume January 1, 2024 issuance of shares of Pubco Class B Common Stock to holders of shares of Company Class B Common Stock as a result of assuming closing of the Business Combination on January 1, 2024 | 17016302 | 17016302 |
| Pro forma weighted-average shares outstanding - basic and diluted | 73526492 | 62906012 |
| **Pro forma net loss per share attributable to Pubco common stockholders - basic and diluted** | $(0.12) | $(0.14) |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) In March 2025, changes in preferred stock
 ownership resulted in a majority of the Blockfusion's board of directors owning preferred stock. As a result, the preferred stock
 became redeemable upon the occurrence of an event that is not solely within the control of Blockfusion, as defined under ASC 480-10-S99-3A.
 Specifically, redemption is now subject to approval by a board that is majority-controlled by preferred stockholders. Accordingly,
 the preferred stock is presented outside of permanent equity in the mezzanine section of the pro forma condensed combined balance
 sheet as of September 30, 2025. Blockfusion reclassified the Series Seed
 Preferred Stock and Series A Preferred Stock from permanent equity to temporary equity at their respective fair values as of the
 reclassification date in March 2025, resulting in carrying amounts of $0.8 million for Blockfusion Series Seed Preferred Stock and
 $0.9 million for Blockfusion Series A Preferred Stock. The difference between each class's fair value and its prior carrying
 amount was recorded as an aggregate increase of $0.9 million to additional paid-in capital. The fair values of the Blockfusion Series
 Seed Preferred Stock and Blockfusion Series A Preferred Stock were determined using an option pricing model based on the following
 assumptions: (i) risk-free rate of 4.0%, (ii) volatility of 145.0%, (iii) dividend yield of 0.0%, (iv) time to liquidity event of
 3.8 years. Redemptions are not deemed probable to occur at any time during the periods presented, and therefore, no subsequent remeasurement
 to redemption value is required for the Blockfusion Series Seed Preferred Stock or the Blockfusion Series A Preferred Stock. The incremental fair value of the stock
 was recorded as a deemed dividend accounted for as an increase of pro forma net loss in the calculation of pro forma net loss available
 to Pubco ordinary shareholders.

(2) Represents 639,557
 Company Warrants to purchase Company Class A Common Stock assumed to be outstanding immediately
 prior to the Closing Date, which will be assumed by Pubco and represent 639,557 Pubco warrants
 on the Closing Date. These 639,557 Pubco warrants will be exercisable for 680,181 shares
 of Pubco Class A Common Stock equal to the 639,557 Pubco warrants multiplied by the Exchange
 Ratio. These shares of Pubco Class A Common Stock are considered issuable
 for little or no consideration. In accordance with ASC 260-10-45-13, shares that are issuable
 for little or no consideration are treated as outstanding for purposes of basic EPS once
 the conditions for issuance are satisfied. Because these warrants require little or no consideration
 to obtain the underlying shares, the corresponding shares are included in the basic EPS denominator
 and are not reflected as incremental shares in diluted EPS.

The following securities were excluded from the computation of pro forma diluted net loss per share attributable to Pubco common stockholders for the nine months ended September 30, 2025 because including them would have had an anti-dilutive effect:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30, 2025** | **Nine Months Ended<br> September 30, 2025** |
|  | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum Redemptions** |
| Pubco shares underlying the Company Class A Common Stock options<sup>(1)</sup> | 638111 | 638111 |
| Pubco shares underlying the Company Class A Common Stock warrants<sup>(2)</sup> | 534471 | 534471 |
| Total anti-dilutive shares of Pubco Common Stock | 1172582 | 1172582 |

---

(1) Represents 600,000
 Company Options to purchase shares of Company Class A Common Stock assumed to be outstanding
 immediately prior to the Closing Date, which will be assumed by Pubco and represent 600,000
 Pubco options on the Closing Date. These 600,000 Pubco options will be exercisable for 638,111
 shares of Pubco Class A Common Stock equal to the 600,000 Pubco options multiplied by the
 Exchange Ratio.

(2) Represents 522,106
 Company Warrants to purchase Company Class A Common Stock assumed to be outstanding immediately
 prior to the Closing Date, which will be assumed by Pubco and represent 522,106 Pubco warrants
 on the Closing Date. These 555,270 Pubco warrants will be exercisable for 555,270 Pubco Class
 A Common Stock equal to the 555,270 Pubco warrants multiplied by the Exchange Ratio. This
 is not inclusive of 639,557 Pubco Warrants exercisable for 680,181 Pubco Class A Common Stock
 included within pro forma basic and diluted net loss per share that represents shares issuable
 for little or no consideration.

Pro forma basic and diluted net loss per share attributable to Pubco common stockholders is calculated as follows for the year ended December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** |
|  | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum Redemptions** |
| **Numerator:** |  |  |
| Allocation of pro forma net loss | $(8697000) | $(8697000) |
| **Denominator:** |  |  |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class A Ordinary Shares subject to possible redemption into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 20125000 | 9504520 |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class A Ordinary Shares not subject to possible redemption into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 767250 | 767250 |
| &nbsp;&nbsp;&nbsp;Assume conversion of Blue Class B Ordinary shares into Blue Class A Ordinary Shares immediately prior to the closing of the Business Combination and the conversion of Blue Class A Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 7069913 | 7069913 |
| &nbsp;&nbsp;&nbsp;Assume the automatic conversion of Blue Public Rights to acquire one-tenth (1/10) of one Blue Class A Ordinary Share immediately prior to the closing of the Business Combination and the conversion of the Blue Class A Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 2012500 | 2012500 |
| &nbsp;&nbsp;&nbsp;Assume the automatic conversion of Blue Private Placement Rights to acquire one-tenth (1/10) of one Blue Class A Ordinary Share immediately prior to the closing of the Business Combination and the conversion of the Blue Class B Ordinary Shares into shares of Pubco Class A Common Stock effective January 1, 2024 as a result of assuming closing of the Business Combination on January 1, 2024 | 59225 | 59225 |
| &nbsp;&nbsp;&nbsp;Pubco Class A Common Stock issuable for little or no consideration<sup>(1)</sup> | 680181 | 680181 |
| &nbsp;&nbsp;&nbsp;Assume January 1, 2024 issuance of shares of Pubco Class A Common Stock to holders of shares of Company Class A Common Stock as a result of assuming closing of the Business Combination on January 1, 2024 | 25796121 | 25796121 |
| &nbsp;&nbsp;&nbsp;Assume January 1, 2024 issuance of shares of Pubco Class B Common Stock to holders of shares of Company Class B Common Stock as a result of assuming closing of the Business Combination on January 1, 2024 | 17016302 | 17016302 |
| Pro forma weighted-average shares outstanding - basic and diluted | 73526492 | 62906012 |
| **Pro forma net loss per share attributable to Pubco common stockholders - basic and diluted** | $(0.12) | $(0.14) |

---

(1) Represents 639,557
 Company Warrants to purchase Company Class A Common Stock assumed to be outstanding immediately
 prior to the Closing Date, which will be assumed by Pubco and represent 639,557 Pubco warrants
 on the Closing Date. These 639,557 Pubco warrants will be exercisable for 680,181 shares
 of Pubco Class A Common Stock equal to the 639,557 Pubco warrants multiplied by the Exchange
 Ratio. These shares of Pubco Class A Common Stock are considered issuable
 for little or no consideration. In accordance with ASC 260-10-45-13, shares that are issuable
 for little or no consideration are treated as outstanding for purposes of basic EPS once
 the conditions for issuance are satisfied. Because these warrants require little or no consideration
 to obtain the underlying shares, the corresponding shares are included in the basic EPS denominator
 and are not reflected as incremental shares in diluted EPS.

[**Table of Contents**](#TableOfContents)

The following securities were excluded from the computation of pro forma diluted net loss per share attributable to Pubco common stockholders for the year ended December 31, 2024 because including them would have had an anti-dilutive effect:

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, 2024** | **Year Ended <br> December 31, 2024** |
|  | **Assuming No<br> Redemptions** | **Assuming Contractual Maximum Redemptions** |
| Pubco shares underlying the Company Class A Common Stock options<sup>(1)</sup> | 638111 | 638111 |
| Pubco shares underlying the Company Class A Common Stock warrants<sup>(2)</sup> | 534471 | 534471 |
| Total anti-dilutive shares of Pubco Common Stock | 1172582 | 1172582 |

---

(1) Represents 600,000
 Company Options to purchase shares of Company Class A Common Stock assumed to be outstanding
 immediately prior to the Closing Date, which will be assumed by Pubco and represent 600,000
 Pubco options on the Closing Date. These 600,000 Pubco options will be exercisable for 638,111
 shares of Pubco Class A Common Stock equal to the 600,000 Pubco options multiplied by the
 Exchange Ratio.

(2) Represents 522,106
 Company Warrants to purchase Company Class A Common Stock assumed to be outstanding immediately
 prior to the Closing Date, which will be assumed by Pubco and represent 522,106 Pubco warrants
 on the Closing Date. These 555,270 Pubco warrants will be exercisable for 555,270 Pubco Class
 A Common Stock equal to the 555,270 Pubco warrants multiplied by the Exchange Ratio. This
 is not inclusive of 639,557 Pubco Warrants exercisable for 680,181 Pubco Class A Common Stock
 included within pro forma basic and diluted net loss per share that represents shares issuable
 for little or no consideration.

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**COMPARATIVE HISTORICAL AND UNAUDITED PRO FORMA PER SHARE FINANCIAL INFORMATION** 

The following table sets forth the historical comparative share information for Blue and Blockfusion on a stand-alone basis and the unaudited pro forma combined share information as of and for the nine months ended September 30, 2025, after giving effect to the Business Combination, assuming (i) no Public Shareholders exercise redemption rights with respect to their Public Shares upon the consummation of the Business Combination; and (ii) the Public Shareholders exercise their redemption rights with respect to a maximum of 10,620,480 Public Shares. Under the Contractual Maximum redemption scenario, this represents approximately 52.8% of the Public Shares being redeemed, resulting in aggregate Redemption Payments of $107.5 million, calculated based on a redemption price of approximately $10.12 per share. The estimated per share redemption value of $10.12 was calculated by dividing the amount of $203.7 million in the Trust Account as of September 30, 2025 by the 20,125,000 total Public Shares. The 52.8% redemption amount reflects the maximum number of Public Shares that can be redeemed without violating the closing conditions of the Business Combination Agreement. This scenario includes all adjustments contained in the "no redemption" scenario and presents additional adjustments to reflect the effect of contractual maximum redemptions.

This information is only a summary and should be read together with the selected historical financial information summary of Blue and Blockfusion and the historical financial statements and related notes of Blue and Blockfusion, in each case, that are included elsewhere in this proxy statement. The unaudited pro forma combined per share information of Blue and Blockfusion is derived from, and should be read in conjunction with, the unaudited pro forma condensed combined financial statements and related notes included elsewhere in this proxy statement.

The unaudited pro forma combined earnings per share information below does not purport to represent the earnings per share which would have occurred had Blue and Blockfusion consummated a business combination during the periods presented, nor earnings per share for any future date or period. The unaudited pro forma combined book value per share information below does not purport to represent what the value of Blue and Blockfusion would have been had Blue and Blockfusion consummated a business combination during the period presented.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Blue<sup>(1)</sup><br> (Historical)** | **Blockfusion<br> (Historical)** | **Pro Forma Combined Assuming No Redemptions** | **Pro Forma Combined Assuming Contractual Maximum Redemptions** |
| **As of and for the nine months ended September 30, 2025** | | | | |
| Book (deficit) value per share | $(0.21)<sup>(2)</sup> | $(0.60) | $2.28 | $0.97 |
| Weighted average shares outstanding, Pubco - basic and diluted | N/A | N/A | 73526492 | 62906012 |
| Net loss per share attributable to Pubco common stockholders - basic and diluted | N/A | N/A | $(0.12) | $(0.14) |
| Weighted average shares outstanding, Blockfusion Common Stock - basic and diluted | N/A | 33422353 | N/A | N/A |
| Net loss per share attributable to Blockfusion common stockholders - basic and diluted | N/A | $(0.24) | N/A | N/A |
| Weighted average shares outstanding, Blue Ordinary Shares, redeemable - basic and diluted | 9155579 | N/A | N/A | N/A |
| Net income per share attributable to Blue ordinary shareholders, redeemable - basic and diluted | $0.79 | N/A | N/A | N/A |
| Weighted average shares outstanding, Blue Ordinary Shares, non-redeemable - basic and diluted | 6976822 | N/A | N/A | N/A |
| Net loss per share attributable to Blue ordinary shareholders, non-redeemable - basic and diluted | $(0.74) | N/A | N/A | N/A |
| **As of and for the year ended December 31, 2024** |  |  |  |  |
| Book deficit per share | N/A | $(0.63) | N/A | N/A |
| Weighted average shares outstanding, Pubco - basic and diluted | N/A | N/A | 73526492 | 62906012 |
| Net loss per share attributable to Pubco common stockholders - basic and diluted | N/A | N/A | $(0.12) | $(0.14) |
| Weighted average shares outstanding, Blockfusion Common Stock - basic | N/A | 33072624 | N/A | N/A |
| Weighted average shares outstanding, Blockfusion Common Stock - diluted | N/A | 40116442 | N/A | N/A |
| Net loss per share attributable to Blockfusion common stockholders - basic | N/A | $0.06 | N/A | N/A |
| Net loss per share attributable to Blockfusion common stockholders - diluted | N/A | $0.05 | N/A | N/A |

---

[**Table of Contents**](#TableOfContents)

**INFORMATION ABOUT THE PARTIES TO THE BUSINESS COMBINATION**

 ****

***Blue***

Blue is a special purpose acquisition company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Blue Class A Ordinary Shares, Units and Blue Share Rights are currently listed on Nasdaq under the symbols "BACC," "BACCU" and "BACCR," respectively. The mailing address of Blue's principal executive office is 1601 Anita Lane, Newport Beach, CA 92660, and its telephone number is (646) 543-5060.

 ****

***Blockfusion***

Blockfusion is a Delaware corporation incorporated on February 8, 2021. Blockfusion is in the business of the development and operation of data centers. For more information about Blockfusion, see the sections entitled "*Information About Blockfusion*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion.*"

The mailing address of Blockfusion's principal executive office is 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

 ****

***Pubco***

Pubco is a Delaware corporation incorporated on September 29, 2025. Pubco was formed for the purpose of effectuating the Business Combination described herein and it has not conducted, and prior to the effective times of the Mergers will not conduct, any activities other than those incidental to its formation and the Transactions. As a result of the Business Combination, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, and Pubco will become a publicly traded company.

In connection with the Business Combination, Pubco has applied for the listing of its Class A Common Stock on Nasdaq under the proposed symbol "BLDC," to be effective at the Closing. Pubco will not have units or share rights traded following the consummation of the Business Combination.

The mailing address of Pubco's principal executive office is 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

 ****

***Blue Merger Sub***

Blue Merger Sub was formed as an exempted company under the laws of the Cayman Islands on October 9, 2025, and is currently a wholly-owned subsidiary of Pubco. Blue Merger Sub was formed for the purpose of effectuating the Blue Merger described herein and it has not conducted, and prior to the Effective Time will not conduct, any activities other than those incidental to its formation and the transactions contemplated by the Business Combination Agreement. Blue Merger Sub will not be the surviving entity in the Blue Merger, as contemplated by the Business Combination Agreement and described herein.

The mailing address of Blue Merger Sub's principal office is 71 Fort Street, PO Box 500, George Town, Grand Cayman, Cayman Islands, KY1-1106 and its telephone number is (646) 543-5060.

***Company Merger Sub***

Company Merger Sub was formed as a corporation under the laws of the State of Delaware on September 29, 2025, and is currently a wholly-owned subsidiary of Pubco. Company Merger Sub was formed for the purpose of effectuating the Company Merger described herein and it has not conducted, and prior to the Effective Time will not conduct, any activities other than those incidental to its formation and the transactions contemplated by the Business Combination Agreement. Company Merger Sub will not be the surviving entity in the Company Merger, as contemplated by the Business Combination Agreement and described herein.

The mailing address of Company Merger Sub's principal executive office is 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200.

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**THE BLUE EXTRAORDINARY GENERAL MEETING**

**General**

Blue is furnishing this proxy statement/prospectus to its shareholders as part of the solicitation of proxies by the Blue Board for use at the Blue Extraordinary General Meeting to be held on [_], 2026 and at any adjournment or postponement thereof. This proxy statement/prospectus provides Blue shareholders with information they need to know to be able to vote or direct their vote to be cast at the Blue Extraordinary General Meeting.

This proxy statement/prospectus is being first mailed on or about [_], 2026 to all shareholders of record of Blue as of [_], 2026, which is the Record Date. This proxy statement/prospectus provides you with information you need to know to be able to vote or instruct your vote to be cast at the Blue Extraordinary General Meeting.

**Date, Time and Place**

The Blue Extraordinary General Meeting will be held as a "virtual meeting" via live audio webcast on [_], 2026 at [_] a.m. Eastern Time at *www.cstproxy.com/[_]*. For the purposes of the Current Charter, the Blue Extraordinary General Meeting may also be attended in person at the offices of Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New York, New York 10105.

**Registering for the Blue Extraordinary General Meeting**

As a registered Blue shareholder, you received a proxy card from Continental Stock Transfer & Trust Company. The form contains instructions on how to attend the meeting including the URL address, along with your control number. You will need your control number for access. If you do not have your control number, contact Continental Stock Transfer & Trust Company at the phone number or e-mail address below. Continental Stock Transfer & Trust Company's support contact information is as follows: (917) 262-2373, or email proxy@continentalstock.com.

You can pre-register to attend the meeting starting [_], 2026 at [_] a.m. Eastern Time. Enter the URL address into your browser *www.cstproxy.com/[_],* enter your control number, name and email address. At the start of the meeting, you will need to re-log in using your control number and will also be prompted to enter your control number if you vote during the meeting.

A Blue shareholder that holds such shareholder's shares in "street name," which means such shareholder's shares are held of record by a broker, bank or other nominee, may need to contact Continental Stock Transfer & Trust Company to receive a control number. If you beneficially own shares held in "street name" and plan to vote at the meeting you will need to have a legal proxy from your bank or broker or if you would like to join and not vote Continental Stock Transfer & Trust Company will issue you a guest control number with proof of ownership. Either way you must contact Continental for specific instructions on how to receive the control number. We can be contacted at the number or email address above. Please allow up to 72 hours prior to the meeting for processing your control number.

If you do not have internet capabilities, you can listen only to the meeting by dialing [_] within the U.S. and Canada (toll-free), or [_] outside the U.S. and Canada (standard rates apply) when prompted enter the pin number [_]#. This is listen-only and you will not be able to vote or enter questions during the meeting and will not be deemed to be present at the meeting, if you are listening via telephone.

**Purpose of the Blue Extraordinary General Meeting**

**At the Blue Extraordinary General Meeting, Blue is asking its shareholders to consider and vote upon:**

● The Business Combination Proposal.&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Business Combination Agreement is attached to this proxy statement/prospectus as *Annex A*.

● The Merger Proposal.&nbsp;&nbsp;&nbsp;&nbsp;A copy of the Plan of Merger is attached to this proxy statement/prospectus as *Annex B*.

● The Charter Proposal.&nbsp;&nbsp;&nbsp;&nbsp;The form of Proposed Charter to become effective in connection with the consummation of the Business Combination is attached to this proxy statement/prospectus as *Annex C.* Concurrent with the adoption of the Proposed Charter, the Proposed Bylaws in the form attached to this proxy statement/prospectus as *Annex D* will also be adopted *.* 

● The Organizational Documents Proposals.&nbsp;&nbsp;&nbsp;&nbsp;The form of the Proposed Charter containing the advisory amendments to become effective upon consummation of the Business Combination are listed here.

● The Incentive Plan Proposal.&nbsp;&nbsp;&nbsp;&nbsp;The form of the Incentive Plan to be used by Pubco from and after the Closing of the Business Combination is attached to this proxy statement/prospectus as *Annex E*.

● The Nasdaq Proposal.

● The Director Election Proposal.

● The Adjournment Proposal, if presented at the Blue Extraordinary General Meeting.

[**Table of Contents**](#TableOfContents)

**Voting Power and Record Date**

You will be entitled to vote at the Blue Extraordinary General Meeting if you owned Blue Ordinary Shares at the close of business on [_], 2026, which is the Record Date. You are entitled to one vote for each share of Blue Ordinary Shares that you held as of the close of business on the Record Date. If your shares are held in "street name" or are in a margin or similar account, you should contact your broker, bank or other nominee to ensure that votes related to the shares you beneficially own are properly counted. On the Record Date, there were an aggregate of 27,962,163 Blue Ordinary Shares outstanding, of which 20,892,250 are Public Shares and 7,069,913 are Blue Ordinary Shares held by the Initial Shareholders.

**Vote of the Sponsor**

In connection with the IPO, Blue entered into agreements with the Sponsor, pursuant to which it agreed to vote any Blue Ordinary Shares owned by it in favor of the Business Combination Proposal and for all other proposals presented at the Blue Extraordinary General Meeting. These agreements apply to the Business Combination Proposal and for all other proposals presented to Blue shareholders in this proxy statement/prospectus.

The Sponsor has waived any redemption rights, including with respect to Blue Class A Ordinary Shares purchased in the aftermarket, in connection with Business Combination. No consideration was provided in exchange for the Sponsor's waiver of its redemption rights. The Founder Shares held by the Sponsor have no redemption rights upon Blue's liquidation and will be worthless if no business combination is effected by Blue by March 16, 2027 (or such other date as approved by the Blue shareholders).

**Quorum and Required Vote for Proposals**

A quorum of Blue shareholders is necessary to hold a valid meeting. A quorum will be present at the Blue Extraordinary General Meeting if one-third (1/3) of the Blue Ordinary Shares issued and outstanding and entitled to vote at the Blue Extraordinary General Meeting are represented in person online or by proxy at the Blue Extraordinary General Meeting. Abstentions will count as present for the purposes of establishing a quorum. Broker non-votes will not be counted for purposes of establishing a quorum.

The approval of each of the Business Combination Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under the Current Charter and Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Accordingly, a Blue shareholder's failure to vote by proxy or to vote virtually in person at the Blue Extraordinary General Meeting on any of the proposals (including by abstaining on each of the proposals) will have no effect on the outcome. However, if a Blue shareholder votes any shares by proxy or virtually in person at the Blue Extraordinary General Meeting on any Proposal, the failure to vote such shares on other proposals (including by abstaining on the Business Combination Proposal) will have the same effect as a vote "**AGAINST**" such other proposals.

The Required Proposals are conditioned on the approval of the Business Combination Proposal, and the Business Combination Proposal is conditioned on the approval of the other Required Proposals (which do not include the Organizational Documents Proposals, the Nasdaq Proposal or the Adjournment Proposal). Unless the Business Combination Proposal is approved, the remaining Required Proposals, the Organizational Documents Proposals and the Nasdaq Proposal will not be presented to the shareholders of Blue at the Blue Extraordinary General Meeting. The Adjournment Proposal is not conditioned on any other proposal.

**It is important for you to note that in the event the Required Proposals (consisting of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal and the Director Election Proposal) do not receive the requisite vote for approval, then Blue will not consummate the Business Combination. If Blue does not consummate the Business Combination and fails to complete an initial business combination by March 16, 2027 and does not seek to obtain the approval of its shareholders for an Extension, Blue will be required to cease all operations except for the purposes of winding up, redeem its Public Shares and liquidate its Trust Account by returning the then-remaining funds in such account to the Public Shareholders (net of up to $100,000 of interest to pay dissolution expenses).**

**Abstentions and Broker Non-Votes**

Abstentions will have no effect on the outcome of the vote on any of the proposals.

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The approval of each of the Business Combination Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and the Adjournment Proposal requires an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under the Current Charter and Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Accordingly, a Blue shareholder's failure to vote by proxy or to vote virtually in person at the Blue Extraordinary General Meeting on any of the proposals (including by abstaining on each of the proposals) will have no effect on the outcome. However, if a Blue shareholder votes any shares by proxy or virtually in person at the Blue Extraordinary General Meeting on any Proposal, the failure to vote such shares on other proposals (including by abstaining on the Business Combination Proposal) will have the same effect as a vote "**AGAINST**" such other proposals.

**Recommendation of the Blue Board**

The Blue Board has determined that each of the proposals is fair, advisable and in the best interests of Blue and Blue's shareholders and has unanimously approved such proposals. The Blue Board unanimously recommends that Blue's shareholders vote "**FOR**" each of the proposals.

The independent directors of the Blue Board did not retain an unaffiliated representative to act solely on behalf of the unaffiliated Blue shareholders to negotiate the terms of the Business Combination. However, The Blue Board obtained a fairness opinion from Houlihan Capital to (1) inform itself with respect to all material information reasonably available to it and (2) act with appropriate care in considering the Business Combination. See the section of this proxy statement/prospectus entitled "*The Business Combination Proposal (Proposal 1) — Opinion of Houlihan Capital, the Blue Board's Financial Advisor*" for additional information.

When you consider the recommendation of Blue Board in favor of approval of the proposals, you should keep in mind that the independent members of the Blue Board did not separately retain an unaffiliated representative to act solely on behalf of unaffiliated security holders of Blue for purposes of negotiating the terms of the Business Combination transaction and/or preparing a report concerning the approval of the Business Combination. Additionally, the Sponsor, members of Blue Board and Blue's officers and advisers have interests in the Business Combination that may be different from or in addition to (or which may conflict with) your interests as a shareholder. These interests include, among other things, the fact that:

● that if the Business Combination or another initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 6,769,913 Class B Ordinary Shares, also referred to as the Founder Shares (which, upon consummation of an initial business combination or earlier, in accordance with the terms of the Current Charter, will or may be converted into Blue Class A Ordinary Shares) held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to the terms of the Insider Letter, the Founder Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing, distribute some or all of the Founder Shares held by it and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. In this regard, while the Founder Shares are not the same as the Blue Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the Blue Class A Ordinary Shares, and may become worthless if Blue does not complete a business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the aggregate value of the 6,769,913 Founder Shares owned by the Sponsor is estimated to be approximately $[_] million, assuming the per share value of the Founder Shares is the same as the $[_] closing price of the Blue Class A Ordinary Shares on Nasdaq on [_], 2026;

● that if the Business Combination or another Blue initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 391,000 Blue Private Placement Units held by the Sponsor will expire worthless. The Sponsor purchased the Blue Private Placement Units at an aggregate purchase price of $3,910,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the IPO. Pursuant to the terms of the Insider Letter, the Blue Private Placement Units and all of their underlying securities are also subject to lock-up restrictions whereby, subject to certain limited exceptions, such securities will not be sold or transferred until 30 days after Blue has completed an initial business combination. In this regard, while the Blue Private Placement Units are not the same as the Blue Public Units, the aggregate value of the 391,000 Blue Private Placement Units held by the Sponsor is estimated to be approximately $[_] million, assuming the per unit value of the Blue Private Placement Units is the same as the $[_] closing price of the Blue Public Units on Nasdaq on [_], 2026;

● that if the proposed Business Combination is consummated, immediately after the Closing, the Sponsor is anticipated to hold 9.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*," which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*," assuming, among other assumptions further described in aforementioned other sections of this proxy statement/prospectus, no redemptions of Public Shares prior to or in connection with the proposed Business Combination;

● that each of Blue's officers and directors holds indirect interests in the Founder Shares held by Blue Holdings, the managing member of the Sponsor. Blue Holdings has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (and a former special advisor), indirectly through membership interests in Blue Holdings. In addition, Dario Dino Ferrari, a director, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000. As a result of their indirect interest in the Founder Shares through membership interests in Blue Holdings, Blue's management team may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

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● that the Sponsor has invested an aggregate of $3,935,000 (consisting of $25,000 for the Founder Shares and $3,910,000 for the Blue Private Placement Units). Based on the difference in the effective purchase price of $0.004 per share paid for the Founder Shares, and $10.00 per unit paid for the Blue Private Placement Units, as compared to the purchase price of $10.00 per Blue Public Unit sold in the IPO, the Sponsor and its members may earn a positive rate of return on their investment even if the share price of Pubco after the Closing falls below the price initially paid for the Blue Public Units in the IPO and the non-redeeming unaffiliated Blue Public Shareholders experience a negative rate of return following the Closing of the Business Combination;

● that if, prior to the Closing, the Sponsor provides working capital loans to Blue, up to $1,500,000 of such working capital loans may be convertible into Blue Private Placement Units at the option of the lender, such loans may not be repaid if no business combination is consummated and Blue is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;

● that unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of them expecting to incur)) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof (but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);

● that if the Trust Account is liquidated, including in the event Blue is unable to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the Sponsor has agreed that it will be liable to Blue, if and to the extent any claims by a third party for services rendered or products sold to Blue or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, in each case net of income taxes, if any, and up to $100,000 of dissolution expenses, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under Blue's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act;

● that the Sponsor and Blue's officers and directors may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;

● that Ketan Seth is the Chief Executive Officer and a director of Blue and has been nominated to serve as a director of Pubco following the Closing. As such, in the future, Mr. Seth may receive any cash fees or equity awards that the Pubco Board determines to pay its directors;

● that Blue's directors and officers will be eligible for continued indemnification and continued coverage under directors' and officers' liability insurance after the Business Combination and pursuant to the terms of the Business Combination Agreement;

● that Alberto Pontonio, a registered broker-dealer associated with Roberts & Ryan, one of the IPO Underwriters, and an advisor of Blue who has been authorized by the Blue Board to provide support to Blue's management, on behalf of the Blue Board, in the identification, evaluation, negotiation and, ultimately, consummation of an initial business combination, including the proposed Business Combination, holds 300,000 Founder Shares and has been nominated to serve as a director of Pubco following the Closing. The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor and were issued in exchange for services provided in connection with Blue's initial business combination. If Blue fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders) and is forced to liquidate, the Founder Shares will expire worthless. Aside from the 300,000 Founder Shares, the Blue Advisor has not and will not receive any compensation for his services to Blue (although he may receive additional compensation as part of his association with Roberts & Ryan, to the extent that Roberts & Ryan, receives deferred underwriting fees payable to the IPO Underwriters upon consummation of the Business Combination and/or in connection with the engagement of Roberts & Ryan as financial advisor and placement agent for any Financing Transactions). However, in the future, he may receive any cash fees or equity awards that the Pubco Board determines to pay its directors. As such, the Blue Advisor may have a conflict of interest in determining whether a particular target business is an appropriate business with which Blue should effectuate an initial business combination;

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● that on December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance; and

● that the Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements have been determined as of the date hereof and no written agreements exist with respect to such arrangements, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

In addition to the interests of the Sponsor and Blue's executive officers and directors in the Business Combination, Blue shareholders should be aware that the IPO Underwriters (BTIG, LLC and Roberts & Ryan, Inc.) may also have financial interests that are different from, or in addition to, the interests of Blue shareholders, including the fact that:

● pursuant to the terms of the Underwriting Agreement, the IPO Underwriters will receive deferred underwriting fees in an amount equal to up to $0.35 per Blue Public Unit issued in the IPO, or $7,043,750, and such fees are payable only if Blue completes an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per Blue Public Unit sold in the IPO shall be paid to the IPO Underwriters in cash, and (ii) $0.15 per Blue Public Unit sold in the IPO shall be paid to the underwriters in cash based on the funds remaining in the Trust Account after giving effect to Public Shares that are redeemed in connection with an initial business combination;

● the IPO Underwriters hold an aggregate of 201,250 Blue Private Placement Units, which they purchased in the Private Placement at a price of $10.00 per Blue Private Placement Units, or $2,012,500 in the aggregate. The Blue Private Placement Units held by the IPO Underwriters will expire worthless if a business combination is not consummated by Blue by the end of the Combination Period;

● the IPO Underwriters hold an aggregate of 175,000 Representative Shares, which they purchased for $0.001 per share, or $175 in the aggregate. The IPO Underwriters have agreed to waive any entitlement to participate in any redemption or liquidating distributions with respect to such shares. The Representative Shares may not be sold or transferred until after Blue has completed an initial business combination. As such, the Representative Shares will be worthless if a business combination is not consummated by Blue by the end of the Combination Period; and

● Blue and the IPO Underwriters are parties to that certain Placement Agent Engagement Letter, dated as of November 2, 2025, pursuant to which Blue engaged the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. BTIG, LLC will act as the lead capital markets advisor and placement agent. Pursuant to the Placement Agent Engagement Letter, the IPO Underwriters are entitled to receive (1) a cash fee upon the consummation of any Financing Transaction in an amount equal to (i) 5% of the gross proceeds raised from the sale of equity securities, (ii) 4% the gross proceeds raised from the sale of equity-linked securities and (iii) the gross proceeds raised from the sale of debt securities in the Financing Transaction, excluding expenses and (2) a cash fee upon the consummation of the Business Combination in an amount equal to two million dollars ($2,000,000); provided, that, in the event that the Placement Fee exceeds three million dollars ($3,000,000), fifty percent (50%) of the amount of such Placement Fee that exceeds three million dollars ($3,000,000) and that has been paid to the IPO Underwriters at the time that any Advisory Fee become due shall be credited against the Advisory Fee, provided, further, that such credit shall not exceed one million dollars ($1,000,000). 85% of any Placement Fee and/or Advisory Fee will be payable to BTIG, LLC, and 15% will be payable to Roberts & Ryan, Inc. The IPO Underwriters will also be reimbursed for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of such services. Further, following the closing of the Business Combination, BTIG, LLC shall have a right of first refusal for a period of one (1) year thereafter to act as the lead-managing underwriter and/or lead bookrunner in the case of any public offering.

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**Voting Your Shares**

Each Blue Ordinary Share that you own in your name entitles you to one vote. If you are a record owner of your shares, there are three ways to vote your Blue Ordinary Shares at the Blue Extraordinary General Meeting:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Vote by internet</u>.

● <u>Before the meeting</u>:&nbsp;&nbsp;&nbsp;&nbsp;Go online to *www.cstproxyvote.com*. Use the internet to transmit your proxy with your voting instructions and for electronic delivery information up until 11:59 p.m. Eastern Time the day before the meeting date. Have your proxy card in hand when you access the website and follow the instructions to obtain your records and to create an electronic voting instruction form. If you hold your shares in "street name," which means your shares are held of record by a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the record holder of your shares with instructions on how to vote your shares or obtain a proxy from the record holder of your shares allowing you to submit a proxy via the internet with respect thereto.

● <u>During the meeting</u>:&nbsp;&nbsp;&nbsp;&nbsp;Go online to *www.cstproxy.com/[_]*. You will be able to attend the Blue Extraordinary General Meeting online and vote your shares electronically until voting is closed. If you hold your shares in "street name," which means your shares are held of record by a broker, bank or other nominee, you should follow the instructions provided by your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard, you must provide the record holder of your shares with instructions on how to vote your shares. However, if your shares are held in the name of your broker, bank or other nominee, you must get a proxy from the broker, bank or other nominee. That is the only way we can be sure that the broker, bank or nominee has not already voted your Blue Ordinary Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Vote by mail</u>.&nbsp;&nbsp;&nbsp;&nbsp;Mark,
 date, sign and mail promptly the enclosed proxy card (a postage-paid envelope is provided
 for mailing in the United States). By signing the proxy card and returning it in the
 enclosed prepaid and addressed envelope, you are authorizing the individuals named on the
 proxy card to vote your shares at the Blue Extraordinary General Meeting in the manner you
 indicate. You are encouraged to sign and return the proxy card even if you plan to attend
 the Blue Extraordinary General Meeting so that your shares will be voted if you are unable
 to attend the Blue Extraordinary General Meeting. If you receive more than one proxy card,
 it is an indication that your shares are held in multiple accounts. Please sign and return
 all proxy cards to ensure that all of your shares are voted. If you hold your shares in "street
 name" through a bank, broker or other nominee, you will need to follow the instructions
 provided to you by your bank, broker or other nominee to ensure that your shares are represented
 and voted at the Blue Extraordinary General Meeting. If you sign and return the proxy card
 but do not give instructions on how to vote your shares, your Blue Ordinary Shares will be
 voted as recommended by our Board. Our Board recommends voting "**FOR**" each
 of the proposals. Proxies submitted by mail should be received by [_], 2026 in order to ensure
 that they are counted at the Blue Extraordinary General Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Vote by telephone</u>.&nbsp;&nbsp;&nbsp;&nbsp;You may
submit a proxy to vote your shares by calling and following the instructions on the proxy card. If you hold your shares in "street
name," which means your shares are held of record by a broker, bank or other nominee, you should follow the instructions provided
by your broker, bank or nominee to ensure that votes related to the shares you beneficially own are properly counted. In this regard,
you must provide the record holder of your shares with instructions on how to vote your shares or obtain a proxy from the record holder
of your shares allowing you to submit a proxy via telephone with respect thereto. However, if your shares are held in the name of your
broker, bank or other nominee, you must get a proxy from the broker, bank or other nominee. That is the only way we can be sure that
the broker, bank or nominee has not already voted your Blue Ordinary Shares.

**Revoking Your Proxy; Changing Your Vote**

If you are a record owner of your shares and you give a proxy, you may change your vote or revoke your proxy at any time before it is exercised at the Blue Extraordinary General Meeting by doing any one of the following:

● submitting a valid, later-dated proxy card or proxy via the internet or by telephone before 11:59 p.m., Eastern Time, on the calendar day immediately preceding the Blue Extraordinary General Meeting, or by mail that is received prior to the Blue Extraordinary General Meeting;

● sending a written revocation of a proxy to Blue's secretary at 1601 Anita Lane, Newport Beach, CA 92660, that bears a date later than the date of the proxy you want to revoke and is received prior to the date of the Blue Extraordinary General Meeting; or

● attending the Blue Extraordinary General Meeting (or, if the Blue Extraordinary General Meeting is adjourned or postponed, attending the applicable adjourned or postponed meeting) and voting in person online, which automatically will cancel any proxy previously given, or revoking your proxy in person online, but your attendance alone will not revoke any proxy previously given.

If your shares are held in "street name" or are in a margin or similar account, you should contact your broker for information on how to change or revoke your voting instructions.

**Who Can Answer Your Questions About Voting Your Shares**

If you are a shareholder and have any questions about how to vote or direct a vote in respect of your Blue Ordinary Shares, you may contact [_], Blue's proxy solicitor, at:

[_]

**No Additional Matters May Be Presented at the Blue Extraordinary General Meeting.**

The Blue Extraordinary General Meeting has been called only to consider the approval of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Organizational Documents Proposals, the Incentive Plan Proposal, the Nasdaq Proposal, the Director Election Proposal and, if presented at the Blue Extraordinary General Meeting, the Adjournment Proposal. Under the Current Charter, other than procedural matters incident to the conduct of the Blue Extraordinary General Meeting, no other matters may be considered at the Blue Extraordinary General Meeting if they are not included in this proxy statement/prospectus, which serves as the notice of the Blue Extraordinary General Meeting.

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**Redemption Rights**

Pursuant to the Current Charter, any holders of Public Shares may demand that such shares be redeemed in exchange for a pro rata share of the aggregate amount on deposit in the Trust Account, less up to $100,000 of interest to pay dissolution expenses, calculated as of two (2) business days prior to the consummation of the Business Combination. If demand is properly made in accordance with the procedures reflected in this proxy statement/prospectus and the Business Combination is consummated, these shares, immediately prior to the Business Combination, will cease to be outstanding and will represent only the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account (calculated as of two (2) business days prior to the consummation of the Business Combination, including interest earned on the funds held in the Trust Account and not previously released to Blue). For illustrative purposes, based on funds in the Trust Account of approximately $[_] million on [_], the estimated per share redemption price would have been approximately $[_]. A public shareholder, together with any of such shareholder's affiliates or any other person with whom it is acting in concert or as a "group" (as defined under Section 13 of Exchange Act) will be restricted from redeeming in the aggregate such shareholder's shares or, if part of such a group, the group's shares, with respect to 15% or more of the Public Shares.

In order to exercise redemption rights, holders of Public Shares must:

● prior to 5:00 p.m. Eastern Time on [_], 2026 (two (2) business days before the Blue Extraordinary General Meeting), tender your shares physically or electronically using The Depository Trust Company's DWAC system and submit a request in writing that your Public Shares be redeemed for cash to Continental Stock Transfer & Trust Company, Blue's transfer agent, at the following address:

Continental Stock Transfer & Trust Company

One State Street Plaza, 30<sup>th</sup> Floor

New York, New York 10004

Attention: SPAC Redemption Team

E-mail: spacredemptions@continentalstock.com

● In your request to Continental Stock Transfer & Trust Company for redemption, you must also affirmatively certify if you "**ARE**" or "**ARE NOT**" acting in concert or as a "group" (as defined in Section 13d-3 of the Exchange Act) with any other shareholder with respect to Blue Ordinary Shares; and

● deliver your Public Shares either physically or electronically through DTC to Blue's transfer agent at least two (2) business days before the Blue Extraordinary General Meeting. Public Shareholders seeking to exercise redemption rights and opting to deliver physical certificates should allot sufficient time to obtain physical certificates from the transfer agent and time to effect delivery. It is Blue's understanding that shareholders should generally allot at least two weeks to obtain physical certificates from the transfer agent. However, Blue does not have any control over this process, and it may take longer than two weeks. Shareholders who hold their Public Shares in "street name" will have to coordinate with their bank, broker or other nominee to have the shares certificated or delivered electronically. If you do not submit a written request and deliver your Public Shares as described above, your shares will not be redeemed.

Any demand for redemption, once made, may be withdrawn at any time until the deadline for exercising redemption requests (and submitting shares to the transfer agent) and thereafter, with Blue's consent, until the consummation of the Business Combination, or such other date and time as determined by the Blue Board. If you delivered your shares for redemption to Blue's transfer agent and decide within the required timeframe not to exercise your redemption rights, you may request that Blue's transfer agent return the shares (physically or electronically). You may make such request by contacting Blue's transfer agent at the phone number or address listed above.

If Blue receives valid redemption requests from holders of Public Shares prior to the redemption deadline, Blue may, at its sole discretion, following the redemption deadline and until the date of Closing (or such earlier date and time, if any, as Blue may determine in its sole discretion), seek and permit withdrawals by one or more of such holders of their redemption requests. Blue may select which holders to seek such withdrawals of redemption requests from based on any factors we may deem relevant, and the purpose of seeking such withdrawals may be to increase the funds held in the Trust Account. If a holder of Public Shares delivered its Public Shares for redemption to the transfer agent and decides within the required timeframe not to exercise its redemption rights, it may request that the transfer agent return the shares (physically or electronically). The holder can make such request by contacting the transfer agent, at the address or email address listed in this proxy statement/prospectus.

Prior to exercising redemption rights, shareholders should verify the market price of Blue Ordinary Shares as they may receive higher proceeds from the sale of their Blue Ordinary Shares in the public market than from exercising their redemption rights if the market price per share is higher than the redemption price. We cannot assure you that you will be able to sell your Blue Ordinary Shares in the open market, even if the market price per share is higher than the redemption price stated above, as there may not be sufficient liquidity in Blue Ordinary Shares when you wish to sell your shares.

If you exercise your redemption rights, your Blue Ordinary Shares will cease to be outstanding immediately prior to the Business Combination and will only represent the right to receive a pro rata share of the aggregate amount on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Business Combination. You will no longer own those shares and will have no right to participate in, or have any interest in, the future growth of Pubco, if any. You will be entitled to receive cash for these shares only if you properly and timely demand redemption.

If the Business Combination is not consummated and Blue otherwise does not consummate an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will be required to dissolve and liquidate its Trust Account by returning the then-remaining funds in such account to the public shareholders (net up to $100,000 of interest to pay dissolution expenses) and the Share Rights will expire worthless.

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**Appraisal Rights**

The Companies Act prescribes when shareholder appraisal rights are available and sets limitations on such rights. Blue shareholders will have appraisal rights and dissenter's rights under Section 238 and 239 of the Companies Act. Where such rights are available, shareholders are entitled to receive fair value for their shares. However, regardless of whether such rights are or are not available, the Blue public shareholders are still entitled to exercise the rights of redemption as set out herein, and the Blue Board has determined that the redemption proceeds payable to shareholders who exercise such redemption rights represent the fair value of those shares.

Section 238. (1) of the Companies Act provides that a member of a constituent company incorporated thereunder shall be entitled to payment of the fair value of that person's shares upon dissenting from a merger or consolidation.

Section 239. (1) of the Companies Act provides that no rights under section 238 of the Companies Act shall be available in respect of the shares of any class for which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5) of the Companies Act, provided that such section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 or 237 of the Companies Act to accept for such shares anything except: (a) shares of a surviving or consolidated company, or depository receipts in respect thereof; (b) shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated as a national market system security on a recognized interdealer quotation system or held of record by more than two thousand holders; (c) cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or (d) any combination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).

Blue shareholders who are considering exercising dissenter's rights are advised to consult appropriate legal counsel.

**Proxy Solicitation**

Blue is soliciting proxies on behalf of its board of directors. This solicitation is being made by mail but also may be made by telephone or in person. Blue and its directors, officers and employees may also solicit proxies in person. Blue will file with the SEC all scripts and other electronic communications as proxy soliciting materials. Blue will bear the cost of the solicitation.

Blue has hired [_] to assist in the proxy solicitation process. Blue will pay that firm a fee of $[_], plus disbursements of its expenses in connection with the services relating to the Blue Extraordinary General Meeting.

Blue will ask banks, brokers and other institutions, nominees and fiduciaries to forward the proxy materials to their principals and to obtain their authority to execute proxies and voting instructions. Blue will reimburse them for their reasonable expenses in connection with such efforts.

**Potential Purchases of Public Shares and/or Public Share Rights**

At any time prior to the Blue Extraordinary General Meeting, Blue's Sponsor, directors or officers or Blockfusion and/or their respective affiliates, during a period when they are not then aware of any material non-public information regarding Blue or Blue's securities, may purchase Units, Blue Class A Ordinary Shares, or Blue Share Rights from investors, or they may enter into transactions with such investors and others to provide them with incentives to acquire Public Shares or vote their shares in favor of the Business Combination Proposal. The purpose of such share purchases and other transactions would be to increase the likelihood that the proposals are approved at the Blue Extraordinary General Meeting or to provide additional equity financing. Any such share purchases and other transactions may thereby increase the likelihood of obtaining shareholder approval of the Business Combination. This may result in the completion of the Business Combination that may not otherwise have been possible. As of the date of this proxy statement/prospectus, none of Blue's Sponsor, directors or officers has any plans to make any such purchases. Blue will file a Current Report on Form 8-K to disclose any arrangements entered into or significant purchases made by any of the aforementioned persons that would affect the vote on the proposals. Any such report will include descriptions of any arrangements entered into or significant purchases by any of the aforementioned persons.

Entering into any such incentive arrangements may have a depressive effect on outstanding Blue Ordinary Shares. For example, as a result of these arrangements, an investor or holder may have the ability to effectively purchase shares at a price lower than market and may therefore be more likely to sell the shares he owns, either prior to or immediately after the Blue Extraordinary General Meeting.

The existence of financial and personal interests of Blue's directors and officers may result in conflicts of interest, including a conflict between what may be in the best interests of Blue and its shareholders and what may be best for a director's personal interests when determining to recommend that shareholders vote for the proposals. See the sections entitled "*Risk Factors,*" "*The Business Combination Proposal (Proposal 1)* — *Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination*" and "*Beneficial Ownership of Securities*" for more information and other risks.

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**THE BUSINESS COMBINATION PROPOSAL (PROPOSAL 1)**

**General**

Holders of Blue Ordinary Shares are being asked to consider and vote on a proposal to approve, by ordinary resolution, the Business Combination Agreement and the Business Combination. Blue shareholders should read carefully this proxy statement/prospectus in its entirety for more detailed information concerning the Business Combination Agreement, which is attached as *Annex A* to this proxy statement/prospectus. Please see the section entitled "*The Business Combination Agreement*" below, for additional information and a summary of certain terms of the Business Combination Agreement. You are urged to read carefully the Business Combination Agreement in its entirety before voting on this proposal.

Because Blue is holding a shareholder vote on the Business Combination, Blue may consummate the Business Combination only if it is approved by the affirmative vote of the holders of a majority of the Blue Ordinary Shares that are voted at the Blue Extraordinary General Meeting, voting together as a single class.

**The Business Combination Agreement**

 

*This section describes the material provisions of the Business Combination Agreement but does not purport to describe all of the terms thereof. The following summary is qualified in its entirety by reference to the complete text of the Business Combination Agreement and the related agreements; a copy of the Business Combination Agreement is attached as Annex A hereto, which is incorporated herein by reference. Blue shareholders and other interested parties are urged to read such agreement in its entirety because it is the primary legal document that governs the Business Combination. Unless otherwise defined herein, the capitalized terms used in this section "The Business Combination Proposal (Proposal 1) — The Business Combination Agreement" are defined in the Business Combination Agreement.*

 

*The Business Combination Agreement contains representations, warranties and covenants that the respective parties made to each other as of the date of the Business Combination Agreement or other specific dates, including, in some cases, as of the Closing of the Business Combination. The assertions embodied in those representations, warranties and covenants were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating the Business Combination Agreement. The representations, warranties and covenants in the Business Combination Agreement are also modified in important part by the disclosure schedules attached thereto which are not filed publicly and which are subject to a contractual standard of materiality different from that generally applicable to shareholders. The disclosure schedules were used for the purpose of allocating risk among the parties rather than establishing matters as facts. Blue does not believe that the disclosure schedules contain information that is material to an investment decision.*

On November 19, 2025, Blue entered into the Business Combination Agreement with Blockfusion, Pubco, Blue Merger Sub and Company Merger Sub. Pursuant to the Business Combination Agreement and subject to the terms and conditions set forth therein, (i) on or prior to the Closing, the holders of Company Series Seed Preferred Stock and Company Series A Preferred shall convert all of their issued and outstanding shares of Company Preferred Stock for shares of Company Class A Common Stock and Company Class B Common Stock, at the applicable conversion ratio (including any accrued or declared but unpaid dividends) as set forth in the Company Current Charter, in the Preferred Conversion, (ii) and on the Closing Date, (A) Blue Merger Sub will merge with and into Blue in the Blue Merger, with Blue continuing as the surviving entity and, as a result of which, each issued and outstanding security of Blue immediately prior to the effective time of the Blue Merger shall no longer be outstanding and shall automatically be cancelled and extinguished in exchange for which the security holders of Blue shall receive substantially equivalent securities of Pubco, (B) Company Merger Sub will merge with and into Blockfusion in the Company Merger, with Blockfusion continuing as the surviving entity, and as a result of which each issued and outstanding security of Blockfusion immediately prior to the effective time of the Company Merger shall no longer be outstanding and shall automatically be cancelled in exchange for which the Company Security Holders shall receive shares of Pubco Common Stock, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock, which will have the same economic rights as the Pubco Class A Common Stock, but will have the right to twenty (20) votes per share for such shares of Company Class B Common Stock, and holders of Company Class A Common Stock receiving shares of Pubco Class A Common Stock for such shares of Company Class A Common Stock. As a result of the Mergers and the other Transactions, Blue and Blockfusion will become wholly-owned subsidiaries of Pubco, all upon the terms and subject to the conditions set forth in the Business Combination Agreement, and Pubco will become a publicly traded company.

Additionally, at the Effective Time, each outstanding and unexercised Company Option will be assumed by and become an option of Pubco containing the same terms, conditions, vesting and other provisions as are currently applicable to such Company Options, provided that each Assumed Option will be exercisable for the number of shares of Pubco Class A Common Stock equal to the Exchange Ratio multiplied by the number of shares of Company Class A Common Stock subject to the Company Option as of immediately prior to the Effective Time, rounded down to the nearest whole number, at an exercise price equal to the per share exercise price of the Company Option divided by the Exchange Ratio, rounded up to the nearest whole cent.

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Additionally, at the Effective Time, each outstanding and unexercised Company Warrant will be assumed by Pubco and become a warrant to purchase shares of Pubco Class A Common Stock containing the same terms, conditions, vesting and other provisions as are currently applicable to such Company Warrants, provided that each Assumed Warrant will be exercisable for the number of shares of Pubco Class A Common Stock equal to the Exchange Ratio multiplied by the number of shares of Company Class A Common Stock subject to the Company Warrant as of immediately prior to the Effective Time, rounded up to the nearest whole share, at an exercise price equal to the per share exercise price of the Company Warrant divided by the Exchange Ratio, rounded down to the nearest whole cent.

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***Consideration***

The aggregate consideration to be delivered to the Company Security Holders as of the Effective Time will be a number of newly issued shares of Pubco Common Stock equal to Four Hundred Fifty Million U.S. Dollars ($450,000,000), with each Company Stockholder receiving for each share of Company Common Stock held (after giving effect to the Preferred Conversion), a number of shares of Pubco Common Stock determined based on an Exchange Ratio equal to a quotient, (i) the numerator of which is equal to the Merger Consideration divided by the number of fully diluted shares of Company Common Stock, and (ii) the denominator of which is equal to the Redemption Price, with holders of Company Class B Common Stock receiving shares of Pubco Class B Common Stock and holders of shares of Company Class A Common Stock receiving shares of Pubco Class A Common Stock

***Representations and Warranties***

The Business Combination Agreement contains representations and warranties that are reasonably customary for similar transactions that are made by the parties as of the date of the Business Combination Agreement, or other specified dates, solely for the benefit of certain of the parties to the Business Combination Agreement, and in certain cases are subject to specified exceptions and materiality, Material Adverse Effect (as defined below), knowledge and other qualifications contained in the Business Combination Agreement or in information provided pursuant to certain disclosure schedules to the Business Combination Agreement. "**Material Adverse Effect**" means, with respect to any specified person or entity, any fact, event, occurrence, change or effect that has had or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon the business, assets, liabilities, results of operations, prospects or condition (financial or otherwise) of such person or entity and its subsidiaries, taken as a whole, or the ability of such person or entity or any of its subsidiaries on a timely basis to consummate the transactions contemplated by the Business Combination Agreement or the Ancillary Agreements to which it is a party or bound or to perform its obligations thereunder, in each case subject to certain customary exceptions.

***No Survival***

The representations and warranties of the parties contained in the Business Combination Agreement terminate as of, and do not survive, the Closing, and there are no indemnification rights for another party's breach. The covenants and agreements of the parties contained in the Business Combination Agreement do not survive the Closing, except those covenants and agreements to be performed after the Closing, which covenants and agreements will survive until fully performed. ****

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***Covenants of the Parties***

Each party to the Business Combination Agreement has agreed to use its commercially reasonable efforts, and to cooperate fully with one another, to consummate the Transactions. The Business Combination Agreement also contains certain customary covenants by each of the parties that apply during the period between the signing of the Business Combination Agreement and the earlier of the Closing or the termination of the Business Combination Agreement, including (i) the provision of access to the applicable party's properties, books and personnel; (ii) the operation of the parties' respective businesses in the ordinary course of business; (iii) the current and timely filing of Blue's public filings; (iv) no insider trading; (v) notifications to the other parties of certain breaches, consent requirements and other matters; (vi) obtaining third party and regulatory approvals; (vii) tax matters; (viii) further assurances; (ix) public announcements; (x) confidentiality; and other covenants. The Business Combination Agreement also contains certain customary post-Closing covenants, including, without limitation, in regard to (1) tax matters; (2) the maintenance of books and records; and (3) the indemnification of directors and officers. Additionally:

Each of Blue and Blockfusion will not solicit or enter into a competing alternative transaction, in accordance with customary terms and provisions set forth in the Business Combination Agreement.

Blue will not approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition proposal (as defined in the Business Combination Agreement), or otherwise change, withdraw, withhold, qualify or modify its recommendation to its shareholders for approval of the Business Combination Agreement and the Transactions (a "**Change in Recommendation**"); provided, however, that if at any time prior to (but not after) obtaining the approval of the Blue shareholders, the Blue Board determines in good faith, in response to an Intervening Event (as defined in the Business Combination Agreement) after consultation with its outside legal counsel, that the failure to make a Change in Recommendation would be a breach of its fiduciary duties under applicable law, then the board may make a Change in Recommendation, provided that Blue delivers, pursuant to procedures set forth in the Business Combination Agreement, written notice advising Blockfusion that the Blue Board proposes to take such action and containing the material facts underlying the board's determination. If requested by Blockfusion, Blue will use its reasonable best efforts to engage in good faith negotiations with Blockfusion to make adjustments in the terms and conditions of the Business Combination Agreement that obviate the need for a Change in Recommendation.

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Blockfusion will deliver to Blue financial statements of Pubco and Blockfusion audited by a PCAOB-qualified auditor in accordance with PCAOB auditing standards, accompanied by an unqualified opinion of the auditor thereon, as soon as reasonably practicable after the date of the Business Combination Agreement but no later than thirty (30) days from the date of the Business Combination Agreement. In addition, Blockfusion and Pubco will deliver to Blue unaudited monthly and quarterly financial information through the Closing Date and Pubco will deliver to Blue Pubco's interim financial statements for such periods as required by applicable law or SEC Guidance to be included in the Registration Statement (as defined below).

Blue, Blockfusion and Pubco will, as promptly as practicable after the date of the Business Combination Agreement, prepare and file with the SEC, the Registration Statement in connection with the registration under the Securities Act of the securities of Pubco to be issued pursuant to the Transactions, and containing a proxy statement/prospectus for the solicitation of proxies from Blue shareholders to approve the Business Combination Agreement, the Transactions and related matters at an extraordinary general meeting of Blue's shareholders, and providing Blue's public shareholders with an opportunity to request redemption of their Public Shares in connection with the Transactions, as required by the Current Charter and Blue's IPO Prospectus.

As promptly as practicable after the Registration Statement has become effective and been distributed by Pubco (and in all cases within ten (10) days following such date), Blockfusion will solicit a written consent of its stockholders in order to obtain the requisite vote of its stockholders to approve the Business Combination Agreement and each of the Ancillary Agreements to which Blockfusion is or is required to be a party or bound and the consummation of the transactions contemplated thereby and to take all other actions necessary or advisable to secure the Company Stockholder Approval, including enforcing the Company Support Agreements (as described below). At the request of Blue, Blockfusion shall make the members of its management reasonably available to participate in management presentations, "road shows," rating agency presentations, meetings with financing sources and similar events in connection with obtaining the approval of Blue shareholders, any "share recycling" efforts by Blue and the obtaining of any debt or equity financing, ratings or governmental or other third-party approvals.

The parties shall take all action necessary so that, effective at the Closing, the Pubco Board will consist of seven (7) individuals, two (2) of whose members will be designated by Blue (at least one (1) of whom shall be an independent director in accordance with the requirements of Nasdaq), four (4) of whose members will be designated by Blockfusion (at least two (2) of whom shall be an independent director in accordance with the requirements of Nasdaq), and one (1) additional member (who shall be an independent director in accordance with the requirements of Nasdaq) to be mutually agreed upon by Blue and Blockfusion prior to the Closing. The parties shall also take all action necessary so that the individuals serving as the chief executive officer and chief financial officer (or such equivalent role whose duties include those of the principal accounting officer), respectively, of Pubco immediately after the Closing will be the same individuals (in the same office) as that of Blockfusion immediately prior to the Closing (unless, at its sole discretion, Blockfusion desires to appoint another qualified person to either such role, in which case, such other person(s) identified by Blockfusion shall serve in such role or roles).

During the Interim Period, Blue and Blockfusion shall use reasonable best efforts to enter into written agreements for Financing Transactions with an aggregate proceeds of at least $100 million (on such terms and structuring and using such strategy, placement agents and approach, as Blue and Blockfusion shall mutually agree). "Financing Transaction" means a capital raising transaction in connection with the Transactions structured as one or a combination of common equity, preferred equity, convertible equity or debt, non-redemption or backstop arrangements with respect to the Trust Account, a committed equity facility, debt facility, and/or other sources of cash or cash equivalents, in each case, whether such investment is into Blue, Blockfusion or Pubco.

***Conditions to Closing***

The obligations of the parties to consummate the Transactions are subject to various conditions, including the following mutual conditions of the parties, unless waived: (i) the approval of the Business Combination Agreement and the Transactions and related matters by the requisite vote of each of Blue's shareholders and Blockfusion's stockholders; (ii) the expiration or termination of any waiting period applicable to the consummation of the Business Combination Agreement under any antitrust laws; (iii) obtaining material regulatory approvals; (iv) no law or order preventing or prohibiting the Transactions; (v) appointment of the Pubco Board consistent with the requirements of the Business Combination Agreement; (vi) the effectiveness of the Registration Statement; (vii) Pubco shall have amended and restated its certificate of incorporation in a form satisfactory to Blue and Blockfusion; (viii); (ix) Pubco Class A Common Stock shall have been approved for listing on Nasdaq upon the Closing; and (x) Pubco shall have adopted, on or prior to the Closing, an equity incentive plan in a form satisfactory to Blue and Blockfusion, and which will provide for awards for a number of shares of Pubco Class Common Stock equal to five (5%) of the aggregate number of shares of Pubco Common Stock issued and outstanding immediately after the Closing.

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In addition, unless waived by Blockfusion, the obligations of Blockfusion to consummate the Transactions are subject to the satisfaction of the following closing conditions, in addition to customary certificates and other closing deliveries: (i) the representations of Blue relating to organization and standing, authorization, non-contravention, capitalization (other than the first sentence of such representation in the Business Combination Agreement) and finders and brokers being true and correct in all material respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (ii) the representations and warranties of Blue set forth in the first sentence of the capitalization representation being true and correct in all respects (except for *de minimis* inaccuracies) on and as of the date of the Business Combination Agreement and as of the Closing Date; (iii) all other representations and warranties of Blue being true and correct (without giving effect to any limitations as to "materiality" or any similar limitation set forth herein) in all respects on and as of the date of the Business Combination Agreement and as of the Closing Date, as though made on and as of the Closing Date, except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a SPAC Material Adverse Effect (as defined in the Business Combination Agreement); (iv) Blue having performed in all material respects its obligations and complied in all material respects with the covenants and agreements under the Business Combination Agreement required to be performed or complied with by Blue on or prior the Closing Date; (v) the Amended and Restated Registration Rights Agreement being in full force and effect as of the Closing: and (vi) the sum of (i) the aggregate cash proceeds available for release from the Trust Account (after giving effect to the completion and payment of the Redemption), *plus* (ii) the net proceeds of any Financing Transactions, shall equal or exceed $75,000,000 after deducting all Expenses of Blue and Blockfusion.

Unless waived by Blue, the obligations of Blue to consummate the Transactions are subject to the satisfaction of the following closing conditions, in addition to customary certificates and other closing deliveries: (i) the representations of Blockfusion relating to organization and standing, authorization, non-contravention, capitalization (other than the first sentence of such representation in the Business Combination Agreement) and finders and brokers being true and correct (without giving effect to any limitation as to "materiality" set forth therein) in all material respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (ii) the representations and warranties set forth in the first sentence of the capitalization representation being true and correct in all respects on and as of the date of the Business Combination Agreement and as of the Closing Date; (iii) all other representations and warranties of Blockfusion being true and correct (without giving effect to any limitation as to "materiality" or "Material Adverse Effect" or any similar limitation set forth herein) in all respects on and as of the date of the Business Combination Agreement and on and as of the Closing Date, except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a Material Adverse Effect; (iv) Blockfusion, Pubco and Merger Subs (collectively, the "**Target Companies**") having performed in all material respects all of their respective obligations and complied in all material respects with all of their agreements and covenants under the Business Combination Agreement required to be performed or complied with on or prior the Closing Date; (v) absence of any Material Adverse Effect with respect to the Target Companies since the date of the Business Combination Agreement; (vi) each Non-Competition Agreement, each Lock-Up Agreement, the Company Support Agreement and the Amended and Restated Registration Rights Agreement being in full force and effect as of the Closing; (vii) the Preferred Conversion having been completed; (viii) certain loans issued by the Company to its officers and directors having been repaid or cancelled; (ix) Blue and Pubco having received employment agreements, in each case effective as of the Closing, in form and substance reasonable to Blue, between certain employees and Pubco, and each such employment agreement duly executed by the parties thereto; and (x) Blockfusion shall have delivered to Blue evidence that consents from certain specified lenders have been received. ****

***Termination***

The Business Combination Agreement may be terminated at any time prior to the Closing by either Blue or Blockfusion if the Closing does not occur by May 31, 2026, or such other date as may be extended pursuant to the Business Combination Agreement.

The Business Combination Agreement may also be terminated under certain other customary and limited circumstances at any time prior the Closing, including, among other reasons: (i) by mutual written consent of Blue and Blockfusion; (ii) by written notice by either Blue or Blockfusion to the other if a governmental authority of competent jurisdiction shall have issued an order or taken any other action permanently restraining, enjoining or otherwise prohibiting the Transactions, and such order or other action has become final and non-appealable; (iii) by Blockfusion for Blue's uncured material breach of the Business Combination Agreement, such that the related closing condition would not be met; (iv) by Blue for Blockfusion's uncured material breach of the Business Combination Agreement, such that the related closing condition would not be met; (v) by Blue, if there shall have been a Material Adverse Effect on the Target Companies following the date of the Business Combination Agreement which is uncured and continuing; (vi) by either Blockfusion or Blue if Blue holds its shareholder meeting to approve the Business Combination Agreement and the Transactions, and such approval is not obtained; (vii) by either Blockfusion or Blue if Blockfusion holds its stockholder meeting to approve the Business Combination Agreement and the Transactions, and such approval is not obtained; and (viii) by written notice from Blue to Blockfusion if Blockfusion has not delivered the Audited Financials on or before the Audit Delivery Date.

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If the Business Combination Agreement is terminated, all further obligations of the parties under the Business Combination Agreement (except for certain obligations related to public announcements, confidentiality, effect of termination, fees and expenses, trust fund waiver, and customary miscellaneous provisions) will terminate, and no party to the Business Combination Agreement will have any further liability to any other party thereto except for liability for fraud or for willful breach of the Business Combination Agreement prior to such termination.

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***Trust Account Waiver***

Blockfusion agreed that it and its affiliates will not have any right, title, interest or claim of any kind in or to any monies in the Trust Account and has agreed not to, and waived any right to, make any claim against the Trust Account (including any distributions therefrom).

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***Governing Law***

The Business Combination Agreement is governed by New York law, provided that matters that are required to be governed by the laws of the Cayman Islands (including, without limitation, in respect of the Blue Merger and the fiduciary duties that may apply to the directors and officers of the parties) shall be governed by the laws of the Cayman Islands and, the parties are subject to exclusive jurisdiction of federal and state courts located in New York County, State of New York (and any appellate courts thereof).

**Ancillary Agreements**

***Seller Support Agreement***

Simultaneously with the execution of the Business Combination Agreement, stockholders of Blockfusion holding capital stock of Blockfusion sufficient to approve the adoption of the Business Combination Agreement and approve the Company Merger and the other transactions contemplated by the Business Combination Agreement (the "**Company Support Stockholders**") entered into support agreements (each, a "**Company Support Agreement**"), pursuant to which, among other things, each Company Support Stockholder agreed to vote its shares of capital stock of Blockfusion (the "**Subject Stock**") in favor of the adoption of the Business Combination Agreement, the Ancillary Agreements, the approval of the Transactions and any amendments to Blockfusion's organizational documents in connection therewith, subject to certain customary conditions. Each Company Support Stockholder also (i) agreed that certain agreements (the "**Terminating Agreements**") shall be automatically terminated and of no further force and effect (including any provisions of the Terminating Agreements that, by their terms, survives such termination) effective as of, and subject to and conditioned upon the occurrence of, the Closing, and (ii) upon the termination of the Terminating Agreements, none of Blockfusion, such Company Support Stockholder, or any of their respective affiliates shall have any further rights, obligations or liabilities under such Terminating Agreement. Each Company Support Stockholder also agreed to take certain other actions (including the Preferred Conversion) in support of the Business Combination Agreement and the Transactions (and any actions required in furtherance thereof) and to refrain from taking actions that would adversely affect their ability to perform such Company Support Stockholder's obligations under the Company Support Agreement and each such Company Support Stockholder unconditionally and irrevocably waived any and all pre-emption rights, rights of first offer, rights of first refusal, rights of participation, tag-along rights and all other similar rights that such Company Support Stockholder may have in respect of the Transactions. Each Company Support Stockholder also agreed not to transfer their Subject Stock during the period from and including the date of the Company Support Agreement and the first to occur of the date of Closing or the date on which the Company Support Agreement is terminated, subject to certain customary exceptions.

***Lock-Up Agreements***

Simultaneously with the execution of the Business Combination Agreement, certain stockholders of Blockfusion (the "**Lock-Up Holders**") entered into lock-up agreements (each, a "**Lock-Up Agreement**"), pursuant to which each Lock-Up Holder agreed not to (i) lend, offer, pledge, hypothecate, encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Pubco Common Stock to be received by such Lock-Up Holder in the Transactions, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such shares of Pubco Common Stock, or (iii) publicly disclose the intention to do any of the foregoing, for a period commencing from the Closing and ending on the date that is six (6) months after the Closing (subject to early release on the earlier upon (x) the date on which the volume-weighted average trading price of Pubco Class A Common Stock quoted on Nasdaq (or such other exchange on which the Pubco Class A Common Stock may then be listed) is greater than or equal to $15.00 for any 20 trading days within any 30 consecutive trading day period beginning on the day of Closing and (y) the date after the Closing on which Pubco consummates a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of its stockholders having the right to exchange their shares of Pubco Class A Common Stock for cash, securities, or other property), subject to certain customary transfer exceptions.

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***Insider Letter Amendment***

Simultaneously with the execution of the Business Combination Agreement, Blue, Pubco, Blockfusion and BTIG, on the one hand, and the Sponsor and Blue's directors and officers, on the other hand, entered into an amendment (the "**Insider Letter Amendment**") to the Insider Letter to (i) add Pubco and Blockfusion as parties to the Insider Letter, (ii) revise the terms of the Insider Letter to reflect the Transactions, including the issuance of Pubco securities in exchange for Blue securities, and have Pubco assume and be assigned the rights and obligations of Blue under the Insider Letter, and (iii) amend the terms of the lock-up set forth in the Insider Letter to conform with the lock-up terms in the Lock-Up Agreements described above, subject to and contingent upon the Closing.

 

***Non-Competition and Non-Solicitation Agreement***

Simultaneously with the execution and delivery of the Business Combination Agreement, certain executive officers of Blockfusion (the "**Non-Compete Parties**") entered into Non-Competition and Non-Solicitation Agreements (each, a "**Non-Competition Agreement**") in favor of Blue and Pubco and their respective subsidiaries (the "**Covered Parties**"), pursuant to which they will agree for a period of two (2) years after the Closing not to compete with the Covered Parties and not to solicit the employees and customers of the Covered Parties. Each Non-Compete Party also agreed not to disparage the Covered Parties and to customary confidentiality requirements.

 

***Amended and Restated Registration Rights Agreement***

 

Prior to the Closing, Pubco, the Sponsor and certain stockholders of Blockfusion will enter into an amended and restated registration rights agreement (the "**Amended and Restated Registration Rights Agreement**") that will amend and restate the registration rights agreement entered into at the time of Blue's initial public offering, pursuant to which (i) Pubco will assume the registration obligations of Blue under such registration rights agreement, with such rights applying to the Pubco Class A Common Stock and (ii) such stockholders of Blockfusion will be granted equal registration rights thereunder.

***Voting Agreement***

Upon the Closing, holders of the Pubco Class B Common stock (each, a "**Founder**") will enter into a voting agreement (the "**Voting Agreement**") relating to the voting of their shares of Pubco Class B Common Stock (the "**Subject Shares**"). The Voting Agreement provides that the Proxyholder (which is appointed as Robert Scott) shall vote or not vote all Subject Shares on any matter submitted to Pubco's stockholders in accordance with the direction of at least sixty percent (60%) of the outstanding shares of Pubco Class B Common Stock, or abstain if such direction is not timely provided.

The Voting Agreement provides that a Proxyholder shall not be entitled to vote any Subject Shares in the context of a liquidation, dissolution or winding up of the Company, unless such transaction complies with certain conditions set forth in the Voting Agreement. Pursuant to the Voting Agreement, each Founder agreed not to deposit any of its Subject Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement in contravention of the obligations of such Founder under the Voting Agreement.

The Voting Agreement will terminate upon the earliest to occur of the following: (i) with respect to all Founders, the liquidation, dissolution or winding up of the Company; (ii) with respect to all Founders, the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company; (iii) with respect to any particular Founder, the death or permanent and substantial incapacity of such Founder (as determined by the Pubco Board); (iv) with respect to any particular Founder, upon the conversion of the Subject Shares into Pubco Class A Common Stock; and (v) solely with respect to any such Subject Shares that are so transferred, any Subject Shares transferred by a Founder to a non-Affiliate of Founder, or by such Founder to a limited partner of such Founder, simultaneously and in connection with, or after, the sale by Pubco of its capital stock to the public pursuant to an effective registration statement under the Securities Act or Pubco otherwise first becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, except for any transfer made with the primary purpose of releasing such Founder or its affiliates from the restrictions in Section 1 of the Voting Agreement.

 

*The foregoing descriptions of the Business Combination Agreement and the Ancillary Agreements and the Voting Agreement are qualified in their entirety by reference to the full texts or respective forms of each of the Business Combination Agreement and the Ancillary Agreements and the Voting Agreement, copies of which are filed as exhibits to the Registration Statement of which this proxy statement/prospectus forms a part.*

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**Organizational Structure**

The diagram below depicts a simplified version of the current organizational structures of Pubco and Blockfusion prior to, and after, the consummation of the proposed Business Combination, taking into account various assumptions, as further described below and under the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*" and as described under the presentation described as the "Assuming No Redemption" in the section entitled "*Unaudited Pro Forma Condensed Combined Financial Information*."

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|:---|:---|
| ![](image_004.jpg) | <br>![](image_005.jpg) |

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The diagram below depicts a simplified version of Pubco's organizational structure immediately following the completion of the Business Combination, taking into account the assumptions identified in the caption above.

![](image_006.jpg)

**Board of Directors and Management Following the Business Combination**

The following persons are expected to be elected or appointed by the Pubco Board to serve as executive officers and directors following the Business Combination. For biographical information concerning the executive officers and directors following the Business Combination, see "*Management of PubCo After the Business Combination — Executive Officers and Directors After the Business Combination*."

Each director will hold office until the next annual meeting of shareholders for the election of the class of directors in which such director serves and until his or her successor is duly elected and qualified, or until his or her death, resignation, removal or disqualification.

The following table sets forth the name, age and position of each of the expected directors and executive officers of Pubco upon consummation of the Business Combination:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** |  |  |
| Alex Martini-Lo Manto | 55 | Chief Executive Officer and Director |
| Kant Trivedi | 50 | Chief Operating Officer and Director |
| Robert Scott | 52 | General Counsel and Secretary |
| ***Non-Employee Directors*** |  |  |
| Alberto Pontonio | 49 | Director |
| Ketan Seth | 49 | Director |
| Aber Whitcomb | 48 | Director |
| Gustavo Mana | 58 | Director |
| Paul Fiore | 61 | Director |

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**Ownership of Pubco after the Business Combination**

Upon consummation of the Business Combination (assuming, among other things, that no Public Shareholders exercise redemption rights in connection with the Closing and the other assumptions described under the section with the heading "*Frequently Used Terms — Share Calculations and Ownership Percentages*"), (i) the Public Shareholders are expected to own approximately 30.3% of the outstanding Pubco Common Stock, (ii) the Sponsor is expected to own approximately 9.9% of the outstanding Pubco Common Stock, and (iii) the Company Stockholders are expected to own approximately 53.9% of the outstanding Pubco Common Stock.

These percentages assume, among other assumptions, that at, or in connection with, the Closing, (i) no Public Shareholders redeem Public Shares prior to or in connection with the Business Combination, (ii) there are no pre-Closing transfers, distributions or forfeitures of securities held by the Sponsor, (iii) that all outstanding Blue Share Rights have been converted into shares of Pubco Class A Common Stock at Closing, (iv) that no Assumed Options or Assumed Warrants are converted or exercised post-Closing, and (v) no shares of Pubco Common Stock are issued pursuant to the Incentive Plan. If actual facts are different from these assumptions, which they are likely to be, the percentage ownership retained by the Blue shareholders and Company Stockholders in Pubco, and associated voting power, will be different.

**Charter**

Pursuant to the Business Combination Agreement, Pubco will adopt the Proposed Charter and the Proposed Bylaws, which will be effective as of the Closing. See "*The Charter Proposal (Proposal 3)*."

**Name and Headquarters of Pubco**

Pubco's headquarters will be located at 447 Broadway, 2<sup>nd</sup> Floor, #538, New York, NY 10013.

**Background of the Business Combination**

Blue is a blank check company incorporated as an exempted company under the laws of the Cayman Islands on February 10, 2025, for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Prior to entering into the Business Combination Agreement, Blue conducted a thorough search for a business combination target, drawing upon the networks of relationships of its management team, the members of the Blue Board and input from the Sponsor and its affiliates across different industries, leveraging the significant experience of Blue's officers and directors, as further described herein, in analyzing and evaluating companies and market opportunities across a variety of sectors. Prior to consummating its IPO on June 16, 2025, neither Blue, nor anyone on its behalf, had any substantive discussions, formal or otherwise, with respect to a proposed transaction with Blockfusion. The terms of the proposed Business Combination with Blockfusion are the result of arm's-length negotiations between representatives of Blue and Blockfusion. The following is a brief description of the background of these negotiations and Business Combination.

During its search process, Blue formally evaluated approximately 15 business combination opportunities across sectors which included data centers, software companies and AI staffing businesses. Most of these targets had operations concentrated in the United States, though Blue also evaluated potential European targets. Blue identified these target businesses through a combination of business and personal relationships of Blue management and the Blue Board and inquiries made to Blue by representatives of the target businesses. As Blue continued to gather and evaluate information about these potential business combination opportunities (including, among other factors, target company management qualifications, preparedness to go public and perceived likelihood of companies' abilities to timely proceed with a business combination transaction process), Blue was able to further narrow the companies it was evaluating to focus on a group of four businesses (other than Blockfusion), with which Blue entered into non-disclosure agreements. During Blue's search for a business combination target, Blue management and the Blue Advisor, who has been authorized by the Blue Board to assist Blue management, on behalf of the Blue Board, with the evaluation, negotiation and, ultimately, consummation of an initial business combination (collectively, the "**Blue management team**"), kept members of the Blue Board apprised of the details of such business combination opportunities, including overviews of the businesses, their target sectors and geographies and the material discussions with representatives of such businesses and the status thereof.

With regard, in particular, to four potential target businesses (other than Blockfusion), as further described below, Blue engaged in substantive discussions with representatives of such businesses. For the potential business combination opportunities that were deemed to warrant significant interest, the Blue management team and members of the Blue Board carried out diligence efforts, including receiving presentations from and holding discussions with management teams, evaluating management experience and engaging in public company readiness discussions, and assessing these target companies' financial condition and growth prospects within their respective industries and markets. The Blue Board was kept apprised of information gleaned about these potential "target" companies during the course of such discussions through interim summaries and updates provided to members of the Blue Board, culminating in the Blue Board approving the determination to proceed to negotiate a letter of intent with Blockfusion, as further described below.

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*Description of Negotiation Process with Candidates other than Blockfusion.*

Below is a summary of targets other than Blockfusion that were considered and the reasons why Blue did not proceed with these candidates.

● <u>Target A</u>: For a period of two weeks following the execution of a non-disclosure agreement (a "**NDA**") on July 6, 2025, Blue carried out due diligence and engaged in discussions with Target A, a "greenfield" data center company built on an undeveloped site in the Northeastern part of the United States, regarding the possibility of engaging in a business combination transaction. After discussions and initial negotiations of potential high-level transaction terms, Blue ultimately discontinued discussions with Target A, as the parties' expectations regarding transaction timelines and terms were not aligned.

● <u>Target B</u>: Blue and Target B, a large-scale cryptocurrency mining business, began discussing the possibility of engaging in a business combination transaction in early August 2024. For a period of approximately three weeks following the parties' execution of an NDA in mid-August 2024, the parties discussed the possibility of Blue and Target B pursuing a business combination transaction that would result in Target B becoming a U.S. national exchange-listed public company, during which time Target B also provided Blue with certain due diligence information about Target B. Ultimately, Blue decided not to pursue a business combination with Target B, as it did not appear likely that Target B would be able to complete a PCAOB audit process within a timeline acceptable to Blue.

● <u>Target C</u>: Ketan Seth, the Chief Executive Officer of Blue and the Blue Advisor met the Chief Executive Officer of Target C, a European IT staffing company, at a social event held on July 15, 2025. Thereafter, a meeting between Blue and Target C was convened on August 22, 2025, for representatives of Target C's management team to provide Blue with more information about the Company's operating results and business plans. Over the next three weeks, Blue carried out due diligence with regard to Target C and the parties engaged in preliminary discussions about the potential terms and timeline for a business combination transaction. At the end of such three-week period, Blue decided to discontinue discussions with Target C due to concerns that Target C's immediate business priorities might conflict with, or result in delays to, the timeline to consummate a business combination transaction, if pursued by the parties.

● <u>Target D</u>: For a period of two months beginning in early July 2025, Blue and Target D, a Florida-based software company operating an marketplace operating a GPU rental marketplace for short-term High Performance Computing (HPC) power needs, began discussing the possibility of engaging in a business combination transaction. During such time, a series of calls and in-person meetings were held between members of the Blue management team and representatives of Target D in order for Target D to provide information about, among other things, its business model, client typology and key revenue drivers. After engaging in preliminary discussions regarding transaction terms and the parties' respective goals for a business combination, relevant representatives of Target D expressed continued uncertainty as to Target D's readiness to pursue a go-public transaction and Blue therefore discontinued discussions with Target D in order to pursue other opportunities.

 

*Description of Negotiations between Blue and Blockfusion.*

On July 1, 2025, Mr. Seth, Blue's CEO, and Alex Martini-Lo Manto, Blockfusion's CEO, who had a preexisting professional relationship, met at a social gathering and had an informal conversation regarding the recently announced Blue IPO. During such conversation, Mr. Seth and Mr. Martini-Lo Manto engaged in high-level preliminary discussions regarding Blockfusion's business plans and Blue's strategy for identifying and evaluating potential business combination targets. Mr. Seth and Mr. Martini-Lo Manto determined it to be advisable, before continuing such discussions, to enter into a mutual non-disclosure agreement, which the parties executed on July 3, 2025.

Between July 3, 2025, and July 31, 2025, calls and meetings were held between members of the Blue management team (Mr. Seth and the Blue Advisor) and Blockfusion management to continue preliminary discussions concerning the possibility of the parties pursuing a potential business combination transaction, including the parties' respective goals for such a transaction (if pursued) and the potential benefits, as well as costs, to Blockfusion of becoming a public company. Also discussed at such meetings were certain initial due diligence matters (including, without limitation, Blockfusion's ownership and operation of the Niagara Facility and the Company's plans to transition its business to become a HPC/AI data center company (as further described elsewhere in this proxy statement/prospectus, including in the section titled "*Information about Blockfusion*"), the anticipated timeline for Blockfusion to deliver PCAOB audited and auditor-reviewed financial statements, and the parties' willingness to proceed to negotiate a letter of intent that would outline certain key terms of a potential business combination transaction between the parties. As due diligence proceeded, such meetings and discussions also included exchanges of information related to aspects of Blockfusion's business plans, potential Financing Transactions which the parties might seek to identify and evaluate in connection with a prospective business combination, if pursued, and the overall timeline for a business combination transaction, if pursued.

During meetings held July 15, 2025, July 18, 2025 and July 24, 2025, Mr. Seth and the Blue Advisor, on behalf of Blue, met with Mr. Martini-Lo Manto and Kant Trivedi, Blockfusion's Chief Operating Officer, to discuss, among other matters, a preliminary outline of the types of terms and provisions to be included in definitive agreements related to a potential business combination, if pursued, as well as the service providers each party might need to engage in connection with the transaction and estimates of costs that might be associated therewith. During the meetings, the parties did not negotiate or discuss any arrangements whereby any shareholder of the SPAC agreed to waive its redemption rights in connection with the Business Combination and, other than pursuant to the Insider Letter (pursuant to which redemption rights with respect to the Blue Ordinary Shares held by the Sponsor and Blue officers and directors and with respect to the Blue Advisor Shares, were waived, for no consideration, as of the date of execution of the Business Combination Agreement, there were no written agreements between Blue and Blue shareholders pursuant to which any shareholders agree to waive redemption rights.

 

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In August 2025, the Blue Board, having been kept apprised of the alternative target opportunities and the information that the Blue management team had received and evaluated to date about Blockfusion, as described above, authorized the Blue management team to proceed to prepare and negotiate a letter of intent with Blockfusion. Blue, in turn, instructed its U.S. legal counsel, Ellenoff Grossman & Schole LLP ("**EGS**"), to prepare a draft of such a letter of intent (the "**Initial LOI**"), which Initial LOI was prepared and sent to Blockfusion on September 5, 2025. The Initial LOI and the final letter of intent, once executed (the "**LOI**"), as further described below, were non-binding except with respect to certain specified binding provisions, including terms pertaining to exclusivity, confidentiality and a customary waiver of claims by Blockfusion and its affiliates against funds held in Blue's Trust Account and distributions therefrom.

The terms proposed by Blue in the Initial LOI included, among other things, that (i) the aggregate transaction consideration deliverable to security holders of Blockfusion upon consummation of the proposed Business Combination (consisting of newly-issued Pubco securities, with each Pubco share to be valued, for such purpose, at the Redemption Price) would be based on a pre-money enterprise value attributed to Blockfusion of $450 million, assuming no Company net indebtedness ("**Net Debt**") as of the Closing Date; (ii) the Transaction Consideration delivered at the Closing would be adjusted dollar-for-dollar in the event that Net Debt as of a measurement date shortly before the Closing increased by greater than five percent (5%) relative to Net Debt as of the date of execution of the Business Combination Agreement (the "**Signing Date**"); (iii) Pubco shares delivered at Closing to significant Company Stockholders would be subject to lock-up restrictions substantially identical to the post-Closing trading restrictions applicable to the Sponsor's Founder Shares; (iv) during the Interim Period, the parties would collaborate, using best efforts, to seek to identify and enter into Financing Transactions to be consummated in connection with the proposed Business Combination in an aggregate gross amount of $20 million; and (v) the board of directors of Pubco after the Closing (the "**Pubco Board**") would be comprised of seven directors, two of which would be designated by Blue or the Sponsor. The Initial LOI did not contemplate the Business Combination Agreement containing a condition to either party's obligation to consummate the proposed Transaction associated with the delivery, at Closing, of a minimum amount of proceeds to Pubco or the Company.

In the days following delivery to Blockfusion of the Initial LOI, Blue and Blockfusion discussed and negotiated various terms contained in the Initial LOI and Blockfusion proposed to Blue revised terms related to, among other things, the proposed adjustment to the Transaction Consideration associated with a potential increase in Net Debt between the Signing Date and the Closing Date, the post-Closing lock-up terms applicable to Pubco shares delivered to Company Stockholders as transaction consideration and the level of proceeds from Financing Transactions that the parties would collaboratively seek to identify and consummate on terms acceptable to Blue and the Company. Additionally, Blockfusion requested that the letter of intent, once executed, (a) reflect the implementation of a dual-class share structure at Pubco and (b) contain a condition to both parties' obligation to consummate the Transaction that Blockfusion receive minimum proceeds of at least $75 million, from funds remaining in the Trust Account and proceeds from Financing Transactions, after satisfaction by Blue of redemption payments and payment of accrued and unpaid Expenses of Blockfusion, Blue and the Sponsor (the "**Minimum Cash Condition**"). During the course of the negotiations prior to the execution of the Business Combination Agreement, other than discussion of potential right of SPAC and/or the Sponsor to appoint two board members to the post-Closing Pubco Board, the parties did not have any discussions regarding continued employment or involvement in Pubco for any persons affiliated with the SPAC prior to the Business Combination.

Ultimately, the parties agreed to a final version of the LOI, which was executed on September 12, 2025. The terms of the LOI included that (i) the Transaction Consideration to be reflected in the Business Combination Agreement, subject to the results of due diligence by Blue, would be based on a $450 million pre-money enterprise value attributed to Blue, assuming Net Debt at Closing of approximately $30 million, without any adjustments for Interim Period changes in Company Net Debt; (ii) Pubco shares delivered at Closing to Blockfusion security holders representing at least 85% of Blockfusion's outstanding equity on a fully-diluted basis would be subject to post-Closing lock-up restrictions substantially identical to those applicable to the Founder Shares; (iii) that the parties would work collaboratively, using reasonable best efforts, to identify and consummated Financing Transactions representing aggregate gross proceeds at least equal to $100 million, (iv) the Minimum Cash Condition and (v) that the post-Closing Board would include seven directors (4 of which to be designated by the Company, 2 of which to be designated by SPAC/Sponsor and 1 additional independent director mutually agreed upon by SPAC and the Company).

Subsequent to the execution of the LOI, a "kick-off" meeting was held via video conference on September 15, 2025, among representatives of Blue and EGS and representatives of Blockfusion and its legal counsel, Winston & Strawn LLP ("**Winston**"). During this meeting, the participants discussed the anticipated terms of the proposed business combination outlined in the LOI and an anticipated timeline for the proposed transaction. Following that meeting, on September 16, 2025, Blockfusion provided EGS with access to a virtual data room (the "**VDR**") containing information about Blockfusion, which were reviewed by Blue and its representatives as part of due diligence.

Between September 15, 2025, and the date of execution of the Business Combination Agreement, Blue, Blockfusion and certain of their respective advisors and representatives participated in a number of telephonic and video meetings and Blue management gathered information to analyze and share with the Blue Board in connection with Blue's evaluation of Blockfusion and the proposed Business Combination.

During the period between execution of the LOI and execution of the Business Combination Agreement, Blue and its U.S. legal counsel, EGS, conducted legal due diligence based on the documents and other information provided by Blockfusion in the VDR and carried out meetings with Winston and representatives of Blockfusion. Legal due diligence efforts conducted by EGS focused, among other areas, on Blockfusion's capitalization, governing documents, the terms of the Company's outstanding indebtedness, material contracts, intellectual property, real property assets and employment and benefits arrangements.

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To facilitate legal due diligence efforts, EGS sent Winston a customary legal due diligence request list on September 18, 2025, as supplemented on October 8, 2025 and October 18, 2025; additional legal due diligence questions and requests for information about Blockfusion were also conveyed to Winston and Blockfusion during meetings and calls held between the period when the LOI was executed and shortly the Signing Date, and via e-mail correspondence. These legal diligence questions and requests were responded to by Blockfusion and its counsel in writing, orally during meetings and by Blockfusion periodically uploading responsive documents and other information to the VDR. Over the following weeks and until the Business Combination Agreement was executed, Blue, Blockfusion and their respective legal counsels continued to hold supplemental diligence meetings and engage in related communication while the Blue management team provided periodic updates to the Blue Board regarding the status of due diligence and Transaction negotiations.

In parallel with legal diligence efforts, representatives of Blue continued to conduct business and financial due diligence. At these meetings, among other things, Blockfusion responded to business, accounting and information technology-related diligence questions posed to Blockfusion, and meeting participants, including representatives of Blue, Blockfusion and their respective advisors discussed, among other topics, Blockfusion's business plans and strategy (including relative to Blockfusion's planned HPC/AI Transition, as further described below), historical financial and operating results, power generation capacity, industry positioning and competition, accounting and financial oversight functions and processes and privacy and technology. Relative to Blockfusion's plans to transition the Company's business to become the Blockfusion HPC/AI Business (as further detailed below), Blue's business and financial due diligence included discussions with Blockfusion management regarding certain key drivers and inputs required to effect the anticipated HPC/AI Transition in accordance with the HPC/AI Development Plans, including, without limitation, Blockfusion management's views of the anticipated timeline, prospective expenses and permitting and other requirements to be satisfied in connection therewith. Such meetings and discussions also included Blockfusion management providing Blue with background regarding the detailed HPC/AI Development Plans Blockfusion prepared over the course of an over-12 month period of collaboration between Company management and industry-leading engineering, construction and design firms (referred to as Blockfusion's "Strategic Transition Partners," as further described in the sections of this proxy statement/prospectus entitled "*Information About Blockfusion*," as well as under the sub-headings below describing the Forecasts provided to Blue and the material assumptions incorporated therein), as well as information Blockfusion shared with Blue regarding Blockfusion power access, power costs, and the benefits, in Blockfusion management's view, associated with Blockfusion's location and prospective opportunities for future expansion that may become available to Blockfusion in the future, as further detailed in the descriptions and information about the Forecasts appearing under the sub-heading "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*" below. Blockfusion management's expectations regarding the foregoing topics informed the assumptions incorporated into the Blockfusion management Forecasts provided to Blue which were utilized by the Blue Board in its evaluation and decision-making regarding Blockfusion and the proposed Business Combination, as further described under the sub-heading "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses.*" Additional information regarding Blue's review and consideration of the Forecasts, including, without limitation, the assumptions incorporated therein by Blockfusion management (which review and consideration were informed by the results of Blue's due diligence efforts with regard to Blockfusion and by the comparative information incorporated into the Blue Financial Analyses) appears below under "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*."

As part of Blue's due diligence, Mr. Seth and the Blue Advisor also conducted a multi-day site visit to meet in person with representatives of Blockfusion at the Company's headquarters in Niagara Falls, New York, which is also the site of the Niagara Facility, as further described below. During the on-site visit, the representatives of Blue met with Mr. Martini-Lo Manto and Mr. Trivedi, as well as Blockfusion's on-site facility manager and two Blockfusion senior technicians. Messrs. Martini-Lo Manto and Trivedi first presented Mr. Seth and the Blue Advisor with a site overview, including, without limitation, a detailed overview of the location, the Niagara Facility and current operations, including existing substation location, transformers and control units. Senior Blockfusion technicians provided a walk-through and explanation of network topology and the Company's Tier 1 mining-related model from an engineering and operations perspective. Mr. Seth and the Blue Advisor were shown the Company's existing mining equipment and air cooling systems, as well as the Company's containerized bitcoin miners located on-site. Blockfusion's site manager also showed the Blue representatives Blockfusion's new generation miners and provided more visibility into the various different cooling systems currently utilized by Blockfusion. Throughout portions of the site visit, Mr. Martini-Lo Manto, Mr. Trivedi, Mr. Seth and the Blue Advisor continued to also discuss, among other topics, Blockfusion's anticipated transition to become a HPC/AI data center and the design, engineering and other plans developed to date by Blockfusion relative to such transition in collaboration with engineering and other consultants engaged by Blockfusion to develop detailed plans for the HPC/AI Transition.

Contemporaneously with on-going due diligence efforts, Blue and EGS discussed the value of obtaining a fairness opinion in connection with the Business Combination. Thereafter, Blue met representatives of several financial advisors with experience providing fairness opinions in the context of similar transactions to discuss, among other topics, such advisors' experience, qualifications and capacity to provide an opinion to the Blue Board with regard to the fairness, from a financial point of view, of the proposed Business Combination to Blue and Blue's shareholders. After executing NDAs with each such potential fairness opinion provider and considering their respective qualifications, as well as their capacity to carry out the required analyses and the costs associated therewith, Blue ultimately determined to engage Houlihan Capital, LLC ("**Houlihan Capital**") to review information about Blockfusion and the terms of the proposed Business Combination and render an opinion, whether or not favorable, to the Blue Board as to the fairness, from a financial point of view, of the proposed Business Combination with Blockfusion to Blue and its shareholders, as well as the satisfaction, at the Signing Date, of the 80% Test, as further described under the heading *"— Opinion of Houlihan Capital, the Blue Board's Financial Advisor"* below.

During this time, Blue, Blockfusion, EGS and Winston, among other participants, held weekly meetings to discuss aspects of the proposed Business Combination, which were supplemented by additional meetings between the parties and their respective representatives to discuss particular topics, including, for example (and without limitation), allocation of responsibilities for preparing documents and disclosure information, status of the preparation and audit of financial statements, formation of Pubco and the Merger Sub entities, and other matters.

EGS prepared an initial draft of the Business Combination Agreement, which was sent to Winston on September 30, 2025. Between September 30, 2025 and the Signing Date, Blue, EGS, Blockfusion and Winston exchanged multiple drafts of the Business Combination Agreement, as well as the Ancillary Agreements prepared and to be entered into in connection with the Business Combination Agreement and the proposed transaction, as further described below. During this time, the Blue management team kept the Blue Board apprised of the status of the negotiations between the parties of the Business Combination Agreement, as well as other developments affecting the transaction process and timeline and the Fairness Opinion procedures and process.

Numerous calls and virtual meetings between EGS and Winston were held during this period to discuss the terms of the Business Combination Agreement, including meetings on October 14, 2025, October 21, 2025, October 28, 2025 and November 4, 2024. The principal topics discussed with respect to the Business Combination Agreement included (i) the valuation of Blockfusion, (ii) the conditions upon which the supervoting shares of Pubco would surrender such supervoting rights, (iii) interim period covenants of both Blue and Blockfusion, including certain required actions in advance of Closing, and (iv) materiality, lookback periods and other qualifications for the representations and warranties of Blockfusion and Blue.

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During the course of negotiations of the Business Combination Agreement, the parties also exchanged drafts of, and negotiated the terms of, the Proposed Charter, Company Support Agreement, Non-Competition Agreement, Lock-Up Agreement and Amended Registration Rights Agreement (collectively, the "**Ancillary Agreements**"). With regard to the Ancillary Agreements, the principal topics discussed and ultimately agreed between the parties included (i) which Blockfusion holders would execute the Company Support Agreements, (ii) qualifications on the requirements of the Blockfusion holders to support the Business Combination upon certain amendments to the Business Combination Agreement, (iii) permitted transferees, (iv) the scope of the "sunset" provisions in the Proposed Charter and (v) the extent of the non-solicitation restrictions in the Non-Competition Agreement. While the parties continued to discuss and refine the Business Combination Agreement and Ancillary Agreements, they also worked on a draft investor presentation describing Blockfusion and its business (the "**Investor Presentation**"). The parties continued to exchange drafts of the Investor Presentation until such presentation was ultimately finalized and a copy thereof furnished as an exhibit to Blue's Current Report on Form 8-K filed in connection with the announcement of the parties' execution of the Business Combination Agreement.

The execution version of the Business Combination Agreement contained a number of material terms reflecting negotiations between the parties, including, among other things, (i) certain modifications to the interim period covenants, (ii) the parties agreed that Blockfusion must deliver the PCAOB-audited (and, to the extent applicable, auditor-reviewed) financial statements required for inclusion in this proxy statement/prospectus within thirty (30) days of the Signing Date, and (iii) the $450 valuation of Blockfusion was determined based upon equity value, as opposed to enterprise value, following further financial due diligence which confirmed the proposed valuation, as further supported by the Fairness Opinion and as ultimately approved by the Blue Board, as further described below.

The Blue Board was kept apprised on a regular basis by the Blue management team of the status of negotiations with Blockfusion, as well as the status and timing of Houlihan Capital's analyses related to the Fairness Opinion. Among other things, the Blue management team utilized the information provided by Blockfusion management, including the Forecasts (as further described below) to inform its evaluation of Blockfusion's business and prepare analyses of the proposed Transaction. On November 7, 2025, Houlihan Capital provided its draft Fairness Opinion for review by the Blue Board. On November 17, 2025, the Blue Board convened a virtual meeting to consider the terms of the Business Combination Agreement and the transactions contemplated thereby (the "**November 17 Meeting**"), which meeting was attended by all of the members of the Blue Board except Mr. Ferrari, whose travel schedule did not permit his attendance, and Mr. Moritsugu, whose location could not be identified as of the time of such meeting and was later determined to detained due to a medical emergency. Prior to November 17 Meeting, members of the Blue Board were provided with the final form of the Business Combination Agreement and final forms of all of the Ancillary Documents. They also received a brief overview of fiduciary duties of directors in considering the proposed Business Combination, relative to other potential opportunities, prepared by Appleby (Cayman) LLP ("**Appleby**"), Cayman Islands legal counsel to Blue. The meeting was also attended, at Blue's invitation, by representatives of Houlihan Capital and Blue's U.S. legal counsel, EGS. At the November 17 Meeting, representatives of Houlihan Capital presented a detailed overview of the methodology and considerations incorporated into the analyses associated with the Fairness Opinion, as further described under the sub-heading entitled "*Opinion of Houlihan Capital, the Blue Board's Financial Advisor*" below, following which Blue Board members asked questions about Houlihan Capital's analyses, including about the analytical methodologies employed by Houlihan Capital in its review of information about Blockfusion, the mix of peer companies used by Houlihan Capital in its guideline companies analysis and the conclusions reached by Houlihan Capital as a result of such analyses. At the November 17 Meeting, EGS gave a presentation to the Blue Board regarding (i) the terms of the Business Combination Agreement and the transactions contemplated thereby, (ii) the results of legal diligence carried out by EGS with respect to Blockfusion, (iii) the fiduciary duties of directors when considering whether to authorize a potential business combination transaction (incorporating the prior input on fiduciary duties provided by Appleby, Cayman Islands legal counsel to Blue) and (iv) the scope of the matters to be evaluated and approved by the Blue Board in connection with the proposed Business Combination as further described in draft resolutions circulated to the Blue Board members prior to the November 17 Meeting. After further review and discussion, including questions from members of the Blue Board posed to legal counsel and to the Blue management team regarding the Transaction, the chairman of the November 17 Meeting determined to call such meeting to a close, opting to postpone the vote on resolutions to approve the potential Business Combination until the following day, in hopes of the next day being able to convene an additional meeting of the Blue Board at which all of the directors could be present. Thereafter, notice of a subsequent virtual meeting to be held the next day, November 18, 2025, was circulated to the Blue Board, and another meeting of the Blue Board was duly convened on such date in accordance with that notice (the "**November 18 Meeting**"). However, the November 18 Meeting could not be attended by two members of the Blue Board, General (Retired) Wesley Clark, the board's Non-Executive Chairman, and Dr. Kenneth Moritsugu, due, respectively, to conflicting travel schedules and a medical emergency. At the November 18 Meeting, the members of the Blue Board present at such meeting reviewed and moved to approve the proposed Business Combination with Blockfusion, determining such Transaction to be fair to, advisable and in the best interests of Blue and its shareholders. While the proposed Business Combination and all of the transactions contemplated thereby was approved unanimously by each of the Blue directors present at the November 18 Meeting, due to the absence from the November 18 Meeting of Messrs. Clark and Moritsugu, each of whom is identified in Blue's IPO Prospectus as comprising two of Blue's four "independent" (as defined in Nasdaq rules and applicable SEC rules) directors, there were only two "independent" directors of Blue present at the November 18 Meeting to approve the proposed Business Combination and, consequently, the Transaction was not approved by a majority of Blue's "independent" directors. Additionally, the independent members of the Blue Board did not separately retain an unaffiliated representative to act solely on behalf of unaffiliated security holders of Blue for purposes of negotiating the terms of the Business Combination transaction and/or preparing a report concerning the approval of the Business Combination.

On November 19, 2025, Blue, Blockfusion, Pubco, Blue Merger Sub and Company Merger Sub executed the Business Combination Agreement and the applicable Ancillary Agreements and issued a joint press release announcing the transaction. Since the date that the Business Combination Agreement was executed, the parties have held, and expect to continue to hold, regular discussions regarding the timing of consummating the Business Combination and various preparatory efforts in connection therewith, as well as discussions with potential Financing Transaction investors.

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**Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses**

Blockfusion has not, as a matter of course, made public forecasts as to the Company's future financial or operating results. However, in connection with Blue's due diligence and consideration of the potential Business Combination transaction, Blockfusion management provided Blue with certain financial and operating forecasts (the "**Forecasts**") over a five-year forward-looking period, incorporating a variety of assumptions as further described below. These Forecasts were developed by Blockfusion management based on assumptions and information available to Blockfusion management as of the date the Forecasts were prepared (the "**Forecast Preparation Date**"), as further described below. The Forecasts were prepared in good faith by Blockfusion management based on information believed by Blockfusion management to be credible and current as of the Forecast Preparation Date, incorporating various assumptions which Blockfusion management considered to be reasonable as of such date, as further described below. The Blue Board reviewed the Forecasts and utilized the information contained therein in its evaluation and decision-making regarding Blockfusion and the proposed Business Combination. As described below, the Forecasts were also provided to Houlihan Capital, the fairness opinion provider engaged by Blue, for purposes of Houlihan Capital's analyses related to such opinion. Additionally, as also further described below, Blockfusion collaborated with the Blue management team to select a group of public companies considered to have attributes sufficiently similar to the future potential Blockfusion HPC/AI Business (as defined below) to be used for purposes of the Guideline Company Analysis carried out by Blue, as further described below. Blockfusion received assistance from ING, its financial advisor, in preparing the Forecasts provided to Blue and Houlihan Capital and determining, in collaboration with Blue, an appropriate set of peer public companies to be used for purposes of the Guideline Company analysis (further information about ING and its role as the Company's financial advisor can be found under the section of this proxy statement/prospectus entitled "*Information About Blockfusion*").

The Forecasts prepared by Blockfusion management and provided to Blue cover a five-year period beginning January 1, 2026 and ending December 31, 2030 (the "**Forecast Period**"), during which time period Blockfusion expects to implement material changes to the Company's current business with a goal of transitioning the Company to become a HPC/AI data center ("**HPC/AI DC**") hosting HPC/AI clients in accordance with detailed "**HPC/AI Development Plans**" developed by the Company over more than a year of close collaboration between Company management and industry-leading engineering, construction and design firms referred to as Blockfusion's "Strategic Transition Partners," as further described in the sections of this proxy statement/prospectus entitled "*Information About Blockfusion*," "*Risk Factors*," as well as under the sub-headings below describing the Forecasts provided to Blue and the material assumptions incorporated therein. For purposes hereof, the future potential business of Blockfusion after implementing the changes required to become an HPC/AI data center serving HPC/AI clients is referred to as the "**Blockfusion HPC/AI Business**," and the design, engineering, construction, infrastructure upgrades, capital raising, consummation of expansion opportunities and other "steps" and actions required in order to transition the current business of Blockfusion to become the Blockfusion HPC/AI Business are collectively referred to as the "**HPC/AI Transition**." Additionally, for purposes of the Forecasts, "Year 1" means the 12-month period beginning January 1, 2026, and ending December 31, 2026; "Year 2" means the 12-month period beginning January 1, 2027, and ending December 31, 2027; "Year 3" means the 12-month period beginning January 1, 2028, and ending December 31, 2028; "Year 4" means the 12-month period beginning January 1, 2029, and ending December 31, 2029 and "Year 5" means the 12-month period beginning January 1, 2030, and ending December 31, 2030.

Given the material anticipated changes to the business of Blockfusion during the Forecast Period, other than with respect to assumptions relating to Year 1 of the Forecast Period and as otherwise identified in the description of forecast assumptions below, the assumptions incorporated in the Forecasts are not based on Blockfusion's historical financial performance or operations. Instead, Blockfusion management's forecasts and estimates relating to the future potential Blockfusion HPC/AI Business are entirely prospective and forward-looking, taking into account numerous assumptions regarding, among other things, the closing of the Business Combination, the HPC/AI Transition and the future potential Blockfusion HPC/AI Business, as further described below, informed by Blockfusion management's professional experience and industry knowledge, as well as certain publicly-available industry and market information, including with regard to certain peer public companies (as further described below). Readers are urged to remember that actual results may be different, perhaps materially. Also, certain information incorporated into such plans, estimates, forecasts and analyses relate to companies that, at the Forecast Preparation Date (and the Analysis Date, as defined below) are larger and have better established HPC/AI businesses than the future Blockfusion HPC/AI Business may have upon completion, if any, of the Company's anticipated HPC/AI Transition, which are not representative of Blockfusion's current business or the future potential financial and operating results of the Blockfusion HPC/AI Business.

By providing the Forecasts to Blue, as described herein, Blockfusion management did not make any representations, warranties or guarantees that the HPC/AI Transition will, in fact, be successfully carried out in accordance with HPC/AI Development Plans, nor should the inclusion of the Forecasts and information derived therefrom or assumptions incorporated therein, be construed as a guarantee, representation or warranty of any kind about the current or future business of Blockfusion. The estimates incorporated into the Forecasts delivered to Blue are based on numerous assumptions, which assumptions, and, consequently, the Forecasts, and information derived from and incorporated therein, are subject to a variety of risks and contingencies, as further described elsewhere in this proxy statement/prospectus (including, without limitation, the section entitled "*Risk Factors*") which include, without limitation, that the Company is able to attract and efficiently deploy highly significant amounts of capital; enter into a retail long-term HPC/AI client offtake agreement; identify, raise capital for and successfully consummate multiple expansion opportunities; and many other items, including risks and uncertainties that are not foreseeable and outside of Blockfusion's, Pubco's and Blue's control. Even if the business plans and transition efforts underlying the Forecasts and the assumptions incorporated therein are implemented and occur, the HPC/Transition may cost more, take longer and have results which are materially different from the information presented in the Forecasts which, in turn, form the basis for the analyses described below (all as further described below, as well in sections of this proxy statement/prospectus entitled "*Information About Blockfusion*" and "*Risk Factors*"). If that turns out to be the case, and actual results are less favorable than the Blockfusion management estimates and assumptions reflected in the Forecasts, trading prices of Pubco securities may suffer and you may lose your entire investment.

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The Forecasts were prepared by Blockfusion management using a cash-based forecasting methodology, meaning that the Forecasts focus on expected cash receipts and disbursements associated with the future potential Blockfusion HPC/AI Business, rather than accrual-based accounting measures such as GAAP net income. The Forecasts do not include non-cash items such as depreciation or amortization. This methodology is intended to provide a view of the timing and magnitude of cash requirements for development and operations, rather than GAAP earnings. The Forecasts also include certain non-GAAP measures, as further described under the subheading "*Use of Non-GAAP Measures*" below.

Importantly, the illustrative Forecasts ***do not*** incorporate into "Total Costs" (as defined and further described below) the significant capital expenditures Blockfusion management expects to be required in order to consummate the Company's HPC/AI Development Plans or potential costs of obtaining access to such capital. Additionally, "Total Costs," as reflected in the Forecasts, ***do not*** include the costs of obtaining access, whether through debt or equity financing or otherwise, to the material additional amounts of capital expected to be required in connection with "Illustrative Expansion Opportunities" assumed, for purposes of the Forecasts, to be consummated during the Forecast Period in order for the future Blockfusion HPC/AI Business described in the Forecasts to increase the Niagara Facility's power capacity to the levels required to generate the revenues and earnings also reflected in the Forecasts. Readers should understand that these exclusions are meaningful, given the quantum of capital expected to be required, the sources of funding for which are to be identified as of the date of this proxy statement/prospectus (with the potential sources thereof, described in further detail below). As of the date of this proxy statement/prospectus, Blockfusion has not entered into any binding agreements to pursue pipeline or expansion opportunities, but Company management regularly evaluates such opportunities as they become available and expects to continue to do so going forward.

The Forecasts should not be viewed as public guidance. The Forecasts were not prepared with a view toward public disclosure, or complying with the published guidelines of the SEC regarding Forecasts or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial or operating information, but, in the view of Blockfusion's management, were prepared on a reasonable basis, reflecting the best available estimates and judgments based on information and circumstances as of the Forecast Preparation Date and present, to the best knowledge and belief of Blockfusion's management, reasonable estimates of the future potential deployment capabilities, revenues and earnings that the Blockfusion HPC/AI Business could achieve over a five-year period, assuming the assumptions incorporated in the Forecasts are themselves realized. Blockfusion's management believes the assumptions included in the Forecasts to be reasonable, based on available information as of the Forecast Preparation Date and professional judgement and experience, however the assumptions and information incorporated into the Forecasts relate to future events, circumstances and conditions which are inherently uncertain and difficult to predict and many of which are beyond Blockfusion's control. Blockfusion's management determined five (5) years to be a reasonable period to forecast the values, metrics and estimated financial results reflected in the Forecasts because Blockfusion's management believes that - assuming, among other things, that Blockfusion has access to sufficient capital to implement the HPC/AI Development Plans developed by the Company with its HPC/AI Transition Team and that there are not unforeseen material construction, engineering, permitting/approval or other delays or challenges - Blockfusion would, within a five-year period be able to implement its Niagara Facility upgrades and other transition plans, secure at least one long-term HPC/AI colocation lease agreement and by Year 5 of such period, be able to deploy the MWs of power and achieve the estimated future revenues and EBITDA levels incorporated in the Forecast, at a stabilized state, subject, in all events, to the risks, contingencies and assumptions described in future detail below and elsewhere in this proxy statement/prospectus. The Forecasts should not be viewed as public guidance and you are cautioned not to place undue reliance on the Forecasts.

The Forecasts are susceptible to multiple interpretations and periodic revisions based on actual experience and business developments. The Forecasts also reflect numerous estimates and assumptions with respect to general business, economic, regulatory, market and financial conditions and with respect to the industry in which Blockfusion operates. Changes to any of the foregoing, or other changes, will impact Blockfusion's business (including the Blockfusion HPC/AI Business), all of which are difficult to predict and many of which are beyond Blue and Blockfusion's control. Neither Blue management, Blockfusion management, nor any of their respective affiliates, advisors or representatives has made or makes any representations to any person regarding the ultimate performance of Blockfusion relative to the Forecasts. The Forecasts are forward-looking statements that are inherently subject to significant uncertainties and contingencies; actual results may be different, perhaps materially. The various risks and uncertainties include those set forth in the sections of this proxy statement/prospectus entitled "*Risk Factors*," "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion*" and "*Cautionary Statement Regarding Forward-Looking Statements*" and risks and uncertainties inherent in the assumptions further described below.

The inclusion of Forecasts in this proxy statement/prospectus should not be regarded as an indication that the Blue Board, Blue management team or their respective affiliates, advisors or other representatives considered, or now considers the Forecasts necessarily to be predictive of actual future results or to support or fail to support your decision whether to vote for or against the proposed Business Combination. None of Blue, Blockfusion, Pubco nor any of their respective affiliates, advisors or other representatives intends to, and, except to the extent required by applicable law, each of them expressly disclaims any obligation to, update, revise or correct the Forecasts to reflect circumstances existing or arising after the Forecast Preparation Date or to reflect the occurrence of future events, even if any or all of the assumptions underlying the Forecasts are shown to be in error or any of the Forecasts otherwise would not be realized. Blockfusion and Pubco will not refer back to the Forecasts in future periodic reports filed under the Exchange Act.

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Following is further information regarding the material assumptions incorporated in the Forecasts provided by Blockfusion to Blue, as described in further detail below. For purposes of preparing the Forecasts, Blockfusion management assumed, among other factors, that:

● The HPC/AI Transition commences in Year 1 of the Forecast Period, following the consummation of the proposed Business Combination (which Transaction is assumed, solely for purposes of preparing the Forecasts, to provide Blockfusion approximate net proceeds of $175 - 200 million, though such funding may occur in other forms after the Closing, including but not limited to construction loans and/or debt instruments), as further described under *"Blockfusion Management Forecasts"*.

● That Blockfusion, throughout the Forecast Period, has access to the capital necessary to implement the Company's HPC/AI Transition plans, on terms acceptable to the Company (expected to include, without limitation, in excess of $900 million for initial construction and infrastructure upgrades), the potential sources of which are further described below, in addition to material expansion costs further described below.

● Blockfusion has secured a HPC/AI client colocation lease ()"**HPC/AI Lease**") pursuant to which the Company begins generating revenues by the end of Year 2 of the Forecast Period, which revenues increase over time as the Blockfusion HPC/AI Business approaches a fully-scaled state.

● That during the Forecast Period, Blockfusion consummates illustrative expansion opportunities, including at sites adjacent to the Niagara Facility, following which the Blockfusion HPC/AI Business has enough gross power capacity necessary to deploy an estimated 85 MWs of power pursuant to the HPC/AI Lease. Land acquisitions and build-outs of one or more sites.

● That there are no material delays to the projected timeline, and that the Company has access to sufficient capital to fully implement the HPC Development Plans developed with industry-leading engineering, construction and design consultants, which do not cost more to implement than Blockfusion management currently estimates.

● That information, forecasts and estimates incorporated into the HPC/AI Development Plans prove an accurate foundation for many of the assumptions and estimates incorporated into the Forecasts.

● That demand for, and investment into infrastructure and development projects supporting AI training and inference workloads and other HPC applications continues throughout the Forecast Period and afterwards, as by the end of Year 1, Blockfusion will have "phased" out its legacy business and shut off its Niagara Facility power access in order to focus fully on the HPC/AI Transition.

There can be no assurance that the illustrative financial and operating results reflected in the Forecasts will be realized or that actual results will not be significantly lower than projected. None of Blockfusion's, Blue's or Pubco's independent registered public accounting firm or any other independent accountants, have compiled, examined or performed any procedures with respect to the Forecasts below, nor have they expressed any opinion or any other form of assurance on such information or their achievability. Nonetheless, the Forecasts are included in this proxy statement/prospectus because they were made available to Blue and the Blue Board in connection with their review of the Business Combination Agreement and related transactions, as well as to Houlihan Capital, in connection with analyses related to the Fairness Opinion, as further described below. The Forecasts were provided to Blue only for use as a component in its overall evaluation of Blockfusion and should not be viewed as public guidance. Furthermore, the Forecasts do not take into account any circumstances or events occurring after the date on which the Forecasts were reviewed by Blue's management. Since the Forecasts cover multiple years, such information by its nature becomes less reliable with each successive year.

Blockfusion believes the assumptions built into the Forecasts were reasonable at the Forecast Preparation Date, given the information Blockfusion had at that time and its business plans at that time. However, there are important factors that may affect actual results and cause the results reflected in the Forecasts not to be achieved including, among other things, risks and uncertainties relating to Blockfusion's business, industry performance, and general business and economic conditions and political and macroeconomic factors. The Forecasts also reflect assumptions as to certain business decisions and strategy that are subject to change.

In addition, the Forecasts were prepared and provided prior to the announcement of the proposed Business Combination, treating Blockfusion on a standalone basis, without giving effect to, and as if Blockfusion never contemplated, the Business Combination, including, without limitation, the impact of negotiating or executing the transactions, the expenses that may be incurred in connection with consummating the transactions, the effect of any business or strategic decision or action that has been or will be taken as a result of the Business Combination Agreement being executed, or the effect of any business or strategic decisions or actions that would likely have been taken if the Business Combination Agreement had not been executed but which were instead altered, accelerated, postponed or not taken in anticipation of the transactions.

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EXCEPT TO THE EXTENT REQUIRED BY APPLICABLE FEDERAL SECURITIES LAWS, BY INCLUDING IN THIS PROXY STATEMENT/PROSPECTUS A SUMMARY OF THE FORECASTS FOR BLOCKFUSION, NEITHER BLOCKFUSION NOR Blue UNDERTAKES ANY OBLIGATION AND EXPRESSLY DISCLAIMS ANY RESPONSIBILITY TO UPDATE OR REVISE, OR PUBLICLY DISCLOSE ANY UPDATE OR REVISION TO, THESE FORECASTS TO REFLECT CIRCUMSTANCES OR EVENTS, INCLUDING UNANTICIPATED EVENTS, THAT MAY HAVE OCCURRED OR THAT MAY OCCUR AFTER THE PREPARATION OF THESE FORECASTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING THE FORECASTS ARE SHOWN TO BE IN ERROR OR CHANGE.

THE FORECASTS SHOULD NOT BE VIEWED AS AN INDICATOR OF PUBCO'S OR BLOCKFUSION'S FUTURE PERFORMANCE. THE FORECASTS DO NOT TAKE INTO ACCOUNT ANY CIRCUMSTANCES OR EVENTS OCCURRING AFTER THE DATE THAT INFORMATION WAS PREPARED. READERS OF THIS PROXY STATEMENT/PROSPECTUS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THE FORECASTS SET FORTH BELOW. NONE OF BLOCKFUSION, Blue, PUBCO, NOR ANY OF THEIR RESPECTIVE AFFILIATES, OFFICERS, DIRECTORS, ADVISORS OR OTHER REPRESENTATIVES HAS MADE OR MAKES ANY REPRESENTATION TO ANY COMPANY STOCKHOLDER, Blue SHAREHOLDER OR ANY OTHER PERSON REGARDING ULTIMATE PERFORMANCE COMPARED TO THE INFORMATION CONTAINED IN THE FORECASTS OR THAT FINANCIAL AND OPERATING RESULTS WILL BE ACHIEVED.

The Forecasts provided to Blue by Blockfusion management and Blue financial analyses, based on such Forecasts were reviewed and considered by the Blue Board in connection with its evaluation of the business combination. If updated Forecasts are delivered prior to the consummation of the transaction, the Blue Board does not intend to reconvene or vote again unless such updates are deemed material to its evaluation or the shareholders' understanding of the transaction.

This approach reflects the Blue Board's judgment that forward-looking forecasts are inherently subject to change, and that routine or non-material adjustments are unlikely to impact the merits of the transaction or the structure of the business combination. The Forecasts also assume that the proposed Business Combination will be completed during the first half of the first year of the Forecast Period. If the Closing is delayed beyond such date, the implementation of certain strategies and revenue-generating activities may also be delayed, as may the timeline for the future potential Blockfusion HPC/AI Business to achieve a full-scaled "run rate value" state.

***Blockfusion Management Forecasts***

The table below illustrates the key elements of the five-year financial and operating forecasts prepared by Blockfusion management that were provided to Blue as part of due diligence and utilized by Blue in connection with the Blue Financial Analyses further described below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| in MWs/$ millions | **Year 1** | **Year 2** | **Year 3** | **Year 4** | **Year 5** |
| **MWs** | 0 | 25 | 85 | 85 | 85 |
| ***Revenues*** |  |  |  |  |  |
| <u>Total Gross Revenues</u> | 7.9 | 9.7 | 128.1 | 203.2 | 208.7 |
| (-) Utilities | (5.4) | (2.2) | (29.8) | (47.4) | (48.2) |
| **<u>Net Revenues</u>** | 2.5 | 7.5 | 98.4 | 155.8 | 160.5 |
| (-) Total Costs | (14.4) | (17.0) | (23.1) | (28.1) | (28.7) |
| **<u>EBITDA</u>** | (11.9) | (9.5) | 75.3 | 127.7 | 131.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of the Forecasts, "**Year 1**" means the 12-month period beginning January 1, 2026, and ending December 31, 2026; "**Year 2**" means the 12-month period beginning January 1, 2027, and ending December 31, 2027; "**Year 3**" means the 12-month period beginning January 1, 2028, and ending December 31, 2028; "**Year 4**" means the 12-month period beginning January 1, 2029, and ending December 31, 2029 and "**Year 5**" means the 12-month period beginning January 1, 2030, and ending December 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "**MWs**" means estimated megawatts of power deployed by Blockfusion as of the end of each year of the Forecast Period including, relative to Year 1, estimated power deployed during the Tier 1 Wind-Down Period (defined below), and, relative to Years 2-5, estimated MWs of power deployed pursuant to HPC/AI client agreements.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "**Net Revenues**" is derived from estimated Gross Revenues, described under the sub-heading "*Revenues*" below, less estimated Utilities Costs, as also defined and further described below.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "**EBITDA**" means estimated Blockfusion earnings before interest, taxes, depreciation and amortization, derived by subtracting estimated Total Costs (as defined below) from Net Revenues, taking into account the related information and assumptions described in more detail under the-subheading "*Estimated Earnings, Expenses and EBITDA*" below.

&nbsp;&nbsp;&nbsp;&nbsp;(5) "**Run Rate Values**," including "**Run Rate MWs**," "**Run Rate Revenues**" and "**Run Rate EBITDA**," refer to estimated Blockfusion financial and operating results during Year 5 of the Forecast Period, after Blockfusion's anticipated HPC/AI Transition has reached a point of completion where the Company achieves scaled benefits, as further described below.

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***Please refer to the subsection entitled "Use of Non-GAAP Measures" at the end of this subsection for further information about the use of certain non-GAAP measures and metrics in this section of this proxy statement/prospectus, as well as the closest GAAP comparables to such measures and metrics.***

 ****

Following is further information regarding the material assumptions incorporated in the Forecasts prepared by Blockfusion management as of the Forecast Preparation Date and delivered by Blockfusion to Blue. For purposes of preparing the Forecasts, Blockfusion management assumed the following:

*<u>HPC/AI Transition</u>*

As the Forecasts prepared by Blockfusion management reflect projected Blockfusion financial and operating results over a Forecast Period preceding, during and following the Company's anticipated transition to become a HPC/AI data center company, the Forecasts necessarily incorporate numerous assumptions regarding the HPC/AI Transition (which transition, and the Company's plans therefor, as further described in sections of this proxy statement/prospectus entitled "*Information About Blockfusion*" and "*Risk Factors*"), including the following material assumptions (the "**HPC/AI Transition Assumptions**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Consummation of the proposed Business Combination*. That the proposed Business Combination
 between Blue and Blockfusion is consummated during the first half of 2026, resulting in net proceeds to Blockfusion (expected to
 consist of funds retained in Blue's Trust Account, following satisfaction of redemption payments and proceeds from Financing
 Transactions in which the parties may engage in connection with the Business Combination), which proceeds (assumed, solely for purposes
 of preparing the Forecasts, to be $175-200 million, in the aggregate, though such funding may occur in other forms after the Closing,
 including but not limited construction loans and/or debt instruments) Blockfusion expects to utilize for working capital purposes
 and to cover the initial costs associated with commencing the HPC/AI Transition, as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Tier 1 Wind-Down*. That during a five-month period beginning on the January 1, 2026 (the "**Tier 1 Wind-Down Period** "), Blockfusion winds downs power deployment, ultimately shutting off Niagara Facility power utilization in order to facilitate the HPC/AI Transition prior to the end of Year 1 of the Forecast Period (as of which date the Forecasts show zero MWs deployed power).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *HPC/AI Transition Timelin* e. That main construction and engineering efforts, together with other significant elements of Blockfusion's HPC/AI Transition, are carried out over a period of approximately 14-16 months, an estimated timeline developed by Blockfusion in close consultation with Blockfusion's HPC/AI Transition Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *HPC/AI Client Agreements*. That by the start of Year 2 of the Forecast Period, Blockfusion has entered into a HPC/AI client colocation agreement ()"**HPC/AI Lease**") pursuant to which the Company deploys power in various phases during Years 2-5 of the Forecast Period, which Blockfusion management regards as a reasonable assumption, given the anticipated continuing demand for next-generation HPC/AI data centers (as further described in the section of this proxy statement/prospectus entitled "*Information About Blockfusion* "), and, given, also, that it is relatively customary in the industry for HPC DCs to enter into client offtake agreements even before such companies have reached full scale and power deployment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. *Illustrative Expansion Opportunities*. The Forecasts assume that, during the Forecast Period,
 Blockfusion consummates "**Illustrative Expansion Opportunities**," assumed to include acquisition of one or more
 land parcels adjacent to the site of the Niagara Facility for an estimated $15 million in land acquisition costs, which would provide
 opportunities expand the footprint of the Niagara Facility, provide additional engineering and construction flexibility for the HPC/AI
 Transition and allow for the development of incremental capacity up to, and potentially beyond, 85 MWs of power to HPC/AI clients
 reflected in the Forecast (although the costs of implementing any such further expanded power capacity are not included in the Total
 Costs reflected in the Forecasts). The foregoing expansion related assumptions are based on Blockfusion management professional knowledge
 and industry knowledge and discussions with relevant parties, including information about certain particular opportunities gleaned
 from Blockfusion management's continual evaluation of expansion opportunities (none of which is under contract with Blockfusion
 at the Forecast Preparation Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. *Run Rate MWs*. That by the end of Year 5 of the Forecast Period, the Blockfusion HPC/AI Business reaches Run Rate Values reflecting complete white-space infrastructure build up and scaled capacity, at which point Blockfusion is deploying an estimated 85 MWs of power ()"**Run Rate MWs**") pursuant to the HPC/AI Lease, which Blockfusion management believes to be an appropriate estimate of deployed power after the HPC/AI Transition because 85MWs represents approximately 80% of Blockfusion's estimated "run rate" Forecast Period gross power capacity, of 106 MWs (which Blockfusion management considers a reasonable projected gross to net power usage ratio (referred to as a Power Usage Effectiveness ratio ()"**PUE ratio** ")) based on the Company's anticipated IT load and non-IT load power requirements (e.g., cooling, lighting, etc.) based on the Company's HPC/AI Development Plans.

 

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*<u>Revenues Forecasts</u>*

The Forecasts provided by Blockfusion to Blue include forward-looking estimated Gross and Net Revenues, with Net Revenues derived by subtracting estimated Utilities Costs (as defined below) from Gross Revenues, which is consistent with the cash-basis methodology used to prepare the Forecasts; provided, however, that Blockfusion management anticipates Utilities Costs being passed through to its customers pursuant to the HPC/AI Lease, which is customary for companies in the industry. The following material assumptions are incorporated into the Forecasts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Revenues – Year 1*. That during the Tier 1 Wind-Down period (defined above), Blockfusion
 generates approximately $7.1 million in Gross Revenues pursuant to client agreements in effect as of the Forecast Preparation Date
 (in respect of which the Company incurs Utilities Costs (as defined below) of approximately $5.4 million) and approximately $0.9
 million revenues from Energy Programs in which Blockfusion participates during such Tier 1 Wind-Down Period. No revenues from Energy
 Programs are incorporated into the later years of the Forecasts because it will not be possible for the Company to continue participating
 in such programs following the HPC/AI Transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Revenues – Years 2-5*. That Blockfusion has entered into the HPC/AI Lease prior to the
 start of Year 2, pursuant to which the Company deploys power and generates Gross Revenues over the duration of the Forecast Period
 at rates consistent with prevailing market colocation agreement terms and prices as of the Forecast Preparation Date (approximated
 based on information about certain of the Guideline Companies (defined below) and the terms of such companies'
 publicly-announced agreements as of the Forecast Preparation Date), subject to a 3% annual lease rate escalator, which Blockfusion
 management believes to be also consistent with typical terms of long-term data center agreements at the Forecast Preparation Date,
 based on professional experience. The Forecasts reflect significant revenues increases between Years
 3 and 4 of the Forecast Period, as Year 4 is the first year of the Forecasts when Blockfusion is modeled as actually being able to
 fully invoice HPC/AI client(s) for 85 MWs of deployed power.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* *Net Revenues*. That Net Revenues during the Forecast Period represent Gross Revenues less "**Utilities Costs**," defined, for purposes of the Forecasts, as the cost to Blockfusion of obtaining gross power levels required to power the Niagara Facility, taking into account the assumed PUE ratio described under the sub-heading "*HPC/AI Transition –Run Rate MWs*" above.

 

*<u>EBITDA Forecasts</u>*

The Forecasts also include Blockfusion management estimates of the Company's future potential earnings, and certain costs, expenses and other information relevant to calculating estimated "**EBITDA**" (earnings before interest, taxes, depreciation and amortization) over the Forecast Period, derived from subtracting estimated Total Costs (as defined below) from Net Revenues, as further described below. As EBITDA is a non-GAAP measure, readers are advised to also carefully review the subsection of this Background of the Business Combination section below entitled "*Use of Non-GAAP Measures*." Additionally, readers are reminded that the Forecasts were prepared using a cash-based methodology. The following related material assumptions are incorporated into the Forecasts relative to EBITDA forecasts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. *Earnings*. That Forecast Period earnings are comprised of Net Revenues (generated pursuant to the HPC/AI Lease, and as otherwise further described under the subheading "*Revenue Forecasts*" above) and that Net Revenues less projected Total Costs (as defined below) represent reasonable estimates of the Company's future Forecast Period earnings given the cash-basis methodology utilized to prepare the Forecasts, as further described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. *Total Costs*. That "**Total Costs**" during the Forecast Period are comprised of costs and expenses further described under the sub-heading "*Direct Costs, SG&A and Other Working Capital Expenses"* below.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. *Direct Costs, SG&A and Other Working Capital Expenses*. That during the Forecast Period, Blockfusion's estimates of direct costs (including monthly technicians salaries and power costs); costs of services, general and administrative ()"**SG&A**") including, without limitation, advertising and marketing expenses, lobbying fees, office expenses, employee and consulting expenses and other professional fees (collectively, "**Total Costs**") and other working capital expenses, among other expenses do not materially exceed Blockfusion management's estimates of such fees, costs and expenses, and can be covered, to the extent not offset by payments pursuant to the HPC/AI Lease, by the capital sources further described under "*Expenses-Sources of Capital*" below. Blockfusion management believes the Company's estimates of the foregoing Forecast Period costs and expenses to be reasonable based on the HPC/AI Transition Plans developed with the HPC/AI Transition Consultants, historical Blockfusion costs and expenses and management professional experience and industry knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. *Cost Increases*. The Forecasts also assume a 2% annual increase in operating costs (resulting in modest increases
in projected cash outflows during later years of the Forecast Period to account for potential upward pressure on costs) over the Forecast
Period to reflect anticipated inflationary trends and cost expectations over the relevant period. Provided, however, that actual Company's
operating results may be affected by a variety of additional factors, including, among other things, changes gross utilities costs, labor
and maintenance fees, costs of and access to capital, and other factors, as further described in the section of this proxy statement/prospectus
entitled "*Risk Factors*."

&nbsp;&nbsp;&nbsp;&nbsp;e. *HPC/AI Transition CapEx Requirements*. The Forecasts also assume the following with regard to HPC/AI Transition-related expenses: that estimated Forecast Period HPC/AI Transition-related capital expenditures, including, among others, fees, costs and expenses, construction, engineering and design implementation costs ()"**Transition CapEx Requirements** "), are not materially greater than the amounts therefor incorporated into the Forecasts and can be covered, to the extent not offset by HPC/AI Lease payments and/or lessee contributions towards Transition CapEx Requirements, by the capital sources further described below under the sub-heading "*Expenses-Sources of Capital*" below. Blockfusion management expects that Transition CapEx Requirements will be largest during Years 1-3 of the Forecast Period (estimated to be approximately $150.5 million, $526.2 million and $229.7 million during Years 1, 2 and 3, respectively), when most of the transition-related construction and infrastructure upgrades is anticipated to occur, followed by estimated Transition CapEx Requirements of $1.6 million for each of Years 4 and 5 of the Forecast Period (mostly related to Maintenance CapEx, as further described below). Blockfusion management believes that the foregoing estimated Transition CapEx Requirements incorporated into the Forecasts are reasonable approximations of such costs because these estimates were developed as part of the detailed HPC/AI Development Plans Blockfusion prepared with the HPC/AI Transition Team, including the Company's Strategic Transition Partners (further described above) and comport with management's professional experience and industry knowledge, provided, however, that, as with all future plans and projects, there can be unforeseen risks and delays, including the risks further described in the section of this proxy statement/prospectus entitled "*Risk Factors*."

f. *Expenses - Sources of Capital.* The Forecasts also assume that Blockfusion has access, during
 the Forecast Period, to sufficient sources of available capital to fund the Company's anticipated Transition CapEx Requirements
 and other anticipated fees, costs, expenses and general working capital needs, as further described above, from sources which at
 the Forecast Preparation Date are not yet identified but are provisionally expected to include, among others: (i) aggregate net proceeds
 to the Company from the proposed Business Combination, assumed, solely for purposes of the Forecasts, to be in the range of approximately
 $175 – 200 million (though such funding may occur in other forms after the Closing, including but not limited construction
 loans and/or debt instruments); (ii) proceeds to Pubco and the Company from other financing transactions which Blockfusion anticipates
 pursuing after the Closing, provisionally expected to consist of additional debt financing, provided such financing is available
 to Pubco and the Company on acceptable terms; (iii) costs Blockfusion management anticipates being passed through to future Blockfusion
 clients, as further described under the sub-heading "Revenues" above. Blockfusion management considered it to be reasonable
 to assume that aforementioned sources of capital will be available to the Pubco and the Company to pursue the HPC/AI Development
 Plans and carry other Forecast Period operations because, among other things, of (a) the terms of the proposed Business Combination
 with Blue and the Financing Transactions in which the parties to the Business Combination may pursue in connection with such Transaction,
 (b) the demand, at the Forecast Preparation Date, for HPC/DC services and (c) the likelihood that Blockfusion anticipates that one
 or more significant client agreements may be available to the Company based on industry trends and announcements, prior to the Forecast
 Preparation Dates of similar transactions and associated debt and other financing arrangements and other observed market trends and
 conditions (subject, in all events, to the uncertainty of future events and changing market dynamics, among other factors, as further
 described in the section of this proxy statement/prospectus entitled "*Risk Factors* ").

***Blue Financial Analyses***

Having reviewed the Forecasts prepared by Blockfusion management and delivered to Blue (as further described above under the heading "*Certain Unaudited Financial and Operating Forecasts*"), and also taking into account information about Blockfusion provided to Blue during the due diligence process, Blue used such Forecasts and other information about Blockfusion to carry out the financial analyses (the "**Blue Financial Analyses**," carried out as of the "**Analysis Date**") described below, which analyses were intended to assist Blue, including the Blue Board in its evaluation of the valuation to be attributed to Blockfusion under the terms of the proposed Business Combination, including the transaction consideration deliverable to the Blockfusion security holders pursuant to the Business Combination Agreement (the "**Blockfusion Consideration**"), taking into account Blockfusion's current operating business and attributes and gross power capacity of the Niagara Facility, as well as attributes of the future anticipated Blockfusion HPC/AI Business after the Company's planned transition to become an HPC/AI data center company, as further described elsewhere in this proxy statement/prospectus, including in the sections of this proxy statement/prospectus entitled "*Information about Blockfusion*" and "*Risk Factors*."

 

*<u>Future Free Cash Flow Analysis</u>*

As part of Blue's financial analyses, the Blue management team examined certain estimates of the future free cash flows (FCFs) that could potentially be generated by the Blockfusion HPC/AI Business, assuming implementation of the Company's anticipated HPC/AI Transition, taking into account, among other assumptions, the assumptions incorporated into the Forecasts (as described in further detail above)(the "**Forecasted FCF Information**"), which estimates were prepared by Blockfusion management and delivered to Blue as part of due diligence.

The Blue management team reviewed and considered the Forecasted FCF Information and utilized such information for purposes of carrying out its own analysis (the "**FCF Analysis**") of potential future free cash flows that might be generated by the Blockfusion HPC/AI Business, assuming the implementation of the Company's HPC/AI Transition which the Blue management team used to derive an approximation of the total enterprise value ("**TEV**") of future potential Blockfusion HPC/AI Business implied by the Forecasted FCF Information (the "**Implied BF TEV**"), taking into account certain discount factors considered by Blockfusion management to be reasonable to use for this purpose, as further described below

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For purposes of the FCF Analysis, considered the discount factors that might, in the view of the Blue management team, be appropriate to apply the Forecasted FCF Information to arrive at an Implied BF TEV, including a weighted average cost of capital ("**WACC**"). The Blue management team considered, among other factors, the fact that (i) there are material differences between the current business of Blockfusion and the future potential business of Blockfusion following the Company's anticipated HPC/AI Transition, which transition may not be effectuated in accordance with management's current expectations, or at all; (ii) that the Forecasted FCF Information covers a future five-year period relative to which risks may arise that are unforeseeable and outside of Blockfusion's control, and incorporate assumptions and forecasts (as further described under the heading "*Certain Unaudited Operating and Financial Forecasts*"), which are necessarily subject to uncertainties and some or all of which may prove inaccurate; (iii) that to successfully implement the HPC/AI Transition will, among other things, require the Company to have access to highly material amounts of capital; carry out highly complex, multi-year engineering and facility and technology upgrades; secure a HPC/AI Lease Agreement; execute on expansion opportunities; and obtain permits and approvals, none of which is guaranteed to occur timely, if at all, or with the results expected by Blockfusion management; and (iv) it is possible that Blockfusion's transition to become a next generation data center will not succeed or that, if the Blockfusion HPC/AI Business is established, that it will not generate the revenues or earnings estimated by Blockfusion management on the timeline predicated or at all.

Keeping in mind the foregoing risks, the Blue management team also considered information publicly available as of the Analysis Date about companies with similarities to the future potential Blockfusion HPC/AI Business, including, without limitation, certain of the Guideline Companies identified below (Applied Digital Corp, Cipher Mining Technologies Inc., Core Scientific, Inc., Terawulf Inc., Digital Realty Trust, Inc. and Equinix, Inc., collectively representing the Guideline Companies referred to below as "Leased HPC/AI DCs" and "Traditional DC Operators," which the Blue management team to be the Guideline Companies with business models closest to the future potential Blockfusion HPC/AI Business) and the costs of capital and implied enterprise values of such companies based on information available at the Analysis Date. The Blue management team then, using professional judgement and analyses, determined more conservative metrics and discount factors should be applied to the Forecasted FCF Information than were applied in the context of other Guideline Companies. For example, a discount factor of 16.5% was applied by Blockfusion management to the FCF Forecast Information, which was higher than the publicly-available discount factor information about other Guideline Companies, based on estimated WACC of the future potential Blockfusion HPC/AI Business.

Based on such FCF Analysis carried out by the Blue management team, the Blue management team arrived at an estimated Implied BF TEV of $480 million for Blockfusion, which implied value was approximately 35% lower than the implied TEV of Blockfusion would have been if the Blue management team had used the Forecasted FCF Information provided to Blue by Blockfusion, without the application of additional metrics and discounts factors and described above.

The FCF Analysis and the Forecasted FCF Information were prepared using forward-looking financial and operating forecasts which incorporate a variety of assumptions, including as further described under the heading "*Certain Unaudited Operating and Financial Forecasts*" above, and as further described, relative to the HPC/AI Transition and otherwise, in the sections of this proxy statement/prospectus entitled "*Information about Blockfusion*" and "*Risk Factors*." Readers are cautioned to read the section of this proxy statement/prospectus entitled "*Cautionary Note Regarding Forward-Looking Statements*" and to not place undue reliance on forward-looking information, as actual results may be different.

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*<u>Guideline Company Analysis</u>*

Following its FCF Analysis, the Blue management team utilized the Implied TEV resulting from such analysis, together with estimated Run Rate EBITDA information derived from the Forecasts delivered to Blue (as described under the heading "*Certain Unaudited Financial and Operating Forecasts"* above) to carry out a comparative analysis (the "**Guideline Company Analysis**") of the ratio derived from dividing the Implied TEV by estimated 2030 Run Rate EBITDA for Blockfusion (the "**BF TEV/RR EBITDA multiple**") to information publicly-available at of the Analysis Date about a group of public companies, as further described below (the "**Guideline Companies**"), determined by the Blue management team (in consultation with Blockfusion) to have attributes similar to the BF HPC/AI Business following the HPC/AI Transition, assuming, among numerous other assumptions (as further described under the heading "*Certain Unaudited Financial and Operating Forecasts – HPC/AI Transition*" above), that, during the Forecast Period, Blockfusion completes the Illustrative Expansion Opportunities described above and secures at least one long-term HPC/AI Lease.

The Guideline Company Analysis carried out by the Blue management team focused on the following categories of Guideline Companies:

● Eight Tier 1 data center companies (Bitfarms Ltd, Bitdeer, CleanSpark Inc., HIVE Digital, IREN Limited, Riot Platforms, Inc., and WhiteFiber Inc.) that, as of the Analysis Date, operated large-scale infrastructure with business models historically similar to Blockfusion, primarily focused on Bitcoin mining and related services, with limited HPC capabilities and no publicly-announced long-term agreements with HPC/AI clients ()"**HPC DCs without Leases** ");

● Four high-performance computing data center companies (Applied Digital Corp, Cipher Mining Technologies Inc., Core Scientific, and Terawulf Inc.) that, as of the Analysis Date, had publicly-disclosed long-term colocation or offtake agreements with HPC/AI clients ()"**Leased HPC/AI DCs** "); and

● Two companies operating large-scale colocation data centers (Digital Realty Trust, Inc. and Equinix) that, as of the Analysis Date, primarily provided wholesale and retail colocation services along with interconnection solutions, supporting a broad mix of enterprise and cloud clients ()"**Traditional DC Operators** ").

Although the Guideline Companies selected for the Guideline Company Analysis were determined by the Blue management team (in consultation with Blockfusion) to have sufficient similarities to the future business of BF HPC/AI Business after the anticipated HPC/AI Transition, none of the Guideline Companies is identical to Blockfusion or to one another. Furthermore, the Guideline Companies are generally larger and better estimated than Blockfusion's current business and the future potential BF HPC/AI Business may be, following the Company's implementation of its HPC/AI Development Plans. Still, the Blue management team determined the businesses of the Guideline Companies to have sufficient similarities to the future potential BF HPC/AI Business to make such companies useful points of comparison for purposes of the Guideline Company Analysis. Further, neither the Blue management team, nor Blockfusion management could readily identify a sufficient number of alternative public companies that, as of the Analysis Date, had historically operated businesses similar to the businesses of the Tier 1 DCs and also publicly announced plans to transition to become HPC/AI DCs over time periods similar to the Forecast Period pursuant to plans sufficiently similar to Blockfusion's HPC/AI Development Plans to make any such companies more relevant to include in the Guideline Company Analysis than the companies selected to comprise the Guideline Companies described herein.

Having selected the Guideline Companies to use in the Guideline Company Analysis, the Blue management team derived from information publicly available at the Analysis Date then-current TEV to 2026E EBITDA ratios for each Guideline Company, which the Blue management team then compared to the BF TEV/RR EBITDA multiple for Blockfusion, derived, as further described above, by dividing the Implied TEV for Blockfusion resulting from the FCF Analysis described above by estimated 2030 Run Rate EBITDA included in the Forecasts delivered to Blue by Blockfusion, as summarized in the table set forth below.

None of outcomes of the Blue financial analyses, including the Guideline Company Analysis, are intended or should be understood to represent, predictions or Forecasts about Blockfusion's actual performance or operating results, presently or in the future, and no assurances can be made as to the success of Blockfusion's future business activities or degree to which the future potential Blockfusion HPC/AI Business, once established and operating, will have a business model or achieve scale similar to any of the Guideline Companies.

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A complete valuation analysis of Blockfusion cannot rely solely upon a quantitative review of the selected Guideline Companies and involves complex considerations and judgments about which reasonable investors may differ concerning differences in financial and operating characteristics of such companies, as well as other factors, including, without limitation, access to power, stage of data center and infrastructure development (including cooling technology and other material features) and status and terms of client offtake, colocation lease or services agreements, and other factors that are likely to affect the value of the Guideline Companies relative to that of Blockfusion. Therefore, the Guideline Company Analysis is also subject to certain other limitations, including, without limitation, those described in the "*General Limitations*" section below, which provides additional detail on judgments and assumptions made by Blue as part of the Guideline Company Analysis. Further, investors are encouraged to read carefully the information contained in this proxy statement/prospectus, including the Blockfusion financial information and the descriptions about various risks and uncertainties concerning Blockfusion's business described herein, including under the headings "*Risk Factors*," "*Blockfusion's Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Cautionary Note Regarding Forward-Looking Statements*."

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| | | | |
|:---|:---|:---|:---|
| | **Key metrics as of Forecast Preparation<br> Date** | **Key metrics as of Forecast Preparation<br> Date** | **Key metrics as of Forecast Preparation<br> Date** |
| <br>**Company** | **TEV<br> (billions)<sup>1</sup>** | **2026E<br> EBITDA<br> (millions)** | **TEV/ <br> 2026E<br> EBITDA** |
| ***<u>HPC DCs without Leases</u>*** | | | |
| Bitfarms Ltd | $2.48 | $145 | 17.1 x |
| Bitdeer | $5.58 | $352 | 15.8 x |
| CleanSpark Inc | $4.74 | $828 | 5.7 x |
| HIVE Digital Technologies Ltd. | $1.02 | $227 | 4.5 x |
| Hut 8 Corp | $4.24 | $153 | 27.8 x |
| IREN Limited | $15.28 | $1118 | 13.7 x |
| Riot Platforms, Inc. | $5.99 | $249 | 24.0 x |
| WhiteFiber Inc | $1.09 | $102 | 10.7 x |
| ***<u>Traditional DC Operators</u>*** |  |  |  |
| Digital Realty Trust, Inc. | $76.34 | $3589 | 21.3 x |
| Equinix Inc. | $96.17 | $5009 | 19.2 x |
| ***<u>Leased HPC DCs</u>*** |  |  |  |
| Applied Digital Corp | $9.51 | $271 | 35.0 x |
| Cipher Mining Technologies Inc. | $7.08 | $277 | 25.6 x |
| Core Scientific Inc | $8.74 | $393 | 22.2 x |
| Terawulf Inc. | $5.92 | $221 | 26.7 x |
| **Blockfusion** (*Implied TEV/2030E Run Rate EBITA*) | $0.48 | $132 | 3.6 x |

---

Note: Information about Guideline Companies obtained from CapIQ accessed on October 21, 2025.

For purposes of the Guideline Company Analysis, the Blue management compared the TEV to 2026E EBITDA multiples ("**TEV/EBITDA multiples**") derived from publicly-available information about the Guideline Companies as set forth in the table above to the BF TEV/RR EBITDA multiple derived as described above. The Blue management team, based on professional experience evaluating companies, including other data center, infrastructure, energy sector and technology companies, considered the BF TEV/RR EBITDA multiple for Blockfusion of 3.6x to be a reasonable metric to use for purposes of the Guideline Company Analysis because such multiple was derived from information included in the Blockfusion management forecasts and carefully examined by Blue and is intended to represent the future potential earnings of the BF HPC/AI Business after such business has reached a scaled state following the Company's anticipated HPC/AI Transition, which is comparable, in the Blue management team's estimation, to the 2026E EBITDA estimates of the already-scaled businesses of the public companies included in the Guideline Company Analysis.

The Blue management team then compared the BF TEV/RR EBITDA multiple with the Guideline Companies' TEV/EBITDA multiples and to the proposed value of Blockfusion implied by the consideration to be delivered to security holders of Blockfusion, assuming the consummation of the proposed Business Combination (the "**Blockfusion Consideration**"), as follows.

Specifically, the TEV/2026E EBITDA multiples for the HPC DCs without Leases included in the Guideline Companies Analysis ranged from 4.5x, on the low end, to 27.8x on the high end, with a median TEV/2026E EBITDA multiple of 14.8x, which, using such median value TEV/EBITDA multiple for the HPC DCs without Leases, implied a valuation attributable to Blockfusion (based on estimated Blockfusion Run Rate EBITDA) in excess of $2 billion, which is more than four times the amounts of the Blockfusion Consideration and the Blockfusion estimated total enterprise value of Blockfusion as of the Signing Date implied by the terms of the proposed Business Combination, and is more than twice than the BF Implied TEV derived from the FCF Analysis described under the heading "*Future Free Cash Flow Analysis*" above. Even applying a discount of fifty percent (50%) to the valuation for Blockfusion implied by applying the median TEV/EBITDA multiple for the HPC DCs without Leases to estimated future Run Rate EBITDA for the BF HPC/AI Business, resulted in an implied valuation of Blockfusion of $1,006.4 million, which is substantially higher than the Blockfusion Consideration and Blockfusion TEV implied by the terms of the proposed Business Combination.

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The one-year forward TEV/EBITDA multiples for the Traditional DC Operators included in the Guideline Companies Analysis ranged from 18.3x to 21.7x and had a median value of 20.0x, which, using such median value TEV/EBITDA multiple for the Traditional DC Operators, implied a valuation attributable to Blockfusion in excess of $2.5 billion, which, even after applying a discount of fifty percent (50%) to such valuation, implied a discounted valuation which is more than double the amount of the Blockfusion Consideration and Blockfusion TEV implied by the terms of the proposed Business Combination.

Similarly, the one-year forward TEV/EBITDA multiples for the Leased HPC DCs included in the Guideline Companies Analysis ranged from 22.2x, on the low end, to 35.0x, on the high end, with a median TEV/EBITDA multiple of 26.2x, which, using such median value TEV/EBITDA multiple for the HPC DCs, implied a valuation attributable to Blockfusion (based on estimated Blockfusion Run Rate EBITDA) in excess of $3 billion, which, even after applying a discount of seventy-five percent (75%) to such valuation, implies a discounted valuation which is approximately double the amounts of the Blockfusion Consideration and the Blockfusion TEV implied by the TEV terms of the proposed Business Combination.

In reviewing the foregoing results of the Guideline Companies Analysis, the Blue Board recognized that no company included in the Guideline Companies group was identical in nature to Blockfusion and that the group of Guideline Companies generally are significantly larger and better capitalized than Blockfusion currently and, in the case of the Leased HPC DCs have already transitioned their respective business models to become HPC/AI-focused businesses deriving revenues from HPC/AI clients. Furthermore, Blue cannot be certain if or when Blockfusion will achieve the Run Rate Values incorporated into Blockfusion management's Forecasts or whether, if such values are achieved, they will be achieved along the timeline and at the costs to the Company incorporated into the assumptions underlying the Forecasts provided to Blue during due diligence. Still, Blue management, in its professional experience, determined the Guideline Companies to have sufficient similarities to a potential future scaled BF HPC/AI Business, following implementation of the HPC/AI Transition in accordance with the Company's development plans, to have analytical relevance, taking into account the significant differences between the Guideline Companies and Blockfusion's current business and the future potential BF HPC/AI Business, and amongst the Guideline Companies, none of which are identical to one another.

The results of the foregoing analyses, together with the other information evaluated by the Blue Board in connection with the proposed Transaction, including the potential benefits and risks further described under the heading "*Blue Board's Reasons for the Approval of the Business Combination*" below, led the Blue Board to conclude that the terms of Business Combination represent an attractive proposition for Blue and its security holders and that the Blockfusion Consideration is fair, from a financial point of view, to Blue and its shareholders.

The preparation of a valuation involves various determinations as to the most appropriate and relevant quantitative and qualitative methods of financial analyses and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to summary description. The analyses performed by Blue, particularly those based on estimates, are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than suggested by such analyses (nor are they intended to be, as further described under the heading "*General Limitations*" below). An analysis of publicly traded comparable companies is not mathematical; rather it involves complex considerations and judgments about which reasonable investors may differ concerning the differences in financial and operating characteristics of the companies and other factors that could affect the value of Blockfusion and the public trading values of the companies to which they were compared. The analyses do not purport to be appraisals or to reflect the prices at which any securities may trade at the present time or at any time in the future.

The Guideline Company Analysis described in this section of this proxy statement/prospectus includes certain illustrative estimates about Blockfusion and about the group of companies included in analysis (the "**Guideline Comps Information**"). The Guideline Comps Information should not be viewed as public guidance. The Guideline Comps Information were not prepared with a view toward public disclosure or complying with the published guidelines of the SEC regarding projections or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information. None of Blockfusion's independent registered public accounting firm, Blue's independent registered accounting firm or any other independent accountants, have compiled, examined or performed any procedures with respect to the Guideline Comps Information included above, nor have they expressed any opinion or any other form of assurance on such information or its achievability. Nonetheless, the Guideline Comps Information incorporated in the Blue Financial Analyses is included in this proxy statement/prospectus because it was made available to the Blue Board in connection with its review of the Business Combination Agreement and related transactions. Neither the Guideline Comps Information, the DCF Analysis, or any other aspect of the Blue Financial Analyses is included in this proxy statement/prospectus in order to induce any Blue shareholders to vote in favor of any of the proposals at the Blue Extraordinary General Meeting.

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**Use of Non-GAAP Measures**

The Forecasts and financial analyses and other information derived therefrom, as described in this subsection entitled "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*" contains certain non-GAAP measures and metrics, which are briefly described, together with such measures' closets GAAP measures, as follows: (i) Net Revenue (Non-GAAP): Net Revenue represents projected cash receipts from customer contracts excluding pass-through items such as utilities. These forecasts are prepared on a cash basis, meaning they reflect the timing and magnitude of expected cash inflows rather than accrual-based accounting results. The most directly comparable GAAP measure to Net Revenue is Revenue recognized under ASC 606, which would apply accrual accounting and straight-line recognition for long-term leases with escalators. Under GAAP, revenue is recognized when performance obligations are satisfied, regardless of when cash is collected, and would include adjustments for straight-lining of escalators; (ii) EBITDA (Non-GAAP): EBITDA refers to earnings before interest, taxes, depreciation, and amortization. It is calculated by starting with Operating Income and adding back non-cash charges such as depreciation and amortization. The most directly comparable GAAP measure to EBITDA is Operating Income, which includes non-cash items and accrual adjustments.

The Forecasts provided to Blue were prepared by Blockfusion management, and Blockfusion determined to utilize and include the foregoing non-GAAP measures for purposes of preparing such information and estimates, instead of their closest GAAP measures, because the Company management believes these cash-based measures provide a more meaningful view of the project's liquidity and earnings power for evaluating investment decisions. GAAP measures incorporate accruals, straight-lining of escalators, and other adjustments that do not impact actual cash availability. Additionally, presenting GAAP measures would require significant assumptions about lease accounting and timing, which are not practicable to measure or predict at this stage of the Company's development and because of the anticipated the transition of Blockfusion's business to become an HPC/AI data center.

**General Limitations**

Blue based its analyses about Blockfusion and its business, including Future Free Cash Flow Analysis and Guideline Companies Analysis described above, on assumptions that Blue management deemed reasonable, based on information currently available at the Analysis Date, including, without limitation, information about Blockfusion provided to Blue by Blockfusion management during the due diligence process, including, without limitation, the Forecasts, and information and assumptions concerning general business and economic conditions and industry-specific factors. None of the Blue financial analyses purport to be appraisals, forecasts, predications, promises, guarantees (express or implied) or assessments of the likelihood of success of Blockfusion and its current or future business. Actual facts and results may differ, potentially significantly, from assumptions incorporated into, or the results of, the Blue financial analyses.

If the conditions required for Blockfusion to successfully implement the HPC/AI Transition in order for the business of Blockfusion to become the Blockfusion HPC/AI Business in accordance with the Company's development plans, including the related plans to further scale Blockfusion's' business generate revenues and earnings as a HPC/AI DC, are not achieved, or other intervening factors and events occur that prevent Blockfusion from completing its plans to become a data center host and service provider to HPC/AI clients, many of which are outside of Blue's, Pubco's and Blockfusion's control and cannot be predicted, then the value of Pubco and Blockfusion may be different, potentially materially, from the valuation attributed to Blockfusion in the proposed Business Combination, and Blockfusion many not be able to compete successfully with other businesses. The Blue management team analyses described in this proxy statement/prospectus are not intended to represent (and should not be construed or interpreted as) forecasts, predictions or guarantees as to the likelihood that Blockfusion will be able to achieve any particular financial or operating results or as any indication as to the timeline or likelihood that Blockfusion HPC/AI Business or any future business of Pubco or the Company will be successful, if at all, or as to the timeline, capital requirements, ability of Blockfusion to attract and retain long-term HPC/AI clients, secure necessary permits and approvals and successfully operate a business model different from Blockfusion's current and historical operations and other factors that may impact Blockfusion's achievement of its business plans and objectives.

In conducting its analyses, Blue considered the results of all its analyses and did not attribute any particular weight to any one analysis or factor. The Blue management team arrived at its valuation range for Blockfusion based on the results of all analyses undertaken and assessed as a whole and believes that the totality of the factors considered and analyses performed by the Blue management team in connection with its analyses operated collectively. The foregoing summary does not purport to be a complete description of the analyses performed by the Blue management team in connection with the proposed Business Combination. Assessing the value of a business involves various determinations as to the most appropriate and relevant quantitative and qualitative methods of financial analyses and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to summary description. The analyses performed by the Blue management team, particularly those based on estimates, are not necessarily indicative of actual values or actual future results, which may be significantly more or less favorable than suggested by such analyses. None of the public companies used in the Guideline Company Analyses described above are identical to Blockfusion or the future potential Blockfusion HPC/AI Business and there are many differences between the businesses of the companies included in the Guideline Company Analysis and Blockfusion's current business and expected Blockfusion HPC/AI Business, assuming the successful consummation of the HPC/AI Transition. Accordingly, an analysis of publicly traded Guideline Companies is not mathematical; rather, it involves complex considerations and judgments concerning the differences in financial and operating characteristics of the companies and other factors that could affect the value of Blockfusion and the public trading values of the companies to which they were compared. The analyses described herein do not purport to be appraisals or to reflect the prices at which any securities may trade at the present time or at any time in the future. The Blue management team's assessment of Blockfusion's valuation, as reflected in the Blue financial analyses described above, was just one of the many factors taken into consideration by the Blue Board in determining to approve the Business Combination, which also include, without limitation, the results of the analyses performed, and the fairness opinion delivered, by Houlihan Capital to the Blue Board, as further described below. Consequently, the Blue management team's analyses should not be viewed as determinative of the decision of the Blue Board.

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**Blue Board's Reasons for the Approval of the Business Combination**

The Blue Board considered a variety of factors in connection with its evaluation of the proposed Business Combination with Blockfusion. In light of the number and complexity of those factors, the Blue Board, as a whole, did not consider it practicable to, and did not attempt to, quantify or otherwise assign relative weights to the specific factors that it considered in reaching its determination and supporting its decision. Individual directors may have given different weight to different factors. The Blue Board viewed its decision as being a business judgment that was based on all of the information available to, and the factors presented to and considered by, the Blue Board. Certain information presented in this section is forward-looking in nature and, therefore, should be read in light of the factors discussed under "*Cautionary Note Regarding Forward-Looking Statements*."

The Blue Board, before reaching its decision to recommend the Business Combination to the Blue shareholders, reviewed in detail information and analyses provided to the Blue Board by the Blue management team and advisors engaged by Blue, as further described below. Additionally, the Blue management team and the members of the Blue Board have extensive experience evaluating the financial merits of companies across a variety of industries, including data center, technology, infrastructure, energy sector and other companies and the Blue Board concluded that this experience and background enabled them to make the necessary analyses and determinations regarding the Business Combination and its terms. The factors and information considered by Blue Board, as further described under the heading "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses*," included financial and operating forecasts prepared by Blockfusion management, and provided to Blue, as well as certain financial analyses carried out by the Blue management team based on such forecasts, each as further described below, and other relevant information selected based on the business experience and professional judgment of the Blue management team and the Blue Board. The due diligence and analyses conducted by the Blue management team and Blue's advisors included:

● meetings, including an on-site visit to the Niagara Facility, and calls with the management team and advisors of Blockfusion regarding, among other things, Blockfusion's NYISO Zone-A hydroelectric power access, proximity to New York's SMART I-corridor, Niagara Facility location and attributes, permitting and authorizations and management's views regarding demand for AI workload and HPC-enabled hosting and other services;

● in-depth discussions with Blockfusion management regarding the Company's anticipated HPC/AI Transition, including meetings, calls and on-site review of aspects of the HPC/AI Development Plans developed by the Company hand-in-hand with industry-leading engineering, design and technical experts, together with Blockfusion management's views regarding the anticipated demand HPC/AI power compute services;

● review of material contracts (including Blockfusion's current colocation lease agreements) and other material matters;

● financial, tax, legal, intellectual property, technical, IT infrastructure, accounting, operational, business and other due diligence;

● consultation with Blockfusion management and its legal counsel;

● financial and valuation analysis of Blockfusion and its scalability and prospects, including review of the Blockfusion financial and operational forecasts, as well as comparative benchmarking to public company comparables collaboratively identified by Blockfusion management, with input from its financial advisor, and Blue;

● fairness opinion provided by Houlihan Capital; and

● financial analyses of Blockfusion, including the potential future business of Blockfusion after the HPC/AI Transition, and the Business Combination, as presented by the Blue management team to the Blue Board, as further described in the section entitled "*Blue Financial Analyses*" below.

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At the conclusion of this process, the Blue Board determined that while, like all potential business deals, an acquisition of Blockfusion presents potential risks, nevertheless pursuing a potential business combination with Blockfusion would overall be an attractive opportunity for Blue and its shareholders for a number of reasons, including, but not limited to, the belief that (1) the proliferation of AI and machine learning workloads and resulting demand for high-performance, scalable, and energy-efficient data centers appears likely to continue, as traditional data centers services are unable to support AI training and inference workloads and other HPC applications; (2) among Blockfusion's advantages, relative to its transition to become a HPC/AI DC, is the Company's access reliable, clean and scalable hydroelectric and other power sources at the Niagara Facility that Blockfusion owns and operates; (3) Blockfusion has spent more than a year preparing detailed HPC/AI Development Plans with industry-leading engineering, construction and design consultants for an upgraded facility designed to host next-generation HPC/AI workloads; (4) Blockfusion management plans to undertake "core" HPC/AI construction and other transition efforts as soon as Blockfusion has access to sufficient capital to execute on its plans, from proceeds, if any, from the proposed Business Combination and other sources, which would ultimately be required in connection with a term sheet for an offtake agreement, and would likely take the form of debt financing in connection with construction loans; (5) while Blockfusion management has not previously managed a HPC/AI data center, Blockfusion's team has industry and data center operations knowledge and Blockfusion has traits and advantages suggesting, and Blockfusion management believes, that Blockfusion may be able transition to become a HPC/AI DC more rapidly than greenfield site developers and competitors lacking similar advantages; and (6) that, if Blockfusion is successful in achieving its goals, Blockfusion can currently be acquired at an attractive valuation.

In addition, based on its review of information about Blockfusion and its HPC/AI Transition-related and other business plans, together with the Forecasts provided by Blockfusion management to Blue, the results of the Blue management team's financial analyses (as further described below) and other industry and market information, the factors considered by the Blue Board included, but were not limited to, the following:

● *Growing Market Opportunity.* The Blue Board noted the increasing demand for data centers able to host next generation low-latency, high-density AI workloads and high-power computing applications.

● *Competitive Positioning*. Blockfusion appears well-positioned to transition its legacy ASIC business to an HPC/AI DC model, subject to capital access and securing offtake agreement(s), given the Company's foundational infrastructure and energy access, Niagara Facility location, detailed transition plans developed with industry-leading experts and experienced management team.

● *Facility Location*. The Niagara Facility owned and operated by Blockfusion is strategically positioned proximate to New York's SMART I-Corridor innovation hub, offering multi-carrier fiber connectivity and regional proximity to key endpoints such as major HPC and semiconductor operators, making the site's location well-suited for latency-sensitive and data-intensive workloads that benefit from being near users, data sources, and interconnection hubs.

● *Power Access*. The Company benefits from the Niagara Facility's access to hydroelectric NYISO Zone A power, which, together with other sources of power, provides Blockfusion's current business with reliable, clean and relatively low-cost power, with pathways towards expanded access, including through adjacent or other expansion opportunities, subject to receipt of applicable permits and approvals, potentially on faster timelines than greenfield and other projects requiring new utility interconnections and permitting.

● *Prepared for AI Transition*. Working hand-in-hand with industry leading structural and architectural engineering and design teams, the Company has detailed, ready-to-deploy HPC/AI plans to transition the Niagara Facility and its rack configurations, cooling infrastructure and redundant fiber connectivity, among other attributes, to serve next-generation, high-density workloads. Management is fully committed to disciplined execution, focusing on technical resilience and speed-to-market.

● *Strong Management Team; Continuity.* Blockfusion's management and advisory team has deep experience in high-availability data center operation, large-scale project delivery and deployment of mission-critical operations, as well as long-standing industry relationships, including with power and utilities companies, leading engineering and design teams, potential client offtakers, end users and others, which experience the management team will leverage and build upon as the Company's business continues to grow and change. Additionally, immediately after the Business Combination, significant Company Stockholders, most of whom are members of Blockfusion management, are expected to have voting control over Pubco as a result of the issuance to such holders of shares of Pubco Class B Common Stock at the Closing.

 

● *Potential Benefits to Business Combination.* While the timeline and certainty to consummate the proposed Business Combination cannot be predicted, Blockfusion's HPC/AI Transition readiness makes the Company well-positioned to benefit from advantages that going public through a transaction with Blue may offer, including the possibility that the Company receives proceeds, at the Closing from funds, if any, remaining in the Trust Account after satisfaction of redemptions, and accompanying Financing Transactions, if any such transactions are pursued and consummated.

● *Attractive Valuation.* The Blue Board's determination that if Blockfusion is successful in achieving its goals, Blue shareholders will have acquired their shares in Pubco at an attractive valuation based on the implied total enterprise to forward-looking EBITDA multiples of other guideline peer companies, as described under the section entitled "*Certain Blockfusion Unaudited Forecasts; Blue Financial Analyses - Guideline Company Analyses."* 

● *Terms and Conditions of the Business Combination.* The terms and conditions of the Business Combination Agreement and the Business Combination were, in the opinion of the Blue Board, the product of arm's-length negotiations between the parties.

● *Continued Ownership by Blue Stockholders.* The Blue Board considered that Company Stockholders are converting all of their equity into Pubco securities in the proposed Business Combination and that shares of certain significant Company Stockholders will be subject to post-Closing lock-up restrictions.

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● *Blockfusion Being an Attractive Target.* The Blue Board considered the fact that, after a thorough review of other business combination opportunities reasonably available to Blue, the proposed Business Combination with Blockfusion represents the most attractive opportunity based upon the process used to evaluate and assess other potential acquisition targets.

In the course of its deliberations, in addition to the various other risks associated with the business of Blockfusion, as described in the section entitled "*Risk Factors*" and appearing elsewhere in this proxy statement/prospectus, the Blue Board also considered a variety of uncertainties, risks and other potentially negative reasons, factors and potentially negative outcomes relative to the proposed Business Combination, including the following:

● *Business Model Transition Evaluation Risk*. Because of the anticipated significant changes to Blockfusion's current business model and operations, it may be difficult for investors to evaluate the potential future business of Blockfusion following the HPC/AI Transition.

● *Access to Capital.* To achieve Blockfusion's plans to transition its business model become a next-generation HPC/AI data center will require enormous amounts of capital, currently predicted by Company management to exceed $900 million relative solely to "core" Niagara Facility construction, infrastructure and engineering expenses, excluding costs associated with expansion opportunities, among others, and there can be no guarantees that capital in such amounts will be available on terms acceptable to the Company or within Blockfusion's desired timelines, if at all.

● *HPC/AI DC Transition Requirements*. To achieve the results reflected in the Blockfusion management forecasts delivered to Blue ()"**Forecasts** "), Blockfusion will need to, among other things, secure access to significant amounts of capital, retain at least one long-term HPC/AI colocation leasing agreement and successfully transition its Niagara Facility and business model to serve AI workload and HPC client requirements, which may take longer or require more resources than Blockfusion anticipates; even if such goals are achieved, post-Transition Blockfusion HPC/AI Business may not yield the results forecasted by Company management or lead to sustainable profitability for Blockfusion. The Forecasts anticipate capital requirements of 175-200 during the first year of the forecast period. While the forecasts assume certain proceeds from the Business Combination, the Board considered the fact that Blockfusion would need access to capital beyond such funds and that upon the signing of the Business Combination Agreement, financing sources to meet such requirements will need to be identified.

● *Growth Plans May Not be Achieved*. For Blockfusion to achieve the estimated financial and operating results reflected in the Forecasts and continue to grow its business beyond information reflected therein, Blockfusion will need to acquire and potentially develop additional land and facilities, all which will require, among other things, access to additional significant amounts of capital, as well as additional licenses, permits and other approvals, some or all of which expansion and growth opportunities, once identified, may not be able to be consummated on terms acceptable to the Company and may cost more or take longer, perhaps significantly, than Company management currently anticipates, if such plans are achieved at all, which could limit Blockfusion's ability to grow its business and remain competitive in the marketplace.

● *Competition*. Blockfusion currently faces competition from a number of companies and expects to face significant competition in the future, as the number HPC/AI data center businesses expands. Different business models, technology and facility upgrades, geographical locations and additional factors may make the businesses of other companies more competitive than Blockfusion relative to customer demands, offtake or hosting agreement terms and in other respects, which may have material and negative effects on Blockfusion's results of operations.

● *Project/Customer Risk*. Developing high-availability, next generation workload-ready data center projects is challenging and not all projects may be as successful as predicted, or may encounter unforeseen interruptions, delays and challenges. Customer contracts, including long-term hosting agreements, can be terminated or modified, which, if any of the foregoing occurs, could be costly to Blockfusion and result in operating results that do not align with management expectations.

● *Expansion Risks*. To date, Blockfusion's operations have been concentrated at the Niagara Facility site, where, among other advantages, the Company is able to access NYISO Zone A power. To successfully expand into new geographical areas will be costly and time-consuming and may present unanticipated challenges relative to the Company's business model, potentially including, among many other factors, it being potentially more costly to access reliable and sustainable power at other locations.

● *Permitting and Approval Risk*. To successfully complete the transition to become an HPC/AI DC in accordance with the Company's development plans will require the Company to, among other things, complete an environmental impact statement and obtain certain permissions and approvals from state and local authorities; additionally, other permissions and approvals are expected to be required as the Company continues to grow and expand over time. Delays in obtaining, or denial of, any of these impact statements, permits and approvals could materially adversely affect the Company's business plans and prospects.

● *Indebtedness*. The risk that Blockfusion may not be able to repay its outstanding indebtedness upon or prior to the consummation of the Business Combination, which could limit the Company's ability to raise additional capital and have other adverse effects on the Company's timeline or ability to pursue its business plans.

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● *Increased Costs*. Blockfusion may not be able to compete successfully if costs associated with its post-transition business model make the Company unable to deliver economically attractive hosting services to customers or compete with other HPC/AI data center companies.

● *Public Company Risk*. Blockfusion has not previously been a public company and its current management team not previously managed a public company, accordingly, Blockfusion may not have all the different types of employees necessary for it to timely and accurately prepare financial statements and reports for filing with the SEC. There is a risk that Blockfusion will not be able to hire the right people to timely fill in these gaps or that the Company's compliance infrastructure may not be able to keep pace with the increased compliance risks presented by being a public company.

● *Key Person Risk*. The risk that key Blockfusion personnel, including, without limitation, one or more of Blockfusion's executive management team, could discontinue his or their involvement with Blockfusion or develop a competing business, and/or that Blockfusion management, including the holders of shares of Pubco Class B Common Stock, who are expected to have significant influence over the post-Closing business, may have goals or priorities that do not, in all cases, align with stockholders' interests

● *Valuation*. The risk that the Blue Board may not have properly valued Blockfusion's current or future potential business in connection with the Business Combination.

● *Redemptions*. The risk that holders of Blue Public Shares exercise their redemption rights, thereby depleting the amount of cash available from the Trust Account to fund Blockfusion's business plans after the Business Combination.

● *Fees and Expenses*. The fees and expenses associated with completing the Business Combination.

● *Litigation*. The possibility of litigation challenging the Business Combination or that an adverse judgment granting permanent injunctive relief could indefinitely enjoin consummation of the Business Combination.

● *Macroeconomic Uncertainty*. Macroeconomic uncertainty and the effects they could have on Blockfusion's revenues and financial performance.

● *Benefits May Not Be Achieved Risk*. The risk that the potential benefits of the Business Combination may not be fully achieved or may not be achieved within the expected timeframe.

● *Infrastructure/Upgrade Risk*. Assuming Blockfusion's development plans proceed, the Company will need to significantly upgrade its existing cooling systems, technology and infrastructure to meet demands associated with HPC/AI workloads, which will be costly and time-consuming, and additional upgrades, which may also be costly and time-consuming, will be necessary from time to time and over time, as the Company's business and the requirements of its clients continue to evolve.

● *Exchange Listing*. The potential inability to maintain the listing of Pubco's securities on a national exchange following the Closing.

● *Shareholder Vote Risk*. The risk that Blue shareholders may fail to provide the votes necessary to approve the Business Combination.

● *Closing Conditions Risk*. The risk that completion of the Business Combination is conditioned on the satisfaction of certain closing conditions that are not within Blue's control.

● *Liquidation*. The risks and costs to Blue if the Business Combination with Blockfusion is not completed, including the risk of diverting management focus and resources from other business combination opportunities, which could result in Blue being unable to effect a business combination within the completion window, which would require Blue to liquidate.

● *Conflicts of Interest*. The possibility that the Blue Board and members of the Blue management team may have been influenced by conflicts between what may be in Blue's best interests and what may be best for a director's personal interests, including the possibility that if the Business Combination is not consummated, and Blue is forced to liquidate because it is unable to consummate another business combination within the timeframe permitted by the Current Charter, the Blue securities issued in private placement transactions consummated concurrent with the IPO would be worthless. See the section entitled "*The Business Combination Proposal — Interests of the Sponsor and Blue's Officers and Directors in the Business Combination*."

● *Other Risks Factors*. Various other risk factors associated with the business of Blockfusion, as described in the section entitled "*Risk Factors*" appearing elsewhere in this proxy statement/prospectus.

In evaluating the conflicts of interest referenced above, the Blue Board concluded that the potentially disparate interests would be mitigated because (i) certain of these interests were disclosed in the prospectus for Blue's IPO and are disclosed in this proxy statement/prospectus, (ii) most of these disparate interests would exist with respect to a business combination by Blue with any other target business or businesses, and (iii) the Sponsor and the Blue Advisor will hold equity interests in Pubco with value that, after the Closing, will be based on the future performance of Pubco and the trading prices of Pubco shares.

After considering the foregoing, the Blue Board concluded, in its business judgment, that the potential benefits to Blue and its shareholders relating to the Business Combination outweighed the potentially negative factors and risks relating to the Business Combination.

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**Blockfusion's Reasons for the Business Combination**

Blockfusion's board of directors and management considered a number of factors in determining to pursue and enter into the Business Combination Agreement and to recommend the Business Combination, including the following principal reasons:

● *Access to capital to support strategic plans*. Blockfusion believes that becoming a publicly traded company may enhance access to capital, including potential proceeds, if any, available at Closing from the Trust Account after redemptions and from any Financing Transactions that may be pursued and consummated, to help fund the Company's anticipated HPC/AI transition and related capital expenditures. See "The Business Combination Proposal (Proposal 1) — General; The Business Combination Agreement" and "Unaudited Pro Forma Condensed Combined Financial Information."

● *Public equity as a currency and liquidity over time*. Blockfusion believes that a public listing can provide a more flexible capital structure and the ability to use publicly traded equity as acquisition or partnership currency and, over time and subject to applicable restrictions, provide liquidity opportunities for shareholders.

● *Commercial visibility and credibility*. Blockfusion believes that public company status may improve visibility and credibility with prospective customers, suppliers, employees, and partners in the data center and HPC/AI ecosystem, supporting the Company's growth strategy.

● *Governance and reporting readiness*. Blockfusion considered that the Business Combination would accelerate the Company's implementation of public company governance, internal controls, and reporting processes, which the Company believes are important to support scaling operations and engagement with institutional stakeholders.

● *Alignment with transaction partner and structure*. Blockfusion considered that the terms of the Business Combination Agreement were the product of arm's-length negotiations, that the proposed structure would result in Blockfusion becoming a wholly owned subsidiary of Pubco, and that legacy Blockfusion shareholders would hold a substantial majority of the voting interest in Pubco following Closing, which the Company believes appropriately aligns interests. See "The Business Combination Proposal (Proposal 1) — The Business Combination Agreement" and "Anticipated Accounting Treatment."

● *Evaluation of alternatives*. In considering whether to pursue the Business Combination, Blockfusion evaluated other potential financing and strategic alternatives (including remaining private and pursuing private capital raises and alternative strategic combinations) in light of market conditions and the Company's objectives, and determined that the Business Combination represented an attractive path to support the Company's strategy and growth plans. See "Background of the Business Combination."

In making its determination, Blockfusion also considered a number of risks and uncertainties, including those described under "*Risk Factors*," and uncertainties related to market conditions, access to capital, execution of the Company's anticipated HPC/AI transition, and the timing and magnitude of potential benefits of the Business Combination. See also "*Blue Board's Reasons for the Approval of the Business Combination*" and "*Background of the Business Combination*."

**Fairness Opinion of Houlihan Capital, the Blue Board's Financial Advisor**

***Introduction***

Pursuant to an engagement letter dated as of October 8, 2025, Blue Acquisition Corp. retained Houlihan Capital to act as its financial advisor in connection with the Business Combination. As further described above, after considering the merits and qualifications of several different providers, Blue selected Houlihan Capital to act as its financial advisor for purposes of carrying out an analysis of the fairness of the proposed Business Combination transaction (the "**Transaction**"), from a financial point of view, to Blue and its shareholders, and providing the Blue Board with an opinion regarding such matters, as further described below. Houlihan Capital was selected by Blue for this purpose based on Houlihan Capital's qualifications, reputation and expertise, including its knowledge of, and involvement in, recent transactions involving other special purpose acquisition companies. On November 17, 2025, Houlihan Capital rendered its written opinion to the Blue Board, which opinion was subsequently confirmed by delivery of a written opinion dated November 17, 2025 (the "**Fairness Opinion**"), subject to the qualifications, assumptions, and limitations set forth in the Fairness Opinion, that as of such date (the "**Opinion Date**"), (i) the consideration to be issued or paid in the Transaction to the security holders of Blockfusion is fair, from a financial point of view, to Blue and its shareholders and (ii) the Company has an aggregate fair market value equal to at least 80 percent of the balance of funds in Blue's trust account (excluding deferred underwriting commissions and taxes payable) as of the Signing Date.

**The full text of the Fairness Opinion delivered to the Board of Directors, dated November 17, 2025, which sets forth the assumptions made, procedures followed, matters considered and qualifications and limitations on the scope of the review undertaken by Houlihan Capital in rendering the Fairness Opinion, is attached to this proxy statement/prospectus as Annex F and incorporated by reference into this proxy statement/prospectus. The summary of the Fairness Opinion set forth in this proxy solicitation/prospectus statement is qualified in its entirety by reference to the full text of the Fairness Opinion. All SPAC securityholders are urged to, and should, read the Fairness Opinion carefully and in its entirety. The Fairness Opinion was directed to the Board of Directors and addressed only the fairness from a financial point of view to Blue and its securityholders, as of the date of the Fairness Opinion, of the consideration to be issued or paid in the Transaction to be issued pursuant to the BCA. The Fairness Opinion did not address any other aspect or implications of the Business Combination and does not constitute an opinion, advice or recommendation as to how any Blue security holder should vote at the shareholders' meeting. In addition, the Fairness Opinion did not in any manner address the prices the Pubco Common Stock would trade following the consummation of the Business Combination or at any time. The Fairness Opinion was reviewed and unanimously approved by Houlihan Capital's Fairness Opinion committee.**

In completing our analyses and for purposes of the Fairness Opinion set forth herein, Houlihan Capital has, among other things, performed the following and reviewed the following information and materials (collectively, the "**Information**"):

● Held discussions with certain representatives of the Blue management team and members of Blockfusion's senior management ()"**Company Management**") regarding the Transaction, the Company's historical performance and operations, Blockfusion's plans to transition the business of the Company to become a high-performance computing (HPC) data center capable of hosting and providing services to HPC/AI clients (the "**HPC/AI Transition**") and certain financial projections of the Company (the "**Forecasts**," as further described below) and the future outlook for the Company;

● Review of Information provided by the Client and the Company including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Blue's latest reports on Form 10-Q and 10-K and other
relevant public documents as filed with the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Blockfusion Company overview and presentation materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the executed Letter of Intent between Blue and Blockfusion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o certain historical unaudited financial information regarding
Blockfusion, including the Company's outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o certain
 financial and operating forecasts prepared by Company management (the "**Forecasts** ")
 for the years ending December 31, 2026, through December 31, 2030;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the Business Combination Agreement by and among Blue Acquisition
Corp., Blockfusion Data Centers, Inc., Atlas Merger Sub, Inc., and Blockfusion USA, Inc., dated as of November 19, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Blockfusion USA, Inc., corporate structure diagram;

● Discussed with the Blue Representatives certain illustrative pro forma capitalization and sources/uses information and the Business Combination parties' potential plans relative to Financing Transactions that may accompany the Business Combination, if any such transactions are identified and pursued;

● Reviewed the industry in which the Company operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;

● Developed indications of value for the Company using generally accepted valuation methodologies; and

● Reviewed certain other relevant, publicly available information, including economic, industry, and Company specific information.

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In addition, Houlihan Capital had discussions with Blue management and Company Management and their respective advisors concerning the material terms of the Business Combination and the Company's business and operations, assets, present condition and future prospects, and undertook such other studies, analyses and investigations as Houlihan Capital deemed relevant, necessary or appropriate.

In preparing the Fairness Opinion, Houlihan Capital have relied upon and assumed, without independent verification, the accuracy, completeness and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by us and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of Blue or the Company, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. We have further relied upon the assurances and representations from Company management that they are unaware of any facts that would make the Information provided to us to be incomplete or misleading in any material respect for the purposes of the Fairness Opinion. We have not assumed responsibility for any independent verification of this information, nor have we assumed any obligation to verify this information. Nothing has come to our attention in the course of this engagement which would lead us to believe that (i) any information provided to us or assumptions made by us are insufficient or inaccurate in any material respect or (ii) it is unreasonable for us to use and rely upon such information or make such assumptions.

The following is a summary of the material financial and comparative analyses that Houlihan Capital deemed to be appropriate for purposes of Houlihan Capital's analysis of the terms of the proposed Business Combination and its fairness, from a financial point of view, to Blue and its shareholders, which analytical methodologies and findings resulting therefrom were reviewed with the Blue Board at a Blue Board meeting held on November 17, 2025, in connection with Houlihan Capital's delivery of its Fairness Opinion. Some of the summaries of financial analyses below include information presented in tabular format. In order to fully understand Houlihan Capital's analyses, the tables must be read together with the text of each summary. The summary of Houlihan Capital's financial and comparative analyses described below is not a complete description of the analyses underlying the Fairness Opinion. The preparation of a financial opinion is a complex analytical process involving various determinations as to the most appropriate and relevant methods of financial analyses and the application of those methods to the particular circumstances and, therefore, is not readily susceptible to summary description.

***Summary of Financial Analyses***

In evaluating whether the consideration to be issued or paid to Blockfusion's security holders in the Transaction is fair, from a financial point of view, to Blue and its shareholders, Houlihan Capital compared Blue's per-share redemption price of $10.15 (as of October 31, 2025) with Houlihan Capital's estimated range of per-share equity values for the Company, calculated as of the same date. If the fair market value per share pro forma for the Transaction exceeds the redemption value ($10.15 per share), then the Transaction is fair from a financial point of view to Blue and its shareholders. After considering the primary approaches that are traditionally used to appraise a business, as well as commonly used techniques and methods available under each approach, Houlihan Capital decided based on an assessment of company-specific factors and available market data to rely upon the discounted cash flow analysis under the income approach and the guideline public company analysis, which involves identifying and selecting guideline public companies with financial and operating characteristics similar to the enterprise being valued, under the market approach in estimating the range of per share equity value of the Company. Houlihan Capital noted the per share redemption price of the Blue Class A Ordinary Shares held by the shareholders was within the estimated range of per share equity values of the Company.

***Discounted Cash Flow Analysis***

A discounted cash flow analysis estimates value based upon a company's projected future free cash flow, discounted at a rate reflecting risks inherent in such cash flows. Houlihan Capital utilized five-year financial and operating forecasts prepared in good faith by Blockfusion management ("**Management**") for calendar year ending December 31, 2026, through December 31, 2030, respectively.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| in MWs/$ millions | **2026** | **2027** | **2028** | **2090** | **2030** |
| **MWs** | 0 | 25 | 85 | 85 | 85 |
| ***Revenues*** |  |  |  |  |  |
| <u>Total Gross Revenues</u> | 7.9 | 9.7 | 128.1 | 203.2 | 208.7 |
| &nbsp;&nbsp;&nbsp;(-) Utilities | (5.4) | (2.2) | (29.8) | (47.4) | (48.2) |
| **<u>Net Revenues</u>** | 2.5 | 7.5 | 98.4 | 155.8 | 160.5 |
| &nbsp;&nbsp;&nbsp;(-) Total Costs | (14.4) | (17.0) | (23.1) | (28.1) | (28.7) |
| **<u>EBITDA</u>** | (11.9) | (9.5) | 75.3 | 127.7 | 131.8 |

---

**Note**: For the discounted cash flow (DCF) analysis described below, and as directed by Management, Houlihan Capital annualized the July 31, 2025 year-to-date unaudited income statement to estimate the Company's operating performance for the calendar year ending December 31, 2025. A partial period factor of approximately 16.7% was applied to the annualized cash flows to estimate the Company's cash flow for the stub period of November 1, 2025, through December 31, 2025 (the "**Stub Period**"). The Stub Period, together with the five-year forecast shown above, constitutes the discrete projection period used in our analysis (the "**HPC DCF Forecast Period**"). Houlihan Capital included such 2025 information in its DCF Analysis because such information was considered relevant to Blockfusion's current operations and results therefrom, notwithstanding the fact that forecasted operating and financial results for the balance of the HPC DCF Forecast Period pertain to the future potential Blockfusion HPC/AI Business during and after the Company's anticipated transition to become a HPC/AI Data Center, and because such information was provided by Management to Houlihan Capital in connection with Houlihan Capital's analyses described herein.

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Houlihan Capital utilized the foregoing information to calculate the estimated present value of the potential projected future free cash flows from the future potential business of the Company during and following the HPC/AI Transition (the "**Blockfusion HPC/AI business**") over the HPC DCF Forecast Period using an annual discount rate of 25.2%, calculated as a weighted average cost of capital. Specifically, 25.2% is equal to 80% times the estimated cost of equity plus 20% times the estimated after-tax cost of debt. Houlihan Capital estimated the Company's cost of equity by using the modified Capital Asset Price Model ("**CAPM**") Method. The inputs to the cost of equity and WACC calculations are discussed below.

CAPM

ke = Rf + (RPm) \* β + RPs + RPu

Where:

ke = Cost of equity

Rf = Rate of return on a risk-free security

RPm = Equity risk premium for the market

β = Beta (Systematic risk; industry risk relative to the market)

RPs = Size premium

RPu = Company specific (unsystematic) risk premium

&nbsp;&nbsp;&nbsp;&nbsp;o The risk-free rate is defined as the basic discount rate
assuming no uncertainty of the timing and amount of future flows. While no asset is truly "risk free," U.S. Treasury securities
are generally considered the least risky of all potential investments. The 20-year U.S. Treasury bond yield of 4.65% was utilized to
measure the risk-free rate of return.

&nbsp;&nbsp;&nbsp;&nbsp;o The equity risk premium is defined as the difference between
the equity market's expected return and the risk-free rate. Houlihan Capital applied a 6.26% premium which represents the 'Supply-Side'
estimate of the long-term expected equity risk premium, per the 2025 Kroll Cost of Capital Navigator.

&nbsp;&nbsp;&nbsp;&nbsp;o The beta coefficient is a measure of the extent to which
the returns on a given stock move with the stock market. Beta, therefore, measures market risk (how much more or less volatile the subject
company is compared to the overall market). The Company does not have an observable Beta; therefore, Houlihan Capital relied upon the
historical Betas of similar publicly traded companies (see "*Guideline Public Company Analysis*" below for list of guideline
public companies). While the mix of operations and services offered as well as the level of financing activity varies among the companies
(and compared to the Company), Houlihan Capital believes that for the purpose of calculating a representative beta as an input for the
cost of equity calculation, this set of companies taken as a whole can reasonably be considered to reflect the operations and risks of
the Company with respect / compared to the market. In order to eliminate the impact that varying degrees of leverage have on the calculation
of Beta, Houlihan Capital unlevered the Betas of the publicly traded companies and re-levered them using the assumed capital structure
discussed below. Houlihan Capital applied the median beta of 2.70 of the guideline public companies.

&nbsp;&nbsp;&nbsp;&nbsp;o Investors typically expect smaller, less diversified businesses
to have a higher amount of risk associated with their lack of financial size and diversification. To compensate for these additional
risks, investors typically require a higher level of return relative to the return required from an investment in a larger company. The
additional return required by investors for an investment in a small company is referred to as the "small stock premium."
Kroll compiles and analyzes market results for stocks, bonds, and U.S. Treasury bills. According to Kroll, from 1926 to 2024, stocks
with market capitalization values in the Micro-Cap, 9-10 decile (a group that contains public companies with market capitalizations between
approximately $1.1 million and $729.9 million) had returns that were 2.66% in excess of the return calculated by the CAPM. Based on this
data, Houlihan Capital applied a 2.66% small company stock premium.

&nbsp;&nbsp;&nbsp;&nbsp;o Houlihan Capital believes that a Company Specific Risk Premium
of 5.0% is reasonable due to execution risk relating to the Company's ability to successfully execute its HPC/AI transition plans
and growth strategy.

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Houlihan Capital used an estimate of the Company's current cost of debt, estimated from weighted average cost of indebtedness information provided by Management, in conjunction with an assumed blended effective tax rate of 26.5%, consistent with current United States federal, state and local tax rates, to estimate after-tax cost of debt as 9.0%. Lastly, the selected illustrative 80/20 weighting is based on the Company's historical capital structure, and anticipated potential capital structure (based on discussions between Houlihan Capital and Company Management) after the HPC/AI Transition assuming, in all cases, that the Company is able to effectuate the anticipated HPC/AI Transition in accordance with the HPC/AI Development Plans, as well as observations on the capital structures of the comparable companies.

Houlihan Capital then discounted the estimated enterprise net cash flows of the Blockfusion HPC/AI Business (the "**Estimated Enterprise Net Cash Flows**") for the Stub Period and the five years included in the HPC DCF Forecast Period, applying the estimated WACC applicable to the Company and a standard mid-period convention, which is a methodology typical to valuation practice. Next, Houlihan Capital determined an estimated terminal value for BF HPC/AI Business ("**Estimated BF Future TV**") at the end of the HPC DCF Forecast Period using the estimated future EBITDA reflected in Blockfusion management Forecasts as of the end date of the fifth year of the HPC DCF Forecast Period (2030) and applying an exit multiple of 25.0x EBITDA for the Low Case and 27.0x EBITDA for the High Case. Houlihan Capital selected the foregoing exit multiples based on information publicly available as of the analysis date, specifically the current last twelve months EV / EBITDA multiples, for a group of the public companies (as further described under the sub-heading "*Guideline Public Company Analysis*" below) which Houlihan Capital regarded as having sufficient similarities to the future business of Blockfusion to make such multiples relevant points of comparison for purposes of Houlihan Capital's analyses. Houlihan Capital then discounted the terminal value for Blockfusion resulting from the aforementioned exit multiple-based analysis of the Blockfusion HPC/AI Business to its present value by applying an appropriate present value factor (using the WACC estimated for the Company and an end-of-year convention). Houlihan Capital then summed the present values of such Estimated Enterprise Net Cash Flow and the Estimated BF Future TV to determine the indicated enterprise value of the Company.

Based on the foregoing analyses, taking into account the assumptions and information incorporated therein, Houlihan Capital calculated an estimated enterprise value range for the Company between approximately $532.6 million and approximately $615.1 million, which range exceeds the valuation attributed to the business of Blockfusion in the Business Combination.

 ****

***Guideline Public Company Analysis***

*Selection of Guideline Public Companies*

Houlihan Capital searched the universe of publicly traded companies for companies with business models and operations which Houlihan Capitlal, in its professional judgment and experience, regarding as having similarities to potential future Blockfusion HPC/AI Business and, from such search, identified 13 public companies that Houlihan Capital believed to be sufficiently similar to the Blockfusion HPC/AI Business to include information about such companies in the guideline public company analysis ("**GPC Analysis**") described below. In selecting these guideline public companies, Houlihan Capital searched for companies with similar business operations, size (as measured by revenue, including estimated future potential revenues, in the case of the Blockfusion HPC/AI Business), prospects for growth, profitability, and risk.

The guideline public company peer group relied upon by Houlihan Capital for purposes of the GPC Analysis is presented in the table below.

---

| | | |
|:---|:---|:---|
| **Company Name** | **Ticker** | **Industry** |
| ***<u>HPC DCs with Signed AI Leases and Traditional DC Operators</u>*** |  |  |
| Applied Digital Corporation | NasdaqGS:APLD | Internet Services and Infrastructure |
| Cipher Mining Inc. | NasdaqGS:CIFR | Application Software |
| Core Scientific, Inc. | NasdaqGS:CORZ | Application Software |
| Digital Realty Trust, Inc. | NYSE:DLR | Data Center REITs |
| Equinix Inc. | NasdaqGS:EQIX | Data Center REITs |
| TeraWulf Inc. | NasdaqCM:WULF | Application Software |
| ***<u>HPC DCs without Signed AI Leases</u>*** |  |  |
| Bitdeer Technologies Group | NasdaqCM:BTDR | Application Software |
| Bitfarms Ltd. | TSX:BITF | Application Software |
| CleanSpark, Inc. | NasdaqCM:CLSK | Application Software |
| HIVE Digital Technologies Ltd. | TSXV:HIVE | Application Software |
| Hut 8 Corp. | NasdaqGS:HUT | Application Software |
| IREN Limited | NasdaqGS:IREN | Application Software |
| WhiteFiber, Inc. | NasdaqCM:WYFI | Internet Services and Infrastructure |

---

[**Table of Contents**](#TableOfContents)

Houlihan Capital then calculated the observed multiples of enterprise value ("**EV**") for the guideline peer companies using Revenue (Gross) and EBITDA across the following periods: (i) for the last twelve months ("**LTM**") through October 31, 2025, (ii) the forecasted calendar year 2028, ("**FY2028**"), and (iii) the forecasted calendar year 2029 ("**FY2029**"). Houlihan Capital selected multiples to apply to the corresponding financial metrics (FY2028 and FY2029 Revenue and EBITDA) of the Company based on review of the observed peer company multiples. Having reviewed information publicly available as of October 31, 2025, Houlihan Capital determined that the fourth and fifth years of the HPC DCF Forecast Period (FY2028 and FY2029 periods, respectively) should be the focal point of its GPC-related valuation analysis, as the forecast reflects the future potential of the Blockfusion HPC/AI business having reached a point of being fully scaled and invoicing clients for HPC/AI colocation hosting services as of and during those years of the HPC DCF Forecast Period. The LTM multiples presented below informed the selection of the exit multiples applied in the DCF Analysis described above. These multiples were not relied upon in the GPC analysis, as the Company's LTM revenue is not representative of its operating performance following its transition to an HPC/AI business.

The valuation multiples observed within Houlihan Capital's guideline public company analysis are summarized in the following table:

**Guideline Public Company Analysis - Valuation Multiples**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ticker** | **EV**<sup>(1)(2)</sup> | **EV /<br> LTM<br> EBITDA<sup>(3)</sup>** |  | **EV /<br> FY2028<br> Revenue** |  | **EV /<br> FY2028<br> EBITDA** |  | **EV /<br> FY2029<br> Revenue** |  | **EV /<br> FY2029<br> EBITDA** |  |
| NasdaqGS:APLD | $10383.9 | NM |  | N/A |  | N/A |  | N/A |  | N/A |  |
| NasdaqGS:CIFR | 7461.4 | 200.32 | x | 4.37 | x | N/A |  | 3.89 | x | N/A |  |
| NasdaqGS:CORZ | 7387.1 | N/A |  | 4.69 | x | 7.52 | x | 3.43 | x | N/A |  |
| NYSE:DLR | 77715.5 | 26.83 | x | 8.93 | x | 16.56 | x | 8.60 | x | 14.82 | x |
| NasdaqGS:EQIX | 101994.4 | 24.26 | x | 8.40 | x | 16.45 | x | 7.71 | x | 14.88 | x |
| NasdaqCM:WULF | 6743.3 | N/A |  | 6.65 | x | 7.27 | x | 4.94 | x | 5.46 | x |
| NasdaqCM:BTDR | 5021.5 | N/A |  | N/A |  | N/A |  | N/A |  | N/A |  |
| TSX:BITF | 2198.0 | 133.70 | x | N/A |  | N/A |  | N/A |  | N/A |  |
| NasdaqCM:CLSK | 5784.8 | 10.45 | x | N/A |  | N/A |  | N/A |  | N/A |  |
| TSXV:HIVE | 1183.6 | 16.56 | x | N/A |  | N/A |  | N/A |  | N/A |  |
| NasdaqGS:HUT | 5613.4 | 13.95 | x | 6.13 | x | 12.17 | x | N/A |  | N/A |  |
| NasdaqGS:IREN | 17044.0 | 84.50 | x | 7.58 | x | 10.51 | x | 5.15 | x | 7.03 | x |
| NasdaqCM:WYFI | 1312.4 | 44.14 | x | 4.23 | x | 7.95 | x | N/A |  | N/A |  |
| Maximum |  | **200.32** | **x** | **8.93** | **x** | **16.56** | **x** | **8.60** | **x** | **14.88** | **x** |
| 75th Percentile |  | **84.50** | **x** | **7.79** | **x** | **14.31** | **x** | **7.07** | **x** | **14.83** | **x** |
| Mean |  | **61.63** | **x** | **6.37** | **x** | **11.21** | **x** | **5.62** | **x** | **10.55** | **x** |
| Median |  | **26.83** | **x** | **6.39** | **x** | **10.51** | **x** | **5.05** | **x** | **10.93** | **x** |
| 25th Percentile |  | **16.56** | **x** | **4.61** | **x** | **7.73** | **x** | **4.15** | **x** | **6.64** | **x** |
| Minimum |  | **10.45** | **x** | **4.23** | **x** | **7.27** | **x** | **3.43** | **x** | **5.46** | **x** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) $ in millions.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on data accessed by Houlihan Capital as of October
31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(3) LTM EBITDA based on most recent 10-K or 10-Q filings, as
applicable, as of October 31, 2025.

Based on a detailed analysis of the selected guideline public companies described above, Houlihan Capital considered multiples of FY2028 and FY2029 for its valuation. In selecting the multiples to apply to the Company, Houlihan Capital reviewed the Company's business plans and growth expectations with respect to the future potential business of Blockfusion following the HPC/AI Transition (as presented in the Forecasts provided by the Company to Blue, which were also shared with Houlihan Capital), including with respect to the following criteria (all as estimated by Company management): size (as measured be revenue), profit margins (as measured by EBITDA margin), liquidity (as measured by cash, net of debt and other total liabilities) and potential execution risk (in being able to successfully execute Blockfusion's HPC/AI transition plans and growth strategy) and compared such information and metrics to the guideline public companies identified by Houlihan Capital.

Based on this information and other factors, Houlihan Capital used professional judgment to select valuation multiples that Houlihan Capital believes reflect the relative comparability of the Company to the guideline public companies utilized for purposes of the GPC Analysis, ultimately, for this purpose, placing significant weight on the size of the Company and its execution risk. We selected FY2028 revenue and EBITDA multiples at the 25th percentile and FY 2029 Revenue and EBITDA multiples near the minimum of the guideline public companies for the low end of the range. For the high end of the range, we selected FY2028 revenue and EBITDA multiples between the 25th percentile and the median and FY2029 revenue and EBITDA multiples between the minimum and the 25th percentile of the guideline public companies. As previously discussed, the minimum and the 25<sup>th</sup> percentile were selected given comparison to the companies' size, profitability, liquidity, and potential execution risk.

[**Table of Contents**](#TableOfContents)

Based on the analyses described above, Houlihan Capital calculated an enterprise value range for the Company between $592.6 million and $680.1 million, which indicative valuation range exceeds the valuation attributed to Blockfusion under the terms of the Business Combination.

Please be advised that none of the guideline public companies identified and included within Houlihan Capital's analysis have characteristics identical to the Company, nor to one another. An analysis of guideline public companies is not purely mathematical; rather it involves complex considerations and professional judgments concerning differences in financial and operating characteristics between the Company and the guideline public companies analyzed, as well as other internal and external factors that could affect the public trading prices of the guideline public companies and, therefore, the implied valuation multiples derived from such.

Houlihan Capital does believe that this valuation methodology produced a range of indicated values for the equity of the Company that supports its overall conclusion within the broader context of its entire analysis and should be considered in conjunction with the results of the other valuation methodologies that Houlihan Capital applied.

 ****

***Equity Valuation Conclusion***

In summary, utilizing the discounted cash flow analysis and guideline public company analysis described above, Houlihan Capital calculated a range of fair market Enterprise values for the Company. A summary of the results of Houlihan Capital's discounted cash flow analysis and guideline public company analysis are as follows:

---

| | | |
|:---|:---|:---|
|  | **Indicated Fair Market<br> Enterprise Value<br> (millions)** | **Indicated Fair Market<br> Enterprise Value<br> (millions)** |
|  | **Low** | **High** |
| Discounted Cash Flow | $532.6 | $615.1 |
| Guideline Public Company | 592.6 | 680.1 |

---

As shown below, to determine the indicated fair market value of Blue Class A Ordinary Shares pro forma for the Business Combination, Houlihan Capital started with the implied enterprise value of the Company, subtracted the rollover net debt of the Company, subtracted the estimated Transaction expenses, added the estimated gross cash proceeds (assuming 51% redemptions of Blue Public Shares) and anticipated (but uncommitted) funding expected to be raised from Financing Transactions.

Based on the foregoing, Houlihan Capital calculated an equity value range for the surviving entity between approximately $9.25 per share and $10.23 per share for the discounted cash flow analysis and $9.96 and $11.00 for the guideline public company analysis. Because the fair market value per share pro forma for the Business Combination exceeds the estimated redemption value $10.15 per share, Houlihan Capital concluded that the Business Combination is fair from a financial point of view to Blue and its shareholders.

***The 80% Test***

 ****

Houlihan Capital performed the 80% test to ensure that the fair market value of the Company's equity is at least equal to 80% of the maximum trust balance of Blue (assuming no redemption liability) as of the Date of Value.

The SPAC's maximum trust balance as of the Date of Value was $204.4 million, 80% of which is $163.5 million. Houlihan Capital then compared this threshold to the Company's indicated range of fair market value of equity based on valuation approaches discussed earlier. As a result, Houlihan Capital noted that the concluded fair market value range of the Company's equity exceeds 80% of the maximum balance in Blue's trust account.

***Fairness Opinion Conclusion***

Houlihan Capital concluded that, as of the date of the Fairness Opinion and based upon and subject to the assumptions, conditions and limitations set forth in the written Fairness Opinion, that (i) the consideration to be issued or paid in the Transaction is fair, from a financial point of view, to Blue and its shareholders and (ii) the Company has an aggregate fair market value equal to at least 80 percent of the balance of funds in Blue's trust account (excluding deferred underwriting commissions and taxes payable).

***Houlihan Capital Conflict Disclosure and Fees***

Houlihan Capital, a FINRA member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. In compliance with Item 1015 of Regulation M-A, Houlihan Capital hereby confirms that, within the past two years, neither Houlihan Capital nor any of its representatives have had any material relationships or engagements with Blue or the Company or any of their affiliates. This includes, but is not limited to, any financial or advisory services, lending relationships, or any other material financial transactions or engagements, including any agreements with any party to the BCA or any of their affiliates providing for the provision of future services by Houlihan Capital nor any of its representatives. The purpose of this disclosure is to ensure transparency and to highlight Houlihan Capital's commitment to deliver an unbiased and independent Fairness Opinion. Houlihan Capital has conducted a thorough internal review to verify the absence of any such relationships and remain committed to the principles of integrity and objectivity in its professional practice. Houlihan Capital was engaged on a fixed fee basis, and their compensation is not contingent upon the completion of the Business Combination. Houlihan Capital's fees to Blue for services in connection with issuing the Fairness Opinion were $175,000.

[**Table of Contents**](#TableOfContents)

**Satisfaction of 80% Test**

It is a requirement under the Nasdaq listing rules that any business acquired by Blue have a fair market value equal to at least 80% of the balance of the funds in the Trust Account (excluding the deferred underwriting discount and net of taxes payable on income earned on the Trust Account) at the time of the execution of a definitive agreement for an initial business combination. As of the Signing Date, the balance of the funds in the Trust Account was approximately $204,335,305 million (excluding the deferred underwriting discount and taxes payable on income earned on the Trust Account) and 80% thereof represents approximately $163,468,244 million. In reaching its conclusion that the Business Combination meets the 80% asset test, the Blue Board looked at the implied total enterprise value of Blockfusion of approximately $480 million, based on the aggregate value of the Pubco securities issuable at the Closing of $450 million under the terms of the Business Combination Agreement. After consideration of the factors identified and discussed in the section of this proxy statement/prospectus titled "*Blue Board's Reasons for the Approval of the Business Combination*," including the review and analyses of information about Blockfusion conducted by Blue, as well as the fact that the fairness opinion delivered by Houlihan Capital to the Blue Board included an opinion that, based on the terms of the Business Combination, Blockfusion has an aggregate fair market value equal to at least 80% of the balance of funds in the Trust Account (excluding the deferred underwriting commission and net of taxes payable on income earned on the Trust Account) as of the Signing Date.

**Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination**

When you consider the recommendation of the Blue Board to vote in favor of approval of the proposals, you should keep in mind that Blue's directors and officers have interests in the Business Combination that may be different from or in addition to (and which may conflict with) your interests as a shareholder and may be incentivized to complete a business combination that is less favorable to shareholders rather than liquidating Blue. These interests include, among other things, the fact that:

When you consider the recommendation of the Blue Board to vote in favor of approval of the Business Combination Proposal and the other proposals, Blue shareholders should keep in mind that Blue's Sponsor, directors and officers have interests in the Business Combination that may be different from or in addition to (and which may conflict with) your interests as a shareholder and may be incentivized to complete a business combination that is less favorable to shareholders rather than liquidating Blue. These interests include, among other things, the fact that:

● that if the Business Combination or another initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 6,769,913 Class B Ordinary Shares, also referred to as the Founder Shares (which, upon consummation of an initial business combination or earlier, in accordance with the terms of the Current Charter, will or may be converted into Blue Class A Ordinary Shares) held by the Sponsor (or any permitted distributees thereof, as applicable) will be worthless because the holders thereof entered into an agreement waiving entitlement to participate in any redemption or liquidating distributions with respect to such shares. Neither the Sponsor nor any other person received any compensation in exchange for this agreement to waive redemption and liquidation rights. Pursuant to the terms of the Insider Letter, the Founder Shares are subject to a lock-up whereby, subject to certain limited exceptions, the Founder Shares are not transferable until the earlier of (A) six months after the completion of Blue's initial business combination or (B) subsequent to Blue's initial business combination, (i) the date on which Pubco consummates a transaction which results in all of its stockholders having the right to exchange their shares for cash, securities or other properties or (ii) the closing price of Pubco Class A Common Stock equals or exceeds $15.00 per share (as adjusted for stock sub-divisions, stock capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period. The Sponsor may, on or before the Closing, distribute some or all of the Founder Shares held by it and such distributed Founder Shares may be released from lock-up restrictions in connection with applicable stock exchange listing requirements. In this regard, while the Founder Shares are not the same as the Blue Class A Ordinary Shares, are subject to certain restrictions that are not applicable to the Blue Class A Ordinary Shares, and may become worthless if Blue does not complete a business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the aggregate value of the 6,769,913 Founder Shares owned by the Sponsor is estimated to be approximately $[_] million, assuming the per share value of the Founder Shares is the same as the $[_] closing price of the Blue Class A Ordinary Shares on Nasdaq on [_], 2026;

● that if the Business Combination or another Blue initial business combination is not consummated by March 16, 2027 (or such other date as approved by the Blue shareholders), Blue will cease all operations except for the purpose of winding up. In such event, the 391,000 Blue Private Placement Units held by the Sponsor will expire worthless. The Sponsor purchased the Blue Private Placement Units at an aggregate purchase price of $3,910,000, or $10.00 per unit, in the Private Placement consummated simultaneously with the IPO. Pursuant to the terms of the Insider Letter, the Blue Private Placement Units and all of their underlying securities are also subject to lock-up restrictions whereby, subject to certain limited exceptions, such securities will not be sold or transferred until 30 days after Blue has completed an initial business combination. In this regard, while the Blue Private Placement Units are not the same as the Blue Public Units, the aggregate value of the 391,000 Blue Private Placement Units held by the Sponsor is estimated to be approximately $[_] million, assuming the per unit value of the Blue Private Placement Units is the same as the $[_] closing price of the Blue Public Units on Nasdaq on [_], 2026;

[**Table of Contents**](#TableOfContents)

● that if the proposed Business Combination is consummated, immediately after the Closing, the Sponsor is anticipated to hold 9.9% of the outstanding shares of Pubco Common Stock, based on the assumptions set forth in the section of this proxy statement/prospectus entitled "*Frequently Used Terms — Share Calculations and Ownership Percentages*," which also incorporate relevant assumptions further described in the section of this proxy statement/prospectus entitled "*Unaudited Pro Forma Condensed Combined Financial Information*" and "*Beneficial Ownership of Securities*," assuming, among other assumptions further described in aforementioned other sections of this proxy statement/prospectus, no redemptions of Public Shares prior to or in connection with the proposed Business Combination;

● that each of Blue's officers and directors holds indirect interests in the Founder Shares held by Blue Holdings, the managing member of the Sponsor. Blue Holdings has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (and a former special advisor), indirectly through membership interests in Blue Holdings. In addition, Dario Dino Ferrari, a director, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000. As a result of their indirect interest in the Founder Shares through membership interests in Blue Holdings, Blue's management team may have a conflict of interest in determining whether a particular target business is an appropriate business with which to effectuate an initial business combination.

● that the Sponsor has invested an aggregate of $3,935,000 (consisting of $25,000 for the Founder Shares and $3,910,000 for the Blue Private Placement Units). Based on the difference in the effective purchase price of $0.004 per share paid for the Founder Shares, and $10.00 per unit paid for the Blue Private Placement Units, as compared to the purchase price of $10.00 per Blue Public Unit sold in the IPO, the Sponsor and its members may earn a positive rate of return on their investment even if the share price of Pubco after the Closing falls below the price initially paid for the Blue Public Units in the IPO and the non-redeeming unaffiliated Blue Public Shareholders experience a negative rate of return following the Closing of the Business Combination;

● that if, prior to the Closing, the Sponsor provides working capital loans to Blue, up to $1,500,000 of such working capital loans may be convertible into Blue Private Placement Units at the option of the lender, such loans may not be repaid if no business combination is consummated and Blue is forced to liquidate; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding;

● that unless Blue consummates an initial business combination, it is possible that Blue's officers, directors and the Sponsor may not receive reimbursement for out-of-pocket expenses incurred by them, to the extent that such expenses exceed the amount of available funds not deposited in the Trust Account (provided, however, that, as of the date of this proxy statement/prospectus, Blue's officers and directors have not incurred (nor are any of them expecting to incur)) out-of-pocket expenses exceeding such funds available to Blue for reimbursement thereof (but provided, further, that if any such expenses are incurred prior to consummation of the Business Combination, Blue's officers, directors and the Sponsor may not receive reimbursement therefor if the proposed Business Combination is not consummated);

● that if the Trust Account is liquidated, including in the event Blue is unable to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders), the Sponsor has agreed that it will be liable to Blue, if and to the extent any claims by a third party for services rendered or products sold to Blue or a prospective target business with which Blue has entered into a written letter of intent, confidentiality or similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, in each case net of income taxes, if any, and up to $100,000 of dissolution expenses, provided, however, that such liability will not apply to any claims by a third party or prospective target business that executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable), nor will it apply to any claims under Blue's indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act;

[**Table of Contents**](#TableOfContents)

● that the Sponsor and Blue's officers and directors may benefit from the completion of a business combination and may be incentivized to complete an acquisition of a less favorable target company or on terms less favorable to shareholders rather than liquidate;

● that Ketan Seth is the Chief Executive Officer and a director of Blue and has been nominated to serve as a director of Pubco following the Closing. As such, in the future, Mr. Seth may receive any cash fees or equity awards that the Pubco Board determines to pay its directors;

● that Blue's directors and officers will be eligible for continued indemnification and continued coverage under directors' and officers' liability insurance after the Business Combination and pursuant to the terms of the Business Combination Agreement;

● that Alberto Pontonio, a registered broker-dealer associated with Roberts & Ryan, one of the IPO Underwriters, and an advisor of Blue who has been authorized by the Blue Board to provide support to Blue's management, on behalf of the Blue Board, in the identification, evaluation, negotiation and, ultimately, consummation of an initial business combination, including the proposed Business Combination, holds 300,000 Founder Shares and has been nominated to serve as a director of Pubco following the Closing. The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor and were issued in exchange for services provided in connection with Blue's initial business combination. If Blue fails to complete an initial business combination by March 16, 2027 (or such other date as approved by the Blue shareholders) and is forced to liquidate, the Founder Shares will expire worthless. Aside from the 300,000 Founder Shares, the Blue Advisor has not and will not receive any compensation for his services to Blue (although he may receive additional compensation as part of his association with Roberts & Ryan, to the extent that Roberts & Ryan, receives deferred underwriting fees payable to the IPO Underwriters upon consummation of the Business Combination and/or in connection with the engagement of Roberts & Ryan as financial advisor and placement agent for any Financing Transactions). However, in the future, he may receive any cash fees or equity awards that the Pubco Board determines to pay its directors. As such, the Blue Advisor may have a conflict of interest in determining whether a particular target business is an appropriate business with which Blue should effectuate an initial business combination;

● that on December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance; and

● that the Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements have been determined as of the date hereof and no written agreements exist with respect to such arrangements, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

[**Table of Contents**](#TableOfContents)

In addition to the interests of the Sponsor and Blue's executive officers and directors in the Business Combination, Blue shareholders should be aware that the IPO Underwriters (BTIG, LLC and Roberts & Ryan, Inc.) may also have financial interests that are different from, or in addition to, the interests of Blue shareholders, including the fact that:

● pursuant to the terms of the Underwriting Agreement, the IPO Underwriters will receive deferred underwriting fees in an amount equal to up to $0.35 per Blue Public Unit issued in the IPO, or $7,043,750, and such fees are payable only if Blue completes an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per Blue Public Unit sold in the IPO shall be paid to the IPO Underwriters in cash, and (ii) $0.15 per Blue Public Unit sold in the IPO shall be paid to the underwriters in cash based on the funds remaining in the Trust Account after giving effect to Public Shares that are redeemed in connection with an initial business combination;

● the IPO Underwriters hold an aggregate of 201,250 Blue Private Placement Units, which they purchased in the Private Placement at a price of $10.00 per Blue Private Placement Units, or $2,012,500 in the aggregate. The Blue Private Placement Units held by the IPO Underwriters will expire worthless if a business combination is not consummated by Blue by the end of the Combination Period;

● the IPO Underwriters hold an aggregate of 175,000 Representative Shares, which they purchased for $0.001 per share, or $175 in the aggregate. The IPO Underwriters have agreed to waive any entitlement to participate in any redemption or liquidating distributions with respect to such shares. The Representative Shares may not be sold or transferred until after Blue has completed an initial business combination. As such, the Representative Shares will be worthless if a business combination is not consummated by Blue by the end of the Combination Period; and

● Blue and the IPO Underwriters are parties to that certain Placement Agent Engagement Letter, dated as of November 2, 2025, pursuant to which Blue engaged the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. BTIG, LLC will act as the lead capital markets advisor and placement agent. Pursuant to the Placement Agent Engagement Letter, the IPO Underwriters are entitled to receive (1) a cash fee upon the consummation of any Financing Transaction in an amount equal to (i) 5% of the gross proceeds raised from the sale of equity securities, (ii) 4% the gross proceeds raised from the sale of equity-linked securities and (iii) the gross proceeds raised from the sale of debt securities in the Financing Transaction, excluding expenses and (2) a cash fee upon the consummation of the Business Combination in an amount equal to two million dollars ($2,000,000); provided, that, in the event that the Placement Fee exceeds three million dollars ($3,000,000), fifty percent (50%) of the amount of such Placement Fee that exceeds three million dollars ($3,000,000) and that has been paid to the IPO Underwriters at the time that any Advisory Fee become due shall be credited against the Advisory Fee, provided, further, that such credit shall not exceed one million dollars ($1,000,000). 85% of any Placement Fee and/or Advisory Fee will be payable to BTIG, LLC, and 15% will be payable to Roberts & Ryan, Inc. The IPO Underwriters will also be reimbursed for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of such services. Further, following the closing of the Business Combination, BTIG, LLC shall have a right of first refusal for a period of one (1) year thereafter to act as the lead-managing underwriter and/or lead bookrunner in the case of any public offering.

In addition, Blue's executive officers and directors currently have fiduciary duties or contractual obligations to the following other entities. Blue does not believe that the pre-existing fiduciary duties or contractual obligations of its executive officers and directors materially impacted its decision to enter into the proposed Business Combination with Blockfusion:

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| | | | |
|:---|:---|:---|:---|
| **Individual** | **Entity** | **Entity's Business** | **Affiliation** |
| Ketan Seth | Vezbi Super App Alpha Trading LLC | Technology, digital media Private investment | CEO<br> CEO |
| General (Retired) Wesley Clark | Immunity Bio, Inc. | Life Sciences | Director |
|  | Directa Plus S.p.A. | Manufacturer of graphene | Director |
|  | MCF Energy Ltd. | Energy | Director |
| Dario Dino Ferrari | FerrariExpress Inc. | Security and logistics; digital assets | President |
| Kenneth Moritsugu | First Samurai Consulting LLC | Healthcare consulting | President and CEO |
| Nadim Qureshi | BPGC Management LP <br> BPGC Acquisition Corp. | Private equity Special purpose acquisition company | Managing Partner<br> CEO |

---

\* David Bauer does not have a fiduciary obligation to any other entity

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Except as set forth above, no compensation was paid to the Sponsor, or to Blue executive officers or directors, for services rendered to or in connection with the Business Combination. However, these persons may be reimbursed for out-of-pocket expenses (if any) incurred in connection with activities on Blue's behalf, such as identifying potential target businesses and performing due diligence on suitable business combinations. Further, the Sponsor will receive Pubco shares in exchange of Blue shares and share rights that it owns at the Closing of the Business Combination. The issuance of these securities to be may result in material dilution of the equity interests of non-redeeming Public Shareholders. See *"Questions and Answers about the Blue Extraordinary General Meeting — Q: What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?"*

Other than arising out of the proposed Business Combination and related transactions, none of Blue, the Sponsor, or their respective affiliates had any interest in, or affiliation with, Blockfusion. The existence of the differing, additional and/or conflicting interests described above may have influenced the decision of Blue's officers and directors to enter into the Business Combination Agreement and Blue's directors in making their recommendation that you vote in favor of the approval of the Business Combination. In particular, the existence of the interests described above may incentivize Blue's officers and directors to complete an initial business combination, even if on terms less favorable to Blue Public Shareholders compared to liquidating Blue, because, among other things, if Blue is liquidated without completing an initial business combination, the Founder Shares and Blue Private Placement Units would be worthless (which, if unrestricted and freely tradable, would be worth an aggregate of approximately $[_] million based on the closing price of Blue Public Units on [_], 2026), unreimbursed out-of-pocket expenses advanced by the Sponsor and any loans made by the Sponsor to Blue, to the extent applicable, would not be repaid to the extent such amounts exceed cash held by Blue outside of the Trust Account (none of which such expenses or loans have been incurred or are outstanding, as of the date of this proxy statement/prospectus).

**Vote of the Sponsor**

Pursuant to the Insider Letter, each of the Sponsor and Blue's directors and officers agreed to vote any Blue Ordinary Shares, including the Founder Shares and any Public Shares purchased during or after the IPO, owned by them in favor of an initial business combination of Blue. Each has also waived any redemption rights, including with respect to the Founder Shares and any Public Shares they hold, in connection with the proposed Business Combination. The Founder Shares held by the Sponsor are not entitled to redemption rights upon SPAC's liquidation and will be worthless if no business combination is effected by March 16, 2027 (or such other date as approved by the Blue shareholders). However, the Sponsor and Blue's directors and officers are entitled to redemption rights upon Blue's liquidation with respect to any Blue Class A Ordinary Shares they may acquire from the public market if no business combination is effected by March 16, 2027 (or such other date as approved by the Blue shareholders).

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**Consideration Received or to be Received, and Securities Issued or to be Issued, by or to the Sponsor and Affiliates**

Blue's Sponsor, Blue Holdings Sponsor LLC, a Delaware limited liability company, and its affiliates have received or may receive the following consideration from Blue prior to or in connection with the completion by Blue of an initial business combination in accordance with the terms of Blue's governing documents (including upon the Closing of the proposed Business Combination):

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| | | |
|:---|:---|:---|
|  | **Interest in Securities** | **Other Consideration** |
| Sponsor | At Closing, the Sponsor will hold a total of 7,200,013 shares of Pubco Class A Common Stock, which will be issued in exchange for (i) 6,769,913 Founder Shares purchased by the Sponsor prior to Blue's IPO for an aggregate price of $25,000 (or $0.004 per share), (ii) 391,000 Blue Class A Ordinary Shares included as part of the Blue Private Placement Units that were purchased by the Sponsor at the time of Blue's IPO for an aggregate price of $3,901,000 (or $1.00 per unit), and (i) 39,100 Blue Class A Ordinary Shares underlying Blue Private Share Rights that were included in the Blue Private Placement Units.<br>If any such loans are issued by the Sponsor and remain unpaid prior to Closing, up to $1,500,000 of working capital loans by the Sponsor to Blue, which may be convertible into Blue Private Placement Units at the Closing, would, if not so converted, be repaid (or converted) at the Closing; provided, however, that, as of the date of this proxy statement/prospectus, there are no such working capital loans outstanding.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected).<br>Payment to Blue Holdings, the managing member of the Sponsor, in an amount equal to $5,000 per month for office space, utilities and secretarial and administrative support made available to Blue, pursuant to an Administrative Services Agreement, dated June 12, 2025, by and between Blue and Blue Holdings. |
| Blue's officers, directors and special advisors | Of the 6,769,913 Founder Shares currently held by the Sponsor, 75,000 Founder Shares have been allocated to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors (not including the Blue Advisor) and a former special advisor. In addition, Dario Dino Ferrari, a director of Blue, has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000.<br>At Closing, each of Blue's CEO and CFO is entitled to 75,000 shares of Pubco Class A Common Stock issuable in exchange for the 75,000 Founder shares allocated to each of them by the Sponsor. Dario Dino Ferrari is also entitled to 11,000 shares of Pubco Class A Common Stock issuable in exchange for the Blue Class A Ordinary Shares underlying the Blue Private Placement Units and the Blue Private Share Rights that were included in the Blue Private Placement Units.<br>At Closing, each of Blue's three independent directors is entitled to 50,000 shares of Pubco Class A Common Stock issuable in exchange for the 50,000 Founder shares allocated to each of them by the Sponsor.<br>At Closing, each of Blue's two special advisors (not including the Blue Advisor) and a formal special advisor is entitled to 25,000 shares of Pubco Class A Common Stock issuable in exchange for the 25,000 Founder shares allocated to each of them by the Sponsor.<br>| Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected).<br>|
| Blue Advisor | The 300,000 shares of Pubco Class A Common Stock issuable at Closing in exchange for the 300,000 Founder Shares held by the Blue Advisor will be issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor in exchange for services provided in connection with Blue's initial business combination. | Reimbursement for any unpaid out-of-pocket expenses related to identifying, investigating and completing an initial business combination (provided, however, that as of the date of this proxy statement/prospectus, there are no such expenses for which reimbursement at the Closing is expected). |

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Because the Sponsor acquired the Founder Shares at a nominal price, the holders of non-redeeming Public Shares will incur an immediate and substantial dilution at the Closing. **Additional detailed information about the potential dilutive impact of interests held by the Sponsor and Blue's directors and officers is contained in the accompanying proxy statement/prospectus, including in the sections entitled: *"Questions and Answers About the Blue Extraordinary General Meeting — What equity stake will current Public Shareholders, the Sponsor and Company Stockholders hold in Pubco immediately after the Closing?"* and *"The Business Combination Proposal (Proposal 1) — Interests of Blue's Sponsor, Directors, Officers and Advisors in the Business Combination."***

Prior to the Closing, the Sponsor is expected to waive its anti-dilution rights that would otherwise allow the Sponsor to maintain of the Founder Shares as 20% of Pubco, However, if the Sponsor does not waive its anti-dilution rights, the Pubco Class A Ordinary Shares issuable in connection with the conversion of the Founder Shares may result in material dilution to our non-redeeming shareholders due to the anti-dilution rights of our Founder Shares that could result in an issuance of Pubco Class A Ordinary Shares on a greater than one-for-one basis upon conversion. Additionally, our non-redeeming shareholders will experience dilution from the conversion of the Blue Private Share Rights included in the Blue Private Placement Units into Blue Class A Ordinary Shares upon the Closing. Further, our non-redeeming shareholders may experience material dilution if the $1,500,000 in working capital loans are issued by the Sponsor and remain unpaid prior to Closing, and the Sponsor elects to convert the working capital loans into Blue Private Placement Units.

The Sponsor, Blue's officers and directors or their affiliates may be paid finder's fees, advisory fees, consulting fees or success fees in order to effectuate the completion of Blue's initial business combination. Blue also may engage the Sponsor or an affiliate of the Sponsor as an advisor or otherwise in connection with its initial business combination and certain other transactions and pay such person or entity a salary or fee in an amount that constitutes a market standard for comparable transactions. Any such payments, if made prior to the completion of Blue's initial business combination, would be made from funds held outside of the Trust Account. Although no terms for any such arrangements or fees have been determined as of the date hereof and no written agreements exist with respect to such arrangements or fees, if such compensation is substantial it could result in material dilution to the equity interests of the Public Shareholders.

 ****

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**Interests of Blockfusion's Officers, Directors and Advisors** 

When you consider the recommendation of the Blue Board in favor of the Business Combination Proposal, you should keep in mind that Blockfusion's stockholders and officers have interests in such proposal that are different from, or in addition to those of Blue shareholders generally. These interests include, among other things, the interests listed below:

● Certain Blockfusion executive officers are expected to become executive officers of Pubco upon consummation of the Business Combination. Specifically, the following individuals who are currently executive officers of Blockfusion will become officers of Pubco upon the consummation of the Business Combination, serving in the offices set forth opposite their names:

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| | |
|:---|:---|
| **Executive Officer Name** | **Office** |
| Alex Martini-Lo Manto | Chief Executive Officer, Director |
| Kant Trivedi | Chief Operating Officer, Director |
| Robert Scott | General Counsel, Secretary |

---

● Certain Blockfusion executive officers may enter into employment arrangements that become effective in connection with the Business Combination and which may provide for payment of certain bonuses and salaries conditional upon Closing.

● Upon Closing, subject to the terms and conditions of the Business Combination Agreement, the Blockfusion executive officers may be entitled to reimbursement for any reasonable out-of-pocket expenses related to consummating the Business Combination. Such reimbursement may not be paid if the Closing does not occur.

● Upon consummation of the Business Combination, and subject to approval of the Incentive Plan Proposal, Blockfusion executive officers may receive grants of stock options and restricted stock units under the 2026 Equity Plan.

● Pursuant to the terms of the Financial Advisory Agreement, ING, Blockfusion's financial advisor, will be paid a fee of $2,250,000 contingent upon the closing of the Business Combination, as further discussed in the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Blockfusion*."

**Anticipated Accounting Treatment**

The Business Combination will be accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Blue will be treated as the "acquired" company and Blockfusion will be treated as the accounting acquirer for financial statement reporting purposes. Accordingly, the Business Combination will be treated as the equivalent of Blockfusion issuing stock for the net assets of Blue, accompanied by a recapitalization. The net assets of Blue will be stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to and following the Business Combination will be those of Blockfusion.

Blockfusion has been determined to be the accounting acquirer based on evaluation of the following facts and circumstances with regard to Pubco immediately after the Closing, applicable to both the "no redemptions" and "contractual maximum" redemption scenarios:

● Under all redemption scenarios, legacy Blockfusion shareholders will have a majority of the voting interest in Pubco, with between 92.3% and 94.9% of the voting power held by legacy Blockfusion shareholders under the "no redemptions" and "contractual maximum" redemption scenarios, respectively.

● Effective upon the Closing, the Pubco Board will consist of seven (7) directors, a majority of whom will be designees of Blockfusion.

● The executive officers of Blockfusion will become the initial executive officers of Pubco.

● The assets of Blockfusion will represent a significant majority of the assets of Pubco (excluding cash formerly held in the Trust Account); and

● Immediately after the Closing, Pubco's business will be the continued business of Blockfusion, focusing on its core operations as a digital infrastructure developer and operator focused on high-density, high-efficiency computing workloads.

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**Potential Purchases of Public Shares**

In connection with the shareholder vote to approve the proposed Business Combination, the Sponsor, directors, officers, or advisors or their respective affiliates may privately negotiate transactions to purchase shares from shareholders who would have otherwise elected to have their shares redeemed in conjunction with a proxy solicitation pursuant to the proxy rules for a per-share pro rata portion of the Trust Account. Such a purchase would include a contractual acknowledgement that such a shareholder, although still the record holder of Blue's shares, is no longer the beneficial owner thereof and therefore agrees not to exercise its redemption rights, and would include a contractual provision that directs such shareholder to vote such shares in favor of the proposals presented at the Blue Extraordinary General Meeting. In the event that the Sponsor or directors, officers or advisors or their affiliates of Blue purchase shares in privately negotiated transactions from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to revoke their prior elections to redeem their shares for a portion of the Trust Account. Any such privately negotiated purchases may be effected at purchase prices that are in excess of the per-share pro rata portion of the Trust Account. None of Blue's directors, officers or advisors or their respective affiliates will make any such purchases when they are in possession of any material non-public information not disclosed to the seller or during a restricted period under Regulation M under the Exchange Act.

The purpose of such purchases would be to increase the likelihood of obtaining shareholder approval of the Business Combination and other proposals or, where the purchases are made by the Sponsor, directors, officers or advisors or their respective affiliates, to satisfy a closing condition in an agreement related to the Business Combination.

**Regulatory Matters**

Under the HSR Act and the rules that have been promulgated thereunder by the Federal Trade Commission ("**FTC**"), certain transactions may not be consummated unless notifications have been given and information has been furnished to the Antitrust Division of the Department of Justice ("**DOJ**") and the FTC and certain statutory waiting period requirements have been satisfied. The Business Combination is not subject to these requirements.

At any time before or after consummation of the Business Combination, the DOJ and the FTC could take such action under applicable antitrust laws as each deems necessary or desirable, including seeking to enjoin the consummation of the Business Combination, to rescind the Business Combination or to conditionally permit completion of the Business Combination subject to regulatory conditions or other remedies. In addition, non-U.S. regulatory bodies and U.S. state attorneys general could take action under other applicable regulatory laws as they deem necessary or desirable, including, without limitation, seeking to enjoin or otherwise prevent the completion of the Business Combination or permitting completion subject to regulatory conditions. Private parties may also seek to take legal action under the antitrust laws under certain circumstances. There can be no assurance that the DOJ, the FTC, any state attorney general, or any other government authority will not attempt to challenge the Business Combination on antitrust grounds, and, if such a challenge is made, there can be no assurance as to its result. Neither Blue nor Blockfusion is aware of any material regulatory approvals or actions that are required for completion of the Business Combination.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an ordinary resolution, that the entry by Blue Acquisition Corp. ("**Blue**") into the Business Combination Agreement, dated as of November 19, 2025 (the "**Business Combination Agreement**"), by and among (i) Blockfusion Data Centers, Inc., a Delaware corporation ("**Pubco**"), (ii) Atlas I Merger Sub, a Cayman Islands exempted company and wholly-owned subsidiary of Pubco ("**Blue Merger Sub**"), (iii) Atlas Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Pubco ("**Company Merger Sub**" and together with Blue Merger Sub, the "**Merger Subs**") and (iv) Blockfusion USA, Inc., a Delaware corporation ("**Blockfusion**"), and the consummation of the transactions contemplated by the Business Combination Agreement, including the merger of Blue Merger Sub with and into Blue, with Blue surviving as the surviving company and as a wholly-owned subsidiary of Pubco, and the merger of Company Merger Sub with and into Blockfusion, with Blockfusion surviving as the surviving company and as a wholly-owned subsidiary of Pubco, and the issuance of the consideration thereunder, and the performance by Blue of its obligations thereunder and thereby be ratified, approved, adopted and confirmed in all respects."

**Vote Required for Approval**

The approval of the Business Combination Proposal will require an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE BUSINESS COMBINATION PROPOSAL.**

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**THE MERGER PROPOSAL (PROPOSAL 2)**

**Overview**

In connection with the Business Combination, Blue's shareholders are being asked to consider and vote on a proposal to approve, by special resolution, the Blue Merger and the Plan of Merger. The form of the Plan of Merger is attached to this proxy statement/prospectus as *Annex B*.

As a matter of Cayman Islands law, approval of Blue's shareholders is required for the authorization of the Plan of Merger, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 amendment and restatement of the Current Charter by deletion in their entirety and the substitution
 in their place of the new amended and restated memorandum and articles of association of
 Blue (as the surviving entity); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) redesignation
 of all authorized Blue Class A Ordinary Shares as ordinary shares of $0.0001 par value each
 of the surviving entity, and cancellation of all of the authorized but unissued Blue Class
 B Ordinary Shares and Blue Preference Shares (as contemplated therein).

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as a special resolution, that, assuming the Business Combination Proposal is authorized, approved and confirmed, Blue be authorized to merge with Blue Merger Sub so that Blue be the surviving company (the "**Surviving Company**") and all the undertaking, property, and liabilities of Blue and Blue Merger Sub vest in the Surviving Company by virtue of such merger pursuant to the Companies Act (As Revised) of the Cayman Islands (the "**Blue Merger**") and the plan of merger in connection with the Blue Merger, a copy of which is attached to the proxy statement/prospectus as Annex B (the "**Plan of Merger**"), be approved and Blue be authorized to enter into the Plan of Merger, and any and all transactions provided for in the Plan of Merger be and are hereby authorized and approved in all respects, including, without limitation, at the effective time of the Blue Merger (the "**Effective Time**"), (a) that any director, the registered office provider of Blue and/or Appleby (Cayman) Ltd. be authorized and instructed to take any and all necessary steps and actions and make or cause to be made any and all filings with the Registrar of Companies in the Cayman Islands (the "**Cayman Registrar**") or any governmental or regulatory authorities in the Cayman Islands, including without limitation, to submit the Plan of Merger, together with any other supporting documentation for registration with the Cayman Registrar and to make such additional filings or take such additional steps as they deem necessary, such that the Blue Merger takes effect on the Effective Date, (b) the redesignation of all authorized class A ordinary shares of $0.0001 par value each of Blue as ordinary shares of $0.0001 par value each of the surviving entity, and the cancellation all of the authorized but unissued class B ordinary shares of $0.0001 par value each and the preference shares of $0.0001 par value each of Blue, such that the authorized share capital of the surviving entity will be $50,000 divided into 500,000,000 ordinary shares of a par value of $0.0001 per share, with such rights, privileges and conditions as set out in the Surviving Entity Articles (defined below), and (c) the amendment and restatement of Blue's current amended and restated memorandum and articles of association, by deletion in their entirety and the substitution in their place of the new second amended and restated memorandum and articles of association of Blue (as the surviving entity) (the "**Surviving Entity Articles**") for which the registered office provider of Blue (the surviving entity) be and is hereby instructed to make the necessary filings in respect of the Surviving Entity Articles with the Cayman Registrar effective on the Effective Date."

**Votes Required for Approval**

If the Business Combination Proposal is not approved, the Merger Proposal will not be presented at the Blue Extraordinary General Meeting. The approval of the Merger Proposal requires a special resolution under Cayman Islands law, being a resolution passed by a majority of at least two-thirds (2/3) of the votes which are cast by such shareholders as, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE APPROVAL OF THE MERGER PROPOSAL.**

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**THE CHARTER PROPOSAL (PROPOSAL 3)**

If the Business Combination is to be consummated, Pubco will adopt the Proposed Charter in the form attached to this proxy statement/prospectus as *Annex C*, which, in the judgment of the Blue Board, is necessary to adequately address the needs of Pubco following the Closing. Concurrent with the adoption of the Proposed Charter, the Proposed Bylaws in the form attached to this proxy statement/prospectus as *Annex D* will also be adopted. All shareholders are encouraged to read the Proposed Charter and Proposed Bylaws in their entirety for a more complete description of their terms.

If the Business Combination is to be consummated, Pubco will adopt the Proposed Charter and the Proposed Bylaws, substantially in the form attached to this proxy statement/prospectus, which are necessary to adequately address the needs of Pubco following the Closing. A discussion of the material provisions contained in the Proposed Charter, including its material differences with the Current Charter, is set forth in "*The Organizational Documents Proposals (Proposals 4-11)*" and "*Comparison of Shareholder Rights*."

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an ordinary resolution, that adoption by Pubco of the (i) Proposed Charter, in the form attached to the proxy statement/prospectus as *Annex C*, and (ii) the Proposed Bylaws, in form attached to the proxy statement/prospectus as *Annex D*, each to be effective upon the consummation of the Business Combination, be confirmed, ratified and approved."

**Vote Required for Approval**

The approval of the Charter Proposal does not require the passing of a resolution under the Current Charter or Cayman Islands law. Notwithstanding this, the Blue Board is asking the Blue shareholders to approve the Charter Proposal by ordinary resolution, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

The adoption of the Charter Proposal is conditioned upon the adoption of the Business Combination Proposal and the Merger Proposal.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE CHARTER PROPOSAL.**

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**THE ORGANIZATIONAL DOCUMENTS PROPOSALS (PROPOSALS 4-11)**

In connection with the Business Combination, Blue is asking its shareholders to vote upon, on a non-binding advisory basis, proposals to approve certain governance provisions contained in the Proposed Charter. The shareholder votes regarding these proposals are advisory votes, and are not binding on Pubco or the Pubco Board. In the judgment of the Blue Board, these provisions are necessary to adequately address the needs of Pubco. Furthermore, the Business Combination is not conditioned on the separate approval of the Organizational Documents Proposals (separate and apart from approval of the Charter Proposal).

Blue shareholders will be asked to approve, on a non-binding advisory basis, the following material differences between the Proposed Charter and the Current Charter, which are being presented as eight separate sub-proposals ("**The Organizational Documents Proposals**"):

● *Advisory Proposal A* – to approve authorized capital stock of Pubco of 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share (the "**Pubco Class A Common Stock** "), 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share (the "**Pubco Class B Common Stock**" and together with the Pubco Class A Common stock, the "**Pubco Common Stock** "), and 300,000,000 shares of preferred stock, par value $0.0001 per share (the "**Pubco Preferred Stock** ").

● *Advisory Proposal B* — to approve a provision that any or all of the directors of Pubco may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66 2/3% of the voting power of all then-outstanding shares of capital stock of Pubco entitled to vote generally in the election of directors, voting together as a single class.

● *Advisory Proposal C* — to approve a provision that Pubco will not be governed by Section 203 of the Delaware General Corporation Law.

● *Advisory Proposal D* — to approve a provision that amendment of the Proposed Charter generally requires the approval of the board of directors of Pubco (the "**Pubco Board**") and a majority of the combined voting power of the then-outstanding shares of voting stock, voting together as a single class, with the exception of certain provisions that would require the affirmative vote of at least 66 2/3% of the total voting power of all the then-outstanding shares of stock of the company entitled to vote thereon, voting as a single class.

● *Advisory Proposal E* — to approve a provision expressly authorizing the Pubco Board to make, alter, amend or repeal the Proposed Bylaws by an affirmative vote of a majority of the Pubco Board. The Proposed Bylaws may also be adopted, amended, altered or repealed by the affirmative vote of at least 66 2/3% of the voting power of all of the then-outstanding shares of stock of the company entitled to vote generally in the election of directors, voting as a single class.

● *Advisory Proposal F* — to approve the removal of all of the provisions applicable only to blank check companies.

● *Advisory Proposal G* — to approve a provision providing for the automatic conversion of Pubco Class B Common Stock into Pubco Class A Common Stock upon any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition that is not a Permitted Transfer of such share or any legal or beneficial interest in such share.

● *Advisory Proposal H* — to approve a provision stating that holders of Pubco Class A Common Stock and Pubco Class B Common Stock will vote together as a single class on all matters, receive notice of meetings per the bylaws, and may vote as permitted under Delaware General Corporate Law, except where law, the Proposed Charter, or any Preferred Stock Designation provides otherwise. Under this proposal, each Class B share carries 20 votes and each Class A share carries 1 vote.

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In the judgment of the Blue Board, the variations between the Current Charter and the Proposed Charter are desirable for the following reasons:

● the greater number of authorized number of shares of capital stock is desirable for Pubco to have enough additional authorized shares for financing its business, for acquiring other businesses, for forming strategic partnerships and alliances and for stock dividends and stock splits and to issue upon exercise of the equity grants made under the Incentive Plan (assuming the Incentive Plan is approved at the Blue Extraordinary General Meeting and contingent upon the Closing);

● the Current Charter provides that stockholders may remove directors by the affirmative vote of holders of a majority of the voting power of all the then outstanding Blue Ordinary Shares then entitled to vote generally in the election of directors, voting together as a single class. Under the DGCL, as will apply to Pubco as a Delaware corporation, unless a company's certificate of incorporation provides otherwise, removal of a director only for cause is automatic with a classified board. The Proposed Charter provides that directors may only be removed for cause by the affirmative vote of the holders of at least 66 2/3% of the voting power of the then-outstanding shares entitled to vote in the election of directors, voting together a single class. The Blue Board believes that such a standard will (a) increase board continuity and the likelihood of experienced board members with familiarity of Pubco's business operations would serve on the Pubco Board at any given time and (b) make it more difficult for a potential acquiror or other person, group, or entity to gain control of the Pubco Board;

● Pubco will not be subject to Section 203 of the DGCL, an anti-takeover law. Section 203 is a default provision of the DGCL that prohibits a publicly held Delaware corporation from engaging in a business combination, such as a merger, with "interested stockholders" (a person or group owning 15% or more of the corporation's voting stock) for three years following the date that a person becomes an "interested stockholder," unless: (i) before such stockholder becomes an "interested stockholder," the board of directors approves the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; (ii) upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the outstanding voting stock of the corporation at the time of the transaction (excluding stock owned by certain persons); or (iii) at the time or after the stockholder became an interested stockholder, the board of directors and at least two-thirds of the disinterested outstanding voting stock of the corporation approves the transaction. While Section 203 is the default provision under the DGCL, the DGCL allows companies to opt out of Section 203 of the DGCL by including a provision in their certificate of incorporation expressly electing not to be governed by Section 203 of the DGCL.

● requiring the approval by affirmative vote of holders of at least 66 2/3% of the voting power of Pubco's then-outstanding shares of capital stock entitled to vote thereon to make any amendment to certain provisions of the Proposed Charter is intended to protect key provisions of the Proposed Charter from arbitrary amendment and to prevent a simple majority of stockholders from taking actions that may be harmful to other stockholders or making changes to provisions that are intended to protect all stockholders.

● requiring the approval by affirmative vote of holders of at least 66 2/3% of the voting power of Pubco's then-outstanding shares of capital stock entitled to vote in an election of directors to make any amendment to the Proposed Bylaws not approved by the Pubco Board is intended to protect key provisions of the Proposed Bylaws from arbitrary amendment and to prevent a simple majority of stockholders from taking actions that may be harmful to other stockholders or making changes to provisions that are intended to protect all stockholders;

● it is desirable to omit the provisions that relate to operation as a blank check company prior to the consummation of its initial business combination because they would not be applicable after the Business Combination (such as the obligation to dissolve and liquidate if a business combination is not consummated within a certain period of time);

● requiring the automatic conversion of Pubco Class B Common Stock into Pubco Class A Common Stock upon any sale, assignment, transfer, conveyance, hypothecation or other transfer or disposition that is not a Permitted Transfer of such share or any legal or beneficial interest in such share; and

● creating a dual-class structure of Class A and Class B shares will promote long-term stability and alignment of interests by enabling Pubco's key management team members to retain significant voting influence following the business combination, allowing them to pursue Pubco's strategic vision without undue short-term market pressure and will help ensure continuity of leadership, preserve Pubco's innovation-driven culture, and provide the flexibility to make decisions that support sustained growth and value creation for stockholders.

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The approval of each of the Organizational Documents Proposals requires a majority of the votes cast on such proposal by the holders of the Blue Ordinary Shares entitled to vote thereon at the Blue Extraordinary General Meeting, voting together as a single class.

A copy of the Proposed Charter, as will be in effect and upon consummation of the Business Combination and filing with the Delaware Secretary of State, is attached to this proxy statement/prospectus as *Annex C*.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as ordinary resolutions, that: the Proposed Charter and Proposed Bylaws to be adopted by Pubco in connection with the Business Combination be approved and adopted in all respects on a non-binding advisory basis."

**Vote Required for Approval**

The approval of the Organizational Documents Proposals does not require the passing of a resolution under the Current Charter or Cayman Islands law. Notwithstanding this, the Blue Board is asking the Blue shareholders to approve the Organizational Documents Proposals by ordinary resolution, being a resolution passed by a majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

The adoption of the Organizational Documents Proposals is conditioned upon the adoption of the Business Combination Proposal and the Merger Proposal.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" EACH OF THE ORGANIZATIONAL DOCUMENTS PROPOSALS.**

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**THE INCENTIVE PLAN PROPOSAL (PROPOSAL 12)**

Blue is asking its shareholders to consider and vote on a proposal to approve, by ordinary resolution, the 2026 Stock Incentive Plan (the "**Incentive Plan**"), which, if approved by the Blue shareholders and adopted by Pubco, will be available to Pubco on a go-forward basis from the Closing. Approval of the Incentive Plan will allow Pubco to utilize a broad array of equity incentives to secure and retain the services of employees, officers, directors, consultants and advisors and to provide long-term incentives that align the interests of employees, officers, directors, consultants and advisors with the interests of Pubco's shareholders following the Closing of the Business Combination. If the Incentive Plan is not approved by Blue shareholders, it will not become effective and no awards will be granted thereunder.

For purposes of this Proposal 12 and except where the context otherwise requires, the term (i) "Company" and similar terms will include Pubco at and following the Closing, and any of its present or future parent or subsidiary corporations as defined in Sections 424(i) or (f) of the Code and any other business venture (including, without limitation, joint venture or limited liability company) in which the Company has a controlling interest, as determined by the Board and (ii) "Board" will mean the Pubco Board at and following the Closing and the compensation committee of the Pubco Board or any similar committee or sub-committee or the Delegated Persons (as defined below) to the extent that the Pubco Board's powers or authority under the Incentive Plan have been delegated to such committee, sub-committee or Delegated Persons, in accordance with the Incentive Plan.

The remainder of this Proposal 12 includes:

● Highlights of the Reasons Why Shareholders Should Approve the Incentive Plan; and

● Description of the Incentive Plan.

**Highlights of the Reasons Why Shareholders Should Approve the Incentive Plan**

 

*Incentivizes, Retains and Motivates Talent.* It is critical to the Company's success that the Company incentivize, retain and motivate the best talent in what is a competitive labor market. The Company's equity-based compensation program will be a key component in the Company's ability to pay market-competitive compensation to its employees.

 

*Aligns with Pay-for-Performance Compensation Philosophy.* The Company believes that equity-based compensation is inherently performance-based. As the value of the Company's stock appreciates, Incentive Plan participants receive greater compensation at the same time that its shareholders are receiving a greater return on their investment. Conversely, if the stock price does not appreciate following the grant of an equity award, then Incentive Plan participants would not receive any compensation in respect of stock options and SARs and would receive lower compensation than intended in respect of restricted stock and RSUs.

 

*Aligns Participant Interests with Shareholder Interests.* Providing participants with compensation in the form of equity directly aligns the interests of those participants with the interests of the Company's shareholders. If the Incentive Plan is approved by Blue shareholders, the Company will be able to grant equity-based incentives that foster this alignment between Incentive Plan participants and the Company's shareholders.

 

*Consistent with Shareholder Interests and Sound Corporate Governance.* As described under the heading "*Highlights of the Incentive Plan*" and more thoroughly below, the Incentive Plan was purposefully designed to include features that are consistent with the interests of the Company's shareholders and sound corporate governance practices.

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**Description of the Incentive Plan**

We are seeking shareholder approval for the 2026 Stock Incentive Plan (the "**Incentive Plan**"), which is being adopted in connection with the Business Combination. The Pubco Board adopted the Incentive Plan on [_], 2026, subject to its approval by the Blue shareholders. If the shareholders approve the Incentive Plan, it will become effective upon the Closing. The Pubco Board unanimously recommends that the shareholders vote "for" approval of the Incentive Plan.

**Overview**

The Incentive Plan is described in more detail below. A copy of the Incentive Plan is attached to this proxy statement/prospectus as Annex E. If approved by the Blue shareholders, the Incentive Plan will become effective and will be administered by the Pubco Board or by a committee that the Pubco Board designates for this purpose (referred to below as the administrator), which will have the authority to make awards under the Incentive Plan.

After careful consideration, the Pubco Board believes that approving the Incentive Plan is in the best interests of Pubco. The Incentive Plan promotes ownership in Pubco by its employees, nonemployee directors and consultants, and aligns incentives between these service providers and shareholders by permitting these service providers to receive compensation in the form of awards denominated in, or based on the value of, Pubco. Therefore, the Pubco Board recommends that the Blue shareholders approve the Incentive Plan.

**Summary of the Material Features of the Incentive Plan**

The following is a summary of the material features of the Incentive Plan. The summary is qualified in its entirety by reference to the complete text of the Incentive Plan attached as Annex E to this proxy statement/ prospectus.

***Purpose; Types of Awards***

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The purposes of the Incentive Plan are to encourage the profitability and growth of Pubco through short-term and long-term incentives that are consistent with Pubco's objectives, give participants an incentive for excellence in individual performance, promote teamwork among participants, and give Pubco a significant advantage in attracting and retaining key employees, directors and consultants. To accomplish such purposes, the Incentive Plan provides that Pubco may grant options, stock appreciation rights, restricted shares, restricted stock units, performance-based awards (including performance-based restricted shares and restricted stock units), other share-based awards, other cash-based awards or any combination of the foregoing.

***Shares Subject to the Incentive Plan***

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The initial aggregate number of shares of Pubco Class A Common Stock that will be available for issuance under the Incentive Plan will be equal to five percent (5%) of the total number of shares of Pubco Class A Common Stock that are issued and outstanding immediately following the Closing. Notwithstanding anything herein to the contrary, the maximum number of shares subject to awards granted during any fiscal year to any non-employee director, taken together with any cash fees paid to such non-employee director during the fiscal year with respect to such director's service as a non-employee director, shall not exceed $[_] (calculating the value of any such awards based on the grant date fair market value of such awards for financial reporting purposes).

Shares issued under the Incentive Plan may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be reacquired by Pubco in the open market, in private transactions or otherwise.

Any shares of Pubco Class A Common Stock subject to an award under the Incentive Plan that, after the date that the Incentive Plan becomes effective, are forfeited, canceled, settled or otherwise terminated without a distribution of shares to a participant will thereafter be deemed to be available for awards with respect to shares of Pubco Class A Common Stock. In applying the immediately preceding sentence, if (i) shares otherwise issuable or issued in respect of, or as part of, any award are withheld to cover taxes or any applicable exercise price, such shares will be treated as having been issued under the Incentive Plan and will not be available for issuance under the Incentive Plan, and (ii) any share-settled stock appreciation rights or options are exercised, the aggregate number of shares subject to such stock appreciation rights or options will be deemed issued under the Incentive Plan and will not be available for issuance under the Incentive Plan. In addition, shares tendered to exercise outstanding options or other awards, withheld to cover applicable taxes on any awards or repurchased on the open market using exercise price proceeds shall not be available for issuance under the Incentive Plan.

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For the avoidance of doubt, shares underlying awards that are subject to the achievement of performance goals will be counted against the share reserve based on the target value of such awards unless and until such time as such awards become vested and settled in shares, and awards that, pursuant to their terms, may be settled only in cash shall not count against the share reserve.

***Administration of the Incentive Plan***

The Incentive Plan will be administered by the administrator, who is the Pubco Board, or, if and to the extent the Pubco Board does not administer the Incentive Plan, the committee. The administrator has the power to determine the terms of the awards granted under the Incentive Plan, including the exercise price, the number of shares subject to each award, and the exercisability and vesting terms of the awards. The administrator also has the power to determine the persons to whom and the time or times at which awards will be made and to make all other determinations and take all other actions advisable for the administration of the Incentive Plan. All decisions made by the administrator pursuant to the provisions of the Incentive Plan will be final, conclusive and binding.

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***Participation***

Participation in the Incentive Plan will be open to employees, non-employee directors, or consultants, who have been selected as an eligible recipient under the Incentive Plan by the administrator. Awards of incentive stock options, however, will be limited to employees eligible to receive such form of award under the Code.

As of [_], 2026, there were approximately [_] employees and [_] non-employee directors of Pubco expected to participate in the Incentive Plan. As of [_], 2026, there were [_] consultants expected to participate in the Incentive Plan.

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***Types of Awards***

The types of awards that may be made under the Incentive Plan are described below. All of the awards described below are subject to the conditions, limitations, restrictions, vesting and forfeiture provisions determined by the administrator, subject to the Incentive Plan. To the extent that an award contains a right to receive dividends or dividend equivalents while the award remains unvested, the dividends and dividend equivalents will be accumulated and paid once and to the extent that the underlying award vests.

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***Stock Options***

The Incentive Plan provides for grants of both nonqualified and incentive stock options. A nonqualified share option entitles the recipient to purchase Pubco Class A Common Stock at a fixed exercise price. The exercise price per share will be determined by the compensation committee but such price will never be less than 100% of the fair market value of an ordinary share on the date of grant. Fair market value will generally be the closing price of a share of Pubco Class A Common Stock on Nasdaq on the date of grant. Nonqualified stock options under the Incentive Plan generally must be exercised within ten (10) years from the date of grant. A nonqualified share option is an option that does not meet the qualifications of an incentive stock option as described below.

An incentive stock option is a share option that meets the requirements of Section 422 of the Code. Incentive stock options may be granted only to employees and the aggregate fair market value of a share of Pubco Class A Common Stock determined at the time of grant with respect to incentive stock options that are exercisable for the first time by a participant during any calendar year may not exceed $100,000. No incentive stock option may be granted to any person who, at the time of the grant, owns or is deemed to own shares possessing more than 10% of Pubco's total combined voting power or that of any of Pubco's affiliates unless (i) the option exercise price is at least 110% of the fair market value of the shares subject to the option on the date of grant and (ii) the term of the incentive stock option does not exceed five (5) years from the date of grant.

The maximum number of shares of Pubco Class A Common Stock that may be issued pursuant to an incentive stock option may not exceed the [_].

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Unless otherwise determined by the administrator, each vested and outstanding option granted under the Incentive Plan will automatically be exercised on the last business day of the applicable option term, to the extent that, as of such date, (i) the exercise price of such option is less than the fair market value of a share, and (ii) the holder of such option remains actively in service.

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***Stock Appreciation Rights***

A SAR entitles the holder to receive an amount equal to the difference between the fair market value of a share of Pubco Class A Common Stock on the exercise date and the exercise price of the SAR (which may not be less than 100% of the fair market value of a share of Pubco Class A Common Stock on the grant date), multiplied by the number of shares of Pubco Class A Common Stock subject to the SAR (as determined by the administrator). Unless otherwise determined by the administrator, each vested and outstanding SAR granted under the Incentive Plan will automatically be exercised on the last business day of the applicable SAR term, to the extent that, as of such date, (i) the exercise price of such SAR is less than the fair market value of a share, and (ii) the holder of such SAR remains actively in service.

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***Restricted Stock***

A restricted stock award is an award of Pubco Class A Common Stock that vests in accordance with the terms and conditions established by the administrator.

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***Restricted Stock Units***

A restricted stock unit is a right to receive shares or the cash equivalent of Pubco Class A Common Stock at a specified date in the future, subject to forfeiture of such right. If the restricted stock unit has not been forfeited, then on the date specified in the restricted stock unit grant, Pubco must deliver to the holder of the restricted stock unit unrestricted Pubco Class A Common Stock (or, in the administrator's sole discretion, cash equal to the shares that would otherwise be delivered, or partly in cash and partly in shares). Participants holding restricted stock units will have no voting rights.

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***Other Share-Based Awards***

We may grant or sell to any participant a right or other interest that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Pubco Class A Common Stock, including unrestricted Pubco Class A Common Stock under the Incentive Plan or a dividend equivalent. A dividend equivalent is a right to receive payments, based on dividends with respect to Pubco Class A Common Stock.

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***Other Cash-Based Awards***

We may grant cash awards under the Incentive Plan, including cash awards as a bonus or upon the attainment of certain performance goals.

***Performance-Based Awards***

We may grant an award conditioned on satisfaction of certain performance criteria. Such performance-based awards include performance-based restricted stock and restricted stock units. Any dividends or dividend equivalents payable or credited to a participant with respect to any unvested performance-based award will be subject to the same performance goals as the shares or units underlying the performance-based award.

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***Performance Goals***

If the administrator determines that an award under the Incentive Plan will be earned subject to the achievement of performance goals, the administrator may select one or more performance criteria upon which to grant such award, which may include, but are not limited to, any one or more of the following: earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; net operating profit after tax; cash flow; revenue; net revenues; sales; days sales outstanding; income; net income; operating income; net operating income, operating margin; earnings; earnings per share; return on equity; return on investment; return on capital; return on assets; return on net assets; total shareholder return; economic profit; market share; appreciation in the fair market value, book value or other measure of value of an ordinary share; expense/cost control; working capital; customer satisfaction; employee retention or employee turnover; employee satisfaction or engagement; environmental, health, or other safety goals; individual performance; strategic objective milestones; any other criteria specified by the administrator in its sole discretion; or, as applicable, any combination of, or a specified increase or decrease in, any of the foregoing.

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***Equitable Adjustments***

In the event of a merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, extraordinary dividend, bonus share issue, share capitalization or subdivision, combination or exchange of shares, or other change in corporate structure or payment of any other distribution, the maximum number and kind of Pubco Class A Common Stock reserved for issuance or with respect to which awards may be granted under the Incentive Plan will be adjusted to reflect such event, and the administrator will make such adjustments as it deems appropriate and equitable in the number, kind and exercise price of Pubco Class A Common Stock covered by outstanding awards made under the Incentive Plan, and in any other matters that relate to awards and that are affected by the changes in the shares referred to in this section.

***Change in Control***

In the event of any proposed change in control (as defined in the Incentive Plan), the administrator will take any action as it deems appropriate and equitable to effectuate the purposes of the Incentive Plan and to protect the participants who hold outstanding awards under the Incentive Plan, which action may include, without limitation, the following: (i) the continuation of any award, if Pubco is the surviving corporation; (ii) the assumption of any award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or subsidiary of equivalent awards for any award, provided, however, that any such substitution with respect to options and SARs shall occur in accordance with the requirements of Section 409A of the Code; or (iv) settlement of any award for the change in control price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price equals or exceeds the change in control price or if the administrator determines that the award cannot reasonably become vested pursuant to its terms, such award shall terminate and be canceled without consideration.

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***Amendment and Termination***

The administrator may alter, amend, modify, or terminate the Incentive Plan at any time, provided that the approval of our shareholders will be obtained for any amendment to the Incentive Plan that requires shareholder approval under the rules of the stock exchange(s) on which Pubco Class A Common Stock is then listed or in accordance with other applicable law, including, but not limited to, an increase in the number of shares of Pubco Class A Common Stock reserved for issuance, a reduction in the exercise price of options or other entitlements, an extension of the maximum term of any award, or an amendment that grants the administrator additional powers to amend the Incentive Plan. In addition, no modification of an award will, without the prior written consent of the participant, adversely alter or impair any rights or obligations under any award already granted under the Incentive Plan, unless the administrator expressly reserved the right to do so at the time of the award.

**Material U.S. Federal Income Tax Effects** 

The following discussion of certain relevant United States federal income tax effects applicable to certain awards granted under the Incentive Plan is only a summary of certain of the United States federal income tax consequences applicable to United States residents under the Incentive Plan, and reference is made to the Code for a complete statement of all relevant federal tax provisions. No consideration has been given to the effects of foreign, state, local and other laws (tax or other) on the Incentive Plan or on a participant, which laws will vary depending upon the particular jurisdiction or jurisdictions involved. Participants who are stationed outside the United States may be subject to foreign taxes as a result of the Incentive Plan.

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***Nonqualified Stock Options***

An optionee subject to United States federal income tax will generally not recognize taxable income for United States federal income tax purposes upon the grant of a nonqualified share option. Rather, at the time of exercise of the nonqualified share option, the optionee will recognize ordinary income, subject to wage and employment tax withholding, and Pubco will be entitled to a deduction, in an amount equal to the excess of the fair market value of the shares on the date of exercise over the exercise price. If the shares acquired upon the exercise of a nonqualified share option are later sold or exchanged, then the difference between the amount received upon such sale or exchange and the fair market value of such shares on the date of such exercise will generally be taxable as long-term or short-term capital gain or loss (if the shares are a capital asset of the optionee), depending upon the length of time such shares were held by the optionee.

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***Incentive Stock Options***

An optionee subject to United States federal income tax will generally not recognize taxable income for United States federal income tax purposes upon the grant of an incentive stock option (within the meaning of Section 422 of the Code) and Pubco will not be entitled to a deduction at that time. If the incentive stock option is exercised during employment or within ninety (90) days following the termination thereof (or within one (1) year following termination, in the case of a termination of employment due to death or disability, as such terms are defined in the Incentive Plan), the optionee will not recognize any income and Pubco will not be entitled to a deduction. The excess of the fair market value of the shares on the exercise date over the exercise price, however, is includible in computing the optionee's alternative minimum taxable income. Generally, if an optionee disposes of shares acquired by exercising an incentive stock option either within two (2) years after the date of grant or one year after the date of exercise, the optionee will recognize ordinary income, and Pubco will be entitled to a deduction, in an amount equal to the excess of the fair market value of the shares on the date of exercise (or the sale price, if lower) over the exercise price. The balance of any gain or loss will generally be treated as a capital gain or loss to the optionee. If the shares are disposed of after the two-year and one-year periods described above, Pubco will not be entitled to any deduction, and the entire gain or loss for the optionee will be treated as a capital gain or loss.

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***SARs***

A participant subject to United States federal income tax who is granted a SAR will not recognize ordinary income for United States federal income tax purposes upon receipt of the SAR. At the time of exercise, however, the participant will recognize ordinary income, subject to wage and employment tax withholding, equal to the value of any cash received and the fair market value on the date of exercise of any shares received. Pubco will not be entitled to a deduction upon the grant of a SAR, but generally will be entitled to a deduction for the amount of income the participant recognizes upon the participant's exercise of the SAR. The participant's tax basis in any shares received will be the fair market value on the date of exercise and, if the shares are later sold or exchanged, then the difference between the amount received upon such sale or exchange and the fair market value of the shares on the date of exercise will generally be taxable as long-term or short-term capital gain or loss (if the share is a capital asset of the participant) depending upon the length of time such shares were held by the participant.

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***Restricted Stock***

A participant subject to United States federal income tax generally will not be taxed upon the grant of a restricted stock award, but rather will recognize ordinary income for United States federal income tax purposes in an amount equal to the fair market value of the shares at the time the restricted stock is no longer subject to a substantial risk of forfeiture (within the meaning of the Code). Pubco generally will be entitled to a deduction at the time when, and in the amount that, the participant recognizes ordinary income on account of the lapse of the restrictions. A participant's tax basis in the shares will equal the fair market value of those shares at the time the restrictions lapse, and the participant's holding period for capital gains purposes will begin at that time. Any cash dividends paid on the shares before the restrictions lapse will be taxable to the participant as additional compensation (and not as dividend income). Under Section 83(b) of the Code, a participant may elect to recognize ordinary income at the time the restricted stock is awarded in an amount equal to their fair market value at that time, notwithstanding the fact that such shares are subject to restrictions and a substantial risk of forfeiture. If such an election is made, no additional taxable income will be recognized by such participant at the time the restrictions lapse, the participant will have a tax basis in the restricted stock equal to their fair market value on the date of their award, and the participant's holding period for capital gains purposes will begin at that time. Pubco generally will be entitled to a tax deduction at the time when, and to the extent that, ordinary income is recognized by such participant.

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***Restricted Stock Units***

A participant subject to United States federal income tax who is granted a restricted stock unit will not recognize ordinary income for United States federal income tax purposes upon the receipt of the restricted stock unit, but rather will recognize ordinary income in an amount equal to the fair market value of the shares at the time the award is settled into shares, subject to wage and employment tax withholding, and Pubco will have a corresponding deduction at that time.

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***Other Share-Based and Other Cash-Based Awards***

In the case of other share-based and other cash-based awards, depending on the form of the award, a participant subject to United States federal income tax will not be taxed upon the grant of such an award, but, rather, will recognize ordinary income for United States federal income tax purposes when such an award vests or otherwise is free of restrictions. In any event, Pubco will be entitled to a deduction at the time when, and in the amount that, a participant recognizes ordinary income.

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***Tax Effects for Pubco***

In addition to the tax impact to Pubco described above, Pubco's deduction may also be limited by Section 280G or Section 162(m) of the Code. In general, Section 162(m) of the Code denies a publicly held corporation a deduction for United States federal income tax purposes for compensation in excess of $1,000,000 per year per covered employee.

**New Incentive Plan Benefits** 

As of the date hereof, no awards have been granted under the Incentive Plan. The aggregate number of shares and aggregate total dollar value of potential future awards under the Incentive Plan that may be made to any of our named executive officers or to our executive officers, non-executive officer employees or non-executive directors as a group are not yet determinable because the types and amounts of awards and selection of participants are subject to the administrator's future determination.

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**Registration with the SEC** 

If the Incentive Plan is approved by the Blue shareholders and becomes effective, Pubco is expected to file a registration statement on Form S-8 registering the shares reserved for issuance under the Incentive Plan as soon as reasonably practicable after becoming eligible to use such form.

**Equity Compensation Incentive Plan Information** 

Pubco did not maintain, or have any securities authorized for issuance under, any equity compensation Incentive Plans as of December 31, 2025.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an ordinary resolution, that adoption of the 2026 Stock Incentive Plan, a copy of which is attached to the proxy statement/prospectus as Annex E, be authorized, confirmed, ratified and approved in all respects."

**Vote Required for Approval**

The approval of the Incentive Plan Proposal does not require the passing of a resolution under the Current Charter and Cayman Islands law. Notwithstanding this, the Blue Board is asking the Blue shareholders to approve the Incentive Plan Proposal as an ordinary resolution, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

The adoption of the Incentive Plan Proposal is conditioned upon the adoption of the Business Combination Proposal and the Merger Proposal.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE APPROVAL OF THE INCENTIVE PLAN PROPOSAL.**

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**THE NASDAQ PROPOSAL (PROPOSAL 13)**

**Overview**

Pursuant to Nasdaq Listing Rule 5635(a), shareholder approval is required prior to the issuance of securities in connection with the acquisition of another company if, due to the present or potential issuance of common stock, including shares issued pursuant to an earn-out provision or similar type of provision, or securities convertible into or exercisable for common stock, other than a public offering for cash and (A) have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power outstanding before the issuance of common stock (or securities convertible into or exercisable for common stock); or (B) the number of shares of common stock to be issued is or will be equal to or in excess of 20% of the number of shares of common stock outstanding before the issuance of the stock or securities. Additionally, under Nasdaq Listing Rule 5635(b), shareholder approval is required prior to the issuance of securities when the issuance or potential issuance will result in a change of control of the registrant. Upon the consummation of the Business Combination, Pubco expects to issue up to approximately 72,846,311 shares of Pubco Common Stock in connection with the Business Combination. For further details, see "*The Business Combination Proposal*."

Accordingly, the aggregate number of shares of Pubco Common Stock that Pubco will issue in connection with the Business Combination will exceed 20% of both the voting power and the shares of Pubco Common Stock outstanding before such issuance and this issuance of shares may result in a change of control of the registrant under Nasdaq Listing Rule 5635(b), and for these reasons, Blue is seeking the approval of Blue shareholders for the issuance of Pubco Common Stock in connection with the Business Combination.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an ordinary resolution, that for the purposes of complying with the applicable provisions of Nasdaq Listing Rule 5635(a) and (b), the issuance of up to 72,846,311 shares of Pubco Common Stock in connection with the Business Combination, be approved."

**Vote Required for Approval**

The approval of the Nasdaq Proposal does not require the passing of a resolution under the Current Charter and Cayman Islands law. Notwithstanding this, the Blue Board is asking the Blue shareholders to approve the Nasdaq Proposal by way of an ordinary resolution, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

The adoption of the Nasdaq Proposal is conditioned upon the adoption of the Business Combination Proposal.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE ''FOR'' THE NASDAQ PROPOSAL.**

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**THE DIRECTOR ELECTION PROPOSAL (PROPOSAL 14)**

Effective upon the Closing, the Pubco Board will consist of seven (7) directors, at least four (4) of whom will be required to qualify as an independent director under Nasdaq rules. The Pubco Board shall be comprised of (i) two (2) persons that are designated by Blue prior to the Closing (at least one (1) of whom shall be an independent director in accordance with the requirements of Nasdaq), (ii) four (4) persons that are designated by Blockfusion prior to the Closing (at least two (2) of whom shall be an independent director in accordance with the requirements of Nasdaq), and (iii) one (1) additional member (who shall be an independent director in accordance with the requirements of Nasdaq) to be mutually agreed upon by Blue and Blockfusion prior to the Closing.

For more information on the experience of each of these director nominees, see the section entitled "*Board of Directors and Management Following the Business Combination*" in this proxy statement/prospectus.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an Ordinary Resolution that, the seven (7) persons listed below be elected to serve terms on Pubco's board of directors effective at the Effective Time as set forth in the Proposed Charter or until their respective successors are duly elected and qualified, be approved in all respects:

Alex Martini-Lo Manto

Kant Trivedi

Alberto Pontonio

Ketan Seth

Aber Whitcomb.

Gustavo Mana

Paul Fiore."

**Vote Required for Approval**

The approval of the Director Election Proposal does not require the passing of a resolution under the Current Charter or Cayman Islands law. Notwithstanding this, the Blue Board is asking the Blue shareholders to approve the Director Election Proposal by ordinary resolution, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

The adoption of the Director Election Proposal is conditioned upon the adoption of the Business Combination Proposal and the Merger Proposal.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE APPROVAL OF THE DIRECTOR ELECTION PROPOSAL.**

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**THE ADJOURNMENT PROPOSAL (PROPOSAL 15)**

**Overview**

The Adjournment Proposal, if adopted, will allow the Blue Board to adjourn the Blue Extraordinary General Meeting to a later date or dates, at the determination of the Blue Board. The Adjournment Proposal may be presented to Blue shareholders in the event that based upon the tabulated vote at the time of the Blue Extraordinary General Meeting there are insufficient votes for, or otherwise in connection with, the approval of the Business Combination Proposal, the Merger Proposal, the Charter Proposal, the Incentive Plan Proposal, the Nasdaq Proposal, and the Director Election Proposal. In no event will the Blue Board adjourn the Blue Extraordinary General Meeting or consummate the Business Combination beyond the date by which it may properly do so under the Current Charter and Cayman Islands.

**Consequences if the Adjournment Proposal is Not Approved**

If the Adjournment Proposal is not approved by Blue's shareholders, the Blue Board may not be able to adjourn the Blue Extraordinary General Meeting to a later date in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Business Combination Proposal or any other proposal.

**Resolution to be Voted Upon**

The full text of the resolution to be passed is as follows:

"RESOLVED, as an ordinary resolution, that the adjournment of the Extraordinary General Meeting to a later date or dates to be determined by the board of directors of Blue or the chairman of the Extraordinary General Meeting, if necessary, to permit further solicitation and vote of proxies be confirmed, ratified and approved in all respects."

**Vote Required for Approval**

The approval of the Adjournment Proposal will require an ordinary resolution under the Current Charter and Cayman Islands law, being a resolution passed by a simple majority of the votes which are cast by those holders of Blue Ordinary Shares who, being entitled to do so, vote in person or by proxy at the Blue Extraordinary General Meeting. Abstentions and broker non-votes, while considered present for the purposes of establishing a quorum, will not count as votes cast at the Blue Extraordinary General Meeting and will have no effect on any of the proposals.

**Recommendation of the Blue Board**

**THE BLUE BOARD UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE "FOR" THE ADJOURNMENT PROPOSAL.**

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**U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following description addresses the U.S. federal income tax consequences (i) to (A) U.S. Holders and Non-U.S. Holders (as defined below) of Blue Ordinary Shares that elect to have their Blue Ordinary Shares redeemed for cash if the Business Combination is completed, (B) U.S. Holders of Blue Ordinary Shares that participate in the Business Combination, and (C) Non-U.S. Holders of owning and disposing of Pubco Common Stock after the Business Combination, and (ii) of the Company Merger. The following description, including without limitation the descriptions set forth below under the headings "— *Tax Consequences of the Business Combination to U.S. Holders of Blue Ordinary Shares*" and "— *Redemption of Blue Ordinary Shares*," is the opinion of Ellenoff Grossman & Schole LLP. The information set forth in this section is based on the Code, its legislative history, final, temporary and proposed treasury regulations promulgated thereunder ("**Treasury Regulations**"), published rulings and court decisions, all as currently in effect. These authorities are subject to change or differing interpretations, possibly on a retroactive basis.

For purposes of this description, a "**U.S. Holder**" means a beneficial owner of Blue Ordinary Shares that is for U.S. federal income tax purposes:

● an individual citizen or resident of the United States;

● a corporation (or other entity treated as a corporation) that is created or organized (or treated as created or organized) in or under the laws of the United States, any state thereof or the District of Columbia;

● an estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or

● a trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

A "**Non-U.S. Holder**" means a beneficial owner of Blue Ordinary Shares that, for U.S. federal income tax purposes, is not a U.S. Holder or a partnership or other entity classified as a partnership for U.S. federal income tax purposes.

This description does not address all aspects of U.S. federal income taxation that may be relevant to any particular holder based on such holder's individual circumstances. In particular, this description considers only holders that hold Blue Ordinary Shares as capital assets within the meaning of Section 1221 of the Code. This description does not address the alternative minimum tax, the Medicare tax on net investment income, or the U.S. federal income tax consequences to holders that are subject to special rules, including:

● financial institutions or financial services entities;

● broker-dealers;

● persons that are subject to the mark-to-market accounting rules under Section 475 of the Code;

● tax-exempt entities;

● governments or agencies or instrumentalities thereof;

● insurance companies;

● regulated investment companies;

● real estate investment trusts;

● specified expatriates or former long-term residents of the United States;

● persons that acquired Blue Ordinary Shares pursuant to an exercise of employee options, in connection with employee incentive plans or otherwise as compensation;

● persons that hold Blue Ordinary Shares as part of a straddle, constructive sale, hedging, redemption or other integrated transaction;

● persons whose functional currency is not the U.S. dollar;

● controlled foreign corporations;

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● passive foreign investment companies;

● partnerships (or other entities classified as partnership for U.S. federal income tax purposes) or partners in such partnerships or entities classified for U.S. federal income tax purposes as a "disregarded entity";

● persons required to accelerate the recognition of any item of gross income with respect to Blue Ordinary Shares as a result of such income being recognized on an applicable financial statement;

● persons who actually or constructively own 5 % or more of Blue Ordinary Shares by vote or value (except as specifically provided below); or

● the Sponsor or its affiliates.

This description does not address any tax laws other than the U.S. federal income tax law, such as gift or estate tax laws, state, local or non-U.S. tax laws or, except as described herein, any tax reporting obligations of a holder of Blue Ordinary Shares. Additionally, this description does not address the tax treatment of partnerships or other pass-through entities or entities classified for U.S. federal income tax purposes as a "disregarded entity" or persons who hold Blue Ordinary Shares through such entities. If a partnership (or other entity classified as a partnership or treated as a disregarded entity for U.S. federal income tax purposes) is the beneficial owner of Blue Ordinary Shares, the U.S. federal income tax treatment of a partner in the partnership or owner of the disregarded entity will generally depend on the status of the partner or owner and the activities of the partnership or disregarded entity. This description also assumes that any distribution made (or deemed made) on Blue Ordinary Shares and any consideration received (or deemed received) by a holder in consideration for the sale or other disposition of Blue Ordinary Shares is made in U.S. dollars. Additionally, this description does not address the tax treatment of the Warrants in the Business Combination. Holders of Warrants should consult with their own tax advisors regarding the particular tax consequences to them of holding, exercising or disposing of the Warrants.

**THE U.S. FEDERAL INCOME TAX TREATMENT OF THE BENEFICIAL OWNERS OF BLUE ORDINARY SHARES MAY BE AFFECTED BY MATTERS NOT DESCRIBED HEREIN AND DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. BLUE URGES BENEFICIAL OWNERS OF BLUE ORDINARY SHARES WHO CHOOSE TO EXERCISE THEIR REDEMPTION RIGHTS OR WHO CHOOSE TO PARTICIPATE IN THE BUSINESS COMBINATION TO CONSULT THEIR TAX ADVISOR REGARDING THE SPECIFIC TAX CONSEQUENCES TO SUCH HOLDER OF THE BUSINESS COMBINATION AND OWNING AND DISPOSING OF BLUE ORDINARY SHARES AS A RESULT OF ITS PARTICULAR CIRCUMSTANCES, INCLUDING THE U.S. FEDERAL, STATE, LOCAL AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES THEREOF.**

**U.S. Holders**

 

***Tax Consequences of the Business Combination to U.S. Holders of Blue Ordinary Shares***

Subject to the discussion under "*PFIC Considerations*" and "*Effects of Section 367 to U.S. Holders of Blue Ordinary Shares*" below, it is intended that the Business Combination qualifies as an exchange described in Section 351(a) of the Code. However, there can be no assurance that the U.S. Internal Revenue Service (the "**IRS**") will not successfully challenge this position, and if so then the exchange of Blue Ordinary Shares for Pubco Common Stock will be a taxable exchange, and the tax consequences described herein will be materially different from those described below. The remainder of this discussion assumes that the transactions described above qualify as an exchange described in Section 351 of the Code. Assuming such qualification and subject to the discussion under "*PFIC Considerations*" and "*Effects of Section 367 to U.S. Holders of Blue Ordinary Shares*" below, a U.S. Holder that receives Pubco Common Stock in exchange for Blue Ordinary Shares in the Business Combination generally should not recognize any gain or loss on such exchange. In such case, the aggregate adjusted tax basis of the Pubco Common Stock received in the Business Combination by a U.S. Holder should be equal to the adjusted tax basis of the Blue Ordinary Shares exchanged therefor. The holding period of the Pubco Common Stock should include the holding period during which the Blue Ordinary Shares exchanged therefor were held by such U.S. Holder (which, as discussed above, should include the holding period of any Blue Ordinary Shares surrendered in the Business Combination).

***Tax Consequenes of the Company Merger***

It is intended that the Business Combination, which includes the Company Merger, qualifies as an exchange described in Section 351(a) of the Code. However, there can be no assurance that the U.S. Internal Revenue Service (the "**IRS**") will not successfully challenge this position, and if so then the exchange by the Company Stockholders of Company Common Stock for Pubco Common Stock will be a taxable exchange, and the tax consequences described herein will be materially different from those described below. The remainder of this discussion assumes that the transactions described above qualify as an exchange described in Section 351 of the Code. Assuming such qualification, a U.S. Holder that receives Pubco Common Stock in exchange for Company Common Stock in the Company Merger generally should not recognize any gain or loss on such exchange. In such case, the aggregate adjusted tax basis of the Pubco Common Stock received in the Business Combination by a U.S. Holder should be equal to the adjusted tax basis of the Company Common Stock exchanged therefor. The holding period of the Pubco Common Stock should include the holding period during which the Company Common Stock exchanged therefor were held by such U.S. Holder.

In addition, none of Blue, Pubco or Blockfusion will recognize taxable income or gain as a result of the Company Merger.

 

***PFIC Considerations***

Even if the Business Combination qualifies as an exchange described in Section 351(a) of the Code, the Business Combination may still be a taxable event to U.S. Holders of Blue Ordinary Shares under the PFIC provisions of the Code, to the extent that Section 1291(f) of the Code applies, as described below.

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***Effect of PFIC Rules on the Business Combination***

Even if the Business Combination qualifies as an exchange described in Section 351(a) of the Code, Section 1291(f) of the Code requires that, to the extent provided in regulations, a U.S. person that disposes of stock of a PFIC must recognize gain notwithstanding any other provision of the Code. No final Treasury regulations are in effect under Section 1291(f). Proposed Treasury Regulations under Section 1291(f) were promulgated in 1992, with a retroactive effective date once they become finalized. If finalized in their present form, those regulations would require taxable gain recognition by a U.S. Holder with respect to its exchange of Blue Ordinary Shares for Pubco Common Stock in the Business Combination if Blue were classified as a PFIC at any time during such U.S. Holder's holding period in the Blue Ordinary Shares. Any such gain would be treated as an "excess distribution" made in the year of the Business Combination and subject to the special tax and interest charge rules described below under "*Definition and General Taxation of a PFIC.*" The proposed Treasury Regulations under Section 1291(f) should not apply to an Electing Shareholder (as defined below) with respect to its Blue Ordinary Shares for which a timely qualified election fund ("**QEF**") election, QEF election with a purging election, or "mark-to-market" ("**MTM**") election is made, as each such election is described below.

 

***Definition and General Taxation of a PFIC***

A non-U.S. corporation will be a PFIC if either (a) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation in which it owns or is considered to own at least 25% of the shares by value, is passive income (the "**gross income test**") or (b) at least 50% of its assets in a taxable year, ordinarily determined based on fair market value and averaged quarterly over the year, including its pro rata share of the assets of any corporation in which it owns or is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive income (the "**asset test**"). Passive income generally includes dividends, interest, rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains from the disposition of passive assets. The determination of whether a foreign corporation is a PFIC is made annually.

Pursuant to a "start-up exception," a corporation will not be a PFIC for the first taxable year the corporation has gross income if (1) no predecessor of the corporation was a PFIC; (2) the corporation satisfies the IRS that it will not be a PFIC for either of the first two taxable years following the start-up year; and (3) the corporation is not in fact a PFIC for either of those years. Taking into account all relevant facts and circumstances, however, there is a material risk that Blue will not be eligible for the "start-up exception." If Blue is determined to be a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder of Blue Ordinary Shares and the U.S. Holder did not make either (a) a timely QEF election for Blue's first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Blue Ordinary Shares, (b) a QEF election along with a "purging election," or (c) a MTM election, all of which are described further below, such U.S. Holder generally will be subject to special rules with respect to any gain recognized by the U.S. Holder on the sale or other disposition of its Blue Ordinary Shares and any "excess distribution" made to the U.S. Holder. Excess distributions are generally any distributions to such U.S. Holder during a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of the Blue Ordinary Shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for the Blue Ordinary Shares.

Under these rules, the U.S. Holder's gain or excess distribution will be allocated ratably over the U.S. Holder's holding period for the Blue Ordinary Shares. The amount allocated to the U.S. Holder's taxable year in which the U.S. Holder recognized the gain or received the excess distribution, or to the period in the U.S. Holder's holding period before the first day of Blue's first taxable year in which it qualified as a PFIC, will be taxed as ordinary income. The amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at the highest tax rate in effect for that year and applicable to the U.S. Holder. The interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other taxable year of the U.S. Holder.

In general, if Blue is determined to be a PFIC, a U.S. Holder may avoid the tax consequences described above with respect to its Blue Ordinary Shares by making a timely QEF election (or a QEF election along with a purging election), or an MTM election, all as described below.

 

***Impact of PFIC Rules on Certain U.S. Holders***

The impact of the PFIC rules on a U.S. Holder of Blue Ordinary Shares will depend on whether the U.S. Holder has made a timely and effective election to treat Blue as a QEF, under Section 1295 of the Code, for Blue's first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Blue Ordinary Shares, the U.S. Holder made a QEF election along with a "purging election," or if the U.S. Holder made an MTM election, all as described below. A U.S. Holder of a PFIC that made either a timely and effective QEF election, a QEF election along with a purging election, or an MTM election is hereinafter referred to as an "Electing Shareholder."

A U.S. Holder's ability to make a QEF election with respect to its Blue Ordinary Shares is contingent upon, among other things, the provision by Blue of certain information that would enable the U.S. Holder to make and maintain a QEF election. Blue will endeavor to provide to a U.S. Holder such information as the IRS may require, including a PFIC annual information statement, in order to enable the U.S. Holder to make and maintain a QEF election, but there can be no assurance that Blue will timely provide such information that is required to make and maintain the QEF election.

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As indicated above, if a U.S. Holder of Blue Ordinary Shares has not made a timely and effective QEF election with respect to Blue's first taxable year as a PFIC in which the U.S. Holder held (or was deemed to hold) Blue Ordinary Shares, such U.S. Holder generally may nonetheless qualify as an Electing Shareholder by filing on a timely filed U.S. income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of the Code any gain that it would otherwise recognize if the U.S. Holder sold its Blue Ordinary Shares for their fair market value on the "qualification date." The qualification date is the first day of Blue's tax year in which Blue qualifies as a QEF with respect to such U.S. Holder. The purging election can only be made if such U.S. Holder held Blue Ordinary Shares on the qualification date. The gain recognized by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in its Blue Ordinary Shares by the amount of the gain recognized and will also have a new holding period in the Blue Ordinary Shares for purposes of the PFIC rules.

Alternatively, if a U.S. Holder, at the close of its taxable year, owns shares in a PFIC that are treated as marketable shares, the U.S. Holder may make an MTM election with respect to such shares for such taxable year. If the U.S. Holder makes a valid MTM election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) Blue Ordinary Shares and for which Blue is determined to be a PFIC, such holder will not be subject to the PFIC rules described above in respect to its Blue Ordinary Shares. Instead, the U.S. Holder will include as ordinary income each year the excess, if any, of the fair market value of its Blue Ordinary Shares at the end of its taxable year over the adjusted basis in its Blue Ordinary Shares. The U.S. Holder also will be allowed to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its Blue Ordinary Shares over the fair market value of its Blue Ordinary Shares at the end of its taxable year (but only to the extent of the net amount of previously included income as a result of the mark-to-market election). The U.S. Holder's basis in its Blue Ordinary Shares will be adjusted to reflect any such income or loss amounts and any further gain recognized on a sale or other taxable disposition of the Blue Ordinary Shares will be treated as ordinary income. The MTM election is available only for shares that are regularly traded on a national securities exchange that is registered with the Securities and Exchange Commission, including Nasdaq, or on a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and sound fair market value. U.S. Holders should consult their own tax advisers regarding the availability and tax consequences of an MTM election in respect to Blue Ordinary Shares under their particular circumstances.

The rules dealing with PFICs and with the timely QEF election, the QEF election with a purging election, and the MTM election are very complex and are affected by various factors in addition to those described above. Accordingly, a U.S. Holder of Blue Ordinary Shares should consult its own tax advisor concerning the application of the PFIC rules to such securities under such holder's particular circumstances.

 ****

***Effects of Section 367 to U.S. Holders of Blue Ordinary Shares***

Section 367 of the Code applies to certain non-recognition transactions involving foreign corporations, including the acquisition of a foreign corporation by a domestic corporation in an exchange described in Section 351(a) of the Code. Section 367 of the Code imposes income tax on certain United States persons in connection with transactions that would otherwise be tax-free. Section 367(b) of the Code will generally apply to U.S. Holders of Blue Ordinary Shares on the date of the Business Combination.

 

&nbsp;&nbsp;&nbsp;&nbsp;*A.* *U.S. Holders Whose Blue Ordinary Shares Have a Fair Market Value of $50,000 or More and Who Own 10% or More of the Voting Power or Value of Blue* 

A U.S. Holder who, on the date of the Business Combination beneficially owns (directly, indirectly or constructively) 10% or more of the total combined voting power or value of Blue (a "**10% U.S. Shareholder**") must include in income as a dividend the "all earnings and profits amount" (as defined in Treasury Regulation Section 1.367(b)-2(d)) attributable to the Blue Ordinary Shares it directly owns. A U.S. Holder's ownership of Warrants will be taken into account in determining whether such U.S. Holder owns 10% or more of the total combined voting power or value of Blue. Complex attribution rules apply in determining whether a U.S. Holder owns 10% or more of the total combined voting power or value of Blue and all U.S. Holders are urged to consult their tax advisors with respect to these attribution rules.

A 10% U.S. Shareholder's "all earnings and profits amount" with respect to its Blue Ordinary Shares is the net positive earnings and profits of Blue attributable to its shares (as determined under Treasury Regulation Section 1.367(b)-2) but without regard to any gain that would be realized on a sale or exchange of such shares.

 

&nbsp;&nbsp;&nbsp;&nbsp;*B.* *U.S. Holders Whose Blue Ordinary Shares Have a Fair Market Value of $50,000 or More But Who Own Less Than 10% of the Voting Power and Value of Blue* 

A U.S. Holder who, on the date of the Business Combination, beneficially owns (directly, indirectly or constructively) Blue Ordinary Shares with a fair market value of $50,000 or more but owns less than 10% of the total combined voting power and value of Blue will recognize gain (but not loss) with respect to the Business Combination unless such U.S. Holder elects to recognize the "all earnings and profits" amount attributable to such holder as described below.

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Unless such a U.S. Holder makes the "all earnings and profits" election as described below, such holder generally must recognize gain (but not loss) with respect to Blue Ordinary Shares received in the Business Combination in an amount equal to the excess of the fair market value of Blue Ordinary Shares received over the U.S. Holder's adjusted tax basis in the Blue Ordinary Shares deemed surrendered in the Business Combination.

As an alternative to recognizing any gain as described in the preceding paragraph, such a U.S. Holder may elect to include in income as a deemed dividend the "all earnings and profits amount" attributable to its Blue Ordinary Shares under Section 367(b) of the Code. There are, however, strict conditions for making this election. This election must comply with applicable Treasury Regulations and generally must include, among other information:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a statement that the Business Combination is a Section 367(b) exchange;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a complete description of the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a description of any stock, securities or other consideration
transferred or received in the Business Combination;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement describing the amounts required to be taken into
account for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;(v) a statement that the U.S. Holder is making the election
and that includes (A) a copy of the information that the U.S. Holder received from Blue establishing and substantiating the
"all earnings and profits amount" with respect to the U.S. Holder's Blue Ordinary Shares, and (B) a representation
that the U.S. Holder has notified Blue that the U.S. Holder is making the election; and

&nbsp;&nbsp;&nbsp;&nbsp;(vi) certain other information required to be furnished with the
U.S. Holder's tax return or otherwise furnished pursuant to the Code or the Treasury Regulations thereunder.

In addition, the election must be attached by an electing U.S. Holder to such holder's timely filed U.S. federal income tax return for the taxable year in which the Business Combination occurs, and the U.S. Holder must send notice of making the election to Blue no later than the date such tax return is filed. In connection with this election, Blue may in its discretion provide each U.S. Holder eligible to make such an election with information regarding Blue's earnings and profits upon request.

**U.S. HOLDERS ARE STRONGLY URGED TO CONSULT A TAX ADVISOR REGARDING THE CONSEQUENCES OF MAKING AN ELECTION AND THE APPROPRIATE FILING REQUIREMENTS WITH RESPECT TO AN ELECTION.**

 

&nbsp;&nbsp;&nbsp;&nbsp;*C.* *U.S. Holders that Own Blue Ordinary Shares with a Fair Market Value of Less Than $50,000* 

A U.S. Holder who, on the date of the Business Combination, beneficially owns (directly, indirectly, or constructively) Blue Ordinary Shares with a fair market value less than $50,000 (and who own less than 10% of voting power or value of Blue) should not be required to recognize any gain or loss under Section 367 of the Code in connection with the Business Combination and generally should not be required to include any part of the "all earnings and profits amount" in income.

**All U.S. Holders of Blue Ordinary Shares are urged to consult their tax advisors with respect to the effect of Section 367 of the Code to their particular circumstances.**

 

***Redemption of Blue Ordinary Shares***

Subject to the PFIC rules described above, in the event that a U.S. Holder of Blue Ordinary Shares exercises such holder's right to have such holder's Blue Ordinary Shares redeemed pursuant to the redemption provisions described herein, the treatment of the transaction for U.S. federal income tax purposes will depend on whether the redemption qualifies as a sale of such Blue Ordinary Shares pursuant to Section 302 of the Code or whether the U.S. Holder will be treated as receiving a corporate distribution within the meaning of Section 301 of the Code. Whether that redemption qualifies for sale treatment will depend largely on the total number of shares of Blue Ordinary Shares treated as held by the U.S. Holder (including any Blue Ordinary Shares constructively owned by the U.S. Holder as a result of, among other things, owning warrants) relative to the total number of all Blue Ordinary Shares both before and after the redemption. The redemption of Blue Ordinary Shares generally will be treated as a sale of the shares (rather than as a corporate distribution) if the redemption is "substantially disproportionate" with respect to the U.S. Holder, results in a "complete termination" of the U.S. Holder's interest in Blue or is "not essentially equivalent to a dividend" with respect to the U.S. Holder. These tests are explained more fully below.

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In determining whether any of the foregoing tests are satisfied, a U.S. Holder takes into account not only stock actually owned by the U.S. Holder, but also Blue Ordinary Shares that are constructively owned by such U.S. Holder. A U.S. Holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals and entities in which the U.S. Holder has an interest or that have an interest in such U.S. Holder, as well as any stock the U.S. Holder has a right to acquire by exercise of an option, which generally would include Blue Ordinary Shares that could be acquired pursuant to the exercise of the Warrants. In order to meet the substantially disproportionate test, the percentage of Blue's outstanding voting stock actually and constructively owned by the U.S. Holder immediately following the redemption of Blue Ordinary Shares must, among other requirements, be less than 80% of the percentage of Blue's outstanding voting stock actually and constructively owned by the U.S. Holder immediately before the redemption. There will be a complete termination of a U.S. Holder's interest if either all the Blue Ordinary Shares actually and constructively owned by the U.S. Holder are redeemed or all the Blue Ordinary Shares actually owned by the U.S. Holder are redeemed and the U.S. Holder is eligible to waive, and effectively waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. Holder does not constructively own any other stock. The redemption of the Blue Ordinary Shares will not be essentially equivalent to a dividend if a U.S. Holder's redemption results in a "meaningful reduction" of the U.S. Holder's proportionate interest in Blue. Whether the redemption will result in a meaningful reduction in a U.S. Holder's proportionate interest in Blue will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no control over corporate affairs may constitute such a "meaningful reduction." A U.S. Holder should consult with its own tax advisors as to the tax consequences of redemption.

If the redemption qualifies as a sale of stock by the U.S. Holder under Section 302 of the Code, the U.S. Holder generally will be required to recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and the tax basis of the Blue Ordinary Shares redeemed. Such gain or loss should be treated as capital gain or loss if such shares were held as a capital asset on the date of the redemption. A U.S. Holder's tax basis in such holder's shares of Blue Ordinary Shares generally will equal the cost of such shares. A U.S. Holder that purchased Blue Public Units would have been required to allocate the cost between the Public Shares and the Blue Public Share Rights comprising the Blue Public Units based on their relative fair market values at the time of the purchase.

If the redemption does not qualify as a sale of stock under Section 302 of the Code, then the U.S. Holder will be treated as receiving a corporate distribution. Such distribution generally will constitute a dividend for U.S. federal income tax purposes to the extent paid from current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder's adjusted tax basis in such U.S. Holder's Blue Ordinary Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Blue Ordinary Shares. Special rules apply to dividends received by U.S. Holders that are taxable corporations. After the application of the foregoing rules, any remaining tax basis of the U.S. Holder in the redeemed Blue Ordinary Shares will be added to the U.S. Holder's adjusted tax basis in its remaining Blue Ordinary Shares, or, to the basis of Blue Ordinary Shares constructively owned by such holder if the stock actually owned by the holder is completely redeemed.

**Non-U.S. Holders**

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***Tax Consequences for Non-U.S. Holders of Owning and Disposing of Pubco Common Stock***

 

*Distributions on Pubco Common Stock*

Distributions of cash or property to a Non-U.S. Holder in respect of Pubco Common Stock will constitute dividends for U.S. federal income tax purposes to the extent paid from Pubco's current or accumulated earnings and profits, as determined under U.S. federal income tax principles. If a distribution exceeds Pubco's current and accumulated earnings and profits, the excess will be treated first as a tax-free return of capital to the extent of the Non-U.S. Holder's adjusted tax basis in Pubco Common Stock. Any remaining excess will be treated as capital gain and will be treated as described below under "— *Gain on Disposition of Pubco Common Stock*."

Dividends paid to a Non-U.S. Holder of Pubco Common Stock generally will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the Non-U.S. Holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment of the Non-U.S. Holder) are not subject to such withholding tax, provided certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to United States federal income tax on a net income basis in the same manner as if the Non-U.S. Holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A Non-U.S. Holder of Pubco Common Stock who wishes to claim the benefit of an applicable treaty rate and avoid backup withholding, as described below, for dividends will be required (a) to complete the applicable IRS Form W-8 and certify under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if Pubco Common Stock are held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable United States Treasury regulations. Special certification and other requirements apply to certain Non-U.S. Holders that are pass-through entities rather than corporations or individuals.

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A Non-U.S. Holder of Pubco Common Stock eligible for a reduced rate of U.S. withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim or refund with the IRS. Non-U.S. Holders are urged to consult their own tax advisors regarding their entitlement to the benefits under any applicable income tax treaty.

 

*Gain on Disposition of Pubco Common Stock*

Subject to the description of backup withholding below, any gain realized by a Non-U.S. Holder on the taxable disposition of Pubco Common Stock generally will not be subject to U.S. federal income tax unless:

● the gain is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment of the non-U.S. Holder);

● the Non-U.S. Holder is an individual who is present in the United States for a period or periods aggregating 183 days or more in the taxable year of the disposition, and certain other conditions are met; or

● Pubco is or has been a "United States real property holding corporation" for U.S. federal income tax purposes at any time during the shorter of the five year period ending on the date of disposition or the Non-U.S. Holder's holding period for such securities disposed of, and, generally, in the case where shares of Pubco Common Stock are regularly traded on an established securities market, the Non-U.S. Holder has owned, directly or indirectly, more than 5% of such shares, as applicable, at any time during the shorter of the five year period ending on the date of disposition or the Non-U.S. Holder's holding period for the shares disposed of. There can be no assurance that shares of Pubco Common Stock will be treated as regularly traded on an established securities market for this purpose.

An individual Non-U.S. Holder described in the first bullet point immediately above will be subject to tax on the net gain derived from the sale under regular graduated U.S. federal income tax rates. An individual Non-U.S. Holder described in the second bullet point immediately above will be subject to a flat 30% tax on the gain derived from the sale, which may be offset by United States source capital losses, even though the individual is not considered a resident of the United States, provided that the individual has timely filed U.S. federal income tax returns with respect to such losses. If a Non-U.S. Holder that is a foreign corporation falls under the first bullet point immediately above, it will be subject to tax on its net gain in the same manner as if it were a United States person as defined under the Code and, in addition, may be subject to the branch profits tax equal to 30% (or such lower rate as may be specified by an applicable income tax treaty) of its effectively connected earnings and profits, subject to adjustments.

Pubco does not believe it is and does not anticipate becoming a "United States real property holding corporation" for U.S. federal income tax purposes. However, the determination as to whether Pubco is or will become a "United States real property holding corporation" will not be made until a future tax year, and there can be no assurance that Pubco will not become such a corporation in the future.

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***Tax Consequences to Non-U.S. Holders That Elect to Have Their Blue Ordinary Shares Redeemed for Cash***

This section is addressed to Non-U.S. Holders of Blue Ordinary Shares that elect to have their Blue Ordinary Shares redeemed for cash. For purposes of this description, a "**Redeeming Non-U.S. Holder**" is a Non-U.S. Holder that redeems its Blue Ordinary Shares.

Except as otherwise described in this section, a Redeeming Non-U.S. Holder who elects to have its Blue Ordinary Shares redeemed for cash will generally be treated in the same manner as a Converting U.S. Holder for U.S. federal income tax purposes. See the description above under *"— U.S. Holders — Redemption of Blue Ordinary Shares.*"

A Redeeming Non-U.S. Holder will not be subject to U.S. federal income tax on any gain recognized as a result of the exchange unless:

● such Redeeming Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year in which the Redemption takes place and certain other conditions are met; or

● such Redeeming Non-U.S. Holder is engaged in a trade or business within the United States and any gain recognized in the exchange is treated as effectively connected with such trade or business (and, if required by an applicable income tax treaty, the gain is attributable to a United States permanent establishment of such Non-U.S. Holder), in which case the Redeeming Non-U.S. Holder will generally be subject to the same treatment as a Converting U.S. Holder with respect to the exchange, and a Redeeming Non-U.S. Holder that is classified as a corporation for U.S. federal income tax purposes may be subject to an additional branch profits tax at a 30% rate (or lower rate as may be specified by an applicable income tax treaty).

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With respect to any Redemption of Blue Ordinary Shares for cash that is treated as a distribution rather than a sale, any amount treated as dividend income received by a Redeeming Non-U.S. Holder that is effectively connected with such holder's conduct of a U.S. trade or business (and, if required by an applicable income tax treaty, such dividends are attributable to a United States permanent establishment of the Redeeming Non-U.S. Holder), will be taxed as described above under "— *U.S. Holders — Tax Consequences to U.S. Holders That Elect to Have Their Blue Ordinary Shares Converted for Cash.*" In addition, dividends received by a Redeeming Non-U.S. Holder that is classified as a corporation for U.S. federal income tax purposes that are effectively connected with the holder's conduct of a U.S. trade or business may also be subject to an additional branch profits tax at a rate of 30% or such lower rate as may be specified by an applicable income tax treaty.

Redeeming Non-U.S. Holders of Blue Ordinary Shares considering exercising their redemption rights should consult their own tax advisors as to whether the Redemption of their shares will be treated as a sale or as a distribution under the Code.

This section makes references to holders of Blue Ordinary Shares that elect to have their Blue Ordinary Shares "converted" for cash as described in the section entitled "*The Blue Extraordinary General Meeting — Redemption Rights*." For purposes of this description, "conversion" refers to the process of requesting that a holder's Blue Ordinary Shares be redeemed for cash in accordance with the terms of the Current Charter and with applicable Cayman Islands law.

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***Information Reporting and Backup Withholding***

Pubco must report annually to the IRS and to each Non-U.S. Holder the amount of dividends paid to such holder and the tax withheld with respect to such dividends, regardless of whether withholding was required. Copies of the information returns reporting such dividends and withholding may also be made available to the tax authorities in the country in which the Non-U.S. Holder resides under the provisions of an applicable income tax treaty.

A Non-U.S. Holder will be subject to backup withholding for dividends paid to such holder unless such holder certifies under penalty of perjury that it is a Non-U.S. Holder (and the payor does not have actual knowledge or reason to know that such holder is a United States person as defined under the Code), or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale of Pubco Common Stock within the United States or conducted through certain United States-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a Non-U.S. Holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes an exemption.

Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

**Foreign Account Tax Compliance Act**

Sections 1471 through 1474 of the Code and the Treasury Regulations and administrative guidance promulgated thereunder (commonly referred as the "**Foreign Account Tax Compliance Act**" or "**FATCA**") generally impose withholding at a rate of 30% in certain circumstances on dividends in respect of securities (including Pubco Common Stock) which are held by or through certain foreign financial institutions (including investment funds), unless any such institution (i) enters into, and complies with, an agreement with the IRS to report, on an annual basis, information with respect to interests in, and accounts maintained by, the institution that are owned by certain U.S. persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments, or (ii) if required under an intergovernmental agreement between the United States and an applicable foreign country, reports such information to its local tax authority, which will exchange such information with the U.S. authorities. An intergovernmental agreement between the United States and an applicable foreign country may modify these requirements. Accordingly, the entity through which shares of Pubco Common Stock are held will affect the determination of whether such withholding is required. Similarly, dividends in respect of Pubco Common Stock held by an investor that is a non-financial non-U.S. entity that does not qualify under certain exceptions will generally be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the applicable withholding agent that such entity does not have any "substantial United States owners" or (ii) provides certain information regarding the entity's "substantial United States owners," which will in turn be provided to the U.S. Department of Treasury. All holders should consult their tax advisors regarding the possible implications of FATCA on their ownership of Pubco Common Stock.

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**INFORMATION ABOUT BLUE**

 

*Unless the context otherwise requires, all references in this section to the "Company," "we," "us" or "our" refer to Blue.*

**Overview**

We are a blank check company incorporated as an exempted company under the laws of the Cayman Islands on February 10, 2025, which seeks to effect a Business Combination with one or more businesses or entities.

**Initial Public Offering**

On June 16, 2025, we consummated our IPO of 20,125,000 Blue Public Units, including 2,625,000 Blue Public Units issued pursuant to the exercise of the underwriters' over-allotment option. Each Blue Public Unit consists of one Blue Class A Ordinary Share and one Blue Public Share Right, with each Blue Public Share Right entitling the holder thereof to receive one tenth (1/10th) of one Blue Class A Ordinary Share upon consummation of by Blue of an initial business combination (including the proposed Business Combination). The Blue Public Units were sold at a price of $10.00 per unit, generating gross proceeds to Blue of $201,250,000.

Simultaneously with the closing of the IPO, we completed the private sale of an aggregate of 592,250 Blue Private Placement Units to our Sponsor and IPO Underwriters, at a purchase price of $10.00 per unit, generating gross proceeds of $5,922,500.

A total of $201,250,000 of the proceeds from the IPO and the Private Placement (which amount includes up to $7,043,750 of deferred underwriting fees), was placed in the Trust Account maintained by the Trustee.

It is the job of our Sponsor and management team to complete our initial business combination. We must complete our initial business combination by March 16, 2027, the end of our Combination Period, which is 21 months from the closing of our IPO, unless we decide to pursue an amendment to our Current Charter and select another time period in which we must consummate an initial business combination. If our initial business combination is not consummated by the end of our Combination Period, then our existence will terminate, and we will distribute all amounts in the Trust Account, as described further herein.

We may seek to extend the Combination Period consistent with applicable laws, regulations and stock exchange rules. Such an Extension would require the approval of our Public Shareholders, who will be provided the opportunity to redeem all or a portion of their Public Shares. Such redemptions will likely have a material adverse effect on the amount held in our Trust Account, our capitalization, principal shareholders and other impacts on our Company or management team, such as our ability to maintain our listing on Nasdaq.

**Our Company**

We are focused on identifying a business combination target within a manufacturing company or data center that aligns with green energy initiatives and sustainable industrial practices, as well as software development in emerging technologies like AI, cybersecurity and energy management. The ideal target will leverage cutting-edge clean energy solutions to drive environmentally responsible production processes. We are predominantly focused on targets within the U.S. However, our search may expand to international markets.

By seeking a business combination target with sustainable manufacturing and renewable energy generation, we are poised to drive long-term value creation and advance climate-friendly industrialization. Further, we believe this approach will yield enhanced margins compared to either direct manufacturing from grid power or from direct energy generation alone as the target will be expected to be able to produce energy at lower cost and convert its low-cost energy into a higher value product.

**Experience and Responsibilities of our Sponsor**

Our Sponsor is a Delaware limited liability company, which was recently formed in February 2025 to invest in Blue. Although our Sponsor is permitted to undertake any activities permitted under the Delaware Limited Liability Company Act and other applicable law, our Sponsor's business is focused solely on investing in Blue.

Our management team is led by Ketan Seth, our Chief Executive Officer and director, and David Bauer, our Chief Financial Officer and director. Mr. Seth has 20 years of deal making experience in the tech sector as well as in the data centers space. He is the CEO of Vezbi, the first American Super App focused on fintech and healthcare verticals both in the US as well as Latin America. Mr. Bauer served as CEO and a director of Matters Media (now Engrost Inc.), a digital media properties and management firm, from 2015 to January 2025, where he led all operations and M&A activity for the holding company, including financial operations.

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We are not prohibited from paying any fees (including advisory fees), reimbursements or cash payments to our Sponsor, officers or directors, or our or their affiliates, for services rendered to us prior to or in connection with the completion of our initial business combination, which, if made prior to the completion of our initial business combination, will be paid from funds held outside the Trust Account

**Redemption Rights for Public Shareholders upon Completion of Our Initial Business Combination**

We will provide our Public Shareholders with the opportunity to redeem all or a portion of their Blue Class A Ordinary Shares, regardless of whether they abstain, vote for, or vote against, our initial business combination, upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial business combination, including interest earned on the funds held in the Trust Account (less income taxes, if any, payable), divided by the number of then outstanding Public Shares, subject to the limitations and on the conditions described herein. The amount in the Trust Account is initially anticipated to be $10.00 per Public Share. The per share amount we will distribute to investors who properly redeem their shares will not be reduced by the deferred underwriting fees to be paid to the IPO Underwriters. Our Sponsor, officers and directors have entered into an Insider Letter with us, pursuant to which they have agreed to waive redemption rights with respect to their Founder Shares, Blue Class A Ordinary Shares included in their Blue Private Placement Units, and any Public Shares they may hold in connection with the completion of our initial business combination.

Our proposed initial business combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all Blue Class A Ordinary Shares that are validly submitted for Redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all Blue Class A Ordinary Shares submitted for redemption will be returned to the holders thereof. We may, however, raise funds through the issuance of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.

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***Manner of Conducting Redemptions***

We will provide our Public Shareholders with the opportunity to redeem all or a portion of their Blue Class A Ordinary Shares upon the completion of our initial business combination either (i) in connection with a general meeting called to approve the business combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether we will seek shareholder approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek shareholder approval under applicable law or stock exchange listing requirement or whether we were deemed to be a foreign private issuer (which would require a tender offer rather than seeking shareholder approval under SEC rules). Asset acquisitions and share purchases would not typically require shareholder approval while direct mergers with our company (other than with a 90% subsidiary of ours) and any transactions where we issue more than 20% of our issued and outstanding ordinary shares or seek to amend our Current Charter would require shareholder approval. So long as we obtain and maintain a listing for our securities on Nasdaq, we will be required to comply with Nasdaq's shareholder approval rules.

The requirement that we provide our Public Shareholders with the opportunity to redeem their Public Shares by one of the two methods listed above is contained in provisions of our Current Charter and will apply whether or not we maintain our registration under the Exchange Act or our listing on Nasdaq. Such provisions may be amended if approved by a special resolution, which requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company, so long as we offer Redemption in connection with such amendment.

If we provide our Public Shareholders with the opportunity to redeem their Public Shares in connection with a general meeting, we will, pursuant to our Current Charter:

● conduct the Redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and

● file proxy materials with the SEC.

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If we seek shareholder approval, we will complete our initial business combination only if we receive an ordinary resolution under Cayman Islands law and our Current Charter, which requires the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company, voting together as a single class. However, if our initial business combination is structured as a statutory merger or consolidation with another company under Cayman Islands law, the approval of our initial business combination will require a special resolution, which requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the company, voting together as a single class. A quorum for such meeting will be present if the holders of at least one third of issued and outstanding shares entitled to vote at the meeting are represented in person or by proxy. Our Sponsor, officers and directors will count toward this quorum and, pursuant to the Insider Letter, our Sponsor, officers and directors have agreed to vote their Founder Shares, Blue Class A Ordinary Shares underlying Blue Private Placement Units and any Public Shares purchased during or after the IPO in favor of our initial business combination (including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the business combination transaction). For purposes of seeking approval of an ordinary resolution, non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.

In accordance with the Insider Letter entered into concurrently with the IPO, all of the Blue Ordinary Shares owned by the Sponsor, equal approximately 26.7% of the issued and outstanding Blue Ordinary Shares (not including any Blue Class A Ordinary Shares issuable upon conversion of Blue Share Rights), will be voted in favor of each of the proposals. Assuming all of the outstanding Blue Ordinary Shares vote on each proposal, each of the proposals other than the Merger Proposal requires the affirmative vote of an additional 6,520,169 Blue Class A Ordinary Shares, or approximately 32.4% of the Public Shares, in order to be approved, where the Blue Class A Ordinary Shares vote together with the Blue Class B Ordinary Shares as a single class. Assuming all of the outstanding Blue Ordinary Shares vote on the Merger Proposal, the Merger Proposal requires the affirmative vote of an additional 11,180,529 Blue Class A Ordinary Shares, or approximately 55.6% of the Public Shares, in order to be approved, where the Blue Class A Ordinary Shares vote together with the Blue Class B Ordinary Shares as a single class. Assuming that only the holders of one-third of the issued and outstanding Blue Ordinary Shares, representing a quorum under our Current Charter, vote their shares, regardless of such vote pertains to an ordinary resolution or a special resolution of two-thirds of Blue Ordinary Shares voted at the meeting, we would not need any Public Shares in addition to the shares held by our Sponsor to be voted in favor of an initial business combination in order to approve an initial business combination. In addition, prior to the closing of our initial business combination, only holders of our Blue Class B Ordinary Shares (i) will have the right to appoint and remove directors prior to or in connection with the completion of our initial business combination and (ii) will be entitled to vote on continuing our company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). These quorum and voting thresholds, and the voting agreement of our Sponsor, officers and directors, may make it more likely that we will consummate our initial business combination. Each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or vote against the proposed transaction, or whether they do not vote or abstain from voting on the proposed transaction, or whether they were a Public Shareholder on the record date for the general meeting held to approve the proposed transaction.

If a shareholder vote is not required and we do not decide to hold a shareholder vote for business or other legal reasons, we will:

● conduct the Redemptions pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and

● file tender offer documents with the SEC prior to completing our initial business combination which contain substantially the same financial and other information about the initial business combination and the redemption rights as is required under Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.

In the event we conduct Redemptions pursuant to the tender offer rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned on Public Shareholders not tendering more than the number of Public Shares we are permitted to redeem. If Public Shareholders tender more shares than we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.

Upon the public announcement of our initial business combination, if we elect to conduct Redemption pursuant to the tender offer rules, we or our Sponsor will terminate any plan established in accordance with Rule 10b5-1 to purchase our Blue Class A Ordinary Shares in the open market, in order to comply with Rule 14e-5 under the Exchange Act.

We intend to require our Public Shareholders seeking to exercise Redemption, whether they are record holders or hold their shares in "street name," to, at the holder's option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the scheduled vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a shareholder vote, we intend to require a Public Shareholder seeking redemption of its Public Shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our Public Shares in connection with our initial business combination will indicate whether we are requiring Public Shareholders to satisfy such delivery requirements. We believe that this will allow our transfer agent to efficiently process any Redemptions without the need for further communication or action from the redeeming Public Shareholders, which could delay Redemptions and result in additional administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company, we will promptly return any certificates or shares delivered by Public Shareholders who elected to redeem their shares.

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Our proposed initial business combination may impose a minimum cash requirement for (i) cash consideration to be paid to the target or its owners, (ii) cash for working capital or other general corporate purposes or (iii) the retention of cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all Blue Class A Ordinary Shares that are validly submitted for Redemption plus any amount required to satisfy cash conditions pursuant to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete the initial business combination or redeem any shares, and all Blue Class A Ordinary Shares submitted for Redemption will be returned to the holders thereof. We may, however, raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.

***Limitation on Redemption Upon Completion of Our Initial Business Combination If We Seek Shareholder Approval***

If we seek shareholder approval of our initial business combination and we do not conduct Redemptions in connection with our initial business combination pursuant to the tender offer rules, our Current Charter provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a "group" (as defined under Section 13 of the Exchange Act), will be restricted from seeking redemption rights with respect to excess shares without our prior consent. We believe this restriction will discourage shareholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to exercise their redemption rights against a proposed business combination as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a Public Shareholder holding more than an aggregate of 15% of the Public Shares could threaten to exercise its redemption rights if such holder's shares are not purchased by us, our Sponsor or our management at a premium to the then-current market price or on other undesirable terms. By limiting our shareholders' ability to redeem no more than 15% of the Public Shares without our prior consent, we believe we will limit the ability of a small group of shareholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash.

However, we would not be restricting our shareholders' ability to vote all of their shares (including excess shares) for or against our initial business combination.

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***Delivering Share Certificates in Connection with the Exercise of Redemption Rights***

As described above, we intend to require our Public Shareholders seeking to exercise their Redemption rights, whether they are record holders or hold their shares in "street name," to, at the holder's option, either deliver their share certificates to our transfer agent or deliver their shares to our transfer agent electronically using the Depository Trust Company's DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the scheduled vote on the proposal to approve the initial business combination. In addition, if we conduct Redemptions in connection with a shareholder vote, we intend to require a Public Shareholder seeking Redemption of its Public Shares to also submit a written request for redemption to our transfer agent two business days prior to the scheduled vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our Public Shares in connection with our initial business combination will indicate whether we are requiring Public Shareholders to satisfy such delivery requirements. Accordingly, a Public Shareholder would have up to two business days prior to the scheduled vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise its Redemption rights. In the event that a shareholder fails to comply with these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be redeemed. Given the relatively short exercise period, it is advisable for shareholders to use electronic delivery of their Public Shares.

There is a nominal cost associated with the above-referenced process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge the broker submitting or tendering shares a fee of approximately $100, and it would be up to the broker whether or not to pass this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise Redemption rights to submit or tender their shares. The need to deliver shares is a requirement of exercising Redemption rights regardless of the timing of when such delivery must be effectuated.

Any request to redeem such shares, once made, may be withdrawn at any time up to the date set forth in the proxy materials or tender offer documents, as applicable. Furthermore, if a holder of a Public Share delivered its certificate in connection with an election of Redemption rights and subsequently decides prior to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our Public Shares electing to redeem their shares will be distributed promptly after the completion of our initial business combination.

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If our initial business combination is not approved or completed for any reason, then our Public Shareholders who elected to exercise their Redemption rights would not be entitled to redeem their shares for the applicable pro rata share of the Trust Account. In such case, we will promptly return any certificates delivered by Public Shareholders who elected to redeem their shares.

If our initial proposed business combination is not completed, we may continue to try to complete a business combination with a different target until the end of the Combination Period.

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***Redemption of Public Shares and Liquidation if No Initial Business Combination***

Our Current Charter provides that we will have only the duration of the Combination Period to complete our initial business combination. If we have not completed our initial business combination within such time period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter (and subject to lawfully available funds therefor), redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (which interest shall be net of income taxes, if any, and less up to $100,000 of interest to pay dissolution expenses), divided by the number of then-outstanding Public Shares, which redemption will completely extinguish Public Shareholders' rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such Redemption, subject to the approval of our remaining shareholders and the Blue Board, liquidate and dissolve, subject in each case to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with respect to our Share Rights, which will expire worthless if we fail to complete our initial business combination within the Combination Period.

Our Sponsor, officers and directors have entered into the Insider Letter with us, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any Founder Shares and Blue Class A Ordinary Shares underlying Blue Private Placement Units held by them if we fail to complete our initial business combination within the Combination Period, although they will be entitled to liquidating distributions from assets outside the Trust Account. However, if our Sponsor or management team acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if we fail to complete our initial business combination within the allotted Combination Period.

Our Sponsor, officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our Current Charter (A) to modify the substance or timing of our obligation to allow Redemption in connection with our initial business combination or to redeem 100% of our Public Shares if we do not complete our initial business combination within the Combination Period or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity, in each case unless we provide our Public Shareholders with the opportunity to redeem their Public Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less income taxes payable, if any), divided by the number of then outstanding Public Shares.

We expect that all costs and expenses associated with implementing our plan of dissolution, as well as payments to any creditors, will be funded from amounts held outside the Trust Account, although we cannot assure you that there will be sufficient funds for such purpose. However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution, to the extent that there is any interest accrued in the Trust Account not required to pay taxes on interest income earned on the Trust Account balance, we may request the Trustee to release to us an additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.

If we were to expend all of the net proceeds of the IPO and the sale of the Blue Private Placement Units, other than the proceeds deposited in the Trust Account, and without taking into account interest, if any, earned on the Trust Account, the per-share Redemption amount received by shareholders upon our dissolution would be approximately $10.00. The proceeds deposited in the Trust Account could, however, become subject to the claims of our creditors which would have higher priority than the claims of our Public Shareholders. We cannot assure you that the actual per-share redemption amount received by shareholders will not be substantially less than $10.00. While we intend to pay such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors' claims.

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Although we will seek to have all vendors, service providers, prospective target businesses and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the Trust Account for the benefit of our Public Shareholders, there is no guarantee that they will execute such agreements or even if they execute such agreements that they would be prevented from bringing claims against the Trust Account including but not limited to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held in the Trust Account. If any third party refuses to execute an agreement waiving such claims to the monies held in the Trust Account, our management will consider whether competitive alternatives are reasonably available to us and will only enter into an agreement with such third party if management believes that such third party's engagement would be in the best interests of the Company under the circumstances. Examples of possible instances where we may engage a third party that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service provider willing to execute a waiver. Elliott Davis, PLLC, our independent registered public accounting firm, and the IPO Underwriters will not execute agreements with us waiving such claims to the monies held in the Trust Account. In addition, there is no guarantee that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements with us and will not seek recourse against the Trust Account for any reason. In order to protect the amounts held in the Trust Account, our Sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products sold to us (except for the Company's independent registered public accounting firm), or a prospective target business with which we have entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less income taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity of the IPO Underwriters against certain liabilities, including liabilities under the Securities Act. However, we have not asked our Sponsor to reserve for such indemnification obligations, nor have we independently verified whether our Sponsor has sufficient funds to satisfy its indemnity obligations and we believe that our Sponsor's only assets are securities of Blue. Therefore, we cannot assure you that our Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for our initial business combination and redemptions could be reduced to less than $10.00 per Public Share. In such event, we may not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with any redemption of your Public Shares. None of our officers or directors will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.

In the event that the proceeds in the Trust Account are reduced below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account if less than $10.00 per share due to reductions in the value of the trust assets, in each case less income taxes payable, and our Sponsor asserts that it is unable to satisfy its indemnification obligations or that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action against our Sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would take legal action on our behalf against our Sponsor to enforce its indemnification obligations to us, it is possible that our independent directors in exercising their business judgment may choose not to do so in any particular instance if, for example, the cost of such legal action is deemed by the independent directors to be too high relative to the amount recoverable or if the independent directors determine that a favorable outcome is not likely. Accordingly, we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.00 per share.

We will seek to reduce the possibility that our Sponsor will have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Our Sponsor will also not be liable as to any claims under our indemnity of the IPO Underwriters against certain liabilities, including liabilities under the Securities Act. We will have access to amounts held outside of the Trust Account with which to pay any such potential claims (including costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000). In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, shareholders who received funds from our Trust Account could be liable for claims made by creditors.

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If we file a bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, the proceeds held in the Trust Account could be subject to applicable bankruptcy or insolvency law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the Trust Account, we cannot assure you we will be able to return $10.00 per share to our Public Shareholders. Additionally, if we file a bankruptcy or insolvency petition or an involuntary bankruptcy or insolvency petition is filed against us that is not dismissed, any distributions received by shareholders could be viewed under applicable debtor/creditor and/or bankruptcy/insolvency laws as either a "preferential transfer" or a "fraudulent conveyance, preference or disposition." As a result, a liquidator or bankruptcy or other court could seek to recover some or all amounts received by our shareholders. Furthermore, our board of directors may be viewed as having breached its fiduciary duty to us or our creditors and/or may have acted in bad faith, and thereby exposing itself and Blue to claims of punitive damages, by paying Public Shareholders from the Trust Account prior to addressing the claims of creditors. We cannot assure you that claims will not be brought against us for these reasons.

**Employees**

We currently have two officers: Messrs. Ketan Seth, our CEO, and David Bauer, our CFO. They are not obligated to devote any specific number of hours to our matters but they intend to devote as much of their time as they deem necessary to our affairs until we have completed our initial business combination. The amount of time they will devote in any time period will vary based on whether a target business has been selected for our initial business combination and the stage of the business combination process we are in. We do not intend to have any full time employees prior to the completion of our initial business combination.

**Legal Proceedings**

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacities as such.

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**BLUE'S MANAGEMENT**

 

*Unless otherwise indicated or the context otherwise requires, references in this section to "we," "our," "us" and other similar terms refer to Blue before the Business Combination.*

**Directors and Executive Officers**

We have six directors. The directors and executive officers of Blue are as follows as of the date of this proxy statement/prospectus:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Ketan Seth | 49 | Chief Executive Officer and Director |
| David Bauer | 42 | Director and Chief Financial Officer |
| General (Retired) Wesley Clark | 80 | Non-Executive Chairman of the Board |
| Kenneth Moritsugu | 80 | Director |
| Nadim Qureshi | 51 | Director |
| Dario Dino Ferrari | 56 | Director |

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**Ketan Seth**, a director of our Company since February 10, 2025 and our CEO since February 10, 2025, has 20 years of deal making experience in the tech sector as well as in the data centers space. Since October 2022, Mr. Seth has been the CEO of Vezbi, the first American Super App focused on healthcare services such as telemedicine and small payment and remittance systems for B2B clients both in the US as well as Latin America. In addition, since August 2020, Mr. Seth has been CEO of AT Health Inc. (formerly Innovative Health Consulting LLC) and since January 2011, Mr. Seth has been Managing Partner of Alpha Trading LLC, a US based private investment holding company focused on fintech and healthcare. From 2005 to 2012, Mr. Seth was CEO of Innovative Logistics Solutions. From 2000 to 2004, Mr. Seth worked in the Deutsche Bank Investment Banking division, assisting on deal flow and private placements. From 1998 to 2000, Mr. Seth served as a Business Strategy Consultant at Deloitte Consulting. Mr. Seth earned a BA in Economics from University of Michigan and an MBA from the Stern School of Business at NYU, with a concentration in Finance, Entrepreneurship and Strategy. Mr. Seth is qualified to serve as a director of Blue due to his executive experience.

**David Bauer**, our CFO since February 25, 2025 and a director since June 12, 2025, served as CEO and a director of Matters Media (now Engrost Inc.), a digital media properties and management firm, from 2015 to January 2025, where he led all operations and M&A activity for the holding company, including financial operations. From 2012 to 2015, Mr. Bauer was head of operations, M&A Advisory in the financial services sector for Zenia Group. From 2007 to 2010, Mr. Bauer was employed by Goldman Sachs as a Financial Analyst in management, trading and servicing of distressed and par loans and was leader of the synthetic bank loans team. Mr. Bauer is qualified to serve as a director of Blue due to his financial and management experience.

**General (Retired) Wesley Clark**, a director since June 12, 2025, has served as a member of the board of directors of ImmunityBio, Inc. (NASDAQ: IBRX) since March 2021. Since 2003, he has served as Chairman and CEO of Wesley K. Clark & Associates, LLC, a strategic consulting firm specializing in business development, crisis support and strategic communications. Since 2010, he has served as Chairman and CEO of Enverra, Inc., a boutique investment bank. Gen. Clark has been a director of special purpose companies – from December 14, 2021 to December 13, 2024, Gen. Clark served as a director of Swiftmerge Acquisition Corp., and from September 2005 to October 2009, General Clark was a director of Argyle Security, Inc., formerly Argyle Security Acquisition Corporation. He served 34 years in the U.S. Army, rising through the ranks to become a four-star general in 1996. He served as the Supreme Allied Commander Europe of NATO from 1997 to 2000, where he commanded Operation Allied Force in the Kosovo War. Highly decorated throughout his career, Gen. Clark was awarded the U.S. Presidential Medal of Freedom by President William J. Clinton. He has been a director of Directa Plus S.p.A. since August 2022 and MCF Energy Ltd. since December 2022. Gen. Clark previously served on the boards of directors of Equinox Gold Corp. from 2020 to 2023, and Rentech, Inc. from 2010 to 2018. He is a graduate of the U.S. Military Academy at West Point, where he was class valedictorian. After graduating from West Point, he was awarded a Rhodes Scholarship to the University of Oxford where he earned degrees in philosophy, politics and economics. He earned a master's degree in military science from the Command and General Staff College. Gen. Clark is qualified to serve as a member of the Blue Board based on his extensive leadership experience, success in both the public and private sectors, and experience serving on other public company boards of directors.

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**Dario Dino Ferrari**, director since June 12, 2025, has been the President of Ferrari Express Inc. ("**FEI**") since June 2000. As the President and shareholder of Ferrari Express, he successfully broadened the company's activities, particularly in the fields of security and logistics, extending operations into Canada, Brazil, and Mexico. He also served as the CEO of Ferrari Logistics, Inc., a New York-based logistics company, until the merger with FEI in January 2016. Mr. Ferrari received a Law Degree from the Catholic University of Milan. Mr. Ferrari is qualified to serve as a director of Blue because of his management experience.

**Dr. Kenneth Moritsugu**, director since June 12, 2025, has been the President and CEO of First Samurai Consulting, LLC, a firm specializing in health consulting focused on public health systems and policies, since 2007. Rear Admiral Moritsugu was the Acting Surgeon General of the United States in 2002 and again from July 2006 to 2007, when he retired from the Commissioned Corps of the United States Public Health Service (USPHS). Rear Admiral Moritsugu was a career officer in the USPHS for 37 years, where he served as the Deputy Surgeon General of the United States from 1998. He also served in the following key HHS and government positions -- Director of the Division of Medicine, Deputy Director of the Bureau of Health Professions, Director of the National Health Service Corps, and Assistant Bureau Director for Health Services and Medical Director of the Federal Bureau of Prisons. From 2007, Dr. Moritsugu was the VP for Global Professional Education and Strategic Relations for Johnson & Johnson's Diabetes Solutions Companies, and former Worldwide Chairman of the Johnson & Johnson (JJDI), until his retirement from Johnson & Johnson in 2013. He served as the Interim Chief Science and Medical Officer of the American Diabetes Association from August 2019 through June 2020. Dr. Moritsugu attended Chaminade College of Honolulu and earned a baccalaureate Degree with Honors from the University of Hawaii and a Master of Public Health in Health Administration and Planning from the University of California, Berkeley. Dr. Moritsugu is Board certified in Preventive Medicine; holds Fellowships in the American College of Preventive Medicine, the Royal Society of Public Health, the Royalty Society of Medicine, and the National Academy of Public Administration; and is a Certified Correctional Health Professional. He is an Adjunct Professor of Global Health at the George Washington University of Public Health and Adjunct Associate Professor of Preventive Medicine at the Uniformed Services University of the Health Sciences. Dr. Moritsugu is qualified to serve as a director of Blue due to his management experience.

**Nadim Qureshi,** director since June 12, 2025, is the Managing Partner of BPGC Management LP, a global private equity firm focused on transactions with the global industrials, materials and chemicals sectors, which he co-founded in 2020, where he is responsible for all aspects of firm and investment management. Mr. Qureshi has served as a director and officer of special purpose companies -- as Chairman, CEO and a director of BPGC Acquisition Corp. (formerly known as Ross Acquisition Corp II) since November 12, 2024 and prior thereto as Head of M&A since its inception in January 2021, as VP and Chief Strategy Officer of Quinpario Acquisition Corp. ("**Quinpario**") from May 13, 2013 until June 30, 2014, and as a Managing Director for WL Ross & Co. LLC, an affiliate of the sponsor of WL Ross Holding Corp., Mr. Qureshi supervised the Business Combination of WL Ross Holding Corp. with Nexeo Solutions, Inc. and served as a board member of the combined company from 2016 to 2017. From 2018 to 2020, Mr. Qureshi served as Managing Partner at Invesco Private Markets, a private investing division of Invesco Ltd., an investment management company, and from 2015 served as Managing Director, and as Managing Partner of WL Ross & Co. LLC, a private equity firm focused on investments in financially distressed companies with undervalued stocks, which since 2006 has been operating as a wholly owned subsidiary of Invesco Ltd. From 2012 to 2015, Mr. Qureshi was a Partner at Quinpario Partners LLC, a private equity firm. From 2005 to 2012, he was a senior executive with Solutia, Inc. (as Senior Vice President, Emerging Markets from August 2011), and part of the management team that led the restructuring and transformation of Solutia from a bankrupt commodity producer to a profitable specialty chemicals business until its sale to Eastman Chemical in 2012. From 2000 to 2005, Mr. Qureshi worked at Arthur D. Little, a global management consulting firm, and Charles River Associates, a global consulting firm. Mr. Qureshi also was a member of the board of directors of International Seaways (NYSE:INSW) from July 2021 until February 2024 and Diamond S Shipping (NYSE:DSSI) from 2017 to 2021 (as Chairman from 2019 until its merger in 2021), Mr. Qureshi has a Bachelor of Science degree in Chemical Engineering and a Master of Science degree in Micromolecular Science from Case Western Reserve University, as well as a Master of Business Administration degree from Northwestern University. Mr. Qureshi is qualified to serve as a director of Blue due to his considerable experience in investment, finance and mergers & acquisitions, as well as his managerial experience and service as a member of several public companies, including special purpose acquisition companies.

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***Special Advisors***

**William ("Glenn") Hill**

Glenn Hill, age 53, has been the CEO of the Studebaker Group, a multinational conglomerate with a strong background in defense and intelligence, technology, mobility, finance, government, and critical industrial sectors, since February 2017. Since November 2021, he has been CEO of the Security Council of the UN Alliance for Sustainable Development Goals. From July 2011 to March 2017, he was Executive Director of Global Security for Blackspear Group. Mr. Hill has a strong network across the US, Africa, Europe and the Middle East, critical to providing logistical support in challenging, fast-paced environments. Mr. Hill received an Associate's degree from Columbus State University and a Bachelor's degree from KWU.

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**Mina Janeska**

Mina Janeska, age 48, with 20 years of experience in real estate investment and asset management, including three years in the data center sector, is a trusted advisor in commercial strategy, market expansion, and sustainable investment. She has been the CEO of Nvisio Ltd., a strategic advisory platform providing investment and acquisition support across digital infrastructure and real estate that she founded, since November 2024. From May 2022 to October 2024, she was Commercial Director of Global Switch, a leading owner, operator and developer of large scale, carrier and cloud-neutral, multi-customer data centers in Europe and Asia Pacific. From March 2018 to May 2021, Ms. Janeska was Asset Manager for Fidelity International Ltd., a UK real estate fund. Ms. Janeska received a BSc degree in Urban Estate Management from University College Westminster and an MSc degree in Cognitive and Decision Sciences from University College London.

Our special advisors may assist our management team with sourcing and evaluating business opportunities and devising plans and strategies to optimize any business that we acquire. However, unlike our management team, our special advisors are not responsible for managing our day-to-day affairs and has no authority to engage in substantive discussions with business combination targets on our behalf. For their services, each of our special advisors will receive an indirect interest of 25,000 Founder Shares through membership interests in Blue Holdings.

**Director Independence**

Nasdaq rules require that a majority of the Blue Board be independent within one year of our IPO. An "independent director" is defined generally as a person who, in the opinion of the company's board of directors, has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with the company). Our board of directors has determined that General (Ret.) Wesley Clark, Nadim Qureshi, Dario Dino Ferrari and Kenneth Moritsugu are "independent directors" as defined in Nasdaq listing standards and applicable SEC rules. Our independent directors has regularly scheduled meetings at which only independent directors are present.

**Committees of the Board of Directors**

Our board of directors has established two standing committees: an audit committee and a compensation committee. Subject to phase-in rules, the rules of Nasdaq and Rule 10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent directors. Each committee operates under a charter that has been approved by our board and has the composition and responsibilities described below.

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***Audit Committee***

Our board of directors has established an audit committee of the board of directors. Nadim Qureshi, Dario Dino Ferrari and Kenneth Moritsugu serve as the members of our audit committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have three members of the audit committee, all of whom must be independent. Nadim Qureshi, Dario Dino Ferrari and Kenneth Moritsugu are each independent. Nadim Qureshi serves as the Chairman of the audit committee. Each member of the audit committee is financially literate and our board of directors has determined that Mr. Qureshi qualifies as an "audit committee financial expert" as defined in applicable SEC rules. We have adopted an audit committee charter, which details the principal functions of the audit committee, including:

● assisting board oversight of (1) the integrity of our financial statements, (2) our compliance with legal and regulatory requirements, (3) our independent registered public accounting firm's qualifications and independence, and (4) the performance of our internal audit function and independent registered public accounting firm; the appointment, compensation, retention, replacement, and oversight of the work of the independent registered public accounting firm and any other independent registered public accounting firm engaged by us;

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● pre-approving all audit and non-audit services to be provided by the independent registered public accounting firm or any other registered public accounting firm engaged by us, and establishing pre-approval policies and procedures; reviewing and discussing with the independent registered public accounting firm all relationships the independent registered public accounting firm have with us in order to evaluate their continued independence;

● setting clear policies for audit partner rotation in compliance with applicable laws and regulations; obtaining and reviewing a report, at least annually, from the independent registered public accounting firm describing (1) the independent registered public accounting firm's internal quality-control procedures and (2) any material issues raised by the most recent internal quality-control review, or peer review, of the independent registered public accounting firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken to deal with such issues;

● meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and the independent registered public accounting firm, including reviewing our specific disclosures under "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blue* "; reviewing and approving any related party transaction required to be disclosed pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and

● reviewing with management, the independent registered public accounting firm, and our legal advisors, as appropriate, any legal, regulatory or compliance matters, including any correspondence with regulators or government agencies and any employee complaints or published reports that raise material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or rules promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.

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***Compensation Committee***

Our board of directors has established a compensation committee of our board of directors. The members of our compensation committee are Nadim Qureshi and Dario Dino Ferrari. Mr. Ferrari serves as Chair of the compensation committee. Under the Nasdaq listing standards and applicable SEC rules, we are required to have a compensation committee of at least two members, all of whom must be independent. Nadim Qureshi and Dario Dino Ferrari are each independent. We have adopted a compensation committee charter, which details the principal functions of the compensation committee, including:

● reviewing and approving on an annual basis the corporate goals and objectives relevant to our chief executive officer's compensation, evaluating our chief executive officer's performance in light of such goals and objectives and determining and approving the remuneration (if any) of our chief executive officers based on such evaluation;

● reviewing and making recommendations to our board of directors with respect to the compensation, and any incentive compensation and equity-based plans that are subject to board approval of all of our other officers;

● reviewing our executive compensation policies and plans;

● implementing and administering our incentive compensation equity-based remuneration plans;

● assisting management in complying with our proxy statement and annual report disclosure requirements;

● approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;

● producing a report on executive compensation to be included in our annual proxy statement; and

● reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

The Current Charter also provides that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required by Nasdaq and the SEC.

**Director Nominations**

We do not have a standing nominating committee though we intend to form a corporate governance and nominating committee as and when required to do so by law or Nasdaq rules. In accordance with Rule 5605I(2) of the Nasdaq rules, a majority of the independent directors may recommend a director nominee for selection by the Blue Board. The Blue Board believes that the independent directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee. The directors who will participate in the consideration and recommendation of director nominees are Nadim Qureshi and Dr. Kenneth Moritsugu. In accordance with Rule 5605I(1)(A) of the Nasdaq rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating committee charter in place.

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Our board of directors will also consider director candidates recommended for nomination by our shareholders during such times as they are seeking proposed nominees to stand for appointment at the next annual general meeting (or, if applicable, an extraordinary general meeting). Our shareholders that wish to nominate a director for appointment to our board of directors should follow the procedures set forth in our Current Charter.

We have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for director, the Blue Board considers educational background, diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our shareholders. Prior to our initial business combination, holders of our Public Shares will not have the right to recommend director candidates for nomination to our board of directors.

**Compensation Committee Interlocks and Insider Participation**

None of our executive officers currently serves, in the past year has served, as a member of the compensation committee of any entity that has one or more executive officers serving on our board of directors.

**Clawback Policy**

We have adopted a compensation recovery policy that is compliant with Nasdaq listing rules as required by the Dodd-Frank Act.

**Code of Ethics**

We have adopted a code of ethics applicable to our directors, officers and employees. We have filed a copy of our code of ethics as an exhibit to our IPO Prospectus. You will be able to review this document by accessing our public filings at the SEC's website at *www.sec.gov*. In addition, a copy of the code of ethics and the charters of the committees of our board of directors will be provided without charge upon request from us. If we make any amendments to our code of ethics other than technical, administrative or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the code of ethics applicable to our principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions requiring disclosure under applicable SEC or Nasdaq rules, we will disclose the nature of such amendment or waiver on our website. The information included on our website is not incorporated by reference into this Form S-1 or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.

**Limitation on Liability and Indemnification of Directors and Officers**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, actual fraud or the consequences of committing a crime. Our Current Charter provides that our officers and directors will be indemnified by us to the fullest extent permitted by law, as it now exists or may in the future be amended, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We expect to purchase a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed, and any persons who may become officers or directors prior to the initial business combination will agree, to waive any right, title, interest or claim of any kind in or to any monies in the Trust Account, and to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the Trust Account for any reason whatsoever. Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the Trust Account or (ii) we consummate an initial business combination.

Our indemnification obligations may discourage shareholders from bringing a lawsuit against our officers or directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against our officers and directors, even though such an action, if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected to the extent we pay the costs of settlement and damage awards against our officers and directors pursuant to these indemnification provisions.

We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BLUE**

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited financial statements and the notes related thereto, which are included elsewhere in this proxy statement/prospectus. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under "*Cautionary Note Regarding Forward-Looking Statements*."

**Overview**

We are a blank check company incorporated on February 10, 2025 as a Cayman Islands exempted company and formed for the purpose of effecting an initial Business Combination. We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We may pursue an initial Business Combination in any business or industry. We intend to effectuate our initial Business Combination using cash from the proceeds of the Initial Public Offering and the Private Placement, the proceeds of the sale of our securities in connection with our initial Business Combination (pursuant to any forward purchase agreements or backstop agreements we may enter into following the consummation of the Initial Public Offering or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, other securities issuances, or a combination of the foregoing.

The issuance of additional securities in connection with a Business Combination to the owners of the target or other investors:

● may significantly dilute the equity interest of our shareholders, which dilution would increase if the anti-dilution provisions in the Class B Ordinary Shares resulted in the issuance of Class A Ordinary Shares on a greater than one-for-one basis upon conversion of the Class B Ordinary Shares;

● may subordinate the rights of holders of Class A Ordinary Shares if preference shares are issued with rights senior to those afforded our Class A Ordinary Shares;

● could cause a change in control if a substantial number of our Class A Ordinary Shares are issued, which may affect, among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our present officers and directors;

● may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control of us; and

● may adversely affect prevailing market prices for our Class A Ordinary Shares and/or Rights.

Similarly, if we issue debt securities or otherwise incur significant debt to bank or other lenders or the owners of a target, it could result in:

● default and foreclosure on our assets if our operating revenues after an initial Business Combination are insufficient to repay our debt obligations;

● acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;

● our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;

● our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such financing while the debt security is outstanding;

● using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available for expenses, capital expenditures, acquisitions and other general corporate purposes;

● limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;

● increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and

● limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.

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As indicated in the unaudited condensed financial statements and the notes as of September 30, 2025 and for the period from February 10, 2025 (inception) through September 30, 2025 and as indicated in the audited financial statements and notes as of February 28, 2025 and for the period from February 10, 2025 (inception) through February 28, 2025, thereto included in this Report under "Item 1. Financial Statements," at September 30, 2025 and February 28, 2025, we had $1,045,403 and $0 of cash and working capital (deficiency) of $1,061,429 and $(18,741), respectively. Further, we expect to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans to raise capital or to complete our initial Business Combination will be successful.

We may seek to extend the Combination Period consistent with applicable laws, regulations and stock exchange rules by amending our Amended and Restated Articles. Any such amendment would require the approval of our Public Shareholders, who will be provided the opportunity to redeem all or a portion of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our Trust Account and our capitalization, and may affect our ability to maintain our listing on Nasdaq. In addition, the Nasdaq Rules currently require SPACs (such as us) to complete their initial Business Combination in accordance with the Nasdaq 36-Month Requirement. If we do not meet the Nasdaq 36-Month Requirement, our securities will likely be subject to a suspension of trading and delisting from Nasdaq.

**Recent Developments**

The Sponsor deposited an aggregate of $249,950 into our bank account, depositing $50,000 in April 2025, and $199,950 in May 2025. The $249,950 will be accounted for as a capital contribution by the Sponsor and applied to the Sponsor's purchase of Private Placement Units in the Private Placement.

In May 2025, we effected a share capitalization for an additional 1,009,988 Class B Ordinary Shares for no additional consideration, resulting in 7,069,913 Class B Ordinary Shares outstanding. Of the 7,069,913 Class B Ordinary Shares outstanding, up to 922,162 Ordinary Shares were subject to forfeiture to our Company by the Sponsor for no consideration to the extent that the Over-Allotment Option is not exercised in full or in part. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

On June 16, 2025, we consummated the Initial Public Offering of 20,125,000 Public Units, which includes 2,625,000 Option Units issued pursuant to the full exercise of the Over-Allotment Option. The Public Units were sold at a price of $10.00 per Public Unit, generating gross proceeds to us of $201,250,000. Each Public Unit consists of one Public Share and one Public Right.

In connection with the consummation of the Initial Public Offering, we issued, to the underwriters and/or their designees, 175,000 Representative Shares.

We had borrowed $193,236 through June 16, 2025, the consummation of the Initial Public Offering, and repaid $203,557 to the Sponsor to settle the balance on June 16, 2025. The overpayment of $10,321 was recorded as a related party receivable. The overpayment was due to a calculation error and the Sponsor has informed us that it will promptly repay such amount.

Simultaneously with the closing of the Initial Public Offering, we completed the private sale of an aggregate of 592,250 Private Placement Units to the Sponsor, BTIG and Roberts & Ryan at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,922,500. The Private Placement Units (and underlying securities) are identical to the Blue Public Units, except as otherwise disclosed in the IPO Registration Statement. No underwriting discounts or commissions were paid with respect to such sale. The issuance of the Private Placement Units was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

A total of $201,250,000 of the proceeds from the Initial Public Offering and the Private Placement (which amount includes up to $7,043,750 of the underwriters' deferred underwriting commissions), was placed in a U.S.-based trust account maintained by Continental, acting as trustee, with the remaining proceeds from the Private Placement going to the our working capital account (a portion of which will be used to pay offering expenses). Except with respect to interest earned on the funds in the Trust Account that may be released to the us to pay our taxes, if any, and up to $100,000 for dissolution expenses, the funds held in the Trust Account will not be released from the Trust Account until the earliest of (i) the completion of the our initial Business Combination, (ii) the redemption of the Public Shares if we are unable to complete our initial Business Combination within the Combination Period, subject to applicable law, or (iii) the redemption of the Public Shares properly submitted in connection with a shareholder vote to amend the Amended and Restated Articles to modify (x) the substance or timing of its obligation to redeem 100% of the Public Shares if it has not consummated an initial Business Combination within the Combination Period or (y) any other material provisions relating to shareholders' rights or pre-initial Business Combination activity.

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**Results of Operations** 

We have neither engaged in any operations nor generated any revenues to date. Our only activities since February 10, 2025 (inception) through September 30, 2025 have been (i) organizational activities and (ii) activities relating to (x) the Initial Public Offering and (y) identifying and evaluating prospective acquisition candidates and activities in connection with the initial Business Combination. Following the initial public offering, we will not generate any operating revenues until after completion of our initial Business Combination. We will generate non-operating income in the form of interest income on cash and cash equivalents after the initial public offering. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance, among others), as well as for due diligence expenses.

For the three months ended September 30, 2025, the Company had net income of $1,879,085 consisting of $2,106,133 of dividend income on marketable securities held in the Trust Account and $12,350 of interest income generated on cash in the operating bank account, offset by $79,150 of formation, general, and administrative expenses, $98,956 of legal and accounting expenses, $15,500 of administrative services fee, $26,888 of listing fees, and $18,904 of insurance expense.

For the period from February 10, 2025 (inception) through September 30, 2025, the Company had net income of $2,062,713 consisting of $2,427,270 of dividend income on marketable securities held in the Trust Account and $13,089 of interest income generated on cash in the operating bank account, offset by $194,790 of formation, general, and administrative expenses, $115,738 of legal and accounting expenses, $17,833 of administrative services fee, $26,888 of listing fees, and $22,397 of insurance expense.

For the period from February 10, 2025 (inception) through February 28, 2025, the Company had net loss of $11,741 consisting of $11,741 of formation and general and administrative costs.

**Liquidity and Capital Resources**

Our liquidity needs have been satisfied prior to the completion of the Initial Public Offering through $25,000 paid by the Sponsor to cover certain of our offering and formation costs in exchange for the issuance of the Founder Shares to our Sponsor and $300,000 in loans from our Sponsor.

On June 16, 2025, the Company consummated the Initial Public Offering of 20,125,000 Units, which includes the full exercise by the underwriters of their over-allotment option in the amount of 2,625,000 Option Units, at $10.00 per Unit, generating gross proceeds of $201,250,000. Each Unit consists of one Public Share and one Public Right to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of the initial Business Combination.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the private placement of 592,250 Private Placement Units at a price of $10.00 per Private Placement Unit, to the Sponsor and the underwriters in the Initial Public Offering, generating gross proceeds of $5,922,500. Each Private Placement Unit consists of one Private Placement Share and Private Placement Right to receive one-tenth (1/10) of one Class A Ordinary Share upon the consummation of an initial Business Combination.

Following the closing of the Initial Public Offering, on June 16, 2025, an amount of $201,250,000 ($10.00 per Unit) from the net proceeds of the Initial Public Offering and the Private Placement, was placed in the Trust Account, with Continental acting as trustee. The funds are initially held in cash, including demand deposit accounts at a bank, or invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that we hold investments in the Trust Account, we may, at any time (based on Management's ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing demand deposit account at a bank. Except with respect to interest earned on the funds held in the Trust Account that may be released to us to pay our taxes, if any, the proceeds from the Initial Public Offering and the Private Placement will not be released from the Trust Account until the earliest of (i) the completion of our initial Business Combination, (ii) the redemption of the Public Shares if we are unable to complete the initial Business Combination within the Combination Period, subject to applicable law, or (iii) the redemption of the Public Shares properly submitted in connection with a shareholder vote to amend the Amended and Restated Articles to modify (1) the substance or timing of our obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Public Shares if we have not consummated an initial Business Combination within the Combination Period or (2) any other material provisions relating to shareholders' rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of our creditors, if any, which could have priority over the claims of our Public Shareholders.

We intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (excluding deferred underwriting commissions). We may withdraw interest to pay our income taxes, if any. Our annual income tax obligations will depend on the amount of interest and other income earned on the amounts held in the Trust Account. We expect the interest earned on the amount in the Trust Account will be sufficient to pay our income taxes. To the extent that our equity or debt is used, in whole or in part, as consideration to complete our initial Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

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As of September 30, 2025 and February 28, 2025, we had $1,045,403 and $0 of cash held outside the Trust Account, respectively. We will use these funds to primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

We do not believe we will need to raise additional funds following the Initial Public Offering in order to meet the expenditures required for operating our business prior to our initial Business Combination. However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial Business Combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial Business Combination.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and directors may, but are not obligated to, loan us Working Capital Loans as may be required. If we complete our initial Business Combination, we would repay such Working Capital Loans. In the event that our initial Business Combination does not close, we may use amounts held outside the Trust Account to repay such Working Capital Loans, but no proceeds from our Trust Account would be used for such repayment. Up to $1,500,000 of such Working Capital Loans may be convertible into units of the post-Business Combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Placement Units. The terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such Working Capital Loans. Prior to the completion of our initial Business Combination, we do not expect to seek loans from parties other than our Sponsor or an affiliate of our Sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our Trust Account.

We expect our primary liquidity requirements during the first twelve months of our Combination Period to include approximately $225,000 for legal, accounting, due diligence, travel and other expenses associated with structuring, negotiating and documenting successful business combinations; $200,000 for legal and accounting fees related to regulatory reporting requirements; $85,000 for Nasdaq and other regulatory fees; $60,000 for office space and administrative services; approximately $400,000 for directors' and officers' liability insurance; and approximately $180,000 for general working capital that will be used for miscellaneous expenses and reserves.

These amounts are estimates and may differ materially from our actual expenses. In addition, we could use a portion of the funds not being placed in the Trust Account to pay commitment fees for financing, fees to consultants to assist us with our search for a target business or as a down payment or to fund a "no-shop" provision (a provision designed to keep target businesses from "shopping" around for transactions with other companies or investors on terms more favorable to such target businesses) with respect to a particular proposed Business Combination, although we do not have any current intention to do so. If we entered into an agreement where we paid for the right to receive exclusivity from a target business, the amount that would be used as a down payment or to fund a "no-shop" provision would be determined based on the terms of the specific Business Combination and the amount of our available funds at the time. Our forfeiture of such funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for, or conducting due diligence with respect to, prospective target businesses.

Moreover, we may need to obtain additional financing to complete our initial Business Combination, either because the transaction requires more cash than is available from the proceeds held in our Trust Account or because we become obligated to redeem a significant number of our Public Shares upon completion of the Business Combination, in which case we may issue additional securities or incur debt in connection with such Business Combination. In addition, we intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of the Initial Public Offering and the Private Placement, and, as a result, if the cash portion of the purchase price exceeds the amount available from the Trust Account, net of amounts needed to satisfy any redemptions by Public Shareholders, we may be required to seek additional financing to complete such proposed initial Business Combination. We may also obtain financing prior to the closing of our initial Business Combination to fund our working capital needs and transaction costs in connection with our search for and completion of our initial Business Combination. There is no limitation on our ability to raise funds through the issuance of equity or equity-linked securities or through loans, advances or other indebtedness in connection with our initial Business Combination, including pursuant to any forward purchase agreements or backstop agreements we may enter into following consummation of the Initial Public Offering. Subject to compliance with applicable securities laws, we would only complete such financing simultaneously with the completion of our initial Business Combination. If we are unable to complete our initial Business Combination because we do not have sufficient funds available to us, we will be forced to liquidate the Trust Account. In addition, following our initial Business Combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.

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***Off-Balance Sheet Arrangements***

As of September 30, 2025 and February 28, 2025, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 ****

***Contractual Obligations***

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities as of September 30, 2025 or February 28, 2025. Pursuant to the Underwriting Agreement, the underwriters of our Initial Public Offering were entitled to a Deferred Fee of $0.35 per Public Unit, or $7,043,750 in the aggregate, payable to the underwriters from the amounts held in the Trust Account solely in the event that we complete a Business Combination, subject to the terms of the Underwriting Agreement.

Commencing on the effective date of the Initial Public Offering, the Company entered into an agreement with the managing member of our Sponsor to pay an aggregate of $5,000 per month for office space, utilities, and secretarial and administrative support, pursuant to the Administrative Services Agreement. These monthly fees will cease upon the completion of the initial Business Combination or our liquidation. For the three months ended September 30, 2025 and for the period from February 10, 2025 (inception) through September 30, 2025, the Company recorded $15,500 and $17,833, respectively, to administrative services fee - related party on the statement of operations and has paid $12,833 as of September 30, 2025, resulting in an accrual of $5,000 to administrative services fee payable - related party on the balance sheet. The Company did not record any amounts for the period from February 28, 2025 (inception) through February 28, 2025 as the agreement was not in effect.

The Sponsor had agreed to loan us an aggregate of up to $300,000 to be used for a portion of the expenses of the Initial Public Offering pursuant to the IPO Promissory Note. The IPO Promissory Note was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the Initial Public Offering. The loan was repaid out of the $747,500 of offering proceeds that have been allocated to the payment of offering expenses. We had borrowed $193,236 through June 16, 2025, the consummation of the Initial Public Offering, and repaid $203,557 to the Sponsor to settle the balance on June 16, 2025. The overpayment of $10,321 was recorded as a related party receivable as of September 30, 2025. The overpayment was due to a calculation error and the Sponsor has informed us that it will promptly repay such amount. As of February 28, 2025, the Company had borrowed $26,089 under the IPO Promissory Note.

***Commitments and Contingencies***

The holders of (i) Founder Shares, (ii) Private Placement Units (and their underlying securities) and units that may be issued upon conversion of Working Capital Loans (and their underlying securities), if any, (iii) the Representative Shares, (iv) any Class A Ordinary Shares issuable upon conversion of the Founder Shares and (v) any Class A Ordinary Shares held by the Initial Shareholders at the completion of the Initial Public Offering or acquired prior to or in connection with the initial Business Combination, will be entitled to registration rights pursuant to the Registration Rights Agreement. These holders will be entitled to make up to three demands and have piggyback registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Critical Accounting Estimates**

The preparation of financial statements and related disclosures in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have not identified any critical accounting estimates as of September 30, 2025 or February 28, 2025.

***Recent Accounting Pronouncements***

In November 2023, the FASB issued ASU 2023-07. The amendments in ASU 2023-07 require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. ASU 2023-07 requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by ASC 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in ASU 2023-07 and existing segment disclosures in ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted ASU 2023-07 on February 10, 2025 (inception).

In December 2023, the FASB issued ASU 2023-09, which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025, with early adoption permitted. We are currently assessing the impact, if any, that ASU 2023-09 would have on our financial position, results of operations or cash flows.

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**INFORMATION ABOUT BLOCKFUSION**

 

*Unless the context otherwise requires*, *all references in this section to "Blockfusion" the "Company," "we," "us" or "our" refer to Blockfusion USA, Inc*. *and its subsidiaries prior to consummation of the proposed Business Combination with Blue*. *It is expected that*, *following the consummation, if any, of the Business Combination*, *the business and operations of Pubco will be substantially those of Blockfusion as described in this "Information About Blockfusion" section of this proxy statement/prospectus.* 

**Business Overview** 

Blockfusion USA, Inc., together with its wholly-owned operating subsidiary North East Data, LLC (collectively, "**Blockfusion,**" the "**Company**," "we," "us" or "our"), is a digital infrastructure developer and operator focused on high-density, high-efficiency computing workloads. Our flagship campus, a purpose-built data-center facility located at 5380–5384 Frontier Avenue in Niagara Falls, New York (the "**Niagara Facility**"), currently provides colocation, hosting and managed services for large-scale digital asset mining tenants. Blockfusion is transitioning its business model to support artificial intelligence ("**AI**") training and inference workloads and other high-performance computing ("**HPC**") applications, subject to completion of facility modifications, receipt of required permits and regulatory approvals and availability of adequate capital (such transition, including the construction, design, engineering, building, infrastructure updates and other related activities, collectively, the "**HPC/AI Transition**" as further described under the sub-heading "*Planned HPC/AI Transition and Facility Upgrades*" and "*HPC/AI Transition*" below). Blockfusion's management believes that aspects of our existing business may provide us with competitive and timing advantages relative to our anticipated HPC/AI Transition plans, as compared with a development of a greenfield site. For example, these aspects include the Niagara Facility's adequate power, water, and fiber connectivity. Blockfusion has begun to effectuate the HPC/AI Transition by taking steps including obtaining the requisite zoning for the HPC/AI Transition. Additionally, Blockfusion has begun design work with vendors to create conceptual designs, architectural floorplans and engineering specifications for the HPC/AI Transition. Blockfusion's strategy pairs competitively priced, predominantly clean power with proprietary designs integrating cooling, load-balancing and power-management technologies to deliver efficient, reliable and sustainable compute capacity in a power-constrained market.

Our mission is to deliver scalable, sustainable, and strategically located digital infrastructure that meets the surging demand for HPC/AI. By leveraging clean energy, repeatable technologies, and rapid deployment capabilities, Blockfusion enables clients to achieve faster time-to-market while creating long-term value in a power-constrained market.

We currently generate revenues through two primary streams: (a) hosting and managed-services fees calculated on a megawatt and performance-fee basis (i.e., fixed facility fees per MW, pass-through energy fees, and, under certain agreements, variable performance-based fees such as revenue-share or hashprice-linked rebates payable in cash or digital assets); and (b) participation in NYISO demand-response programs, which compensate us for reducing load at the Niagara Facility during peak-demand periods or grid-reliability events. For the fiscal year ended December 31, 2024, revenue from hosting and implementation services represented accounted for 100% of total revenue, while Energy Program activities were recorded as other income, and our current customer arrangements relate to digital asset mining hosting and managed services at the Niagara Facility. Blockfusion believes that HPC colocation will become its largest revenue contributor over the medium term as AI customers scale deployments.

Blockfusion was formed in 2019 as a Delaware limited liability company under the name Blockfusion USA, LLC. On February 9, 2021, the Company converted into a Delaware corporation. Our corporate headquarters are located at 447 Broadway, 2nd Floor, #538, New York, NY 10013 and its telephone number is (212) 561-1200. We maintain a website at https://blockfusion.com; information contained on or accessible through our website is not incorporated by reference into, and does not constitute a part of, this registration statement.

***Current Operations—Digital Asset Mining Colocation and Hosting***

We currently generate revenues primarily through hosting and managed-services fees calculated on a per megawatt and performance-fee basis under customer agreements for digital asset mining operations at the Niagara Facility. For the period ended September 30, 2025, revenue from hosting and implementation services accounted for 100% of total revenue, while Energy Program activities were recorded as other income. See "*Management's Discussion and Analysis of Financial Condition and Results of Operations of Blockfusion—Results of Operations—Revenue*."

Our Niagara Facility is staffed around the clock by data center technicians, electrical engineers, and security personnel who monitor environmental conditions, perform hot-swaps of failed devices, and coordinate with power-grid operators during curtailment events, supporting our hosting customers' deployed mining equipment. See "*Information About Blockfusion—Operations and Properties*."

We believe our current operations are supported by competitively priced power and established connectivity at the Niagara Facility. However, our business is subject to the risks described under "Risk Factors," including potential service interruptions, reliance on a single facility, and variability in energy costs. See "*Risk Factors*" and "*MD&A—Cost of Sales*." Blockfusion is transitioning its business model from its current operations to support AI training and inference workloads and other HPC applications, subject to the completion of facility modifications, receipt of required permits and regulatory approvals and availability of adequate capital as a part of our HPC/AI Transition discussed elsewhere in this proxy statement/prospectus.

***Planned HPC/AI Transition and Facility Upgrades***

The following discussion describes our planned transition of the Niagara Facility to support AI training and inference workloads and other HPC applications. This transition is subject to, among other things, securing significant capital, entering into one or more customer agreements, completion of facility modifications and receipt of required permits and approvals. These plans are prospective and not reflective of our current revenue-generating activities. See "*Risk Factors*" and "*Certain Unaudited Financial and Operating Forecasts*."

Blockfusion is redesigning its Niagara Facility to be a next-generation high-performance-computing and artificial intelligence ("**HPC/AI**") data-center campus. To prepare for transition, Blockfusion has engaged a team of industry-leading firms (the "**Strategic Transition Partners**," as further described below) to collaborate with Blockfusion management on the development, over a period of more than a year, of detailed engineering, design, architecture and construction plans referred to herein as the "**HPC/AI Development Plans**." As part of the HPC/AI Transition, Blockfusion expects to implement significant changes to the Niagara Facility, including the material infrastructure and technology updates described in further detail under the sub-heading "*Niagara Facility Upgrades*" below.

Blockfusion's plans to become an HPC/AI data center company are subject to a variety of risks and uncertainties, some of which may not be foreseeable or within Blockfusion's control. If Blockfusion is not able to, among other things, secure the significant necessary capital required to effect the HPC/AI Transition, enter into one or more colocation leases or other customer offtake agreements on acceptable terms and identify and pursue certain expansion opportunities, or if the timeline, costs, permitting processes or other elements of such transition are different from Company management's expectations, Blockfusion's future business and results of operations will also be different, perhaps materially and adversely, from present management expectations. Company management's goals and business plans with respect to such HPC/AI Transition may not be achieved, in whole or in part, and, if achieved at all may be at higher costs, over longer timelines and with results that are different from present expectations. Further information about Blockfusion's transition to become an HPC/AI data center company and the potential risks associated therewith can be found below and in other sections of this proxy statement/prospectus, including under the headings "*Blockfusion Management Discussion and Analysis*," "*Background of the Business Combination*" and "*Risk Factors*."

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**Industry Background**

The data center industry is experiencing significant growth, driven by the increasing adoption of cloud computing, AI, and other data-intensive applications. The proliferation of AI and machine learning workloads, in particular, has resulted in a substantial increase in demand for high-performance, scalable, and energy-efficient data center infrastructure.

As evidence by an article entitled "Generative AI's Unprecedented Adoption Cycle" published by Forbes on July 22, 2025, the artificial intelligence era has demonstrated unprecedented adoption velocity. Semrush data shows that ChatGPT reached approximately 100 million users within two months of launch in late 2022, growing to an estimated 529.9 million unique visitors by 2025. Based on a report entitled "Artificial Intelligence Market (2025-2033)" published on September 24, 2025, by Grand View Research, the AI market is projected to expand from $391 billion in 2025 to $3.3 trillion by 2033. According to a Standford report from April 2025, enterprise adoption accelerated from 55% of organizations utilizing AI in 2023 to 78% in 2024, and according to a PWC report from October 2024, 49% of technology leaders reporting full integration into core business strategy.

A key trend in the industry is the rapid acceleration of compute demand. According to Bain & Company report from September 23, 2025 entitled "How Can We Meet AI's Insatiable Demand for Compute Power?," while advances in semiconductor technology have improved chip efficiency, the overall demand for compute power has outpaced these gains, resulting in increased requirements for both total power and high-density infrastructure. According to a report entitled "Can US Infrastructure Keep Up With the AI Economy?" published by Deloitte in June 24, 2025, electricity demand from U.S. AI data centers could surge more than thirtyfold to 123 gigawatts by 2035, up from roughly 4 gigawatts in 2024.

Based on a report entitled "North America Data Center Trends H1 2025" published by CBRE Group on September 8, 2025, power availability has become a primary constraint in multiple major data center markets, including Northern Virginia, Silicon Valley, and Dallas. In these markets, limitations in grid capacity, lengthy permitting processes, and competition for energy resources have extended development timelines for new data center projects, often to five years or more. As a result, data center operators and technology companies are increasingly seeking opportunities in emerging markets where power can be secured more quickly and at lower cost.

According to a July 10, 2024 report entitled "Data Center Market Insights 2024" published by Rider Levett Bucknall, sustainability considerations have also become central to site selection and operations, with customers and regulators placing greater emphasis on the use of renewable energy sources and the reduction of carbon emissions.

Blockfusion operates within this evolving landscape, with a present focus on transitioning the Company's current business and its Niagara Facility to provide scalable, high-density, and energy-efficient data center infrastructure to meet the needs of AI and cloud computing customers.

As further described below, Company management believes that Blockfusion, which currently sources substantially all of its power from hydroelectric and nuclear generation, its management team, and its future anticipated HPC/AI business, following implementation of the Company's HPC/AI Development Plans make the Company well-positioned to address the challenges of power availability, operational reliability, and sustainability that are central to the current and future requirements of the data center industry.

**Blockfusion's Current Business Model**

***Facility Location***

The Niagara Facility has achieved high levels of operational availability for its cryptocurrency mining hosting operations, though the Niagara Facility experienced a significant service interruption in May 2022 due to a substation fire (as described under "*Legal Proceedings*"). Historical uptime performance for cryptocurrency mining operations may not be indicative of future performance or of the Company's ability to meet service level requirements for HPC/AI customers, which have different uptime and reliability requirements. The Niagara Facility is surrounded by major high-performance computing and semiconductor operators including Tesla, Yahoo!, and Micron, concentrated within New York's SMART I-Corridor innovation hub, underscoring the site's proximity to the region's expanding digital-industrial ecosystem, which management believes may provide future business opportunities in connection with the growing manufacturing and data-intensive industries in the region.

***Insurance***

We carry property insurance on a Special Cause of Loss form covering the Niagara Facility, which includes coverage for fire and related perils, with a per loss coverage limit of $5 million as of the date of this proxy statement/prospectus.

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***Technology***

The Company's existing Niagara Facility infrastructure and technology is designed to serve the needs of Blockfusion's existing business model and current Application-Specific Integrated Circuit (ASIC) operations. Management also believes that certain key elements of Blockfusion's existing infrastructure provide a foundation that, subject to planned HPC/AI-related modifications and upgrades, may be adaptable to support high-density HPC/AI workloads. Advantages of Blockfusion's existing infrastructure include immediate access to transformed power, including the onsite substation and electrical infrastructure; zoning for data center use and related permits; multiple fiber providers and water source access. Provided, however, that, there can be no assurance that the aspects of the Company's existing technology anticipated to be able to be usable in the post-transition Blockfusion HPC/AI Business will, in fact, be usable in the manners, or have the anticipated benefits, expected by Company management or that Company's planned technical infrastructure modifications will, in fact, enable Blockfusion to compete effectively in the HPC/AI data center market.

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***Power Infrastructure***

The Niagara Facility owns and operates an on-site substation with a dedicated 115 kV interconnection to National Grid's transmission system. This network, originally engineered to support heavy industrial loads, enables the Company to procure electricity directly at wholesale industrial rates applicable to NYISO Zone A. According to publicly available NYISO and U.S. Energy Information Administration ("**EIA**") regional price data, Zone A is among the lowest-cost and most stable power regions in North America over the past decade. This transmission-level access and cost profile provide Blockfusion with a durable advantage in hosting economics and position the facility to transition efficiently toward HPC/AI-oriented workloads. The Company currently sources substantially all of its power from hydroelectric and nuclear generation, primarily through the nearby Robert Moses Hydroelectric Facility and National Grid's transmission network, which provides access to predominantly renewable energy in NYISO Zone A. Blockfusion also has the ability to access additional, alternative power sources, should needs arise, including the development of adequate backup power generation capabilities. Although hydroelectric and nuclear power, consistent with the Company's goal of maximizing use of renewable energy, comprises the vast majority of the power used by the Niagara Facility currently, actual energy mix delivered to the facility varies based on grid conditions and power sourcing availability and comes from a combination of hydroelectric, nuclear, gas, wind, and solar power. As part of its long-term sustainability strategy, Blockfusion has signed on as the anchor subscriber to a 5 MW Community Distributed Generation ("**CDG**") solar project located within National Grid territory. This long-term subscription offsets a portion of the facility's grid-supplied electricity with renewable generation and supports the continued development of clean energy resources across New York State. Through participation in the CDG program, Blockfusion aims to advance the goals of the State's Climate Leadership and Community Protection Act ("**CLCPA**") while creating incremental value through renewable credit monetization and alignment with institutional ESG priorities. Management expects to maintain and expand participation in similar programs as the Company transitions its operations toward high-performance computing and AI data-center applications.

Following the HPC/AI Transition, as further described above, Company management anticipates the Blockfusion HPC/AI Business having access to substantially similar power sources to those utilized by the Company currently, subject to obtaining certain permits, approvals and entering into satisfactory agreements for the Required Utility Upgrades and access rights, as also described above.

***Load Optimization & Energy Management***

For its current ASIC hosting operations, Blockfusion employs a widely-utilized load management and automation platform. The system continuously monitors and manages power usage across both in-building and containerized clusters, optimizing load distribution and uptime in response to real-time grid conditions. This integration enhances operational efficiency and enables participation in NYISO demand-response programs, supporting both cost optimization and grid reliability.

***Connectivity & Resilience***

Blockfusion's campus features a privately owned and operated substation connected to a multi-substation utility network, intended to bolster power redundancy. The site also benefits from multiple independent fiber providers, which carrier diversity Management regards as beneficial relative to latency and reduction of interruptions.

***Positioning for the Future***

Blockfusion management intends to build upon the Company's current systems with a goal of positioning Blockfusion as a sustainable AI-ready data-center platform—combining clean energy, proven reliability, and scalable infrastructure engineered for the next decade of high-performance computing. In order to do so, Blockfusion management intends to wind down its current mining co-location and hosting operations following the HPC/AI transition and pivot towards supporting AI training and inference workloads and other HPC applications.

**Planned Business of Blockfusion following the HPC/AI Transition**

***HPC/AI Transition***

Blockfusion is transitioning to a business model in which the Company, after such HPC/AI Transition, expects to support customer demands for AI workloads and other HPC applications pursuant to colocation leases or other client services agreements ("**HPC/AI Client Agreements**," and the potential future business of Blockfusion following the HPC/AI Transition, the "**Blockfusion HPC/AI Business**"). Blockfusion management presently expects to carry out the HPC/AI Transition in accordance with detailed engineering, construction, design and technical infrastructure plans and schematics the HPC/AI Transition Team (as defined below) developed with the Company's HPC/AI Strategic Transition Partners (as further described below). For reasons further described below, Blockfusion management believes the Company and the Niagara Facility are particularly well-positioned to successfully effectuate such a transition given, among other things, the Company's access to hydroelectric, nuclear and other alternative power sources (such as gas, wind, and solar power) (as further described under the sub-heading "*Niagara Facility Location and Power Access*" below); foundational facility infrastructure and technology (as further described under the sub-heading "*Technology*" below); the detailed HPC/AI Development Plans and experienced HPC/AI Transition Team the Company expects to engage to assist with the Transition (as further described under the sub-heading "*HPC/AI Development Plans"* below) and Blockfusion management's commitment to transitioning the Company to become a HPC/AI data center business (as further described under the heading "*Management After the Business Combination*"). There are, however, numerous and wide-ranging risks and contingencies associated with such plans and transition processes, including, without limitation, the need to: secure significant capital to effect the construction, engineering, technical and other Niagara Facility upgrades associated with the HPC/AI Transition; enter into one or more long-term HPC/AI client agreements; identify and consummate expansion opportunities (with additional associated capital requirements) and secure additional permits and approvals. Furthermore, the HPC/AI Transition represents a material shift in the Company's business model from Blockfusion's historical operations and Blockfusion management has never managed an HPC/AI data center company. Additionally, even following the Company's transition to operate the Blockfusion HPC/AI Business, there will be numerous risks, uncertainties and contingencies associated such future business, including risks that are not foreseeable and outside of Blockfusion's control. Information about the future potential Blockfusion HPC/AI Business is prospective in nature and readers are urged not to rely on such information as factual or make investment decisions in reliance thereon. All statements regarding the HPC/AI Transition and the future potential business of Blockfusion after such business plans are implemented are forward-looking statements and should be read in conjunction with "*Cautionary Note Regarding Forward-Looking Statements*" and "*Risk Factors*."

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Blockfusion has received assistance from ING Financial Markets LLC ("**ING**"), its financial advisor, in connection with the HPC/AI Transition pursuant to the Financial Advisory Agreement, including assistance relative to the preparation of the Forecasts, which incorporate significant information about such transition, as further described under the section of this proxy statement /prospectus entitled "*Background of the Business Combination – Certain Unaudited Financial and Operating Forecasts*."

***HPC/AI Development Plans; Management Transition Forecasts***

Blockfusion's HPC/AI Development Plans were developed over a period of several months by Blockfusion management, working hand in hand with a team of Strategic Transition Partners that includes Gensler Architecture, Design & Planning, P.C. ("**Gensler**"), as architectural lead, Jaros, Baum & Bolles ("**JB&B**") as lead mechanical, electrical, and plumbing engineering consultants, and Thornton Tomasetti Inc. ("**Thornton Tomasetti**"), as structural engineers (the "**Strategic Transition Partners**"), together with key Blockfusion personnel, including members of Blockfusion management, site managers, technical advisors and other key vendors and personnel (together with the Strategic Transition Partners, the "**HPC/AI Transition Team**"). Blockfusion chose these Strategic Transition Partners to be part of the HPC/AI Transition Team, subject to alignment and upon entering into final agreements with regard to the implementation phase of the development project, because these firms have relevant experience and expertise which enables them to provide Blockfusion management with up-to-date recommendations and information. Blockfusion management regarded this experience and expertise as important to the Blockfusion's efforts to develop plans for its anticipated transition, which Blockfusion management intend to be responsive to current market developments, anticipated client demand and also realistically achievable (subject, of course, to numerous assumptions, as well as risks and contingencies, all as further described in greater detail elsewhere in this proxy statement/prospectus). This allowed Blockfusion management to formulate estimates of the potential costs, timeline and efforts required to implement the HPC/AI Transition, which estimates informed and were incorporated into the Blockfusion management forecasts contained and described in the section of this proxy statement/prospectus entitled "*Background of the Business Combination – Certain Unaudited Financial and Operating Forecasts*" (the disclosure contained in the foregoing section of this proxy statement/prospectus, the "Forecast Section," describing the Blockfusion management "Forecasts" and the assumptions incorporated therein, the "Forecast Assumptions") which forecasts and estimates are subject, in all respects, to risks and contingencies, as further described below and elsewhere in this proxy statement/prospectus, including under the heading "*Risk Factors*." As of the date of this proxy statement/prospectus, Blockfusion has not yet entered into fully-negotiated agreements to engage the Strategic Transition Partners to assist with the implementation of the HPC/AI Transition, though certain outlines of such agreements and expected scope of work have been prepared, subject to finalization and agreement upon payment and other terms.

***Transition Requirements; Estimated Timeline***

Blockfusion management anticipates effectuating key elements of the transition to operate the Blockfusion HPC/AI Business in several phases over a multi-year period. Aspects of those plans and associated requirements are further detailed below and in the Forecast Section.

The initial phases of the HPC/AI Transition are expected to be focused, in large part, on execution of key construction, design and Niagara Facility infrastructure updates. Later phases of the HPC/AI Transition are anticipated to include base building construction, followed by the creation of a powered shell with primary mechanical, electrical, and plumbing ("**MEP**") infrastructure, then an interior data-hall fit-out, and ultimately commissioning and go-live based on client requirements. While such efforts are underway, Blockfusion management also envisions evaluating, negotiating and, subject to various assumptions, consummating expansion opportunities, as further described under the heading "*Expansion Opportunities*" below.

These key activities will be among the most capital intensive aspects of the HPC/AI Transition, which Company management currently estimates may cost over $900 million; provided, however, that, depending on a variety of factors, some of which cannot be predicted and are not within Blockfusion's control, actual costs may be greater, perhaps materially, and the final aggregate HPC/AI Transition-related costs may not be determinable until construction is underway or has been completed. If such construction and infrastructure upgrades take longer than expected or unforeseen challenges or delays are encountered, more capital may be required to complete the HPC/AI Development Plans. The Company's anticipated potential sources of funding for such costs and expenses are further described under the Forecast Section under the sub-heading "*Expenses - Sources of Capital."*

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***Niagara Facility Location and Power Access***

The Niagara Facility is presently surrounded by major HPC semiconductor operators including those of Tesla, Yahoo!, and Micron, concentrated within New York's SMART I-Corridor innovation hub. The SMART I-Corridor (Semiconductor Manufacturing and Research Technologies) is a regional economic development initiative in Western New York focused on attracting high-tech manufacturing and data-intensive industries, creating a concentration of advanced technology companies and infrastructure in the region. The Niagara Facility is also approximately 90 miles from Toronto, approximately 400 miles from New York City and approximately 460 miles from Boston, all of which Blockfusion believes make the site location potentially attractive to businesses in these areas with growing HPC/AI computing needs.

Based on current Company operational infrastructure, the approximate gross power capacity of the Niagara Facility as of the date of this proxy statement/prospectus is 50MWs, which at current gross to net power capacity ratios, enables Blockfusion to deploy approximately 46 aggregate MWs of power pursuant to client agreements under its current business model.

***Power Mix of the Niagara Facility***

Another significant advantage, in Blockfusion management's view, to the Niagara Facility's location is the Company's access to hydroelectric power from the nearby 2GW Robert Moses Hydroelectric Facility and nuclear power from a variety of nuclear power stations that provide energy to NYISO Zone A, as further described under the sub-heading "*Technology – Power Access*" below. Based on management's operational experience in energy-intensive digital infrastructure, Blockfusion believes its location in proximity to Niagara Falls location provides a material benefit through access to stable and low-cost electricity. The facility sources power within NYISO Zone A, a region anchored by hydroelectric generation from the Niagara Power Project, which contributes to consistently low volatility and historically favorable wholesale pricing. Relative to competing data-center markets located in transmission-constrained or fossil-dominated regions, Blockfusion benefits from materially lower delivered energy costs and reduced exposure to curtailment or congestion events.

As of the date of this proxy statement/prospectus, based on data reported by NYISO, most recently in November 2025, Blockfusion's energy supplier and broker, EnergyMark, LLC ("**EnergyMark**"), estimates that the energy production source mix supplying the Niagara Facility is in excess of 89% emissions free, comprising a combination of hydroelectric, nuclear, wind, solar and other renewable power, and, as more fully described below, the Niagara Facility is effectively matched to near 100% renewable, zero-emissions electricity on a net-consumption basis. According to the NYISO Power Trends 2025 report, the energy mix of NYISO Zones A through E is estimated to comprise 89% zero-emissions resources and 11% fossil fuels and other resources. However, given Blockfusion's location within NYISO Zone A and its location approximately 5 miles from the Robert Moses Hydroelectric Facility, EnergyMark believes that the portion of renewable and zero emissions electricity consumed at the Niagara Facility is significantly higher, and estimate that more than 50% of the power mix at the Niagara Facility is anchored in local hydroelectric power generation.

The limited emissions from the remaining portion of Blockfusion's energy usage has been offset by the purchase of NY Tier 1 and Green-E Certified Renewable Energy Certificates (RECs), as evidenced by regular attestations provided by EnergyMark, most recently on November 10, 2025. EnergyMark procures NY Tier 1 RECs equal to the state-mandated share of Blockfusion's energy consumption, beyond the already low-carbon NYISO Zone A mix. Further, EnergyMark procures voluntary Green-E Certified RECs to further align Blockfusion's remaining electricity usage with renewable energy attributes. Considering the estimated 89% zero-emissions electricity supply in NYISO Zone A through E (which EnergyMark believes to be higher in at the Niagara Facility due to its proximity to the falls), the NY Tier 1 RECs procured, and the Green-E Certified RECs procured, the Niagara Facility is effectively matched to near 100% renewable, zero-emissions electricity on a net-consumption basis.

In addition, Blockfusion maintains a long-term anchor subscription in a New York community solar project. While this subscription does not provide RECs, it directly supports new solar development in New York State and provides bill credits that reduce delivered energy costs.

Subject to receipt of additional permits and approvals, Blockfusion management anticipates the Blockfusion HPC/AI Business continuing to have access to this, or a similar, mix of power, which Blockfusion management regards as a potential competitive advantage relative to HPC/AI data centers without access power that is as stable, as cost effective or as clean as the power to which Blockfusion has access. Based on the foregoing, particularly for offtake clients with sustainability preferences or requirements, Blockfusion may be an attractive option for HPC/AI workload needs.

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***Expansion Opportunities***

Going forward, as part of the HPC/AI Transition, Blockfusion anticipates expanding its current site footprint to capture expansion opportunities, such as the types of expansion opportunities that Blockfusion management evaluates as they arise from time to time (subject, among other things, capital access and permitting). Potential expansion opportunities Blockfusion may consider include, but are not limited to, (i) acquisitions of parcels of land adjacent to the Niagara Facility, which could allow for expansion of current operations, (ii) expansion opportunities within the Niagara area, which would allow Blockfusion to continue utilizing its existing work force and connections in the region, and (iii) other sites within the United States/North America.

As of the date of this proxy statement/prospectus, Blockfusion has not entered into any written agreements with regard to particular expansion opportunities but continues to evaluate certain prospective opportunities, as is generally customary in the industry, based on management's professional experience. Company management estimates, for purposes of the Forecasts and for general purposes, the approximate expansion costs to the Company will be in the range of $10.5 million per MW, without taking into account inflation, based on Blockfusion's preexisting infrastructure and zoning approval, as well as management industry knowledge and professional experience through actual expansion costs may very based on a number of factors.

***Facility and Technical Upgrades***

Blockfusion's HPC/AI Development Plans include conceptual Niagara Facility upgrades contemplating a two-story post-upgrade facility (the illustrative "**Upgraded Facility**," and such upgrades necessary to effectuate the Upgraded Facility the "**Niagara Facility Upgrades**") designed to support over 100 MW of total capacity, subject to receipt of permits and approvals (as further described under the sub-heading "*Permits and Approvals*" below), securing necessary financing, and completing preceding engineering and pre-build steps.

The concept for the Upgraded Facility also includes administrative offices, onsite substations, and redundant infrastructure designed to support both air- and liquid-cooled rack configurations. The planned structural framework design features long-span open bays and increased floor-to-floor heights to provide flexibility for a range of HPC/AI workloads while supporting power density, efficiency, and reliability. Our current plans also contemplate an initial building within a multi-phase master plan, with potential for additional expansion and/or reconfiguration if Blockfusion elects to pursue adjacent parcels of land contiguous to the existing site. All descriptions presented in this proxy statement/prospectus are illustrative of the intended scale and quality of the project and should not be construed as commitments or guarantees that the Upgraded Facility will, in fact, include any specific configuration or representations as to the future performance of such Upgraded Facility or hosting services provided thereby or the timing it may take the Company to carry out management's plans with regard to the Upgraded Facility.

The Upgraded Facility is expected to be designed and engineered by Gensler, an internationally recognized architectural firm with experience in technology and mission-critical environments, and JB&B, a mechanical and electrical engineering firm with extensive experience in hyperscale and high-density computing projects, subject to finalization of contractual work orders and terms of work with each of the foregoing Strategic Transition Partners. The design approach reflected in our HPC/AI Development Plans, assuming finalization of their respective engagements by Blockfusion, incorporates methodologies and principles informed by work with global hyperscalers and cloud service providers to align the facility with prevailing industry standards for power distribution, cooling efficiency, and operational resilience.

Through this anticipated collaboration, Gensler and JB&B will apply established best practices in data-center design, developed and deployed in connection with current HPC/AI projects servicing hyperscalers and other leading cloud service providers, to address the thermal, electrical, and spatial requirements of emerging GPU and AI compute platforms, with an emphasis on efficiency, reliability, and scalability.

All of the foregoing descriptions and plans are subject to change, prior to or during the course of the HPC/AI Transition. The final configuration, capacity, and technical specifications of the Upgraded Facility, and other attributes of the future potential Blockfusion HPC/AI Business, may differ materially from current plans as our HPC/AI Transition project advances through detailed engineering, permitting, procurement.

***Electricity Cost Trends.***

Our utilities expense—a primary component of cost of sales—was approximately $18.1 million for the year ended December 31, 2024, compared to approximately $12.2 million for the year ended December 31, 2023, primarily reflecting expanded site operations and higher energy consumption; utilities represented approximately 89.2% and 88.0% of cost of sales in 2024 and 2023, respectively. For the nine months ended September 30, 2025, utilities expense was approximately $12.9 million versus approximately $13.2 million for the nine months ended September 30, 2024, a decrease of approximately 2.0%, representing approximately 91.1% and 89.4% of cost of sales, respectively. Period-to-period changes in utilities expense reflect a combination of (i) changes in load and operational activity associated with customer contract additions, expirations and terminations, (ii) seasonal patterns that affect cooling needs and energy intensity, and (iii) wholesale power market dynamics in NYISO Zone A, which historically has exhibited relatively stable delivered pricing due to a supply mix anchored by hydroelectric and nuclear resources. See '*MD&A—Cost of Sales'* and *Note 17 (Segments)*.

***Transition Capital Expenditures and Budget (Initial Three Years)***

As part of our HPC/AI Transition plans, we currently expect the most significant construction and infrastructure spend to occur during the initial three-year period of the transition, followed by maintenance-focused expenditures thereafter. As of the date of this proxy statement/prospectus, we estimate Transition CapEx Requirements of approximately $150.5 million in Year One, $526.2 million in Year Two, and $229.7 million in Year Three, with approximately $1.6 million per year thereafter primarily for maintenance capex, recognizing that the actual timing and amounts may vary based on permitting, procurement, contracting, market conditions and other factors. See "*Background of the Business Combination—Certain Unaudited Financial and Operating Forecasts*."

We have budgeted Transition CapEx Requirements across several significant categories necessary to prepare the Niagara Facility to support high-density AI workloads, including (without limitation): (i) electrical and power distribution systems (substations, transformers, switchgear, busway, UPS, and related electrical infrastructure), (ii) cooling and thermal systems (including components to support direct-to-chip liquid cooling), (iii) base-building and data-hall fit-out (shell, MEP, fire protection, structural and architectural), (iv) network and fiber connectivity, and (v) design, engineering, permitting, owner's costs and contingency. The magnitude and sequence of expenditures across these categories will depend upon project phasing, detailed engineering and contracting.

The foregoing Transition CapEx Requirements estimates do not include costs associated with illustrative expansion opportunities (e.g., potential adjacent-parcel land acquisition assumed in the Forecasts), which are outside of, and in addition to, the Transition CapEx Requirements amounts described above. See "*Background of the Business Combination—Certain Unaudited Financial and Operating Forecasts*" for further information regarding illustrative expansion assumptions and expected sources and uses of capital.

***Cooling & Thermal Efficiency***

The Niagara Facility currently uses a forced-air cooling architecture engineered for high-density ASIC deployments. The system utilizes negative-pressure corridors and precision airflow control to maintain stable operating temperatures while minimizing energy consumption. Continuous temperature and humidity monitoring, combined with automated fan-speed modulation, ensures consistent performance and supports a low power usage effectiveness (PUE) relative to comparable air-cooled data centers.

As the facility transitions toward HPC/AI workloads, future designs are expected to incorporate direct-to-chip liquid cooling technology to effectively manage higher thermal densities, improve heat transfer efficiency, and optimize overall power utilization.

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***Permits and Approvals***

The HPC/AI Development Plans, including in respect of the anticipated Niagara Facility Upgrades described above, are subject to receipt by Blockfusion management of additional permits and approvals, including those described below. To the extent that Blockfusion alters or supplements its current anticipated HPC/AI Transition and development plans, different and supplemental permits, site repairs, studies, and approvals may become necessary, and no guarantees can be made that Blockfusion will be able to secure any such permits and approvals within desired timelines or at all. If the Company pursues Expansion Opportunities, these opportunities may require Blockfusion to obtain additional reports, studies and approvals. If the company is not able to obtain such permits, approvals, satisfactory studies and analysis in connection with its HPC/AI Transition and/or potential Expansion Opportunities Blockfusion, the Company may not receive full or any benefits from its transition efforts and/or from pursuing and consummating such opportunities. In such case, we may sacrifice time and capital raised by us, including funds which may have been deployed, may be underutilized, or wasted, and our business plans and objectives may be stalled or undermined.

As of the date of this proxy statement/prospectus, the Niagara Falls City Council has completed a review of the Niagara Facility's existing footprint for up to 50MW of capacity and issued positive findings as the lead agency in a coordinated review required by the New York State Environmental Quality Review Act ("**SEQRA**"), and also issued a rezoning approval to add a High Energy Usage Overlay District to the Niagara Facility site. Additionally, the City's Zoning Board of Appeals has issued a special use permit and area variances to authorize the Niagara Facility's existing footprint. In December 2025, Blockfusion received the following additional approvals for the Niagara Facility's existing footprint: site plan approval from the City Planning Board. Electrical and building permits and final inspections from the City's Code Enforcement Official are expected first quarter 2026.

The Niagara Facility Upgrades contemplated in connection with the HPC/AI Transition will be subject to separate and additional requirements for environmental review and local zoning permits. Among the requirements to be satisfied prior to completion of the HPC/AI Transition, Blockfusion will be required to complete a review of the Niagara Facility Upgrades pursuant to SEQRA, and Blockfusion will also need to secure additional permits and approvals from the City of Niagara Falls as follows: special use permit approval and area variance approvals (if necessary based on final layout of Niagara Facility Upgrades) from the City Zoning Board of Appeals, site plan approval from the City Planning Board, a rezoning approval from the City Council to add a High Energy Usage Overlay District to any adjoining or nearby parcel(s) acquired after the date of this /proxy statement/prospectus as needed to facilitate the Niagara Facility Upgrades, and electrical and building permits from the City's Code Enforcement Official ("**Required Niagara Facility Upgrade Permits**").

In addition to the Required Niagara Facility Upgrade Permits, the Niagara Facility Upgrades also require the completion of an electrical system impact study and entry into a satisfactory interconnection agreement with NYISO and National Grid to expand from the current capacity of 50MW total load to over 100MW total load (the "**Interconnection Request**" and "**Interconnection Agreement**"). Blockfusion will also need to reach a satisfactory agreement for backup fuel allocation and access rights. Blockfusion is evaluating various sources for backup power, including a potential agreement with National Fuel/Empire Pipeline, Inc. to provide for new fuel service and pipeline extension from Buffalo Avenue to the Niagara Facility to provide a maximum daily quantity of 30,000 gallons of fuel to the site (the "**Fuel Service Request**," and together with the Interconnection Agreement, the "**Required Utility Upgrades**"). Blockfusion submitted the Interconnection Request to the NYISO and National Grid in August 2025 to request up to an additional 500MW of peak load capacity to be allocated for delivery to the site beginning in first quarter of 2027. A System Impact Study Agreement was executed on January 28, 2026 between NYISO and North East Data, LLC to evaluate the impact of the proposed interconnection on the transmission system. NYISO will complete the System Impact Study as soon as practicable, but no later than within 150 days from the later of NYISO's approval of a study scope or the date of agreement execution. Blockfusion submitted a Fuel Service Request to National Fuel/Empire Pipeline, Inc. in August 2025 to request services to begin in calendar year 2026. The Company cannot provide assurance regarding the timeline for the Required Niagara Facility Upgrade Permits, or for the Required Utility Upgrades, or for any other regulatory approvals or agreements that may be required, whether approvals will be granted or satisfactory agreement may be reached, or what conditions may be imposed as part of the approval process. Any delays in, or denial of, required regulatory approvals, or failure to enter necessary agreements for additional power allocation or fuel service or any other agreement, could materially adversely affect the Company's expansion plans and business prospects.

***Risks/Contingencies***

The Company's planned transition to become an HPC/AI data center is a complex, multi-faceted process expected to be effectuated in phases. Certain risks may not be reasonably foreseeable, in part or in full, until certain phases of the transition process are implemented and, even once identified, may be outside of Blockfusion's control. While information included in this "*Information about Blockfusion*" section and other disclosure sections elsewhere in this proxy statement/prospectus, including, in particular, the section entitled "*Risk Factors*," attempt to highlight certain risks associated with the HPC/AI Transition, none of these sections capture all of the risks, uncertainties and contingencies associated with such transition or with the future potential post-transition Blockfusion HPC/AI Business. All of the information about the HPC/AI Transition and about the future Blockfusion HPC/AI Business is forward-looking in nature and subject to the limitations described under the heading "*Cautionary Note Regarding Forward-Looking Information*," which readers are urged to read carefully. Potential investors are also cautioned not to place undue reliance on any of the foregoing information, as there can be no assurance that any of the attributes, benefits, opportunities, plans, or prospects Company managements forecasts with regard to the future potential HPC/AI business will be realized in accordance with expectations or at all.

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**Material Agreements** 

Blockfusion is party to several material agreements that are integral to its current business and operations. These agreements collectively support Blockfusion's business model, secure its access to critical infrastructure and technology, and provide the legal framework for its relationships with customers, vendors, and strategic partners.

***Co-Location Services Agreements***

Blockfusion currently has three client offtake leasing agreements, each briefly described below:

● *Solar Liberty Agreement*. Blockfusion entered into a colocation agreement with Solar Liberty, Inc. ()"**Solar Liberty**") on November 23, 2022. Under this agreement, Solar Liberty can utilize up to 5MWs of Blockfusion's hosting capacity. This agreement provides for a multi-year term with automatic renewal, allocation of power capacity, and requirements for customer deposits. This agreement is currently set to expire after December, 31, 2026 and can be terminated for convenience upon 120 days' written notice, insolvency events, breach of the agreement or payment by the customer of all fees remaining for the term of the agreement. The contract combines fixed facility fees with pass-through power costs and includes provisions for equipment setup, service levels, confidentiality, indemnification, and termination.

● *NYDIG Agreement*. Blockfusion entered into a colocation agreement with NY 3 Mining LLC ()"**NYDIG**") (through its mining-related affiliates) on December 15, 2023. Under this agreement, NYDIG can utilize up to 30MW of Blockfusion's hosting capacity. This agreement has a term of 38 months from the scheduled start date of December 19, 2023 and automatically renews for 3 month periods. The agreement can be terminated upon insolvency events or upon force majeure. NYDIG has the right to terminate if Blockfusion undergoes a change of control, subject to certain conditions. The contract includes fixed monthly fees and pass-through power costs. NYDIG has also negotiated amendments to incorporate financial incentives (including facility-fee discounts, a hashprice-linked monthly rebate, and demand-response revenue mechanics) and equity-linked arrangements, making this a material customer relationship with strategic financing implications.

● *Bitmine Agreement*. Blockfusion entered into a colocation agreement with Bitmine Immersion Technologies, Inc. ()"**Bitmine**") on December 9, 2025. Under this agreement, Bitmine can utilize up to 9MW of Blockfusion's hosting capacity. This agreement runs until December 31, 2026 and afterwards automatically renews month-to-month. Either party has the right to terminate the agreement upon 120 days' written notice. The contract includes fixed monthly fees and pass-through power costs. The agreement includes standard provisions for facility access, equipment maintenance, confidentiality, and comprehensive liability limitations.

Following the HPC/AI transition, Blockfusion intends to enter into agreements with HPC/AI clients.

***Loan and Financing Agreements***

Blockfusion and its subsidiary North East Data, LLC are parties to a Note and Master Loan Agreement with XBTO Trading, LLC ("**XBTO**"), which was originally entered into in February 2022 and amended in August 2024 as part of a settlement. The XBTO loan has an original principal amount of $8,267,885, matures on June 6, 2027, and bears interest at escalating rates of 12% per annum through June 6, 2025, 14% per annum from June 7, 2025 through June 6, 2026, and 16% per annum from June 7, 2026 through maturity. The balance of the XBTO loan as of September 30, 2025 was approximately $8,616,045. The agreement provides for secured financing, with the Niagara Facility and related assets serving as collateral. Additional agreements include two Secured Promissory Notes issued to Insight Investments, LLC (the "**Insight Investment Loans**"), comprising (i) a $6,000,000 note and (ii) a $4,000,000 note, both bearing interest at 1% per month and maturing on September 1, 2027; a note issued to Brady Electric, Inc. with a principal amount of approximately $1,186,518, bearing interest at 7.5% per annum and maturing on January 13, 2028 (the "**Brady Note**"); and a Settlement Agreement and Mutual Release entered into with Thunderra, LLC with an outstanding balance of approximately $822,523 (the "**Thunderra Settlement**"). As of September 30, 2025 the Insight Investment Loans had balances of approximately $6,428,085 and $4,000,000, the Brady Note had an outstanding balance of $812,033, and the Thunderra Settlement had a balance of approximately $718,523. These additional agreements were structured to coexist with, and in some cases are contractually coordinated with, the Note and Master Loan Agreement with XBTO. Subject to a variety of factors, to the extent not previously repaid or converted into Blockfusion equity (subject to and in accordance with the terms of the Business Combination Agreement), including, without limitation, the amount, if any, of actual net proceeds delivered to the Company from the proposed Business Combination with Blue, a portion of such proceeds shall be utilized to repay or pay down each of the XBTO Note and Master Loan Agreement, Insight Investment Loans, Brady Note, and Thunderra Settlement upon closing. Relatedly, the Insight Investment Loans contemplated XBTO holding a second-priority mortgage on the Niagara Facility upon refinancing; on July 21, 2025, Insight took a first-priority mortgage, XBTO received a second-priority mortgage, and the parties entered into an intercreditor agreement. The Brady Note and the Thunderra Settlement include financing- and change-of-control-based payment provisions aligned with the XBTO facility and Insight notes, and operate as unsecured obligations effectively subordinated to the senior secured claims under the XBTO/Insight arrangements.

As of the date of this proxy statement/prospectus, Blockfusion and North East Data, LLC are performing in accordance with the amended terms of the Note and Master Loan Agreement with XBTO following the comprehensive settlement in August 2024 that cured the prior default. The Insight Investment Loans are outstanding and being performed in accordance with their terms and are secured by a first-priority mortgage over the Niagara Facility. The Brady Note and Thunderra Settlement are outstanding and being performed, subject in each case to customary covenants, change-of-control, and qualifying-financing provisions coordinated with the senior facilities. Related lien priorities are governed by an intercreditor agreement executed July 21, 2025. Subject to and in accordance with the Business Combination Agreement and available Closing proceeds, the Company currently intends to utilize a portion of the Closing proceeds, if any, to repay or pay down the XBTO facility, the Insight Investment Loans, the Brady Note, and the Thunderra Settlement. Copies of the material agreements described in this section have filed or will be filed by amendment as exhibits to this Registration Statement.

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***Vendor and Service Agreements***

The Company has entered into master services agreements and equipment purchase agreements with key vendors, including agreements for the supply, repair, and maintenance of mining and data center equipment. These agreements are presently essential to the ongoing operation and maintenance of the Niagara Facility. These vendor and service agreements include customary provisions for termination for contracts of their type, including termination with or without cause, upon notice or material breach, substitution of services or providers, payment terms, confidentiality, indemnification, and limitations of liability.

Blockfusion has entered into a Management Services Agreement with Thunderra, LLC ("**Thunderra**"), pursuant to which Thunderra ensures that Blockfusion has sufficient service personnel staffed at the Niagara Facility seven days per week and for not less than eight hours per day, plus such additional available time as reasonably necessary.

Blockfusion has entered into a Financial Advisory Agreement with ING pursuant to which ING has provided advisory services in connection with the HPC/AI Transition. The scope of this assistance is described above under the heading "*HPC/AI Transition.*"

***Architectural Design and Engineering Agreements***

The Company has entered into services agreements with architectural and engineering firms with respect to the expansion and conversion of the Niagara Facility to support HPC/AI customers. While certain services, relating to the HPC/AI Development Plans, have been completed by the Strategic Transition Partners while others are currently ongoing, aspects of the agreements to perform the services that the Company would need such firms to provide relative to the implementation of the HPC/AI Transition have not yet been agreed between the parties. Blockfusion plans to formally engage, and enter into agreements with, the Strategic Transition Partners for implementation-phase work during the initial phases of the Transition expected to occur in parallel with or soon after the consummation, if any, of the proposed Business Combination.

*Gensler Architectural Services Agreement*

In March 2025, we entered into an agreement with Gensler for architectural services related to the Niagara Facility Upgrades we plan to implement in connection with the HPC/AI Transition. The project involves site master planning, concept planning, and concept building design for the Niagara Facility. While Gensler has already provided input on our HPC/AI Development Plans, as further described above, we will seek Gensler's assistance with respect to the building phase of our transition process pursuant to an agreement we anticipate finalizing during the initial phase of the HPC/AI Transition. We anticipate entering into a new agreement with Gensler in the future to provide additional services related to later stages of the HPC/AI Transition.

*Jaros, Baum & Bolles Engineering Services Agreement*

In February 2025, we entered into an agreement with JB&B for mechanical, electrical, plumbing and fire protection ("**MEP/FP**") professional engineering services related to the expansion of our Niagara Facility, to accommodate high-density GPU racks (approximately 200 or more kW) for a total capacity of 100 MW or more at the Niagara Facility. While JB&B has already provided input on our HPC/AI Development Plans, as further described above, we will seek JB&B's assistance with respect to the building phase of our transition process pursuant to an agreement we anticipate finalizing during within the initial phase of the HPC/AI Transition. We anticipate entering into a new agreement with JB&B in the future to provide additional services related to later stages of the HPC/AI Transition.

*Thornton Tomasetti Structural Engineering Services Agreement*

In June 2025, we entered into an agreement with Thornton Tomasetti for structural engineering services related to the development of the Niagara Facility. Thornton Tomasetti's services include providing guidance on design of the building structural system during the feasibility and early concept phase and production of a report documenting these recommendations. While Thornton Tomasetti has already provided input on our HPC/AI Development Plans, as further described above, we will seek Thornton Tomasetti's assistance with respect to the building phase of our transition process pursuant to an agreement we anticipate finalizing during within the initial phase of the HPC/AI Transition. We anticipate entering into a new agreement with Thompson Tomasetti in the future to provide additional services related to later stages of the HPC/AI Transition.

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**Competitive Strengths**

Blockfusion's management believes our competitive strengths, presently and relative to the Company's planned HPC/AI Transition, include the following:

● *Immediate capacity with a defined path to scale* 

We currently have approximately 50 MW of utility power energized and in operation at the Niagara Facility (46 MWs of which is currently deployed), with a clear expansion pathway to in excess of 100 MW through phased development, taking into account, among other factors, the assumptions identified in the Forecast Section. The campus is situated on owned land and is zoned I-2 Heavy Industrial District and High Energy Usage Overlay District, which allows data center operations and other high-energy uses by special use permit and site plan approval pursuant to the City's zoning regulations. We evaluate, on a continuous basis, potential expansion opportunities, and, as further described above, desire to execute expansion opportunities as part of our HPC/AI Transition, potentially including to acquire and build out adjacent parcels and/or pursue other expansion opportunities, if and to the extent such opportunities become available to us, to expand our footprint and support customer clustering.

● *Infrastructure plans engineered for high-density, next-generation workloads* 

We are redeveloping the Niagara Facility to support AI training and inference and other HPC applications in accordance with site design plans incorporating high-density rack configurations, liquid-ready cooling supported by on-site water infrastructure (including two water towers), and redundant fiber connectivity from multiple independent carriers The utility design incorporated into our HPC/AI Development Plans includes redundancy across two substations, which we believe enhances reliability and availability. Our objective is to provide flexible, efficient, and resilient infrastructure capable of accommodating rising thermal and power requirements for AI-class hardware.

● *Cost-advantaged, clean power profile* 

The Niagara Facility receives substantially all of its power from renewable sources, predominantly hydroelectric and nuclear generation, which we believe supports competitive operating costs and aligns with the sustainability objectives of enterprise and AI-native customers.

● *Expertly-developed plans and disciplined execution may yield speed-to-market advantages* 

The Company seeks to leverage its existing energized capacity to potentially offer faster deployment timelines for HPC/AI workloads, compared to greenfield projects, which tend to require, among other things, new utility interconnections and significant permitting. We maintain established relationships with key vendors across power, cooling, and networking and employ repeatable design standards intended to reduce the interval from contract execution to service commencement. We believe these practices enhance our ability to meet customers' accelerated roadmaps; provided, however, that we cannot guarantee particular timelines or future outcomes.

● *Location and connectivity benefits* 

The Niagara Facility is located within the Northeast corridor and is in proximity to major population centers, approximately 90 miles from Toronto (Canada) and approximately 23 miles from Buffalo (New York) International Airport. We believe the facility's multi-carrier fiber connectivity and regional proximity to key endpoints make it well-suited for latency-sensitive and data-intensive workloads that benefit from being near users, data sources, and interconnection hubs.

● *Experienced leadership and operational expertise* 

Among the advantages Blockfusion management believes the Company brings to the Company's next stage of development is that our management team has experience developing and operating data centers, as well as with large-scale project delivery, and mission-critical operations. The team's background includes deploying advanced cooling and power-management technologies, establishing vendor ecosystems, and operating high-availability environments. We believe this experience supports disciplined execution, operational efficiency, and customer service quality.

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**Growth Strategies**

Following are certain of the goals and strategies Blockfusion management presently intends to pursue in order to facilitate the expansion and growth of our business:

● *Expand and diversify into HPC/AI services* 

We plan to expand and upgrade our infrastructure to support HPC/AI workloads, which we believe represent significant long-term growth opportunities. Our redevelopment of the Niagara Facility is designed to accommodate high-density, liquid-cooled deployments for AI training and inference.

● *Add new sites with attractive energy and connectivity profiles* 

Blockfusion management regularly evaluates and carries out preliminary due diligence efforts with regard to additional sites in markets where we believe that the Company may, presently or in the future, potentially be able to secure cost-advantaged power and robust fiber connectivity. Our site selection criteria include power availability, scalability, zoning, and proximity to major interconnection hubs. We believe that expanding our footprint, including, over time, geographically, will enable us to serve a broader range of customers, reduce concentration risk, and position the Company for long-term growth. We have also explored opportunities to acquire and develop certain land parcels adjacent and proximate to the Niagara Facility, though no commitments have been made to pursue such parcels or activities as of the date of this proxy statement/prospectus.

Additionally, we are exploring the following strategies to expand and grow our business:

● *Explore vertical integration of energy assets* 

Over the longer term, we may evaluate opportunities to own or develop generation and energy storage assets to further reduce our cost of power, enhance energy resiliency, and support sustainability objectives. We believe our management team's experience in infrastructure development positions us to assess and potentially execute on these opportunities, if market conditions warrant.

● *Consider strategic partnerships and acquisitions* 

We may, in the future, pursue strategic partnerships, joint ventures, or acquisitions that we believe can accelerate our roadmap, expand capacity, or provide access to technologies that enhance our competitive position if such opportunities materialize and support our then current goals. We may also evaluate opportunities to monetize non-core assets where we believe such actions would create shareholder value.

*Accelerate deployment through modular and containerized solutions*

We are developing standardized, containerized infrastructure solutions designed to compress deployment timelines and enable customers to bring workloads online faster. These solutions are intended to complement our campus-scale facilities and provide flexible, rapid-response capacity for HPC/AI customers. We believe that speed-to-market is a critical differentiator in today's compute-constrained environment, and we intend to leverage this capability to attract and retain customers.

**Intellectual Property**

Blockfusion's intellectual-property ("**IP**") portfolio comprises registered and common-law trademarks, trade secrets and know-how related to data-center design.

Our principal trademark, **BLOCKFUSION**®, is the subject of U.S. Federal Trademark Registration No. 6,994,591, licensed in perpetuity to Blockfusion USA, Inc. under a Trademark License Agreement dated September 1, 2021 with Blockfusion Ventures, Inc. Upon the consummation of the Business Combination Agreement, we will assign, transfer, and convey to Pubco all right, title, and interest in and to our principal trademark.

All employees and contractors execute confidentiality and proprietary-rights agreements assigning to Blockfusion any inventions conceived in the course of their engagement.

We rely on a combination of physical and logical security controls, including role-based access controls and multi-factor authentication, to protect our IP. To date we have not been involved in any material IP litigation.

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**Competition**

The data center and digital infrastructure industry is highly competitive and rapidly evolving. Blockfusion competes in a market with many participants and, given the current demand for, and investment in, data center services, we expect additional competitors to emerge from time to time and over time. Blockfusion management regards the Company's primary current competitors to be businesses increasingly focused on HPC/AI-ready infrastructure. Examples of such businesses would include, for example, Applied Digital Corp, Terawulf Inc., Core Scientific, Inc. and digital asset miners including Riot Platforms, Inc., MARA Holdings, Inc., Hut 8 Corp., Bitdeer Technologies Group, and Bitfarms Ltd., among others. While Blockfusion management is confident about our business plans and anticipated HPC/AI Transition, subject to the contingencies and risks also identified in this proxy statement/prospectus, some of these competitors and other competing businesses, as they emerge, are larger, better capitalized and have management teams with more experience building and operating HPC/AI data center businesses than Blockfusion does currently and Blockfusion will need to continue to innovate and evolve its offering if the Blockfusion HPC/AI Business is to be competitive in the marketplace.

Competition is driven by power availability and cost, facility reliability, scalability, and sustainability, with power emerging as a critical constraint in several markets. Blockfusion management believes that the Company's ability to compete effectively depends, among other factors, on its capacity to secure and deliver reliable, cost-effective, and sustainable power, maintain operational excellence, and adapt to changing market dynamics. Company management believes that Blockfusion's present focus on high-density, AI-ready infrastructure, its strategic location, and its experienced team will make Blockfusion well-positioned to compete effectively in this dynamic environment, assuming the successful implementation of the HPC/AI Transition, securing of long-term offtake agreements, capital access and other factors.

**Operations and Properties**

The Niagara Facility, Blockfusion's flagship property, occupies approximately 82,000 square feet and multiple buildings on a 4.6-acre parcel zoned I-2 Heavy Industrial District and High Energy Usage Overlay District at 5380–5384 Frontier Avenue, Niagara Falls, New York. Blockfusion, through its wholly-owned subsidiary North East Data, LLC, holds a fee simple interest in the property. The site is subject to a first priority mortgage to Insight Investments and a second priority mortgage to XBTO, as described below, and standard utility easements and liens arising in the ordinary course of business, but is not otherwise subject to any material encumbrances or liens.

The property is currently used exclusively for data center operations, including colocation, hosting, and managed services for digital asset mining, AI, and HPC workloads. As of the date of this proxy statement/prospectus, the Niagara Facility has an energized capacity of approximately 50 MW, enabling the Company to deploy an aggregate of approximately 46 MWs of compute power pursuant to its client agreements currently in effect. In August 2025, Blockfusion submitted an Interconnection Request to NYISO and National Grid for up to an additional 500 MW of peak load capacity to support the expansion of the Niagara Falls Facility. A System Impact Study Agreement was executed on January 28, 2026 between NYISO and North East Data, LLC to evaluate the impact of the proposed interconnection on the transmission system. NYISO is expected to complete the System Impact Study as soon as practicable, but no later than within 150 days from the later of approval of a study scope or agreement execution.

The indebtedness to Insight Investments is evidenced by two secured promissory notes issued jointly and severally by Blockfusion and North East Data, each secured by a first-priority mortgage over the Niagara Facility and a lien over certain previously leased assets, providing for interest-bearing obligations with scheduled interest-only installments followed by amortizing payments through a stated maturity. The Insight Investments financing includes customary covenants and events of default, including change of control and qualifying financing triggers and provisions relating to recovery of the National Grid claim, and included the issuance of warrants to Cjaza and Ford.

The indebtedness to XBTO Services is evidenced by a note and loan agreement for which North East Data guarantees the obligations, secured by a second-priority mortgage over the Niagara Facility and a lien over assets other than those pledged to Insight and certain disputed assets, providing for fixed monthly cash payments with pay-in-kind of accrued interest in excess of such amounts, with interest rate step-ups over time and a scheduled maturity. The XBTO financing includes customary covenants and events of default, including change of control and qualifying financing triggers and provisions relating to recovery of the National Grid claim, and was entered into pursuant to a settlement agreement.

Our current Niagara Facility power draw is allocated to hosted ASIC miners operated on behalf of three third-party hosting clients, including NYDIG, Solar Liberty and Bitmine, as further described under the sub-heading "*Material Contracts*" above, Round-the-clock on-site operations are staffed by a team of data-center technicians, electrical engineers, and security personnel who monitor environmental conditions, perform hot-swaps of failed devices, and coordinate with power-grid operators during curtailment events. These personnel are made available to Blockfusion by Thunderra pursuant to a Management Services Agreement (as described under the heading "*Vendor and Service Agreements*" above).

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Blockfusion does not own or lease any other properties that are material to its business. All operations are conducted at the Niagara Facility. The Company believes its existing property is suitable and adequate for its current and planned operations, subject to the on-site and other potential expansion opportunities described above.

Blockfusion maintains rigorous operational controls and third-party certifications. The Niagara Facility's environmental, health, and safety management systems adhere to ISO 14001 and ISO 45001 standards. Physical security exceeds SOC 2 Type II data-center requirements, incorporating layered fencing, biometric access controls, 24/7 CCTV surveillance, and armed response from the Niagara Falls Police Department under a memorandum of understanding ("**MOU**"). Redundant fiber connectivity is provided by multiple Tier 1 carriers with <5 ms latency to major Toronto exchange points. The Company carries $6 million of all-risk property insurance and $5 million of director-and-officer coverage underwritten by A-rated carriers.

**Human Capital Resources** 

As of **[_]**, 2026 Blockfusion employed four full-time employees comprising executives and administrative staff. None of our employees are represented by a labor union or subject to a collective-bargaining agreement, and we believe our relations with our employees are good. We maintain industry-standard health and equity-incentive programs. In addition to Blockfusion's full time employees, we also utilize the team of data-center technicians, electrical engineers, and security personnel who are made available to Blockfusion by Thunderra pursuant to a Management Services Agreement (as described under the heading "*Vendor and Service Agreements*" above).

**Regulatory Environment**

Blockfusion's current operations are subject to an evolving mosaic of federal, state and local regulations that encompass (i) power-procurement and environmental compliance; (ii) digital-asset-related licensing and disclosure obligations; and (iii) data-center safety and zoning. The following description of such regulations applies to our existing ASIC mining hosting business. Some of these regulations will not apply to our future potential HPC/AI Business, if established, though that business may be subject to additional or different legal and regulatory frameworks.

At the federal level, the Federal Energy Regulatory Commission ("**FERC**") oversees certain aspects of our wholesale power purchases, while the Environmental Protection Agency ("**EPA**") regulates emissions and hazardous-substance handling under the Clean Air Act and the Resource Conservation and Recovery Act. Although our primary energy source is hydroelectric, we file annual greenhouse-gas ("**GHG**") inventories with the EPA and participate in voluntary disclosure frameworks aligned with the Task Force on Climate-Related Financial Disclosures ("**TCFD**").

New York State imposes additional requirements through the CLCPA, which targets a zero-emission electricity grid by 2040. The New York Department of Environmental Conservation ("**NYSDEC**") has proposed draft guidance addressing GHG emissions associated with digital-asset mining facilities. Separately, the New York Public Service Commission and NYISO regulate interconnection and demand-response participation; Blockfusion is currently enrolled in NYISO's Special Case Resource ("**SCR**") program.

Locally, the City of Niagara Falls adopted the High Energy Usage Overlay ("**HEU**") zoning amendments in September 2022, which required Blockfusion to obtain a rezoning approval from the City Council to add a High Energy Usage Overlay District to the Site, a special use permit approval and area variance approvals from the City Zoning Board of Appeals, and a site plan approval from the City Planning Board, and required a comprehensive environmental review under SEQRA to permit the ongoing operations at the Niagara Facility. In December 2023, Blockfusion entered into a settlement agreement with the City under which (a) ongoing strategic litigation, which has no monetary element or bearing on Blockfusion's existing permits or upgrades, challenging the validity and applicability of the newly adopted regulations to the pre-existing Niagara Facility was stayed, (b) Blockfusion agreed to conduct a full SEQRA environmental-impact statement ("**EIS**"), and (c) the City confirmed that existing operations could continue during the SEQRA and local permitting process subject to interim operating requirements. Blockfusion submitted a Draft EIS to the City Council on January 15, 2025, which was accepted as complete for a public comment period that concluded March 8, 2025. Blockfusion submitted a Final EIS on July 17, 2025, which was accepted by the City Council as complete on July 23, 2025. On October 8, 2025, the City Council issued Positive SEQR Findings to certify that consistent with social, economic and other essential considerations the Niagara Facility is one that minimizes or avoids environmental impacts to the maximum extent practicable and is therefore approvable. On October 22, 2025, the City Council issued a rezoning approval to add a High Energy Usage Overlay District to the Niagara Facility site, which permits data center uses subject to site plan approval, a special use permit, and area variances as necessary under the City's local zoning ordinance. Additionally, the City's Zoning Board of Appeals has issued a special use permit and area variances to authorize the Niagara Facility's existing footprint. Blockfusion first submitted an application to the City Planning Board for site plan approval in 2022 when the HEU zoning amendments were adopted. The Planning Board application was approved in December 2025.

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Digital-asset activities are also subject to federal securities and commodities laws. Blockfusion does not custody or exchange digital assets on behalf of third parties, and therefore does not believe it is required to register with the Securities and Exchange Commission ("**SEC**") as a broker-dealer or with the Commodity Futures Trading Commission ("**CFTC**") as a futures commission merchant. Nonetheless, we monitor ongoing SEC enforcement actions and rule-making initiatives regarding digital-asset securities. In parallel, the Financial Crimes Enforcement Network ("**FinCEN**") under the Bank Secrecy Act imposes anti-money-laundering ("**AML**") obligations on certain virtual-currency businesses; our activities to date do not constitute "money-transmission" under FinCEN guidance, but we have adopted a voluntary AML and know-your-customer ("**KYC**") policy for hosted clients.

**Legal Proceedings** 

From time to time, Blockfusion may be involved in various legal and administrative proceedings, lawsuits and claims incidental to the conduct of its business. Some of these proceedings, lawsuits or claims may be material and involve highly complex issues that are subject to substantial uncertainties and could result in damages, fines, penalties, non-monetary sanctions or relief. Blockfusion recognizes provisions for claims or pending litigation when it determines that an unfavorable outcome is probable, and the amount of loss can be reasonably estimated. Due to the inherent uncertain nature of litigation, the ultimate outcome or actual cost of settlement may materially vary from estimates. Except as set forth below, Blockfusion is not subject to any material pending legal and administrative proceedings, lawsuits or claims as of the date of this proxy statement/prospectus. Blockfusion's business and operations are also subject to extensive regulation, which may result in regulatory proceedings against Blockfusion.

&nbsp;&nbsp;&nbsp;&nbsp;i. North East Data, LLC & Blockfusion
 USA, Inc. v. Niagara Mohawk Power Corp. d/b/a National Grid, Arch Specialty Insurance Co.,
 et al., pending in the Commercial Division of the Supreme Court of the State of New York,
 Index No. 651715/2023. This action was instituted on May 12, 2023. The principal parties
 are North East Data, LLC and Blockfusion USA, Inc. (plaintiffs) and Niagara Mohawk Power
 Corp. d/b/a National Grid and Arch Specialty Insurance Co. (defendants). The complaint alleges
 breach of contract and negligence by National Grid and Arch Specialty Insurance Co. in connection
 with a substation fire that occurred on May 10, 2022, which resulted in an interruption of
 operations at the Niagara Facility. The plaintiffs seek compensatory damages, including lost
 profits and costs of repair, as well as other relief as the court may deem just and proper,
 and

&nbsp;&nbsp;&nbsp;&nbsp;ii. Bit Digital USA, Inc. v. Blockfusion
 USA, Inc., pending in the Superior Court of Delaware, C.A. No. N24C-05-306. This action was
 instituted on May 30, 2024. The principal parties are Bit Digital USA, Inc. (plaintiff) and
 Blockfusion USA, Inc. (defendant). The complaint asserts breach-of-contract and related claims
 arising from a 2021 hosting agreement between the parties. The Company has filed counterclaims
 asserting breach-of-contract and related claims arising from the 2021 hosting agreement.
 The parties each seek monetary damages and other relief as determined by the court. On January
 6, 2026, the Superior Court of Delaware granted in full Blockfusion's motion to dismiss
 four of the plaintiff's six claims arising from the 2021 hosting agreement.

To the Company's knowledge, there are no other pending legal proceedings to which Blockfusion or any of its subsidiaries is a party or to which any of their property is subject that are material to the Company, nor are any such proceedings known to be contemplated by governmental authorities. In addition, there are no proceedings involving federal, state, or local environmental laws to which a governmental authority is a party and in which the Company reasonably believes that monetary sanctions of $300,000 or more may be imposed.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF BLOCKFUSION**

**(In thousands, except share and per share amounts)**

 

*You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes appearing at the end of this proxy statement/prospectus. This discussion and other parts of this proxy statement/prospectus contain forward-looking statements that involve risks and uncertainties, such as statements regarding our plans, objectives, expectations, intentions and projections. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the "Risk Factors" section of this proxy statement/prospectus. Our historical results are not necessarily indicative of the results that may be expected for any period in the future. Unless the context otherwise requires, all references in this subsection to the "Company," "we," "us" or "our" refer to the business of Blockfusion and its subsidiaries prior to the consummation of the Business Combination.*

**Forward Looking Statements** 

This discussion and analysis contains forward-looking statements. Statements regarding the potential combination and expectations regarding the combined business are "forward looking statements." In addition, words such as "estimates," "expects," "anticipates," "assumes," "suggests," "projects," "forecasts," "seeks," "plans," "possible," "potential," "aims," "intends," "believes," "seeks," "may," "might," "will," "would," "should," "can," "could," "future," "propose," "target," "goal," "objective," "outlook" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward- looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the parties, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

**Overview**

Blockfusion USA, Inc., together with its wholly-owned operating subsidiary North East Data, LLC (collectively, "**Blockfusion**," the "**Company**," "we," "us" or "our"), is a digital infrastructure developer and operator focused on high-density, high-efficiency computing workloads. Our flagship campus, a purpose-built data-center facility located at 5380–5384 Frontier Avenue in Niagara Falls, New York (the "**Niagara Facility**"), currently provides colocation, hosting and managed services for large-scale digital asset mining tenants. Blockfusion is transitioning its business model to support artificial intelligence ("**AI**") training and inference workloads and other high-performance computing ("**HPC**") applications, subject to completion of facility modifications, receipt of required permits and regulatory approvals and availability of adequate capital (such transition, including the construction, design, engineering, building, infrastructure updates and other related activities, collectively, the "**HPC/AI Transition**" as further described under the sub-heading "*HPC/AI Transition*" below). Blockfusion has begun to effectuate the HPC/AI Transition by ensuring that the Niagara Facility has adequate power, water, and fiber connectivity and obtaining the requisite zoning for the HPC/AI Transition. Additionally, Blockfusion has begun design work with vendors to create conceptual designs, architectural floorplans and engineering specifications for the HPC/AI Transition. Blockfusion's strategy pairs competitively priced, predominantly clean power with proprietary designs integrating cooling, load-balancing and power-management technologies to deliver efficient, reliable and sustainable compute capacity in a power-constrained market.

Our mission is to deliver scalable, sustainable, and strategically located digital infrastructure that meets the surging demand for HPC/AI. By leveraging clean energy, repeatable technologies, and rapid deployment capabilities, Blockfusion enables clients to achieve faster time-to-market while creating long-term value in a power-constrained market.

We are currently developing a next-generation HPC/AI data-center campus at the Niagara Facility. Designed in collaboration with Gensler as architectural lead and JB&B as mechanical, electrical, and plumbing engineer, the conceptual plans contemplate a two-story facility designed to support over 100 MW of total capacity, subject to completion of detailed engineering, receipt of all required permits and regulatory approvals, obtaining utility-related approvals, securing necessary financing, and other contingencies. The expansion plans are further described elsewhere in this proxy statement/prospectus.

We currently generate revenues through two primary streams: (a) hosting and managed-services fees calculated on a megawatt or performance-fee basis, noting performance-fees are calculated as a percentage of digital assets mined by the customer's miners; and (b) participation in NYISO demand-response programs, which compensate us for reducing load at the Niagara Facility during peak-demand periods or grid-reliability events. For the fiscal year ended December 31, 2024, revenue from hosting and implementation services represented accounted for 100% of total revenue, while Energy Program activities were recorded as other income. Following the HPC/AI Transition, Blockfusion believes that HPC colocation will become its largest revenue contributor over the medium term as AI customers scale deployments. Our results of operations should be read and considered in light of the proposed HPC/AI Transition, as the transition in our business model will impacts the relevance and magnitude of future fiscal years.

We reported approximately $7,249 of net loss, or $0.24 basic and diluted loss per share, for the nine months ended September 30, 2025, compared to approximately $1,681 of net income, or $0.05 basic earnings per share and $0.04 diluted earning per share, for the nine months ended September 30, 2024. As of September 30, 2025, we had approximately $279 of cash and cash equivalents, and an accumulated deficit of $28,063.

We reported approximately $1,917 of net income, or $0.06 basic earnings per share and $0.05 diluted earnings per share, for the year ended December 31, 2024, compared to approximately $6,135 of net loss, or $0.25 per share, for the year ended December 31, 2023. As of December 31, 2024, we had approximately $2,947 of cash and cash equivalents, and an accumulated deficit of $20,827.

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Although we generated net income for the year ended December 31, 2024, our historical recurring operating losses and sustained working capital deficits raises substantial doubt about our ability to continue as a going concern. We are currently engaged in a proposed business combination with a publicly traded special purpose acquisition company ("**SPAC**") to improve our liquidity position. While these plans are intended to mitigate the conditions that raise substantial doubt, there can be no assurance that we will be successful in implementing these strategies or that such actions will be sufficient to enable us to continue as a going concern.

**Key Factors and Trends Affecting Our Performance**

Our results have been affected, and are expected to be affected in the future, by a variety of factors. A discussion of key factors that have had, or may have, an effect on our results is set forth below. For a further discussion of the factors affecting our results of operations, see "*Risk Factors*."

***Bitcoin Price Volatility***

We have historically provided colocation services to customers who mine Bitcoin, and Bitcoin price volatility has directly impacted our business because it can affect these customers' ability to sustain mining operations and meet their contractual obligations to us. The digital asset exchanges on which Bitcoin is traded are relatively new and largely unregulated. Many digital asset exchanges do not provide the public with significant information regarding their ownership structure, management teams, corporate practices, or regulatory compliance. As a result, the marketplace may lose confidence in, or may experience problems relating to, such digital asset exchanges, including prominent exchanges handling a significant portion of the volume of digital asset trading. From 2022 through 2025, a number of digital asset exchanges filed for bankruptcy proceedings and/or became the subjects of investigation by various governmental agencies for, among other things, fraud, causing a loss of confidence and an increase in negative publicity for the digital asset ecosystem. As a result, many digital asset markets, including the market for Bitcoin, have experienced increased price volatility. The Bitcoin ecosystem may continue to be negatively impacted and experience long term volatility if public confidence decreases. Following the HPC/AI Transition, the price volatility of bitcoin will have a decreased impact on our results of operations.

 **

***Increased Regulation / Expanding into New Markets***

 **

As we continue to enter into new markets for HPC/AI services, competitive, operational, legal and regulatory risks may be exacerbated as there is substantial uncertainty about the extent to which AI will result in changes that come with risks that we may not be able to anticipate, prevent, mitigate or remediate. Our investments in further developing and offering HPC/AI services may result in new or enhanced governmental or regulatory scrutiny, litigation, confidentiality or security risks, ethical concerns or other complications that could adversely affect our business, reputation, results of operations or financial condition. The increasing focus on the risks and strategic importance of certain HPC/AI services, such as AI cloud services, and AI/ML technologies, has already resulted in regulatory restrictions that target products and services capable of enabling or facilitating AI/ML, and may in the future result in additional restrictions impacting any offerings we may develop, including AI cloud services and other HPC solutions.

***Strategic Transition from Bitcoin Mining Colocation to API/HPC***

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Our strategic transition from Bitcoin mining colocation to HPC/AI infrastructure services is designed to position us to capitalize on significant growth trends in the data center industry. During this transition period, we continue to derive revenue from hosting Bitcoin mining equipment for existing customers, and as such, we remain exposed to risks associated with the cryptocurrency industry and digital asset markets. As we complete our transition to HPC/AI infrastructure services, our exposure to cryptocurrency market risks will decline materially, and we expect Bitcoin mining colocation to represent a decreasing portion of our overall business. Given that our legacy business is still in Bitcoin mining colocation operations and the cryptocurrency industry, during the transition period, any adverse developments in the cryptocurrency industry could continue to impact our financial performance and results of operations.

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***Macroeconomic Conditions***

Adverse macroeconomic conditions, including rising interest rates, economic recession, persistent inflation, or financial market volatility, can impact our business. Economic slowdowns typically cause enterprises and other potential customers to delay capital expenditure decisions, reduce technology investments, or postpone HPC/AI infrastructure projects, which could significantly reduce demand for our services and delay customer decision-making processes. Inflation increases the costs of construction materials, labor, and data center equipment, thereby reducing our project margins at the same time that higher financing costs are pressuring our returns. The combination of increased construction costs, higher financing expenses, and potentially reduced customer demand during periods of economic uncertainty could materially impair our ability to execute our growth strategy profitably.

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**Key Factors and Trends—HPC/AI Colocation Supply and Demand**

*Management's View of Market Balance.*

We monitor announced, proposed, and under-construction HPC/AI data center projects against the expected demand for high-density AI workloads from hyperscalers and enterprises. While there have been numerous public announcements of new capacity, realized supply growth is constrained by critical bottlenecks, including power availability, permitting timelines, interconnection upgrades, advanced cooling readiness, and the substantial capital required to bring capacity online—factors that, in major U.S. markets, can extend development timelines to five years or more. As a result, management's current view is that announced capacity will not uniformly translate into near-term operating capacity, and project delivery risk remains elevated across the sector. See "*Information About Blockfusion—Industry Background*" and "*Niagara Facility Location and Power Access*."

*Demand Outlook and Uncertainties.*

Management believes demand for high-density AI workloads remains significant; however, the magnitude and timing of offtake are subject to material uncertainties, including enterprise AI adoption rates, customer access to financing, macroeconomic conditions, and technology efficiency gains that could reduce compute requirements or shift demand toward alternative architectures. These uncertainties may slow decision cycles, reduce committed offtake, or favor short-term and more flexible arrangements, any of which could impact utilization and pricing. See "*Risk Factors*."

*Prior 'Overbuilding' Cycles and Pricing Risk.*

The data center industry has experienced periods of overbuilding and excess capacity that led to sector-wide pricing pressure and reduced profitability. If a material portion of announced HPC/AI capacity is delivered faster than demand materializes, or if demand slows relative to expectations, the market could exhibit similar characteristics, which could negatively affect our utilization, pricing power, returns on recent and planned capital investments, and our results of operations. See "*Risk Factors— Dependence on continued growth in demand for, and material ongoing investment in, data center and high-performance computing infrastructure.*"

*Implications for Our Transition.* 

In light of these dynamics, we expect to prioritize: (i) aligning phased capital commitments with executable power, permitting and interconnection milestones, (ii) pursuing offtake discussions that target appropriate term, density and credit characteristics, and (iii) sequencing facility and technical upgrades to track committed demand. If demand grows more slowly than anticipated or if market conditions change materially, we may adjust the timing, scope, or financing of transition activities, which could affect our results. See "*Information About Blockfusion—Facility and Technical Upgrades; Planned HPC/AI Transition*."

**Recent Developments**

***The Business Combination***

On November 19, 2025, we entered into the Business Combination Agreement with Blue, a Cayman Islands exempted company, Pubco, Blue Merger Sub and Company Merger Sub. The Business Combination Agreement provides, among other things, that in accordance with the terms and subject to the conditions set forth therein, a business combination between the SPAC and Blockfusion will be affected. At the Effective Time, Blue Merger Sub shall be merged with and into Blue, with Blue Merger Sub ceasing to exist and Blue continuing its corporate existence as the surviving company, and Company Merger Sub will merge with and into us, with Company Merger Sub ceasing to exist and Blockfusion continuing its corporate existence as the surviving company. As a result, Blockfusion and Blue will become wholly owned subsidiaries of Pubco and Pubco will become a publicly traded company.

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***Gryphon Agreement***

On December 1, 2024, we entered into a co-location mining services agreement with Gryphon Digital Mining Inc., a Delaware corporation ("**Gryphon**") to provide hosting services for 3,780 of Gryphon's Bitcoin miners not to exceed 12 MW of allocated power ("**Gryphon MSA**"). Gryphon is required to pay a facility fee for standard levels of maintenance of its mining equipment, including fault diagnosis and software upgrades and racking and unracking of faulty machines. Gryphon is also required to pay for its monthly power usage without a markup charge. Amounts billed to Gryphon under the Gryphon MSA for hosting services were recognized as revenue from contracts with customers pursuant to ASC 606. Since contract inception, we satisfied all obligations under the Gryphon MSA, however Gryphon defaulted on certain payments making it delinquent under the payment terms of the contract even after various written notices were provided.

On April 15, 2025, we exercised our right to operate the mining equipment effectively taking control of the use of the assets. The value of Bitcoin generated from our operation of that equipment following Gryphon's default did not arise from the Company's ordinary course of business and was recognized as 'mining income' within other income.

On June 25, 2025, we executed a forbearance agreement with Gryphon whereby we agreed to refrain from issuing a formal breach notice, commence proceedings, enforcement actions or other remedies for a period of 60 days, strictly as a temporary measure and without waiver of any rights or remedies, in exchange for partial cash payment of the outstanding amount. We did, however, continue to exercise our rights to operate the mining equipment and take possession of any Bitcoin mined until the termination of the Gryphon MSA on September 4, 2025, following the acquisition of Gryphon by American Bitcoin Corp. Upon termination, the mining equipment was returned. Following termination, as the amount of liquidated Bitcoin from the mining activity was not sufficient to cover the operating costs and other reimbursable costs from Gryphon, we received payment in full of all amounts owed under the Gryphon MSA from American Bitcoin Corp.

 ****

***Issuance of Term Loans and Restructuring of Payables***

On January 13, 2025, we settled a $1,187 trade payable balance with a vendor by issuing a $1,187 term loan and a warrant to purchase up to 50,000 shares of Series A Common Stock. The term loan bears interest at an annual rate of 7.5% and matures in January 2028. The warrant is exercisable at $0.92 per share and has a term of five years from the issuance date.

On March 31, 2025, we entered into a settlement agreement with a vendor to settle $823 in trade payable balances. The payment terms of the $823 in trade payables were restructured to be repaid upon a qualifying finance or change of control event. In connection with the settlement, a warrant was issued to the vendor to purchase up to 35,000 shares of Series A Common Stock. The warrant is exercisable at $0.92 per share and has a term of three years from the issuance date.

On July 21, 2025, we entered into a $4,000 term loan agreement with a maturity date in September 2027. The loan bears interest at an annual rate of 12%. In connection with the loan, we also issued a warrant to the lender to acquire up to 210,000 shares of Series A Common Stock. The warrants are exercisable at $0.01 per share and have a term of five years from the issuance date. A portion of the funds obtained were used to voluntarily prepay and fully settle the outstanding principal and interest due on the Term Note with PHP in the amount of $1,178, originally issued on September 9, 2021. No fees were incurred with the prepayment.

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***Issuance of Common Stock Warrants***

On March 1, 2025, we issued Common Stock Warrants to a customer for the purchase of up to 417,550 shares of Company Class B Common Stock, in connection with the third amendment to a mining services agreement executed on the same date. Each warrant has an exercise price of $0.01 per share. The warrants are exercisable during the 12-month period following the expiration or qualifying termination of the mining services agreement. As of the issuance date, the agreement had approximately 24 months remaining in its initial 38-month term and is subject to automatic renewal for successive three-month period thereafter. The exercise price is subject to customary adjustments for events such as stock dividends, stock splits, consolidations, mergers, and issuances of additional shares of common stock.

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***Agreement for Transaction Related Services***

On August 26, 2024, the Company entered into the Financial Advisory Agreement with ING, a registered broker-dealer and wholesale banking business, pursuant to which ING agreed to provide financial advisory services to the Company. Under the Financial Advisory Agreement, as amended, the Company agreed to pay ING a transaction fee of $2,250,000 (payable at closing) and reimburse ING for reasonable out-of-pocket expenses (including legal fees), and provide customary indemnification and contribution, in each case on the terms set forth therein.

**Components of Our Results of Operations**

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***Revenue***

Our revenue is generated primarily from co-location mining services and implementation services. Co-location mining service consideration includes (i) fixed monthly facility fees per MW of allocated load power, (ii) pass-through energy fees, and (iii) where applicable under certain contracts, variable performance-fees determined by reference to customer production or other measureable performance metrics (e.g., a revenue-share or hashprice-linked rebate), which may be payable in cash or digital assets. As part of our implementation services, we install and configure mining equipment at the data center. Implementation services fees are recognized in the period in which the services are provided.

Our co-location mining services contracts are structured as service agreements which may consist of multiple performance obligations. These contracts primarily provide for the hosting of customers' miners within a secure data center while supplying electrical power, internet connectivity, proper safety and security and access to maintenance resources. Typically, these customers are billed monthly for facility fees and energy fees. Facility fees are fixed fees per MW of allocated load power at the data center. Energy fees are passed through to the customer from the utility provider based upon the current usage and utility rate. In addition, certain customer agreements provide for variable "performance-fees" that are determined by reference to customer production or other measurable performance metrics (for example, a revenue-share based on digital assets generated or a hashprice-linked rebate). Performance-fees may be settled in cash or in digital assets and are accounted for as variable consideration under ASC 606, recognized when the related services are provided subject to the variable-consideration constraint. When consideration is in digital assets, fair value is measured at contract inception consistent with our existing policy. See "*Note 2—Revenue Recognition*" and "*Information About Blockfusion—Material Agreements*."

We are the principal in providing mining services to the customer, and all related fees earned are reported on a gross basis. Revenue for co-location mining services is recognized over time, as customers simultaneously receive and consume the benefits of our services. Any fixed consideration, such as fixed facility fees, is recognized ratably over time as the services are transferred to the customer over the contractual term. Energy fees and variable facility fees are recognized in the period when the related services are provided.

In certain contracts, the customer can pay us for mining services in the form of a percentage of digital assets mined by the customer's miners. Because digital assets are treated as noncash consideration, their fair value is determined at the time of contract inception based on the quoted market price of the digital asset in our principal market. In addition, certain contracts include variable performance-based consideration (e.g., revenue-share or hashprice-linked rebates), which the Company accounts for as variable consideration subject to the constraint in ASC 606. Such amounts are recognized when the related services are provided and, if settled in digital assets, measured consistent with the non-cash consideration policy described herein.

In addition, we generate revenue from participation in Energy Programs, as described under "—Energy Program Income" below.

Our revenue recognition policies are further discussed below under the heading "*Critical Accounting Estimates*" and Note 2, "*Summary of Significant Accounting Policies,*" to our consolidated financial statements, included elsewhere in this proxy statement/prospectus.

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***Cost of sales***

Our cost of sales consists primarily of expenses related to supporting our services agreements. Our primary cost of revenue are utilities costs which are necessary to support the significant energy requirements of Bitcoin mining. Additionally, we incur costs associated with onsite management. This includes salaries and other personnel-related expenses as well as certain fees for third-party vendors who are engaged to assist with certain set-up and implementation activities. Other significant components of cost of sales include security costs, repairs and maintenance and supplies, including salaries and personnel expenses, as well as fees for third-party vendors who provide robust security infrastructure at our facilities.

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***Operating expenses***

 

*Selling, general and administrative*

Selling, general and administrative expenses consist primarily of personnel-related costs, including salaries and wages, benefits, and stock-based compensation expense. It also includes travel expenses such as airfare and hotels, office supplies, software expenses, printing and postage, property insurance and certain utilities, such as phone and internet.

 

*Legal and professional fees*

Legal and professional fees consist primarily of transaction-related finance and accounting fees, transaction-related legal fees and fees related to legal proceedings with XBTO. Refer to Note 16, "*Commitments and Contingencies,*" to our consolidated financial statements, included elsewhere in this proxy statement/prospectus, for further detail on our legal proceedings.

 

*Depreciation and amortization*

Depreciation expense consists of the depreciation associated with our mining equipment and buildings at our Niagara Facility, and depreciation expense associated with certain leases. Amortization expense consists of straight-line amortization expense associated with our finance classified leases.

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***Other income (expense)***

 

*Interest Expense*

Interest expense consists primarily of interest incurred on our notes payable and finance leases.

*Change in fair value of warrant liability*

 

Change in fair value of warrant liability relates to revaluation of liability-classified warrants. The warrants are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the condensed consolidated statements of operations and comprehensive (loss) income within the change in fair value of warrant liability line item.

 

*Energy Program Income*

Energy Program income is generated from participation in the NYISO demand response programs. Under these programs, participants commit to curtailing or shifting electrical consumption when requested by the grid operator during periods of high system demand or constrained capacity. In return, participants receive capacity and performance-based payments that reflect the market value of the grid support provided.

For us, Energy Program participation involves enrolling specific portions of site load and power capacity into NYISO-administered programs, thereby making this capacity available for temporary reduction or dispatch when called upon. These payments are recorded as operating revenues and are not credits, offsets, or reductions of utility expense. We view Energy Program participation as both a revenue-generating and grid-stabilizing activity, aligning with our broader commitment to energy efficiency, grid reliability, and sustainable operations.

Energy Program revenues may vary from period to period based on NYISO program rules, capacity prices, system peak conditions, and our available enrolled capacity.

 

*Gain on settlement*

Gain on settlement relates to a gain recognized upon the settlement of a master lease agreement, in which a term loan and warrants were issued to settle amounts owed under the master lease agreement.

 

*Realized gains (losses), net*

Realized gains (losses), net primarily relate to sales and dispositions of mining equipment and crypto assets.

 

*Other income (expense), net*

Other income (expense), net consists primarily of change in fair value of notes payable, change in fair value of warrant liability, and mining revenue.

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***Income tax provision***

For the nine months ended September 30, 2025 and 2024, we recorded an income tax provision of $128 and $85, respectively. The $128 for the nine months ended September 30, 2025 is comprised of $124 in federal tax expense and $4 in state tax expense. The $85 for the nine months ended September 30, 2024 is comprised of $80 in federal tax expense and $5 in state tax expense.

For the years ended December 31, 2024 and 2023, we recorded an income tax provision of $80 and $0, respectively. The $80 for the year ended December 31, 2024 is comprised of $76 in federal tax expense and $4 in state tax expense.

As of December 31, 2024 and 2023, we had US federal net operating loss carryforwards of $23,702 and $25,203, respectively. As of December 31, 2024 and 2023, we had state NOL carryforwards of $16,912 and $19,984, respectively. Of the $23,702 and $25,203 federal NOL carryforwards, almost all of it may be carried forward indefinitely. The December 31, 2024 and 2023 state NOL carryforwards begin to expire in 2041.

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**Results of Operations**

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***Comparison of the Nine Months Ended September 30, 2025 and*** ***2024***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Revenue** | $15781 | $17501 | $(1720) | (10)% |
| **Cost of sales** | 14172 | 14746 | (574) | (4) |
| &nbsp;&nbsp;&nbsp;**Gross margin** | 1609 | 2755 | (1146) | (42) |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**General and administrative** | 1925 | 2342 | (417) | (18) |
| &nbsp;&nbsp;&nbsp;**Legal and professional fees** | 2382 | 429 | 1953 | 455 |
| &nbsp;&nbsp;&nbsp;**Depreciation and amortization** | 693 | 806 | (113) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 5000 | 3577 | 1423 | 40 |
| **Loss from operations** | (3391) | (822) | (2569) | 313 |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Interest expense** | (1652) | (2106) | 454 | (22) |
| &nbsp;&nbsp;&nbsp;**Change in fair value of warrant liability** | (7056) | (22) | (7034) | 31973 |
| &nbsp;&nbsp;&nbsp;**Energy Program income** | 2943 | 1512 | 1431 | 95 |
| &nbsp;&nbsp;&nbsp;**Gain on settlement** | 93 | 3619 | (3526) | (97) |
| &nbsp;&nbsp;&nbsp;**Unrealized gains** | (9) |  | (9) |  |
| &nbsp;&nbsp;&nbsp;**Realized gains (loss), net** | 29 | (44) | 73 | (166) |
| &nbsp;&nbsp;&nbsp;**Other income (expense), net** | 1922 | (371) | 2293 | 618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other (expense) income, net** | (3730) | 2588 | (6318) | (244) |
| **Net (loss) income before (provision) for income taxes** | (7121) | 1766 | (8887) | (503) |
| **Provision for income taxes** | (128) | (85) | (43) | 51 |
| **Net (loss) income** | $(7249) | $1681 | $(8930) | (531)% |

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***Revenue***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Revenue** | $15781 | $17501 | $(1720) | (10)% |

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Revenue was $15,781 for the nine months ended September 30, 2025, as compared to $17,501 for the nine months ended September 30, 2024. The decrease of $1,720 was primarily driven by a:

$2,264 increase in revenue resulting from one new customer contract entered into during the month ending December 31, 2024 2024

$1,776 increase in revenue resulting from two existing customers increasing their capacity during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024; partially offset by a

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| |
|:---|
| $5,395 decrease in revenue attributable to the termination of a customer contract during the month ending November 30, 2024 |
| $365 decrease in revenue attributable to the termination of a customer contract during the month ending January 31, 2024 |

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*Contract Activity and MW Rollforward (Nine Months)*

The table below summarizes co-location mining services contract activity and MWs under contract for the periods presented. Management believes this information provides additional insight into the drivers of period-over-period revenue changes.

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| | | | |
|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| Beginning Contracts: | 3 | MWs under Contract: | 43 |
| Additions (New Contracts): |  | MWs Added: |  |
| Expirations/Terminations<sup>1</sup>: | 1 | MWs Reduced: | 12 |
| Ending Contracts: | 2 | MWs under Contract: | 31 |
| Expansions (Existing Contracts): | - | MWs Expanded: | - |

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| | | | |
|:---|:---|:---|:---|
| **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| Beginning Contracts: | 3 | MWs under Contract: | 25 |
| Additions (New Contracts): | 1 | MWs Added: | 30 |
| Expirations/Terminations<sup>2</sup>: | 1 | MWs Reduced: | 13 |
| Ending Contracts: | 3 | MWs under Contract: | 42 |
| Expansions (Existing Contracts)<sup>3</sup>: | 1 | MWs Expanded: | 1 |

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<sup>(1)</sup> On September 4, 2025, the acquiror of Gryphon exercised a change of control termination right included in Gryphon's underlying agreement with the Company following its acquisition of Gryphon.

<sup>(2)</sup> The Company negotiated an early termination with White Rock Kentucky, LLC ("White Rock").

<sup>(3)</sup> On February 12, 2024, Solar Liberty elected to expand its contract by 1MW.

Expirations/terminations reflected in the items noted above, including certain customer payment delinquencies and non-renewals, while expansions reflected increased MW allocations under existing customers' deployments. See "*Information about Blockfusion—Material Agreements*" for additional detail regarding significant customer arrangements referenced in the period-over-period revenue drivers.

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***Cost of Sales***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Cost of sales** | $14172 | $14746 | $(574) | (4)% |

---

Cost of sales totaled $14,172 for the nine months ended September 30, 2025, as compared to $14,746 the nine months ended September 30, 2024, representing a decrease of $574. This decrease was primarily driven by a 10% decline in revenue. The decrease in cost of sales is generally aligned with the gross margin, which decreased slightly from 16% in 2024 to 10% in 2025, reflecting a proportionate decline in direct costs relative to revenue.

$275 decrease in utilities, driven by expiration and termination of certain customer contracts; and a

$285 decrease in maintenance-related expenses, including salaries and other personnel-related expenses.

While we do not currently have any AI-hosting contracts in place, management expects cost of sales to increase as we pursue and enter into AI-hosting arrangements in the future. Such increases would primarily reflect higher power, infrastructure, and operating costs associated with supporting anticipated growth in AI-hosting revenue. Fluctuations in energy prices and shifts in cryptocurrency economics may partially offset these impacts, supporting overall margin stability.

*Electricity Costs Trends*. Utilities expense was approximately $12,917 for the nine months ended September 30, 2025, compared to approximately $13,184 for the nine months ended September 30, 2024 decrease of approximately 2.0%). Utilities represented approximately 91.1% and 89.4% of cost of sales for the respective periods. The year-over-year change reflects lower load associated with contract expirations and terminations partially offset by consumption tied to new and expanded customer arrangements, as well as seasonal factors. See '*Information About Blockfusion—Power Mix of the Niagara Facility*.'

 ****

***Operating expenses***

 

*Selling, general and administrative*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Selling, general and administrative** | $1925 | $2342 | $(417) | (18)% |

---

Selling, general and administration expenses were $1,925 for the nine months ended September 30, 2025, as compared to $2,342 for the nine months ended September 30, 2024. The decrease of $417 was primarily driven by a $531 decrease in taxes and fees related to the master lease agreement, partially offset by an increase of $122 related to an increase in payroll related expenses as well as an increase office supply expenses.

*Legal and professional fees*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Legal and professional fees** | $2382 | $429 | $1953 | 455% |

---

Legal and professional fees expense was $2,382 for the nine months ended September 30, 2025, as compared to $429 for the nine months ended September 30, 2024. The increase of $1,953 was primarily driven by a $1,977 increase in transaction-related legal and other professional fees incurred during the nine months ended September 30, 2025.

*Depreciation and amortization*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 31,** | **September 31,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Depreciation and amortization** | $693 | $806 | $(113) | (14)% |

---

Depreciation and amortization expense was $693 for the nine months ended September 30, 2025, as compared to $806 for the nine months ended September 30, 2024. The decrease of $113 was primarily driven by a decrease in amortization of a finance lease liability, which terminated during 2024.

[**Table of Contents**](#TableOfContents)

***Other income (expense)***

 ****

*Interest expense*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Interest expense** | $(1652) | $(2106) | $454 | (22)% |

---

 

Interest expense was $1,652 for the nine months ended September 30, 2025, as compared to $2,106 for the nine months ended September 30, 2024. The change of $454 was primarily driven by a (i) $1,770 decrease in interest expense due to the expiration and termination of certain lease agreements during nine months ended September 30, 2025, partially offset by (ii) a $1,316 increase in interest expense, primarily driven by an increase in debt obligations under our term loan agreements during the nine months ended September 30, 2025.

*Change in fair value of warrant liability*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Change in fair value of warrant liability** | $(7056) | $(22) | $(7034) | 31973% |

---

 

Change in fair value of warrant liability was $7,056 for the nine months ended September 30, 2025, as compared to $22 for the nine months ended September 30, 2024. The change of $7,034 was primarily driven by changes in the fair value of warrant obligations, including the impact of warrants that were issued subsequent to September 30, 2024 and therefore were not outstanding in the comparative period, as well as amendments to the terms of the existing warrant obligations.

*Energy Program income*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Energy program income** | $2943 | $1512 | $1431 | 95% |

---

 

Energy Program income was $2,943 for the nine months ended September 30, 2025, as compared to $1,512 for the nine months ended September 30, 2024. The increase of $1,431 was primarily driven by increased energy consumption by customers and higher energy prices.

 

*Gain on settlement*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Gain on settlement** | $93 | $3619 | $(3526) | (97%) |

---

The $3,526 change in gain on settlement for the nine months ended September 30, 2024 relates to the settlement of a master lease agreement. As part of the settlement, we issued a term loan and warrants to settle the outstanding lease obligations. The gain reflects the excess of the carrying value of the liabilities settled and the fair value of the instruments issued.

 

*Realized gains (loss), net*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Realized gains (loss), net** | $29 | $(44) | $73 | (166)% |

---

Realized gains were $29 for the nine months ended September 30, 2025, compared to a realized loss of $44 for the nine months ended September 30, 2024. The change was primarily driven by realized gains from the liquidation of Bitcoin during the nine months ended September 30, 2025 partially offset by losses on the disposal of mining machinery and equipment recorded in the prior-year period, which did not recur in the current period.

[**Table of Contents**](#TableOfContents)

 

*Other (expense) income, net*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Other income (expense), net** | $1922 | $(371) | $2293 | 618% |

---

Other income, net was $1,922 for the nine months ended September 30, 2025, as compared to other expense, net of $371 for the nine months ended September 30, 2024. The change was primarily attributable to changes in the fair value of notes payable of $363 and an increase in 'mining income' (presented in other income) of $1,904. The $1,904 of mining income was generated from the Company operating Gryphon's equipment to mine Bitcoin pursuant to its contractual rights due to Gryphon's default. The Company classifies activity related to mining performed by the Company and directly for its benefit as other income because such activity is not part of the Company's ordinary activities of either 1) providing co-location mining services to third parties or 2) providing hosting services to third parties or 3) providing infrastructure related to hosting services and mining services to third parties. See "*Information About Blockfusion – Gryphon Agreement."*

 

*Provision for income taxes*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** | | |
|  | **September 30,** | **September 30,** | | |
|  | **2025** | **2024** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Provision for income taxes** | $(128) | $(85) | $(43) | 51% |

---

Provision for income taxes was $128 for the nine months ended September 30, 2025 and $85 for the nine months ended September 30, 2024. The change is primarily attributable to current period taxable income after NOL adjustments.

***Comparison of the Years Ended December 31, 2024 and 2023***

The following table summarizes our results of operations for the years ended December 31, 2024 and 2023 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Revenue** | $23689 | $16796 | $6893 | 41% |
| **Cost of sales** | 20297 | 13893 | 6404 | 46 |
| &nbsp;&nbsp;&nbsp;**Gross margin** | 3392 | 2903 | 489 | 17 |
| **Operating expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**General and administrative** | 2948 | 3489 | (541) | (16) |
| &nbsp;&nbsp;&nbsp;**Legal and professional fees** | 584 | 881 | (297) | (34) |
| &nbsp;&nbsp;&nbsp;**Depreciation and amortization** | 1039 | 1275 | (236) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 4571 | 5645 | (1074) | (19) |
| **Loss from operations** | (1179) | (2742) | 1563 | (57) |
| **Other income (expense):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Interest expense** | (2604) | (3207) | 603 | (19) |
| &nbsp;&nbsp;&nbsp;**Energy program income** | 2589 | 1018 | 1571 | 154 |
| &nbsp;&nbsp;&nbsp;**Gain on settlement** | 3619 | 117 | 3502 | 100 |
| &nbsp;&nbsp;&nbsp;**Realized gains (losses), net** | (42) | (1353) | 1311 | (97) |
| &nbsp;&nbsp;&nbsp;**Other (expense) income, net** | (386) | 32 | (418) | (1306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total other income (expense), net** | 3176 | (3393) | 6569 | (194) |
| **Net income (loss) before (provision) benefit for income taxes** | 1997 | (6135) | 8132 | (133) |
| **Provision for income taxes** | (80) | - | (80) | - |
| **Net income (loss)** | $1917 | $(6135) | $8052 | (131)% |

---

[**Table of Contents**](#TableOfContents)

***Revenue***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Revenue** | $23689 | $16796 | $6893 | 41% |

---

Revenue was $23,689 for the year ended December 31, 2024, as compared to $16,796 for the year ended December 31, 2023. The increase of $6,893 was primarily driven by a:

$15,042 increase in revenue resulting from a new contract entered during the month ending January 31, 2024

$4,332 increase in revenue resulting from a new contract entered during the month ending September 30, 2023 which resulted in the contract being active for a longer portion of the period during the 12 months ending December 31, 2024 when compared to the previous 12 months ending December 31, 2023

$749 increase in revenue resulting from one existing customers increasing their capacity during the 12 months ended December 31, 2025, as compared to the twelve months ended December 31, 2024

$228 increase in revenue resulting from a new contract entered during the month ending December 31, 2024; partially offset by a

$8,216 decrease in revenue attributable to the termination of a customer contract during the month ending January 30, 2024.

$5,181 decrease in revenue attributable to the termination of a customer contract during the month ending September 30, 2023.

$61 decrease in revenue attributable to the termination of a customer contract during the month ending November 30, 2023.

$15,042 increase in revenue resulting from a new contract entered during the month ending January 31, 2024

$4,332 increase in revenue resulting from a new contract entered during the month ending September 30, 2023 which resulted in the contract being active for a longer portion of the period during the 12 months ending December 31, 2024 when compared to the previous 12 months ending December 31, 2023

$749 increase in revenue resulting from one existing customers increasing their capacity during the 12 months ended December 31, 2025, as compared to the twelve months ended December 31, 2024

$228 increase in revenue resulting from a new contract entered during the month ending December 31, 2024; partially offset by a

$8,216 decrease in revenue attributable to the termination of a customer contract during the month ending January 30, 2024.

$5,181 decrease in revenue attributable to the termination of a customer contract during the month ending September 30, 2023.

$61 decrease in revenue attributable to the termination of a customer contract during the month ending November 30, 2023.

Of the total fluctuation, $6,638 of the net increase relates to co-location mining services revenue and $197 relates to implementation services revenue.

*Contract Activity and MW Rollforward* 

The table below summarizes co-location mining services contract activity and MWs under contract for the periods presented. Management believes this information provides additional insight into the drivers of period-over-period revenue changes.

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| Beginning Contracts: | 3 | MWs under Contract: | 25 |
| Additions (New Contracts): | 2 | MWs Added: | 42 |
| Expirations/Terminations<sup>1</sup>: | 2 | MWs Reduced: | 24 |
| Ending Contracts: | 3 | MWs under Contract: | 43 |
| Expansions (Existing Contracts)<sup>2</sup>: | 2 | MWs Expanded: | 2 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| Beginning Contracts<sup>3</sup>: | 4 | MWs under Contract: | 25 |
| Additions (New Contracts)<sup>4</sup>: | 1 | MWs Added: | 11 |
| Expirations/Terminations<sup>5</sup>: | 2 | MWs Reduced: | 11 |
| Ending Contracts: | 3 | MWs under Contract: | 25 |
| Expansions (Existing Contracts): | 1 | MWs Expanded: | 1 |

---

<sup>(1)</sup> The Company negotiated an early termination with White Rock, and Ethereal Tech Pte. Ltd. ("Bitfufu") exercised termination for convenience rights pursuant to the terms of their underlying agreement.

<sup>(2)</sup> Solar Liberty elected to expand their MW deployment twice, each by 1MW in 2024.

<sup>(3)</sup> The four contracts listed for the year ended December 31, 2023 include Bit Digital USA, Inc. ("Bit Digital"), whose agreement with the Company is the subject of a dispute regarding the scope of Bit Digital's deployment obligations. The Company contends that Bit Digital had 11MWs deployed, but was contractually obligated to deploy 35MWs. Bit Digital disputes this characterization. The Company and Bit Digital are currently parties to an action related to breach-of-contract and related claims. See "*Information About Blockfusion—Legal Proceedings*" for additional information.

<sup>(4)</sup> The Company signed a 30MW contract with the NYDIG on December 15, 2023, which commenced on January 15, 2024.

<sup>(5)</sup> The Company's contract with Bit Digital expired upon the conclusion of its initial term, and the Company declined to renew. The Company and Bit Digital are currently parties to litigation related to breach-of-contract and related claims arising under the agreement. See "*Information About Blockfusion—Legal Proceedings*" for additional information. The Company and JSK Digital Inc. ("JSK Digital") terminated their contract by agreement after JSK Digital's equipment became obsolete.

Expirations/terminations reflected in the items noted above, including certain customer payment delinquencies and non-renewals, while expansions reflected increased MW allocations under existing customers' deployments. See "*Information about Blockfusion—Material Agreements*" for additional detail regarding significant customer arrangements referenced in the period-over-period revenue drivers.

[**Table of Contents**](#TableOfContents)

 ****

***Cost of Sales***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Cost of sales** | $20297 | $13893 | $6404 | 46% |

---

Cost of sales totaled $20,297 for the year ended December 31, 2024, as compared to $13,893 for the year ended December 31, 2023, representing an increase of $6,404. This increase was primarily driven by a 41% growth in revenue, which led to higher operational activity and greater infrastructure utilization, particularly in response to increased demand from our mining clients. The increase in cost of sales is generally aligned with the gross margin, which decreased slightly from 17% in 2023 to 14% in 2024, reflecting a proportionate rise in direct costs relative to revenue.

The $6,404 increase in cost of sales was mainly attributable to a:

$5,882 increase in utilities, driven by expanded site operations and higher energy consumption; and a

Combined $518 increase in maintenance-related expenses, reflecting increased equipment usage and servicing needs and, on-site management costs, including salaries and other personnel-related expenses.

While we do not currently have any AI-hosting contracts in place, management expects cost of sales to increase as we pursue and enter into AI-hosting arrangements in the future. Such increases would primarily reflect higher power, infrastructure, and operating costs associated with supporting anticipated growth in AI-hosting revenue. Fluctuations in energy prices and shifts in cryptocurrency economics may partially offset these impacts, supporting overall margin stability.

*Electricity Cost Trends*. Utilities expense (a principal component of cost of sales) was approximately $18,107 million in 2024 versus approximately $12,223 million in 2023, primarily reflecting expanded operational activity and higher energy consumption; utilities comprised approximately 89.2% and 88.0% of cost of sales in 2024 and 2023, respectively. These trends reflect increased load from new and expanded customer arrangements and seasonal factors that influence cooling requirements and overall energy intensity. See also '*Information About Blockfusion—Power Mix of the Niagara Facility*.'

 ****

***Operating expenses***

 

*Selling, general and administrative*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Selling, general and administrative** | $2948 | $3489 | $(541) | (16)% |

---

Selling, general and administration expenses were $2,948 for the year ended December 31, 2024, as compared to $3,489 for the year ended December 31, 2023. The decrease of $541 was primarily driven by (i) a $212 decrease in payroll related expenses, primarily due to bonuses which were accrued during the year ended December 31, 2023, with no similar accruals during the year ended December 31, 2024, (ii) a decrease of $270 in stock-based compensation, and (iii) a $72 decrease in taxes and fees related to the master lease agreement. As the master lease agreement was settled during the year ended December 31, 2024, we did not incur similar amounts of taxes and fees during the current period.

*Legal and professional fees*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Legal and professional fees** | $584 | $881 | $(297) | (34)% |

---

Legal and professional fees expense was $584 for the year ended December 31, 2024, as compared to $881 for the year ended December 31, 2023. The decrease of $297 was primarily driven by a $323 decrease in legal expenses, as we incurred higher legal expenses during the year ended December 31, 2023 related to the negotiation and restructuring of our 2021 term loan and 2022 term loan, both as described below in "—Term Loans" and within Note 8, "*Debt*" to our consolidated financial statements, included elsewhere in this proxy statement/prospectus.

*Depreciation and amortization*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Depreciation and amortization** | $1039 | $1275 | $(236) | (19)% |

---

Depreciation and amortization expense was $1,039 for the year ended December 31, 2024, as compared to $1,275 for the year ended December 31, 2023. The decrease of $236 was primarily driven by a decrease in amortization of a finance lease liability, which terminated during the year ended December 31, 2024.

***Other income (expense)***

*Interest Expense*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Interest expense** | $(2604) | $(3207) | $603 | (19)% |

---

Interest expense was $2,604 for the year ended December 31, 2024, as compared to $3,207 for the year ended December 31, 2023. The change of $603 was primarily driven by (i) a $834 decrease in interest expense due to the expiration and termination of certain lease agreements during the year ended December 31, 2024, partially offset by (ii) a $266 increase in interest expense, primarily driven by an increase in debt obligations under our term loan agreements during the year ended December 31, 2024.

 

[**Table of Contents**](#TableOfContents)

*Energy program income*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Energy program income** | $2589 | $1018 | $1571 | 154% |

---

 

Energy program income was $2,589 for the year ended December 31, 2024, as compared to $1,018 for the year ended December 31, 2023. The increase of $1,571 was primarily driven by higher enrolled capacity.

*Gain on settlement*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Gain on settlement** | $3619 | $117 | $3502 | 100% |

---

The $3,619 gain on settlement for the year ended December 31, 2024 relates to the settlement of a master lease agreement, as compared to $117 for the year ended December 31, 2023. As part of the settlement, we issued a term loan and warrants to settle the outstanding lease obligations. The gain reflects the excess of the carrying value of the liabilities settled and the fair value of the instruments issued.

 

*Realized gains (losses), net*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Realized gains (losses), net** | $(42) | $(1353) | $1311 | (97)% |

---

Realized losses were $42 for the year ended December 31, 2024, compared to $1,353 for the year ended December 31, 2023. The change is primarily due to a realized gain on the liquidation of Bitcoin in the amount of $1,318 for the year ended December 31, 2023. The remaining losses for both periods were primarily attributable to losses on disposals of mining machinery and equipment.

*Other expense, net*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Other (expense) income, net** | $(386) | $32 | $(418) | (1306)% |

---

Other expense, net of $386 for the year ended December 31, 2024 and other income, net of $32 for the year ended December 31, 2023 were both primarily attributable to changes in the fair value of notes payable, partially offset by mining revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended** | **Year Ended** | | |
|  | **December 31,** | **December 31,** | | |
|  | **2024** | **2023** |<br>**Change** |<br>**%** |
|  | (in thousands) | (in thousands) | | |
| **Provision for income taxes** | $(80) | $0 | $(80) | 0% |

---

Provision for income taxes was $80 for the year ended December 31, 2024 $0 for the year ended December 31, 2023. The change is primarily attributable to current period taxable income after NOL adjustments.

[**Table of Contents**](#TableOfContents)

**Liquidity, Going Concern and Capital Resources**

 ****

***Sources of Liquidity***

Our primary source of liquidity to date has been cash raised from private placements and debt financing and our material cash requirements have been the payments of our operating expenses and investments in our growth initiatives, as well as the repayments of our outstanding term loans.

As of September 30, 2025 we had cash and cash equivalents of $279, an accumulated deficit of approximately $28,063 and a working capital deficit of $13,989. As of December 31, 2024 we had cash and cash equivalents of $2,947, an accumulated deficit of approximately $20,827 and a working capital deficit of $17,980. Management has evaluated these conditions and concluded that substantial doubt exists regarding our ability to continue as a going concern. We currently engaged in a proposed business combination transaction, as further described above within "—Recent Developments" above. The completion of this transaction is expected to provide significant capital to enhance our liquidity position. This transaction, which contemplates a pre-money enterprise valuation of $450,000, would provide us with substantial liquidity to support ongoing operations and future growth initiatives. While these plans are intended to mitigate the conditions that raise substantial doubt, there can be no assurance that we will be successful in implementing these strategies or that such actions will be sufficient to enable us to continue as a going concern.

 ****

***Cash Flows***

The following tables summarize our sources and uses of cash for each of the periods presented:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended** | **Nine Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
|  | (in thousands) | (in thousands) |
| **Net cash (used in) provided by operating activities** | $(223) | $4191 |
| **Net cash used in investing activities** | (162) | (869) |
| **Net cash used in financing activities** | (2283) | (2172) |
| **Net change in cash and cash equivalents** | $(2668) | $1150 |

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
|  | (in thousands) | (in thousands) |
| **Net cash provided by operating activities** | $6938 | $2007 |
| **Net cash (used in) provided by investing activities** | (873) | 19 |
| **Net cash used in financing activities** | (3381) | (2117) |
| **Net change in cash and cash equivalents** | $2684 | $(91) |

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*Operating Activities*

Net cash used in operating activities was $223 for the nine months ended September 30, 2025. The factors affecting our operating cash flows during this period were our net loss of $7,249, adjusted by a decrease in cash flows from a net change in our operating assets and liabilities of $2,301 and partially offset by a decrease in cash flows from non-cash charges of $9,327. The non-cash charges primarily consisted of a $7,056 change in fair value of warrant liability, $1,477 in non-cash interest expense, $693 in depreciation and amortization, and $190 related to the change in fair value of notes payable, partially offset by a $93 gain on settlement of accrued legal fees. The change in operating assets and liabilities of $2,301 was primarily driven by a (i) $1,203 increase in accrued expenses and other current liabilities, primarily resulting from undertaking additional debt obligations, partially offset by a (ii) $1,055 increase in accounts receivable, (iii) $1,128 decrease in accounts payable, due to the timing of payments to suppliers, a (iv) $815 decrease in deferred revenue, primarily driven by the timing and frequency of certain co-location mining service agreements entered into with customers and related prepayments for services, and a (v) $700 decrease in customer deposits.

[**Table of Contents**](#TableOfContents)

 

Net cash provided by operating activities was $4,191 for the nine months ended September 30, 2024. The factors affecting our operating cash flows during this period were our net income of $1,681, increase in cash flows from a net change in our operating assets and liabilities of $3,556 and partially offset by a decrease in cash flows from non-cash charges of $1,046. The non-cash charges primarily consisted of $806 in depreciation and amortization expense, $1,100 of non-cash interest expense, $554 related to the change in fair value of notes payable, $40 in loss on disposal of property, plant, and equipment, $51 in stock-based compensation, partially offset by a $3,619 gain on settlement of financing obligation and finance lease liability, which reduced the overall non-cash expense impact. The change in operating assets and liabilities of $3,556 was primarily driven by a (i) $1,387 decrease in accounts receivable, (ii) a $1,400 decrease in customer deposits partially offset by a (iii) $1,640 increase in accounts payable, (iv) $1,633 increase in accrued expenses and other current liabilities and a (v) $494 increase in deferred revenue. The increase in accounts payable and accrued expenses and other current liabilities is primarily due to timing of payments and additional debt obligations outstanding that generate interest expense. The increase in deferred revenue was primarily due to the timing and frequency of certain co-location mining service agreements entered into with customers and related prepayments for services. The decrease in accounts receivable is related to the corresponding lower sales volumes, in addition to the timing of billings and collections of customer contracts.

Net cash provided by operating activities was $6,938 for the year ended December 31, 2024. The factors affecting our operating cash flows during this period were our net income of $1,917, adjusted by an increase in cash flows from a net change in our operating assets and liabilities of $5,150 and partially offset by a decrease in cash flows from non-cash charges of $129. The non-cash charges primarily consisted of a $3,619 gain on settlement of financing obligation and finance lease liability, partially offset by and $1,573 in non-cash interest expense, $1,040 in depreciation and amortization, and $726 related to the change in fair value of notes payable. The change in operating assets and liabilities of $5,150 was primarily driven by a (i) $1,878 increase in accrued expenses and other current liabilities, primarily resulting from the restructuring of our 2022 term loan, in which accrued and unpaid interest, along with unpaid principal was modified and consolidated into a new par value of the restructured loan (refer to "—Term Loans" below as well as Note 8, "Debt," to our consolidated financial statements, which are included elsewhere in this proxy statement/prospectus, for additional background) (ii) $2,738 increase in accounts payable, due to the timing of payments to suppliers, (iii) $130 increase in deferred revenue, primarily driven by the timing and frequency of certain co-location mining service agreements entered into with customers and related prepayments for services, (iv) $1,305 decrease in accounts receivable and partially offset by (v) a $548 decrease in customer deposits.

Net cash provided by operating activities was $2,007 for the year ended December 31, 2023. The factors affecting our operating cash flows during this period were our net loss of $6,135, adjusted by an increase in cash flows from a net change in our operating assets and liabilities of $3,995 and an increase in cash flows from a non-cash charges of $4,147. The non-cash charges primarily consisted of $1,275 in depreciation and amortization expense, $1,702 of non-cash interest expense, $803 related to the change in fair value of notes payable, $33 in loss on disposal of property, plant, and equipment, and $326 in stock based compensation. The change in operating assets and liabilities of $3,995 was generally driven by a (i) $1,476 increase in accounts payable, (ii) $1,252 increase in customer deposits and customer and utilities deposits, (iii) $2,354 increase in accrued expenses and other current liabilities, (iv) $1,741 increase in deferred revenue, partially offset by (v) a $879 increase in unbilled receivables and, (vi) a $2,188 increase in accounts receivable. The increase in accounts payable, accrued expenses and other current liabilities is primarily due to the significant losses we faced as a result of a facility fire at our Niagara Facility, resulting in delayed payments to vendors. The increase in deferred revenue was primarily due to the timing and frequency of certain co-location mining service agreements entered into with customers and related prepayments for services. The increase in accounts receivable is related to the corresponding higher sales volumes, in addition to the timing of billings and collections of customer contracts.

 

*Investing Activities*

During the nine months ended September 30, 2025 and 2024, net cash used in investing activities was $162 and $869, respectively which is related to the purchases of property and equipment.

During the year ended December 31, 2024, net cash used in investing activities was $873, which all related to the purchases of property and equipment.

During the year ended December 31, 2023, net cash provided by investing activities was $19, which consisted of $23 related to disposals of property and equipment, partially offset by $4 of purchases of property and equipment.

 

*Financing Activities*

During the nine months ended September 30, 2025, net cash used in financing activities was $2,283, of which $5,949 is related to principal payments of notes payable and $246 is related to issuance of notes receivable to related parties offset by $3,912 proceeds from notes payable.

During the nine months ended September 30, 2024, net cash used in financing activities was $2,172, of which $1,963 is related to principal payments of notes payable, $155 is related to lease financing payments and other financing obligations, and $54 is related to issuance of notes receivable to related parties.

During the year ended December 31, 2024, net cash used in financing activities was $3,381, all of which consisted of $2,972 of principal payments of notes payable, $254 related to the issuance of notes receivable to related parties, and $155 in lease related financing payments.

During the year ended December 31, 2023, net cash used in financing activities was $2,117, which consisted primarily of $1,596 of principal payments of notes payable, and $467 in lease related financing payments.

 ****

***Term Loans***

 

*2021 Term Loan*

In June 2021, we entered into a settlement agreement with a joint venture partner, whereby the joint venture partner transferred its ownership interest in NED to us in exchange for NED's acknowledgment of an $8,000 term loan. The loan was formally assumed in September 2021 and matures on September 9, 2026.

In August 2023, we and the lender resolved legal disputes related to the original settlement agreement. The term loan was amended to incorporate both the original obligation and an additional $953 awarded to the lender through arbitration.

 

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*2022 Term Loan*

In February 2022, we issued a $7,356 term loan, collateralized by digital asset mining equipment acquired with the loan proceeds. The term loan was originally set to mature in May 2024.

In June 2022, we defaulted term loan, resulting in the loan becoming callable and reclassified to current liabilities. In August 2024, the loan was restructured to extend the maturity date to June 6, 2027 and revise payment terms, which in turn cured the default. Interest on the August 2024 restructured terms is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid in kind interest, we are required to make monthly cash payments at the beginning of each month of $60. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

 

*2024 Term Loan*

In September 2024, we entered into a settlement agreement with a lessor. We failed to make certain lease payments under the master lease agreement and owed rental payments as well as accrued interest to the lessor as of August 31, 2024. Pursuant to the settlement agreement, the master lease agreement is deemed to be terminated and all obligations satisfied upon issuance of a $6,000 term loan, the exercise of the purchase option stipulated in the master lease agreement (fixed price purchase option) and transfer of title and interest of certain equipment to the Company, and the issuance of warrants (410,000 Series A Common Stock) to the lessor. The term loan and warrants were considered to be noncash lease payments made upon termination, which were initially recognized at fair value. No cash was exchanged as part of the settlement.

The term loan has a maturity date of September 1, 2027 and bears interest at a rate of 12% per annum. Interest is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid in kind interest, we are required to make monthly cash payments at the beginning of each month of $30 during the first year of the term, $50 during the second year, and $70 during the third year. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

*2025 Term Loans* 

 

In January 2025, we settled a $1,187 trade payable balance with a vendor by issuing a $1,187 term loan and a warrant to purchase up to 50,000 shares of Series A Common Stock. The term loan bears interest at an annual rate of 7.5% and matures in January 2028. The warrant is exercisable at $0.92 per share and has a term of five years from the issuance date.

In July 2025, we issued a $4,000 term loan which bears a stated interest rate of 12% and matures in January 2027.

*Short-term notes payable* 

In March 2025, the Company entered into a settlement agreement with a vendor to settle $823 in trade payable balances. The payment terms of the $823 in trade payable were restructured to be repaid upon a qualifying financing or change of control event and is non-interest bearing. In connection with the settlement, a warrant was issued to the vendor to purchase up to 35,000 shares of Series A Common Stock. The warrant is exercisable at $0.92 per share and has a term of three years from the issuance date.

**Non-GAAP Financial Matters**

In addition to our results of operations below, we report certain key financial measures that are not required by, or presented in accordance with, GAAP.

These non-GAAP financial measures are an addition, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP and should not be considered as an alternative to any performance measures derived in accordance with GAAP. We believe that these non-GAAP financial measures of financial results provide useful supplemental information to investors about us. However, there are a number of limitations related to the use of these non-GAAP financial measures and their nearest GAAP equivalents, including that they exclude significant expenses that are required by GAAP to be recorded in our financial measures. In addition, other companies may calculate non-GAAP financial measures differently or may use other measures to calculate their financial performance, and therefore, our non-GAAP financial measures might not be directly comparable to similarly titled measures of other companies.

 ****

***EBITDA***

We calculated EBITDA as net income (loss) adjusted for (i) interest expense, (ii) depreciation and amortization, and (iii) income tax (provision) benefit.

We included EBITDA as a supplemental measure for assessing operating performance in conjunction with related GAAP amounts and for the following:

● Strategic internal planning, annual budgeting, allocating resources and making operating decisions.

● Historical period-to-period comparisons of our business, as it removes the effect of certain non-cash expenses and expenses and revenue unrelated to ongoing business.

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The following tables reconcile EBITDA to net income (loss), the most directly comparable GAAP measure (in thousands):

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
|  | (in thousands) | (in thousands) |
| Net (loss) income | $(7249) | $1681 |
| **Add (deduct)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 1652 | 2106 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 693 | 806 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 128 | 85 |
| EBITDA | $(4776) | $4678 |

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| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
|  | **2024** | **2023** |
|  | (in thousands) | (in thousands) |
| Net income (loss) | $1917 | $(6135) |
| **Add (deduct)** |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 2604 | 3207 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1039 | 1275 |
| &nbsp;&nbsp;&nbsp;Provision for income taxes | 80 | - |
| EBITDA | $5640 | $(1653 |

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**Off-Balance Sheet Financing Arrangements**

For the periods presented, we did not have any off-balance sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.

**Contractual Obligations and Other Commitments**

Our principal commitments consist of contractual cash obligations under our term loan agreements. As of September 30, 2025 and December 31, 2024 and December 31, 2023, we have $20,575, $18,548 and $12,605 in debt obligations outstanding, respectively, excluding premiums and discounts. Refer to "Term Loans" above as well as to Note 6, "*Debt,"* to our consolidated financial statements, which are included elsewhere in this proxy statement/prospectus, for additional background.

We are subject to certain claims and contingent liabilities that arise in the normal course of business. While we do not expect that the ultimate resolution of any current litigation will have a material effect on our consolidated results of operations and comprehensive loss, financial position or cash flows, litigation is subject to inherent uncertainties. Refer to Note 16, *"Commitments and Contingencies,"* to our consolidated financial statements, which are included elsewhere in this proxy statement/prospectus, for additional background.

**Critical Accounting Estimates**

Our accounting estimates discussed below are important to the presentation of our results of operations and financial condition and require the application of judgment by our management in determining the appropriate assumptions and estimates. These assumptions and estimates are based on our previous experience, trends in the industry, the terms of existing contracts and information available from other outside sources and factors. Adjustments to our financial statements are recorded when our actual experience differs from the expected experience underlying these assumptions. These adjustments could be material if our experience is significantly different from our assumptions and estimates. Below are those policies applied in preparing our financial statements that management believes are the most dependent on the application of estimates and assumptions.

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***Revenue Recognition***

In accordance with ASC 606, *Revenue from Contracts with Customers*, we recognize revenue when we satisfy a performance obligation by transferring goods or services promised in a contract to a customer, in an amount that reflects the consideration that we expect to receive in exchange for those goods or services.

We recognize revenue using the following steps: (1) identification of the contract, or contracts with a customer, (2) identification of performance obligations in the contract, (3) determination of the transaction price, (4) allocation of the transaction price to the performance obligations in the contract and (5) recognition of revenue when or as we satisfy the performance obligations.

At contract inception, we assess the goods and services promised in our contracts with customers and identify a performance obligation for each promise, implicit or explicit, to transfer to the customer a good or service (or bundle of goods or services) that is distinct.

Our payment terms vary by contract and do not contain significant financing components. Amounts collected in advance of revenue recognized are recorded as deferred revenue in the consolidated balance sheets.

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*Areas of Judgment and Estimation*

Our contracts with customers can include multiple promises to transfer goods and services to the customer, which may be provided over one or more specified phases in the contract. Determining whether promises and/or phases are distinct performance obligations that should be accounted for separately or not distinct within the context of the contract and, thus, accounted for together, requires significant judgment. When customer contracts includes promises for multiple goods, services and/or phases, we determine whether the nature of our promise is to transfer (a) multiple promised goods, services and/or phases or (b) a combined item that comprises multiple promised services and/or phases.

Significant assumptions are used in the determination of the stand-alone selling price when multiple performance obligations are identified. Typically, our contracts with customers include set-up and implementation services in addition to co-location mining services.

Set-up fees for implementation services are charged for each unit of mining equipment that is installed and configured. To determine how to allocate the variable consideration, we applied the criteria per ASC 606, noting that it is appropriate to allocate the variable amount for set-up fees entirely to the specific implementation service for the related units of mining equipment. The set-up fees relate specifically to our efforts to satisfy the performance obligation for the implementation service, and such an allocation is consistent with the allocation objective, which is to allocate the transaction price to each performance obligation in an amount that depicts the amount of consideration to which we expect to be entitled in exchange for transferring the services. The amount of consideration to which we expect to be entitled in exchange for each implementation service is the set-up fees stated in the contract. As such, it is appropriate to allocate set-up fees entirely to the associated implementation service performance obligation.

Co-location mining services consist of hosting customers' miners within a secure data center while supplying electrical power, internet connectivity, proper safety and security, and access to maintenance resources. Customers may be invoiced under a number of different payment terms. Typically, customers are billed monthly for facility fees and energy fees. Facility fees may be fixed fees for the contract term or variable fees based on the number of miners the customer put into place at the data center. Energy fees are passed through to the customer from the utility provider based upon the current usage and utility rate. Revenue for co-location mining services is recognized over time, as customers simultaneously receive and consume the benefits of our services. Any fixed consideration is included in the transaction price at contract inception and is recognized ratably over time as the services are transferred to the customer over the contractual term. Energy fees and variable facility fees are recognized in the period when the related services are provided.

Identification of distinct performance obligations and the allocation of the transaction price requires significant judgement which could affect our financial position and results of operations.

The assumptions underlying these represented management's best estimates, which involved inherent uncertainties and the application of management's judgment. As a result, if we had used significantly different assumptions, the revenue recognized could have been materially different.

**Stock-Based Compensation Expense**

We measure stock-based awards granted to employees, directors, and non-employees based on their fair value on the date of the grant using the Black-Scholes-Merton option-pricing model for stock options. Compensation expense for those awards is recognized over the requisite service period, which is generally the vesting period of the respective award. Compensation expense for awards to non-employees with service-based vesting conditions is recognized in the same manner as if we had paid cash in exchange for the goods or services, which is generally the over the vesting period of the award. We use the straight-line method to recognize the expense of awards with service-based vesting conditions. We account for forfeitures of stock-based awards as they occur.

The Black-Scholes-Merton option pricing model requires several key assumptions, including expected term, expected volatility, dividend yield, risk-free rate, and the fair value of our common stock on the grant date. As there has been no public market for our common stock to date, we engage a third-party valuation specialist to determine the fair value of our equity which is approved by our Board as of the date of grant of each option, with input from management. The third-party specialist considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by us to independent third parties or transacted between third parties, any indications of value from offers to acquire us, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. These third-party valuations were performed in accordance with the guidance outlined in the American Institute of Certified Public Accountants' Accounting and Valuation Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

The assumptions underlying these valuations represented management's best estimates, which involved inherent uncertainties and the application of management's judgment. As a result, if we had used significantly different assumptions or estimates, the fair value of our common stock and our stock-based compensation expense could have been materially different.

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***Notes payable, held at fair value***

We account for one of our debt obligations under the fair value option under ASC 825-10. As of September 30, 2025, December 31, 2024, and December 31, 2023, estimated fair value of our debt held under the fair value option was $0, $3,922, and $5,670, respectively. The fair value of debt obligations measured at fair value is estimated using a Monte Carlo simulation model. This approach captures the path-dependent nature of expected cash flows by simulating a range of potential scenarios under a risk-neutral framework. Debt obligations held under the fair value option are categorized as a Level 3 instrument.

The assumptions underlying these valuations represented management's best estimates, which involved inherent uncertainties and the application of management's judgment. As a result, if we had used significantly different assumptions or estimates, the fair value of this obligation and the expense for changes in fair value of notes payable could have been materially different. Changes in fair value of notes are recorded in the consolidated statements of operations and comprehensive loss within other income (expense). Changes in fair value related to instrument-specific credit risk are reflected within other comprehensive income.

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***Warrants***

As of September 30, 2025, there were 1,437,107 warrants outstanding, consisting of 45,000 Seed Class A Warrants, 250,000 Seed Class B Warrants, 19,557 Series A Warrants, and 1,122,550 Common Stock Warrants. As of December 31, 2024, there were 724,557 warrants outstanding, consisting of 45,000 Seed Class A Warrants, 250,000 Seed Class B Warrants, 19,557 Series A Warrants and 410,000 Common Stock Warrants.

As of December 31, 2024, there were 724,557 warrants outstanding, consisting of 45,000 Seed Class A Warrants, 250,000 Seed Class B Warrants, 19,557 Series A Warrants, and 410,000 Common Stock Warrants. As of December 31, 2023, there were 519,557 warrants outstanding, consisting of 250,000 Seed Class A Warrants, 250,000 Seed Class B Warrants, and 19,557 Series A Warrants.

We determine the accounting classification of the warrants as either liability or equity by first assessing whether the warrants meet liability classification in accordance with ASC 480. If the Warrants are not required to be classified as liabilities under ASC 480, we assess whether such instruments are indexed to the company's own stock under ASC 815-40. All outstanding warrants for the nine months ended September 30, 2025 and 2024 and for the years ended December 31, 2024 and 2023 were not determined to be indexed to the company's own stock and therefore were classified as liabilities.

The liability-classified warrants are classified as other long-term liabilities within the consolidated balance sheets and are carried at fair value, with changes in fair value recorded in earnings. The fair value per share of the warrants was estimated using the Black-Scholes option pricing model. The fair value of the underlying equity was derived from the Option Pricing Model (OPM) employed in the our 409A valuation to allocate total equity value across the capital structure. This allocation considered the rights and preferences of each class of securities in accordance with our governing legal documents.

Key inputs to the Black-Scholes model – including estimated equity value, expected volatility, expected term, and risk-free interest rate – were consistent with those used in the 409A valuation. These inputs reflect management's best estimates and market data available at the time of valuation. As a result, if we had used significantly different assumptions or estimates, the fair value of the warrant liability and the expense for changes in warrant fair value could have been different.

**Recently Issued and Adopted Accounting Pronouncements**

A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2, *"Summary of significant accounting policies,"* to our consolidated financial statements, which are included elsewhere in this proxy statement/prospectus.

**Emerging Growth Company Status**

Following the Merger, we expect to qualify as an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**"). Pursuant to the JOBS Act, an emerging growth company is provided the option to adopt new or revised accounting standards that may be issued by Financial Accounting Standards Board ("**FASB**") or the SEC either (i) within the same periods as those otherwise applicable to non-emerging growth companies or (ii) within the same time periods as private companies. We expect, in some instances, to take advantage of the exemption for complying with new or revised accounting standards within the same time periods as private companies. Accordingly, the information contained herein may be different than the information you receive from other public companies. We also expect, in some instances, to take advantage of some of the reduced regulatory and reporting requirements applicable to emerging growth companies pursuant to the JOBS Act so long as it qualifies as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.

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**DESCRIPTION OF SECURITIES OF Pubco**

 

*The following summary sets forth the material terms of Pubco's securities following the completion of the Business Combination. This summary is not intended to be a complete summary of the rights and preferences of such securities. The Proposed Charter is described in* "*The Charter Proposal (Proposal 3)*." *You are encouraged to read the applicable provisions of the DGCL, the Proposed Charter, and the Proposed Bylaws, which are attached as <u>Annexes C</u> and <u>D</u>, respectively, in their entirety for a complete description of the rights and preferences of Pubco's securities following the Business Combination.*

**Authorized and Outstanding Stock**

The Proposed Charter authorizes the issuance of 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share, 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share, and 300,000,000 shares of Pubco Preferred Stock, par value $0.0001 per share.

**Common stock**

***Pubco Class A Common Stock***

*Voting.* Holders of shares of Pubco Common Stock will exclusively possess all voting power with respect to Pubco and are entitled vote on all matters submitted to Pubco stockholders for their vote or approval. Each share of Pubco Class A Common Stock has the voting power of one vote, and each share of Pubco Class B Common Stock has the voting power of twenty votes. Under the terms of the Proposed Bylaws, directors will be elected by a plurality of the votes cast by Pubco's stockholders present in person virtually or represented by proxy at the meeting and entitled to vote thereon. All other matters presented to Pubco's stockholders at a meeting at which a quorum is present shall be determined by the vote of a majority of the votes cast by Pubco's stockholders present in person virtually or represented by proxy at the meeting and entitled to vote thereon, unless the matter is one upon which, by applicable law, the Proposed Charter (as further described below), the Proposed Bylaws or applicable stock exchange rules, a different vote is required, in which case such provision shall govern and control the decision of such matter.

Following the Business Combination (assuming that no public stockholders exercise their redemption rights in connection with the Business Combination and the other assumptions described above), the Pubco directors, executive officers, and beneficial owners of 5% or greater of Pubco Common Stock and their respective affiliates will hold 89% of the voting power in the aggregate.

*Dividends.* The holders of shares of Pubco Common Stock are entitled to receive dividends, as and if declared by the Pubco Board out of legally available funds.

*Liquidation Rights.* Upon the liquidation or dissolution of Pubco, the holders of shares of Pubco Common Stock are entitled to share ratably in those of Pubco's assets that are legally available for distribution to Pubco stockholders after payment of liabilities and subject to the prior rights of any holders of preferred stock then outstanding.

***Pubco Class B Common Stock***

Each share of Pubco Class B Common Stock will entitle its holder to twenty (20) votes per share (the "**Per Share Class B Voting Power**").

*Optional Conversion*. The shares of Class B Common Stock will be held by four holders (the "**Class B Holders**") and each share of Pubco Class B Common Stock may be converted by a Class B Holder at any time into one share of Pubco Class A Common Stock.

*Automatic Conversion*. In the event that, after the Closing, a Class B Holder transfers shares of Pubco Class B Common Stock to any person other than certain permitted transferees (as set forth in Proposed Charter), such transferred shares will convert automatically into shares of Pubco Class A Common Stock having only one vote per share.

Additionally, with respect to each Class B Holder, each share of Pubco Class B Common Stock held by such Class B Holder will automatically convert into one fully paid and nonassessable share of Pubco Class A Common Stock:

● On the date specified by the holders of two-thirds of the then outstanding shares of Pubco Class B Common Stock, voting as a separate class, or in the affirmative written election executed by the holders of two-thirds of the then outstanding shares of Pubco Class B Common Stock;

● the date fixed by the Pubco Board that is no less than 10 days and no more than 3 days following the date that the number of outstanding shares of Pubco Class B Common Stock held by the Class B Holders as of immediately following the Closing and their Permitted Transferees represents less than 50% of the Class B Shares held by such Class B Holders immediately following the Closing; or

● upon the holder's death or incapacity (and, if applicable, adjudication of incompetency).

There are no other events upon which shares of Pubco Class B Common Stock into automatically convert into shares of Pubco Class A Common Stock.

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**Preferred Stock**

The Proposed Charter will provide that shares of Pubco Preferred Stock may be issued from time to time in one or more series of any number of shares, provided that the aggregate number of shares issued and not retired of any and all such series shall not exceed the total number of shares of Pubco Preferred Stock authorized, and with such powers, including voting powers, if any, and the designations, preferences and relative, participating, optional or other special rights, if any, and any qualifications, limitations or restrictions thereof, all as shall hereafter be stated and expressed in the resolution or resolutions providing for the designation and issue of such shares of Pubco Preferred Stock from time to time adopted by the Pubco Board pursuant to authority so to do which is expressly vested in the Pubco Board. The powers, including voting powers, if any, preferences and relative, participating, optional and other special rights of each series of Pubco Preferred Stock, and the qualifications, limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. The Pubco Board will be able to, without stockholder approval, issue Pubco Preferred Stock with voting and other rights that could adversely affect the voting power and other rights of the holders of Pubco Common Stock and could have anti-takeover effects. The ability of the Pubco Board to issue Pubco Preferred Stock without stockholder approval could have the effect of delaying, deferring or preventing a change of control of Pubco or the removal of existing management. Each series of shares of Pubco Preferred Stock: (i) may have such voting rights or powers, full or limited, if any; (ii) may be subject to redemption at such time or times and at such prices, if any; (iii) may be entitled to receive dividends (which may be cumulative or noncumulative) at such rate or rates, on such conditions and at such times, and payable in preference to, or in such relation to, the dividends payable on any other class or classes or series of stock, if any; (iv) may have such rights upon the voluntary or involuntary liquidation, winding-up or dissolution of, upon any distribution of the assets of, or in the event of any merger, sale or consolidation of, Pubco, if any; (v) may be made convertible into or exchangeable for, shares of any other class or classes or of any other series of the same or any other class or classes of stock of Pubco (or any other securities of Pubco) at such price or prices or at such rates of exchange and with such adjustments, if any; (vi) may be entitled to the benefit of a sinking fund to be applied to the purchase or redemption of shares of such series in such amount or amounts, if any; (vii) may be entitled to the benefit of conditions and restrictions upon the creation of indebtedness of Pubco or any subsidiary, upon the issue of any additional shares (including additional shares of such series or of any other series) and upon the payment of dividends or the making of other distributions on, and the purchase, redemption or other acquisition by Pubco or any subsidiary of, any outstanding shares of Pubco, if any; (viii) may be subject to restrictions on transfer or registration of transfer, or on the amount of shares that may be owned by any person or group of persons; and (ix) may have such other relative, participating, optional or other special rights, qualifications, limitations or restrictions thereof, if any; all as shall be stated in said resolution or resolutions of the Pubco board providing for the designation and issue of such shares of Pubco Preferred Stock.

**Voting Agreement**

Upon the Closing, holders of the Pubco Class B Common stock (each, a "**Founder**") will enter into a voting agreement (the "**Voting Agreement**") relating to the voting of their shares of Pubco Class B Common Stock (the "**Subject Shares**"). The Voting Agreement provides that the Proxyholder (which is appointed as Robert Scott) shall vote or not vote all Subject Shares on any matter submitted to Pubco's stockholders in accordance with the direction of at least sixty percent (60%) of the outstanding shares of Pubco Class B Common Stock, or abstain if such direction is not timely provided.

The Voting Agreement provides that a Proxyholder shall not be entitled to vote any Subject Shares in the context of a liquidation, dissolution or winding up of the Company, unless such transaction complies with certain conditions set forth in the Voting Agreement. Pursuant to the Voting Agreement, each Founder agreed not to deposit any of its Subject Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement in contravention of the obligations of such Founder under the Voting Agreement.

The Voting Agreement will terminate upon the earliest to occur of the following: (i) with respect to all Founders, the liquidation, dissolution or winding up of the Company; (ii) with respect to all Founders, the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company; (iii) with respect to any particular Founder, the death or permanent and substantial incapacity of such Founder (as determined by the Pubco Board); (iv) with respect to any particular Founder, upon the conversion of the Subject Shares into Pubco Class A Common Stock; and (v) solely with respect to any such Subject Shares that are so transferred, any Subject Shares transferred by a Founder to a non-Affiliate of Founder, or by such Founder to a limited partner of such Founder, simultaneously and in connection with, or after, the sale by Pubco of its capital stock to the public pursuant to an effective registration statement under the Securities Act or Pubco otherwise first becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, except for any Transfer made with the primary purpose of releasing such Founder or its affiliates from the restrictions in Section 1 of the Voting Agreement.

**Assumed Warrants**

*Thunderra Warrant*

On April 1, 2025, Blockfusion issued a warrant to Thunderra, LLC evidencing the right to purchase 35,000 shares of Series A Common Stock at an exercise price of $0.92 per share pursuant to the Thunderra Settlement (the "**Thunderra Warrant**"). In accordance with the terms of the Business Combination Agreement, the Thunderra Warrant will be assumed by Pubco and will entitle the holder to purchase 37,223 shares of Pubco Class A Common Stock at an exercise price of $0.87 per share. The Thunderra Warrant is exercisable at any time during a five-year term from its original issue date, and may be exercised by surrender of the warrant together with a duly executed exercise notice and payment of the aggregate exercise price in immediately available funds or, as amended on September 29, 2025, by net issuance (cashless exercise). Upon a cashless exercise, the number of shares issued will equal (A - B) / A × X, where A equals the fair market value per share of Series A Common Stock and B equals the Exercise Price then in effect, with X equal to the number of shares being exercised, in each case and "fair market value" meaning, as defined in the Thunderra Warrant, (i) if the Series A Common Stock is publicly traded, the last reported sale price (or, if provided, the volume-weighted average price) on the principal trading market for the trading day immediately prior to the date of exercise, and (ii) if no public market exists, the fair value of a share as determined in good faith by the Company Board (or by an independent appraiser if and to the extent provided in the Thunderra Warrant). Upon exercise, we will issue validly issued, fully paid and non-assessable shares free of preemptive rights and liens, and we have agreed to maintain sufficient reserved shares for issuance upon exercise.

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The Thunderra Warrant includes anti-dilution adjustments with the following specific terms: (i) proportional adjustment of the exercise price and shares issuable for any stock dividend or other distribution payable in Series A Common Stock or in options or convertible securities and for stock splits or combinations; (ii) upon any reorganization, reclassification, consolidation, merger, sale of all or substantially all assets or similar transaction, the Thunderra Warrant thereafter becomes exercisable for the kind and amount of securities or other property receivable by a holder of Series A Common Stock as if the Thunderra Warrant had been fully exercised immediately prior to such event; (iii) if the successor or purchaser is an entity other than the Company, an immediate adjustment of the Exercise Price to the value per share for the Series A Common Stock reflected by the transaction terms (and a corresponding adjustment to the number of shares issuable on exercise of the Thunderra Warrant) if that value is less than the then-current exercise price; (iv) the successor must assume the Company's obligations under the Thunderra Warrant; and (v) the Company must deliver an officer's certificate describing any adjustment within 10 business says after such event occurs. The Thunderra Warrant does not provide any weighted-average or full-ratchet price-based anti-dilution protection for future equity issuances. If the Thunderra Warrant is partially exercised, we will deliver a replacement warrant for any unexercised balance.

*Brady Warrant*

On January 13, 2025, Blockfusion issued a warrant to Brady Electric, Inc. evidencing the right to purchase 50,000 shares of Series A Common Stock at an exercise price of $0.92 per share (the "**Brady Warrant**") pursuant to the settlement agreement and mutual release dated as of the same date. In accordance with the terms of the Business Combination Agreement, the Brady Warrant will be assumed by Pubco and will entitle the holder to purchase 53,176 shares of Pubco Class A Common Stock at an exercise price of $0.87 per share. The Brady Warrant is exercisable during a five-year term from the original issue date upon surrender, delivery of a duly completed exercise notice and payment of the aggregate exercise price as provided in the warrant or, as amended on September 29, 2025, by net issuance (cashless exercise). The terms of the Brady Warrant are otherwise substantially similar to the Thunderra Warrant.

*Byram Warrant*

On March 1, 2025, Blockfusion issued a warrant to Byram River Investments LLC evidencing the right to purchase 417,550 shares of Series A Common Stock at an exercise price of $0.01 per share (the "**Byram Warrant**") pursuant to the collocation agreement, as amended, with NYDIG. In accordance with the terms of the Business Combination Agreement, the Byram Warrant will be assumed by Pubco and will entitle the holder to purchase 444,072 shares of Pubco Class A Common Stock at an exercise price of $0.01 per share. Subject to the terms of that certain collocation agreement, the Byram Warrant is exercisable only during the period beginning on the expiration of the collocation agreement (or an earlier termination other than by reason of NYDIG's breach) and ending at 5:00 p.m., New York City time, on the date that is 12 months thereafter. Exercise is effected by surrender of the warrant together with a duly completed exercise notice and payment of the aggregate exercise price by the methods provided in the warrant, including, as amended on September 29, 2025, net issuance (cashless exercise). The terms of the Byram Warrant are otherwise substantially similar to the Thunderra Warrant.

*Insight Warrants*

Blockfusion issued two warrants to each of the J&M Ford Trust and the Czaja-Weiner Trust, on September 1, 2024 and July 21, 2025, each respectively representing the rights to purchase 205,000 and 105,000 shares of Series A Common Stock at an exercise price of $0.01 per share (the "**Insight Warrants**"). In aggregate, the Insight Warrants represent the rights to purchase 620,000 shares of Series A Common Stock. Each warrant is exercisable during a five-year term from its respective original issue date. In accordance with the terms of the Business Combination Agreement, the Insight Warrants will be assumed by Pubco and will entitle the holder to purchase, respectively 218,022 shares of Pubco Class A Common Stock at an exercise price of $0.01 per share and 111,669 shares of Pubco Class A Common Stock at an exercise price of $0.01 per share. Collectively, the Insight Warrants entitle the holders to purchase 659,382 shares of Pubco Class A Common Stock at an exercise price of $0.01 per share. The terms of the Insight Warrants are otherwise substantially similar to the Thunderra Warrant.

*Series A Follow-On Warrants* 

On September 30, 2022, Blockfusion issued warrants to Lucsam Holdings Corp. and TNJ Ltd. pursuant to the Series A Preferred Stock purchase agreements dated as of that date (the "**Series A Follow-On Warrants**"). The Series A Follow-On Warrants evidence the rights to purchase 13,038 and 6,519 shares of Series A Common Stock, respectively, at an exercise price of $0.01 per share during a five-year term from the original issue date. In accordance with the terms of the Business Combination Agreement, the Series A Follow-On Warrants will be assumed by Pubco and will entitle the holders to purchase and aggregate of 20,799 shares of Pubco Class A Common Stock at an exercise price of $0.01 per share. Exercise is effected by surrender of the warrant, delivery of a duly executed exercise notice, and payment of the aggregate exercise price by the methods provided in the warrant, including, as amended on September 29, 2025, net issuance (cashless exercise). The terms of the Series A Follow-On Warrants are otherwise substantially similar to the Thunderra Warrant.

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**Exclusive Forum**

The Proposed Charter will require, to the fullest extent permitted by law, that derivative actions brought in its name, actions against Pubco's directors, officers and employees for breach of fiduciary duty and certain other actions may be brought only in the Court of Chancery in the State of Delaware, except any action (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C) for which the Court of Chancery does not have subject matter jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's counsel. Although we believe this provision benefits Pubco by providing increased consistency in the application of law in the types of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect of discouraging lawsuits against Pubco's directors and officers.

Notwithstanding the foregoing, the Court of Chancery of the State of Delaware shall not be the sole and exclusive forum for any of the following actions: (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or, in each case, rules and regulations promulgated thereunder, for which there is exclusive federal or concurrent federal and state jurisdiction

**Anti-Takeover Effects of Provisions of the Proposed Charter and Bylaws**

The provisions of the Proposed Charter and the Proposed Bylaws and of the DGCL summarized below may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that you might consider in your best interest, including an attempt that might result in your receipt of a premium over the market price for your shares of Pubco Common Stock.

The Proposed Charter and the Proposed Bylaws will contain certain provisions that are intended to enhance the likelihood of continuity and stability in the composition of the Pubco Board and that may have the effect of delaying, deferring or preventing a future takeover or change in control of Pubco unless such takeover or change in control is approved by the Pubco Board.

These provisions include:

*Advance Notice Procedures.* The Proposed Bylaws provide that Pubco stockholders seeking to bring business before Pubco's annual meeting of stockholders, or to nominate candidates for election as directors at Pubco's annual meeting of stockholders, must provide timely notice of their intent in writing. To be timely, a stockholder's notice will need to be received by Pubco secretary at Pubco's principal executive offices not later than the close of business on the 90<sup>th</sup> day nor earlier than the close of business on the 120<sup>th</sup> day prior to the anniversary date of the immediately preceding annual meeting of stockholders. Pursuant to Rule 14a-8 of the Exchange Act, proposals seeking inclusion in Pubco's annual proxy statement must comply with the notice periods contained therein. The Proposed Bylaws also specify certain requirements as to the form and content of a stockholders' meeting. These provisions may preclude Pubco's stockholders from bringing matters before Pubco's annual meeting of stockholders or from making nominations for directors at Pubco's annual meeting of stockholders.

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*Authorized but Unissued Shares.* Pubco's authorized but unissued shares of Pubco Common Stock and Pubco Preferred Stock will be available for future issuance without stockholder approval, subject to rules of the securities exchange on which the Pubco Common Stock is listed. These additional shares may be utilized for a variety of corporate purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued shares of Pubco Common Stock and preferred stock could render more difficult or discourage an attempt to obtain control of a majority of Pubco Common Stock by means of a proxy contest, tender offer, merger or otherwise.

*Special Meetings of Stockholders.* The Proposed Bylaws provide that special meetings of Pubco's stockholders may be called only by the Chairman, the Chief Executive Officer or the Pubco Board.

*Business Combinations.* Pubco will opt out of Section 203. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a "business combination" with an "interested stockholder" for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business combination is approved in the following prescribed manner:

● prior to the time of the transaction, the board of directors of the corporation approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

● upon completion of the transaction that resulted in the stockholder becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares outstanding (i) shares owned by persons who are directors and also officers and (ii) shares owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; and

● on or subsequent to the time of the transaction, the business combination is approved by the board and authorized at an annual meeting stockholders, and not by written consent, by the affirmative vote of at least 66⅔% of the outstanding voting stock which is not owned by the interested stockholder.

Generally, for purposes of Section 203, a "business combination" includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An "interested stockholder" is a person who, together with affiliates and associates, owns or, within three years prior to the determination of interested stockholder status, owned 15% or more of a corporation's outstanding voting securities.

Such provisions may encourage companies interested in acquiring Pubco to negotiate in advance with the Pubco Board because the stockholder approval requirement would be avoided if the Pubco Board approves either the business combination or the transaction that results in the stockholder becoming an interested stockholder. However, such provisions also could discourage attempts that might result in a premium over the market price for the shares held by stockholders. These provisions also may make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

**Listing of Pubco Common Stock**

We have applied for listing of the Pubco Class A Common Stock on the Global Market tier of Nasdaq, under the symbol "BLDC," as of immediately following the Closing. Accordingly, if Pubco's securities are listed on Nasdaq, Pubco will be required to comply with the Nasdaq listing rules then in effect.

**Dividends**

The payment of cash dividends in the future will be dependent upon Pubco's revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion of the Business Combination. The payment of any cash dividends subsequent to the Business Combination will be within the discretion of the Pubco Board at such time.

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**COMPARISON OF SHAREHOLDER RIGHTS**

**Certain Differences in Corporate Law**

Companies incorporated under the laws of the Cayman Islands are governed by the Cayman Companies Act. The Cayman Companies Act differs from laws applicable to U.S. corporations and their shareholders. A description of the differences between the laws of the Cayman Islands and Delaware law are set forth below.

**Memorandum and Articles of Association**

The Current Charter of Blue Acquisition Corp. contains provisions designed to provide certain rights and protections to its shareholders prior to the completion of a Business Combination. A description of the material differences between the Blue Charter, the Blockfusion USA, Inc. Organizational Documents and the Pubco Organizational Documents is set forth in the following summary table. This summary is qualified by reference to the complete text of the Proposed Charter and the Proposed Bylaws, copies of which are attached to this proxy statement/prospectus as <u>Annex C</u> and <u>D</u>, respectively*.* All Public Shareholders are encouraged to read the Pubco Organizational Documents in their entirety for a more complete description of their terms.

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|  | **Blue Acquisition Corp. Current Charter** | **Blockfusion USA Organizational Documents** | **Pubco Organizational Documents** |
| **Name** | Blue Acquisition Corp. | Blockfusion USA, Inc. | Blockfusion Data Centers, Inc. |
| **Governing Law** | Laws of the Cayman Islands | Laws of the State of Delaware | Laws of the State of Delaware |
| **Corporate Purpose** | The objects for which Blue is established are unrestricted and Blue shall have full power and authority to carry out any object not prohibited by the laws of the Cayman Islands. | The nature of the business or purposes to be conducted or promoted is primarily to develop and exploit the Corporation's facility at 5380 Frontier Ave., Niagara Falls, NY 14304 and to engage in cryptocurrency mining and trading and in furtherance thereof, to engage in any other lawful act or activity for which corporations may be organized under the General Corporation Law. | The purpose is to engage in any lawful act or activity for which corporations may be organized under the DGCL. |
| **Duration of Existence** | In the event Blue does not consummate an initial business combination within the specified period of time contained in the Current Charter, Blue shall cease all operations except for the purpose of winding up. Blue has twenty-one (21) months from the closing date of its IPO to consummate an initial business combination. | The Blockfusion USA organizational documents retain the default of perpetual existence under the DGCL. | The Proposed Charter retains the default of perpetual existence under the DGCL. |
| **Blank Check Provisions** | The Current Charter contains various provisions related to Blue's operation as a blank check company prior to the consummation of an initial business combination. | The Blockfusion USA organizational documents do not contain blank check provisions, as such provisions are not applicable to Blockfusion USA and the operation of its business. | The Pubco Organizational Documents do not contain such provisions, as such provisions are not applicable to Pubco and the operation of its business. |
| **Authorized Share Capital** | Blue's authorized share capital is US$55,500 divided into 500,000,000 Class A Ordinary Shares, par value US$0.0001 per share, 50,000,000 Class B Ordinary Shares, par value US$0.0001 per share and 5,000,000 preference shares, par value US$0.0001 per share. | The total number of shares of all classes of stock which Blockfusion USA has authority to issue is (i) 45,000,000 shares of Series A Common Stock, par value $0.0001 per share,(ii) 16,000,000 shares of Series B Common Stock, par value $0.0001 per share, (iii) 2,640,000 shares of Series Seed Preferred Stock, par value $0.0001 per share, and (iv) 2,360,000 shares of Series A Preferred Stock, par value $0.0001 per share. | The total number of shares of common stock which Pubco shall have authority to issue is 500,000,000 shares of Pubco Class A Common Stock, par value $0.0001 per share, 200,000,000 shares of Pubco Class B Common Stock, par value $0.0001 per share, and 300,000,000 shares of Pubco Preferred Stock, par value $0.0001 per share. |

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| **Preferred Stock** | The directors of Blue may issue, allot and dispose of shares, with or without preferred, deferred or other rights or restrictions, whether in regard to dividends or other distributions, voting, return of capital or otherwise to such persons, at such times and on such terms as they think proper, and may also vary such rights (subject to Companies Act and the Current Charter); and grant options with respect to such shares and issue warrants or similar instruments with respect thereto, save that the directors of Blue shall not allot, issue, grant options over or otherwise dispose of shares to the extent that it may affect the ability of Blue to carry out a "Class B Share Conversion" as set out in the Current Charter. | Blockfusion USA's Second Amended and Restated Certificate of Incorporation sets forth the rights, preferences, powers, privileges and restrictions of the Series Seed Preferred Stock and Series A Preferred Stock, including dividend rights, liquidation preferences, voting rights, and conversion rights. The holders of Preferred Stock have certain protective provisions requiring their consent for specified corporate actions. | The Pubco Board is expressly authorized to provide, out of the unissued shares of the preferred stock, for one or more series of preferred stock and, with respect to each such series, to fix the number of shares constituting such series and the designation of such series, the voting powers, if any, of the shares of such series, and the preferences and relative, participating, optional, or other special rights, if any, and any qualifications, limitations or restrictions thereof, of the shares of such series, as shall be stated in the resolution or resolutions adopted by the Pubco Board providing for the issuance of such series. |
| **Common Stock** | The directors of Blue may issue, allot, and dispose of shares, in such manner, on such terms and having such rights and being subjected to such restrictions as they may from time to time determine, and may also vary such rights (subject to the Companies Act and the Current Charter); and grant options with respect to such shares and issue warrants or similar instruments with respect thereto, save that the directors of Blue shall not allot, issue, grant options over or otherwise dispose of shares to the extent that it may affect the ability of Blue to carry out a "Class B Share Conversion" as set out in the Current Charter. | Each holder of Series A Common Stock is entitled to one (1) vote for each share held at all meetings of stockholders (and written actions in lieu of meetings). Each holder of Series B Common Stock is entitled to twenty (20) votes for each share held at all meetings of stockholders (and written actions in lieu of meetings). The holders of Series A Common Stock and Series B Common Stock vote together as a single class. | The Pubco Board is expressly authorized to provide for the issuance of shares of common stock from time to time. Except as may otherwise be provided in the Proposed Charter (including any certificate filed with the Secretary of State of the State of Delaware establishing the terms of a series of preferred stock), each share of Pubco Class A Common Stock has the voting power of one vote, and each share of Pubco Class B Common Stock has the voting power of twenty votes for each share of common stock held of record by such holder on each matter properly submitted to the stockholders on which the holders of the common stock are entitled to vote. |
| **Directors; Classes** | The directors of Blue are divided into three classes: Class I, Class II and Class III. The Class I directors shall stand appointed for a term of three years expiring at Blue's first annual general meeting, the Class II directors shall stand appointed for a term of three years expiring at Blue's second annual general meeting, and the Class III directors shall stand appointed for a term of three years expiring at Blue's third annual general meeting. At each succeeding annual general meeting, directors shall be elected for a full term of three (3) years to succeed the directors of the class whose terms expire at such annual general meeting. | Directors are elected at each annual meeting of stockholders to hold office until the next annual meeting. Each director holds office until his or her successor is elected and qualified or until his or her earlier resignation or removal. | The number of directors will be as set forth in the Proposed Charter. All directors shall be elected at each annual meeting of stockholders for a term expiring at the next annual meeting of stockholders and until their successors shall have been elected and qualified. |

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| **Board Vacancies; Removal** | Directors may be appointed either to fill a vacancy in the Blue board of directors or as an additional director by the Directors Blue or by Ordinary Resolution (being the affirmative vote of a simple majority of the holders of Shares entitled to vote, voting in person or by proxy at a general meeting of Blue more a resolution passed in writing by all of the holders of Shares). Prior to the initial business combination, Blue may by an Ordinary Resolution of the holders of the Blue Class B Ordinary Shares (being the affirmative vote of a simple majority of the holders of Blue Class B Ordinary Shares entitled to vote, voting in person or by proxy at a general meeting of Blue more a resolution passed in writing by all of the holders of Blue Class B Ordinary Shares) appoint any person to be a director. Any director appointed in accordance with the Current Charter shall hold office for the remainder of the full term of the class of directors in which the vacancy occurred and until the director's successor shall have been duly elected and qualified or until his or her earlier resignation, death or removal. | The holders of record of the Series Seed Preferred Stock, exclusively and as a separate class, are entitled to elect one (1) director (the "Preferred Director"), and the holders of record of the Series A Common Stock and Series B Common Stock (voting together as a single class), exclusively and as a separate class, are entitled to elect two (2) directors. Any director elected by a particular class or series of stock may be removed without cause by, and only by, the affirmative vote of the holders of the shares of such class or series entitled to elect such director. | Newly created directorships resulting from an increase in the authorized number of directors and any vacancies occurring in the Pubco Board may be filled by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director (and not by stockholders), and any director so chosen shall hold office until the earlier of the expiration of the term of office of the director whom the director has replaced, a successor is duly elected and qualified, or the earlier of such director's death, resignation or removal. Pubco's directors may only be removed for cause and only by the affirmative vote of holders of 66-2/3% of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class. |

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| **Authority of Directors** | The business shall be managed by the directors who may pay all expenses incurred in setting up and registering Blue and may exercise all the powers of Blue as conferred upon them in the Current Charter and the Companies Act. | Subject to the provisions of the Delaware General Corporation Law and any limitations in the certificate of incorporation or these bylaws relating to action required to be approved by the stockholders, the business and affairs of the corporation shall be managed and all corporate powers shall be exercised by or under the direction of the Board of Directors. At any time that, pursuant to the then-effective certificate of incorporation, any director or directors have more or less than one (1) vote per director on any matter, every reference in these bylaws to a majority or other proportion of the directors shall refer to a majority or other proportion of the votes of the directors. | The Pubco Board is empowered to manage the business and affairs of Pubco and to adopt such rules and procedures as the Pubco Board deems proper for the conduct of its meetings and the management of Pubco, subject to the provisions of the DGCL and the Proposed Organizational Documents. |

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| **Liability of Directors** | Cayman Islands law does not limit the extent to which a company's articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against fraud or willful default. | To the fullest extent permitted by law, a director of Blockfusion USA shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director. If the General Corporation Law or any other law of the State of Delaware is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director shall be eliminated or limited to the fullest extent permitted by the General Corporation Law as so amended. | A director of Pubco shall not be liable to Pubco or its stockholders for monetary damages for breach of fiduciary duty as a director, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL. Any amendment, modification or repeal of this provision shall not adversely affect any right or protection of a director of Pubco in respect of any act or omission occurring prior to the time of such amendment, modification or repeal. |
| **Indemnification of Directors, Officers, Employees and Others** | The Current Charter provides for indemnification of officers and directors against any pending or threatened action or proceeding, costs, charges, expenses, losses, damages or liabilities incurred, other than by the director's or officer's own actual fraud, willful default or willful neglect. | To the fullest extent permitted by applicable law, Blockfusion USA is authorized to provide indemnification of (and advancement of expenses to) directors, officers and agents of the corporation (and any other persons to which General Corporation Law permits the corporation to provide indemnification) through Bylaw provisions, agreements with such agents or other persons, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the General Corporation Law. | To the fullest extent permitted by applicable law, Pubco shall indemnify and hold harmless each person who is or was made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that he or she is or was a director, officer, employee or agent of Pubco or, while a director, officer, employee or agent of Pubco, is or was serving at the request of Pubco as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, other enterprise or non-profit entity, including service with respect to an employee benefit plan, against all expense, liability and loss actually and reasonably incurred by such indemnitee in connection with such proceeding. Notwithstanding the foregoing, Pubco shall indemnify any person in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Pubco Board. |

---

[**Table of Contents**](#TableOfContents)

**BENEFICIAL OWNERSHIP OF SECURITIES**

The following table and accompanying footnotes set forth information regarding the beneficial ownership of (i) Blue, as of [_], 2026 (the "**Ownership Date**"), prior to the consummation of the Business Combination, and (ii) Pubco, as of immediately following the completion of the Business Combination, assuming that no Public Shares are redeemed ("**No Redemptions Scenario**"), and, alternatively, that 10,620,480 Public Shares are redeemed in connection with the Business Combination ("**Contractual Maximum Redemptions Scenario**"), with respect to:

● each person known by Blue to be the beneficial owner of more than 5% of the outstanding shares of the Blue Ordinary Shares or shares of Pubco Common Stock on the Ownership Date;

● each current executive officer of Blue and each member of the Blue Board, and all such executive officers and directors as a group; and

● each person who will become an executive officer or director of Pubco upon consummation of the Transactions, and all such executive officers and directors as a group.

Beneficial ownership is determined according to the rules of the SEC, which generally provide that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power over that security, including options and warrants that are currently exercisable or exercisable within 60 days. Except as described in the footnotes below and subject to applicable community property laws and similar laws, we believe that each person listed above has sole voting and investment power with respect to such shares.

Beneficial ownership of Blue Ordinary Shares pre-Business Combination is based on an aggregate of 27,962,163 Ordinary Shares issued and outstanding as of [_], 2026.

If the actual facts are different than these assumptions (which they are likely to be), the percentage ownership retained by existing shareholders of Blue in Pubco will be different.

Unless otherwise indicated, and subject to applicable community property laws, the persons named in the table have sole voting and investment power with respect to their beneficially owned securities.

**Pre-Business Combination Beneficial Ownership Table of Blue**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Blue Class A Ordinary Shares** | **Blue Class A Ordinary Shares** | **Blue Class B Ordinary Shares** | **Blue Class B Ordinary Shares** | |
| <br>**<u>Name and Address of Beneficial Owner<sup>(1)</sup></u>** | **Number of Shares Beneficially Owned** | **Approximate Percentage of Class** | **Number of Shares Beneficially Owned** | **Approximate Percentage of Class** |<br>**Approximate Percentage of Outstanding Ordinary Shares** |
| Blue Holdings Sponsor LLC<sup>(2)</sup> | 391000 | 1.9% | 6769913 | 95.8% | 25.6% |
| Ketan Seth | 391000 | 1.9% | 6769913 | 95.8% | 25.6% |
| General (Ret.) Wesley Clark<sup>(3)</sup> |  |  |  |  |  |
| Dario Dino Ferrari<sup>(3)</sup> |  |  |  |  |  |
| Kenneth Moritsugu<sup>(3)</sup> |  |  |  |  |  |
| Nadim Qureshi<sup>(3)</sup> |  |  |  |  |  |
| David Bauer<sup>(3)</sup> |  |  |  |  |  |
| All officers and directors as a group (6 persons) | 391000 | 1.9% | 6769913 | 95.8% | 25.6% |

---

\* Less than one percent.

(1) Unless otherwise noted, the business address of each of the following is c/o Blue Holdings Sponsor LLC, 1601 Anita LN, Newport Beach, CA 92660-4803.

[**Table of Contents**](#TableOfContents)

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Sponsor is the record holder of the securities. Blue Holdings is the managing member of the Sponsor, and Ketan Seth is the managing member of Blue Holdings. As the managing member of Blue Holdings, Mr. Seth holds voting and investment discretion with respect to the ordinary shares held of record by the Sponsor. Mr. Seth disclaims any beneficial ownership of the securities held by the Sponsor other than to the extent of any pecuniary interest he may have therein, directly or indirectly. All of Blue's officers, directors and advisors are members of BHM. Each such person disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest they may have therein, directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Does not include indirect interest as a member of Blue Holdings, the managing member of the sponsor. The managing member has allocated 75,000 Founder Shares to each of Blue's CEO and CFO, 50,000 Founder Shares to each of Blue's independent directors, and 25,000 to each of Blue's special advisors, indirectly through membership interests in Blue Holdings, upon completion of Blue's initial business combination. Dario Dino Ferrari has an indirect economic interest in Blue Holdings through his ownership of 10,000 Class B Units in Blue Holdings representing Blue Private Placement Units purchased by him for $100,000.

**Post-Business Combination Beneficial Ownership Table of Pubco**

The following table and accompanying footnotes set forth information regarding the beneficial ownership of (i) Blue, as of the Ownership Date prior to the consummation of the Business Combination, and (ii) Pubco, as of immediately following the completion of the Business Combination, with respect to the Persons identified in the narrative disclosure preceding the tabular disclosure immediately above. The expected beneficial ownership of shares of Pubco Common Stock immediately following completion of the Business Combination are presented assuming two scenarios:

**●** **Assuming No Redemptions**: This presentation assumes that no Public Shareholders exercise redemption rights with respect to their Public Shares at or prior to the consummation of the Business Combination.

● **Assuming Contractual Maximum Redemptions**: In addition to the assumptions described in the "No Redemptions" scenario, this presentation assumes that 10,620,480 Public Shares are redeemed upon consummation of the Business Combination for aggregate Redemption Payments of $107.5 million, assuming a redemption price of $10.12 per share (based on $203.7 million contained in the Trust Account as of September 30, 2025), which represents the maximum number of Public Shares that could be redeemed in connection with the Closing while still enabling the parties to satisfy the condition contained in the Business Combination Agreement, which is waivable by Blockfusion, that the aggregate cash or cash equivalents available for release from the Trust Account (after giving effect to the completion and payment of Redemptions and payment of unpaid transaction expenses of Blue and Blockfusion) *plus* the net proceeds of any Financing Transactions, will equal or exceed $75 million. The "contractual maximum redemption scenario" represents the maximum number of Public Shares that may be redeemed while satisfying the Minimum Cash Condition, taking into account the assumptions described above. In the event that aggregate cash and cash equivalents delivered to Pubco at Closing is insufficient to meet the Minimum Cash Condition, a condition to the Closing would not be met and the Business Combination may not be consummated unless the Minimum Cash Condition is waived.

Both scenarios assume that there will be an aggregate of an aggregate of 27,962,163 Blue Ordinary Shares issued and outstanding immediately prior to the completion of the Business Combination, which shares will have been exchanged for shares of Pubco Common Stock upon completion of the Business Combination.

Both scenarios also assume that, at the Closing, 42,812,423 shares of Pubco Common Stock will be issued to the Company Stockholders in the Company Merger.

Unless otherwise noted in the footnotes to the following table, and subject to applicable community property laws, the persons and entities named in the table have sole voting and investment power with respect to their beneficially owned securities. Except as indicated in the footnotes to the table, each of the security holders listed below has sole voting and investment power with respect to Blue Ordinary Shares or shares of Pubco Common Stock owned by such shareholders.

[**Table of Contents**](#TableOfContents)

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** | **Post-Business Combination** |
| | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming No Redemptions <sup>(2)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** | **Assuming Contractual Maximum Redemptions <sup>(3)</sup>** |
| <br>**Name and Address of Beneficial Owner<sup>(1)</sup>** | **Shares of Pubco Class A Common Stock** | **% of Pubco Class A Common Stock** | **Shares of Pubco Class B Common Stock** | **% of Pubco Class B Common Stock** | **% of Pubco Common Stock** | **% of Pubco Voting Power** | **Shares of Pubco Class A Common Stock** | **% of Pubco Class A Common Stock** | **Shares of Pubco Class B Common Stock** | **% of Pubco Class B Common Stock** | **% of Pubco Common Stock** | **% of Pubco Voting Power** |
| **Directors and Executive Officers of Pubco** |  |  |  |  |  |  |  |  |  |  |  |  |
| Alex Martini-Lo Manto | 8064648 | 14.4% | 5404953 | 31.8% | 18.5% | 29.3% | 8064648 | 17.8% | 5404953 | 31.8% | 21.6% | 30.1% |
| Kant Trivedi<sup>(4)</sup> | 8358980 | 15.0% | 5556981 | 32.7% | 19.1% | 30.2% | 8358980 | 18.5% | 5556981 | 32.7% | 22.4% | 31.0% |
| Robert Scott | 2883893 | 5.2% | 2354901 | 13.8% | 7.2% | 12.6% | 2883893 | 6.4% | 2354901 | 13.8% | 8.4% | 13.0% |
| Alberto Pontonio | 300000 | 0.5% |  |  | 0.4% | 0.1% | 300000 | 0.7% |  |  | 0.5% | 0.1% |
| Ketan Seth<sup>(5)</sup> | 7200013 | 12.9% |  |  | 9.9% | 1.8% | 7200013 | 15.9% |  | 0.10 | 11.6% | 1.9% |
| Aber Whitcomb |  |  |  |  |  |  |  |  |  |  |  |  |
| Gustavo Mana | 2936514 | 5.3% | 2918561 | 17.2% | 8.0% | 15.5% | 2936514 | 6.5% | 2918561 | 17.2% | 9.4% | 15.9% |
| Paul Fiore |  |  |  |  |  |  |  |  |  |  |  |  |
| All Pubco directors and executive officers as a group (eight individuals) | 26807533 | 53% | 13316834 | 78% | 55% | 74% | 29744047 | 59% | 13316834 | 88% | 64% | 76% |
| **5% Holders of Pubco Common Stock** |  |  |  |  |  |  |  |  |  |  |  |  |
| Alex Martini-Lo Manto | 8064648 | 14.4% | 5404953 | 31.8% | 18.5% | 29.3% | 8064648 | 17.8% | 5404953 | 31.8% | 21.6% | 30.1% |
| Kant Trivedi<sup>(4)</sup> | 8358980 | 15.0% | 5556981 | 32.7% | 19.1% | 30.2% | 8358980 | 18.5% | 5556981 | 32.7% | 22.4% | 31.0% |
| Robert Scott | 2883893 | 5.2% | 2354901 | 13.8% | 7.2% | 12.6% | 2883893 | 6.4% | 2354901 | 13.8% | 8.4% | 13.0% |
| Blue Holdings Sponsor LLC<sup>(5)</sup> | 7200013 | 12.9% |  |  | 9.9% | 1.8% | 7200013 | 15.9% |  |  | 11.6% | 1.9% |
| Ketan Seth<sup>(5)</sup> | 7200013 | 12.9% |  |  | 9.9% | 1.8% | 7200013 | 15.9% |  |  | 11.6% | 1.9% |
| Gustavo Mana | 2936514 | 5.3% | 2918561 | 17.2% | 8.0% | 15.5% | 2936514 | 6.5% | 2918561 | 17.2% | 9.4% | 15.9% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Unless otherwise noted, the business address of each of the following entities or individuals is 447 Broadway, 2nd Floor, #538 New York, NY 10013.

(2) The post-Business Combination percentage of beneficial ownership for Pubco under the No Redemptions
 Scenario is calculated based on 72,846,311 shares of Pubco Common Stock issued and outstanding. Such amount assumes that no Blue
 public shareholders have elected to redeem their Public Shares in connection with the Business Combination. The 72,846,311 shares
 of Pubco Common Stock includes (i) 55,830,009 shares of Pubco Class A Common Stock and (ii) 17,016,302 shares of Pubco Class B Common
 Stock (each of which is entitled to a voting power equal to 20 shares of Pubco Class A Common Stock).

(3) The post-Business Combination percentage of beneficial ownership for Pubco under the Contractual
 Maximum Redemptions Scenario is calculated based on 62,225,831 shares of Pubco Common Stock issued and outstanding. Such amount assumes
 that 10,620,480 Blue public shareholders have elected to redeem their Public Shares in connection with the Business Combination.
 The 62,225,831 shares of Pubco Common Stock includes (i) 45,209,529 shares of Pubco Class A Common Stock and (ii) 17,016,302 shares
 of Pubco Class B Common Stock (each of which is entitled to a voting power equal to 20 shares of Pubco Class A Common Stock).

(4) Mr. Trivedi is the beneficial owner of 8,358,980 shares of Pubco Class A Common Stock and 5,556,981
 shares of Pubco Class B Common Stock that are held directly by his affiliate, Lucsam Holdings Corp. Mr. Trivedi does not directly
 hold any shares.

(5) Blue Holdings Sponsor LLC is the record holder of 7,200,013 shares of Pubco Class A Common Stock
 consisting of (i) 6,769,913 Blue Class B Ordinary Shares which automatically convert on a one-for-one basis into Blue Class A Ordinary
 Shares immediately prior to the Closing of the Business Combination, (ii) 391,000 Blue Class A Ordinary Shares, and (iii) 39,100
 Blue Class A Ordinary Shares following the conversion of each Blue Private Placement Right into one-tenth of one Blue Class A Ordinary
 Share. Each Blue Class A Ordinary Share will convert on a one-for-one basis into shares of Pubco Class A Common Stock at the Closing
 of the Business Combination. Blue Holdings is the managing member of the sponsor, Blue Holdings Sponsor LLC, and Ketan Seth is the
 managing member of Blue Holdings. As the managing member of Blue Holdings, Mr. Seth holds voting and investment discretion with respect
 to the ordinary shares held of record by the sponsor. Mr. Seth disclaims any beneficial ownership of the securities held by the sponsor
 other than to the extent of any pecuniary interest he may have therein, directly or indirectly.

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**MANAGEMENT OF PUBCO FOLLOWING THE BUSINESS COMBINATION**

**Board of Directors and Executive Officers**

The below sets forth certain information concerning the persons who are expected to serve as directors and/or executive officers of Pubco following the consummation of the Business Combination.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| ***Executive Officers*** |  |  |
| Alex Martini-Lo Manto | 55 | Chief Executive Officer and Director |
| Kant Trivedi | 50 | Chief Operating Officer and Director |
| Robert Scott | 52 | General Counsel and Secretary |
| ***Directors*** |  |  |
| Alberto Pontonio | 49 | Director |
| Ketan Seth | 49 | Director |
| Aber Whitcomb | 48 | Director |
| Gustavo Mana | 58 | Director |
| Paul Fiore | 61 | Director |

---

***Executive Officers***

**Alex Martini-Lo Manto – Chief Executive Officer**

Alex Martini-Lo Manto (legal name Emiliano Lo Manto) will serve as Chief Executive Officer and a member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Martini-Lo Manto currently serves as Co-Founder and Chief Executive Officer of Blockfusion USA, Inc. He also currently serves as Co-Founder and Chief Executive Officer of Blockfusion's wholly owned subsidiary, North East Data, LLC, a data center property located in Niagara Falls, New York, with over 50 MW of installed and operating capacity. He has served in these capacities since the companies' formation in July 2019. From 2017 to 2019, Mr. Martini-Lo Manto served as Co-Founder and Chief Executive Officer of Blockfusion Technologies Inc., a Canadian venture backed by private investors focused on developing data center assets in Canada. An early participant in the blockchain industry, Mr. Martini-Lo Manto became active in the Bitcoin community in 2011 and later organized the New York City Bitcoin Meetup, which grew to more than 2,000 members, the largest in the United States. Prior to his involvement in blockchain and crypto-assets, Mr. Martini-Lo Manto held executive roles in the advertising technology sector. He is also an active angel investor and advisor to several companies in the AdTech, Cryptocurrency and A.I. sectors. In 2015, he was recognized by the United Nations Foundation for his contributions to innovation and social change.

**Kant Trivedi – Chief Operating Officer**

Prior to co-founding Blockfusion, Mr. Trivedi served as Chief Operating Officer and Managing Director at Greenwich Associates, where he led the turnaround and sale of the firm's Customer Experience Transformation practice, supporting the top 250 global banks and fintech firms. In this role, he advised major financial institutions, including TD Bank, CIBC, Bank of America, U.S. Bancorp, and Fifth Third Bancorp, on digital and operational transformation initiatives, and directed company-wide modernization programs in digital infrastructure, cloud, data center, and operations.

Earlier in his career, Mr. Trivedi held executive and senior leadership positions at Rogers Communications Inc., where he led customer-facing and business technology operations across IT, digital, cloud, and network services. He developed and implemented the customer operations strategy for the Enterprise Business Unit, overseeing teams supporting fixed landline, mobile, data center, colocation, cloud, and Internet of Things (IoT) solutions across all customer touchpoints and markets. During his tenure at Rogers, he also directed key aspects of the national rollout of the company's wireless network, oversaw the transition from wireless voice to data services, managed the integration of CallNet business operations, and led the company's business division operations.

Mr. Trivedi began his career at Look Communications (formerly ID Internet Direct), where he served as General Manager of the Western Region and helped establish the company as the largest independent Internet service provider in Canada.

Mr. Trivedi holds a Master of Business Administration degree from Queen's University and has served on the boards of several public companies.

[**Table of Contents**](#TableOfContents)

**Robert Scott —General Counsel and Secretary**

Robert Scott will serve as General Counsel and Secretary of Pubco upon consummation of the Business Combination. Mr. Scott is a corporate and commercial attorney with extensive experience in corporate law, finance, mergers and acquisitions, capital formation, and restructuring across infrastructure, media, technology, and blockchain. He has served as General Counsel and Executive Vice President of Blockfusion USA, Inc. since January 2022. From 2017 to 2022, Mr. Scott served as General Counsel of The Arena Group (NYSE American: AREN), overseeing all legal matters for a public company including securities compliance, corporate governance, public reporting, mergers and acquisitions, commercial transactions, litigation, and intellectual property. Mr. Scott previously practiced in Australia before joining Shearman & Sterling LLP in New York in 2000 and later King & Spalding LLP, where he led public and private financing transactions. In 2006, he founded a boutique legal practice in New York focused on corporate and transactional matters for technology, media, and emerging growth companies. Mr. Scott is currently a partner at Hand Baldachin & Associates LLP in New York City. He serves as Secretary and Director of the Robot Heart Foundation, a 501(c)(3) public charity, and as a member of the Board of Directors of Hope for Ukraine, a 501(c)(3) public charity. Mr. Scott holds an LL.B. (First Class Honors) and a Bachelor of Commerce from the University of Western Australia and is admitted to practice in New York, New South Wales, and Western Australia.

 ****

***Non-Employee Directors***

**Alberto Pontonio — Director (Non-Employee)**

Alberto Pontonio will serve as a non-employee member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Pontonio has over 25 years of experience in the financial services industry in both the U.S. and European markets. Since April 2024, Mr. Pontonio has served as a sales representative at Roberts & Ryan. From July 2023 until April 2024, Mr. Pontonio was a Managing Director at Benjamin Securities. From November 2021 until May 2023, Mr. Pontonio was a member of the public markets group at Fifth Partners, LLC, a private equity group located in Dallas, Texas. In December 2021, Mr. Pontonio co-founded ROC Energy Acquisition Corp. ("**ROC**") and served as a Director until July 2023, when ROC consummated its business combination with Drilling Tools International Holdings, Inc. In November 2020, Mr. Pontonio co-founded Americas Technology Acquisition Corp. ("**ATAC**") and served as a Director until December 2022 when ATAC liquidated. In October 2019, Mr. Pontonio co-founded Galileo Acquisition Corp. ("**Galileo**") and served as a Director until October 2021, when the Galileo consummated its business combination with Shapeways, Inc. From January 2019 to September 2021, he was with Raymond James as a financial advisor, based in Miami. Prior to this, from 2013 through 2018, he traded Equity Index futures with DP Trading. In 2009, Mr. Pontonio co-founded Censible, an automated investment platform that allows individual investors to align their investments with their personal interests and social values. Mr. Pontonio's previous tenures include Espirito Santo in their investment banking group, Bear Stearns in London as a Managing Director, and Merrill Lynch in New York and London, as a Director in the Institutional Equity department. Mr. Pontonio started his career in New York at Cowen & Co. He holds a B.A. in economics from the Catholic University in Milan, Italy. Mr. Pontonio is qualified to serve as a director due to his experience in the financial services industry.

**Aber Whitcomb — Director (Non-Employee)**

Aber Whitcomb will serve as a non-employee member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Whitcomb is the Founder and Chief Executive Officer of Salt AI, an artificial intelligence technology company, and a seasoned technology entrepreneur and engineer with a track record of building and scaling global digital platforms. He previously served as Chief Technology Officer and Co-Founder of Jam City, Inc. (formerly SGN Games), leading technology strategy, AI architecture, and infrastructure for a global mobile entertainment company. Earlier, Mr. Whitcomb was Chief Technology Officer and Co-Founder of MySpace, overseeing engineering and technical operations during the company's rapid global expansion, and was recognized by InfoWorld as one of the Top 25 CTOs of 2009. He has co-founded and advised ventures at the intersection of emerging technology and infrastructure, served on the board of Core Scientific, and co-founded i/o Ventures. Mr. Whitcomb is widely regarded as an expert in large-scale computing, networking, and storage and has spoken at numerous technology and investment conferences. He holds a degree from the University of Washington.

**Ketan Seth – Director (Non-Employee)**

Ketan Seth will serve as a non-employee member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Seth has served as the Chief Executive Officer of Blue Acquisition Corp. and as a member of its Board of Directors since February 10, 2025. Mr. Seth has 20 years of deal making experience in the tech sector as well as in the data centers space. Since October 2022, Mr. Seth has been the Chief Executive Officer of Vezbi, the first American Super App focused on healthcare services such as telemedicine and small payment and remittance systems for B2B clients both in the US as well as LatAm. In addition, since August 2020, Mr. Seth has been Chief Executive Officer of AT Health Inc. (formerly Innovative Health Consulting LLC) and since January 2011, Mr. Seth has been managing partner of Alpha Trading LLC, a US based private investment holding company focused on fintech and healthcare. From 2005 to 2012, Mr. Seth was Chief Executive Officer of Innovative Logistics Solutions. From 2000 to 2004, Mr. Seth worked in the Deutsche Bank Investment Banking division, assisting on deal flow and private placements. From 1998 to 2000, Mr. Seth served as a Business Strategy Consultant at Deloitte Consulting. Mr. Seth earned a BA in Economics from University of Michigan and an MBA from the Stern School of Business at NYU, where he focused in Finance, Entrepreneurship and Strategy. Mr. Seth is qualified to serve as a director due to his executive experience.

**Paul Fiore — Director (Non-Employee)**

Paul Fiore will serve as a non-employee member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Fiore has over two decades of executive leadership experience in the technology and financial services sectors. Since January 2024, Mr. Fiore has served as Executive Vice President of CU WealthNext, a credit union service organization where he serves as a general partner. From March 2017 to January 2024, Mr. Fiore served as President of ePallet, Inc., an e-commerce startup. Mr. Fiore has significant experience with publicly traded companies and early-stage technology ventures. In 1995, he co-founded Digital Insight and served on the executive team that led the company through its initial public offering in 1999. Mr. Fiore possesses an understanding of GAAP and financial statements, is able to assess the general application of GAAP in connection with the accounting for estimates, accruals and reserves, has experience preparing, auditing, analyzing or evaluating financial statements, and has an understanding of internal control over financial reporting and audit committee functions. Mr. Fiore is qualified to serve as a director of Pubco due to his executive experience, his experience leading early-stage technology companies through an initial public offering, and his financial and accounting expertise.

**Gustavo Mana — Director (Non-Employee)**

Gustavo Mana will serve as a non-employee member of the Board of Directors of Pubco upon consummation of the Business Combination. Mr. Mana brings over 25 years of executive leadership and financial expertise to board service. He holds a Ph.D. in Particle Physics from New York University and an M.B.A. from City University of New York, both earned in 1996, along with a Licenciado in Physics from Balseiro, Argentina. From 1997 to 2003, Mr. Mana served as Executive Director at UBS, where he joined as a Quantitative Analyst focusing on risk management of complex structured products. In 2000, he co-headed the Electronic European Trading group, successfully developing profitable high-frequency strategies and automating execution of agency orders and liquid basket trades. In 2003, Mr. Mana co-founded IVC, which became one of Europe's leading high-frequency trading firms. Under his leadership, focusing on risk management and technology, IVC grew to trade on 20 equity and futures exchanges across the United States, Europe, and Asia, employing over 50 Ph.D. and IT professionals with offices in London and New York. Mr. Mana is qualified to serve as a director of Pubco due to his extensive experience founding and leading a highly successful high-frequency trading business utilizing advanced high-performance compute technology, his investment expertise in digital assets and blockchain, and his financial and risk management background.

**Family Relationships**

There are not expected to be any family relationships between members of the Pubco Board and any of its executive officers.

**Controlled Company**

Pubco will qualify as a "controlled company" within the meaning of the corporate governance standards of Nasdaq. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and will elect not to comply with certain corporate governance requirements, specifically director nominees be selected or recommended to the board by independent directors. Pubco does not expect to rely on any of the controlled company exemptions. See "*Risk Factors — Risks Related to Ownership of Pubco Common Stock – Following the Business Combination, Pubco will become a "controlled company" within the meaning of the Nasdaq rules and, as a result, will qualify for, and may rely on, exemptions from certain corporate governance requirements. As a result, you may not have the same protections afforded to shareholders of companies that are subject to such requirements*."

[**Table of Contents**](#TableOfContents)

**Board of Directors**

Upon the completion of the Business Combination, the Pubco Board will consist of seven (7) directors. At each succeeding annual general meeting of Pubco, all the directors of Pubco shall be elected for a term of three years, to succeed the directors whose terms expire at such annual meeting. Under the terms of the Proposed Charter, there will be no limit on the number of terms a director may serve on the Pubco Board.

**Director Independence**

Nasdaq listing rules require that a majority of the board of directors of a company listed on Nasdaq be composed of "independent directors," which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual having a relationship, which, in the opinion of the company's board of directors, would interfere with the director's exercise of independent judgment in carrying out the responsibilities of a director. Pubco's Board has determined that, upon the consummation of the Business Combination, each of [_], [_], [_] and [_] will be an independent director under the Nasdaq listing rules and Rule 10A-3 of the Exchange Act. In making these determinations, Pubco's Board considered the current and prior relationships that each non-employee director has with the Company and will have with Pubco and all other facts and circumstances Pubco's Board deemed relevant in determining independence, including the beneficial ownership of Pubco Common Stock by each non-employee director, and the transactions involving them described in the section titled "*Certain Relationships and Related Transactions*." As a controlled company, Pubco will be largely exempt from the foregoing requirements. Nonetheless, the Pubco Board will initially be comprised of a majority of independent directors and its committees will satisfy the foregoing requirements.

***Committees of the Board of Directors***

After the completion of the Business Combination, the Pubco Board will have a standing Audit Committee, Compensation Committee and Nominating and Governance Committee. Each committee will operate under a charter that will be approved by the Pubco Board. The committees will have the composition and responsibilities described below.

*Audit Committee*

 

Our Audit Committee has been established in accordance with Section 3(a)(58)(A) of the Exchange Act and following the Business Combination will consist of [_], [_] and [_], each of whom are independent directors and are "financially literate" as defined under Nasdaq listing standards. [ ] will serve as chairman of the Audit Committee. Pubco's Board has determined that [ ] qualifies as an "audit committee financial expert," as defined under rules and regulations of the SEC.

The audit committee's duties will be set forth in our Audit Committee Charter.

*Compensation Committee*

 

Following the Business Combination, our Compensation Committee will consist of [_], [_], and [_], each of whom is an independent director. [_] will serve as chairman of the Compensation Committee. The functions of the Compensation Committee will be set forth in a Compensation Committee Charter.

*Nominating and Governance Committee*

 

Following the Business Combination, our Nominating and Corporate Governance Committee will consist of [_], [_] and [_], each of whom is an independent director under Nasdaq's listing standards. [_] will serve as the chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for overseeing the selection of persons to be nominated to serve on the Pubco Board. The Nominating and Corporate Governance Committee considers persons identified by its members, management, stockholders, investment bankers and others.

[**Table of Contents**](#TableOfContents)

 

The guidelines for selecting nominees will be specified in the Nominating and Corporate Governance Committee Charter.

***Code of Business Conduct and Ethics***

Upon the consummation of the Business Combination, we will adopt a new Code of Business Conduct and Ethics for our directors, officers, employees and certain affiliates following the Business Combination in accordance with applicable federal securities laws, a copy of which will be available on Pubco's website. The information on Pubco's website is not incorporated by reference into this proxy statement/prospectus. Pubco will make a printed copy of the Code of Business Conduct and Ethics available to any stockholder who so requests. Following the Business Combination, requests for a printed copy may be directed to [_].

 

If we amend or grant a waiver of one or more of the provisions of our Code of Business Conduct and Ethics, we intend to satisfy the requirements under Item 5.05 of Form 8-K regarding the disclosure of amendments to or waivers from provisions of our Code of Business Conduct and Ethics that apply to our principal executive officer, principal financial officer and principal accounting officer by posting the required information on Pubco's website.

***Oversight of Cybersecurity Risks***

Pubco will face a number of risks, including cybersecurity risks and those other risks described under the section entitled *"Risk Factors"* included in this proxy statement/prospectus. The audit committee will be responsible for overseeing the steps management has taken with respect to cybersecurity risk exposure. As part of this oversight, the audit committee will receive regular reports from management of Pubco on cybersecurity risk exposure and the actions management has taken to limit, monitor or control such exposures at its regularly scheduled meetings. Management will work with third-party service providers to maintain appropriate controls. We believe this division of responsibilities is the most effective approach for addressing Pubco's cybersecurity risks and that the Pubco Board leadership structure supports this approach.

***Indemnification Agreements***

Pubco's certificate of incorporation that will become effective immediately following the consummation of the Business Combination and will contain provisions that limit the personal liability of Pubco's directors and officers to Pubco for loss or damages incurred by Pubco as a result of the carrying out of their functions, unless that liability arises through the actual fraud or willful default of such person. Pursuant to the certificate of incorporation of Pubco, no person shall be found to have committed actual fraud or willful default unless or until a court of competent jurisdiction shall have made a finding to that effect. Consequently, Pubco's directors and officers will not be personally liable to Pubco for loss or damages incurred by Pubco as a result of the carrying out of their functions, unless a court of competent jurisdiction shall have made a finding to effect that liability has arisen through the actual fraud or willful default of such person.

In addition, the certificate of incorporation of Pubco contain indemnification provisions entitling Pubco's directors and officers to indemnification out of the assets of Pubco against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, whatsoever which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud or willful default.

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**EXECUTIVE AND DIRECTOR COMPENSATION OF BLOCKFUSION**

**Introduction**

As an emerging growth company, Pubco has opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies," as such term is defined in the rules promulgated under the Securities Act. This section discusses the material components of the executive compensation program for our Chief Executive Officer and our two other most highly compensated executive officers for the fiscal year ended December 31, 2025 ("**Fiscal Year 2025**"), whom we refer to as our "Named Executive Officers" or "NEOs." For Fiscal Year 2025, our NEOs were:

● Alex Martini-Lo Manto, our Chief Executive Officer;

● Kant Trivedi, our Chief Operating Officer; and

● Robert Scott, our General Counsel and Executive Vice President.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. Actual compensation programs that we adopt in connection with or following the consummation of the Business Combination could vary significantly from our historical practices and currently planned programs summarized in this discussion.

**Executive Compensation Program**

The objective of our compensation program is to provide a total compensation package to our executives that will enable Pubco to attract, motivate and retain outstanding individuals, align the interests of our executive team with those of our shareholders, encourage individual and collective contributions to the successful execution of our short- and long-term business strategies and reward our executives for performance.

The Fiscal Year 2025 compensation program for our NEOs consisted of a base salary and discretionary cash bonus eligibility.

● **Base Salary.** Our NEOs are eligible to receive a base salary commensurate with their skill set, experience, performance, role and responsibilities. Our NEOs elected to forgo a certain portion of their base salary payments for the period between May 2022 and July 2025 in order to better position Blockfusion financially.

● **Short-Term Cash Incentives.** Each of our NEOs is party to an employment agreement that provides for general annual bonus eligibility as determined in the sole discretion of Blockfusion. None of NEOs received a cash bonus for services provided in Fiscal Year 2025.

**Summary Compensation Table** 

The following table presents information regarding the total compensation awarded to, earned by and paid to the NEOs for services rendered to Blockfusion in all capacities for Fiscal Year 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary <br> ($)** | **Bonus <br> ($)(2)** | **Stock <br> Awards <br> ($)(3)** | **Other <br> Compensation <br> ($)(4)** | **Total<br> ($)** |
| Alex Martini-Lo Manto <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Chief Executive Officer* | 2025 | 661500 |  |  | $34000 | $695500 |
| Kant Trivedi |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*Chief Operating Officer* | 2025 | 661500 |  |  | $34000 | $695500 |
| Robert Scott |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;*General Counsel and Executive Vice President* | 2025 | 330750 |  |  | 0 | $330750 |

---

(1) The
 amounts reported in this column represent the annual base salary amounts earned with respect
 to Fiscal Year 2025. Each NEO elected to accrue a certain portion of their base salary payments
 for the period between May 2022 and July 2025 in order to better position Blockfusion financially,
 and the actual base salary amounts paid during Fiscal Year 2025 in respect of services provided
 by our NEOs were (i) $519,548.55 for Mr. Martini-Lo Manto, a portion of which Mr. Martini-Lo
 Manto directed to be paid to his affiliate, Art of Digital, (ii) $506,108.88 for Mr. Trivedi,
 which Mr. Trivedi directed to be paid to his affiliates, Lucsam Holdings and Lucsam Tech, and (iii) $214,094.05
 for Mr. Scott, which was paid to Mr. Scott directly. As of December 31, 2025, the unpaid
 wages owed to our NEOs equaled (i) $1,119,095.49 for Mr. Martini-Lo Manto, (ii) $1,120,036.12 for
 Mr. Trivedi, and (iii) $804,030.95 for Mr. Scott, each of which includes accrued but unpaid
 wages from fiscal years 2023-2025. For additional information, see below under "*Elements of Compensation — Base Salary*" and "*Certain Relationships and Related Person Transactions*."

[**Table of Contents**](#TableOfContents)

(2) None of the NEOs received
 a bonus for services provided in Fiscal Year 2025. For additional information, see below
 under "*Elements of Compensation — Bonuses*."

(3) None of our NEOs were
 granted incentive equity in Fiscal Year 2025 For additional information, see below under
 "*Elements of Compensation — Equity-based Compensation*."

(4) Amounts reported in
 this column represent (i) health insurance premiums paid by Blockfusion on behalf of each
 NEO, (ii) for Messrs. Martini-Lo Manto and Trivedi, personal loans that each such NEO received
 from Blockfusion during Fiscal Year 2025, and (iii) for Messrs. Martini-Lo Manto and Trivedi,
 certain fringe benefits as set forth in each such NEO's employment agreement. Although
 Mr. Scott is also eligible to receive certain fringe benefits under his employment agreement,
 he did not receive any such fringe benefits during the Fiscal Year 2025. For additional information,
 see below under "*Elements of Compensation — Other Benefits*."

**Narrative Disclosure to the Summary Compensation Table**

 ****

***Elements of Compensation***

 

*Base Salary*

Each NEO receives a base salary to compensate them for services rendered to Blockfusion. The base salary payable to each such Named Executive Officer provides a fixed compensation component commensurate with the executive's skill, experience, role and responsibilities. For Fiscal Year 2025, Messrs. Martini-Lo Manto and Trivedi had a base salary of $661,500 and Mr. Scott had a base salary of $330,750. Each of our NEOs was entitled to an automatic five percent (5%) salary increase on January 1, 2025 under the terms of each NEO's employment agreement, our NEOs did received this increase for Fiscal Year 2025. For additional information on the employment agreements that our NEOs are party to, see below under "*Agreements with our NEOs*."

In May 2022, the NEOs elected to forgo a certain portion of their base salary payments in order to better position Blockfusion financially, and regular base salary payments were restored in June 2025. In connection with the consummation of the Business Combination, the unpaid wages owed to Mr. Scott are expected be paid out in full. Messrs. Martini-Lo Manto and Trivedi are each party to a promissory note dated March 1, 2024 with Blockfusion with an initial principal amount of $15,393.75. The outstanding balance of these promissory notes (including accrued interest) will be offset by the unpaid wages owed to Messrs. Martini-Lo Manto and Trivedi as of the consummation of the Business Combination, and the remainder of the unpaid wages will be paid out to Messrs. Martini-Lo Manto and Trivedi. For more information about the promissory notes with Messrs. Martini-Lo Manto and Trivedi, see below under "*Other Benefits*."

The base salary amounts shown in the "*Summary Compensation Table*" above reflect the actual amounts earned by our NEOs for services provided in Fiscal Year 2025, and the actual base salary amounts in respect of services provided by our the NEOs in Fiscal Year 2025 were (i) $661,500 (a portion of which is accrued and unpaid) for Mr. Martini-Lo Manto, a portion of which Mr. Martini-Lo Manto directed to be paid to his affiliate, Art of Digital, (ii) $661,500 (a portion of which is accrued and unpaid) for Mr. Trivedi, which Mr. Trivedi directed to be paid to his affiliates, Lucsam Holdings and Lucsam Tech, and (iii) $330,750 (a portion of which is accrued and unpaid) for Mr. Scott, which was paid to Mr. Scott directly.

For additional information about the salary payments to Art of Digital, Lucsam Holdings and Lucsam Tech, see "*Certain Relationships and Related Person Transactions*." As of December 31, 2025, the accrued and unpaid wages owed to our NEOs equaled (i) $1,119,095.49 for Mr. Martini-Lo Manto, (ii) $1,120,036.12 for Mr. Trivedi, and (iii) $804,030.95 for Mr. Scott.

*Bonuses*

As described further below in the section titled "*Agreements with Our NEOs*," the NEOs are each party to an employment agreement with Blockfusion that provides for general annual bonus eligibility as determined in the sole discretion of Blockfusion. None of our NEOs received a cash bonus for services provided in 2025.

 

*Equity-based Compensation*

Blockfusion has historically granted stock options, restricted stock units, and restricted stock under the Blockfusion USA, Inc. 2022 Stock Plan (the "**Stock Plan**") to certain employees to incentivize and retain such employees. None of the NEOs received an award under the Stock Plan during Fiscal Year 2025.

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*Other Benefits*

 ****

Our NEOs are generally eligible to participate in the health and welfare benefit programs offered by Blockfusion, including medical, dental, and vision benefit plans, on the same basis as other employees, subject to the terms and eligibility requirements of those plans. Blockfusion did not offer any retirement benefits in Fiscal Year 2024.

Messrs. Martini-Lo Manto and Trivedi are each party to a promissory note dated March 1, 2024 with Blockfusion with an initial principal amount of $15,393.75. During Fiscal Year 2025, Mr. Martini-Lo Manto received six advancements under his promissory note, the principal amounts of which equaled $110,385.58 in the aggregate. Mr. Trivedi received seven advancements under his promissory note during Fiscal Year 2025, the principal amounts of which equaled $135,406.25 in the aggregate. As noted above, the outstanding balance of these promissory notes (including accrued interest) will be offset by the unpaid wages owed to Messrs. Martini-Lo Manto and Trivedi as of the consummation of the Business Combination.

For Fiscal Year 2025, Blockfusion paid the health insurance premiums for our NEOs in an amount equal to $39,780.24 in the aggregate for each of Messrs. Martini-Lo Manto and Trivedi and $16,786.08 in the aggregate for Mr. Scott. Messrs. Martini-Lo Manto and Trivedi are eligible to receive certain fringe benefits under their respective employment agreements as described below in the section titled "Agreements with our NEOs," which totaled $34,000 for each such NEO during Fiscal Year 2024. Although Mr. Scott is also eligible to receive certain fringe benefits under his employment agreement as described below in the section titled "Agreements with our NEOs," he did not receive any such fringe benefits during the Fiscal Year 2025.

***Agreements with our NEOs***

Each of our NEOs is party to an employment agreement with Blockfusion, the material terms of which are summarized below.

 

*Mr. Martini-Lo Manto* 

Mr. Martini-Lo Manto is party to an employment agreement, dated August 1, 2023, with Blockfusion, pursuant to which he serves as its Chief Executive Officer. Mr. Martini-Lo Manto's employment agreement provides for an annual base salary equal to $600,000 that automatically increases by five percent (5%) on January 1<sup>st</sup> of each year during his term of employment beginning in 2024. The employment agreement also acknowledges that, as of August 1, 2023, Mr. Martini-Lo Manto was owed $560,000 in gross wages for services provided prior to such date. Mr. Martini-Lo Manto is eligible to receive a discretionary annual bonus and participate in the Stock Plan, subject to the terms thereof. Mr. Martini-Lo Manto's employment agreement also provides for the following fringe benefits: (i) an automobile allowance of up to $1,000 per month; (ii) a home office allowance of up to $2,000 per month; (iii) business or first class travel on flights that exceed 90 minutes; (iv) an annual club and gym memberships allowance of up to $5,000 per year; (v) a common carrier memberships allowance of up to $5,000 per year; and (vi) a premium cell phone plan.

In the event that Mr. Martini-Lo Manto's employment is terminated without cause or due to good reason (as such terms are defined in the employment agreement), he is eligible to receive severance benefits consisting of (i) 12 months' continued salary payments; (ii) monthly reimbursements for COBRA premiums paid by Mr. Martini-Lo Manto for himself and his dependents for up to 18 months; and (iii) accelerated vesting of any outstanding stock options, restricted stock awards, restricted stock units, or stock appreciation rights and the ability to exercise such fully-vested equity for the remainder of the full term, as applicable. The receipt of any severance is conditioned upon Mr. Martini-Lo Manto's execution of a general release of claims. Although Mr. Martini-Lo Manto's employment agreement does not provide for any specific change in control benefits upon a change in control of Blockfusion, the definition of "good reason" includes the failure of any acquiring entity to assume all rights and obligations under his employment agreement and any equity award agreements with Mr. Martini-Lo Manto.

Mr. Martini-Lo Manto's employment agreement also includes a clawback provision, pursuant to which any incentive-based or other compensation paid to Mr. Martini-Lo Manto under his employment agreement or any other agreement with Blockfusion is subject to clawback as may be required by law, government regulation, or stock exchange listing regulation.

 

*Mr. Trivedi*

Mr. Trivedi is party to an employment agreement, dated August 1, 2023, with Blockfusion, pursuant to which he serves as its Chief Operating Officer. Mr. Trivedi's employment agreement provides for an annual base salary equal to $600,000 that automatically increases by five percent (5%) on January 1<sup>st</sup> of each year during his term of employment beginning in 2024. The employment agreement also acknowledges that, as of August 1, 2023, Mr. Trivedi was owed $565,000 in gross wages for services provided prior to such date. Mr. Trivedi is eligible to receive a discretionary annual bonus and participate in the Stock Plan, subject to the terms thereof. Mr. Trivedi's employment agreement also provides for the following fringe benefits: (i) an automobile allowance of up to $1,000 per month; (ii) a home office allowance of up to $2,000 per month; (iii) business or first class travel on flights that exceed 90 minutes; (iv) an annual club and gym memberships allowance of up to $5,000 per year; (v) a common carrier memberships allowance of up to $5,000 per year; (vi) a tax preparation allowance of up to $5,000 per year and (vii) a premium cell phone plan.

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In the event that Mr. Trivedi's employment is terminated without cause or due to good reason (as such terms are defined in the employment agreement), he is eligible to receive severance benefits consisting of (i) 12 months' continued salary payments; (ii) monthly reimbursements for COBRA premiums paid by Mr. Trivedi for himself and his dependents for up to 18 months; and (iii) accelerated vesting of any outstanding stock options, restricted stock awards, restricted stock units, or stock appreciation rights and the ability to exercise such fully-vested equity for the remainder of the full term, as applicable. The receipt of any severance is conditioned upon Mr. Trivedi's execution of a general release of claims. Although Mr. Trivedi's employment agreement does not provide for any specific change in control benefits upon a change in control of Blockfusion, the definition of "good reason" includes the failure of any acquiring entity to assume all rights and obligations under his employment agreement and any equity award agreements with Mr. Trivedi.

Mr. Trivedi's employment agreement also includes a clawback provision, pursuant to which any incentive-based or other compensation paid to Mr. Trivedi under his employment agreement or any other agreement with Blockfusion is subject to clawback as may be required by law, government regulation, or stock exchange listing regulation.

 

*Mr. Scott*

Mr. Scott is party to an employment agreement, dated August 1, 2023, with Blockfusion, pursuant to which he serves as its General Counsel. Mr. Scott's employment agreement provides for an annual base salary equal to $300,000 that automatically increases by five percent (5%) on January 1<sup>st</sup> of each year during his term of employment beginning in 2024. The employment agreement also acknowledges that, as of August 1, 2023, Mr. Scott was owed $290,000 in gross wages for services provided prior to such date. Mr. Scott is eligible to receive a discretionary annual bonus and participate in the Stock Plan, subject to the terms thereof. Mr. Scott's employment agreement also provides for the following fringe benefits: (i) an automobile allowance of up to $1,000 per month; (ii) a home office allowance of up to $2,000 per month; (iii) business or first class travel on flights that exceed 90 minutes; (iv) an annual club and gym memberships allowance of up to $5,000 per year; (v) a common carrier memberships allowance of up to $5,000 per year; (vi) a tax preparation allowance of up to $5,000 per year and (vii) a premium cell phone plan.

In the event that Mr. Scott's employment is terminated without cause or due to good reason (as such terms are defined in the employment agreement), he is eligible to receive severance benefits consisting of (i) six months' continued salary payments; (ii) monthly reimbursements for COBRA premiums paid by Mr. Scott for himself and his dependents for up to 18 months; and (iii) accelerated vesting of any outstanding stock options, restricted stock awards, restricted stock units, or stock appreciation rights and the ability to exercise such fully-vested equity for the remainder of the full term, as applicable. The receipt of any severance is conditioned upon Mr. Scott's execution of a general release of claims. Although Mr. Scott's employment agreement does not provide for any specific change in control benefits upon a change in control of Blockfusion, the definition of "good reason" includes the failure of any acquiring entity to assume all rights and obligations under his employment agreement and any equity award agreements with Mr. Scott.

Mr. Scott's employment agreement also includes a clawback provision, pursuant to which any incentive-based or other compensation paid to Mr. Martini-Lo Manto under his employment agreement or any other agreement with Blockfusion is subject to clawback as may be required by law, government regulation, or stock exchange listing regulation.

**Outstanding Equity Awards at End of Fiscal Year 2025**

The following table summarizes the number of outstanding equity awards held by the Named Executive Officers as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Name** | **Number of Shares or Units of Stock That Have Not Vested (#)** | **Market Value of Shares or Units of Stock That Have Not Vested (#)** |
| **Alex Martini-Lo Manto** | – |  |
| **Kant Trivedi** | – |  |
| **Robert Scott**12/11/2023<sup>(1)</sup> | – |  |

---

(1) Represents an award
 of Restricted Stock granted to Mr. Scott under the Stock Plan on December 11, 2023, under
 which Mr. Scott agreed to purchase 420,000 shares of common stock at a purchase price of
 $0.0001. The award was not subject to any vesting terms and was outstanding as of December
 31, 2025.

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**Potential Payments Upon Termination or Change in Control**

As of December 31, 2025, our NEOs were each eligible to receive certain severance benefits upon a termination of employment without cause or due to good reason (as such terms are defined in the NEO's employment agreement) and only to the extent that the NEO agrees to execute a general release of claims. As noted above, the definition of "good reason" set forth in our NEOs' employment agreements includes the include the failure of an acquirer of Blockfusion to assume all rights and obligations under an NEO's employment agreement or equity award agreement. For more information, see the subsection titled "*Agreements with our NEOs*."

Other than these potential severance benefits, our NEOs were not eligible to receive any potential payments upon any form of termination or resignation of employment or a change in control of Blockfusion if such event took place on December 31, 2025, or at any other point during Fiscal Year 2025.

**Executive Officer and Director Compensation After the Business Combination**

We intend to enter into new employment agreements with our NEOs that will be effective as of the Business Combination. Following the consummation of the Business Combination, Pubco intends to develop an executive compensation program and a director compensation program, each of which will be designed to align compensation with Pubco's business objectives and the creation of stockholder value, while enabling Pubco to attract, retain incentivize and reward individuals who contribute to the long-term success of Pubco. Decisions to the executive compensation and director compensation programs will be made by the compensation committee of the Board of Directors.

**Director Compensation Program**

No non-employee directors received any compensation for services rendered to Blockfusion for Fiscal Year 2025.

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**CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS**

**Blue**

On February 20, 2025, the Sponsor paid $25,000, or approximately $0.004 per share, to cover certain of Blue's pre-IPO costs in exchange for 6,059,925 Founder Shares. Blue issued an additional 1,009,988 Founder Shares, resulting in an aggregate of 7,069,913 Founder Shares outstanding, to the Sponsor without payment of any additional consideration in a share capitalization in connection with the increase in the maximum size of the IPO from 17,250,000 Blue Public Units to 21,025,000 Blue Public Units, assuming the exercise of the IPO Underwriters' over-allotment option in full. Prior to the closing of the IPO, the Sponsor transferred 300,000 Founder Shares to the Blue Advisor issued for the benefit of Roberts & Ryan, for the benefit of the Blue Advisor, which were issued in exchange for services provided in connection with Blue's initial business combination.

On June 16, 2025, simultaneously with the closing of the IPO, the Sponsor, and the IPO Underwriters purchased an aggregate of 592,250 Blue Private Placement Units, at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,922,500. Of the 592,250 Blue Private Placement Units, the Sponsor purchased 391,000 Blue Private Placement Units and the IPO Underwriters purchased 201,250 Blue Private Placement Units. A portion of the proceeds from the sale of the Blue Private Placement Units was added to the net proceeds from the IPO held in the Trust Account. The Blue Private Placement Units are identical to the Blue Public Units except that, so long as they are held by the Sponsor or its permitted transferees, the Blue Private Placement Units (and the securities comprising such units) (i) may not, subject to certain limited exceptions, be transferred, assigned or sold by the holders until thirty (30) days after the completion of Blue's initial business combination and (ii) are entitled to registration rights.

In connection with Blue's IPO, the IPO Underwriters were issued an aggregate of 175,000 Blue Class A Ordinary Shares for a purchase price of $175, or $0.001 per share. The holders of the Representative Shares have agreed not to transfer, assign or sell any such shares without Blue's prior consent until the completion of Blue's initial business combination. In addition, the holders of the Representative Shares have agreed (i) to waive their conversion rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of Blue's initial business combination and (ii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if Blue fails to complete its initial business combination within the Combination Period.

The Sponsor, Blue's officers and directors and the Blue Advisor have entered into the Insider Letter with Blue, pursuant to which they have agreed to waive their redemption rights with respect to their Founder Shares, Blue Class A Ordinary Shares underlying Blue Private Placement Units and Public Shares in connection with the completion of Blue's initial business combination. Additionally, the Sponsor, Blue's officers and directors and the Blue Advisor have agreed to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares and Blue Class A Ordinary Shares underlying Blue Private Placement Units if Blue fails to complete an initial business combination within the prescribed time frame, although they will be entitled to liquidating distributions from assets outside the Trust Account. Furthermore, the Sponsor, Blue's officers and directors and the Blue Advisor have agreed not to transfer, assign or sell any of their Founder Shares (including any Blue Class A Ordinary Shares issuable upon conversion thereof) until the earlier to occur of: (i) six (6) months after the completion of Blue's initial business combination or (ii) the date following the completion of Blue's initial business combination on which Blue or the combined company completes a liquidation, merger, share exchange or other similar transaction that results in all of its shareholders having the right to exchange their ordinary shares for cash, securities or other property. Notwithstanding the foregoing, if the closing price of the Blue Class A Ordinary Shares equals or exceeds $15.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any twenty (20) trading days within any 30-trading day period after Blue's initial business combination, the Founder Shares will be released from the lock-up. The Blue Private Placement Units (including the securities comprising such units) will not be transferable until thirty (30) days following the completion of Blue's initial business combination.

Simultaneously with the execution of the Business Combination Agreement, Blue, Pubco, Blockfusion and BTIG, on the one hand, and the Sponsor, Blue's directors and officers and the Blue Advisor, on the other hand, entered into the Insider Letter Amendment to (i) add Pubco and Blockfusion as parties to the Insider Letter, (ii) revise the terms of the Insider Letter to reflect the Transactions, including the issuance of Pubco securities in exchange for Blue securities, and have Pubco assume and be assigned the rights and obligations of Blue under the Insider Letter, and (iii) amend the terms of the lock-up set forth in the Insider Letter to conform with the lock-up terms in the Lock-Up Agreements described above, subject to and contingent upon the Closing.

Blue has entered into the Registration Rights Agreement with respect to the Founder Shares and the Blue Private Placement Units (including the underlying Blue Class A Ordinary Shares). Prior to the Closing, Pubco, the Sponsor and certain stockholders of Blockfusion will enter into the Amended and Restated Registration Rights Agreement, which will amend and restate the Registration Rights Agreement, pursuant to which (i) Pubco will assume the registration obligations of Blue under such Registration Rights Agreement, with such rights applying to the Pubco Class A Common Stock and (ii) such stockholders of Blockfusion will be granted equal registration rights thereunder.

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Pursuant to the Administrative Services Agreement, Blue agreed to reimburse an affiliate of the Sponsor an amount equal to $5,000 per month for office space, utilities and secretarial and administrative support made available to Blue. These monthly fees will cease upon the completion of the initial business combination or Blue's liquidation.

Prior to the closing of the IPO, the Sponsor loaned Blue an aggregate of up to $300,000 under the IPO Promissory Note to be used for a portion of the expenses of the IPO. The Promissory Note was non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the IPO. The loan was repaid out of the $747,500 of offering proceeds that were allocated to the payment of IPO expenses. As of June 16, 2025, the date Blue consummated its IPO, Blue had borrowed $193,236 under the IPO Promissory Note. On June 16, 2025, Blue paid $203,557 to the Sponsor, resulting in an overpayment of $10,321 that was recorded as a related-party receivable as of September 30, 2025. The overpayment was due to a calculation error and the Sponsor has informed us that it will promptly repay such amount. The Promissory Note was repaid in full and is no longer available to Blue as of September 30, 2025. As of February 28, 2025, the Company had borrowed $26,089 under the IPO Promissory Note.

In addition, in order to finance transaction costs in connection with an intended initial business combination, the Sponsor or an affiliate of the Sponsor or certain of Blue's officers and directors may, but are not obligated to, loan Blue funds as may be required on a non-interest basis. If Blue completes an initial business combination, it would repay such loaned amounts. In the event that the initial business combination does not close, Blue may use amounts held outside the Trust Account to repay such loaned amounts, but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into Blue Private Placement Units of the post-business combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Blue Private Placement Units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. Prior to the completion of Blue's initial business combination, Blue does not expect to seek loans from parties other than the Sponsor or an affiliate of the Sponsor as Blue does not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in the Trust Account.

Any of the foregoing payments to the Sponsor, repayments of loans from the Sponsor or repayments of working capital loans prior to Blue's initial business combination would be made using funds held outside the Trust Account.

Prior to or in connection with the completion of Blue's initial business combination, there may be payment by Blue to the Sponsor, Blue's officers or directors, or Blue's or their affiliates, of a finder's fee, advisory fee, consulting fee or success fee for any services they render in order to effectuate the completion of the initial business combination, which, if made prior to the completion of the initial business combination, will be paid from funds held outside the Trust Account. Such parties may also be reimbursed for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination.

In connection with Blue's initial business combination, members of Blue's management team who remain with after the business combination may be paid consulting, management or other fees from the combined company. It will be up to the directors of the post-combination business to determine executive and director compensation.

Blue and the IPO Underwriters are parties to the Placement Agent Engagement Letter, pursuant to which Blue engaged the IPO Underwriters to act as capital markets advisors in connection with the Business Combination and as placement agents in connection with any Financing Transaction. BTIG will act as the lead capital markets advisor and placement agent. Pursuant to the Placement Agent Engagement Letter, the IPO Underwriters are entitled to receive (1) a cash fee upon the consummation of any Financing Transaction in an amount equal to (i) 5% of the gross proceeds raised from the sale of equity securities, (ii) 4% the gross proceeds raised from the sale of equity-linked securities and (iii) the gross proceeds raised from the sale of debt securities in the Financing Transaction, excluding expenses and (2) a cash fee upon the consummation of the Business Combination in an amount equal to two million dollars ($2,000,000); provided, that, in the event that the Placement Fee exceeds three million dollars ($3,000,000), fifty percent (50%) of the amount of such Placement Fee that exceeds three million dollars ($3,000,000) and that has been paid to the IPO Underwriters at the time that any Advisory Fee become due shall be credited against the Advisory Fee, provided, further, that such credit shall not exceed one million dollars ($1,000,000). 85% of any Placement Fee and/or Advisory Fee will be payable to BTIG, and 15% will be payable to Roberts & Ryan. The IPO Underwriters will also be reimbursed for certain reasonable out-of-pocket expenses incurred by them in connection with the performance of such services. Further, following the closing of the Business Combination, BTIG shall have a right of first refusal for a period of one (1) year thereafter to act as the lead-managing underwriter and/or lead bookrunner in the case of any public offering.

*Policy for Approval of Related Party Transactions*

The audit committee of the Blue Board has adopted a policy setting forth the policies and procedures for its review and approval or ratification of "related party transactions." A "related party transaction" is any consummated or proposed transaction or series of transactions: (i) in which Blue was or is to be a participant; (ii) the amount of which exceeds (or is reasonably expected to exceed) the lesser of $120,000 or 1% of the average of Blue's total assets at year-end for the prior two completed fiscal years in the aggregate over the duration of the transaction (without regard to profit or loss); and (iii) in which a "related party" had, has or will have a direct or indirect material interest. "Related parties" under this policy will include: (i) Blue's directors, nominees for director or officers or any person who has served in such roles since the beginning of the most recent fiscal year, even if he or she does not currently serve in that role; (ii) any record or beneficial owner of more than 5% of any class of Blue's voting securities; (iii) any immediate family member of any of the foregoing if the foregoing person is a natural person; and (iv) any other person who maybe a "related person" pursuant to Item 404 of Regulation S-K under the Exchange Act. Pursuant to the policy, the audit committee will consider (i) the relevant facts and circumstances of each related party transaction, including if the transaction is on terms comparable to those that could be obtained in arm's-length dealings with an unrelated third party, (ii) the extent of the related party's interest in the transaction, (iii) whether the transaction contravenes Blue's code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying the transaction to be in the best interests of Blue and its shareholders and (v) if the related party is a director or an immediate family member of a director, the effect that the transaction may have on a director's status as an independent member of the Blue Board and on his or her eligibility to serve on the Blue Board's committees. Management will present to the audit committee each proposed related party transaction, including all relevant facts and circumstances relating thereto. Under the policy, Blue may consummate related party transactions only if its audit committee approves or ratifies the transaction in accordance with the guidelines set forth in the policy. The policy will not permit any director or officer to participate in the discussion of, or decision concerning, a related person transaction in which he or she is the related party.

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**Blockfusion**

*Promissory Notes*

On March 1, 2024, each of Messrs. Martini-Lo Manto and Trivedi executed a separate non-recourse promissory note (together, the "**Executive Promissory Notes**") in favor of Blockfusion, each in the original principal amount of $15,393.75. The Executive Promissory Notes evidence advances made by Blockfusion to each of Messrs. Martini-Lo Manto and Trivedi and bear simple interest at a per annum rate equal to the minimum applicable federal rate then in effect, with interest payable at maturity or upon prepayment. Any amount not paid when due bears interest at 12% per annum. Additional advances have been made under the Executive Promissory Notes, and, as of the date hereof, Mr. Martini-Lo Manto has been advanced $249,997 and Mr. Trivedi has been advanced $250,000. The Executive Promissory Notes mature on the date that is one day following the fifth anniversary of March 1, 2025 or earlier upon the occurrence of a "Change of Control" of Blockfusion (as such term is defined in the Executive Promissory Notes and which includes certain sales of all or substantially all assets, mergers, or other specified transactions). The Executive Promissory Notes are expressly non-recourse to each of Messrs. Martini-Lo Manto and Trivedi personally, and Blockfusion's sole recourse for payment is limited to 50% of the after-tax cash compensation then due to the applicable executive under his employment agreement or any successor agreement. The Executive Promissory Notes are not assignable by either party.

On October 24, 2025, Blockfusion issued a promissory note to Mr. Robert Scott (the "**2025 Scott Promissory Note**") in the principal amount of $135,535.17, bearing simple interest at 12% per annum and maturing on October 24, 2026. Accrued interest is payable together with principal at maturity or upon any prepayment. The 2025 Scott Promissory Note provides that Blockfusion shall prepay all outstanding principal and accrued interest in full immediately upon the Closing of the business combination transaction with Blue, is governed by New York law, and was authorized by the Blockfusion Board of Directors.

*Management Services Payments*

Blockfusion has entered into management services arrangements with each of Lucsam Holdings Corp. ("**Lucsam Holdings**"), Lucsam Tech, Inc. ("**Lucsam Tech**"), and Art of Digital Media, Inc. ("**Art of Digital**"), which are operated by members of Blockfusion's management or their affiliates, including Messrs. Trivedi and Martini-Lo Manto. Under these arrangements, the affiliated entities provide management consulting services to Blockfusion, including strategic advisory, operational support, and financial planning services.

During the fiscal year ended December 31, 2024, Blockfusion paid an aggregate of approximately $334,000 to Lucsam Holdings, $0 to Lucsam Tech, and $331,125.60 to Art of Digital. For the period from January 1, 2025 to the date hereof, Blockfusion paid an aggregate of approximately $294,187.50 to Lucsam Holdings, $152,812.50 to Lucsam Tech, and $411,536.12 to Art of Digital.

*Series Seed Share Transfers*

Pursuant to an Investment Agreement dated as of February 22, 2021 among Blockfusion and certain investors party thereto (the "**Series Seed Agreement**"), Minerset Holdings, LLC, a Delaware limited liability company ("**Minerset**") purchased 1,440,000 shares of Series Seed Preferred Stock, par value $0.0001 per share (the "**Series Seed Preferred Stock**"). On March 19, 2025, Minerset entered into a Stock Purchase Agreement (the "**Minerset Series Seed SPA**") with Mr. Martini-Lo Manto and Blockfusion pursuant to which Mr. Martini-Lo Manto purchased all 1,440,000 shares of Series Seed Preferred Stock from Minerset for $200,000.00. In connection with the global settlement with Minerset, Mr. Martini-Lo Manto also paid Elias Fernandez, the principal of Minerset, $50,000 to settle an unrelated personal dispute regarding Mr. Fernandez's investment in a property in Mexico, which settlement was a condition to closing the transactions contemplated by the Minerset Series Seed SPA and the Settlement Agreement. On March 26, 2025, Mr. Martini-Lo Manto entered into (i) a Stock Purchase Agreement (the "**Scott Series Seed SPA**") with Mr. Scott and Blockfusion pursuant to which Mr. Martini-Lo Manto sold 864,000 Series Seed Preferred Stock to Mr. Scott for $120,000.00 and (ii) a Stock Purchase Agreement (the "**Lucsam Holdings Series Seed SPA**" and together with the Minerset Series Seed SPA and the Scott Series Seed SPA, the "**Series Seed SPAs**") with Lucsam Holdings Corp., a Canadian corporation and affiliated entity of Mr. Trivedi, and Blockfusion pursuant to which Mr. Martini-Lo Manto sold 288,000 Series Seed Preferred Stock to Mr. Trivedi for $40,000.00. The transfers pursuant to the Series Seed SPAs were approved by the Blockfusion Board of Directors and were intended to align management's equity ownership with the long-term growth of Blockfusion and recognize contributions made since the financings made with the Series Seed Agreement. The shares of Series Seed Preferred Stock transferred to Messrs. Martini-Lo Manto, Scott, and Trivedi were issued on a fully vested basis and are subject to customary restrictions under applicable securities laws.

*Mr. Martini-Lo Manto's Base Salary Compensation*

Pursuant to Mr. Martini-Lo Manto's employment agreement with Blockfusion, Mr. Martini-Lo Manto is compensated for his service as Chief Executive Officer with an annual base salary equal to $600,000 that automatically increases by five percent (5%) on January 1<sup>st</sup> of each year during his term of employment beginning in 2024. For more information, see "*Executive and Director Compensation—Narrative Disclosure to the Summary Compensation Table—Agreements with our NEOs*"). During the fiscal year ended December 31, 2024 and for the period from January 1, 2025 through the date hereof, Blockfusion did not make direct salary payments to Mr. Martini-Lo Manto. Instead, a portion of his base compensation for his services was remitted to Art of Digital Media, a consulting firm owned and controlled by Mr. Martini-Lo Manto's spouse. The remainder of Mr. Martini-Lo Manto's outstanding base compensation owed by the Company has accrued as unpaid wages that are due and payable to Mr. Martini-Lo Manto. The arrangement of disbursing Mr. Martini-Lo Manto's base salary to Art of Digital was reviewed and approved by the Blockfusion Board of Directors as being fair and reasonable. Blockfusion does not believe that the payment of Mr. Martini-Lo Manto's salary to Art of Digital adversely affected Blockfusion and that it complied with all applicable rules and regulations.

*Mr. Trivedi's Base Salary Compensation*

Pursuant to Mr. Trivedi's employment agreement with Blockfusion, Mr. Trivedi is compensated for his service as Chief Operating Officer with an annual base salary equal to $600,000 that automatically increases by five percent (5%) on January 1<sup>st</sup> of each year during his term of employment beginning in 2024. For more information, see "*Executive and Director Compensation—Narrative Disclosure to the Summary Compensation Table—Agreements with our NEOs*"). During period from January 1, 2024 to August 14, 2025, Blockfusion did not make direct salary payments to Mr. Trivedi. Instead, compensation for his services was remitted to Lucsam Holdings, an affiliate of Mr. Trivedi. During period from August 15, 2025 to August 31, 2025, Blockfusion did not make direct salary payments to Mr. Trivedi. Instead, compensation for his services was split between Lucsam Holdings and Lucsam Tech, another affiliate of Mr. Trivedi. For the period from September 1, 2025 through the date hereof, Blockfusion did not make direct salary payments to Mr. Trivedi. Instead, compensation for his services was remitted to Lucsam Tech. The remainder of Mr. Trivedi's outstanding base compensation owed by the Company has accrued as unpaid wages that are due and payable to Mr. Trivedi. The arrangement of disbursing Mr. Trivedi's base salary to Lucsam Holdings and Lucsam Tech was reviewed and approved by the Blockfusion Board of Directors as being fair and reasonable. Blockfusion does not believe that the payment of Mr. Trivedi's salary to Lucsam Holdings or Lucsam Tech adversely affected Blockfusion and that it complied with all applicable rules and regulations.

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**Pubco**

*Ketan Seth Promissory Note*

On December 2, 2025, Blockfusion issued a promissory note to Ketan Seth, Blue's Chief Executive Officer and director, pursuant to which Mr. Seth agreed to loan Blockfusion up to an aggregate principal amount of $150,000 for payment of certain expenses related to the Business Combination. Interest on the Ketan Seth Promissory Note accrues on the outstanding principal balance at a rate of 12% per annum, calculated on a simple interest basis. The entire unpaid principal balance, together with all accrued and unpaid interest on the Ketan Seth Promissory Note shall be due and payable on December 2, 2026, 12 months from its issuance.

 

*Lock-Up Agreements*

The Business Combination Agreement contemplates that, at the Closing, Pubco, the Sponsor, and certain of the former stockholders of Blue will enter into Lock-Up Agreements, pursuant to which the parties thereto will agree to restrictions on transfer for up to six months following the Closing with respect to the Lock-Up Shares (as defined in the Lock-Up Agreement), which lock-up, subject to certain exceptions, will end on the date that is six months after the Closing. For additional information, see "*The Business Combination Proposal — Certain Related Agreements — Lock-Up Agreements*."

**Policies for Approval of Related Person Transactions**

Blockfusion does not currently have a formal, written policy or procedures for the review, approval, or ratification of related person transactions. However, in accordance with Section 144 of the DGCL, all transactions between Blockfusion and its officers, directors, or affiliates must be approved by the Blockfusion Board of Directors. Before approving any such related person transaction, the Blockfusion Board of Directors will ensure that all material facts regarding the relationship, interest, and transaction are fully disclosed and will only approve transactions that are, in the Blockfusion Board of Director's opinion, fair and reasonable to Blockfusion and in the best interest of Blockfusion and its stockholders.

In connection with the Business Combination, Pubco will adopt a written statement of policy regarding transactions with related persons that is in conformity with the applicable SEC and Nasdaq requirements imposed on issuers of publicly listed stock. Pubco's related person transactions policy will require that a "related person" (as defined under Item 404(a) of Regulation S-K) must disclose to Pubco's [Chief Financial Officer], or such other person designated by the Pubco board of directors or a duly authorized committee thereof, any "related person transaction" (as defined as any transaction in which (i) Pubco is or will be a participant, (ii) the amount involved will or may reasonably be expected to exceed the lesser of $120,000 or 1% of the average of Pubco's total assets at year end for the prior two fiscal years, and (iii) any related person has or will have a direct or indirect material interest) and the facts and circumstances with respect thereof. Pubco's [Chief Financial Officer], or such other person, will then undertake an evaluation of the transaction, and, if such evaluation indicates that the transaction would require approval, promptly communicate all relevant facts and circumstances to Pubco's Audit Committee. No related person transaction entered into following the consummation of the Business Combination will be executed without the approval or ratification of Pubco's Audit Committee. It will be Pubco's policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

**Voting Agreement**

Upon the Closing, the Founders will enter into the Voting Agreement relating to the voting of their shares of Pubco Class B Common Stock. The Voting Agreement provides that the Proxyholder (which is appointed as Robert Scott) shall vote or not vote all Subject Shares on any matter submitted to Pubco's stockholders in accordance with the direction of at least sixty percent (60%) of the outstanding shares of Pubco Class B Common Stock, or abstain if such direction is not timely provided.

The Voting Agreement provides that a Proxyholder shall not be entitled to vote any Subject Shares in the context of a liquidation, dissolution or winding up of the Company, unless such transaction complies with certain conditions set forth in the Voting Agreement. Pursuant to the Voting Agreement, each Founder agreed not to deposit any of its Subject Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement in contravention of the obligations of such Founder under the Voting Agreement.

The Voting Agreement will terminate upon the earliest to occur of the following: (i) with respect to all Founders, the liquidation, dissolution or winding up of the Company; (ii) with respect to all Founders, the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company; (iii) with respect to any particular Founder, the death or permanent and substantial incapacity of such Founder (as determined by the Pubco Board); (iv) with respect to any particular Founder, upon the conversion of the Subject Shares into Pubco Class A Common Stock; and (v) solely with respect to any such Subject Shares that are so transferred, any Subject Shares transferred by a Founder to a non-Affiliate of Founder, or by such Founder to a limited partner of such Founder, simultaneously and in connection with, or after, the sale by Pubco of its capital stock to the public pursuant to an effective registration statement under the Securities Act or Pubco otherwise first becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Exchange Act, except for any transfer made with the primary purpose of releasing such Founder or its affiliates from the restrictions in Section 1 of the Voting Agreement.

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**APPRAISAL RIGHTS**

The Companies Act prescribes when shareholder appraisal rights are available and sets limitations on such rights. Blue shareholders will have appraisal rights and dissenter's rights under Section 238 and 239 of the Companies Act. Where such rights are available, shareholders are entitled to receive fair value for their shares. However, regardless of whether such rights are or are not available, the Blue public shareholders are still entitled to exercise the rights of redemption as set out herein, and the Blue Board has determined that the redemption proceeds payable to shareholders who exercise such redemption rights represent the fair value of those shares.

Section 238. (1) of the Companies Act provides that a member of a constituent company incorporated thereunder shall be entitled to payment of the fair value of that person's shares upon dissenting from a merger or consolidation.

Section 239. (1) of the Companies Act provides that no rights under section 238 of the Companies Act shall be available in respect of the shares of any class for which an open market exists on a recognized stock exchange or recognized interdealer quotation system at the expiry date of the period allowed for written notice of an election to dissent under section 238(5) of the Companies Act, provided that such section shall not apply if the holders thereof are required by the terms of a plan of merger or consolidation pursuant to section 233 or 237 of the Companies Act to accept for such shares anything except: (a) shares of a surviving or consolidated company, or depository receipts in respect thereof; (b) shares of any other company, or depository receipts in respect thereof, which shares or depository receipts at the effective date of the merger or consolidation, are either listed on a national securities exchange or designated as a national market system security on a recognized interdealer quotation system or held of record by more than two thousand holders; (c) cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a) and (b); or (d) any combination of the shares, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in paragraphs (a), (b) and (c).

Blue shareholders who are considering exercising dissenter's rights are advised to consult appropriate legal counsel.

**LEGAL MATTERS**

Certain legal matters relating to the validity of the Pubco Class A Common Stock to be issued hereunder will be passed upon for Pubco by Winston & Strawn LLP.

**EXPERTS**

The consolidated financial statements of Pubco as of November 3, 2025 and for the period from September 29, 2025 (inception) through November 3, 2025 appearing in this proxy statement/prospectus have been audited by Elliott Davis, PLLC, an independent registered public accounting firm, as set forth in their report thereon which report expresses an unqualified opinion and includes an explanatory paragraph relating to going concern, appearing elsewhere in this proxy statement/prospectus. Such consolidated financial statements are included in reliance on such report given on the authority of such firm as experts in accounting and auditing.

The financial statements of Blue as of February 28, 2025 and for the period from February 10, 2025 (inception) through February 28, 2025 appearing in this proxy statement/prospectus have been audited by Elliott Davis, PLLC, an independent registered public accounting firm, as set forth in their report thereon which report expresses an unqualified opinion and includes an explanatory paragraph relating to going concern, appearing elsewhere in this proxy statement/prospectus. Such financial statements are included in reliance on such report given on the authority of such firm as experts in accounting and auditing.

The consolidated financial statements of Blockfusion as of December 31, 2024 and 2023 and for each of the years then ended appearing in this proxy statement/prospectus have been audited by Elliott Davis, PLLC, an independent registered public accounting firm, as set forth in their report thereon which report expresses an unqualified opinion and includes an explanatory paragraph relating to going concern, appearing elsewhere in this proxy statement/prospectus. Such consolidated financial statements are included in reliance on such report given on the authority of such firm as experts in accounting and auditing.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar for Blue's securities is Continental Stock Transfer & Trust Company.

**DELIVERY OF DOCUMENTS TO SHAREHOLDERS**

Pursuant to the rules of the SEC, Blue and servicers that it employs to deliver communications to Blue shareholders are permitted to deliver to two or more shareholders sharing the same address a single copy of this proxy statement/prospectus. Upon written or oral request, Blue will deliver a separate copy of this proxy statement/prospectus to any shareholder at a shared address to which a single copy of this proxy statement/prospectus was delivered and who wishes to receive separate copies in the future. Shareholders receiving multiple copies of this proxy statement/prospectus may likewise request that Blue deliver single copies of Blue's proxy statement in the future. Shareholders may notify Blue of their requests by calling or writing Blue at its principal executive offices at c/o Blue Acquisition Corp., 1601 Anita Lane, Newport Beach, CA 92660, (646) 543-5060. Following the Business Combination, communications should be sent to Blockfusion at 447 Broadway, 2nd Floor, #538, New York, NY 10013, (212) 561-1200.

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**SUBMISSION OF SHAREHOLDER PROPOSALS**

The Blue Board is aware of no other matter that may be brought before the Blue Extraordinary General Meeting.

**FUTURE SHAREHOLDER PROPOSALS**

For any proposal to be considered for inclusion in Pubco's proxy statement and form of proxy for submission to the shareholders at Pubco's 2026 annual meeting of shareholders, assuming consummation of the Business Combination, it must be submitted in writing and comply with the requirements of Rule 14a-8 of the Exchange Act and the Bylaws. Since the 2026 annual meeting would be Pubco's first annual meeting of shareholders, such proposals must be received by Pubco a reasonable time before it begins to print and mail the 2026 annual meeting proxy materials in order to be considered for inclusion in such proxy materials for the 2026 annual meeting.

In addition, if the Business Combination is consummated, the Proposed Bylaws provide notice procedures for shareholders to nominate a person as a director and to propose business to be considered by shareholders at a meeting. To be timely, a shareholder's notice must be delivered to Pubco not later than the close of business on the 90<sup>th</sup> day nor earlier than the opening of business on the 120<sup>th</sup> day before the anniversary date of the immediately preceding annual meeting of shareholders. Nominations and proposals also must satisfy other requirements set forth in the Proposed Bylaws. Pubco's Board may refuse to acknowledge the introduction of any shareholder proposal not made in compliance with the foregoing procedures.

**SHAREHOLDER COMMUNICATIONS**

Shareholders and interested parties may communicate with the Blue Board, any committee chairperson or the non-management directors as a group by writing to the board or committee chairperson in care of Ketan Seth, Chief Executive Officer, c/o Blue Acquisition Corp., 1601 Anita Lane, Newport Beach, CA 92660. Following the Business Combination, such communications should be sent to Blockfusion at 447 Broadway, 2nd Floor, #538, New York, NY 10013.Each communication will be forwarded, depending on the subject matter, to the Blue Board, the appropriate committee chairperson or all non-management directors.

**WHERE YOU CAN FIND MORE INFORMATION**

Pubco has filed a registration statement on Form S-4 to register the issuance of securities described elsewhere in this proxy statement/prospectus. This proxy statement/prospectus is a part of that registration statement.

Information and statements contained in this proxy statement/prospectus or any annex to this proxy statement/prospectus are qualified in all respects by reference to the copy of the relevant contract or other annex filed as an exhibit to the registration statement of which this proxy statement/prospectus forms a part, which includes exhibits incorporated by reference from other filings made with the SEC.

If you would like additional copies of this proxy statement/prospectus or if you have questions about the Business Combination or the proposals to be presented at the Blue Extraordinary General Meeting, you should contact Blue by telephone or in writing at the following address and telephone number:

Ketan Seth

c/o Blue Acquisition Corp.

1601 Anita Lane

Newport Beach, CA 92660

(646) 543-5060

You may also obtain these documents by requesting them in writing or by telephone from Blue's proxy solicitation agent, [_], at the following address and telephone number:

[_]

If you are a shareholder of Blue and would like to request documents, please do so by [_], 2026, in order to receive them before the Blue Extraordinary General Meeting. If you request any documents from Blue, Blue will mail them to you by first class mail, or another equally prompt means.

All information contained in this proxy statement/prospectus relating to Blue has been supplied by or on behalf of Blue, and all such information relating to Blockfusion has been supplied by or on behalf of Blockfusion. Information provided by either Blue or Blockfusion, or their respective representatives, does not constitute any representation, estimate or projection of any other party. Blue's website is *www.bluecorp.com* and Blockfusion's website is *www.blockfusion.com*. The information on these websites is neither incorporated by reference into this proxy statement/prospectus, or into any other filings with, or into any other information furnished or submitted to, the SEC.

This document is a proxy statement of Blue for the Blue Extraordinary General Meeting and constitutes a prospectus of Pubco under the Securities Act with respect to the shares of Pubco Common Stock to be issued to Blockfusion's stockholders under the Business Combination Agreement. Blue has not authorized anyone to give any information or make any representation about the Business Combination, Blue or Blockfusion that is different from, or in addition to, that contained in this proxy statement/prospectus. Therefore, if anyone does give you information of this sort, you should not rely on it. The information contained in this proxy statement/prospectus speaks only as of the date of this proxy statement/prospectus, unless the information specifically indicates that another date applies.

[**Table of Contents**](#TableOfContents)

**INDEX TO FINANCIAL STATEMENTS**

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| | |
|:---|:---|
|  | **Page** |
| **Interim Unaudited Financial Statements of Blue Acquisition Corp.:** |  |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Balance Sheet as of September 30, 2025](#f_002) | F-2 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Statement of Operations for the three months ended September 30, 2025 and for the period from February 10, 2025 (Inception) through September 30, 2025](#f_003) | F-3 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Statement of Changes in Shareholders' Deficit for the three months ended September 30, 2025 and for period from February 10, 2025 (Inception) through September 30, 2025](#f_004) | F-4 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Statement of Cash Flows for the period from February 10, 2025 (Inception) through June 30, 2025](#f_005) | F-5 |
| &nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Financial Statements](#f_006) | F-6 |
| **Audited Financial Statements of Blue Acquisition Corp.:** |  |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm (PCAOB ID: 149)](#f_007) | F-18 |
| &nbsp;&nbsp;&nbsp;[Balance Sheets as of February 28, 2025](#f_008) | F-19 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations for the Period from February 10, 2025 (Inception) through February 28, 2025](#f_009) | F-20 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Shareholder's Equity for the period from February 10, 2025 (Inception) through February 28, 2025](#f_010) | F-21 |
| &nbsp;&nbsp;&nbsp;[Statement of Cash Flows for the period from February 10, 2025 (Inception) through February 28, 2025](#f_011) | F-22 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#f_012) | F-23 |
| **Interim Unaudited Financial Statements of Blockfusion USA, Inc. for the period ended September 30, 2025:** |  |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Balance Sheets](#via_003) | F-65 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](#via_004) | F-66 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Stockholders' Deficit](#via_005) | F-67 |
| &nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Cash Flows](#via_006) | F-68 |
| &nbsp;&nbsp;&nbsp;[Notes to Unaudited Condensed Consolidated Financial Statements](#via_007) | F-69 |
| **Audited Financial Statements of Blockfusion USA, Inc. for the Years Ended December 31, 2024 and 2023:** |  |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm (PCAOB ID: 149)](#f_014) | F-32 |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#f_015) | F-33 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Income (Loss)](#f_016) | F-34 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Stockholders' Deficit](#f_017) | F-35 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#f_018) | F-36 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#f_019) | F-37 |
| **Audited Financial Statements of Blockfusion Data Centers, Inc.:** |  |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm (PCAOB ID: 149)](#via_008) | F-95 |
| &nbsp;&nbsp;&nbsp;[Consolidated Balance Sheets](#f_021) | F-96 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Operations and Comprehensive Income (Loss)](#f_022) | F-97 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Stockholders' Deficit](#f_023) | F-98 |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Cash Flows](#f_024) | F-99 |
| &nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#f_025) | F-100 |

---

[**Table of Contents**](#TableOfContents)

**Interim Unaudited Financial Statements of Blue Acquisition Corp**

**BLUE ACQUISITION CORP. UNAUDITED CONDENSED BALANCE SHEET**

---

| | |
|:---|:---|
|  | **September 30,**<br>**2025** |
| **ASSETS** |  |
| **Current Assets:** |  |
| &nbsp;&nbsp;&nbsp;Cash | $1045403 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses - current | 104727 |
| &nbsp;&nbsp;&nbsp;Due from related party | 10321 |
| **Total Current Assets** | 1160451 |
| **Non-current Assets:** |  |
| &nbsp;&nbsp;&nbsp;Cash and marketable securities held in Trust Account | 203677270 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses – non-current | 52603 |
| &nbsp;&nbsp;&nbsp;**Total Non-current Assets** | 203729873 |
| **TOTAL ASSETS** | $**204890324** |
| **LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT** |  |
| **Current Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $92222 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1800 |
| &nbsp;&nbsp;&nbsp;Administrative services fee payable – related party | 5000 |
| **Total Current Liabilities** | 99022 |
| **Non-current Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Deferred underwriter fee liability | 7043750 |
| **Total Non-current Liabilities** | 7043750 |
| **TOTAL LIABILITIES** | **7142772** |
| **Commitments and Contingencies (Note 7)** |  |
| Class A ordinary shares subject to possible redemption, $0.0001 par value; 20,125,000 shares issued and outstanding at redemption value | 203677270 |
| **Shareholders' Deficit** |  |
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding |  |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 767,250 shares issued and outstanding (excluding 20,125,000 shares subject to possible redemption) | 77 |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,069,913 shares issued and outstanding | 707 |
| Additional paid-in capital |  |
| Accumulated deficit | (5930502) |
| **Total Shareholders' Deficit** | **(5929718)** |
| **TOTAL LIABILITIES, ORDINARY SUBJECT TO POSSIBLE REDEMPTION AND SHAREHOLDERS' DEFICIT** | $**204890324** |

---

The accompanying notes are an integral part of the unaudited condensed financial statements.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. UNAUDITED CONDENSED STATEMENT OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Three Months**<br>**Ended**<br>**September 30,<br> 2025** | **For the <br> Period<br> From <br> February 10, <br> 2025<br> (Inception)**<br>**Through**<br>**September 30,<br> 2025** |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Formation, general and administrative expenses | $79150 | $194790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal and accounting expenses | 98956 | 115738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services fee – related party | 15500 | 17833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Listing fees | 26888 | 26888 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 18904 | 22397 |
| Total operating expenses | 239398 | 377646 |
| **Loss from operations** | **(239398)** | **(377646)** |
| Other income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income earned on cash and marketable securities held in Trust Account | 2106133 | 2427270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income on operating account | 12350 | 13089 |
| **Other income** | **2118483** | **2440359** |
| **Net income** | $**1879085** | $**2062713** |
| Weighted average shares outstanding of redeemable Class A ordinary shares | 20125000 | 9155579 |
| **Basic and diluted net income per share, redeemable Class A ordinary shares** | $**0.10** | $**0.79** |
| Weighted average shares outstanding of non-redeemable Class A and Class B ordinary shares | 7837163 | 6976822 |
| **Basic and diluted net loss per share, non-redeemable Class A and Class B ordinary shares** | $**(0.01)** | $**(0.74)** |

---

The accompanying notes are an integral part of the unaudited condensed financial statements.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. UNAUDITED CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025 AND FOR THE PERIOD FROM FEBRUARY 10, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A ordinary shares** | **Class A ordinary shares** | **Class B ordinary shares** | **Class B ordinary shares** | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional**<br>**Paid-in**<br>**Capital** |<br>**Accumulated**<br>**Deficit** | **Total**<br>**Shareholders'**<br>**Deficit** |
| **Balance – February 10, 2025 (inception)** |  | $— |  | $— | $— | $— | $— |
| Class B ordinary shares issued to Sponsor<sup>(1)</sup> |  |  | 7069913 | 707 | 24293 |  | 25000 |
| Contribution for purchase of private placement units |  |  |  |  | 100000 |  | 100000 |
| Net loss |  |  |  |  |  | (61786) | (61786) |
| **Balance as of March 31, 2025** |  |  |  | 707 | 124293 | (61786) | 63214 |
| Issuance of Class A ordinary shares in IPO |  |  |  |  | 4361306 |  | 4361306 |
| Sale of private placement units | 592250 | 59 |  |  | 5822441 |  | 5822500 |
| Sale of representative shares | 175000 | 18 |  |  | 1749982 |  | 1750000 |
| Remeasurement of Class A ordinary shares to redemption value |  |  |  |  | (12058022) | (5887082) | (17945104) |
| Net income |  |  |  |  |  | 245414 | 245414 |
| **Balance – June 30, 2025** | 767250 | 77 | 7069913 | 707 |  | (5703454) | (5702670) |
| Remeasurement of Class A ordinary shares to redemption value |  |  |  |  | **—** | (2106133) | (2106133) |
| Net income |  |  |  |  | **—** | 1879085 | 1879085 |
| **Balance – September 30, 2025** | **767250** | $**77** | **7069913** | $**707** | $**—** | $**(5930502)** | $**(5929718)** |

---

(1) In
May 2025, the Company effected a share capitalization pursuant to which the Company issued an additional 1,009,988 founder shares
resulting in an aggregate of 7,069,913 founder shares outstanding to the Sponsor. All share and per share amounts have been retroactively
restated to reflect the share capitalization.

The accompanying notes are an integral part of the unaudited condensed financial statements.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. UNAUDITED CONDENSED STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM FEBRUARY 10, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025**

---

| | |
|:---|:---|
| **Cash Flows from Operating Activities:** | |
| Net income | $2062713 |
| Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;Formation, general and administrative expenses paid by Sponsor under promissory note – related party | 1089 |
| &nbsp;&nbsp;&nbsp;Income earned on cash and marketable securities held in Trust Account | (2427270) |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (132328) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 92222 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 1800 |
| &nbsp;&nbsp;&nbsp;Administrative services fee payable – related party | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(396774)** |
| **Cash Flows from Investing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Purchase of treasury securities in Trust Account | (201250000) |
| **Net cash used in investing activities** | **(201250000)** |
| **Cash Flows from Financing Activities:** |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Class A ordinary shares | 201250000 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of private placement units | 5922500 |
| &nbsp;&nbsp;&nbsp;Payment of underwriting fees and reimbursements | (4100000) |
| &nbsp;&nbsp;&nbsp;Payment of promissory note – related party | (203557) |
| &nbsp;&nbsp;&nbsp;Excess cash contribution recorded under promissory note – related party | 167147 |
| &nbsp;&nbsp;&nbsp;Payment of offering costs | (343913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **202692177** |
| **Net Change in Cash** | **1045403** |
| Cash – Beginning of period |  |
| **Cash – End of period** | $**1045403** |
| **Supplemental Non-Cash Investing and Financing Activities:** |  |
| Deferred offering costs paid by Sponsor under promissory note – related party | $25000 |
| Prepaid expenses paid by Sponsor under promissory note – related party | $25000 |
| Initial fair value of Class A ordinary shares subject to possible redemption | $183626033 |
| Remeasurement of Class A ordinary shares subject to possible redemption | $20051237 |

---

The accompanying notes are an integral part of the unaudited condensed financial statements.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Note 1 — Organization and Business Operations**

Blue Acquisition Corp. (the "**Company**") is a special purpose acquisition company incorporated as a Cayman Islands exempted company on February 10, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses (the "**Business Combination**").

As of September 30, 2025, the Company had not commenced any operations. All activity for the period from February 10, 2025 (inception) through September 30, 2025 relates to the Company's formation, the Initial Public Offering (as defined below), and the search for a suitable target to effect the Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company may generate non-operating income in the form of interest and dividend income on investments from the proceeds derived from the Initial Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.

On June 16, 2025, the Company consummated the Initial Public Offering of 20,125,000 units (the "**Units**" and, with respect to the Class A ordinary shares included in the Units being offered, the "**Public Shares**"), which includes the full exercise by the underwriters of their over-allotment option in the amount of 2,625,000 Units, at $10.00 per Unit, generating gross proceeds of $201,250,000. Each Unit consists of one Class A ordinary share and one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of the Company's initial Business Combination (each, a "**Public Right**").

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 592,250 units (the "**Private Placement Units**" and, with respect to the Class A ordinary shares included in the Private Placement Units being offered, the "**Private Placement Shares**") at a price of $10.00 per Private Placement Unit, in a private placement to the Company's sponsor, Blue Holdings Sponsor LLC (the "**Sponsor**") and the underwriters in the Initial Public Offering, generating gross proceeds of $5,922,500. Each Private Placement Unit consists of one Class A ordinary share one right to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial Business Combination (each, a "**Private Placement Right**" and together with a Public Right, a "**Share Right**").

Transaction costs amounted to $13,262,661, consisting of $4,025,000 of cash underwriting fee, $7,043,750 of deferred underwriting fee, $1,750,000 for issuance of representative shares, and $443,911 of other offering costs.

The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the Private Placement Units, although substantially all of the net proceeds are intended to be generally applied toward consummating a Business Combination (less deferred underwriting commissions).

The Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and income taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the **Investment Company Act** of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company will be able to successfully effect a Business Combination.

Following the closing of the Initial Public Offering, on June 16, 2025, an amount of $201,250,000 ($10.00 per Unit) from the net proceeds of the sale of the Units and the Private Placement Units, was placed in the trust account (the "**Trust Account**"), with Continental Stock Transfer & Trust Company acting as trustee. The funds are initially held in cash, including demand deposit accounts at a bank, or invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time (based on management team's ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the Initial Public Offering and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (i) the completion of the Company's initial Business Combination, (ii) the redemption of the Company's public shares if the Company is unable to complete the initial Business Combination within 21 months from the closing of the Initial Public Offering or by such earlier liquidation date as the Company's board of directors may approve (the "**Completion Window**"), subject to applicable law, or (iii) the redemption of the Company's public shares properly submitted in connection with a shareholder vote to amend the Company's amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company's obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company's public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the Company's public shareholders.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The Company will provide the Company's public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest and dividend income earned on the funds held in the Trust (less income taxes payable (but without deduction for any excise or similar tax that may be due or payable)), divided by the number of then outstanding Public Shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be $10.00 per Public Share. The ordinary shares subject to redemption will be recorded at redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 480, "Distinguishing Liabilities from Equity."

The Company will have only the duration of the Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less income taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation or other distributions, if any), subject to the Company's obligations under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.

The Sponsor, officers and directors, and certain advisor entered into a letter agreement with the Company, pursuant to which they agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination or an earlier redemption in connection with the commencement of the procedures to consummate the initial Business Combination if the Company determines it is desirable to facilitate the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the trust account; and (iv) vote any founder shares held by them and any public shares purchased during or after the Initial Public Offering (including in open market and privately-negotiated transactions) in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less income taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "**Securities Act**"). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

**Liquidity and Capital Resources**

As of September 30, 2025, the Company had $1,045,403 cash and working capital of $1,061,429. The Company's liquidity needs through September 30, 2025 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share ("**Founder Shares**") (see Note 6), the Initial Public Offering and the issuance of the Private Placement Units. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs, which was paid in full in connection with the consummation of the Company's Initial Public Offering on July 16, 2025.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statement. Although no formal agreement exists, the Sponsor, certain directors and officers, or any of their respective affiliates may, but are not obligated to, to extend Working Capital Loans as needed (defined in Note 6). The Company cannot assure that its plans to consummate an initial Business Combination will be successful.

These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern one year from the date this financial statement is issued. This financial statement does not include any adjustments that might result from the outcome of this uncertainty.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Note 2 — Significant Accounting Policies**

**Basis of Presentation**

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("**U.S. GAAP**") and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "**SEC**"). In the opinion of Company management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash flows for the periods presented.

**Emerging Growth Company Status**

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the "**JOBS Act**"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. The Company's financial statements have not been impacted by Section 102(b)(1) of the JOBS Act as of September 30, 2025.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

**Cash and Cash Equivalents**

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had $1,045,403 cash and no cash equivalents as of September 30, 2025.

**Cash Held in Trust Account**

As of September 30, 2025, the assets held in Trust Account, amounting to $203,677,270, were held in marketable securities.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Concentration of credit risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

**Offering Costs Associated with the Initial Public Offering**

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, "Expenses of Offering." Offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, "Debt with Conversion and Other Options," addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ordinary shares and Public Rights, using the residual method by allocating Initial Public Offering proceeds first to assigned value of the Public Rights and then to the Class A ordinary shares. Offering costs allocated to Public Shares were charged to temporary equity, and offering costs allocated to Public Rights (as defined below) and Private Placement Units were charged to shareholders' equity as the Public Rights and Private Placement Rights, after management's evaluated that the Public Rights and Private Placement Units should be accounted for under equity treatment.

**Fair Value of Financial Instruments**

The fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value Measurements and Disclosures," approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

**Net Income (Loss) Per Ordinary Share**

The Company has two classes of shares, non-redeemable Class A ordinary shares and Class B ordinary shares (the "**non-redeemable shares**") and redeemable Class A ordinary shares (the "**redeemable shares**"). Non-redeemable shares are the Class A ordinary shares underlying the Private Placement Units sold in the private placement and do not have redemption rights to the amounts held in the Trust Account. Class B ordinary shares are the founder shares which do not have redemption rights on the amounts held in the Trust Account. Redeemable shares are the Class A ordinary shares underlying the Units issued at the Initial Public Offering and have redemption rights to the amounts held in the Trust Account.

The Company complies with accounting and disclosure requirements of ASC Topic 260, "Earnings Per Share." The condensed statements of operations include a presentation of income (loss) per redeemable shares and income (loss) per non-redeemable shares following the two-class method of income (loss) per ordinary shares. In order to determine the net income (loss) attributable to both the redeemable shares and non-redeemable shares, the Company first considered the total income allocable to both classes of ordinary shares. This is calculated using the total net income (loss) less any dividends paid. For purposes of calculating net income (loss) per share, any remeasurement of the Class A ordinary shares subject to possible redemption was treated as dividends paid to the public stockholders. Subsequent to calculating the total income (loss) allocable to both classes of ordinary shares, the Company split the amount to be allocated using the weighted average shares outstanding ratio for the redeemable shares and for the non-redeemable shares for the three months ended September 30, 2025 and for the period from February 10, 2025 (inception) through September 30, 2025.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The Company has not considered the effect of the 2,012,500 Class A ordinary shares underlying the Public Rights or 59,225 Class A ordinary shares underlying the Private Placement Rights in the calculation of diluted net income (loss) per share, since the exercise of such rights are contingent upon the occurrence of future events and the inclusion of such rights would be anti-dilutive.

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per ordinary share for each class of ordinary shares for the three months ended September 30, 2025:

---

| | |
|:---|:---|
|  | **For the Three Months Ended**<br>**September 30,<br> 2025** |
| Net income | $1879085 |
| Less: Remeasurement of Class A ordinary shares to redemption value | (2106133) |
| **Net loss including accretion of Class A redeemable shares to redemption value** | $**(227048)** |

---

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Non-redeemable<br> Class A and**<br>**Class B**<br>**Ordinary shares** | **Redeemable shares**<br>**Class A**<br>**Ordinary shares** |
| Total number of shares | 7837163 | 20125000 |
| Ownership percentage | 28% | 72% |
| **Net income allocated by class** | $**526665** | $**1352420** |
| Less: Remeasurement of Class A ordinary shares to redemption value based on ownership percentage | (590302) | (1515831) |
| Plus: Accretion applicable to remeasurement of redeemable Class A ordinary shares to redemption value |  | 2106133 |
| **Total (loss) income based on ownership percentage** | $**(63637)** | $**1942722** |
| **Weighted average shares outstanding** | **7837163** | **20125000** |
| **Basic and diluted net (loss) income per share** | $**(0.01)** | $**0.10** |

---

The following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per ordinary share for each class of ordinary shares for the period from February 10, 2025 (inception) through September 30, 2025:

---

| | |
|:---|:---|
|  | **For the Period from<br> February 10, 2025<br> (inception) through**<br>**September 30,<br> 2025** |
| Net income | $2062713 |
| Less: Remeasurement of Class A ordinary shares to redemption value | (20051237) |
| **Net loss including accretion of Class A ordinary shares to redemption value** | $**(17988524)** |

---

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **For the Period from<br> February 10, 2025<br> (inception) through** | **For the Period from<br> February 10, 2025<br> (inception) through** |
|  | **September 30, 2025** | **September 30, 2025** |
|  | **Non-redeemable<br> Class A and**<br>**Class B**<br>**Ordinary shares** | **Redeemable shares**<br>**Class A**<br>**Ordinary shares** |
| Total number of shares | 7837163 | 20125000 |
| Ownership percentage | 28% | 72% |
| **Net income allocated by class** | $**486646** | $**1576067** |
| Less: Remeasurement of Class A ordinary shares to redemption value based on ownership percentage | (5619909) | (14431328) |
| Plus: Accretion applicable to remeasurement of redeemable Class A ordinary shares to redemption value |  | 20051237 |
| **Total (loss) income based on ownership percentage** | $**(5133263)** | $**7195976** |
| **Weighted average shares outstanding** | **6976822** | **9155579** |
| **Basic and diluted net income (loss) per share** | $**(0.74)** | $**0.79** |

---

**Income Taxes**

The Company accounts for income taxes under ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.

**Class A Ordinary Shares Subject to Possible Redemption**

The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company's liquidation, or if there is a shareholder vote or tender offer in connection with the Company's initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies Public Shares subject to possible redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the Initial Public Offering, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of September 30, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders' deficit section of the Company's balance sheet. As of September 30, 2025, the Class A ordinary shares subject to possible redemption reflected in the balance sheet are reconciled in the following table:

---

| | |
|:---|:---|
| Gross proceeds from Initial Public Offering | $201250000 |
| Less: |  |
| Proceeds allocated to Public Rights | (4361306) |
| Offering costs allocated to Class A ordinary shares subject to possible redemption | (13262661) |
| Plus: |  |
| Accretion of Class A ordinary shares subject to possible redemption | 20051237 |
| **Class A ordinary shares subject to possible redemption at September 30, 2025** | $**203677270** |

---

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Rights**

The Company will account for the Public Rights and Private Placement Rights to be issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, "Derivatives and Hedging." Accordingly, the Company evaluated and will classify the rights under equity treatment at their assigned values. There are no Public Rights or Private Placement Rights currently outstanding as of September 30, 2025.

**Recent Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, "Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("**ASU 2023-07**"). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("**CODM**"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on February 10, 2025, the date of its incorporation.

In December 2023, the FASB issued Accounting Standards Update 2023-09, "Improvements to Income Tax Disclosures" ("**ASU 2023-09**"), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2023-09 would have on its financial position, results of operations or cash flows.

**Note 3 — Initial Public Offering**

Pursuant to the Initial Public Offering on June 16, 2025, the Company sold 20,125,000 Units at a purchase price of $10.00 per Unit, which includes the full exercise of the underwriters' over-allotment option in the amount of 2,625,000 Units. Each Unit consists of one Class A ordinary share and one Public Right. Each ten Public Rights entitle the holder thereof to receive one Class A ordinary share at the closing of an initial Business Combination. The Company will not issue fractional Class A ordinary shares.

**Note 4 — Private Placement**

Simultaneously with the closing of the Initial Public Offering, the Sponsor, and the underwriters purchased an aggregate of 592,250 Private Placement Units, at a price of $10.00 per Private Placement Unit for an aggregate purchase price of $5,922,500. Of the 592,250 Private Placement Units, the Sponsor purchased 391,000 Private Placement Units and the underwriters purchased 201,250 Private Placement Units. Each Private Placement Unit consists of one Class A ordinary share and one Private Placement Right. A portion of the proceeds from the sale of the Private Placement Units was added to the net proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units held in the Trust Account will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law). The Private Placement Units (including the underlying ordinary shares ("**Private Placement Shares**") and Private Placement Rights) are identical to the Public Units (including the underlying Public Shares and Public Rights) sold in the Initial Public Offering, subject to certain limited exceptions.

**Note 5 — Segment Information**

ASC Topic 280, Segment Reporting, establishes standards for companies to report, in their financial statements, information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The Company's CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:

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| | |
|:---|:---|
|  | **September 30,<br> 2025** |
| Cash | $1045403 |
| Cash and marketable securities held in Trust Account | $203677270 |
| Total assets | $204890324 |

---

---

| | | |
|:---|:---|:---|
|  | **For the<br> Three Months<br> Ended <br> September 30,<br> 2025** | **For the <br> Period from <br> February 10, <br> 2025 <br> (Inception) <br> through <br> September 30, <br> 2025** |
| Operating loss | $(239398) | $(377646) |
| Income earned on cash and marketable securities held in Trust Account | $2106133 | $2427270 |
| Net income | $1879085 | $2062713 |

---

The CODM reviews operating loss to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews operating loss to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. The CODM reviews income earned on cash and marketable securities held in Trust Account to monitor and project the amount of funds the Company has, or may have, to effect a business combination. Operating loss and income earned on cash and marketable securities held in Trust Account, as reported on the statement of operations, are the significant segment information provided to the CODM on a regular basis. All other segment items included in net income are reported on the statement of operations and described within their respective disclosures.

The CODM reviews the position of cash available with the company to assess if the Company has sufficient resources available to discharge its liabilities and future obligations and to monitor the amount of funds the Company has to pursue its initial Business Combination. The CODM reviews the position of cash and marketable securities held in the Trust Account to monitor and project the amount of funds the Company has, or may have, to effect a business combination. Cash and cash and marketable securities held in Trust Account, as reported on the balance sheet, are the significant segment information provided to the CODM on a regular basis. All other segment items included in total assets are reported on the balance sheet and described within their respective disclosures.

**Note 6 — Related Party Transactions**

**Founder Shares**

On February 20, 2025, the Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, through payments of offering costs and expenses on the Company's behalf, for which the Company issued 6,059,925 Class B ordinary shares, known as founder shares, to the Sponsor. In May 2025, the Company effected a share capitalization pursuant to which the Company issued an additional 1,009,988 founder shares resulting in an aggregate of 7,069,913 founder shares outstanding to the Sponsor, resulting in a price per share of approximately $0.004 per share. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in the Initial Public Offering, and holders of founder shares have the same shareholder rights as public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) the founder shares are entitled to registration rights; (iii) our sponsor and the Company's officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial Business Combination, (B) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of the public shares if we have not consummated an initial business combination within the completion window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity, (C) waive their rights to liquidating distributions from the trust account with respect to their founder shares or private placement shares if we fail to complete the initial Business Combination within the completion window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within such time period and to liquidating distributions from assets outside the trust account and (D) vote any founder shares and private placement shares held by them and any public shares purchased during or after the Initial Public Offering (including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination transaction) in favor of the initial Business Combination, (iv) the founder shares are automatically convertible into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment as described herein and in the Company amended and restated memorandum and articles of association, and (v) prior to the closing of the initial Business Combination, only holders of the Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing the company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

**Promissory Note — Related Party**

The Sponsor has agreed to loan the Company an aggregate of up to $300,000 (the "**Promissory Note**") to be used for a portion of the expenses of the Initial Public Offering. The Promissory Note is non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the Initial Public Offering. The loan was repaid out of the $747,500 of offering proceeds that has been allocated to the payment of offering expenses. As of June 16, 2025, the date the Company consummated its Initial Public Offering, the Company had borrowed $193,236 under the Promissory Note. On June 16, 2025, the Company paid $203,557 to the Sponsor, resulting in an overpayment of $10,321 that is recorded as a related party receivable as of September 30, 2025. The Promissory Note was repaid in full and is no longer available to the Company as of September 30, 2025.

**Administrative Services Agreement**

Commencing on the effective date of the Initial Public Offering, the Company entered into an agreement with Blue Holdings Management LLC, the managing member of our Sponsor, to pay an aggregate of $5,000 per month for office space, utilities, and secretarial and administrative support. These monthly fees will cease upon the completion of the initial Business Combination or the liquidation of the Company. For the three months ended September 30, 2025 and for the period from February 10, 2025 (inception) through September 30, 2025, the Company recorded $15,500 and $17,833 to administrative services fee – related party on the statement of operations, respectively and has paid $12,833 as of September 30, 2025, resulting in an accrual of $5,000 to administrative services fee payable – related party on the balance sheet.

**Working Capital Loans**

In order to finance transaction costs in connection with a Business Combination, the Sponsor, Blue Holdings, certain of the Company's officers or directors, or any of their respective affiliates may, but are not obligated to, loan the Company funds as may be required (the "**Working Capital Loans**"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement units of the post Business Combination entity at a price of $10.00 per unit at the option of the lender. As of September 30, 2025, no such Working Capital Loans were outstanding.

**Note 7 — Commitments and Contingencies** 

**Risks and Uncertainties**

The Company's ability to complete an initial Business Combination may be adversely affected by various factors, many of which are beyond the Company's control. The Company's ability to consummate an initial Business Combination could be impacted by, among other things, changes in laws or regulations, downturns in the financial markets or in economic conditions, inflation, fluctuations in interest rates, increases in tariffs, supply chain disruptions, declines in consumer confidence and spending, public health considerations, and geopolitical instability, such as the military conflicts in Ukraine and the Middle East. The Company cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company's ability to complete an initial Business Combination.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

**Registration Rights**

The holders of founder shares, Private Placement Units (and their underlying securities) and Units that may be issued upon conversion of working capital loans (and their underlying securities), if any, the Representative Shares and any Class A ordinary shares issuable upon conversion of the founder shares and any Class A ordinary shares held by the initial shareholders at the completion of the Initial Public Offering or acquired prior to or in connection with the initial Business Combination, will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the registration statement for the Initial Public Offering. These holders will be entitled to make up to three demands and have piggyback registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Underwriting Agreement**

The Company granted the underwriters a 45-day option from the date of the Initial Public Offering to purchase an additional 2,625,000 units to cover over-allotments, if any. On June 16, 2025, the underwriters fully exercised their over-allotment option.

The underwriters were paid a cash underwriting discount of 2.00% of the gross proceeds of the Initial Public Offering, or 4,025,000 in the aggregate, payable upon the closing of the Initial Public Offering. Additionally, the underwriters are entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the Initial Public Offering, $7,043,750 in the aggregate. The deferred commissions will be released to the underwriters only on completion of an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per unit sold in the Initial Public Offering shall be paid to the underwriter in cash, and (ii) $0.15 per unit sold in the Initial Public Offering shall be paid to the underwriters in cash based on the funds remaining in the trust account after giving effect to public shares that are redeemed in connection with an initial business combination.

**Representative Shares**

The Company issued to the underwriters and/or their designees 175,000 ordinary shares (the "**Representative Shares**") upon the consummation of the Initial Public Offering. The Company accounted for the Representative Shares as a cost of the Initial Public Offering, resulting in a charge directly to shareholders' equity. The underwriters (and any of their designees to whom the Representative Shares are issued) agree not to transfer, assign or sell any such shares without the Company's prior consent until the completion of a Business Combination. In addition, the Representative Shares are be deemed to be underwriting compensation by the Financial Industry Regulatory Authority, Inc. ("**FINRA**") pursuant to FINRA Rule 5110 and will, accordingly, be subject to certain transfer restrictions or a period of 180 days beginning on the date of commencement of sales of the Units in the Initial Public Offering. Furthermore, the underwriters agree (and any of their designees to whom the Representative Shares are issued agree) (i) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the Company's initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period. In addition, the Representative Shares are not transferable, assignable or saleable until 30 days after the completion of our initial business combination (except with respect to permitted transferees as described herein under the section of the final prospectus entitled "*Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Placement Units*").

**Note 8 — Shareholder's Deficit**

 ****

**Preference Shares**

The Company is authorized to issue a total of 5,000,000 preference shares at par value of $0.0001 each. As of September 30, 2025, there were no preferred shares issued or outstanding.

 **

**Class A Ordinary Shares**

 **

The Company is authorized to issue a total of 500,000,000 Class A ordinary shares at par value of $0.0001 each. As of September 30, 2025 there were 767,250 Class A ordinary shares issued and outstanding, excluding 20,125,000 shares subject to possible redemption.

**Class B Ordinary Shares** 

The Company is authorized to issue a total of 50,000,000 Class B ordinary shares at par value of $0.0001 each. On February 20, 2025, the Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, through payments of offering costs and expenses on the Company's behalf, for which the Company issued 6,059,925 Class B ordinary shares, known as founder shares, to the Sponsor. In May 2025, the Company effected a share capitalization pursuant to which the Company issued an additional 1,009,988 founder shares resulting in an aggregate of 7,069,913 founder shares outstanding to the Sponsor, resulting in a price per share of approximately $0.004 per share. All share and per-share amounts have been retroactively restated to reflect the share capitalization. As of September 30, 2025, there were 7,069,913 Class B ordinary shares issued and outstanding.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS**

**SEPTEMBER 30, 2025**

The founder shares will automatically convert into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 26% of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the Initial Public Offering (including any Class A ordinary shares issued pursuant to the underwriters' over-allotment option and excluding the securities underlying the Private Placement Units and the Class A ordinary shares underlying the Private Placement Rights issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent rights issued to our sponsor, Blue Holdings, certain of the Company's officers or directors, or any of their respective affiliates upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Holders of record of the Company's Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by our shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the amended and restated memorandum and articles of association, such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following our initial business combination, the holders of more than 50% of the ordinary shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing our company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company voting together as a single class.

 ****

**Rights**

Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Share Right will automatically receive one tenth (1/10) of one Class A ordinary share upon consummation of the initial Business Combination. In the event the Company is not the surviving Company upon completion of the initial Business Combination, each holder of a Share Right will be required to affirmatively convert its Share Rights in order to receive the one tenth (1/10) of one Class A ordinary share underlying each Share Right upon consummation of the Business Combination. The Company will not issue fractional shares in connection with an exchange of Share Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands law. As a result, you must hold Share Rights in multiples of 10 in order to receive shares for all of your Share Rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company redeems the public shares for the funds held in the Trust Account, holders of Share Rights will not receive any of such funds for their Share Rights and the Share Rights will expire worthless.

[**Table of Contents**](#TableOfContents)

**Note 9 — Fair Value Measurements**

At September 30, 2025, the Company's marketable securities held in the Trust Account were valued at $203,677,270. The marketable securities held in the Trust Account must be recorded on the balance sheet at fair value and are subject to remeasurement at each balance sheet date. With each remeasurement, the valuations will be adjusted to fair value, with the change in fair value recognized in the Company's statement of operations.

The following table presents the fair value information, as of September 30, 2025, of the Company's financial assets that were accounted for at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. The Company's marketable securities held in the Trust Account are based on dividend and interest income and market fluctuations in the value of invested marketable securities, which are considered observable. The fair value of the marketable securities held in trust is classified within Level 1 of the fair value hierarchy.

The following table sets forth by level within the fair value hierarchy the Company's assets and liabilities that were accounted for at fair value on a recurring basis:

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| | | | |
|:---|:---|:---|:---|
|  | **(Level 1)** | **(Level 2)** | **(Level 3)** |
| As of September 30, 2025 |  |  |  |
| Assets: |  |  |  |
| Treasury Trust Funds held in Trust Account | $203677270 | $— | $— |

---

The fair value of the Public Rights is $4,361,306, or $0.23 per Public Rights as of June 16, 2025, the date of the consummation of the Initial Public Offering. The Public Rights have been classified within shareholders' equity and will not require remeasurement after issuance. The following table presents the quantitative information regarding market assumptions used in the valuation of the Public Rights:

---

| | |
|:---|:---|
|  | **June 16,<br> 2025** |
| Implied ordinary share price | $9.77 |
| Probability of acquisition | 60% |
| Calculated value per Public Right | $0.23 |

---

**Note 10 — Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after September 30, 2025, the balance sheet date, through the date that the financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

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**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Shareholder

of Blue Acquisition Corp.

**Opinion on the Financial Statements**

We have audited the accompanying balance sheet of Blue Acquisition Corp. (the "**Company**") as of February 28, 2025, the related statements of operations, changes in shareholder's equity, and cash flows for the period from February 10, 2025 (inception) through February 28, 2025, and the related notes (collectively referred to as the "**financial statements**"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of February 28, 2025, and the results of its operations and its cash flows for period from February 10, 2025, (inception) through February 28, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a working capital deficiency, expects to incur significant costs in pursuit of its acquisition plans, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management's plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (the "**PCAOB**") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Elliott Davis, PLLC

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

June 2, 2025

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**BLUE ACQUISITION CORP. BALANCE SHEET FEBRUARY 28, 2025**

---

| | |
|:---|:---|
| **ASSETS** | |
| Assets: |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | $25000 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs | 32000 |
| **Total Assets** | $**57000** |
| **LIABILITIES AND SHAREHOLDER'S EQUITY** |  |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | $10652 |
| &nbsp;&nbsp;&nbsp;Accrued offering costs | 7000 |
| &nbsp;&nbsp;&nbsp;Promissory note – related party | 26089 |
| **Total Liabilities** | 43741 |
| **Commitments and Contingencies (Note 7)** |  |
| Shareholder's Equity: |  |
| Preferred shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding |  |
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding |  |
| Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,069,913 shares issued and outstanding<sup>(1)(2)</sup> | 707 |
| Additional paid-in capital | 24293 |
| Accumulated deficit | (11741) |
| **Total shareholder's equity** | 13259 |
| **Total Liabilities and Shareholder's Equity** | $**57000** |

---

(1) Includes up to 922,163 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 8).

(2) In May 2025, the Company effected a share capitalization for an additional 1,009,988 Class B ordinary shares, resulting in 7,069,913 Class B ordinary shares outstanding. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

The accompanying notes are an integral part of the financial statements.

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**BLUE ACQUISITION CORP. STATEMENT OF OPERATIONS**

**FOR THE PERIOD FROM FEBRUARY 10, 2025 (INCEPTION) THROUGH FEBRUARY 28, 2025**

---

| | |
|:---|:---|
| Formation and general and administrative costs | $11741 |
| **Net loss** | $(11741) |
| Basic and diluted weighted average Class B ordinary shares outstanding<sup>(1)(2)</sup> | 6147750 |
| Basic and diluted net loss per Class B ordinary share | $(0.00) |

---

(1) Excludes up to 922,163 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 8).

(2) In May 2025, the Company effected a share capitalization for an additional 1,009,988 Class B ordinary shares, resulting in 7,069,913 Class B ordinary shares outstanding. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

The accompanying notes are an integral part of the financial statements.

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**BLUE ACQUISITION CORP. STATEMENT OF CHANGES IN SHAREHOLDER'S EQUITY**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class B<br> Ordinary shares** | **Class B<br> Ordinary shares** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid-In**<br>**Capital** | **Accumulated**<br>**Deficit** | **Shareholder's**<br>**Equity** |
| **Balance as of February 10, 2025 (inception)** |  | $— | $— | $— | $— |
| Class B ordinary shares issued to Sponsor<sup>(1)</sup> | 7069913 | 707 | 24293 |  | 25000 |
| Net loss |  |  |  | (11741) | (11741) |
| **Balance as of February 28, 2025** | 7069913 | $707 | $24293 | $(11741) | $13259 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes up to 922,163 Class B ordinary shares subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriters (see Note 8).

(2) In May 2025, the Company effected a share capitalization for an additional 1,009,988 Class B ordinary shares, resulting in 7,069,913 Class B ordinary shares outstanding. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

The accompanying notes are an integral part of the financial statements.

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**BLUE ACQUISITION CORP. STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM FEBRUARY 10, 2025 (INCEPTION) THROUGH FEBRUARY 28, 2025**

---

| | |
|:---|:---|
| **Cash flows from operating activities:** | |
| Net loss | $(11741) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |
| Formation, general and administrative expenses paid by Sponsor under promissory note – related party | 1089 |
| Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 10652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities |  |
| Net change in cash |  |
| Cash, beginning of the period |  |
| **Cash, end of the period** | $— |
| **Supplemental disclosure of noncash investing and financing activities:** |  |
| Prepaid expenses paid by Sponsor in exchange for issuance of Class B ordinary shares | $25000 |
| Formation, general and administrative expenses paid by Sponsor under promissory note – related party | $1089 |
| Deferred offering costs paid by Sponsor under promissory note – related party | $25000 |
| Deferred offering costs included in accrued offering costs | $7000 |

---

The accompanying notes are an integral part of the financial statements.

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**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 1 — Organization and Business Operations**

Blue Acquisition Corp. (the "**Company**") is a special purpose acquisition company incorporated as a Cayman Islands exempted company on February 10, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar Business Combination with one or more businesses (the "**Business Combination**"). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

As of February 28, 2025, the Company had not commenced any operations. All activity for the period from February 10, 2025 (inception) through February 28, 2025 relates to the Company's formation and the Proposed Public Offering (as defined below). The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company may generate non-operating income in the form of interest income on investments from the proceeds derived from the Proposed Public Offering (as defined below). The Company has selected December 31 as its fiscal year end.

The Company's Sponsor is Blue Holdings Sponsor LLC (the "**Sponsor**"). The Company's ability to commence operations is contingent upon obtaining adequate financial resources through a Proposed Public Offering of 17,500,000 units at $10.00 per unit (the "**Units**") (or 20,125,000 Units if the underwriters' over-allotment option is exercised in full), which is discussed in Note 3 (the "**Proposed Public Offering**"), and the sale of 539,750 units (or 592,250 units if the underwriters' over-allotment option is exercised in full) (the "**Private Placement Units**") at a price of $10.00 per Private Placement Unit in a private placement that will close simultaneously with the Proposed Public Offering (Note 4). Each Unit and Private Placement Unit consists of one Class A ordinary share and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial Business Combination. Of those 539,750 Private Placement Units, the Sponsor has agreed to purchase 364,750 Private Placement Units (391,000 units if the underwriters' over-allotment option is exercised in full) and BTIG, LLC ("**BTIG**") and Roberts & Ryan Inc. ("**Roberts & Ryan**"), the underwriters, have agreed to purchase 175,000 Private Placement Units (or 201,250 Private Placement Units if the underwriters' over-allotment option is exercised in full).

The Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the Trust Account (as defined below) (excluding the amount of deferred underwriting discounts held and income taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"). There is no assurance that the Company will be able to successfully effect a Business Combination.

Upon the closing of the Proposed Public Offering, management has agreed that an aggregate of $10.00 per Unit sold in the Proposed Public Offering will be held in a Trust Account (the "**Trust Account**") and may only be invested in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended business combination. To mitigate the risk that might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time (based on management team's ongoing assessment of all factors related to the potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, if any, the proceeds from the Proposed Public Offering and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (i) the completion of the Company's initial Business Combination, (ii) the redemption of the Company's public shares if the Company is unable to complete the initial Business Combination within 21 months from the closing of the Proposed Public Offering or by such earlier liquidation date as our board of directors may approve (the "**Completion Window**"), subject to applicable law, or (iii) the redemption of the Company's public shares properly submitted in connection with a shareholder vote to amend the Company's amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company's obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company's public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company's creditors, if any, which could have priority over the claims of the Company's public shareholders.

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**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 1 — Organization and Business Operations** (cont.)

The Company will provide the Company's public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (less income taxes payable), divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be $10.00 per public share.

The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Public Offering, in accordance with Financial Accounting Standards Board's ("**FASB**") Accounting Standards Codification ("**ASC**") Topic 480 "Distinguishing Liabilities from Equity."

The Company will have only the duration of the Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less income taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders' rights as shareholders (including the right to receive further liquidation or other distributions, if any), subject to the Company's obligations under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.

The Sponsor, officers and directors intend to enter into a letter agreement with the Company, pursuant to which they will agreed to (i) waive their redemption rights with respect to their founder shares and public shares in connection with the completion of the initial Business Combination or an earlier redemption in connection with the commencement of the procedures to consummate the initial Business Combination if the Company determines it is desirable to facilitate the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares and public shares in connection with a shareholder vote to approve an amendment to the Company's amended and restated memorandum and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the trust account; and (iv) vote any founder shares held by them and any public shares purchased during or after the Proposed Public Offering (including in open market and privately-negotiated transactions) in favor of the initial Business Combination.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less income taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company's indemnity of the underwriters of the Proposed Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the "**Securities Act**"). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor's only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

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**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 1 — Organization and Business Operations** (cont.)

**Liquidity and Capital Resources**

As of February 28, 2025, the Company had no cash and working capital deficiency of $18,741. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company's ability to continue as a going concern one year from the issuance date of the financial statements. Management plans to address this uncertainty through a Proposed Public Offering and use of a $300,000 promissory note with the Sponsor. However, there is no assurance that the Company's plans to raise capital or to consummate a Business Combination will be successful within the Combination Period. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Note 2 — Significant Accounting Policies**

**Basis of Presentation**

The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America ("**U.S. GAAP**") and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "**SEC**").

**Emerging Growth Company Status**

The Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012, (the "**JOBS Act**"), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company's financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. The Company's financial statements have not been impacted by Section 102(b)(1) of the JOBS Act as of February 28, 2025.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.

**Cash and Cash Equivalents**

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash and no cash equivalents as of February 28, 2025.

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**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 2 — Significant Accounting Policies** (cont.)

**Concentration of credit risk**

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.

**Deferred Offering Costs**

The Company complies with the requirements of the ASC 340-10-S99 and SEC Staff Accounting Bulletin ("**SAB**") Topic 5A — "Expenses of Offering." Deferred offering costs consist principally of professional and registration fees that are related to the Proposed Public Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional costs to be incurred, will be charged to operations. Should the Proposed Public offering prove to be successful, these deferred costs, as well as additional costs to be incurred, will be charged to shareholder's equity upon completion of the offering.

**Fair Value of Financial Instruments**

The fair value of the Company's assets and liabilities, which qualify as financial instruments under FASB ASC 820, "Fair Value Measurements and Disclosures," approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

Fair value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

**Net Loss Per Class B Ordinary Share**

Net loss per Class B ordinary share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period, excluding ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 922,163 Class B ordinary shares that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 8). At February 28, 2025, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per Class B ordinary share is the same as basic loss per Class B ordinary share for the period presented.

**Income Taxes**

The Company accounts for income taxes under ASC Topic 740, "Income Taxes," which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company's management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of February 28, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

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**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 2 — Significant Accounting Policies** (cont.)

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company's tax provision was zero for the period presented.

**Derivative Financial Instruments**

The Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, "Derivatives and Hedging." For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date. The underwriters' over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and will be accounted for as a liability pursuant to ASC 480 if not fully exercised at the time of the Proposed Public Offering.

**Rights**

The Company will account for the Public and Private Placement Rights to be issued in connection with the Proposed Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, "Derivatives and Hedging." Accordingly, the Company evaluated and will classify the rights under equity treatment at their assigned values. There are no Public or Private Placement Rights currently outstanding as of February 28, 2025.

**Recent Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, "Segment reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("**ASU 2023-07**"). The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("**CODM**"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on February 10, 2025, the date of its incorporation.

In December 2023, the FASB issued Accounting Standards Update 2023-09, "Improvements to Income Tax Disclosures" ("**ASU 2023-09**"), which provides for additional disclosures primarily related to the income tax rate reconciliations and income taxes paid. ASU 2023-09 requires entities to annually disclose the income tax rate reconciliation using both amounts and percentages, considering several categories of reconciling items, including state and local income taxes, foreign tax effects, tax credits and nontaxable or nondeductible items, among others. Disclosure of the reconciling items is subject to a quantitative threshold and disaggregation by nature and jurisdiction. ASU 2023-09 also requires entities to disclose net income taxes paid or received to federal, state and foreign jurisdictions, as well as by individual jurisdiction, subject to a five percent quantitative threshold. ASU 2023-09 may be adopted on a prospective or retrospective basis and is effective for fiscal years beginning after December 15, 2024, and for interim periods for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company is currently assessing the impact, if any, that ASU 2023-09 would have on its financial position, results of operations or cash flows.

**Note 3 — Proposed Public Offering**

In the Proposed Public Offering, the Company will offer for sale 17,500,000 Units, (or 20,125,000 Units if the underwriters' over-allotment option is exercised in full) at a purchase price of $10.00 per Unit. Each Unit that the Company is offering consists of one Class A ordinary share ("**Public Share**") and one right ("**Public Right**") to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial Business Combination.

**Note 4 — Private Placement**

The Sponsor, BTIG and Roberts & Ryan have committed to purchase an aggregate of 539,750 Private Placement Units (or 592,250 Private Placement Units if the underwriters' over-allotment option is exercised in full) at a price of $10.00 per Private Placement Unit in a private placement that will close simultaneously with the Proposed Offering. Each Private Placement Unit consists of one Class A ordinary share ("**Private Placement Share**") and one right ("**Private Placement Right**") to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial Business Combination. Of those 539,750 Private Placement Units (or 592,250 Private Placement Units if the underwriters' over-allotment option is exercised in full), the Sponsor has agreed to purchase 364,750 private placement units (or 391,000 private placement units if the underwriters' over-allotment option is exercised in full) and BTIG and Roberts & Ryan have agreed to purchase 175,000 private placement units (or 201,250 private placement units if the underwriters' over-allotment option is exercised in full). The Private Placement Units are identical to the Units sold in this offering, subject to certain limited exceptions.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 5 — Segment Information**

ASC Topic 280, Segment Reporting, establishes standards for companies to report, in their financial statements, information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company's chief operating decision maker, or group, in deciding how to allocate resources and assess performance.

The Company's CODM has been identified as the Chief Financial Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one reportable segment.

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the balance sheet as total assets. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:

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| | |
|:---|:---|
|  | **February 28,<br> 2025** |
| Deferred offering costs | $32000 |

---

---

| | |
|:---|:---|
|  | **For the <br> Period from <br> February 10, <br> 2025 <br> (Inception) <br> through <br> February 28, <br> 2025** |
| Formation, general and administrative costs | $11741 |

---

The CODM reviews formation, general and administrative costs to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews formation, general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. Formation, general and administrative costs, as reported on the statement of operations, are the significant segment information provided to the CODM on a regular basis. All other segment items included in net income or loss are reported on the statement of operations and described within their respective disclosures.

The CODM reviews the position of total assets available with the company to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available with the Company. Additionally, the CODM regularly reviews the status of deferred costs incurred to assess if these are in line with the planned use of proceeds to be raised from the public offering.

**Note 6 — Related Party Transactions**

**Founder Shares**

On February 20, 2025, the Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, through payments of offering costs and expenses on the Company's behalf, for which the Company issued 6,059,925 Class B ordinary shares, known as founder shares, to the Sponsor. In May 2025, the Company effected a share capitalization pursuant to which the Company issued an additional 1,009,988 founder shares resulting in an aggregate of 7,069,913 founder shares outstanding to the Sponsor, resulting in a price per share of approximately $0.004 per share. Up to 922,163 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters' over-allotment is exercised. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 6 — Related Party Transactions** (cont.)

The founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary shares included in the units being sold in this offering, and holders of founder shares have the same shareholder rights as public shareholders, except that (i) the founder shares are subject to certain transfer restrictions, as described in more detail below, (ii) the founder shares are entitled to registration rights; (iii) our sponsor and the Company's officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to (A) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial Business Combination, (B) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with a shareholder vote to approve an amendment to our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in connection with our initial business combination or to redeem 100% of the public shares if we have not consummated an initial business combination within the completion window or (B) with respect to any other material provisions relating to shareholders' rights or pre-initial business combination activity, (C) waive their rights to liquidating distributions from the trust account with respect to their founder shares or private placement shares if we fail to complete the initial Business Combination within the completion window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within such time period and to liquidating distributions from assets outside the trust account and (D) vote any founder shares and private placement shares held by them and any public shares purchased during or after this offering (including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination transaction) in favor of the initial Business Combination, (iv) the founder shares are automatically convertible into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment as described herein and in the Company amended and restated memorandum and articles of association, and (v) prior to the closing of the initial Business Combination, only holders of the Class B ordinary shares will be entitled to vote on the appointment and removal of directors or continuing the company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend our constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands).

**Promissory Note — Related Party**

The Sponsor has agreed to loan the Company an aggregate of up to $300,000 (the "**Promissory Note**") to be used for a portion of the expenses of the Proposed Public Offering. The Promissory Note is non-interest bearing, unsecured and due at the earlier of December 31, 2025 or the closing of the Proposed Public Offering. The loan will be repaid out of the $747,500 of offering proceeds that has been allocated to the payment of offering expenses. As of February 28, 2025, the Company had borrowed $26,089 under the Promissory Note as a result of payments made by the Sponsor on behalf of the Company.

**Administrative Services Agreement**

Commencing on the effective date of the Proposed Public Offering, the Company will enter into an agreement with Blue Holdings Management LLC, the managing member of our Sponsor, to pay an aggregate of $5,000 per month for office space, utilities, and secretarial and administrative support. These monthly fees will cease upon the completion of the initial Business Combination or the liquidation of the Company.

**Related Party Loans**

In order to finance transaction costs in connection with a Business Combination, the Sponsor, Blue Holdings, certain of the Company's officers or directors, or any of their respective affiliates may, but are not obligated to, loan the Company funds as may be required (the "**Working Capital Loans**"). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into private placement units of the post Business Combination entity at a price of $10.00 per unit at the option of the lender. As of February 28, 2025, no such Working Capital Loans were outstanding.

**Note 7 — Commitments and Contingencies** 

**Risks and Uncertainties**

The United States and global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the recent escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization ("**NATO**") deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The invasion of Ukraine by Russia and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and other countries have created global security concerns that could have a lasting impact on regional and global economies. Although the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets.

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 7 — Commitments and Contingencies** (cont.)

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the escalation of the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company's search for an initial business combination and any target business with which the Company may ultimately consummate an initial business combination.

**Registration Rights**

The holders of founder shares, Private Placement Units (and their underlying securities) and Units that may be issued upon conversion of working capital loans (and their underlying securities), if any, the Representative Shares and any Class A ordinary shares issuable upon conversion of the founder shares and any Class A ordinary shares held by the initial shareholders at the completion of the Proposed Public Offering or acquired prior to or in connection with the initial Business Combination, will be entitled to registration rights pursuant to a registration rights agreement to be signed prior to or on the effective date of the registration statement for the Proposed Public Offering. These holders will be entitled to make up to three demands and have piggyback registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

**Underwriting Agreement**

The Company will grant the underwriters a 45-day option from the date of the Proposed Public Offering to purchase an additional 2,625,000 units to cover over-allotments, if any.

The underwriters will be entitled to a cash underwriting discount of 2.00% of the gross proceeds of the Proposed Public Offering, or $3,500,000 (or $4,025,000 if the underwriters' over-allotment is exercised in full), payable upon the closing of the Proposed Public Offering. Additionally, the underwriters will be entitled to a deferred underwriting discount of 3.5% of the gross proceeds of the Proposed Public Offering, or $6,125,000 (or $7,043,750 if the overallotment option is exercised in full) in the aggregate. The deferred commissions will be released to the underwriters only on completion of an initial business combination. The deferred commissions will be payable as follows: (i) $0.20 per unit sold in this offering shall be paid to the underwriter in cash, and (ii) $0.15 per unit sold in this offering shall be paid to the underwriters in cash based on the funds remaining in the trust account after giving effect to public shares that are redeemed in connection with an initial business combination.

**Representative Shares**

The Company intends to issue to the underwriters and/or their designees 175,000 ordinary shares (the "**Representative Shares**") upon the consummation of the Proposed Public Offering. The Company will account for the Representative Shares as a cost of the Proposed Public Offering, resulting in a charge directly to share's equity. The underwriters (and any of their designees to whom the Representative Shares are issued) will agree not to transfer, assign or sell any such shares without the Company's prior consent until the completion of a Business Combination. In addition, the Representative Shares will be deemed to be underwriting compensation by the Financial Industry Regulatory Authority, Inc. ("**FINRA**") pursuant to FINRA Rule 5110 and will, accordingly, be subject to certain transfer restrictions or a period of 180 days beginning on the date of commencement of sales of the Units in the Proposed Public Offering. Furthermore, the underwriters will agree (and any of their designees to whom the Representative Shares are issued will agree) (i) to waive its redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the Company's initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete a Business Combination within the Combination Period. In addition, the Representative Shares will not be transferable, assignable or saleable until 30 days after the completion of our initial business combination (except with respect to permitted transferees as described herein under the section of this prospectus entitled "*Principal Shareholders — Restrictions on Transfers of Founder Shares and Private Placement Units*").

**Note 8 — Shareholder's Equity**

 ****

***Preference Shares*** — The Company is authorized to issue a total of 5,000,000 preference shares at par value of $0.0001 each. As of February 28, 2025, there were no preferred shares issued or outstanding.

 ****

***Class A Ordinary Shares*** — The Company is authorized to issue a total of 500,000,000 Class A ordinary shares at par value of $0.0001 each. As of February 28, 2025 there were no Class A ordinary shares issued or outstanding.

***Class B Ordinary Shares*** — The Company is authorized to issue a total of 50,000,000 Class B ordinary shares at par value of $0.0001 each. On February 20, 2025, the Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, through payments of offering costs and expenses on the Company's behalf, for which the Company issued 6,059,925 Class B ordinary shares, known as founder shares, to the Sponsor. In May 2025, the Company effected a share capitalization pursuant to which the Company issued an additional 1,009,988 founder shares resulting in an aggregate of 7,069,913 founder shares outstanding to the Sponsor, resulting in a price per share of approximately $0.004 per share. Up to 922,163 of the founder shares may be surrendered by the Sponsor for no consideration depending on the extent to which the underwriters' over-allotment is exercised. All share and per-share amounts have been retroactively restated to reflect the share capitalization. As of February 28, 2025, there were 7,069,913 Class B ordinary shares issued and outstanding. The founder shares include an aggregate of up to 922,163 shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full.

 ****

[**Table of Contents**](#TableOfContents)

**BLUE ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS**

**Note 8 — Shareholder's Equity** (cont.)

The founder shares will automatically convert into Class A ordinary shares in connection with the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Proposed Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, 26% of the sum of (i) the total number of all ordinary shares outstanding upon the completion of the Proposed Public Offering (including any Class A ordinary shares issued pursuant to the underwriters' over-allotment option and excluding the securities underlying the Private Placement Units and the Class A ordinary shares underlying the Private Placement Rights issued to the Sponsor), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent rights issued to our sponsor, Blue Holdings, certain of the Company's officers or directors, or any of their respective affiliates upon conversion of working capital loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Holders of record of the Company's Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires the affirmative vote of a simple majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by our shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the amended and restated memorandum and articles of association, such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following our initial business combination, the holders of more than 50% of the ordinary shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing our company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of our approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company voting together as a single class.

 ****

***Rights*** — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a Share Right will automatically receive one tenth (1/10) of one Class A ordinary share upon consummation of the initial Business Combination. In the event the Company is not the surviving Company upon completion of the initial Business Combination, each holder of a Share Right will be required to affirmatively convert its Share Rights in order to receive the one tenth (1/10) of one Class A ordinary share underlying each Share Right upon consummation of the Business Combination. The Company will not issue fractional shares in connection with an exchange of Share Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands law. As a result, you must hold Share Rights in multiples of 10 in order to receive shares for all of your Share Rights upon closing of a Business Combination. If the Company is unable to complete an initial Business Combination within the required time period and the Company redeems the public shares for the funds held in the Trust Account, holders of Share Rights will not receive any of such funds for their Share Rights and the Share Rights will expire worthless.

**Note 9 — Subsequent Events**

The Company evaluated subsequent events and transactions that occurred after February 28, 2025, the balance sheet date, through June 2, 2025, the date that the audited financial statements were available to be issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements, other than as disclosed below.

The Sponsor deposited an aggregate of $349,950 into the Company's bank account, depositing $100,000 in March 2025, $50,000 in April 2025, and $199,950 in May 2025. The $349,950 will be accounted for as a capital contribution by the Sponsor and applied to the Sponsor's purchase of Private Placement Units in the private placement that will close simultaneously with the Proposed Public Offering.

In May 2025, the Company effected a share capitalization for an additional 1,009,988 Class B ordinary shares for no additional consideration, resulting in 7,069,913 Class B ordinary shares outstanding. Of the 7,069,913 Class B ordinary shares outstanding, up to 922,162 shares are subject to forfeiture to the Company by the Sponsor for no consideration to the extent that the underwriters' over-allotment option is not exercised in full or in part. All share and per-share amounts have been retroactively restated to reflect the share capitalization.

The Company made $148,813 of payments to service providers subsequent to February 28, 2025.

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**Audited Financial Statements of Blockfusion USA, Inc.**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholders of Blockfusion USA, Inc.

**Opinion**

We have audited the accompanying consolidated balance sheets of Blockfusion USA, Inc. (the "**Company**") as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive income (loss), stockholders' deficit, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively, the "**financial statements**"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has a working capital deficit and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding those matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("**PCAOB**") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Elliott Davis, PLLC

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

February 9, 2026

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**BLOCKFUSION USA, INC.**

**CONSOLIDATED BALANCE SHEETS**

**(In thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2947 | $263 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable | 577 | 1846 |
| &nbsp;&nbsp;&nbsp;Other accounts receivable | 591 | 627 |
| &nbsp;&nbsp;&nbsp;Unbilled receivables | 1484 | 1332 |
| &nbsp;&nbsp;&nbsp;Utility deposits | 104 | 104 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 10 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5713 | 4179 |
| Property and equipment, net | 13465 | 12807 |
| Crypto assets | 206 | 6 |
| Finance lease right-of-use assets | - | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $19384 | $17147 |
| **Liabilities, Preferred Stock and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $7927 | $9739 |
| &nbsp;&nbsp;&nbsp;Notes payable, current portion, net (includes $3,790 and $2,100 measured at fair value as of December 31, 2024 and 2023, respectively) | 4968 | 8998 |
| &nbsp;&nbsp;&nbsp;Finance lease liability, current portion |  | 173 |
| &nbsp;&nbsp;&nbsp;Financial obligation, current portion |  | 3101 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1976 | 1847 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 5820 | 6368 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities ($2,629 and $1,800 due to related parties, respectively) | 3002 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 23693 | 33288 |
| Notes payable, non-current portion, net | 13542 | 38 |
| Notes payable, held at fair value, non-current portion | 132 | 3569 |
| Warrant liability | 113 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $37480 | $36907 |
| Commitments and contingencies (Note 16) |  |  |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock (Series Seed and Series A, respectively), $0.0001 par value; 2,640,000 and 2,360,000 shares authorized at December 31, 2024 and 2023, 2,640,000 and 1,702,922 shares issued and outstanding at December 31, 2024 and 2023, liquidation preference of $2,910 at December 31, 2024 and 2023 | 2531 | 2531 |
| &nbsp;&nbsp;&nbsp;Series A Common stock, $0.0001 par value; 45,000,000 and 25,000,000 shares authorized at December 31, 2024 and 2023, respectively, 19,807,521 shares issued and outstanding at December 31, 2024 and 2023 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Series B Common stock, $0.0001 par value; 16,000,000 shares authorized at December 31, 2024 and 2023, 13,110,000 shares issued and outstanding at December 31, 2024 and 2023 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 257 | 455 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (60) | (5) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (20827) | (22744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (18096) | (19760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' deficit | $19384 | $17147 |

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See notes to consolidated financial statements.

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**BLOCKFUSION USA, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)**

**(In thousands, except share and per share data)**

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Revenue | $23689 | $16796 |
| Cost of sales | 20297 | 13893 |
| &nbsp;&nbsp;&nbsp;Gross margin | 3392 | 2903 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 2948 | 3489 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 584 | 881 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1039 | 1275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 4571 | 5645 |
| Loss from operations | (1179) | (2742) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (2604) | (3207) |
| &nbsp;&nbsp;&nbsp;Energy program income | 2589 | 1018 |
| &nbsp;&nbsp;&nbsp;Gain on settlement | 3619 | 117 |
| &nbsp;&nbsp;&nbsp;Realized gains (losses), net | (42) | (1353) |
| &nbsp;&nbsp;&nbsp;Other expense, net | (386) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 3176 | (3393) |
| Net income (loss) before (provision) benefit for income taxes | 1997 | (6135) |
| Provision for income taxes | (80) | - |
| Net income (loss) | $1917 | $(6135) |
| Weighted average common shares |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 33072624 | 24328215 |
| &nbsp;&nbsp;&nbsp;Diluted | 40116442 | 24328215 |
| Per share amounts: |  |  |
| Earnings per share |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.06 | $(0.25) |
| &nbsp;&nbsp;&nbsp;Diluted | $0.05 | $(0.25) |
| Comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $1917 | $(6135) |
| &nbsp;&nbsp;&nbsp;Change in fair value due to credit risk on notes payable | (55) | 138 |
| Comprehensive income (loss): | $1862 | $(5997) |

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See notes to consolidated financial statements.

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**BLOCKFUSION USA, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT**

**(In thousands, except share data)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Seed Convertible Preferred Stock ($0.0001 par value)** | **Series Seed Convertible Preferred Stock ($0.0001 par value)** | **Series A Convertible Preferred Stock ($0.0001 par value)** | **Series A Convertible Preferred Stock ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br> Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Loss** | **Accumulated**<br>**Deficit** | **Total <br> Stockholders'**<br>**Deficit** |
| **Balances at December 31, 2022** | 2640000 | $213 | 1844071 | $2372 | 11904796 | $1 | 11904796 | $1 | $130 | $(143) | $(16609) | $(14035) |
| Issuance of common stock for cash |  |  |  |  | 7902725 | 1 | 1205204 | &nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  | 1 |
| Cancellation of Series A Preferred Stock |  |  | (141149) | (54) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |  |  | (1) |  |  | (55) |
| Stock-based compensation expense from share-based payments to non-employees |  |  |  |  |  |  |  |  | 226 |  |  | 226 |
| Other stock-based compensation expense |  |  |  |  |  |  |  |  | 100 |  |  | 100 |
| Net loss |  |  |  |  |  |  |  |  |  |  | (6135) | (6135) |
| Other comprehensive income | - | - | - | - | - | - | - | - | - | 138 | - | 138 |
| **Balances at December 31, 2023** | 2640000 | 213 | 1702922 | 2318 | 19807521 | 2 | 13110000 | 1 | 455 | (5) | (22744) | (19760) |
| Stock-based compensation expense |  |  |  |  |  |  |  |  | 56 |  |  | 56 |
| Notes receivable from related parties |  |  |  |  |  |  |  |  | (254) |  |  | (254) |
| Net income |  |  |  |  |  |  |  |  |  |  | 1917 | 1917 |
| Other comprehensive loss | - | - | - | - | - | - | - | - | - | (55) | - | (55) |
| **Balances at December 31, 2024** | 2640000 | $213 | 1702922 | $2318 | 19807521 | $2 | 13110000 | $1 | $257 | $(60) | $(20827) | $(18096) |

---

See notes to consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BLOCKFUSION USA, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS** 

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Cash flows from operating activities:** |  |  |
| Net income (loss) | $1917 | $(6135) |
| Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 1040 | 1275 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 56 | 326 |
| &nbsp;&nbsp;&nbsp;Gain on settlement of financing obligation and finance lease liability | (3619) |  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 43 | 33 |
| &nbsp;&nbsp;&nbsp;Change in fair value of notes payable | 726 | 803 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | 52 | 8 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 1573 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other accounts receivables | 1305 | (2188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | (151) | (879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer and utilities deposits |  | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital assets | (199) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 2738 | 1476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 130 | 1741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | (548) | 1252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1878 | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | 6938 | 2007 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (873) | (4) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposals of property and equipment | - | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from investing activities | (873) | 19 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payment of notes payable | (2972) | (1596) |
| &nbsp;&nbsp;&nbsp;Payments on finance leases | (22) | (89) |
| &nbsp;&nbsp;&nbsp;Payments made under financing obligation | (133) | (378) |
| &nbsp;&nbsp;&nbsp;Repurchase of Series A Preferred Stock |  | (55) |
| &nbsp;&nbsp;&nbsp;Issuance of notes receivable to related parties | (254) |  |
| &nbsp;&nbsp;&nbsp;Issuance of Series A Common Stock | - | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing activities | (3381) | (2117) |
| Net increase (decrease) in cash and cash equivalents | 2684 | (91) |
| **Cash and cash equivalents at beginning of year** | 263 | 354 |
| **Cash and cash equivalents at end of year** | $2947 | $263 |
| **Supplemental disclosure of noncash financing and investing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $9 | $5 |
| &nbsp;&nbsp;&nbsp;Interest paid | $261 | $309 |
| &nbsp;&nbsp;&nbsp;Transfer of asset for settlement of debt | $38 | $185 |
| &nbsp;&nbsp;&nbsp;Payment of debt and accrued interest through transfer of collateral | $- | $1102 |
| &nbsp;&nbsp;&nbsp;Conversion of legal arbitration expenses payable to notes payable, held at fair value | $- | $837 |
| &nbsp;&nbsp;&nbsp;Conversion of vendor payable balance to notes payable, non-current portion, net | $- | $220 |
| &nbsp;&nbsp;&nbsp;Restructuring of term loan | $1484 | $- |
| &nbsp;&nbsp;&nbsp;Settlement of financing obligation, finance lease liability, and other payables through issuance of promissory note and warrants | $5634 | $- |

---

See notes to consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**1.** **Organization and Operations** 

**Nature of the Business**

The accompanying financial statements represent the consolidated accounts of Blockfusion USA, Inc. ("**Blockfusion**" or the "**Company**") and its wholly-owned subsidiaries, North East Data, LLC ("**North East Data**" or "**NED**") and Blockfusion Canada Inc. The Company's only active subsidiary is North East Data. Blockfusion USA, Inc. was incorporated on February 8, 2021, under the laws of the state of Delaware.

**Seasonality**

The Company experiences seasonality due to factors like energy costs, weather, and market conditions. During the summer months, energy costs and cooling requirements increase due to higher ambient temperatures. In the colder months, cooling needs are significantly reduced, which lowers overall energy consumption.

**Going Concern**

The consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern. Net income for the year ended December 31, 2024 amounted to $1,917, with an ending cash balance of $2,947, and a working capital deficit of $17,980 as of December 31, 2024. The Company's current financial condition raises substantial doubt about its ability to continue as a going concern for a period of twelve months from the issuance date of the consolidated financial statements. Management plans to address this need for capital include Blockfusion's pursuit of a proposed business combination with Blue Acquisition Corp., a special purpose acquisition company ("**SPAC**"), which is expected to provide significant capital through the SPAC's cash in trust and potential Financing Transactions in which the parties may engage in connection with such transaction, if any. This transaction, which attributes a pre-money equity valuation of $450,000 to the Company is provisionally expected to provide the Company with substantial liquidity to support ongoing operations and future growth initiatives; provided, however, that actual proceeds from such transaction are not certain. The business combination agreement includes a condition to Blockfusion's obligation to consummate the transaction, waivable by Blockfusion, that the transaction deliver proceeds to the Company of at least $75,000 (after payment of transaction expenses and redemptions), which must be satisfied for the transaction to close. However, as this transaction has not been consummated as of the financial statement issuance date, there can be no assurance that it will be completed on the anticipated terms or timeline.

**2.** **Summary of Significant Accounting Policies** 

**Basis of Presentation and Principles of Consolidation**

The accompanying consolidated financial statements have been prepared in conformity with Generally Accepted Accounting Principles in the United States of America ("**GAAP**" or "**U.S. GAAP**") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "**SEC**"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("**ASC**") and Accounting Standards Updates ("**ASU**") of the Financial Accounting Standards Board ("**FASB**"). The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities as of the date of the consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends and the assessment of the probable future outcome. Subjective and significant estimates include, but are not limited to, determinations of the useful lives and expected future cash flows of long-lived assets, determination of impairment and fair value estimates. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the consolidated statements of operations and comprehensive income (loss) in the period that they are determined.

**Segment Information**

The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated regularly by the Company's chief executive officer, who is the Chief Operating Decision Maker ("**CODM**"), in order to assess performance and allocate resources. The CODM reviews financial information presented on a consolidated basis and uses net income (loss) for purposes of evaluating financial performance and making operating decisions.

The Company operates solely out of the Unites States and has no other foreign operations or reportable geographic locations. The key factors used in determining the Company's reportable segments include organizational structure and information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. Accordingly, we have one operating and reportable segment.

[**Table of Contents**](#TableOfContents)

The Company uses net income (loss) to assess the profitability of the business at the consolidated level. The CODM monitors actual net income (loss) results relative to operating plan and forecast to assess the performance of the business and allocate resources.

A summary of net revenues by revenue stream is disclosed in Note 11.

Significant expenses regularly reviewed by the CODM include utilities, onsite management, employee & consulting, legal fees, and interest expense, and are disclosed on the consolidated statements of operations and comprehensive income (loss). Segment assets regularly reviewed by the CODM include working capital accounts (accounts payable and accounts receivable) and are disclosed on the consolidated balance sheets.

**Fair Value Measurement**

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company's cash equivalents are carried at fair value in Level 1, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company's accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments.

The Company accounts for one of its debt obligations under the fair value option under ASC Topic 825-10, *Financial Instruments* ("**ASC 825-10**"). As of December 31, 2024 and December 31, 2023, estimated fair value of our debt held under the fair value option was $3,922 and $5,669, respectively. The fair value of debt obligations measured at fair value is estimated using a Monte Carlo simulation model. This approach captures the path-dependent nature of expected cash flows by simulating a range of potential scenarios under a risk-neutral framework. Debt obligations held under the fair value option are categorized as a Level 3 instrument.

**Concentration of Credit Risk**

The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with multiple high credit quality U.S. financial institutions. At various times throughout the period, the Company's cash deposits with any one financial institution may exceed the amount insured by the Federal Deposit Insurance Corporation (the "**FDIC**"). Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The Company has not experienced any losses of such amounts and management believes it is not exposed to any significant credit risk on its cash and cash equivalents.

The Company's crypto assets are also exposed to concentrations of credit risk. Its crypto assets are maintained with a single third-party institutional-grade custodian specializing in digital asset security, custody, and liquidity. The Company regularly reviews the creditworthiness of the custodian and may diversify holdings in the future to mitigate concentration risk.

**Customer and Vendor Concentration**

The Company performs ongoing credit evaluations of its customers' financial condition and generally requires no collateral.

[**Table of Contents**](#TableOfContents)

The following table summarizes customers who represent greater than 10% of the Company's total revenue during the years ended December 31, 2024 and 2023, as well as customers who represent greater than 10% of the Company's total trade accounts receivable as of December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage of Revenue** | **Percentage of Revenue** | **Percentage of Trade Accounts Receivable** | **Percentage of Trade Accounts Receivable** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Customer A<sup>3</sup> | 63% | N/A \* | N/A \* | 88% |
| Customer B | N/A \* | 51% | N/A \* | N/A \* |
| Customer C | 27% | 12% | N/A \* | N/A \* |
| Customer D | N/A \* | 31% | 28% | N/A \* |
| Customer E<sup>1</sup> | N/A \* | N/A \* | 69% | N/A \* |
| Customer F<sup>2</sup> | N/A \* | N/A \* | N/A \* | N/A \* |

---

---

| | |
|:---|:---|
| \* | Less than 10% of total revenue or trade accounts receivable |
| 1 | Customer E began its relationship with the Company in December 2024. As of December 31, 2024, the Company had trade accounts receivable from Customer E of $400 and for the year ended December 31, 2024 the Company recorded revenue from Customer E of $228 (which was less than 10% of revenue for the year ended December 31, 2024). Trade accounts receivable exceeded revenue because a significant portion of trade accounts receivable invoiced were recorded as a customer deposit liability rather than revenue. |
| 2 | Retained in the table for consistency across reporting periods, even though it represents less than 10% of trade revenue or trade receivables. |
| 3 | Customer A began its relationship with the Company in December 2023. As of December 31, 2023, the Company had a trade accounts receivable from Customer A of $1,622 and for the year ended December 31, 2023, the Company recorded no revenue from Customer A as all trade accounts receivable invoiced during 2023 were recorded as deferred revenue. |

---

The following table summarizes vendors who represent greater than 10% of the Company's total cost of sales during the years ended December 31, 2024 and 2023, as well as vendors who represent greater than 10% of the Company's total accounts payable as of December 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage of Cost of Sales** | **Percentage of Cost of Sales** | **Percentage of Accounts Payable** | **Percentage of Accounts Payable** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **December 31,** | **December 31,** |
|  | **2024** | **2023** | **2024** | **2023** |
| Vendor A | 67% | 66% | 17% | N/A \* |
| Vendor B | 21% | 22% | 32% | N/A \* |
| Vendor C | N/A \* | N/A \* | N/A \* | 42% |
| Vendor D | N/A \* | N/A \* | 15% | 14% |
| Vendor E | N/A \* | 10% | N/A \* | N/A \* |

---

\* Less than 10% of total cost of sales or accounts payable

**Cash and Cash Equivalents**

Cash consists of bank deposits. Cash equivalents consist of highly liquid, short-term investments with original maturities of three months or less at the time of purchase. Cash equivalents are carried at cost which approximates fair value. As of December 31, 2024 and 2023, there were no cash equivalents.

**Accounts Receivable**

The Company's trade accounts receivable primarily arise from contractual arrangements with data center customers representing amounts billed for completed services that have not yet been collected. Invoicing occurs on a periodic basis as services are rendered. Most customer agreements require a deposit that the customer must maintain at a specified level and replenish throughout the contract term and replenish the deposit if amounts are applied by the Company under the terms of the agreement. In the event of delinquency or nonpayment, the Company may draw on the deposit and apply the funds to outstanding invoices or other amounts due; subject to the replenishment requirement outlined in the contract.

The following is a schedule of changes in customer deposits outstanding:

---

| | | |
|:---|:---|:---|
|  | **Customer deposits**<br> **as of December 31,**<br>**2024** | **Customer deposits**<br> **as of December 31,**<br>**2023** |
| **Balance as of beginning of period** | $**6368** | $**5116** |
| &nbsp;&nbsp;&nbsp;Received | 778 | 1252 |
| &nbsp;&nbsp;&nbsp;Applied to accounts receivable | (1153) |  |
| &nbsp;&nbsp;&nbsp;Returned | (173) | - |
| **Balance as of end of period** | $**5820** | $**6368** |

---

Trade accounts receivable were $577, $1,846, and $76 as of December 31, 2024, December 31, 2023, and January 1, 2023, respectively.

Other accounts receivable represents non-trade receivables. The other accounts receivable were $591, $627, and $209 as of December 31, 2024, December 31, 2023 and January 1, 2023, respectively. As of December 31, 2024, December 31, 2023 and January 1, 2023, 70%, 67%, and 19% of the balance of other accounts receivable is for receivables from the energy program with one company. When other accounts receivable is recognized in connection with the energy program, the Company also recognizes other income.

[**Table of Contents**](#TableOfContents)

The Company evaluates the collectability of accounts receivable on an ongoing basis and maintains an allowance for doubtful accounts, in accordance with ASC Topic 326, Financial Instruments – Credit Losses ("**ASC 326**"). The allowance reflects the Company's estimate of current expected credit losses over the contractual term of the receivable, considering historical loss experience, customer-specific information, the aging profile of outstanding receivables, and current and expected future economic conditions.

Receivables that share similar risk characteristics—such as customer type, aging profile, or payment history—are evaluated collectively. Receivables that do not share risk characteristics are evaluated on an individual basis, considering factors such as a customer's deposits, significant past-due balances, and known operational or liquidity issues.

Where the Company has a legally enforceable right to apply a customer deposit against outstanding receivables, the deposit is considered a credit enhancement for purposes of measuring expected credit losses. In such cases, expected credit losses are estimated on the net exposure (the gross receivable less the portion of the deposit that is legally available to offset the balance).

Receivables are written off when management determines they are uncollectible and when no further deposit is available or expected to be collected to satisfy the outstanding balance. Recoveries of amounts previously written off are recognized when received.

As of December 31, 2024, December 31, 2023, and January 1, 2023, the Company's accounts receivable were composed primarily of current balances, with no significant aging, no indications of credit deterioration, and no historical credit losses. In addition, the Company's customer deposit requirements significantly reduce exposure to credit risk by allowing the Company to apply deposits to unpaid balances when necessary. Based on these factors and the Company's overall evaluation of expected credit losses under ASC 326, no allowance for credit losses was recorded for any of the periods presented.

The adequacy of the allowance for credit losses is reviewed at each reporting date, with any necessary adjustments recognized in the provision for credit losses within operating expenses.

**Crypto Assets**

The crypto assets held by the Company, primarily for operating purposes, are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. Crypto assets accounted for as intangible assets are subject to impairment losses if the fair value of crypto assets decreases below the carrying value at any time during the period. The fair value is measured using the quoted price of the crypto asset at the time its fair value is being measured in the Company's principal market. Any impairment is recognized in the consolidated statements of operations and comprehensive income (loss). The Company assigns costs to crypto assets on a first-in, first-out basis.

[**Table of Contents**](#TableOfContents)

**Other Financial Instruments**

The Company's other financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. The Company accounts for its long-term debt instruments in accordance with applicable accounting guidance. The majority of the Company's long-term debt is recorded at amortized cost, using the effective interest method. However, the fair value option was elected for one long-term debt obligation, in accordance with ASC 825-10.

**Property and Equipment, Net**

Property and equipment are stated at cost less accumulated depreciation and amortization. Expenditures for repairs and maintenance are expensed as incurred. Upon retirement or other disposition, cost and related accumulated depreciation are removed from the accounts, and any gain or loss is included in results of operations and comprehensive income (loss). Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:

---

| | |
|:---|:---|
|  | **Estimated Useful Life** |
| Building and improvements | 20 - 30 years |
| Machinery and equipment | 3 - 15 years |
| Furniture and fixtures | 7 years |
| Land | Indefinite |

---

**Leases**

Leases are accounted for under ASC Topic 842, *Leases* ("**ASC 842**"). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement including the use of an identified asset(s) and the Company's control over the use of that identified asset. The Company has elected, as allowed under ASC 842, to not recognize on its consolidated balance sheet leases with a lease term of one year or less. Operating and finance leases with a term greater than one year are recognized on the consolidated balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable.

Lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. When an option exists to extend the lease or purchase the underlying asset, a determination is made whether that option is reasonably certain of exercise based on economic factors present at the measurement date. Over the term of the lease, the Company monitors for changes in facts and circumstances that may trigger the reassessment of whether an option is reasonably certain of exercise. As of December 31, 2023, the Company's leases do not include any renewal options and the Company is not reasonably certain to exercise any available purchase options available in its leases. As of December 31, 2024, the Company does not have any active leases.

When the implicit rate of the lease is not readily determinable, the Company uses the incremental borrowing rate which reflects the rate at which the Company could borrow, on a collateralized basis, the amount of the lease payments in a similar economic environment over the lease term. The Company considers its credit risk, term of the lease, and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates.

The Company, as the lessee in its leasing arrangements, has elected the practical expedient to account for lease and non-lease components together as a single component for all classes of underlying assets.

Operating lease costs are recognized on a straight-line basis over the lease term as an operating expense. Finance lease costs are recorded as interest expense and amortization expense. Variable lease costs are recognized to expense in the period incurred.

The Company also enters into sale-leaseback transactions, pursuant to which the Company sells equipment to a third party and agrees to lease the equipment back for a certain period of time. To determine whether the transfer of the property should be accounted for as a sale, the Company evaluates whether it has transferred control to the third party in accordance with ASC 842 and the revenue recognition guidance set forth in ASC 606. If the company is deemed to transfer control of an asset to the buyer-lessor, the transfer is accounted for as a sale, and the company derecognizes the transferred asset from the balance sheet and recognizes a gain or loss for the difference between the consideration received and the carrying amount of the asset. The subsequent leaseback of the asset is accounted for in accordance with ASC 842 where an operating lease right-of-use asset and corresponding lease liability are measured and recognized at lease commencement date for leases with a term greater than one year.

If the Company is not deemed to have transferred control of an asset to the buyer-lessor, the sale-leaseback transaction is accounted for as a financing arrangement, and the Company is considered to remain the owner of the underlying asset for accounting purposes, and no gain or loss is recognized. Accordingly, the asset remains on balance sheet and will continue to be depreciated. In conjunction with these financing arrangements, the Company records the consideration received as a financing obligation which is subsequently amortized using the effective interest method where the contractual lease payments made are applied to reduce the financing obligation principal and recognize interest expense. The interest rate used to amortize the financing obligation is adjusted to ensure that both 1) the interest does not exceed the contractual payments over the shorter of the lease term and the term of the financing and, 2) the carrying amount of the asset does not exceed the carrying amount of the financial obligation at the earlier of the end of the lease term or the date at which control of the asset will transfer to the buyer-lessor.

[**Table of Contents**](#TableOfContents)

To date, the Company's sale-leaseback transactions have been accounted for as financing arrangements due to the presence of fixed price repurchase options and the leaseback being finance classified, which preclude control of the underlying asset from being transferred to the lessor.

**Deferred Offering Costs**

In accordance with Staff Accounting Bulletin ("**SAB**") Topic 5.A, the Company capitalizes certain legal, accounting, and other third-party professional fees that are directly attributable to an equity offering. These costs are deferred until the consummation of the equity offering, at which point they are recorded as a reduction to the proceeds received and reflected as a decrease to additional paid-in capital in the consolidated balance sheets. Offering costs incurred in connection with equity offerings that are not eligible to be capitalized are expensed as incurred and included within selling, general, and administrative expense in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2024 and December 31, 2023, no offering costs were incurred in connection with equity offerings.

**Debt Issuance Costs and Debt Discounts**

Debt held at amortized cost is recorded net of discounts and issuance costs, which are amortized to interest expense over the respective terms of such instruments. The effective interest rates are calculated based on contractual interest, discount, and issuance costs. Issuance costs incurred for debt held at fair value are expensed immediately. See Note 8 for additional disclosures.

***Convertible Preferred Stock***

The Company has issued convertible preferred stock that is classified as permanent equity in the accompanying consolidated balance sheets as the redemption provision is solely within the Company's control. Refer to Note 9 for additional details.

At the time of issuance, the Company evaluated the embedded conversion and redemption features associated with the preferred shares and concluded that separate accounting for these features was not required.

**Warrants**

The Company accounts for common stock warrants as either equity-classified instruments or liability-classified instruments based on an assessment of the warrant terms. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, *Distinguishing Liabilities from Equity* ("**ASC 480**"), meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all the requirements for equity classification under ASC Topic 815, *Accounting for Derivatives and Hedging* ("**ASC 815**"), including whether the warrants are indexed to our Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance, and for liability-classified warrants, at each reporting period end date while the warrant is outstanding. The warrants are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the consolidated statements of operations and comprehensive income (loss).

**Stock-Based Compensation**

The Company accounts for stock-based compensation in accordance with ASC Topic 718, *Compensation – Stock Compensation* ("**ASC 718**"). Under this guidance, all equity-based payments to employees and non-employees, including grants of stock options and restricted stock awards, are measured and recognized based on the grant date fair value of the awards.

For employee awards, stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense is recognized in the same period and in the same manner as if the Company had paid cash for the goods or services received. The Company has elected to account for forfeitures as they occur.

Stock-based compensation expense is classified as selling, general & administrative expense in the consolidated statements of operations and comprehensive income (loss).

The Company estimates the fair value of stock option awards using the Black-Scholes-Merton option pricing model. This model requires several key assumptions, including expected term, expected volatility, dividend yield, risk-free interest rate, and the fair value of the Company's common stock on the grant date.

**Expected term** - estimated using the simplified method, which averages the contractual term and vesting period. This approach was elected due to insufficient historical exercise data.

**Expected volatility** - is based on the historical stock price volatility of comparable publicly traded companies, due to limited trading history of the Company's common stock. Volatility estimates may be adjusted for differences in capital structure where appropriate.

**Dividend yield** - is assumed to be zero, as the Company has not declared or paid dividends and does not anticipate doing so in the foreseeable future.

**Risk-free interest rate** - is based on the yield of a zero-coupon U.S. Treasury bond with a maturity matching the expected term of the option.

[**Table of Contents**](#TableOfContents)

All stock option grants generally have an exercise price equal to or greater than the fair market value of the Company's common stock on the date of grant.

Because the Company is privately held and there is no public market for its stock, the fair value of the Company's equity is approved by the Company's board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company's common stock at each grant date.

**Revenue Recognition**

The Company recognizes revenue pursuant to ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when the Company satisfies a performance obligation

In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606's definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

● Variable consideration

● Constraining estimates of variable consideration

● The existence of a significant financing component in the contract

● Noncash consideration

● Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative, standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time, as appropriate.

*Co-location Mining Services*

 

The Company's co-location mining services contracts are structured as service agreements which may provide multiple performance obligations. The primary performance obligation provided under these contracts include hosting customers' miners within a secure data center while supplying electrical power, internet connectivity, proper safety and security, and access to maintenance resources. Revenue for co-location mining services is recognized over time, as customers simultaneously receive and consume the benefits of the Company's services. Customers may be invoiced under a number of different payment terms. Typically, customers are billed monthly for facility fees and energy fees. Facility fees may be fixed fees for the contract term or variable fees based on the number of miners the customer put into place at the data center. Energy fees are passed through to the customer from the utility provider based upon the current usage and utility rate. Any fixed consideration is included in the transaction price at contract inception and is recognized ratably over time as the services are transferred to the customer over the contractual term. Energy fees and variable facility fees are recognized in the period when the related services are provided. In certain contracts, the customer can pay the Company for mining services in the form of a percentage of digital assets mined by the customer's miners. Because digital assets are treated as noncash consideration, their fair value is determined at the time of contract inception based on the quoted market price of the digital asset in the Company's principal market. The Company is the principal in providing mining services to the customer, and all related fees earned are reported on a gross basis. There is no significant financing component in these transactions.

[**Table of Contents**](#TableOfContents)

*Implementation Services*

 

The contract may also include implementation services performance obligations which provide services to install and configure of mining equipment at the data center. Implementation services fees are recognized in the period when the services are provided.

*Income from Cryptocurrency Mining* 

 

The Company provides computing power, measured by a hashrate, to the blockchain. In exchange for providing computing power, the Company is entitled to a fractional share of Bitcoin. Since the contract is continuously renewing, second by second, the mining contract is considered to have a duration of less than 24 hours for accounting purposes.

The provision of computing power is the only performance obligation to the mining pool. The transaction consideration the Company receives is a noncash consideration, which is variable. There is no significant financing component in these transactions.

The Company measures the Bitcoin at fair value on the date earned using the daily close price quoted by its principal market at the date the Company completed the service of performing hash computations for the mining pool operator.

Providing computing power in Bitcoin transaction verification services is not an output of the Company's ordinary activities, which consists principally of providing colocation, hosting, and managed services pursuant to contracts with customers within the scope of ASC 606 as described above. Accordingly, the value of Bitcoin mined from the Company's participation in mining activities (including participating in mining pools) is presented as other income rather than revenue from contracts from customers. The Company recognized mining income as other income in the Company's consolidated statements of operations and comprehensive income (loss).

*Contract Assets*

Unbilled receivables (a contract asset) are recognized when the Company has provided services but has not yet invoiced the customer for such services. Unbilled receivables were $1,484, $1,332, and $454 as of December 31, 2024, December 31, 2023, and January 1, 2023, respectively.

Contract Liabilities

Deferred revenue (a contract liability) is recognized when we have an unconditional right to a payment before we transfer the products or services to customers. This may occur in certain co-location mining services contracts that require a significant upfront payment of fees to be paid by the customer prior to delivery of services or when customers are billed in advance for services to be performed in future period. Any upfront payments or advanced billings are recorded as deferred revenue and recognized as revenue as the Company provides services to the customer.

Customer deposits (a contract liability) are recognized when the customer is required to provide refundable cash deposits as security for fees due under the terms of certain co-location mining services agreements. The refundable cash deposit is returned to customer upon the conclusion of the agreement unless cash deposits are required to satisfy any open account balance due by the customer. Customer deposits are included in other current liabilities in the consolidated balance sheets.

**Net Income (Loss) Per Share**

The Company computes income (loss) per share in accordance with FASB ASC Topic 260, *Earnings per Share* ("**ASC 260**"). Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive income (loss) per share excludes all potential common shares if their effect is anti-dilutive.

**Income Taxes**

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statements and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that management believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

[**Table of Contents**](#TableOfContents)

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and comprehensive income (loss). As of December 31, 2024 and 2023, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheets.

**Energy Program Income**

Energy Program income is generated from participation in the New York Independent System Operator ("NYISO") demand response programs. Under these programs, participants commit to curtailing or shifting electrical consumption when requested by the grid operator during periods of high system demand or constrained capacity. In return, participants receive capacity and performance-based payments that reflect the market value of the grid support provided. Once participants are enrolled in the Energy Program, there is no separate expiration or renewal cycle. For the Company, Energy Program participation involves enrolling specific portions of site load and power capacity into NYISO-administered programs, thereby making this capacity available for temporary reduction or dispatch when called upon. The Company's participation in this program aligns with its broader commitment to energy efficiency, grid reliability, and sustainable operations. Energy Program income may vary from period to period based on NYISO program rules, capacity prices, system peak conditions, and the Company's available enrolled capacity. Since these payments are not an output of the Company's ordinary activities, the earnings are recognized as other income in our consolidated statements of operations and comprehensive income (loss).

**Other Comprehensive Income (Loss)**

Other comprehensive income (loss) includes all other non-stockholder changes in equity. Changes in other comprehensive income (loss) and accumulated other comprehensive loss during the years ended December 31, 2024 and 2023 consist of changes and the cumulative changes in the fair value due to credit risk on notes payable.

**Commitments and Contingencies**

The Company reserves for contingent liabilities based on ASC Topic 450, *Contingencies*, when it determines that a liability, including the legal costs associated with this liability is probable and reasonably estimable. From time to time, the Company may become involved in litigation relating to claims arising in the ordinary course of the business; however, unless otherwise noted, there are no claims or actions pending or threatened against the Company that, if adversely determined, would in the Company's management's judgment have a material adverse effect on the Company.

**Recently Adopted Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures*, which includes requirements for more robust disclosures of significant segment expenses and measures of a segment's profit and loss used in assessing performance. This standard is effective for the Company's annual period beginning January 1, 2024 and interim periods beginning January 1, 2025, with early adoptions permitted. The Company adopted this accounting standard as of January 1, 2024. Our adoption did not result in a material impact to our consolidated financial statements and disclosures.

**Recently Issued Accounting Standards Not Yet Adopted**

In May 2025, the FASB issued ASU 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810)*: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("**VIE**"). This standard clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting, especially when companies merge with a SPAC. ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU 2025-03 in 2025.

In December 2023, the FASB issued ASU 2023-08*, Intangible - Goodwill and Other - Crypto Assets (Subtopic 350-60) ("ASC 350-60")*, to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the consolidated balance sheets and record gains and losses from remeasurement in net income (loss) in the consolidated statements of operations and comprehensive income (loss); (ii) present crypto assets separate from other intangible assets in the consolidated balance sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the consolidated statements of operations and comprehensive income (loss); and (iv) provide specific disclosures for crypto assets. For all entities, the ASC 350-60 amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company will adopt the new guidance effective January 1, 2025.

For all entities, the ASC 350-60 amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company will adopt the new guidance effective January 1, 2025. The Company does not expect any significant adjustments as a result of the adoption of the amendments; however, additional disclosures will be included in the footnotes to the consolidated financial statements.

[**Table of Contents**](#TableOfContents)

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025, with early adoption permitted. The ASU should be applied on a prospective basis, but retrospective application is permitted. The adoption of this guidance will modify disclosures in the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)*, which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company's annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. Management is currently assessing the impact of adopting this standard on the consolidated financial statements.

**3.** **Fair Value Measurements** 

The following tables present the Company's fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Notes payable, held at fair value | $&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- | $3922 | $3922 |
| Warrant liability | - | - | 113 | 113 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $- | $- | $4035 | $4035 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at <br> December 31, 2023** | **Fair Value Measurements at <br> December 31, 2023** | **Fair Value Measurements at <br> December 31, 2023** | **Fair Value Measurements at <br> December 31, 2023** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Notes payable, held at fair value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $5669 | $5669 |
| Warrant liability | - | - | 12 | 12 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $- | $- | $5681 | $5681 |

---

There have been no changes in valuation techniques and related inputs. For the years ended December 31, 2024 and 2023, there were no transfers between Level 1, Level 2 and Level 3.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Notes<br> Payable,<br> Held at Fair<br> Value** | **Warrant<br> Liability** | **Notes<br> Payable,<br> Held at Fair<br> Value** | **Warrant<br> Liability** |
| Balance as of beginning of period | $5669 | $12 | $5695 | $4 |
| Issuances (fair value on issuance date) |  | 49 | 837 |  |
| Payments/settlements | (2528) |  | (1528) |  |
| Change in fair value in earnings<sup>(1)</sup> | 726 | 52 | 803 | 8 |
| Change in fair value in other comprehensive (income) loss<sup>(2)</sup> | 55 | - | (138) | - |
| Balance as of end of period | $3922 | $113 | $5669 | $12 |

---

(1) Change
in fair value in earnings is reflected within other income (expense) within the consolidated statement of operations and comprehensive
income.

(2) Change
in fair value in other comprehensive (income) loss is reflected within change in fair value due to credit risk on notes payable within
the statement of operations and comprehensive income.

*Warrants*

 

The fair value of the Warrants was estimated using an option pricing model ("**OPM**"), which allocates the Company's equity value among the various classes of units based on the rights and preferences within the capital structure, assuming a future exit event. This method takes into account factors such as vesting conditions, liquidation preferences, and the relative seniority of each instrument. Given the absence of a public market for the Company's units, a discount for lack of marketability was applied to arrive at the final per-unit fair value. As a privately held company, the fair value of common stock is determined by the board of directors at each grant date, based on third-party valuations. These valuations consider relevant factors, including financial performance, market conditions, and other qualitative and quantitative inputs.

[**Table of Contents**](#TableOfContents)

The OPM requires the use of significant assumptions, including expected term, expected volatility, expected dividend yield, and the risk-free interest rate. Volatility was estimated based on the historical volatilities of comparable publicly traded companies over a period consistent with the expected holding period. The Company has not declared or paid dividends to date and does not anticipate doing so in the foreseeable future; accordingly, a dividend yield of zero was applied. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant, with a maturity matching the expected term of the awards. The expected term represents the anticipated period the awards will remain outstanding, based on current expectations regarding a potential liquidity event.

The below summarizes key inputs:

 ****

---

| | | |
|:---|:---|:---|
|  | **As of<br> December 31, <br> 2024** | **As of<br> December 31, <br> 2023** |
| Risk-free interest rate | 4.3% | 3.9% |
| Expected term (in years) | 4.0 | 6.0 |
| Expected volatility | 147.5% | 152.5% |
| Expected dividend yield | 0.0% | 0.0% |
| Expected discount for lack of marketability | 32.5% | 32.5% |

---

 

*Notes Payable*

Notes payable, held at fair value is comprised of the 2021 term loan (Term Loan A and Term Loan B).

The fair value of Term Loan A was estimated using a Monte Carlo simulation framework to capture the path-dependent repayment structure, which varies based on the average Bitcoin price over the preceding month. The simulation incorporated stochastic modeling of Bitcoin price movements using a risk-neutral Geometric Brownian Motion process, reflecting assumptions for volatility, risk-free rate, and time increments. This approach generated a distribution of potential payment outcomes under varying market conditions, which was used to determine the estimated fair value. The fair value of Term Loan B was estimated using a Discounted Cash Flow ("**DCF**") approach. This method projects future cash flows based on the loan's contractual terms, including interest payable in kind through March 1, 2024, followed by monthly cash interest payments and a final maturity payment on February 21, 2025. The discount rate applied reflects market yields derived from the Blockfusion's credit profile, prevailing market conditions, risk-free rates, and credit spreads as of the issuance date The table below summarizes key inputs:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Term Loan<br> A** | **Term Loan<br> B** | **Term Loan<br> A** | **Term Loan<br> B** |
| Risk-free rate | 4.31% | n/a | 4.00% | n/a |
| Discount rate | 9.13% | 8.77% | 12.86% | 13.44% |
| Interest rate | 5.00% | 5.00% | 5.00% | 5.00% |
| Bitcoin volatility | 50.00% | n/a | 61.00% | n/a |

---

For purposes of determining changes in fair value attributable to instrument-specific credit risk that are recognized in other comprehensive income, Blockfusion applied a consistent credit spread that existed at inception to each subsequent measurement period's risk-free rate, which was utilized to determine the calculated value of the instruments based on the application of this consistent credit spread. The difference between this calculated value and the estimated fair value of the instruments as determined above represents the cumulative change in fair value attributable to instrument specific credit risk.

**4.** **Property and Equipment, Net** 

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Land | $370 | $370 |
| Building and improvements | 12713 | 11280 |
| Machinery and equipment | 2872 | 2769 |
| Furniture and fixtures | 10 | 10 |
|  | 15965 | 14429 |
| Less: Accumulated depreciation | (2500) | (1622) |
| Property and equipment, net | $13465 | $12807 |

---

Depreciation expense of property and equipment for the years ended December 31, 2024 and 2023 was $885 and $860, respectively. Net carrying value of disposals of property and equipment for the years ended December 31, 2024 and 2023 was $81 and $1,342, respectively. For the years ended December 31, 2024 and 2023, the Company recognized a loss on the property and equipment disposal of $43 and $33, respectively, in the consolidated statement of operations and comprehensive income (loss). For the year ended December 31, 2024 and 2023, the Company transferred $38 and $185 of assets for the settlement of debt, respectively.

[**Table of Contents**](#TableOfContents)

**5.** **Crypto Assets** 

The Company receives crypto assets, primarily Bitcoin, as a form of payment from customers. Other income (expenses) presented in the consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2023 includes realized losses of $1,320 arising from the liquidation of crypto assets which were transferred to the Company as noncash consideration. The Company also receives Bitcoin awards through its mining activities.

The carrying amount of crypto assets held by the Company was $206 and $6 as of December 31, 2024 and 2023, respectively. The carrying amounts approximate their fair values and no impairment losses were recognized for the years ended December 31, 2024 and 2023.

**6.** **Leases** 

Throughout 2022, the Company entered into sale-leaseback transactions with a third party relating to equipment. These transactions are accounted for as financing arrangements as control of the equipment did not transfer to the buyer-lessor due to a fixed price repurchase option as well as the lease being finance classified. The Company sold the equipment at fair market value and concurrently leased the equipment back over a twenty-four month lease term. At the end of the lease term, the Company may repurchase the equipment at a fixed amount stipulated in the agreement.

Beginning in 2022, the Company defaulted on its payments and began accruing interest and penalties. By August 2024, all leases subject to the Company's sale-leaseback transactions had expired. In September 2024, the Company entered into a settlement agreement with the buyer-lessor whereby the Company agreed to repurchase the equipment by issuing a $6,000 promissory note and warrants exercisable for an aggregate 410,000 shares of Series A Common Stock of the Company. No cash was exchanged as part of the settlement and a gain of $3,619 was recognized. In addition, the Company was relieved of any and all claims of the buyer-lessor including the waiver of all outstanding obligations pursuant to the sale-leaseback contracts pertaining to accrued interest and penalties.

The Company also leases certain equipment classified as finance leases. The following table presents the components of lease costs. Amortization of the ROU asset and interest on lease liabilities are included in depreciation and amortization expense and interest expense, respectively, on the consolidated statement of operations for the years ended December 31, 2024, and 2023.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Finance lease cost: |  |  |
| Amortization of right-of-use assets | $155 | $415 |
| Interest on lease liabilities | 4 | 52 |
| Short-term lease cost | 99 | - |
| Total lease costs | $258 | $467 |

---

The following table presents other supplemental lease information for the year ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| **Other Information** |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows from finance leases | $1 | $11 |
| Financing cash flows from finance leases | 22 | 89 |
| Weighted-average remaining lease term – finance leases |  | 0.4 |
| Weighted-average discount rate – finance leases |  | 14% |

---

There were no new right-of-use assets obtained in exchange for lease liabilities during the years ended December 31, 2023 or 2024.

**7.** **Accrued Expenses and Other Current Liabilities** 

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Payroll liabilities ($2,629 and $1,800 due to related parties, respectively) | $2629 | $1800 |
| Interest payable |  | 1060 |
| Taxes payable | 80 |  |
| Other | 293 | 202 |
|  | $3002 | $3062 |

---

[**Table of Contents**](#TableOfContents)

**8.** **Debt** 

Debt held at amortized cost is recorded net of discounts and issuance costs, which are amortized to interest expense over the respective terms of such instruments. The effective interest rates are calculated based on contractual interest, discount, and issuance costs. Issuance costs incurred for debt held at fair value is expensed immediately.

For the year ended December 31, 2024 and December 31, 2023, interest expense on total long-term debt was $1,589 and $1,323, respectively. These interest expense amounts include amortization of discounts and issuance costs of in the amount of $55 and $0 for the years ended December 31, 2024 and December 31, 2023, respectively.

As of December 31, 2024, the Company had a total of $3,922 and $14,626 of debt held at fair value and debt held at amortized cost, respectively. As of December 31, 2023, the Company had a total of $5,669 and $6,935 of debt held at fair value and debt held at amortized cost, respectively. These obligations are presented as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maturity Dates** | **Maturity Dates** | **Stated Interest Rates** | **Stated Interest Rates** | **Effective Interest Rates** | **Effective Interest Rates** | **Unpaid Principal Balance** | **Unpaid Principal Balance** |
|  | **December 31,<br> 2024** | **December 31,<br> 2023** | **December 31, <br> 2024** | **December 31, <br> 2023** | **December 31, <br> 2024** | **December 31, <br> 2023** | **December 31, <br> 2024** | **December 31, <br> 2023** |
| 2022 Term Loan | June 2027 | May 2024 | 12% -16%\* | 17.99% | 11.98% | 17.99% | $8435 | $6784 |
| 2023 Term Loan | April 2025 | April 2025 | 7.00% | 7.00% | 7.00% | 7.00% | 38 | 151 |
| 2024 Term Loan | September 2027 | n/a | 12.00% | n/a | 14.77% | n/a | 6153 | - |
| Total face value |  |  |  |  |  |  | 14626 | 6935 |
| Notes payable, current portion |  |  |  |  |  |  | (1178) | (6897) |
| Unamortized premium and (discount), net |  |  |  |  |  |  | 94 | - |
| Notes payable, non-current portion, net |  |  |  |  |  |  | $13542 | $38 |

---

\* Pursuant to the term loan agreement, interest will accrue at a rate of 12.00% from the August 2024 modification date through June 6, 2025; a rate of 14.00% from June 7, 2025 through June 6, 2026; and a rate of 16.00% from June 7, 2026 through the maturity date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Maturity Dates** | **Stated Interest Rates** | **Unpaid Principal Balance** | **Fair value <br> (carrying value)** | **Difference** |
| 2021 Term Loan | February 2025 - <br> September 2026 | 5.00% | $3973 | $3922 | $(51) |
| Notes payable, current portion |  |  |  | (3790) |  |
| Notes payable, held at fair value, non-current portion |  |  |  | $132 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **Maturity Dates** | **Stated Interest Rates** | **Unpaid Principal Balance** | **Fair value <br> (carrying value)** | **Difference** |
| 2021 Term Loan | February 2025 - <br> September 2026 | 5.00% | $6238 | $5669 | $(569) |
| Notes payable, current portion |  |  |  | (2100) |  |
| Notes payable, held at fair value, non-current portion |  |  |  | $3569 |  |

---

**2021 Term Loan** 

In June 2021, the Company entered into a settlement agreement with a joint venture partner, whereby the joint venture partner transferred its ownership interest in NED to the Company in exchange for NED's acknowledgment of an $8,000 term loan. The loan was formally assumed in September 2021 and matures on September 9, 2026.

The Company elected the fair value option under ASC 825-10, *Financial Instruments* ("**ASC 825-10**"), to avoid bifurcation of embedded derivatives pursuant to ASC 815-15, *Derivatives and Hedging – Embedded Derivatives* ("**ASC 815-15**"). The debt contains embedded features that would otherwise require separate recognition as derivative liabilities, subject to initial and subsequent fair value measurement under ASC 815-15. Changes in fair value attributable to instrument-specific credit risk are presented separately in other comprehensive income (loss) on the consolidated statement of operations and comprehensive income (loss). Issuance costs related to the term loan were expensed immediately.

[**Table of Contents**](#TableOfContents)

In August 2023, the Company and the lender resolved legal disputes related to the original settlement agreement. The term loan was amended to incorporate both the original obligation (also referred to as "**Term Loan A**") and an additional $953 awarded to the lender through arbitration (also referred to as "**Term Loan B**"). The amendment did not result in substantially different terms under ASC 470-50, *Debt – Modifications and Extinguishments*, nor did it trigger a remeasurement event under ASC 825-10. The $953 obligation matures on February 21, 2025 and had an initial fair value of $837. The modified loan continues to be accounted for under the fair value option.

**2022 Term Loan** 

In February 2022, the Company issued a $7,356 term loan, collateralized by digital asset mining equipment acquired with the loan proceeds. The term loan was originally set to mature in May 2024 and was accounted for at amortized cost under ASC 835-30, *Interest – Imputation of Interest* ("**ASC 835-30**").

In June 2022, the Company defaulted on the term loan, resulting in the loan becoming callable and reclassified to current liabilities. In April 2023, the Company entered into a Partial Strict Foreclosure Agreement, under which it transferred equipment designated as collateral in the term loan agreement to the lender. The equipment's fair value and carrying value was $1,102. This amount was applied to the outstanding term loan balance—first to accrued interest of $554, with the remaining $549 applied to principal.

In August 2024, the loan was restructured to extend the maturity date to June 6, 2027 and revise payment terms. The outstanding principal balance and accrued and unpaid interest were restructured into a new par value of $8,268 under the revised terms. This resulted in the reclassification of $1,484 of the accrued and unpaid interest within accrued expenses and other current liabilities to the new par value. The restructuring cured the default and was accounted for as a modification, as the revised terms were not substantially different under ASC 470-50. Interest on the August 2024 restructured terms is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid in kind interest, the Company is required to make monthly cash payments at the beginning of each month of $60. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

**2023 Term Loan**

In September 2023, the Company entered into a settlement agreement with a vendor in which the parties agreed to settle an outstanding accounts payable balance of $220 through the issuance of a term loan. The term loan bears an interest rate of 7%. An initial payment of $50 was made upon execution of the agreement, followed by monthly installments of $10 until the loan is fully repaid. The restructuring was accounted for as a modification in accordance with ASC 470-50, as the revised terms were not considered substantially different from the original obligation.

**2024 Term Loan**

In September 2024, the Company entered into a settlement agreement with a lessor. The Company failed to make certain lease payments under the master lease agreement and owed rental payments as well as accrued interest to the lessor as of August 31, 2024. Pursuant to the settlement agreement, the master lease agreement is deemed to be terminated and all obligations satisfied upon issuance of a $6,000 term loan, the exercise of the purchase option stipulated in the master lease agreement (fixed price purchase option) and transfer of title and interest of certain equipment to the Company, and the issuance of warrants (410,000 Series A Common Stock) to the lessor. The term loan and warrants were considered to be noncash lease payments made upon termination, which were initially recognized at fair value. The term loan had an initial fair value of $5,585. No cash was exchanged as part of the settlement.

The Company evaluated the terms of the term loan and determined that there were no embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative. Subsequent to the issuance date, the term loan was accounted for at amortized cost, pursuant to ASC 835-30. The term loan has a maturity date of September 1, 2027. The Company's term loan bears interest at a rate of 12% per annum. Interest is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid in kind interest, the Company is required to make monthly cash payments at the beginning of each month of $30 during the first year of the term, $50 during the second year, and $70 during the third year. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

**Future principal payments of debt**

The future scheduled principal payments, including paid in kind interest, of debt as of December 31, 2024 were as follows:

---

| | |
|:---|:---|
| **Year Ended December 31,** | **Amount** |
| 2025 | $4968 |
| 2026 | 1563 |
| 2027 | 12068 |
| 2028 |  |
| 2029 |  |
| Thereafter | - |
|  | $18599 |

---

[**Table of Contents**](#TableOfContents)

**9.** **Equity**

***Common Stock***

 **

As of December 31, 2024 and 2023, the Company has 61,000,000 shares of $0.0001 par value common stock authorized, of which 45,000,000 shares are designated as Series A Common Stock and 16,000,000 shares are designated as Series B Common Stock. As of December 31, 2024 and 2023, there were 19,807,521 shares of Series A Common Stock and 13,110,000 shares of Series B Common Stock outstanding.

Each share of Series A Common Stock entitles the holder to one vote, and each share of Series B Common Stock entitles the holder to twenty votes, together with the holders of the Convertible Redeemable Preferred Stock, on all matters submitted to the stockholders for a vote. The holders of common stock are entitled to receive dividends, if any, as declared by the Company's board of directors, subject to the preferential dividend rights of Convertible Preferred Stock. No dividends were declared or paid during the years ended December 31, 2024 or 2023.

***Convertible Preferred Stock***

 ****

*Amendments to Certificate of Incorporation*

 

On February 9, 2021, the Company entered into its initial Certificate of Incorporation (the "**Certificate of Incorporation**"). Under the Certificate of Incorporation, one series of common stock and one series of preferred stock was authorized in the amounts of 20,000,000 and 5,000,000, respectively. The preferred stock is convertible, at the option of the holder, at any time into shares of common stock.

On February 1, 2022, the Company amended its Certificate of Incorporation (the "**First Amended and Restated Certificate of Incorporation**") to reclassify its existing common stock into two series: Series A Common Stock and Series B Common Stock. Additionally, the Company's outstanding preferred stock issued under the initial Certificate of Incorporation became convertible into Series A Common Stock and Series B Common Stock ("**Series Seed Preferred Stock**"). The amendment also authorized a new series of preferred stock, ("**Series A Preferred Stock**") which is convertible into Series A Common Stock at the option of the holder at any time. Under the First Amended and Restated Certificate of Incorporation, the Company is authorized to issue 25,000,000 shares of Series A Common Stock, 16,000,000 shares of Series B Common Stock, 2,640,000 shares of Series Seed Preferred Stock, and 2,360,000 shares of Series A Preferred Stock.

On August 27, 2024 the company amended its First Amended Certificate of Incorporation. The Company Current Charter increased the total authorized shares of Series A Common Stock from 25,000,000 to 45,000,000, with no changes to the authorized shares of the other classes of common or preferred stock.

*Shares Outstanding*

 

As of December 31, 2024 and December 31, 2023, the Company was authorized to issue 5,000,000 shares of preferred stock. 2,640,000 shares of the authorized preferred stock were designated as Series Seed Preferred Stock and 2,360,000 shares of the authorized preferred stock were designated as Series A Preferred Stock. As of December 31, 2024, 2,640,000 shares of Series Seed Preferred Stock were issued and outstanding and 1,702,922 shares of Series A Preferred Stock were issued and outstanding. As of December 31, 2023, 2,640,000 shares of Series Seed Preferred Stock were issued and outstanding and 1,702,922 shares of Series A Preferred Stock were issued and outstanding.

As of December 31, 2024 and December 31, 2023, the Series Seed Preferred Stock was potentially convertible into 2,640,000 shares of Series A Common Stock and 2,640,000 shares of Series B Common Stock. As of December 31, 2024 and December 31, 2023, the Series A Preferred Stock was potentially convertible into 1,702,922 shares of Series A Common Stock.

*Series Seed Preferred Stock*

 

On February 22, 2021, the Company issued 2,640,000 shares of preferred stock under the initial Certificate of Incorporation, $0.0001 par value per share to certain investors at a purchase price of $0.08333 per share, for gross proceeds of $219. Additionally, in conjunction with the issuance of convertible preferred stock, warrants were issued to purchase up to 250,000 shares of common stock under the initial Certificate of Incorporation, at an exercise price of $0.50 per share. The warrants were determined to be freestanding financial instruments. The cash proceeds were allocated using the with-and-without method by first allocating proceeds to the fair value of the liability classified warrants, with the remaining allocated to the convertible preferred stock. Refer to Note 3 – Fair Value Measurements for additional information regarding the valuation techniques and inputs used in determining the fair value of liability classified warrants. There were no material issuance costs incurred in connection with this issuance. Upon the execution of the First Amended and Restated Certificate of Incorporation on February 1, 2022, the 2,640,000 shares of preferred stock were reclassified to 2,640,000 shares of Series Seed Preferred Stock and the warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the execution of the First Amended and Restated Certificate of Incorporation.

[**Table of Contents**](#TableOfContents)

*Series A Preferred Stock* 

 

On February 3, 2022, the Company issued 282,185 shares of Series A Preferred Stock, $0.0001 par value per share to certain investors at a purchase price of $1.3856 per share. The Company received gross proceeds of $250 on the issuance date. An additional $141 of proceeds was not received at the issuance date and was recorded as a preferred stock receivable, which was presented as a direct reduction to the carrying value of Series A Preferred Stock on the consolidated balance sheet as of December 31, 2022. The Company incurred $39 of issuance costs in connection with this issuance.

On February 3, 2022, the Company issued 1,611,513 shares of Series A Preferred Stock, par value $0.0001 per share, to holders of certain notes payable. These notes were issued in 2021 and contained a share-settled redemption feature, which provided for the conversion of outstanding principal and accrued interest into Series A Preferred Stock upon the occurrence of specified conditions. The feature was triggered on February 3, 2022 in accordance with the terms of the note agreements and resulted in the extinguishment of the related notes payable.

On September 30, 2022, the Company issued 55,877 shares of Series A Preferred Stock, $0.0001 par value per share, to certain investors at a purchase price of $1.34 per share, for gross proceeds of $75. Additionally, in conjunction with the issuance of convertible preferred stock, warrants were issued to purchase up to 19,557 shares of Series A Common Stock. The warrants were determined to be freestanding financial instruments. The cash proceeds were allocated using the with-and-without method by first allocating proceeds to the fair value of the liability classified warrants, with the remaining allocated to the convertible preferred stock. Refer to Note 3 – Fair Value Measurements for additional information regarding the valuation techniques and inputs used in determining the fair value of liability classified warrants.

In December 2022, the Company entered into an agreement to repurchase 144,893 shares of Series A Preferred Stock from an investor for total consideration of $206, paid in installments through February 2023; 52,752 shares of Series A Preferred Stock were repurchased for $75 on December 7, 2022; 52,752 shares of Series A Preferred Stock were repurchased for $75 on December 16, 2022; and 39,389 shares of Series A Preferred Stock were repurchased for $56 on February 21, 2023. The repurchase of Series A Preferred Stock was treated as a deemed dividend to the extent the cash paid exceeded the stock's carrying value, reducing additional paid-in capital. For the February 21, 2023 repurchase, the adjustment was immaterial and will not be reflected in earnings per share for the year ended December 31, 2023.

On December 11, 2023, the Board of Directors approved the cancellation of 101,759 shares of Series A Preferred Stock originally issued under the February 3, 2022 Series A Preferred Stock Purchase Agreement. The cancellation was due to the purchaser's non-payment of the $141 purchase price. As a result of the cancellation, the Company recorded a $141 reduction to the Series A Preferred Stock balance to eliminate the previously recognized shares. Concurrently, the Company reversed the $141 receivable initially recorded for the expected proceeds, resulting in a corresponding $141 increase to the Series A Preferred Stock balance. The net impact to the Series A Preferred Stock balance as of the cancellation date was zero.

As of December 31, 2024 and 2023, the issued and outstanding Convertible Preferred Stock and their carrying values were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2023** | **December 31, 2023** |
|  | **Shares Issued <br> and Outstanding** | **Amount** | **Shares Issued <br> and Outstanding** | **Amount** |
| Series Seed Convertible Preferred Stock, $0.0001 par value, 2,640,000 shares authorized | 2640000 | $213 | 2640000 | $213 |
| Series A Convertible Preferred Stock, $0.0001 par value, 2,360,000 shares authorized | 1702922 | $2318 | 1702922 | $2318 |

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[**Table of Contents**](#TableOfContents)

The holders of Series A and Series Seed Preferred Stock have the following rights, preferences, and privileges:

*Voting*

 

Series A Preferred Stockholders vote on an as-converted basis of one vote per share with Common Stockholders as a single class. Certain protective provisions require the affirmative vote or written consent of at least 50% of Series A Preferred Stockholders for actions such as liquidation, amendments affecting rights, or issuance of senior securities. Holders of Series Seed Preferred Stock vote on an as-converted basis of twenty-one votes per share with Common Stockholders as a single class. Additionally, they are entitled to elect one director exclusively and as a separate class.

*Conversion*

 

Each share of Series A Preferred Stock is convertible at the holder's option into Series A Common Stock. The conversion price is initially $1.3856 per share, subject to anti-dilution adjustments. All shares automatically convert upon a qualified initial public offering, SPAC merger, or vote of the requisite holders. Each share of Series Seed Preferred Stock is convertible at the holder's option into one share of Series A Common Stock and one share of Series B Common Stock. The conversion price is initially set at $0.08333 per share, subject to anti-dilution adjustments for stock splits, dividends, and reorganizations. All shares automatically convert upon a qualified initial public offering, SPAC merger, or vote of the requisite holders.

*Dividends*

 

Series A and Series Seed Preferred Stockholders are entitled to dividends prior to any dividends declared on other classes of stock.

*Liquidation Preference*

 

In a liquidation or deemed liquidation event, Series A Preferred Stockholders receive the greater of (i) the original issue price ($1.3856 per share), plus any declared but unpaid dividends, or (ii) the amount they would receive if converted to Common Stock. In a liquidation or deemed liquidation event, Series Seed Preferred Stockholders receive the greater of (i) 2.5x the original issue price ($0.08333 per share), plus any declared but unpaid dividends, or (ii) the amount they would receive if converted to Common Stock. If assets are insufficient, holders share ratably in available distributions.

*Redemption*

 

Series A and Series Seed Preferred Stock may be redeemed upon a deemed liquidation event if the Corporation does not dissolve within 90 days and the requisite holders request redemption within 120 days. Redemption occurs within 150 days at the liquidation amount using available proceeds. Redeemed shares are cancelled and not reissued.

[**Table of Contents**](#TableOfContents)

***Warrants***

 ****

*February 2021 Seed Class A Warrants*

 

On February 22, 2021, the Company issued warrants to an investor, allowing the purchase of up to 250,000 shares of common stock in connection with the issuance of its Series Seed Preferred Stock. Each warrant carried an exercise price of $0.50 per share and is set to expire five years from the initial issuance date. Following a stock reclassification on February 1, 2022, each warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the stock reclassification on February 1, 2022.

On September 17, 2024, the Seed Class A warrants were further amended to reduce the number of exercisable shares from 250,000 to 45,000 with a $0.25 exercise price per share. The Seed Class A Warrants are classified in current liabilities on the consolidated balance sheets and are carried at fair value, with changes in fair value recognized in earnings. The Company recorded losses of $1 and $4 for the years ended December 31, 2024 and 2023, respectively, related to changes in the fair value of the Seed Class A warrants issued in February 2021.

*February 2021 Seed Class B Warrants*

 

On February 22, 2021, the Company issued warrants to an investor, allowing the purchase of up to 250,000 shares of common stock in connection with the issuance of its Series Seed Preferred Stock. Each warrant carried an exercise price of $0.50 per share and is set to expire five years from the initial issuance date. Following a stock reclassification on February 1, 2022, each warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the stock reclassification on February 1, 2022.

On September 17, 2024, the Seed Class B warrants were further amended to reduce the exercise price to $0.25 per share. The Seed Class B warrants are classified as current liabilities on the consolidated balance sheets and are carried at fair value, with changes in fair value recognized in earnings. The Company recorded losses of $30 and $4 for the years ended December 31, 2024 and 2023, respectively, related to changes in the fair value of the Seed Class B warrants issued in February 2021.

*September 2022 Series A Warrants*

 

On September 30, 2022, the Company issued Series A warrants to purchase up to an aggregate of 19,557 shares of common stock to investors in conjunction with the issuance of its September 2022 Series A Preferred Stock. Each Warrant has an exercise price of $0.01 per share. The Series A Warrant will expire on the five-year anniversary of the initial issuance date. The warrants are classified as other long-term liabilities within the consolidated balance sheets and are carried at fair value, with changes in fair value recorded in earnings. The Company recognized a loss equal to $3 and $0 for years ended December 31, 2024, and 2023, respectively, related to the change in fair value of the warrants issued in September 2022.

*September 2024 Common Stock Warrants*

 

On September 1, 2024, the Company issued Common Stock Warrants to purchase up to an aggregate of 410,000 shares of common stock to a vendor in conjunction with a settlement agreement entered into on the same date. Each Warrant has an exercise price of $0.01 per share. The September 2024 Common Stock Warrant will expire on the five-year anniversary of the initial issuance date. The warrants are classified as other long-term liabilities within the consolidated balance sheets and are carried at fair value, with changes in fair value recorded in earnings. The Company recognized a loss equal to $18 and $0 for years ended December 31, 2024, and 2023, respectively, related to the change in fair value of the warrants issued in September 2024.

The following is a schedule of changes in warrants issued and outstanding from December 31, 2023, to December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Seed Class A Warrants<br> February 2021** | **Seed Class B Warrants<br> February 2021** | **Series A Warrants<br> September 2022** | **Common Stock Warrants<br> September 2024** | **Total Common Stock Warrants** |
| Outstanding as of December 31, 2023 | 250000 | 250000 | 19557 |  | 519557 |
| &nbsp;&nbsp;&nbsp;Warrants Issued |  |  |  | 410000 | 410000 |
| &nbsp;&nbsp;&nbsp;Warrants Exercised |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants Cancelled | (205000) | - | - | - | (205000) |
| Outstanding as of December 31, 2024 | **45000** | **250000** | **19557** | **410000** | **724557** |

---

The following is a schedule of changes in warrants issued and outstanding from December 31, 2022, to December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seed Class A Warrants<br> February 2021** | **Seed Class B Warrants<br> February 2021** | **Series A Warrants<br> September 2022** | **Total Common Stock Warrants** |
| Outstanding as of December 31, 2022 | 250000 | 250000 | 19557 | 519557 |
| &nbsp;&nbsp;&nbsp;Warrants Issued |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants Cancelled | - | - | - | - |
| Outstanding as of December 31, 2023 | **250000** | **250000** | **19557** | **519557** |

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[**Table of Contents**](#TableOfContents)

**10.** **Stock-based Compensation** 

Effective March 31, 2022, the Company adopted an equity-based compensation plan, the 2022 Stock Plan (the "**Plan**"), for certain employees and consultants. The Plan provides for the grant of stock options, stock issuances and other equity interests in the Company to the Company's employees and consultants. The Plan is administered by the Company's Board of Directors, or a committee appointed by the board.

On August 27, 2024, the Company amended and restated the Plan to increase the shares of Common Stock authorized for issuance to employees and consultants of the Company pursuant to Plan from 1,000,000 shares to 4,450,000 shares.

As of December 31, 2024 and 2023, 3,540,000 and 37,500 shares of Common Stock respectively were available for future grant under the Plan.

*Stock Options*

 

The Company's stock options vest over three years and have a ten-year contractual term. The stock options are accounted for as equity awards in accordance with ASC 718, *Compensation – Stock Compensation*. These awards are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company.

The following is a summary of options activities during the twelve months ended December 31, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> Options** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Term <br> (Years)** | **Aggregate Intrinsic Value** |
| Outstanding balance as of December 31, 2022<sup>(1)</sup> | 580000 | $0.15 | 8.1 |  |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Granted under options repricing<sup>(2)</sup> | 410000 | 0.00 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | (37500) | 0.15 |  |  |
| &nbsp;&nbsp;&nbsp;Cancelled under options repricing<sup>(2)</sup> | (410000) | 0.15 |  |  |
| &nbsp;&nbsp;&nbsp;Expired | - | - |  |  |
| Outstanding balance as of December 31, 2023 | 542500 | $0.05 | 7.6 | 10.5 |
| Options vested and exercisable as of December 31, 2023 | 382222 | $0.05 | 7.2 | 7.0 |

---

*(1)* *The number of options outstanding includes 510,000 options that were subject to a repricing event (the "October 2022 Option Repricing"), in which the exercise price was reduced from $0.50 per share to $0.15 per share. This repricing was approved by the Board of Directors on October 28, 2022. See "October 2022 Option Repricing" below for further details.* 

 

*(2)* *In December 2023, the Board of Directors approved a one-time repricing of the stock options (the "December 2023 Option Repricing") from an exercise price $0.15 per share to an exercise price of $0.0001 per share for a total outstanding options of 410,000. See December 2023 Option Repricing as defined and described below*.

The following is a summary of options activities during the twelve months ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of <br> Options** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Term <br> (Years)** | **Aggregate Intrinsic Value** |
| Outstanding balance as of December 31, 2023 | 542500 | $0.05 | 7.6 | 10.5 |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  | &nbsp;&nbsp;&nbsp;&nbsp; - |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expired | (52500) | 0.15 |  |  |
| Outstanding balance as of December 31, 2024 | 490000 | 0.02 | 7.4 | 67.5 |
| Options vested and exercisable as of December 31, 2024 | 458889 | 0.02 | 7.4 | 63.3 |

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[**Table of Contents**](#TableOfContents)

For the years ended December 31, 2024 and 2023, the Company recognized total employee stock-based compensation expense of $13 and $30, respectively. For the same periods, the Company recorded non-employee stock-based compensation expense of $43 and $296, respectively.

As of December 31, 2024 and 2023, total unrecognized stock-based compensation cost related to unvested stock options for employees and non-employees was $4 and $59, respectively. This cost is expected to be recognized over a weighted-average period of 0.6 years and 1.1 years, respectively.

The total fair value of vested options at December 31, 2024 and December 31, 2023 was $272 and $212, respectively.

*October 2022 Option Repricing*

 

On October 28, 2022, the Board of Directors approved a repricing of stock options with an exercise price of $0.50 per share to an exercise price of $0.15 per share (the "**October 2022 Option Repricing**"). As a result of the October 2022 Option Repricing, 510,000 stock options held by 8 grantees were re-priced to a per share exercise price of $0.15. The October 2022 Option Repricing was subject to modification accounting under ASC 718. Modifications to stock-based awards are treated as an exchange of the original award for a new award with total compensation equal to the grant-date fair value of the original award plus any incremental value of the modification. The incremental value is based on the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. $2 of total incremental stock-based compensation resulted from the modification. As of December 31, 2024 and 2023, the Company recognized less than $1 and $1 of incremental stock-based compensation expense respectively. As of December 31, 2024 and 2023, the unrecognized stock-based compensation expense from the modification was approximately $0 and less than $1 respectively, expected to be recognized over a weighted average period of approximately 0.3 years and 0.9 years respectively.

The assumptions used to calculate the fair value of the October 2022 Option Repricing were as follows:

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| | |
|:---|:---|
|  | **October 28,<br> 2022** |
| Fair value of Series A Common Stock | $0.01 |
| Weighted average expected term (years) | 5.42 |
| Weighted average expected volatility | 158.5% |
| Risk-free interest rate | 5.4% |
| Dividend yield | 0.0% |

---

*December 2023 Option Repricing*

 

On December 11, 2023, the Board of Directors approved a repricing of stock options with an exercise price of $0.15 per share to an exercise price of $0.0001 per share (the "**December 2023 Option Repricing**"). As a result of the December 2023 Option Repricing, 410,000 stock options held by 7 grantees were re-priced to a per share exercise price of $0.0001. The December 2023 Option Repricing was subject to modification accounting under ASC 718. Modifications to stock-based awards are treated as an exchange of the original award for a new award with total compensation equal to the grant-date fair value of the original award plus any incremental value of the modification. The incremental value is based on the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. $3 of total incremental stock-based compensation resulted from the modification. As of December 31, 2024 and 2023, the Company recognized $1 and $2 of incremental stock-based compensation expense respectively. As of December 31, 2024 and 2023, the unrecognized stock-based compensation expense from the modification was approximately less than $1 and $1 respectively, expected to be recognized over a weighted average period of approximately 0.6 years and 1.1 years respectively.

The assumptions used to calculate the fair value of the December 2023 Option Repricing were as follows:

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| | |
|:---|:---|
|  | **December 11,<br> 2023** |
| Fair value of Series A Common Stock | $0.02 |
| Weighted average expected term (years) | 4.39 |
| Weighted average expected volatility | 143.5% |
| Risk-free interest rate | 4.4% |
| Dividend yield | 0.0% |

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**Common Stock Issuances**

During the years ended December 31, 2024 and 2023, the Company issued 0 and 7,902,725 shares of Series A Common Stock, respectively, at a price of $0.0001 per share, for an aggregate purchase price of approximately $0.79. These shares were issued to founders, board members, and advisors.

During the years ended December 31, 2024 and 2023, the Company issued 0 and 1,205,204 shares of Series B Common Stock, respectively, also at a price of $0.0001 per share, for an aggregate purchase price of approximately $0.12, to founders, board members, and advisors.

The issuance of common stock to founders, board members, and advisors falls within the scope of ASC 718 as share-based payments to non-employees. These shares were not subject to any vesting conditions. Accordingly, the Company recorded stock-based compensation expense for the year ended December 31, 2023 equal to the difference between the fair value of the shares on the issuance date and the amount paid, totaling $226.

**11.** **Revenue** 

The following table disaggregates revenue by service type:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2023** |
| Co-location Mining Services Revenue | $23340 | $16644 |
| Implementation Services Revenue | 349 | 152 |
|  | $23689 | $16796 |

---

The following table presents a roll forward of deferred revenue for the years ended December 31, 2024 and 2023:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance as of December 31, 2022 | $105 |
| &nbsp;&nbsp;&nbsp;Revenue recognized | (120) |
| &nbsp;&nbsp;&nbsp;Revenue deferred | 1862 |
| Balance as of December 31, 2023 | $1847 |
| &nbsp;&nbsp;&nbsp;Revenue recognized | (5560) |
| &nbsp;&nbsp;&nbsp;Revenue deferred | 5689 |
| Balance as of December 31, 2024 | $1976 |

---

&nbsp;&nbsp;&nbsp;&nbsp;***12.***  ***Other Income (Expense), net*** 

The following table presents disaggregated activity within other expense, net for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
|  | **Years Ended<br> December 31,** | **Years Ended<br> December 31,** |
|  | **2024** | **2023** |
| Mining income | $410 | $784 |
| Other income | (18) | 59 |
| Change in fair value of warrant liability | (52) | (8) |
| Change in fair value of notes payable | (726) | (803) |
|  | $(386) | $32 |

---

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**13.** **Net Income (Loss) Per Share** 

Basic Earnings Per Shares ("**EPS**") is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through Convertible Redeemable Preferred Stock and stock options.

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| *Numerator:* |  |  |
| Net income (loss) | $1917 | $(6135) |
| Net income (loss) attributable to common stockholders | $1917 | $(6135) |
| *Denominator:* |  |  |
| Weighted average common shares outstanding—basic | 33072624 | 24328215 |
| &nbsp;&nbsp;&nbsp;Effect of potentially dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;Seed Preferred Stock | 5280000 |  |
| &nbsp;&nbsp;&nbsp;Series A Preferred Stock | 1702922 |  |
| &nbsp;&nbsp;&nbsp;Options to purchase common stock | 60896 | - |
| Weighted average common shares outstanding—diluted | 40116442 | 24328215 |
| *Earnings per share:* |  |  |
| Basic | $0.06 | $(0.25) |
| Diluted | $0.05 | $(0.25) |

---

The following potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect:

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Seed Preferred Stock |  | 5280000 |
| Series A Preferred Stock |  | 1702922 |
| Common Stock Warrants | 295000 | 500000 |
| Stock Options | 290000 | 542500 |
| **Total potentially dilutive securities** | 585000 | 8025422 |

---

For the year ended December 31, 2023, the effect of the Company's outstanding Convertible Redeemable Preferred Stock, warrants and stock options would have been anti-dilutive and are excluded in the calculation of diluted EPS.

**14.** **Other Comprehensive Income (Loss) and Changes in Accumulated Other Comprehensive Loss** 

Changes in accumulated other comprehensive loss consist of the following:

---

| | |
|:---|:---|
|  | **Amount** |
| As of January 1, 2023 | $(143) |
| Change in fair value due to instrument specific credit risk | 138 |
| As of December 31, 2023 | (5) |
| Change in fair value due to instrument specific credit risk | (55) |
| As of December 31, 2024 | $(60) |

---

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**15.** **Income Taxes** 

The Company's entire pretax income for the year ended December 31, 2024 was from its U.S. domestic operations and resulted in the below income tax expense. The Company's entire pretax loss for the years ended December 31, 2023 was from its U.S. domestic operations and resulted in no tax expense or benefit.

Income (loss) before provision for income taxes consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Income (loss) before provision for income taxes | $1997 | $(6135) |

---

The components of the provision for income taxes are as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Current expense: |  |  |
| &nbsp;&nbsp;&nbsp;Federal | $76 | $&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;State | 4 | - |
| Total current expense | 80 |  |
| Deferred expense: |  |  |
| &nbsp;&nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;&nbsp;State | - | - |
| Total deferred expense |  |  |
| Total income tax expense | $80 | $- |

---

A reconciliation of the Company's statutory income tax rate to the Company's effective income tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Income at US statutory rate | 21.0% | 21.0% |
| State taxes, net of federal benefit | 10.3% | 4.9% |
| Debt fair value adjustments | 7.6% | (2.7)% |
| Other | 0.1% | (1.5)% |
| Change in valuation allowance | (34.9)% | (21.7)% |
|  | 4.1% | 0.0% |

---

---

| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
|  | **2024** | **2023** |
| Net operating loss carryforwards | $5846 | $6319 |
| Accrued payroll | 649 | 427 |
| Deferred revenue | 516 |  |
| Other | (238) | 212 |
| Total deferred tax assets before valuation allowance | 6773 | 6958 |
| Valuation allowance | (5479) | (6177) |
| Deferred tax assets after valuation allowance | 1294 | 781 |
| Fixed assets | (1294) | (781) |
| Net deferred tax assets (liability) | $- | $- |

---

As of December 31, 2024 and 2023, the Company had US federal net operating loss ("**NOL**") carryforwards of $23,702 and $25,203, respectively. As of December 31, 2024 and 2023, the Company had state NOL carryforwards of $16,912 and $19,984, respectively. Of the $23,702 and $25,203 federal NOL carryforwards, almost all of it may be carried forward indefinitely. The December 31, 2024 and 2023 state NOL carryforwards begin to expire in 2041.

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Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of December 31, 2024 and 2023, the Company performed an evaluation to determine whether a valuation allowance was needed. Management considered all available evidence, both positive and negative, which included the results of operations for the current and preceding years. Management determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of December 31, 2024 and 2023.

Under Internal Revenue Code Section 382, if a corporation undergoes an "ownership change," the corporation's ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. The Company has not completed a study to assess whether an "ownership change" has occurred or whether there have been multiple ownership changes since the Company became a "loss corporation" as defined in Section 382. Future changes in its stock ownership, which may be outside of its control, may trigger an "ownership change." In addition, future equity offerings or acquisitions that have equity as a component of the purchase price could result in an "ownership change." If an "ownership change" has occurred or does occur in the future, utilization of the NOL carryforwards or other tax attributes may be limited, which could potentially result in increased future tax liability to the Company.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which the Company operates or does business in. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits.

The Company records uncertain tax positions as liabilities in accordance with ASC 740 and adjusts these liabilities when management's judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of December 31, 2024 and 2023 no uncertain tax positions have been recorded in the consolidated financial statements.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations and comprehensive income (loss). As of December 31, 2024 and 2023, no accrued interest or penalties are included on the related tax liability line in the consolidated balance sheets.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. All tax years since inception are open to examination due to the carryover of unused net operating losses and tax credits.

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**16.** **Commitments and Contingencies** 

 

*Legal Proceedings*

The Company is subject to certain claims and contingent liabilities that arise in the normal course of business. While we do not expect that the ultimate resolution of any of these pending actions will have a material effect on our consolidated results of operations and comprehensive income (loss), financial position or cash flows, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which we currently believe to be immaterial, does not become material in the future.

 

*XBTO Trading LLC v. Blockfusion USA, Inc. and North East Data, LLC, Supreme Court of the State of New York, County of Niagara, Index No. E179092/2023:*

As a result of the fire in May 2022, the Company was unable to meet its payments under the XBTO Loan. XBTO liquidated the collateral partially offsetting the loan balance and brought an action suit against the Company and NED in the Supreme Court of the State of New York, County of Niagara, Index No. E179092/2023 (the "**XBTO Action**") in connection with the Company's failure to pay amounts under the XBTO Loan.

As of December 31, 2023, management determined that it was reasonably possible a liability existed in connection with the XBTO Action; however, the amount of such liability was not reasonably estimable at that time, and accordingly, no accrual was recorded.

On August 5, 2024, the parties entered into a comprehensive Settlement Agreement and Mutual Release, pursuant to which the Company issued a new Note and Loan Agreement to XBTO in the principal amount of $8,267 due June 2027. Accordingly, as of December 31, 2024, the matter has been fully resolved, and there is no longer a reasonably possible liability beyond the recorded balance of the new note payable.

 

*Northeast Data LLC, Blockfusion, Niagara Mohawk Power Corp, National Grid, Arch Specialty Insurance, Alliant Insurance Services Inc.:*

On May 10, 2022, a fire and explosion at the Company's data center facility substantially destroyed the main electrical substation and other portions of the facility, resulting in a temporary cessation of operations until repairs were completed. The Company believes the fire was caused by the gross negligence of National Grid and has filed legal action to recover damages.

As of December 31, 2024 and 2023, the matter remains in litigation and no amounts related to the contingency gain or loss recovery have been recorded in the accompanying consolidated financial statements. The Company will continue to monitor developments and record amounts if and when the proceeds in excess of losses are realizable.

 

*Bit Digital USA, Inc. v. Blockfusion USA, Inc., Superior Court of the State of Delaware, C.A. No. N24C-05-306 (CCLD)*

On June 4, 2024, Bit Digital filed a complaint alleging breach of contract, and related claims in connection with a terminated Mining Services Agreement (MSA). Bit Digital is seeking the return of deposits, advances, and payments totaling approximately $4,326, which are recorded on the Company's consolidated balance sheets as customer deposits as of December 31, 2024. In addition, Bit Digital has asserted further claims that, in aggregate, increase the total claim amount to an excess of $5,000. Management has assessed the likelihood of an unfavorable outcome as reasonably possible but not probable; therefore, no loss accrual has been recorded. On January 6, 2026, the Superior Court of the State of Delaware granted in full Blockfusion's motion to dismiss four of the Bit Digital's six claims arising from the terminated MSA. The Company will continue to monitor the matter and update its assessment as new information becomes available.

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**17.** **Segments** 

The following table presents significant segment expenses for the Company's single operating segment, along with a reconciliation to net income (loss):

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** |
|  | **2024** | **2023** |
| Revenue | $23689 | $16796 |
| Less: Significant segment expenses |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 18107 | 12223 |
| &nbsp;&nbsp;&nbsp;Onsite management | 1690 | 1477 |
| &nbsp;&nbsp;&nbsp;Employee and consulting expense | 1898 | 2374 |
| &nbsp;&nbsp;&nbsp;Legal fees | 346 | 670 |
| &nbsp;&nbsp;&nbsp;Interest expense | 2604 | 3207 |
| Less: Depreciation and amortization | 1039 | 1275 |
| Plus: Other segment items\* | 3992 | (1705) |
| Net income (loss) before (provision) benefit for income taxes | 1997 | (6135) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes | (80) | - |
| Net income (loss) | $1917 | $(6135) |

---

\* Other segment items included in net loss primarily include other selling, general and administrative, Energy Program income, and other (expense) income, net.

**18.** **Related Party Transactions** 

The Company had an aggregate amount of accrued expenses due to related parties of $2,629 and $1,800 as of December 31, 2024 and December 31, 2023, respectively. Of these amounts, $977 and $699 were owed to the Chief Executive Officer as of December 31, 2024 and December 31, 2023, respectively; $965 and $699 were owed to the Chief Operating Officer as of December 31, 2024 and December 31, 2023, respectively; and $687 and $402 were owed to the Company's general counsel as of December 31, 2024 and December 31, 2023, respectively. These amounts are included, and disclosed, within the accrued expenses and other current liabilities line item on the consolidated balance sheets.

In March 2024, the Company entered into promissory note agreements with its Chief Executive Officer and Chief Operating Officer. These agreements govern the terms of all amounts subsequently issued to the Chief Executive Officer and Chief Operating Officer under the notes. During the year ended December 31, 2024, the Company advanced an aggregate of $140 to the Chief Executive Officer and $115 to the Chief Operating Officer pursuant to these agreements. Each advance bears interest at the applicable federal rate in effect at the time of issuance. Principal and accrued and unpaid interest under the promissory note agreements are payable in full on the maturity date in March 2029. Pursuant to ASC 310, Receivables, receivables from a parent or another affiliate should be recorded in contra-equity. As such these receivable balances are presented within additional paid-in capital on the consolidated balance sheets. As of December 31, 2024, the notes with the Chief Executive Officer and Chief Operating Officer had accrued and unpaid interest of $1 and $1, respectively. Interest will be recognized as a capital contribution upon receipt.

An unconsolidated affiliate of the Company granted the Company the right to use the Blockfusion trade name on a royalty-free basis during the years ended December 31, 2024 and 2023.

As of December 31, 2023, a non-employee Board member held warrants to purchase up to 256,519 shares of Series A Common Stock and warrants to purchase up to 250,000 shares of Series B Common Stock. As of December 31, 2024, the non-employee Board member held warrants to purchase up to 51,519 shares of Series A Common Stock and warrants to purchase up to 250,000 shares of Series B Common Stock. The decrease in shares of Series A Common Stock underlying the warrants as of December 31, 2024 was due to an amendment to the warrant agreement in 2024 which reduced the number of shares underlying the warrants.

As of December 31, 2023 and 2024, the Chief Operating Officer held warrants to purchase up to 13,038 shares of Series A Common Stock, respectively.

Refer to Note 9 for further details regarding these warrants. All warrants held by the aforementioned parties were issued prior to December 31, 2022. There were no issuances or exercises by related parties during the years ended December 31, 2024 and December 31, 2023, respectively.

In December 2023, the Chief Executive Officer, Chief Operating Officer, Company's general counsel, and a non-employee board member were issued 2,802,145, 2,898,699, 378,699, and 1,123,182 shares of Series A Common Stock, respectively, for an aggregate of 7,202,725 shares of Series A Common Stock issued. Each of the above individuals paid a cash purchase price of $0.0001 per share for the Series A Common Stock. Additionally, in December 2023, the Chief Executive Officer, Chief Operating Officer, Company's general counsel, and a non-employee board member were each issued 301,301 shares of Series B Common Stock, respectively, for an aggregate of 1,205,204 shares of Series B Common Stock. Each of the above individuals paid a cash purchase price of $0 for the Series B Common Stock, due to the effect of rounding.

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**19.** **Subsequent Events** 

The Company has evaluated all events subsequent to December 31, 2024 and through February 9, 2026, which represents the date these consolidated financial statements were available to be issued. The Company is not aware of any subsequent event that would require recognition or disclosure in the consolidated financial statements other than those described below.

*Issuance of Term Loans and Restructuring of Payables*

 

On January 13, 2025, the Company settled a $1,187 trade payable balance with a vendor by issuing a $1,187 term loan and a warrant to purchase up to 50,000 shares of Series A Common Stock. The term loan bears interest at an annual rate of 7.5% and matures in January 2028. The warrant is exercisable at $0.92 per share and has a term of five years from the issuance date.

On March 31, 2025, the Company entered into a settlement agreement with a vendor to settle $823 in trade payable balances. The payment terms of the $823 in trade payable were restructured to be repaid upon a qualifying financing or change of control event. In connection with the settlement, a warrant was issued to the vendor to purchase up to 35,000 shares of Series A Common Stock. The warrant is exercisable at $0.92 per share and has a term of three years from the issuance date.

On July 21, 2025, the Company entered into a $4,000 term loan agreement with a maturity date in September 2027. The loan bears interest at an annual rate of 12%. In connection with the loan, the Company also issued a warrant to the lender to acquire up to 210,000 shares of Series A Common Stock. The warrants are exercisable at $0.01 per share and have a term of five years from the issuance date. A portion of the funds obtained were used to voluntarily prepay and fully settle the outstanding principal and interest due on the Term Note with PHP in the amount of $1,178, originally issued on September 9, 2021. No fees were incurred with the prepayment.

*Issuance of Common Stock Warrants* 

 

On March 1, 2025, the Company issued Common Stock Warrants to a customer for the purchase of up to 417,550 shares of common stock, in connection with the third amendment to a mining services agreement executed on the same date. Each warrant has an exercise price of $0.01 per share. The warrants are exercisable during the 12-month period following the expiration or qualifying termination of the mining services agreement. As of the issuance date, the agreement had approximately 24 months remaining in its initial 38-month term and is subject to automatic renewal for successive three-month periods thereafter. The exercise price is subject to customary adjustments for events such as stock dividends, stock splits, consolidations, mergers, and issuances of additional shares of common stock.

*Agreement for Transaction Related Services*

 

On August 26, 2024, the Company entered into the Financial Advisory Agreement with ING, a registered broker-dealer and wholesale banking business, pursuant to which ING agreed to provide financial advisory services to the Company. Under the Financial Advisory Agreement, as amended, the Company agreed to pay ING a transaction fee of $2,250,000 (payable at closing) and reimburse ING for reasonable out-of-pocket expenses (including legal fees), and provide customary indemnification and contribution, in each case on the terms set forth therein.

*Preferred Stock Ownership Changes*

 

In March 2025, changes in preferred stock ownership resulted in a majority of the Company's board of directors owning preferred stock. As a result, the preferred stock became redeemable upon the occurrence of an event that is not solely within the control of the Company, as defined under ASC 480-10-S99-3A. Specifically, redemption is now subject to approval by a board that is majority-controlled by preferred stockholders. Accordingly, the preferred stock will be reclassified to temporary equity in future reporting periods. The Company is currently assessing the financial statement impact of this reclassification and will update its equity disclosures accordingly in the next reporting period.

*Promissory Note with Related Party*

 

On October 24, 2025, a member of Company management executed a promissory note in favor of the Company in the principal amount of $136. The note was funded through the transfer of Bitcoin to the Company. The note bears interest at a rate of 12% per annum and matures on October 24, 2026. At maturity, the outstanding principal and any accrued and unpaid interest will be repaid in a form to be determined at that time. The transaction was reviewed and approved by the Company's Board of Directors.

*Business Combination Agreement*

 

On November 19, 2025, the Company entered into the Business Combination Agreement with Blue Acquisition Corp., a Cayman Islands exempted company ("**Blue SPAC**"), Blockfusion Data Centers, Inc. ("**Pubco**"), Atlas I Merger Sub ("**SPAC Merger Sub**") and Atlas Merger Sub, Inc. ("**Company Merger Sub**"). The Business Combination Agreement provides, among other things, that in accordance with the terms and subject to the conditions set forth therein, a business combination between Blue SPAC and Blockfusion will be affected. At the effective time of the merger, SPAC Merger Sub shall be merged with and into Blue SPAC, with SPAC Merger Sub ceasing to exist and Blue SPAC continuing its corporate existence as the surviving company, and Company Merger Sub will merge with and into Blockfusion, with Company Merger Sub ceasing to exist and Blockfusion continuing its corporate existence as the surviving Company. As a result, Blockfusion and Blue SPAC will become wholly owned subsidiaries of Pubco and Pubco will become a publicly traded company.

*Promissory Note with Chief Executive Officer of Blue SPAC*

On December 2, 2025, the Chief Executive Officer of Blue SPAC executed a promissory note in favor of the Company in the principal amount of $150. The note bears interest at a rate of 12% per annum and matures on December 2, 2026 or immediately upon closing of the Business Combination with Blue SPAC. At maturity, the outstanding principal and any accrued and unpaid interest will be repaid in a form to be determined at that time. The transaction was reviewed and approved by the Company's Board of Directors.

*Options Grants*

On December 24, 2025, the Company granted 120,000 options to purchase shares of Series A Common Stock for an exercise price $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. The options are fully vested upon grant.

On December 24, 2025, the Company granted 20,000 options to purchase shares of Series A Common Stock for an exercise price of $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. The options vest ratably in equal monthly installments beginning at the first month-end following the grant date and ending at the month-end one year after the grant date, when the options become fully vested.

On January 4, 2026, the Company granted 30,000 options to purchase shares of Series A Common Stock for an exercise price of $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. Half of the options are fully vested upon the grant date; the remaining options vest in equal monthly installments over the subsequent twelve-month period, such that all options are fully vested one year from the grant date.

 

*Restructuring of Term Loan*

On December 23, 2025, the Company entered into the first amendment to the $4,000 term loan agreement with Insight Investments. Under the amended terms, Insight Investments advanced an additional $350 to the Company, amended the payment schedule, and extended the maturity date from September 2027 to September 2028. The loan still bears interest at an annual rate of 12%.

 

*Warrant Exercise*

On January 27, 2026, a non-employee Board member elected to cash exercise warrants originally issued on February 22, 2021. Subject to the terms of the warrants, the Company delivered 45,000 shares of the Company's Series A Common Stock in exchange for an exercise price of $11, or $0.25 per share, and the Company delivered 250,000 shares of the Company's Series B Common Stock in exchange for an exercise price of $63, or $0.25 per share.

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**Interim Unaudited Financial Statements of Blockfusion USA, Inc.**

**INDEX TO FINANCIAL STATEMENTS OF**

**BLOCKFUSION USA, INC.**

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| | |
|:---|:---|
| **Interim Unaudited Financial Statements for the Period Ended September 30, 2025** |  |
| [Unaudited Condensed Consolidated Balance Sheets](#via_003) | F-65 |
| [Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income](#via_004) | F-66 |
| [Unaudited Condensed Consolidated Statements of Stockholders' Deficit and Temporary Equity](#via_005) | F-67 |
| [Unaudited Condensed Consolidated Statements of Cash Flows](#via_006) | F-68 |
| [Notes to Unaudited Condensed Consolidated Financial Statements](#via_007) | F-69 |

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**BLOCKFUSION USA, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $279 | $2947 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable | 265 | 577 |
| &nbsp;&nbsp;&nbsp;Other accounts receivable | 1958 | 591 |
| &nbsp;&nbsp;&nbsp;Unbilled receivables | 1006 | 1484 |
| &nbsp;&nbsp;&nbsp;Utility deposits | 104 | 104 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 122 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 3734 | 5713 |
| Property and equipment, net | 12910 | 13465 |
| Crypto assets | 394 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $17038 | $19384 |
| **Liabilities, Temporary Equity and Stockholders' Deficit** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $4670 | $7927 |
| &nbsp;&nbsp;&nbsp;Short-term notes payable | 719 |  |
| &nbsp;&nbsp;&nbsp;Notes payable, current portion, net (includes $0 and $3,790 measured at fair value as of September 30, 2025 and December 31, 2024, respectively) | 2369 | 4968 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 1090 | 1976 |
| &nbsp;&nbsp;&nbsp;Customer deposits | 4670 | 5820 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities ($2,933 and $2,629 due to related parties, respectively) | 4205 | 3002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 17723 | 23693 |
| Notes payable, non-current portion, net | 17515 | 13542 |
| Notes payable, held at fair value, non-current portion |  | 132 |
| Warrant liability, non-current portion | - | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $35238 | $37480 |
| Commitments and contingencies (Note 16) |  |  |
| Temporary equity: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock (Series Seed and Series A, respectively), $0.0001 par value; 2,640,000 and 2,360,000 shares authorized at September 30, 2025, 2,640,000 and 1,702,922 shares issued and outstanding at September 30, 2025, liquidation preference of $2,910 at September 30, 2025 | 1666 |  |
| &nbsp;&nbsp;&nbsp;Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;Convertible preferred stock (Series Seed and Series A, respectively), $0.0001 par value; 2,640,000 and 2,360,000 shares authorized at December 31, 2024, 2,640,000 and 1,702,922 shares issued and outstanding at December 31, 2024, liquidation preference of $2,910 at December 31, 2024 |  | 2531 |
| &nbsp;&nbsp;&nbsp;Series A Common stock, $0.0001 par value; 45,000,000 shares authorized at September 30, 2025 and December 31, 2024, 19,867,521 and 19,807,521 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Series B Common stock, $0.0001 par value; 16,000,000 shares authorized at September 30, 2025 and December 31, 2024, 13,110,000 shares issued and outstanding at September 30, 2025 and December 31, 2024 | 1 | 1 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 8194 | 257 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  | (60) |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (28063) | (20827) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' deficit | (19866) | (18096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities, temporary equity and stockholders' deficit | $17038 | $19384 |

---

See notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BLOCKFUSION USA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME**

**(UNAUDITED)**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Revenue | $15781 | $17501 |
| Cost of sales | 14172 | 14746 |
| &nbsp;&nbsp;&nbsp;Gross margin | 1609 | 2755 |
| Operating expenses |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 1925 | 2342 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 2382 | 429 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 693 | 806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 5000 | 3577 |
| Loss from operations | (3391) | (822) |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (1652) | (2106) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (7056) | (22) |
| &nbsp;&nbsp;&nbsp;Energy program income | 2943 | 1512 |
| &nbsp;&nbsp;&nbsp;Gain on settlement | 93 | 3619 |
| &nbsp;&nbsp;&nbsp;Unrealized losses | (9) |  |
| &nbsp;&nbsp;&nbsp;Realized gains (losses), net | 29 | (44) |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | 1922 | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other (expense) income, net | (3730) | 2588 |
| Net (loss) income before provision for income taxes | (7121) | 1766 |
| Provision for income taxes | (128) | (85) |
| Net (loss) income | $(7249) | $1681 |
| Weighted average common shares |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 33422353 | 32980472 |
| &nbsp;&nbsp;&nbsp;Diluted | 33422353 | 39963394 |
| Per share amounts: |  |  |
| (Loss) earnings per share |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(0.24) | $0.05 |
| &nbsp;&nbsp;&nbsp;Diluted | $(0.24) | $0.04 |
| Comprehensive (loss) income: |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) income | $(7249) | $1681 |
| &nbsp;&nbsp;&nbsp;Change in fair value due to credit risk on notes payable | 60 | (26) |
| Comprehensive (loss) income: | $(7189) | $1655 |

---

See notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BLOCKFUSION USA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT AND TEMPORARY EQUITY**

**(UNAUDITED)**

**(In thousands, except share data)**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series Seed Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series Seed Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br> Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Loss** | **Accumulated**<br>**Deficit** | **Total <br> Stockholders'**<br>**Deficit** |
| **Balances at December 31, 2023** | 2640000 | $213 | 1702922 | $2318 | 19807521 | $2 | 13110000 | $1 | $455 | $(5) | $(22744) | $(19760) |
| Stock-based compensation expense |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp; - | 51 |  |  | 51 |
| Notes receivable from related parties |  |  |  |  |  |  |  |  | (54) |  |  | (54) |
| Net income |  |  |  |  |  |  |  |  |  |  | 1681 | 1681 |
| Other comprehensive loss | - | - | - | - | - | - | - | - | - | (25) | - | (25) |
| **Balances at September 30, 2024** | 2640000 | $213 | 1702922 | $2318 | 19807521 | $2 | 13110000 | $1 | $452 | $(30) | $(21063) | $(18107) |

---

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Temporary Equity** | **Temporary Equity** | **Temporary Equity** | **Temporary Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** | **Permanent Equity** |
|  | **Series Seed Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series Seed Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock <br> ($0.0001 par value)** | **Series Seed Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series Seed Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series A Redeemable Convertible Preferred Stock<br> ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series A Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | **Series B Common Stock <br> ($0.0001 par value)** | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Additional <br> Paid-in**<br>**Capital** | **Accumulated Other Comprehensive**<br>**Loss** | **Accumulated**<br>**Deficit** | **Total <br> Stockholders'**<br>**Deficit** |
| **Balances at December 31, 2024** |  | $- |  | $- | 2640000 | $213 | 1702922 | $2318 | 19807521 | $2 | 13110000 | $1 | $257 | $(60) | $(20827) | $(18096) |
| Exercise of stock options |  |  |  |  |  |  |  |  | 60000 | &nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp; - |  |  |  |  |
| Notes receivable from related parties |  |  |  |  |  |  |  |  |  |  |  |  | (245) |  |  | (245) |
| Reclassification from permanent to temporary equity of all preferred shares | 2640000 | 851 | 1702922 | 815 | (2640000) | (213) | (1702922) | (2318) |  |  |  |  | 864 |  |  | (1667) |
| Cumulative-effect adjustment due to the adoption of Accounting Standards Update ("ASU") 2023-08 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 13 | 13 |
| Stock-based compensation expense |  |  |  |  |  |  |  |  |  |  |  |  | 4 |  |  | 4 |
| Reclassification of warrant liability to equity |  |  |  |  |  |  |  |  |  |  |  |  | 7314 |  |  | 7314 |
| Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (7249) | (7249) |
| Other comprehensive income | - | - | - | - | - | - | - | - | - | - | - | - | - | 60 | - | 60 |
| **Balances at September 30, 2025** | 2640000 | $851 | 1702922 | $815 | - | $- | - | $- | 19867521 | $2 | 13110000 | $1 | $8194 | $- | $(28063) | $(19866) |

---

See notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**BLOCKFUSION USA, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net (loss) income | $(7249) | $1681 |
| Adjustments to reconcile net (loss) income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 693 | 806 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 4 | 51 |
| &nbsp;&nbsp;&nbsp;Gain on settlement of financing obligation and finance lease liability |  | (3619) |
| &nbsp;&nbsp;&nbsp;Gain on settlement of accrued legal fees | (93) |  |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment |  | 40 |
| &nbsp;&nbsp;&nbsp;Change in fair value of notes payable | 190 | 554 |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | 7056 | 22 |
| &nbsp;&nbsp;&nbsp;Non-cash interest expense | 1477 | 1100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other accounts receivables | (1055) | 1387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables | 477 | (97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (107) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital assets | (176) | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1128) | 1640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (815) | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer deposits | (700) | (1400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 1203 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from operating activities | (223) | 4191 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (162) | (869) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from investing activities | (162) | (869) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payment of notes payable | (5949) | (1963) |
| &nbsp;&nbsp;&nbsp;Payments on finance leases |  | (22) |
| &nbsp;&nbsp;&nbsp;Payments made under financing obligation: |  | (133) |
| &nbsp;&nbsp;&nbsp;Issuance of notes receivable to related parties | (246) | (54) |
| &nbsp;&nbsp;&nbsp;Proceeds from the issuance of notes payable, net | 3912 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash from financing activities | (2283) | (2172) |
| Net (decrease) increase in cash and cash equivalents | (2668) | 1150 |
| **Cash and cash equivalents at beginning of period** | 2947 | 263 |
| **Cash and cash equivalents at end of period** | $279 | $1413 |
| **Supplemental disclosure of noncash financing and investing activity:** |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | $211 | $205 |
| &nbsp;&nbsp;&nbsp;Income taxes paid | $15 | $7 |
| &nbsp;&nbsp;&nbsp;Warrants issued to customers | $71 | $- |
| &nbsp;&nbsp;&nbsp;Warrants issued through settlement of debt | $11 | $- |
| &nbsp;&nbsp;&nbsp;Warrants issued in connection with issuance of notes payable | $63 | $- |
| &nbsp;&nbsp;&nbsp;Settlement of payables through issuance of notes payable | $2009 | $- |
| &nbsp;&nbsp;&nbsp;Restructuring of term loan | $- | $1484 |
| &nbsp;&nbsp;&nbsp;Transfer of asset for settlement of debt | $- | $38 |
| &nbsp;&nbsp;&nbsp;Settlement of financing obligation, finance lease liability, and other payables through issuance of promissory note and warrants | $- | $5634 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment in accounts payable | $23 | $- |
| &nbsp;&nbsp;&nbsp;Reclassification of preferred stock to temporary equity | $1666 | $- |
| &nbsp;&nbsp;&nbsp;Reclassification of warrants to equity | $7314 | $- |
| &nbsp;&nbsp;&nbsp;Settlement of liability through issuance of notes payable | $450 | $- |

---

See notes to unaudited condensed consolidated financial statements.

[**Table of Contents**](#TableOfContents)

**1.** **Organization and Operations** 

**Nature of the Business**

The accompanying financial statements represent the consolidated accounts of Blockfusion USA, Inc. ("**Blockfusion**" or the "**Company**") and its wholly-owned subsidiaries, North East Data, LLC ("**North East Data**" or "**NED**") and Blockfusion Canada Inc. The Company's only active subsidiary is North East Data. Blockfusion USA, Inc. was incorporated on February 8, 2021, under the laws of the state of Delaware.

**Seasonality**

The Company experiences seasonality due to factors like energy costs, weather, and market conditions. During the summer months, energy costs and cooling requirements increase due to higher ambient temperatures. In the colder months, cooling needs are significantly reduced, which lowers overall energy consumption.

**Going Concern**

The condensed consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern. Net loss for the nine months ended September 30, 2025 amounted to $7,249 with an ending cash balance of $279, and a working capital deficit of $13,989 as of September 30, 2025. The Company's current financial condition raises substantial doubt about its ability to continue as a going concern for a period of twelve months from the issuance date of the condensed consolidated financial statements. Management plans to address this need for capital include Blockfusion's pursuit of a proposed business combination with Blue Acquisition Corp., a special purpose acquisition company ("**SPAC**"), which is expected to provide significant capital through the SPAC's cash in trust and potential Financing Transactions in which the parties may engage in connection with such transaction, if any. This transaction, which attributes a pre-money equity valuation of $450,000 to the Company is provisionally expected to provide the Company with substantial liquidity to support ongoing operations and future growth initiatives; provided, however, that actual proceeds from such transactions are not certain. The business combination agreement includes a condition to Blockfusion's obligation to consummate the transaction, waivable by Blockfusion, that the transaction deliver proceeds to the Company of at least $75,000 (after payment of transaction expenses and redemptions), which must be satisfied for the transaction to close. However, as this transaction has not been consummated as of the financial statement issuance date, there can be no assurance that it will be completed on the anticipated terms or timeline.

**2.** **Summary of Significant Accounting Policies** 

**Basis of Presentation and Principles of Consolidation**

The accompanying condensed consolidated financial statements have been prepared in conformity with Generally Accepted Accounting Principles in the United States of America ("**GAAP**" or "**U.S. GAAP**") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "**SEC**"). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("**ASC**") and Accounting Standards Updates ("**ASU**") of the Financial Accounting Standards Board ("**FASB**"). The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Some details and footnotes required under U.S. GAAP have been reduced or omitted to meet regulatory guidelines in the interim financial statements, but the Company believes the information remains clear and accurate. For a more complete understanding, these interim financial statements should be considered alongside the consolidated financial statements and notes for the year ending December 31, 2024.

[**Table of Contents**](#TableOfContents)

The Company believes that the accompanying unaudited condensed consolidated financial statements include all necessary adjustments, comprising routine recurring accruals, to accurately reflect the financial position as of September 30, 2025, as well as the operating results and cash flows for the periods presented. However, the operating results for the period ended September 30, 2025 may not be representative of the results expected for the full year ending December 31, 2025. The information included in these unaudited condensed consolidated financial statements should be read in conjunction with information included in the fiscal year 2024 annual consolidated financial statements included elsewhere in this proxy statement/prospectus.

**Use of Estimates in the Preparation of Financial Statements**

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and related disclosures of contingent assets and liabilities as of the date of the condensed consolidated financial statements as well as the reported amounts of revenues and expenses during the reporting period. Estimates are based on several factors including the facts and circumstances available at the time the estimates are made, historical experience, risk of loss, general economic conditions and trends and the assessment of the probable future outcome. Subjective and significant estimates include, but are not limited to, determinations of the useful lives and expected future cash flows of long-lived assets, determination of impairment and fair value estimates. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically and the effects of changes, if any, are reflected in the condensed consolidated statements of operations and comprehensive (loss) income in the period that they are determined.

**Segment Information**

The Company defines operating segments as components of the organization for which discrete financial information is available and operating results are evaluated regularly by the Company's chief executive officer, who is the Chief Operating Decision Maker ("**CODM**"), in order to assess performance and allocate resources. The CODM reviews financial information presented on a consolidated basis and uses net (loss) income for purposes of evaluating financial performance and making operating decisions.

The Company operates solely out of the Unites States and has no other foreign operations or reportable geographic locations. The key factors used in determining the Company's reportable segments include organizational structure and information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. Accordingly, we have one operating and reportable segment.

The Company uses net (loss) income to assess the profitability of the business at the consolidated level. The CODM monitors actual net (loss) income results relative to operating plan and forecast to assess the performance of the business and allocate resources.

A summary of net revenues by revenue stream is disclosed in Note 11.

Significant expenses regularly reviewed by the CODM include utilities, onsite management, employee & consulting, legal fees, and interest expense, and are disclosed on the condensed consolidated statements of operations and comprehensive (loss) income. Segment assets regularly reviewed by the CODM include working capital accounts (accounts payable and accounts receivable) and are disclosed on the condensed consolidated balance sheets.

**Fair Value Measurement**

Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

[**Table of Contents**](#TableOfContents)

Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company's cash equivalents are carried at fair value in Level 1, determined according to the fair value hierarchy described above (see Note 3). The carrying values of the Company's accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these instruments.

The Company accounts for one of its debt obligations under the fair value option under ASC Topic 825-10, *Financial Instruments* ("**ASC 825-10**"). As of September 30, 2025 and December 31, 2024, estimated fair value of our debt held under the fair value option was $0 and $3,922, respectively. The fair value of debt obligations measured at fair value is estimated using a Monte Carlo simulation model. This approach captures the path-dependent nature of expected cash flows by simulating a range of potential scenarios under a risk-neutral framework. Debt obligations held under the fair value option are categorized as a Level 3 instrument.

**Concentration of Credit Risk**

The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with multiple high credit quality U.S. financial institutions. At various times throughout the period, the Company's cash deposits with any one financial institution may exceed the amount insured by the Federal Deposit Insurance Corporation (the "**FDIC**"). Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. The Company has not experienced any losses of such amounts and management believes it is not exposed to any significant credit risk on its cash and cash equivalents.

The Company's crypto assets are also exposed to concentrations of credit risk. Its crypto assets are maintained with a single third-party institutional-grade custodian specializing in digital asset security, custody, and liquidity. The Company regularly reviews the creditworthiness of the custodian and may diversify holdings in the future to mitigate concentration risk.

**Customer and Vendor Concentration**

The Company performs ongoing credit evaluations of its customers' financial condition and generally requires no collateral.

The following table summarizes customers who represent greater than 10% of the Company's total revenue during the nine months ended September 30, 2025 and 2024, as well as customers who represent greater than 10% of the Company's total trade accounts receivable as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage of Revenue** | **Percentage of Revenue** | **Percentage of Trade Accounts Receivable** | **Percentage of Trade Accounts Receivable** |
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
|  | **2025** | **2024** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Customer A | 76% | 60% | 39% | N/A \* |
| Customer B<sup>1</sup> | N/A \* | N/A \* | N/A \* | N/A \* |
| Customer C | N/A \* | 31% | N/A \* | N/A \* |
| Customer D | N/A \* | N/A \* | 61% | 28% |
| Customer E | 14% | N/A \* | N/A \* | 69% |
| Customer F | 11% | N/A \* | N/A \* | N/A \* |

---

\* Less than 10% of total revenue or trade accounts receivable

<sup>1</sup> Retained in the table for consistency across reporting periods, even though it represents less than 10% of trade revenue or trade receivables.

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The following table summarizes vendors who represent greater than 10% of the Company's total cost of sales during the nine months ended September 30, 2025 and 2024, as well as vendors who represent greater than 10% of the Company's total accounts payable as of September 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Percentage of Cost of Sales** | **Percentage of Cost of Sales** | **Percentage of Accounts<br> Payable** | **Percentage of Accounts<br> Payable** |
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** | | |
|  | **2025** | **2024** | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Vendor A | 73% | 67% | 25% | 17% |
| Vendor B | 17% | 22% | N/A \* | 32% |
| Vendor C | N/A \* | N/A \* | N/A \* | 15% |
| Vendor D | N/A \* | N/A \* | 21% | N/A \* |
| Vendor E | N/A \* | N/A \* | 14% | N/A \* |
| Vendor F | N/A \* | N/A \* | 11% | N/A \* |

---

\* Less than 10% of total cost of sales or accounts payable

***Accounts Receivable***

The Company's trade accounts receivable primarily arise from contractual arrangements with data center customers representing amounts billed for completed services that have not yet been collected. Invoicing occurs on a periodic basis as services are rendered. Most customer agreements require a deposit that the customer must maintain at a specified level and replenish throughout the contract term and replenish the deposit if amounts are applied by the Company under the terms of the agreement. In the event of delinquency or nonpayment, the Company may draw on the deposit and apply the funds to outstanding invoices or other amounts due; subject to the replenishment requirement outlined in the contract.

The following is a schedule of changes in customer deposits outstanding:

---

| | | |
|:---|:---|:---|
|  | **Customer deposits as of September 30,**<br>**2025** | **Customer deposits as of December 31,**<br>**2024** |
| **Balance as of beginning of period** | $**5820** | $**6368** |
| &nbsp;&nbsp;&nbsp;Received |  | 778 |
| &nbsp;&nbsp;&nbsp;Applied to accounts receivable | (600) | (1153) |
| &nbsp;&nbsp;&nbsp;Returned | (550) | (173) |
| **Balance as of end of period** | $**4670** | $**5820** |

---

Trade accounts receivable were $265 and $577 as of September 30, 2025 and December 31, 2024, respectively.

Other accounts receivable represents non-trade receivables. The other accounts receivable balance were $1,958 and $591 as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, 91% and 70% of the balance of other accounts receivable is for receivables from the energy program with one company. When other accounts receivable is recognized in connection with the energy program, the Company also recognizes other income.

**Crypto Assets**

The Company receives crypto assets as a form of payment from customers and for blockchain rewards, which are recorded in crypto assets in the condensed consolidated balance sheets when received. Crypto assets received as a form of payment are converted to cash or used to fulfill expenses, nearly immediately. Crypto assets held for operations are initially recorded at the transaction price of the crypto assets at initial recognition and are subsequently remeasured at fair value at the end of each reporting period, with changes in fair value recognized as other income in the condensed consolidated statements of operations and comprehensive (loss) income. Realized gains and losses on disposition are recognized on a first-in-first-out basis. Fair value is measured using quoted crypto asset prices within the Company's principal market at the time of measurement. Prior to the adoption of ASU 2023-08, crypto assets are accounted for as intangible assets with indefinite useful lives and are carried at cost less impairment, if any.

**Other Financial Instruments**

The Company's other financial instruments include cash and cash equivalents, accounts receivable and accounts payable. The carrying amounts of these financial assets and liabilities approximate fair value due to the short maturities of these instruments. The Company accounts for its long-term debt instruments in accordance with applicable accounting guidance. The majority of the Company's long-term debt is recorded at amortized cost, using the effective interest method. However, the fair value option was elected for one long-term debt obligation, in accordance with ASC 825-10.

**Leases**

Leases are accounted for under ASC Topic 842, *Leases* ("**ASC 842**"). At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement including the use of an identified asset(s) and the Company's control over the use of that identified asset. The Company has elected, as allowed under ASC 842, to not recognize on its condensed consolidated balance sheet leases with a lease term of one year or less. Operating and finance leases with a term greater than one year are recognized on the condensed consolidated balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable.

Lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Certain adjustments to the right-of-use asset may be required for items such as incentives received. When an option exists to extend the lease or purchase the underlying asset, a determination is made whether that option is reasonably certain of exercise based on economic factors present at the measurement date. Over the term of the lease, the Company monitors for changes in facts and circumstances that may trigger the reassessment of whether an option is reasonably certain of exercise. As of September 30, 2025, the Company does not have any active leases.

When the implicit rate of the lease is not readily determinable, the Company uses the incremental borrowing rate which reflects the rate at which the Company could borrow, on a collateralized basis, the amount of the lease payments in a similar economic environment over the lease term. The Company considers its credit risk, term of the lease, and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates.

[**Table of Contents**](#TableOfContents)

The Company, as the lessee in its leasing arrangements, has elected the practical expedient to account for lease and non-lease components together as a single component for all classes of underlying assets.

Operating lease costs are recognized on a straight-line basis over the lease term as an operating expense. Finance lease costs are recorded as interest expense and amortization expense. Variable lease costs are recognized to expense in the period incurred.

The Company also enters into sale-leaseback transactions, pursuant to which the Company sells equipment to a third party and agrees to lease the equipment back for a certain period of time. To determine whether the transfer of the property should be accounted for as a sale, the Company evaluates whether it has transferred control to the third party in accordance with ASC 842 and the revenue recognition guidance set forth in ASC 606. If the company is deemed to transfer control of an asset to the buyer-lessor, the transfer is accounted for as a sale, and the company derecognizes the transferred asset from the balance sheet and recognizes a gain or loss for the difference between the consideration received and the carrying amount of the asset. The subsequent leaseback of the asset is accounted for in accordance with ASC 842 where an operating lease right-of-use asset and corresponding lease liability are measured and recognized at lease commencement date for leases with a term greater than one year.

If the Company is not deemed to have transferred control of an asset to the buyer-lessor, the sale-leaseback transaction is accounted for as a financing arrangement, and the Company is considered to remain the owner of the underlying asset for accounting purposes, and no gain or loss is recognized. Accordingly, the asset remains on balance sheet and will continue to be depreciated. In conjunction with these financing arrangements, the Company records the consideration received as a financing obligation which is subsequently amortized using the effective interest method where the contractual lease payments made are applied to reduce the financing obligation principal and recognize interest expense. The interest rate used to amortize the financing obligation is adjusted to ensure that both 1) the interest does not exceed the contractual payments over the shorter of the lease term and the term of the financing and, 2) the carrying amount of the asset does not exceed the carrying amount of the financial obligation at the earlier of the end of the lease term or the date at which control of the asset will transfer to the buyer-lessor.

To date, the Company's sale-leaseback transactions have been accounted for as financing arrangements due to the presence of fixed price repurchase options and the leaseback being finance classified, which preclude control of the underlying asset from being transferred to the lessor.

**Convertible Preferred Stock**

The Company has issued convertible preferred stock that is classified as permanent equity in the accompanying condensed consolidated balance sheets as of December 31, 2024 as the redemption provision is solely within the Company's control as of December 31, 2024. In March 2025, changes in preferred stock ownership resulted in a majority of the Company's board of directors owning preferred stock. As a result, the preferred stock became redeemable upon the occurrence of an event that is not solely within the control of the Company, as defined under ASC 480-10-S99-3A. Specifically, redemption is now subject to approval by a board that is majority-controlled by preferred stockholders. Accordingly, the preferred stock is presented outside of permanent equity in the temporary equity section of the condensed consolidated balance sheets as of September 30, 2025. Refer to Note 9 for additional details.

At the time of issuance, the Company evaluated the embedded conversion and redemption features associated with the preferred shares and concluded that separate accounting for these features was not required.

**Warrants**

The Company accounts for common stock warrants as either equity-classified instruments or liability-classified instruments based on an assessment of the warrant terms. The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC Topic 480, *Distinguishing Liabilities from Equity* ("**ASC 480**"), meet the definition of a liability pursuant to ASC 480, and whether the warrants meet all the requirements for equity classification under ASC Topic 815, *Accounting for Derivatives and Hedging* ("**ASC 815**"), including whether the warrants are indexed to our Common Stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance, and for liability-classified warrants, at each reporting period end date while the warrant is outstanding. The warrants are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the condensed consolidated statements of operations and comprehensive (loss) income. As of September 30, 2025, the warranty liabilities were reclassed to equity-classified with an adjustment to additional paid-in-capital for $7,314 for the nine months ended.

**Stock-Based Compensation**

The Company accounts for stock-based compensation in accordance with ASC Topic 718, *Compensation – Stock Compensation* ("**ASC 718**"). Under this guidance, all equity-based payments to employees and non-employees, including grants of stock options and restricted stock awards, are measured and recognized based on the grant date fair value of the awards.

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For employee awards, stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the period from the grant date to the end of the vesting period. For non-employee awards, the expense is recognized in the same period and in the same manner as if the Company had paid cash for the goods or services received. The Company has elected to account for forfeitures as they occur.

Stock-based compensation expense is classified as selling, general & administrative expense in the condensed consolidated statements of operations and comprehensive (loss) income.

The Company estimates the fair value of stock option awards using the Black-Scholes-Merton option pricing model. This model requires several key assumptions, including expected term, expected volatility, dividend yield, risk-free interest rate, and the fair value of the Company's common stock on the grant date.

**Expected term** - estimated using the simplified method, which averages the contractual term and vesting period. This approach was elected due to insufficient historical exercise data.

**Expected volatility** - is based on the historical stock price volatility of comparable publicly traded companies, due to limited trading history of the Company's common stock. Volatility estimates may be adjusted for differences in capital structure where appropriate.

**Dividend yield** - is assumed to be zero, as the Company has not declared or paid dividends and does not anticipate doing so in the foreseeable future.

**Risk-free interest rate** - is based on the yield of a zero-coupon U.S. Treasury bond with a maturity matching the expected term of the option.

All stock option grants generally have an exercise price equal to or greater than the fair market value of the Company's common stock on the date of grant.

Because the Company is privately held and there is no public market for its stock, the fair value of the Company's equity is approved by the Company's board of directors thereof as of the date stock-based awards are granted. In estimating the fair value of its stock, the Company uses a third-party valuation specialist and considers factors it believes are material to the valuation process, including but not limited to, the price at which recent equity was issued by the Company to independent third parties or transacted between third parties, any indications of value from offers to acquire the Company, actual and projected financial results, risks, prospects, economic and market conditions, and estimates of weighted average cost of capital. The Company believes the combination of these factors provides an appropriate estimate of the expected fair value of the Company and reflects the best estimate of the fair value of the Company's common stock at each grant date.

**Revenue Recognition**

The Company recognizes revenue pursuant to ASC 606. The core principle of the revenue standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

● Step 1: Identify the contract with the customer

● Step 2: Identify the performance obligations in the contract

● Step 3: Determine the transaction price

● Step 4: Allocate the transaction price to the performance obligations in the contract

● Step 5: Recognize revenue when the Company satisfies a performance obligation

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In order to identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606's definition of a "distinct" good or service (or bundle of goods or services) if both of the following criteria are met: the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and the entity's promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). If a good or service is not distinct, the good or service is combined with other promised goods or services until a bundle of goods or services is identified that is distinct. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all of the following:

● Variable consideration

● Constraining estimates of variable consideration

● The existence of a significant financing component in the contract

● Noncash consideration

● Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The transaction price is allocated to each performance obligation on a relative, standalone selling price basis. The transaction price allocated to each performance obligation is recognized when that performance obligation is satisfied, at a point in time or over time, as appropriate.

*Co-location Mining Services*

The Company's co-location mining services contracts are structured as service agreements which may provide multiple performance obligations. The primary performance obligation provided under these contracts include hosting customers' miners within a secure data center while supplying electrical power, internet connectivity, proper safety and security, and access to maintenance resources. Revenue for co-location mining services is recognized over time, as customers simultaneously receive and consume the benefits of the Company's services. Customers may be invoiced under a number of different payment terms. Typically, customers are billed monthly for facility fees and energy fees. Facility fees may be fixed fees for the contract term or variable fees based on the number of miners the customer put into place at the data center. Energy fees are passed through to the customer from the utility provider based upon the current usage and utility rate. Any fixed consideration is included in the transaction price at contract inception and is recognized ratably over time as the services are transferred to the customer over the contractual term. Energy fees and variable facility fees are recognized in the period when the related services are provided. In certain contracts, the customer can pay the Company for mining services in the form of a percentage of digital assets mined by the customer's miners. Because digital assets are treated as noncash consideration, their fair value is determined at the time of contract inception based on the quoted market price of the digital asset in the Company's principal market. The Company is the principal in providing mining services to the customer, and all related fees earned are reported on a gross basis. There is no significant financing component in these transactions.

*Implementation Services*

The contract may also include implementation services performance obligations which provide services to install and configure of mining equipment at the data center. Implementation services fees are recognized in the period when the services are provided.

*Income from Cryptocurrency Mining* 

The Company provides computing power, measured by a hashrate, to a mining pool operator. In exchange for providing computing power, the Company is entitled to a fractional share of Bitcoin. Regardless of the pool's success, the Company will receive consistent rewards based on the number of valid shares it contributes. Since the contract is continuously renewing, second by second, the mining contract is considered to have a duration of less than 24 hours for accounting purposes.

The provision of computing power is the only performance obligation to the mining pool. The transaction consideration the Company receives is a noncash consideration, which is variable. There is no significant financing component in these transactions.

The Company measures the Bitcoin at fair value on the date earned using the daily close price quoted by its principal market at the date the Company completed the service of performing hash computations for the mining pool operator.

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Providing computing power in Bitcoin transaction verification services is not an output of the Company's ordinary activities, which consists principally of providing colocation, hosting, and managed services pursuant to contracts with customers within the scope of ASC 606 as described above. Accordingly, the value of Bitcoin mined from the Company's participation in mining activities (including participating in mining pools) is presented as other income rather than revenue from contracts from customers. During the nine months ended September 30, 2025, $1,904 of the $2,102 in mining income, reflected the value of Bitcoin mined from operating third party mining equipment following the counterparty's default and the Company's exercise of contractual remedies, which likewise, did not arise from the Company's ordinary course of business. The Company recognized the mining income as other income in the Company's consolidated statements of operations and comprehensive income (loss).

*Contract Assets*

Unbilled accounts receivable (a contract asset) are recognized when the Company has provided services but has not yet invoiced the customer for such services. Unbilled receivables were $1,006 and $1,484 as of September 30, 2025 and December 31, 2024, respectively.

*Contract Liabilities*

Deferred revenue (a contract liability) is recognized when we have an unconditional right to a payment before we transfer the products or services to customers. This may occur in certain co-location mining services contracts that require a significant upfront payment of fees to be paid by the customer prior to delivery of services or when customers are billed in advance for services to be performed in future periods. Any upfront payments or advanced billings are recorded as deferred revenue and recognized as revenue as the Company provides services to the customer.

Customer deposits (a contract liability) are recognized when the customer is required to provide refundable cash deposits as security for fees due under the terms of certain co-location mining services agreements. The refundable cash deposit is returned to customer upon the conclusion of the agreement unless cash deposits are required to satisfy any open account balance due by the customer. Customer deposits are included in other current liabilities in the condensed consolidated balance sheets.

**Net (Loss) Income Per Share**

The Company computes (loss) income per share in accordance with FASB ASC Topic 260, *Earnings per Share* ("**ASC 260**"). Basic loss per share is computed by dividing net (loss) income available to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

**Income Taxes**

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statements and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that management believes that these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying condensed consolidated statement of operations and comprehensive (loss) income. As of September 30, 2025 and December 31, 2024, no accrued interest or penalties are included in the condensed consolidated balance sheets.

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**Other Comprehensive (Loss) Income**

Other comprehensive (loss) income includes all other non-stockholder changes in equity. Changes in other comprehensive (loss) income and accumulated other comprehensive loss in all periods presented consists of changes and the cumulative changes in the fair value due to credit risk on notes payable.

**Commitments and Contingencies**

The Company reserves for contingent liabilities based on ASC Topic 450, *Contingencies*, when it determines that a liability, including the legal costs associated with this liability is probable and reasonably estimable. From time to time, the Company may become involved in litigation relating to claims arising in the ordinary course of the business; however, unless otherwise noted, there are no claims or actions pending or threatened against the Company that, if adversely determined, would in the Company's management's judgment have a material adverse effect on the Company.

**Recently Adopted Accounting Pronouncements**

In May 2025, the FASB issued ASU 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810)*: Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("**VIE**"). This standard clarifies the guidance in determining the accounting acquirer in certain transactions involving VIEs. The update aims to improve consistency and comparability in financial reporting, especially when companies merge with a SPAC. ASU 2025-03 requires entities to apply the same factors used for determining the accounting acquirer in other acquisition transactions. The ASU is applied prospectively to all business combinations with acquisition dates occurring on or after the date of initial application. The ASU is effective for all annual reporting periods (and interim periods in annual reporting periods) beginning after December 15, 2026. Early adoption is permitted in interim or annual reporting periods in which financial statements have not yet been issued (or made available for issuance). Management has elected to early adopt ASU 2025-03 in 2025.

In December 2023, the FASB issued Accounting Standards Update No. 2023-08, Intangible - Goodwill and Other - Crypto Assets (Subtopic 350-60) ("**ASC 350-60**"), to provide guidance on the accounting for and disclosure of crypto assets and requires that the Company (i) subsequently remeasure crypto assets at fair value in the condensed consolidated balance sheets and record gains and losses from remeasurement in Net (loss) income in the condensed consolidated statements of operations and comprehensive (loss) income; (ii) present crypto assets separate from other intangible assets in the condensed consolidated balance sheets; (iii) present the gains and losses from remeasurement of crypto assets separately in the condensed consolidated statements of operations and comprehensive (loss) income; and (iv) provide specific disclosures for crypto assets.

For all entities, the ASC 350-60 amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued (or made available for issuance). If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. The Company adopted the new guidance effective January 1, 2025. At the time of adoption, the difference between the fair value of the in-scope crypto assets and their carrying amounts was $13 and an adjustment was recorded to retained earnings as of January 1, 2025.

On July 4, 2025, the One Big Beautiful Bill Act ("**OBBBA**") was signed into law. The OBBBA introduced multiple U.S. federal income tax changes such as deductibility of domestic research and development expenses, deductibility on certain property additions and limitations on interest expense deduction. The Company has included the impact of these provisions on our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*, which requires enhanced income tax disclosures that reflect how operations and related tax risks, as well as how tax planning and operational opportunities, affect the tax rate and prospects for future cash flows. This standard is effective for the Company beginning January 1, 2025, with early adoption permitted. The ASU should be applied on a prospective basis, but retrospective application is permitted. The Company has included the impact of these provisions on our condensed consolidated financial statements.

**Recently Issued Accounting Standards Not Yet Adopted**

In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)*, which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company's annual reporting period beginning January 1, 2027 and interim reporting periods beginning January 1, 2028 and should be applied on a retrospective or prospective basis, with early adoption permitted. We are currently assessing the impact of adopting this standard on our consolidated financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Value Measurements** 

The following tables present the Company's fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value. There were no liabilities carried at fair value at September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at <br> September 30, 2025** | **Fair Value Measurements at <br> September 30, 2025** | **Fair Value Measurements at <br> September 30, 2025** | **Fair Value Measurements at <br> September 30, 2025** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Crypto assets | $394 | $- | $- | 394 |
| &nbsp;&nbsp;&nbsp;Total assets | $394 | $- | $- | $394 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** | **Fair Value Measurements at <br> December 31, 2024** |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Notes payable, held at fair value | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - | $3922 | $3922 |
| Warrant liability | - | - | 113 | 113 |
| &nbsp;&nbsp;&nbsp;Total liabilities | $- | $- | $4035 | $4035 |

---

There have been no changes in valuation techniques and related inputs. For the nine months ended September 30, 2025 and year ended December 31, 2024, there were no transfers between Level 1, Level 2 and Level 3.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of September 30, 2025** | **As of September 30, 2025** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Notes<br> Payable,<br> Held at Fair<br> Value** | **Warrant<br> Liability** | **Notes<br> Payable,<br> Held at Fair<br> Value** | **Warrant<br> Liability** |
| Balance as of beginning of period | $3922 | $113 | $5669 | $12 |
| Issuances (fair value on issuance date) |  | 145 |  | 49 |
| Payments/settlements | (4052) |  | (2528) |  |
| Change in fair value in earnings<sup>(1)</sup> | 190 | 7056 | 726 | 52 |
| Change in fair value in other comprehensive (income) loss<sup>(2)</sup> | (60) |  | 55 |  |
| Reclassification of liability classified warrants to equity classified warrants |  | (7314) | - | - |
| Balance as of end of period | $- | $- | $3922 | $113 |

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<sup>(1)</sup> Change in fair value in earnings is reflected within other income (expense) within the condensed consolidated statements of operations and comprehensive (loss) income.

<sup>(2)</sup> Change in fair value in other comprehensive (income) loss is reflected within change in fair value due to credit risk on notes payable within the condensed consolidated statements of operations and comprehensive (loss) income.

*Warrants*

The fair value of the Warrants was estimated using an option pricing model ("**OPM**"), which allocates the Company's equity value among the various classes of units based on the rights and preferences within the capital structure, assuming a future exit event. This method takes into account factors such as vesting conditions, liquidation preferences, and the relative seniority of each instrument. Given the absence of a public market for the Company's units, a discount for lack of marketability was applied to arrive at the final per-unit fair value. As a privately held company, the fair value of common stock is determined by the board of directors at each grant date, based on third-party valuations. These valuations consider relevant factors, including financial performance, market conditions, and other qualitative and quantitative inputs.

The OPM requires the use of significant assumptions, including expected term, expected volatility, expected dividend yield, and the risk-free interest rate. Volatility was estimated based on the historical volatilities of comparable publicly traded companies over a period consistent with the expected holding period. The Company has not declared or paid dividends to date and does not anticipate doing so in the foreseeable future; accordingly, a dividend yield of zero was applied. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant, with a maturity matching the expected term of the awards. The expected term represents the anticipated period the awards will remain outstanding, based on current expectations regarding a potential liquidity event.

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| | |
|:---|:---|
|  | **As of<br> December 31, <br> 2024** |
| Risk-free interest rate | 4.3% |
| Expected term (in years) | 4.0 |
| Expected volatility | 147.5% |
| Expected dividend yield | 0.0% |
| Expected discount for lack of marketability | 32.5% |

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*Notes Payable*

Notes payable, held at fair value are comprised of the 2021 term loan (Term Loan A and Term Loan B). The fair value of Term Loan A was estimated using a Monte Carlo simulation framework to capture the path-dependent repayment structure, which varies based on the average Bitcoin price over the preceding month. The simulation incorporated stochastic modeling of Bitcoin price movements using a risk-neutral Geometric Brownian Motion process, reflecting assumptions for volatility, risk-free rate, and time increments. This approach generated a distribution of potential payment outcomes under varying market conditions, which was used to determine the estimated fair value. The fair value of Term Loan B was estimated using a Discounted Cash Flow (DCF) approach. This method projects future cash flows based on the loan's contractual terms, including interest payable in kind through March 1, 2024, followed by monthly cash interest payments and a final maturity payment on February 21, 2025. The discount rate applied reflects market yields derived from the Blockfusion's credit profile, prevailing market conditions, risk-free rates, and credit spreads as of the issuance date. The table below summarizes key inputs:

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| | | |
|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Term <br> Loan A** | **Term <br> Loan B** |
| Risk-free rate | 4.31% | n/a |
| Discount rate | 9.13% | 8.77% |
| Interest rate | 5.00% | 5.00% |
| Bitcoin volatility | 50.00% | n/a |

---

For purposes of determining changes in fair value attributable to instrument-specific credit risk that are recognized in other comprehensive income, Blockfusion applied a consistent credit spread that existed at inception to each subsequent measurement period's risk-free rate, which was utilized to determine the calculated value of the instruments based on the application of this consistent credit spread. The difference between this calculated value and the estimated fair value of the instruments as determined above represents the cumulative change in fair value attributable to instrument specific credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Property and Equipment, Net** 

Property and equipment, net consisted of the following:

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| | | |
|:---|:---|:---|
|  | **September 30, <br> 2025** | **December 31,<br> 2024** |
| Land | $370 | $370 |
| Building and improvements | 12721 | 12713 |
| Machinery and equipment | 2885 | 2872 |
| Furniture and fixtures | 10 | 10 |
| Construction in process | 117 | - |
|  | 16103 | 15965 |
| Less: Accumulated depreciation | (3193) | (2500) |
| Property and equipment, net | $12910 | $13465 |

---

Depreciation expense of property and equipment for the nine months ended September 30, 2025 and 2024 was $693 and $651, respectively. Net carrying value of disposals of property and equipment for the periods ended September 30, 2025 and December 31, 2024 was $0 and $81, respectively. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss on the property and equipment disposal of $0 and $40, respectively, in the condensed consolidated statement of operations and comprehensive (loss) income. For the nine months ended September 30, 2024, the Company transferred $38 of assets for the settlement of debt.

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&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Crypto Assets** 

The following table summarizes Crypto assets held for operations:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Digital Asset** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **December 31, <br> 2024** |
|  | **Units** | **Cost Basis** | **Fair Value** | **Carrying Value** |
| Bitcoin | 3.5 | $390 | $394 | $206 |

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The Company recognized unrealized gains on change in fair value of $4 during the nine months ended September 30, 2025. The following table provides a reconciliation of Crypto assets held for operations:

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| | |
|:---|:---|
|  | **Amount** |
| Beginning balance | $206 |
| Cumulative-effect adjustment from adoption of ASU 2023-08 | 13 |
| Additions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income recognized from mined digital assets | 2102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases | 67 |
| Dispositions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital assets disposed | (1841) |
| &nbsp;&nbsp;&nbsp;&nbsp;Digital assets used in operations | (173) |
| Gains (losses) | 20 |
| Ending balance | $394 |

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&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Leases** 

Throughout 2022, the Company entered into sale-leaseback transactions with a third party relating to equipment. These transactions are accounted for as financing arrangements as control of the equipment did not transfer to the buyer-lessor due to a fixed price repurchase option as well as the lease being finance classified. The Company sold the equipment at fair market value and concurrently leased the equipment back over a twenty-four month lease term. At the end of the lease term, the Company may repurchase the equipment at a fixed amount stipulated in the agreement. Beginning in 2022, the Company defaulted on its payments and began accruing interest and penalties. By August 2024, all leases subject to the Company's sale-leaseback transactions had expired. In September 2024, the Company entered into a settlement agreement with the buyer-lessor whereby the Company agreed to repurchase the equipment by issuing a $6,000 promissory note and warrants exercisable for an aggregate 410,000 shares of Series A Common Stock of the Company. No cash was exchanged as part of the settlement and a gain of $3,619 was recognized. In addition, the Company was relieved of any and all claims of the buyer-lessor including the waiver of all outstanding obligations pursuant to the sale-leaseback contracts pertaining to accrued interest and penalties.

The Company also leases certain equipment classified as finance leases. The following table presents the components of lease costs. Amortization of the ROU asset and interest on lease liabilities are included in depreciation and amortization expense and interest expense, respectively, on the condensed consolidated statement of operations for the nine months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br> September 30,** | **Nine Months Ended <br> September 30,** |
|  | **2025** | **2024** |
| Finance lease cost: |  |  |
| Amortization of right-of-use assets | $- | $155 |
| Interest on lease liabilities | $- | 4 |
| Short-term lease cost | $- | 99 |
| Total lease costs | $- | $258 |

---

[**Table of Contents**](#TableOfContents)

The following table presents other supplemental lease information for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **September 30, <br> 2024** |
| **Other Information** |  |  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| Operating cash flows from finance leases | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $1 |
| Financing cash flows from finance leases |  | 22 |

---

There were no new right-of-use assets obtained in exchange for lease liabilities during the nine months ended September 30, 2025 and September 30, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Accrued Expenses and Other Current Liabilities** 

Accrued expenses and other current liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| Payroll liabilities ($2,933 and $2,629 due to related parties, respectively) | $2933 | $2629 |
| Professional services liability | 1023 |  |
| Interest payable | 19 |  |
| Taxes payable | 207 | 80 |
| Other | 23 | 293 |
|  | $4205 | $3002 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Debt** 

Debt held at amortized cost is recorded net of discounts and issuance costs, which are amortized to interest expense over the respective terms of such instruments. The effective interest rates are calculated based on contractual interest, discount, and issuance costs. Issuance costs incurred for debt held at fair value is expensed immediately.

For the nine months ended September 30, 2025 and 2024, interest expense on total long-term debt was $1,647 and $1,116, respectively. These interest expense amounts include amortization of discounts, premiums and issuance costs in the amount of $90 and $16 for the nine months ended September 30, 2025 and 2024, respectively.

As of September 30, 2025, the Company had a total of $0 and $19,856 of debt held at fair value and debt held at amortized cost, respectively. As of December 31, 2024, the Company had a total of $3,922 and $14,626 of debt held at fair value and debt held at amortized cost, respectively.

Our long-term debt obligations are summarized below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Maturity Dates** | **Maturity Dates** | **Stated Interest Rates** | **Stated Interest Rates** | **Effective Interest Rates** | **Effective Interest Rates** | **Unpaid Principal Balance** | **Unpaid Principal Balance** |
|  | **September 30,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2025** | **December 31,<br> 2024** | **September 30,<br> 2025** | **December 31,<br> 2024** |
| 2022 Term Loan | June 2027 | June 2027 | 12% - 16%\* | 12% - 16% | 11.98% | 11.98% | $8616 | $8435 |
| 2023 Term Loan | n/a | April 2025 | n/a | 7.00% | n/a | 7.00% |  | 38 |
| 2024 Term Loan | September 2027 | September 2027 | 12.00% | 12.00% | 14.77% | 14.77% | 6428 | 6153 |
| 2025 Term Loans | September 2027 - January 2028 | n/a | 7.50% - 12.00% | n/a | 7.89% - 14.46% | n/a | 4812 | - |
| Total face value |  |  |  |  |  |  | 19856 | 14626 |
| Notes payable, current portion |  |  |  |  |  |  | (2369) | (1178) |
| Unamortized premium and (discount), net |  |  |  |  |  |  | 28 | 94 |
| Notes payable, non-current portion, net |  |  |  |  |  |  | $17515 | $13542 |

---

\* Pursuant to the term loan agreement, interest will accrue at a rate of 12.00% from the August 2024 modification date through June 6, 2025; a rate of 14.00% from June 7, 2025 through June 6, 2026; and a rate of 16.00% from June 7, 2026 through the maturity date.

[**Table of Contents**](#TableOfContents)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Maturity Dates** | **Stated Interest Rates** | **Unpaid Principal Balance** | **Fair value <br> (carrying value)** | **Difference** |
| 2021 Term Loan | February 2025 - <br> September 2026 | 5.00% | $3973 | $3922 | $(51) |
| Notes payable, current portion |  |  |  | (3790) |  |
| Notes payable, held at fair value, non-current portion |  |  |  | $132 |  |

---

**2021 Term Loan** 

In June 2021, the Company entered into a settlement agreement with a joint venture partner, whereby the joint venture partner transferred its ownership interest in NED to the Company in exchange for NED's acknowledgment of an $8,000 term loan. The loan was formally assumed in September 2021 and matured on September 9, 2026.

The Company elected the fair value option under ASC 825-10, *Financial Instruments* ("**ASC 825-10**"), to avoid bifurcation of embedded derivatives pursuant to ASC 815-15, *Derivatives and Hedging – Embedded Derivatives* ("**ASC 815-15**"). The debt contains embedded features that would otherwise require separate recognition as derivative liabilities, subject to initial and subsequent fair value measurement under ASC 815-15. Changes in fair value attributable to instrument-specific credit risk are presented separately in other comprehensive (loss) income on the condensed consolidated statement of operations and comprehensive (loss) income. Issuance costs related to the term loan were expensed immediately.

In August 2023, the Company and the lender resolved legal disputes related to the original settlement agreement. The term loan was amended to incorporate both the original obligation (also referred to as "**Term Loan A**") and an additional $953 awarded to the lender through arbitration (also referred to as "**Term Loan B**"). The amendment did not result in substantially different terms under ASC 470-50, *Debt – Modifications and Extinguishments*, nor did it trigger a remeasurement event under ASC 825-10. The $953 obligation had an initial fair value of $837 and was accounted for under the fair value option. The loan matured on February 21, 2025.

**2022 Term Loan** 

In February 2022, the Company issued a $7,356 term loan, collateralized by digital asset mining equipment acquired with the loan proceeds. The term loan was originally set to mature in May 2024 and was accounted for at amortized cost under ASC 835-30, *Interest – Imputation of Interest* ("**ASC 835-30**").

In June 2022, the Company defaulted on the term loan, resulting in the loan becoming callable and reclassified to current liabilities. In April 2023, the Company entered into a Partial Strict Foreclosure Agreement, under which it transferred equipment designated as collateral in the term loan agreement to the lender. The equipment's fair value and carrying value was $1,103. This amount was applied to the outstanding term loan balance—first to accrued interest of $549, with the remaining $554 applied to principal.

In August 2024, the loan was restructured to extend the maturity date to June 6, 2027 and revise payment terms. The outstanding principal balance and accrued and unpaid interest were restructured into a new par value of $8,268 under the revised terms. This resulted in the reclassification of $1,484 of the accrued and unpaid interest within accrued expenses and other current liabilities to the new par value. The restructuring cured the default and was accounted for as a modification, as the revised terms were not substantially different under ASC 470-50. Interest on the August 2024 restructured terms is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid-in-kind interest, the Company is required to make monthly cash payments at the beginning of each month of $60. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

**2024 Term Loan**

In September 2024, The Company entered into a settlement agreement with a lessor. The Company failed to make certain lease payments under the master lease agreement and owed rental payments as well as accrued interest to the lessor as of August 31, 2024. Pursuant to the settlement agreement, the master lease agreement is deemed to be terminated and all obligations satisfied upon issuance of a $6,000 term loan, the exercise of the purchase option stipulated in the master lease agreement (fixed price purchase option) and transfer of title and interest of certain equipment to the Company, and the issuance of warrants (410,000 Series A Common Stock) to the lessor. The term loan and warrants were considered to be noncash lease payments made upon termination, which were initially recognized at fair value. The term loan had an initial fair value of $5,585. No cash was exchanged as part of the settlement. The Company evaluated the terms of the term loan and determined that there were no embedded features which would otherwise be required to be bifurcated from the debt-host and recognized as separate derivative. Subsequent to the issuance date, the term loan was accounted for at amortized cost, pursuant to ASC 835-30. The term loan has a maturity date of September 1, 2027. The Company's term loan bears interest at a rate of 12% per annum. Interest is paid in kind at the end of every month and is added to the outstanding principal balance. As a result, the loan balance increases monthly by the amount of accrued interest. In addition to the paid-in-kind interest, the Company is required to make monthly cash payments at the beginning of each month of $30 during the first year of the term, $50 during the second year, and $70 during the third year. At the maturity date, any remaining unpaid principal, accrued interest, and paid in kind interest will be repaid in cash.

[**Table of Contents**](#TableOfContents)

**2025 Term Loans**

In January 2025, the Company settled a $1,187 trade payable balance with a vendor by issuing a $1,187 term loan and a warrant to purchase up to 50,000 shares of Series A Common Stock. The term loan bears interest at an annual rate of 7.5% and matures in January 2028. The warrant is exercisable at $0.92 per share and has a term of five years from the issuance date. The settlement did not result in substantially different terms under ASC 470-50 and was accounted for at amortized cost, pursuant to ASC 835-30.

In July 2025, the Company issued a $4,000 term loan which is accounted for at amortized cost under ASC 835-30. The term loan bears a stated interest rate of 12% and matures in September 2027. This term loan is secured by a first priority lien on the Company's Niagara Falls, NY property and equipment with a carrying value amounting to $12,910 as of September 30, 2025.

**Future principal payments of debt**

The future scheduled principal payments on long-term debt, including paid-in-kind interest, of debt as of September 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Year Ended December 31,** | **Amount** |
| 2025 (remaining) | $380 |
| 2026 | 2763 |
| 2027 | 16603 |
| 2028 | 110 |
| 2029 |  |
| Thereafter | - |
|  | $19856 |

---

**Short-term notes payable**

In March 2025, the Company entered into a settlement agreement with a vendor to settle $823 in trade payable balances. The payment terms of the $823 in trade payable were restructured to be repaid upon a qualifying financing or change of control event and is non-interest bearing. In connection with the settlement, a warrant was issued to the vendor to purchase up to 35,000 shares of Series A Common Stock. The warrant is exercisable at $0.92 per share and has a term of three years from the issuance date. The settlement did not result in substantially different terms under ASC 470-50 and was accounted for at amortized cost, pursuant to ASC 835-30. As of September 30, 2025, the remaining unpaid principal is $719.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Equity** 

***Common Stock***

As of September 30, 2025 and December 31, 2024, the Company has 61,000,000 shares of $0.0001 par value common stock authorized, of which 45,000,000 shares are designated as Series A Common Stock and 16,000,000 shares are designated as Series B Common Stock. As of September 30, 2025, there were 19,867,521 shares of Series A Common Stock and 13,110,000 shares of Series B Common Stock outstanding. As of December 31, 2024, there were 19,807,521 shares of Series A Common Stock and 13,110,000 shares of Series B Common Stock outstanding.

Each share of Series A Common Stock entitles the holder to one vote, and each share of Series B Common Stock entitles the holder to twenty votes, together with the holders of the Convertible Preferred Stock, on all matters submitted to the stockholders for a vote. The holders of common stock are entitled to receive dividends, if any, as declared by the Company's board of directors, subject to the preferential dividend rights of Convertible Preferred Stock. No dividends were declared or paid through September 30, 2025.

***Convertible Preferred Stock***

*Amendments to Certificate of Incorporation*

On February 9, 2021, the Company entered into its initial Certificate of Incorporation (the "**Certificate of Incorporation**"). Under the Certificate of Incorporation, one series of common stock and one series of preferred stock was authorized in the amounts of 20,000,000 and 5,000,000, respectively. The preferred stock is convertible, at the option of the holder, at any time into shares of common stock.

[**Table of Contents**](#TableOfContents)

On February 1, 2022, the Company amended its Certificate of Incorporation (the "**First Amended and Restated Certificate of Incorporation**") to reclassify its existing common stock into two series: Series A Common Stock and Series B Common Stock. Additionally, the Company's outstanding preferred stock issued under the initial Certificate of Incorporation became convertible into Series A Common Stock and Series B Common Stock ("**Series Seed Preferred Stock**"). The amendment also authorized a new series of preferred stock, ("**Series A Preferred Stock**") which is convertible into Series A Common Stock at the option of the holder at any time. Under the First Amended and Restated Certificate of Incorporation, the Company is authorized to issue 25,000,000 shares of Series A Common Stock, 16,000,000 shares of Series B Common Stock, 2,640,000 shares of Series Seed Preferred Stock, and 2,360,000 shares of Series A Preferred Stock.

On August 27, 2024 the company amended its First Amended Certificate of Incorporation (the "**Second Amended and Restated Certificate of Incorporation**"). The Second Amended and Restated Certificate of Incorporation increased the total authorized shares of Series A Common Stock from 25,000,000 to 45,000,000, with no changes to the authorized shares of the other classes of common or preferred stock.

*Shares Outstanding*

As of September 30, 2025 and December 31, 2024, the Company was authorized to issue 5,000,000 shares of preferred stock. 2,640,000 shares of the authorized preferred stock were designated as Series Seed Preferred Stock and 2,360,000 shares of the authorized preferred stock were designated as Series A Preferred Stock. As of September 30, 2025 and December 31, 2024, 2,640,000 shares of Series Seed Preferred Stock were issued and outstanding and 1,702,922 shares of Series A Preferred Stock were issued and outstanding.

As of September 30, 2025 and December 31, 2024, the Series Seed Preferred Stock was potentially convertible into 2,640,000 shares of Series A Common Stock and 2,640,000 shares of Series B Common Stock. As of September 30, 2025 and December 31, 2024, the Series A Preferred Stock was potentially convertible into 1,702,922 shares of Series A Common Stock.

*Series Seed Preferred Stock*

On February 22, 2021, the Company issued 2,640,000 shares of preferred stock under the initial Certificate of Incorporation, $0.0001 par value per share to certain investors at a purchase price of $0.08333 per share, for gross proceeds of $200. Additionally, in conjunction with the issuance of convertible preferred stock, warrants were issued to purchase up to 250,000 shares of common stock under the initial Certificate of Incorporation, at an exercise price of $0.50 per share. The warrants were determined to be freestanding financial instruments. The cash proceeds were allocated using the with-and-without method by first allocating proceeds to the fair value of the liability classified warrants, with the remaining allocated to the convertible preferred stock. Refer to Note 3 – Fair Value Measurements for additional information regarding the valuation techniques and inputs used in determining the fair value of liability classified warrants. There were no material issuance costs incurred in connection with this issuance. Upon the execution of the First Amended and Restated Certificate of Incorporation on February 1, 2022, the 2,640,000 shares of preferred stock were reclassified to 2,640,000 shares of Series Seed Preferred Stock and the warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the execution of the First Amended and Restated Certificate of Incorporation.

*Series A Preferred Stock* 

On February 3, 2022, the Company issued 282,185 shares of Series A Preferred Stock, $0.0001 par value per share to certain investors at a purchase price of $1.3856 per share. The Company received gross proceeds of $250 on the issuance date. An additional $141 of proceeds was not received at the issuance date and was recorded as a preferred stock receivable, which was presented as a direct reduction to the carrying value of Series A Preferred Stock on the condensed consolidated balance sheet as of December 31, 2022. The Company incurred $39 of issuance costs in connection with this issuance.

On February 3, 2022, the Company issued 1,611,513 shares of Series A Preferred Stock, par value $0.0001 per share, to holders of certain notes payable. These notes were issued in 2021 and contained a share-settled redemption feature, which provided for the conversion of outstanding principal and accrued interest into Series A Preferred Stock upon the occurrence of specified conditions. The feature was triggered on February 3, 2022 in accordance with the terms of the note agreements and resulted in the extinguishment of the related notes payable.

[**Table of Contents**](#TableOfContents)

On September 30, 2022, the Company issued 55,877 shares of Series A Preferred Stock, $0.0001 par value per share, to certain investors at a purchase price of $1.34 per share, for gross proceeds of $75. Additionally, in conjunction with the issuance of convertible preferred stock, warrants were issued to purchase up to 19,557 shares of Series A Common Stock. The warrants were determined to be freestanding financial instruments. The cash proceeds were allocated using the with-and-without method by first allocating proceeds to the fair value of the liability classified warrants, with the remaining allocated to the convertible preferred stock. Refer to Note 3 – Fair Value Measurements for additional information regarding the valuation techniques and inputs used in determining the fair value of liability classified warrants.

In December 2022, the Company entered into an agreement to repurchase 144,893 shares of Series A Preferred Stock from an investor for total consideration of $206, paid in installments through February 2023; 52,752 shares of Series A Preferred Stock were repurchased for $75 on December 7, 2022; 52,752 shares of Series A Preferred Stock were repurchased for $75 on December 16, 2022; and 39,389 shares of Series A Preferred Stock were repurchased for $56 on February 21, 2023. The repurchase of Series A Preferred Stock was treated as a deemed dividend to the extent the cash paid exceeded the stock's carrying value, reducing additional paid-in capital. For the February 21, 2023 repurchase, the adjustment was immaterial and will not be reflected in earnings per share for the year ended December 31, 2023.

On December 11, 2023, the Board of Directors approved the cancellation of 101,759 shares of Series A Preferred Stock originally issued under the February 3, 2022 Series A Preferred Stock Purchase Agreement. The cancellation was due to the purchaser's non-payment of the $141 purchase price. As a result of the cancellation, the Company recorded a $141 reduction to the Series A Preferred Stock balance to eliminate the previously recognized shares. Concurrently, the Company reversed the $141 receivable initially recorded for the expected proceeds, resulting in a corresponding $141 increase to the Series A Preferred Stock balance. The net impact to the Series A Preferred Stock balance as of the cancellation date was zero.

In March 2025, changes in preferred stock ownership resulted in a majority of the Company's board of directors owning preferred stock. As a result, the preferred stock became redeemable upon the occurrence of an event that is not solely within the control of the Company, as defined under ASC 480-10-S99-3A. Specifically, redemption is now subject to approval by a board that is majority-controlled by preferred stockholders. Accordingly, the preferred stock is presented outside of permanent equity in the mezzanine section of the condensed consolidated balance sheets.

The Company reclassified the Series Seed Preferred Stock and Series A Preferred Stock from permanent equity to temporary equity at their respective fair values as of the reclassification date in March 2025, resulting in carrying amounts of $815 for Series Seed Preferred Stock and $851 for Series A Preferred Stock. The difference between each class's fair value and its prior carrying amount was recorded as an aggregate increase of $864 to additional paid-in capital. The fair values of the Series Seed Preferred Stock and Series A Preferred Stock were determined using an option pricing model based on the following assumptions: (i) risk-free rate of 4.0%, (ii) volatility of 145.0%, (iii) dividend yield of 0.0%, (iv) time to liquidity event of 3.8 years. Redemptions are not deemed probable to occur at any time during the periods presented, and therefore, no subsequent remeasurement to redemption value is required for the Series Seed Preferred Stock or the Series A Preferred Stock.

As of September 30, 2025 and December 31, 2024, the issued and outstanding Convertible Preferred Stock and their carrying values were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Shares<br> Issued and <br> Outstanding** | **Amount** | **Shares <br> Issued and <br> Outstanding** | **Amount** |
| Series Seed Convertible Preferred Stock, $0.0001 par value, 2,640,000 shares authorized | 2640000 | $851 | 2640000 | $213 |
| Series A Convertible Preferred Stock, $0.0001 par value, 2,360,000 shares authorized | 1702922 | $815 | 1702922 | $2318 |

---

The holders of Series A and Series Seed Preferred Stock have the following rights, preferences, and privileges:

*Voting*

Series A Preferred Stockholders vote on an as-converted basis of one vote per share with Common Stockholders as a single class. Certain protective provisions require the affirmative vote or written consent of at least 50% of Series A Preferred Stockholders for actions such as liquidation, amendments affecting rights, or issuance of senior securities. Holders of Series Seed Preferred Stock vote on an as-converted basis of twenty-one votes per share with Common Stockholders as a single class. Additionally, they are entitled to elect one director exclusively and as a separate class.

[**Table of Contents**](#TableOfContents)

*Conversion*

Each share of Series A Preferred Stock is convertible at the holder's option into Series A Common Stock. The conversion price is initially $1.3856 per share, subject to anti-dilution adjustments. All shares automatically convert upon a qualified initial public offering, SPAC merger, or vote of the requisite holders. Each share of Series Seed Preferred Stock is convertible at the holder's option into one share of Series A Common Stock and one share of Series B Common Stock. The conversion price is initially set at $0.08333 per share, subject to anti-dilution adjustments for stock splits, dividends, and reorganizations. All shares automatically convert upon a qualified initial public offering, SPAC merger, or vote of the requisite holders.

*Dividends*

Series A and Series Seed Preferred Stockholders are entitled to dividends prior to any dividends declared on other classes of stock.

*Liquidation Preference*

In a liquidation or deemed liquidation event, Series A Preferred Stockholders receive the greater of (i) the original issue price ($1.3856 per share), plus any declared but unpaid dividends, or (ii) the amount they would receive if converted to Common Stock. In a liquidation or deemed liquidation event, Series Seed Preferred Stockholders receive the greater of (i) 2.5x the original issue price ($0.08333 per share), plus any declared but unpaid dividends, or (ii) the amount they would receive if converted to Common Stock. If assets are insufficient, holders share ratably in available distributions.

*Redemption*

Series A and Series Seed Preferred Stock may be redeemed upon a deemed liquidation event if the Corporation does not dissolve within 90 days and the requisite holders request redemption within 120 days. Redemption occurs within 150 days at the liquidation amount using available proceeds. Redeemed shares are cancelled and not reissued.

***Warrants***

*February 2021 Seed Class A Warrants*

On February 22, 2021, the Company issued warrants to an investor, allowing the purchase of up to 250,000 shares of common stock in connection with the issuance of its Series Seed Preferred Stock. Each warrant carried an exercise price of $0.50 per share and is set to expire five years from the initial issuance date. Following a stock reclassification on February 1, 2022, each warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the stock reclassification on February 1, 2022.

On September 17, 2024, the Company amended the Seed Class A warrants to reduce the number of shares subject to exercise from 250,000 to 45,000. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The Seed Class A warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the amendment, the warrants were classified as current liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $215 and a gain of $1, respectively, related to changes in the fair value of the warrants.

*February 2021 Seed Class B Warrants*

On February 22, 2021, the Company issued warrants to an investor, allowing the purchase of up to 250,000 shares of common stock in connection with the issuance of its Series Seed Preferred Stock. Each warrant carried an exercise price of $0.50 per share and is set to expire five years from the initial issuance date. Following a stock reclassification on February 1, 2022, each warrant became exercisable for up to 250,000 shares of Series A Common Stock and 250,000 shares of Series B Common Stock. In accordance with the anti-dilution provision in the warrant agreement, the exercise price was adjusted to $0.25 per share, effective upon the stock reclassification on February 1, 2022.

[**Table of Contents**](#TableOfContents)

On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The Seed Class B warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the amendment, the warrants were classified as current liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized losses of $1,196 and $21, respectively, related to changes in the fair value of the warrants.

*September 2022 Series A Warrants*

On September 30, 2022, the Company issued Series A warrants to purchase up to an aggregate of 19,557 shares of common stock to investors in conjunction with the issuance of its September 2022 Series A Preferred Stock. Each Warrant has an exercise price of $0.01 per share. The Series A Warrant will expire on the five-year anniversary of the initial issuance date. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The September 2022 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the amendment, the warrants were classified as current liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized losses of $98 and $2, respectively, related to changes in the fair value of the warrants.

*September 2024 Common Stock Warrants*

On September 1, 2024, the Company issued Common Stock Warrants to purchase up to an aggregate of 410,000 shares of common stock to a vendor in conjunction with a settlement agreement entered into on the same date. Each Warrant has an exercise price of $0.01 per share. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The September 2024 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the amendment, the warrants were classified as other long-term liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $2,059 and $0, respectively, related to changes in the fair value of the warrants.

*January 2025 Common Stock Warrants*

On January 13, 2025, the Company issued Common Stock Warrants to purchase up to an aggregate of 50,000 shares of common stock to a vendor in conjunction with a settlement agreement entered into on the same date. Each Warrant has an exercise price of $0.92 per share. The January 2025 Common Stock Warrant will expire on the five-year anniversary of the initial issuance date. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The January 2025 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the September 29, 2025 amendment, the warrants were classified as other long-term liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $217 and $0, respectively, related to changes in the fair value of the warrants.

*March 2025 Common Stock Warrants*

On March 1, 2025, the Company issued Common Stock Warrants to a customer for the purchase of up to 417,550 shares of common stock, in connection with the third amendment to a mining services agreement executed on the same date. Each warrant has an exercise price of $0.01 per share. The warrants are exercisable during the 12-month period following the expiration or qualifying termination of the mining services agreement. As of the issuance date, the Mining Services Agreement had approximately 24 months remaining in its initial 38-month term and is subject to automatic renewal for successive three-month periods thereafter.

On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The March 2025 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the September 29, 2025 amendment, the warrants were classified as other long-term liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $2,093 and $0, respectively, related to changes in the fair value of the warrants.

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*April 2025 Common Stock Warrants*

On April 1, 2025, the Company issued Common Stock Warrants to purchase up to an aggregate of 35,000 shares of common stock to a vendor in conjunction with a settlement agreement entered into on the same date. Each Warrant has an exercise price of $0.92 per share. The warrants will expire on the three-year anniversary of the initial issuance date. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The April 2025 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the September 29, 2025 amendment, the warrants were classified as other long-term liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $152 and $0, respectively, related to changes in the fair value of the warrants.

*July 2025 Common Stock Warrants*

On July 21, 2025, the Company issued Common Stock Warrants to purchase up to an aggregate of 210,000 shares of common stock to a vendor in conjunction with a financing agreement entered into on the same date. Each Warrant has an exercise price of $0.01 per share. The July 2025 Common Stock Warrant will expire on the five-year anniversary of the initial issuance date. On September 29, 2025, the Company executed an amendment agreement with the warrant holders to modify certain provisions related to the methods of payment for the aggregate exercise price. As a result of this amendment, the warrants were reclassified from liability to equity. The July 2025 warrants are presented as permanent equity within the condensed consolidated balance sheets. Prior to the amendment, the warrants were classified as other long-term liabilities. For the nine months ended September 30, 2025 and 2024, the Company recognized a loss of $1,026 and $0, respectively, related to changes in the fair value of the warrants.

The following is a schedule of changes in warrants issued and outstanding from December 31, 2024, to September 30, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Seed<br> Class A<br> Warrants<br> February <br> 2021** | **Seed<br> Class B <br> Warrants<br> February<br> 2021** | **Series A<br> Warrants<br> September <br> 2022** | **Common<br> Stock <br> Warrants<br> September <br> 2024** | **Common <br> Stock <br> Warrants <br> January <br> 2025** | **Common<br> Stock <br> Warrants March <br> 2025** | **Common<br> Stock <br> Warrants April <br> 2025** | **Common <br> Stock <br> Warrants <br> July <br> 2025** | **Total <br> Common <br> Stock <br> Warrants** |
| Outstanding as of December 31, 2024 | 45000 | 250000 | 19557 | 410000 |  |  |  |  | 724557 |
| &nbsp;&nbsp;&nbsp;Warrants Issued |  |  |  |  | 50000 | 417550 | 35000 | 210000 | 712550 |
| &nbsp;&nbsp;&nbsp;Warrants Exercised |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrants Cancelled | - | - | - | - | - | - | - | - | - |
| Outstanding as of September 30, 2025 | **45000** | **250000** | **19557** | **410000** | **50000** | **417550** | **35000** | **210000** | **1437107** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Stock-based Compensation** 

Effective March 31, 2022, the Company adopted an equity-based compensation plan, the 2022 Stock Plan (the "**Plan**"), for certain employees and consultants. The Plan provides for the grant of stock options, stock issuances and other equity interests in the Company to the Company's employees and consultants. The Plan is administered by the Company's Board of Directors, or a committee appointed by the board.

On August 27, 2024, the Company amended and restated the Plan to increase the shares of Common Stock authorized for issuance to employees and consultants of the Company pursuant to Plan from 1,000,000 shares to 4,450,000 shares.

On February 24, 2025, the Company amended and restated the Plan to decrease the shares of Common Stock authorized for issuance to employees and consultants of the Company pursuant to Plan from 4,450,000 shares to 1,500,000 shares.

As of September 30, 2025 and December 31, 2024, 590,000 and 3,540,000 shares of Common Stock respectively were available for future grant under the Plan.

***Stock Options***

The Company's stock options vest over three years and have a ten-year contractual term. The stock options are accounted for as equity awards in accordance with ASC 718, *Compensation – Stock Compensation*. These awards are subject to the risk of forfeiture until vested by virtue of continued employment or service to the Company.

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The following is a summary of the options activities during the nine months ended September 30, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Options** | **Weighted-<br> Average <br> Exercise <br> Price** | **Weighted-<br> Average <br> Remaining <br> Contractual <br> Term <br> (Years)** | **Aggregate<br> Intrinsic <br> Value** |
| Outstanding balance as of December 31, 2023 | 542500 | $0.05 | 7.6 | 10.5 |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expired | (52500) | 0.15 |  |  |
| Outstanding balance as of September 30, 2024 | 490000 | $0.02 | 7.6 | 48.9 |
| Options vested and exercisable as of September 30, 2024 | 440556 | $0.02 | 7.6 | 43.8 |

---

The following is a summary of options activities during the nine months ended September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Options** | **Weighted-<br> Average<br> Exercise <br> Price** | **Weighted-<br> Average <br> Remaining <br> Contractual <br> Term <br> (Years)** | **Aggregate <br> Intrinsic <br> Value** |
| Outstanding balance as of December 31, 2024 | 490000 | $0.02 | 7.4 | 67.5 |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercised | (60000) |  |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expired | - | - |  |  |
| Outstanding balance as of September 30, 2025 | 430000 | $0.03 | 6.7 | 2000.5 |
| Options vested and exercisable as of September 30, 2025 | 428056 | $0.03 | 6.7 | 1991.5 |

---

For the nine months ended September 30, 2025 and 2024, the Company recognized total employee stock-based compensation expense of $2 and $10, respectively. For the same periods, the Company recorded non-employee stock-based compensation expense of $2 and $41, respectively.

As of September 30, 2025, total unrecognized stock-based compensation cost related to unvested stock options for employees and non-employees was less than $1. This cost is expected to be recognized over a weighted-average period of 0.08 years.

The total intrinsic value of options exercised during the nine month periods ended September 30, 2025, and 2024 was $281 and $0, respectively.

The total fair value of vested options at September 30, 2025 and 2024 was $277 and $265, respectively.

*October 2022 Option Repricing*

On October 28, 2022, the Board of Directors approved a repricing of stock options with an exercise price of $0.50 per share to an exercise price of $0.15 per share (the "**October 2022 Option Repricing**"). As a result of the October 2022 Option Repricing, 510,000 stock options held by 8 grantees were re-priced to a per share exercise price of $0.15. The October 2022 Option Repricing was subject to modification accounting under ASC 718. Modifications to stock-based awards are treated as an exchange of the original award for a new award with total compensation equal to the grant-date fair value of the original award plus any incremental value of the modification. The incremental value is based on the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. $2 of total incremental stock-based compensation resulted from the modification.

As of the nine months ended September 30, 2025 and 2024, the Company recognized less than $1 and less than $1 of stock-based compensation expense, respectively. As of September 30, 2025, there is no unrecognized stock-based compensation expense from the modification.

*December 2023 Option Repricing*

On December 11, 2023, the Board of Directors approved a repricing of stock options with an exercise price of $0.15 per share to an exercise price of $0.0001 per share (the "**December 2023 Option Repricing**"). As a result of the December 2023 Option Repricing, 410,000 stock options held by 7 grantees were re-priced to a per share exercise price of $0.0001. The December 2023 Option Repricing was subject to modification accounting under ASC 718. Modifications to stock-based awards are treated as an exchange of the original award for a new award with total compensation equal to the grant-date fair value of the original award plus any incremental value of the modification. The incremental value is based on the excess of the fair value of the modified award over the fair value of the original award immediately before the modification. $3 of total incremental stock-based compensation resulted from the modification.

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As of the nine months ended September 30, 2025 and 2024, the Company recognized less than $1 and less than $1 of stock-based compensation expense respectively from the modification. As of September 30, 2025 and 2024, the unrecognized stock-based compensation expense from the modification was less than $1, respectively, expected to be recognized over a weighted average period of approximately 0.1 years and 0.7 years, respectively.

The total stock-based compensation expense related to employees and non-employees are reported in the selling, general and administrative financial statement line item on the condensed consolidated statements of comprehensive (loss) income.

***Common Stock Issuances***

During the nine months ended September 30, 2025 and 2024, the Company did not issue any shares of Series A Common Stock or Series B Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Revenue** 

The following table disaggregates revenue by service type:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br> September 30,** | **Nine Months Ended <br> September 30,** |
|  | **2025** | **2024** |
| Co-location Mining Services Revenue | $15781 | $17247 |
| Implementation Services Revenue | - | 254 |
|  | $15781 | $17501 |

---

The following table presents a roll forward of deferred revenue for the nine and twelve months ended September 30, 2025 and December 31, 2024:

---

| | |
|:---|:---|
|  | **Amount** |
| Balance as of December 31, 2023 | $1847 |
| &nbsp;&nbsp;&nbsp;Revenue recognized | (5560) |
| &nbsp;&nbsp;&nbsp;Revenue deferred | 5689 |
| Balance as of December 31, 2024 | $1976 |
| &nbsp;&nbsp;&nbsp;Revenue recognized | (3694) |
| &nbsp;&nbsp;&nbsp;Revenue deferred | 2808 |
| Balance as of September 30, 2025 | $1090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Other Income (Expense), net** 

The following table presents disaggregated activity within other income (expense) for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Mining income | $2102 | $198 |
| Change in fair value of notes payable | (191) | (554) |
| Other income (expense) | 11 | (15) |
|  | $1922 | $(371) |

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&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Net (Loss) Income Per Share** 

Basic Earnings Per Shares ("**EPS**") is computed as net (loss) income available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through Convertible Preferred Stock, stock warrants and stock options.

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| *Numerator:* |  |  |
| Net (loss) income | $(7249) | $1681 |
| Deemed dividend upon reclassification of preferred stock to temporary equity | (864) |  |
| Net (loss) income attributable to common stockholders | $(8113) | $1681 |
| *Denominator:* |  |  |
| Weighted average common shares outstanding—basic | 33422353 | 32980472 |
| &nbsp;&nbsp;&nbsp;Effect of potentially dilutive securities: |  |  |
| &nbsp;&nbsp;&nbsp;Seed Preferred Stock |  | 5280000 |
| &nbsp;&nbsp;&nbsp;Series A Preferred Stock |  | 1702922 |
| Weighted average common shares outstanding—diluted | 33422353 | 39963394 |
| *Earnings per share:* |  |  |
| Basic | $(0.24) | $0.05 |
| Diluted | $(0.24) | $0.04 |

---

Certain outstanding common share equivalents were excluded from the computation of diluted net (loss) income per share attributable to common stockholders for the periods presented as including them would have been anti-dilutive. A summary of those outstanding common share equivalents is presented in the following table.

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Seed Preferred Stock | 5280000 |  |
| Series A Preferred Stock | 1702922 |  |
| Common Stock Warrants | 797550 | 295000 |
| Stock Options | 430000 | 490000 |
| **Total potentially dilutive securities** | 8210472 | 785000 |

---

For the nine months ended September 30, 2025, the effect of the Company's outstanding Convertible Preferred Stock, warrants and stock options would have been anti-dilutive and are excluded in the calculation of diluted EPS.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Other Comprehensive (Loss) Income and Changes in Accumulated Other Comprehensive Loss** 

Changes in accumulated other comprehensive loss consist of the following:

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| | |
|:---|:---|
|  | **Amount** |
| As of December 31, 2023 | $(5) |
| Change in fair value due to instrument specific credit risk | (55) |
| As of December 31, 2024 | (60) |
| Change in fair value due to instrument specific credit risk | 60 |
| As of September 30, 2025 | $- |

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&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Income Taxes** 

The Company uses the estimated annual effective tax rate method for calculating its tax provision in interim periods, which represents the Company's best estimate of the effective tax rate expected for the full year. The estimated annual effective tax rate typically differs from the U.S. statutory tax rate, as a result of having a valuation allowance on its deferred tax assets. The Company's effective tax rates were (1.73%) and 4.51% for the nine months ended September 30, 2025 and 2024, respectively, and differed from the federal statutory rate of 21% as the Company recorded a valuation allowance to reduce the value of the net deferred tax assets to zero. The effective tax rate was not zero for both periods as for the interim period there was federal current tax driven by a limitation on net operating loss utilization.

The Company's total tax provision for the nine months ended September 30, 2025, and 2024 is $128 and $85, respectively.

The Company's tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate ("**AETR**"), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Commitments and Contingencies** 

***Legal Proceedings***

The Company is subject to certain claims and contingent liabilities that arise in the normal course of business. While we do not expect that the ultimate resolution of any of these pending actions will have a material effect on our condensed consolidated results of operations and comprehensive (loss) income, financial position or cash flows, litigation is subject to inherent uncertainties. As such, there can be no assurance that any pending legal action, which we currently believe to be immaterial, does not become material in the future.

*Northeast Data LLC, Blockfusion, Niagara Mohawk Power Corp, National Grid, Arch Specialty Insurance, Alliant Insurance Services Inc.:*

On May 10, 2022, a fire and explosion at the Company's data center facility substantially destroyed the main electrical substation and other portions of the facility, resulting in a temporary cessation of operations until repairs were completed. The Company believes the fire was caused by the gross negligence of National Grid and has filed legal action to recover damages.

As of September 30, 2025 and December 31, 2024, the matter remains in litigation and no amounts related to the contingency gain or loss recovery have been recorded in the accompanying financial statements. The Company will continue to monitor developments and record amounts if and when the proceeds in excess of losses are realizable.

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*Bit Digital USA, Inc. v. Blockfusion USA, Inc., Superior Court of the State of Delaware, C.A. No. N24C-05-306 (CCLD)*

On June 4, 2024, Bit Digital filed a complaint alleging breach of contract, and related claims in connection with a terminated Mining Services Agreement (MSA). Bit Digital is seeking the return of deposits, advances, and payments totaling approximately $4,326, which are recorded on the Company's consolidated balance sheets as customer deposits as of September 30, 2025. In addition, Bit Digital has asserted further claims that, in aggregate, increase the total claim amount to an excess of $5,000. Management has assessed the likelihood of an unfavorable outcome as reasonably possible but not probable; therefore, no loss accrual has been recorded. On January 6, 2026, the Superior Court of the State of Delaware granted in full Blockfusion's motion to dismiss four of the Bit Digital's six claims arising from the terminated MSA. The Company will continue to monitor the matter and update its assessment as new information becomes available.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Segments** 

The following table presents significant segment expenses for the Company's single operating segment, along with a reconciliation to net (loss) income:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended<br> September 30,** | **Nine Months Ended<br> September 30,** |
|  | **2025** | **2024** |
| Revenue | $15781 | $17501 |
| Less: Significant segment expenses |  |  |
| &nbsp;&nbsp;&nbsp;Utilities | 12917 | 13184 |
| &nbsp;&nbsp;&nbsp;Onsite management | 1135 | 1253 |
| &nbsp;&nbsp;&nbsp;Employee and consulting expense | 1475 | 1432 |
| &nbsp;&nbsp;&nbsp;Legal fees | 603 | 282 |
| &nbsp;&nbsp;&nbsp;Interest expense | 1652 | 2106 |
| Less: Depreciation and amortization | 693 | 806 |
| Plus: Other segment items\* | (4427) | 3328 |
| Net (loss) income before (provision) benefit for income taxes | (7121) | 1766 |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes | (128) | (85) |
| Net (loss) income | $(7249) | $1681 |

---

\* Other segment items included in net (loss) income primarily include other selling, general and administrative, Energy Program income, and other (expense) income, net.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Related Party Transactions** 

The Company had an aggregate amount of accrued expenses due to related parties of $2,933 and $2,629 as of September 30, 2025 and December 31, 2024, respectively. Of these amounts, $1,064 and $977 were owed to the Chief Executive Officer as of September 30, 2025 and December 31, 2024, respectively; $1,065 and $965 were owed to the Chief Operating Officer as of September 30, 2025 and December 31, 2024, respectively; and $804 and $687 were owed to the Company's general counsel as of September 30, 2025 and December 31, 2024, respectively. These amounts are included, and disclosed, within the accrued expenses and other current liabilities line item on the condensed consolidated balance sheets.

In March 2024, the Company entered into promissory note agreements with its Chief Executive Officer and Chief Operating Officer. These agreements govern the terms of all amounts subsequently issued to the Chief Executive Officer and Chief Operating Officer under the notes. During the nine months ended September 30, 2025 and year ended December 31, 2024, the Company advanced an aggregate of $110 and $140, respectively, to the Chief Executive Officer and $135 and $115, respectively, to the Chief Operating Officer pursuant to these agreements. Aggregate advances outstanding as of September 30, 2025 and December 31, 2024 is $500 and $250, respectively. Each advance bears interest at the applicable federal rate in effect at the time of issuance. Principal and accrued and unpaid interest under the promissory note agreements are payable in full on the maturity date in March 2029. Pursuant to ASC 310, Receivables, receivables from a parent or another affiliate should be recorded in contra-equity. The promissory note balances are presented within additional paid-in capital on the condensed consolidated balance sheets. As of December 31, 2024, the notes with the Chief Executive Officer and Chief Operating Officer had accrued and unpaid interest of $1 and $1, respectively. Interest will be recognized as a capital contribution upon receipt.

An unconsolidated affiliate of the Company granted the Company the right to use the Blockfusion trade name on a royalty-free basis during the nine months ended September 30, 2025 and 2024.

As of September 30, 2025 and December 31, 2024, a non-employee Board member held warrants to purchase up to 51,519 shares of Series A Common Stock and warrants to purchase up to 250,000 shares of Series B Common Stock. As of September 30, 2025 and December 31, 2024, the Chief Operating Officer held warrants to purchase up to 13,038 shares of Series A Common Stock, respectively. Refer to Note 9 for further details regarding these warrants. All warrants held by the aforementioned parties were issued prior to December 31, 2023. There were no issuances or exercises by related parties during the nine months ended September 30, 2025 or year ended December 31, 2024, respectively.

During the nine months ended September 30, 2025, the Company's Chief Executive Officer purchased 1,440,000 shares of Series Seed Preferred Stock from a related party for $200. Subsequently, the Chief Executive Officer sold 1,152,000 shares to certain members of Company management for aggregate proceeds of $160.

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&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Subsequent Events** 

The Company has evaluated all events subsequent to September 30, 2025 and through February 9, 2026, which represents the date these condensed consolidated financial statements were available to be issued. The Company is not aware of any subsequent event that would require recognition or disclosure in the condensed consolidated financial statements other than those described below.

*Promissory Note with Related Party*

On October 24, 2025, a member of Company management executed a promissory note in favor of the Company in the principal amount of $136. The note was funded through the transfer of Bitcoin to the Company. The note bears interest at a rate of 12% per annum and matures on October 24, 2026. At maturity, the outstanding principal and any accrued and unpaid interest will be repaid in a form to be determined at that time. The transaction was reviewed and approved by the Company's Board of Directors.

*Business Combination Agreement*

On November 19, 2025, the Company entered into the Business Combination Agreement with Blue Acquisition Corp., a Cayman Islands exempted company ("**Blue SPAC**"), Blockfusion Data Centers, Inc. ("**Pubco**"), Atlas I Merger Sub ("**SPAC Merger Sub**") and Atlas Merger Sub, Inc. ("**Company Merger Sub**"). The Business Combination Agreement provides, among other things, that in accordance with the terms and subject to the conditions set forth therein, a business combination between Blue SPAC and Blockfusion will be affected. At the effective time of the merger, SPAC Merger Sub shall be merged with and into Blue SPAC, with SPAC Merger Sub ceasing to exist and Blue SPAC continuing its corporate existence as the surviving company, and Company Merger Sub will merge with and into Blockfusion, with Company Merger Sub ceasing to exist and Blockfusion continuing its corporate existence as the surviving Company. As a result, Blockfusion and Blue SPAC will become wholly owned subsidiaries of Pubco and Pubco will become a publicly traded company.

*Promissory Note with Chief Executive Officer of Blue SPAC*

On December 2, 2025, the Chief Executive Officer of Blue SPAC executed a promissory note in favor of the Company in the principal amount of $150. The note bears interest at a rate of 12% per annum and matures on December 2, 2026 or immediately upon closing of the Business Combination with Blue SPAC. At maturity, the outstanding principal and any accrued and unpaid interest will be repaid in a form to be determined at that time. The transaction was reviewed and approved by the Company's Board of Directors.

*Options Grants*

On December 24, 2025, the Company granted 120,000 options to purchase shares of Series A Common Stock for an exercise price $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. The options are fully vested upon grant.

On December 24, 2025, the Company granted 20,000 options to purchase shares of Series A Common Stock for an exercise price of $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. The options vest ratably in equal monthly installments beginning at the first month-end following the grant date and ending at the month-end one year after the grant date, when the options become fully vested.

On January 4, 2026, the Company granted 30,000 options to purchase shares of Series A Common Stock for an exercise price of $5.19 per share. The options were granted to a nonemployee in exchange for advisory services. Half of the options are fully vested upon the grant date; the remaining options vest in equal monthly installments over the subsequent twelve-month period, such that all options are fully vested one year from the grant date.

 

*Restructuring of Term Loan*

On December 23, 2025, the Company entered into the first amendment to the $4,000 term loan agreement with Insight Investments. Under the amended terms, Insight Investments advanced an additional $350 to the Company, amended the payment schedule, and extended the maturity date from September 2027 to September 2028. The loan still bears interest at an annual rate of 12%.

 

*Warrant Exercise*

On January 27, 2026, a non-employee Board member elected to cash exercise warrants originally issued on February 22, 2021. Subject to the terms of the warrants, the Company delivered 45,000 shares of the Company's Series A Common Stock in exchange for an exercise price of $11, or $0.25 per share, and the Company delivered 250,000 shares of the Company's Series B Common Stock in exchange for an exercise price of $63, or $0.25 per share.

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**Audited Financial Statements of Blockfusion Data Centers, Inc.**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Stockholder of Blockfusion Data Centers, Inc.

**Opinion**

We have audited the accompanying consolidated balance sheet of Blockfusion Data Centers, Inc. (the "**Company**") as of November 3, 2025, the related consolidated statements of operations, changes in stockholder's deficit, and cash flows for the period from September 29, 2025 (inception) to November 3, 2025, and the related notes to the consolidated financial statements (collectively, the "**financial statements**"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of November 3, 2025, and the results of its operations and its cash flows for the period from September 29, 2025 (inception) to November 3, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Substantial Doubt about the Company's Ability to Continue as a Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company had a working capital deficit, no cash, was established for the sole purpose of facilitating the consummation of a business combination, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding those matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("**PCAOB**") and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Elliott Davis, PLLC

We have served as the Company's auditor since 2025.

Charlotte, North Carolina

December 5, 2025, except for Notes 2 and 7 as to which the date is February 9, 2026

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**Blockfusion Data Centers, Inc. Consolidated Balance Sheet**

**November 3, 2025**

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| | |
|:---|:---|
| Assets |  |
| Total current assets | - |
| Total assets | $- |
| Liabilities and stockholder's deficit |  |
| Current liabilities: |  |
| Due to related party | $10266 |
| Total current liabilities | 10266 |
| Total liabilities | 10266 |
| Stockholder's deficit |  |
| Common stock, $0.0001 par value; 1,000 shares authorized, 1,000 issued and outstanding | $- |
| Additional paid-in capital | 100 |
| Accumulated deficit | (10265) |
| Stock subscription receivable | (101) |
| Total stockholder's deficit | (10266) |
| Total liabilities and stockholder's deficit | $- |

---

*See accompanying notes to consolidated financial statements.*

[**Table of Contents**](#TableOfContents)

**Blockfusion Data Centers, Inc. Consolidated Statement Of Operations**

**For the period from September 29, 2025 (inception) through November 3, 2025**

---

| | |
|:---|:---|
| General and administrative expenses | $10265 |
| Loss from operations | $(10265) |
| Net loss | $(10265) |
| Weighted average shares of common stock outstanding, basic and diluted | 1000 |
| Basic and diluted net loss per share of common stock | $(10.27) |

---

*See accompanying notes to consolidated financial statements.*

 

[**Table of Contents**](#TableOfContents)

**Blockfusion Data Centers, Inc. Consolidated Statement of Changes in Stockholder's Deficit**

**For the period from September 29, 2025 (inception) through November 3, 2025**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Common stock** | **Common stock** | | | | |
|  | **Shares** | **Amount** | **Additional paid-in**<br>**capital** | **Stock subscription**<br>**receivable** | **Accumulated**<br>**deficit** | **Total stockholder's**<br>**deficit** |
| Balance at September 29, 2025 (inception) |  | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- | $- | $- | $- |
| Issuance of common stock | 1000 |  | 100 | (100) |  |  |
| Atlas I Merger Sub stock subscription receivable |  |  |  | (1) |  | (1) |
| Net loss | - | - | - | - | (10265) | (10265) |
| Balance at November 3, 2025 | 1000 | $- | $100 | $(101) | $(10265) | $(10266) |

---

*See accompanying notes to consolidated financial statements.*

 

[**Table of Contents**](#TableOfContents)

 

**Blockfusion Data Centers, Inc. Consolidated Statement of Cash Flows**

**For the period from September 29, 2025 (inception) through November 3, 2025**

---

| | |
|:---|:---|
| Cash flows from operating activities: |  |
| Net loss | $(10265) |
| Adjustments to reconcile net loss to net cash from operations: |  |
| Changes in operating assets and liabilities: |  |
| Due to related party | $10265 |
| Net cash from operating activities | **-** |
| Net change in cash | **-** |
| Cash - beginning of period | **-** |
| Cash - end of period | $- |
| Non-cash investing and financing activity: |  |
| Due to related party for Atlas I Merger Sub share transfer | $1 |

---

*See accompanying notes to consolidated financial statements.*

 

[**Table of Contents**](#TableOfContents)

 

1.  ***Organization*** 

 ****

***Nature of the business***

Blockfusion Data Centers, Inc. (the "**Company**" or "**Pubco**") was incorporated in Delaware on September 29, 2025, under the name Atlas Pubco Inc. On November 6, 2025, the Company's board of directors approved and filed an amendment to its certificate of incorporation to change the Company's name to Blockfusion Data Centers, Inc. The Company was formed for the purpose of consummating merger transactions between Blockfusion USA, Inc. ("**Blockfusion**"), a Delaware corporation, and Blue Acquisition Corp. ("**Blue**" or "**SPAC**"), a Cayman Islands exempted and publicly-traded special purpose acquisition company. These merger transactions are described directly below in the section titled, "Proposed merger transactions."

On September 30, 2025, Atlas Merger Sub, Inc. ("**Atlas Merger Sub**"), a Delaware corporation, was formed. Following the formation of Atlas Merger Sub, the Company entered into a subscription agreement to purchase 1,000 shares of Atlas Merger Sub common stock, par value $0.0001 per share, which represents 100% ownership in Atlas Merger Sub, in exchange for an agreement to pay a subscription price of $100. The subscription price will be paid on behalf of the Company by its sole stockholder.

On October 9, 2025, Atlas I Merger Sub ("**SPAC Merger Sub**"), a Cayman Islands exempted company, was formed. Following its formation, the Company entered into a subscription agreement with the SPAC Merger Sub's sole stockholder to acquire one share of SPAC Merger Sub common stock, par value $0.0001 per share, representing 100% ownership of SPAC Merger Sub. The subscription price of $1 will be paid by the Company to the sole stockholder of SPAC Merger Sub.

***Liquidity and going concern***

For the period from September 29, 2025 (inception) through November 3, 2025, the Company reported a net loss of $10,265. As of November 3, 2025, the Company had no cash or cash equivalents and a working capital deficit of $10,266.

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. As the Company was established for the sole purpose of facilitating the consummation of a business combination as described above, it is likely that the Company will cease all operations, except for the purpose of liquidating, in the event that the business combination is not consummated timely or the deal is terminated altogether. The liquidity condition and potential dissolution if the business combination is not consummated in a timely manner raise substantial doubt about the Company's ability to continue as a going concern.

As a result of the above, in connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's ("**FASB**") Accounting Standards Update ("**ASU**") 2014-15, Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern, management has determined that the Company's liquidity condition raises substantial doubt about the Company's ability to continue as a going concern through twelve months from the date these consolidated financial statements are available to be issued. These consolidated financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

***2.***  ***Summary of significant accounting policies*** 

 ****

***Basis of presentation***

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("**GAAP**" or "**U.S. GAAP**") and pursuant to the accounting and disclosure rules and regulations of the Securities and Exchange Commission (the "**SEC**"). The Company has selected December 31 as its fiscal year end. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification ("**ASC**") and Accounting Standards Updates ("**ASU**") of the Financial Accounting Standards Board ("**FASB**").

In the opinion of the Company, the accompanying consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for fair presentation of its financial position as of November 3, 2025 and results of operations and cash flows for the period from September 29, 2025 (inception) through November 3, 2025.

 ****

The Company operates on a calendar-year basis, and its fiscal year ends on December 31.

 ****

***Principles of Consolidation***

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Atlas Merger Sub, Inc. and Atlas I Merger Sub. All intercompany accounts and transactions have been eliminated in consolidation.

[**Table of Contents**](#TableOfContents)

***Use of estimates in the preparation of financial statements***

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates.

***Cash and cash equivalents***

The Company considers all short-term investments with an original maturity date of three months or less when purchased to be cash equivalents. The Company had no cash or cash equivalents as of November 3, 2025.

***Net loss per share***

Net loss per share is computed by dividing net loss by the weighted average number of shares outstanding for the period. For purposes of calculating diluted loss per share, the denominator includes both the weighted average number of shares outstanding during the period and the number of common share equivalents if the inclusion of such common share equivalents is dilutive.

***Income taxes***

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of the net recorded amount, the Company would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of November 3, 2025, no accrued interest or penalties are included in the consolidated balance sheet.

***Emerging growth company status***

The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "**JOBS Act**"). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.

[**Table of Contents**](#TableOfContents)

***Recently issued accounting standards not yet adopted***

In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)*, which requires disclosure of specific information about costs and expenses within relevant expense captions on the face of the income statement, qualitative descriptions for expense captions not specifically disaggregated quantitatively, and the total amount and definition of selling expenses for interim and annual reporting periods. This standard is effective for the Company's annual reporting period beginning January 1, 2027, and interim reporting periods beginning January 1, 2028, and should be applied on a retrospective or prospective basis, with early adoption permitted. The Company is currently assessing the impact of adopting this standard on the consolidated financial statements.

Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's consolidated financial statements.

***3.***  ***Related party transactions*** 

On September 30, 2025, the Company entered into a subscription agreement with its sole director and executive officer who serves as the Company's President and Chief Financial Officer. Under the agreement, he subscribed to purchase 1,000 shares of common stock, with a par value of $0.0001 per share, for a total subscription price of $100. As of November 3, 2025, the $100 subscription price remains unpaid and is presented as a stock subscription receivable on the consolidated balance sheet.

On October 9, 2025, the Company entered into a subscription agreement with the sole stockholder of SPAC Merger Sub to acquire the single outstanding share of SPAC Merger Sub common stock, par value $0.0001, representing 100% ownership of SPAC Merger Sub. In exchange, the Company agreed to pay a subscription price of $1 to the sole stockholder. As of November 3, 2025, the subscription price remained unpaid and is reflected as a due to related party on the consolidated balance sheet, as the sole stockholder of SPAC Merger Sub qualifies as a related party under ASC 850-10-20.

As of November 3, 2025, an aggregate of $5,089 was paid by Blue to cover formation costs on behalf of the Company, Atlas Merger Sub, and SPAC Merger Sub. Additionally, $5,177 of accounting advisory fees will be paid by Blue and/or Blockfusion on behalf of the Company. These amounts are reflected as a due to related party on the consolidated balance sheet. Upon consummation of the SPAC Merger and Atlas Merger, the SPAC and Blockfusion will become wholly-owned subsidiaries of the Company, and the due to related party balance will eliminate in consolidation.

***4.***  ***Stockholder's deficit*** 

 ****

***Common stock***

The Company is authorized to issue 1,000 shares of common stock with a par value of $0.0001 per share. As of November 3, 2025, there are 1,000 shares of common stock issued and outstanding. Each share of common stock entitles the holder to one vote.

***5.***  ***Segment information*** 

ASC Topic 280, "Segment Reporting," establishes standards for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Chief Operating Decision Maker ("**CODM**"), or group, in deciding how to allocate resources and assess performance.

The Company's Chief Financial Officer has been identified as the CODM. The CODM reviews the working capital, operating results and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. The key factors used in determining the Company's reportable segments include organizational structure and information that is regularly reviewed by the CODM for the purpose of assessing performance and allocating resources. Accordingly, management has determined that there is only one operating and reportable segment.

[**Table of Contents**](#TableOfContents)

The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss which is reported on the consolidated statement of operations as net income or loss. When evaluating the Company's performance and making key decisions regarding resource allocation, the CODM reviews the below key metric included in net income or loss:

---

| | |
|:---|:---|
|  | **For the<br> period from<br> September 29,<br> 2025<br> (inception)<br> through<br> November 3,<br> 2025** |
| General and administrative expenses | $10265 |

---

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction. The CODM also reviews general and administrative expenses to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budgets. General and administrative expenses, as reported on the consolidated statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

 ****

***6.***  ***Income taxes*** 

The Company's entire pretax loss for the period from September 29, 2025 (inception) through November 3, 2025 was from its U.S. domestic operations and resulted in no tax expense or benefit.

A reconciliation of the Company's statutory income tax rate to the Company's effective income tax rate is as follows:

---

| | |
|:---|:---|
|  | **For the<br> period from<br> September 29,<br> 2025<br> (inception)<br> through<br> November 3,<br> 2025** |
| Income at US statutory rate | 21.0% |
| State taxes, net of federal benefit | -% |
| Permanent differences | -% |
| Tax credits | -% |
| Tax law change | -% |
| Foreign rate differential | -% |
| Change in valuation allowance | (21.0)% |
| Other | -% |
| Effective tax rate | -% |

---

The net deferred income tax asset balance related to the following (in thousands):

---

| | |
|:---|:---|
|  | **For the<br> period from<br> September 29,<br> 2025<br> (inception)<br> through<br> November 3,<br> 2025** |
| Amortization | 3 |
| Net operating loss carryforwards |  |
| Credits | - |
| &nbsp;&nbsp;&nbsp;Total deferred tax assets | 3 |
| Valuation allowance | (3) |
| &nbsp;&nbsp;&nbsp;Net deferred tax assets | - |

---

As of November 3, 2025 the Company had a federal net operating loss carryforward of $171. As of November 3, 2025, the Company had state net operating loss carryforwards of $171. Of the $171 of federal net operating loss carryforwards, $171 may be carried forward indefinitely. The state net operating loss carryforwards may be carried forward indefinitely.

[**Table of Contents**](#TableOfContents)

As of November 3, 2025, the Company does not have federal and state tax credits.

Future realization of the tax benefits of existing temporary differences and net operating loss carryforwards ultimately depends on the existence of sufficient taxable income within the carryforward period. As of November 3, 2025 the Company performed an evaluation to determine whether a valuation allowance was needed. The Company considered all available evidence, both positive and negative, which included the results of operations from September 29, 2025 (inception) through November 3, 2025. The Company determined that it was not possible to reasonably quantify future taxable income and determined that it is more likely than not that all of the deferred tax assets will not be realized. Accordingly, the Company maintained a full valuation allowance as of November 3, 2025.

Under Internal Revenue Code Section 382, if a corporation undergoes an "ownership change," the corporation's ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes to offset its post-change income may be limited. We have not completed a study to assess whether an "ownership change" has occurred or whether there have been multiple ownership changes since we became a "loss corporation" as defined in Section 382. Future changes in our stock ownership, which may be outside of our control, may trigger an "ownership change." In addition, future equity offerings or acquisitions that have equity as a component of the purchase price could result in an "ownership change." If an "ownership change" has occurred or does occur in the future, utilization of the net operating loss carryforwards or other tax attributes may be limited, which could potentially result in increased future tax liability to us.

The Tax Cuts and Jobs Act ("**TCJA**") resulted in significant changes to the treatment of research and developmental ("**R&D**") expenditures under Section 174 of the IRC. For tax years beginning after December 31, 2021, taxpayers are required to capitalize and amortize all R&D expenditures that are paid or incurred in connection with their trade or business. Specifically, costs for U.S.-based R&D activities must be amortized over five years and costs for foreign R&D activities must be amortized over 15 years—both using a midyear convention. As of November 3, 2025, the Company has not incurred R&D expenditures.

The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax laws and regulations for both federal taxes and the many states in which we operate or do business in. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits.

We record uncertain tax positions as liabilities in accordance with ASC 740 and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. As of November 3, 2025 we have not recorded any uncertain tax positions in our financial statements.

The Company recognizes interest and penalties related to unrecognized tax benefits on the income tax expense line in the accompanying consolidated statement of operations. As of November 3, 2025 no accrued interest or penalties are included in the consolidated balance sheet.

The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it is incorporated. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations.

***7.***  ***Subsequent events*** 

The Company has evaluated all events subsequent to November 3, 2025 and through February 9, 2026, which represents the date these consolidated statements were available to be issued. Based upon this review, the Company is not aware of any subsequent event that would require recognition or disclosure in the consolidated financial statements other than those described below.

***Proposed merger transactions***

On November 19, 2025, Blue entered into a Business Combination Agreement with Blockfusion, the Company, SPAC Merger Sub, and Atlas Merger Sub.

In accordance with the terms and conditions set forth in the Business Combination Agreement, the parties intend to effect a business combination transaction pursuant to which: (i) SPAC Merger Sub will merge with and into SPAC, with SPAC continuing as the surviving entity (the "**SPAC Merger**") and as a result of which each issued and outstanding security of SPAC immediately prior to the effective time of the SPAC Merger shall no longer be outstanding and shall automatically be cancelled in exchange for which the security holders of SPAC shall receive substantially equivalent securities of Pubco, (ii) Atlas Merger Sub will merge with and into Blockfusion, with Blockfusion continuing as the surviving entity (the "**Blockfusion Merger**," and together with the SPAC Merger, the "**Mergers**"), and as a result of which each issued and outstanding security of Blockfusion immediately prior to the effective time of the Blockfusion Merger shall no longer be outstanding and shall automatically be cancelled in exchange for which the security holders of Blockfusion shall receive shares of common stock of Pubco. As a result of the Mergers and other transactions contemplated by the Business Combination Agreement, SPAC and Blockfusion will become wholly-owned subsidiaries of Pubco, and Pubco will become a publicly traded company.

[**Table of Contents**](#TableOfContents)

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 20. Indemnification of Directors and Officers.**

Pubco's amended and restated certificate of incorporation will provide for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the DGCL, and Pubco's bylaws will provide for indemnification of its directors, officers, employees and other agents to the maximum extent permitted by the DGCL.

In addition, effective upon the consummation of the Business Combination, as defined in Part I of this registration statement, Pubco will enter into indemnification agreements with directors, officers, and some employees containing provisions which are in some respects broader than the specific indemnification provisions contained in the DGCL. The indemnification agreements will require Blue, among other things, to indemnify its directors against certain liabilities that may arise by reason of their status or service as directors and to advance their expenses incurred as a result of any proceeding against them as to which they could be indemnified.

**Item 21. Exhibits and Financial Statements Schedules.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following exhibits are filed as part of this Registration
Statement:

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description of Exhibit** |
| 1.1†# | [Business Combination Agreement, dated as of November 19, 2025, by and among Blue, Pubco, Blue Merger Sub, Company Merger Sub, and Blockfusion (incorporated by reference to Exhibit 2.1 to Blue's Current Report on Form 8-K, filed with the SEC on November 19, 2025).](http://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex2-1.htm) |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of Blue, as currently in effect (incorporated herein by reference to Exhibit 3.1 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex3-1.htm) |
| 3.2 | [Form of Amended and Restated Certificate of Incorporation of Pubco, to become effective upon the Business Combination (attached as Annex C to the proxy statement/prospectus contained in this Registration Statement).](#annex_c) |
| 3.3 | [Form of Amended and Restated Bylaws of Pubco, to become effective upon the Business Combination (attached as Annex D to the proxy statement/prospectus contained in this Registration Statement).](#annex_d) |
| 4.1 | [Form of Specimen Blue Unit Certificate (incorporated herein by reference to Exhibit 4.1 to Blue's Registration Statement on Form S-1 filed on May 14, 2025)](https://www.sec.gov/Archives/edgar/data/1995413/000101376223002569/fs12023ex4-1_colombier2.htm). |
| 4.2 | [Form of Specimen Blue Class A Ordinary Share Certificate (incorporated herein by reference to Exhibit 4.2 to Blue's Registration Statement on Form S-1 filed on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000465/blueacqex4-2.htm) |
| 4.3 | [Form of Specimen Blue Share Right Certificate (see Exhibit A to Exhibit 4.4).](http://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex4-1.htm) |
| 4.4 | [Share Rights Agreement, dated June 12, 2025, by and between Blue and CST (incorporated herein by reference to Exhibit 4.1 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex4-1.htm) |
| 5.1\*\* | Opinion of Winston & Strawn LLP. |
| 8.1\*\* | Tax Opinion of Ellenoff Grossman and Schole LLP. |
| 10.1 | [Underwriting Agreement, dated June 12, 2025, by and between Blue and BTIG, as representative of the underwriters (incorporated herein by reference to Exhibit 1.1 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex1-1.htm) |
| 10.2 | [Investment Management Trust Agreement dated June 12, 2025, by and between Blue and CST (incorporated herein by reference to Exhibit 10.1 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-1.htm) |
| 10.3 | [Registration Rights Agreement dated June 12, 2025, by and among Blue, the Sponsor, the IPO Underwriters and the other parties signatory thereto (incorporated herein by reference to Exhibit 10.2 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-2.htm) |
| 10.4 | [Private Placement Units Purchase Agreement, dated June 12, 2025, by and between Blue and the Sponsor (incorporated herein by reference to Exhibit 10.3 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-3.htm) |
| 10.5 | [Private Placement Units Purchase Agreement, dated June 12, 2025, between Blue and IPO Underwriters (incorporated herein by reference to Exhibit 10.4 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-4.htm) |
| 10.7 | [Letter Agreement, dated June 12, 2025, by and among Blue, Sponsor and each of the officers, directors and advisors of Blue and the other parties signatory thereto (incorporated herein by reference to Exhibit 10.5 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-5.htm) |
| 10.8 | [Administrative Services Agreement, dated February 20, 2025, by and dated June 12, 2025, by and between Blue and Blue Holdings (incorporated herein by reference to Exhibit 10.7 to Blue's Current Report on Form 8-K filed on June 17, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-7.htm#T103) |
| 10.9 | [Securities Subscription Agreement, dated February 20, 2025, by and between the Sponsor and Blue (incorporated herein by reference to Exhibit 10.8 to Blue's Registration Statement on Form S-1 filed on May 14, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525000465/blueacqex10-8.htm) |
| 10.10 | [Form of Indemnity Agreement between Blue and certain indemnitees (incorporated herein by reference to Exhibit 10.6 to Blue's Current Report on Form 8-K filed on June 17, 2025).](http://www.sec.gov/Archives/edgar/data/2059654/000118518525000662/baccex10-6.htm) |

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[**Table of Contents**](#TableOfContents)

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| | |
|:---|:---|
| 10.11 | [Form of Company Support Agreement, dated November 19, 2025, by and among Blue, Blockfusion and certain Company Stockholders (incorporated herein by reference to Exhibit 10.1 to Blue's Current Report on Form 8-K filed on November 19, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex10-1.htm) |
| 10.12 | [Form of Lock-Up Agreement, dated November 19, 2025, by and among Pubco, Blue, and certain Company Stockholders (incorporated herein by reference to Exhibit 10.2 to Blue's Current Report on Form 8-K filed November 19, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex10-2.htm) |
| 10.13 | [Insider Letter Amendment, dated November 19, 2025, by and among Blue, the Sponsor, Pubco, Blockfusion, BTIG, and Blue's officers and directors (at the time of the IPO) (incorporated herein by reference to Exhibit 10.3 to Blue's Current Report on Form 8-K filed November 19, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex10-3.htm) |
| 10.14 | [Form of Non-Competition and Non-Solicitation Agreement, dated November 19, 2025, by and among Pubco, Blue, and Blockfusion's officers and directors (incorporated herein by reference to Exhibit 10.4 to Blue's Current Report on Form 8-K filed on November 19, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex10-4.htm) |
| 10.15 | [Form of Amended and Restated Registration Rights Agreement, by and among Pubco, Blue, Sponsor, IPO Underwriters, and certain Company Stockholders (incorporated herein by reference to Exhibit 10.5 to Blue's Current Report on Form 8-K filed on November 19, 2025).](https://www.sec.gov/Archives/edgar/data/2059654/000118518525001807/baccex10-5.htm) |
| 10.17\*\* | Form of Employment Agreement by and between Pubco and Alex Martini-Lo Manto. |
| 10.18\*\* | Form of Employment Agreement by and between Pubco and Kant Trivedi. |
| 10.19\*\* | Form of Employment Agreement by and between Pubco and Robert Scott. |
| 10.20\* | [Form of Pubco Director and Officer Indemnification Agreement.](bldcex10-20.htm) |
| 10.21\* | [Form of Stockholder Voting Agreement.](bldcex10-21.htm) |
| 10.22\* | [National Grid Deferred Payment Agreement dated February 13, 2025, by and between National Grid and North East Data LLC](bldcex10-22.htm) |
| 10.23#^\* | [Revised and Restated Co-Location Mining Services Agreement with Solar Liberty dated November 23, 2022, by and between Blockfusion USA, Inc. and Solar Liberty, Inc., as amended by the Binding Letter of Intent for Expansion dated February 17, 2023, Expansion Amendment No. 2 dated February 12, 2024, Expansion Amendment No. 3 dated December 10, 2024 and Expansion Amendment No. 4 dated November 12, 2025](bldcex10-23.htm) |
| 10.24#^\* | [Co-Location Mining Services Agreement dated December 15, 2023, by and between Blockfusion USA, Inc. and NY 3 Mining LLC, as amended by Amendment No. 1 dated February 7, 2024, as further amended by Amendment No. 2 dated March 25, 2024 and as further amended by Amendment No. 3 dated March 1, 2025](bldcex10-24.htm) |
| 10.25^\* | [Indemnification Agreement, dated as of February 9, 2021, by and between Blockfusion USA, Inc. and Emiliano Lo Manto aka Alex Martini.](bldcex10-25.htm) |
| 10.26^\* | [Indemnification Agreement, dated as of February 9, 2021, by and between Blockfusion USA, Inc. and Kant Trivedi.](bldcex10-26.htm) |
| 10.27^\* | [Indemnification Agreement, dated as of February 9, 2021, by and between Blockfusion USA, Inc. and Gustavo Mana.](bldcex10-27.htm) |
| 10.28^\* | [Indemnification Agreement, dated as of January 5, 2022, by and between Blockfusion USA, Inc. and Robert Scott, as amended by Amendment No. 1 dated October 29, 2025.](bldcex10-28.htm) |
| 10.29^\* | [Gensler Architecture Agreement dated March 3, 2025, by and between Blockfusion USA, LLC and Gensler Architecture, Design & Planning, P.C.](bldcex10-29.htm) |
| 10.30#^\* | [Thornton Tomasetti Structural Engineering Agreement dated June 12, 2025, by and between Blockfusion USA, Inc. and Thornton Tomasetti, Inc.](bldcex10-30.htm) |
| 10.31^\* | [Jaros, Baum & Bolles MEP Engineering Agreement dated February 6, 2025, by and between Blockfusion and Jaros, Baum & Bolles Consulting Engineers, LLP](bldcex10-31.htm) |
| 10.32^\* | [Jaros, Baum & Bolles MEP Engineering Agreement dated September 25, 2025, by and between Blockfusion and Jaros, Baum & Bolles Consulting Engineers, LLP](bldcex10-32.htm) |
| 10.33#^\* | [Management Services Agreement dated June 1, 2022 between Thunderra LLC and Blockfusion USA, Inc.](bldcex10-33.htm) |
| 10.34#^\* | [Statement of Work dated June 1, 2022 between Thunderra LLC and Blockfusion USA, Inc.](bldcex10-34.htm) |

---

[**Table of Contents**](#TableOfContents)

---

| | |
|:---|:---|
| 10.35\* | [Non-Recourse Promissory Note issued March 1, 2024 by Alex Martini in favor of the Company in the original principal amount of $15,393.75.](bldcex10-35.htm) |
| 10.36\* | [Non-Recourse Promissory Note issued March 1, 2024 by Kant Trivedi in favor of the Company in the original principal amount of $15,393.75.](bldcex10-36.htm) |
| 10.37\* | [Promissory Note issued October 24, 2025 by the Company in favor of Robert Scott in the original principal amount of $135,535.73.](bldcex10-37.htm) |
| 10.38#\* | [Trademark License Agreement dated September 1, 2021, by and between Blockfusion Ventures, Inc. and Blockfusion USA, Inc.](bldcex10-38.htm) |
| 10.39#^\* | [Co-Location Mining Services Agreement dated December 9, 2025, by and between Blockfusion USA, Inc. and Bitmine Immersion Technologies, Inc.](bldcex10-39.htm) |
| 10.40 | Promissory Note, dated December 2, 2025, issued by Blockfusion USA, Inc to Ketan Seth. |
| 10.41#^\* | [Note and Loan Agreement, dated as of August 5, 2024, by and between Blockfusion USA, Inc., North East Data, LLC, and XBTO Trading, LLC.](bldcex10-41.htm) |
| 10.42#^\* | [Secured Promissory Note issued September 1, 2024 by Insight Investment, LLC in favor of Blockfusion USA, Inc. and North East Data, LLC in the original principal amount of $6,000,000.](bldcex10-42.htm) |
| 10.43^\* | [Secured Promissory Note issued July 21, 2025 by Insight Investment, LLC in favor of Blockfusion USA, Inc. and North East Data, LLC in the original principal amount of $4,000,000.](bldcex10-43.htm) |
| 10.44#^\* | [Promissory Note issued January 13, 2025 by Brady Electric, Inc. in favor of Blockfusion USA, Inc. in the original principal amount of $1,186,518.22.](bldcex10-44.htm) |
| 10.45#^\* | [Settlement Agreement and Mutual Release dated March 31, 2025 by and between Blockfusion USA, Inc., North East Data, LLC, and Thunderra LLC.](bldcex10-45.htm) |
| 21.1\* | [List of Subsidiaries.](bldcex21-1.htm) |
| 23.1 | [Consent of Elliott Davis, PLLC, independent registered public accounting firm of Blue, Pubco and Blockfusion.](bldcex23-1.htm) |
| 23.2\*\* | Consent of Winston & Strawn LLP (included in Exhibit 5.1). |
| 23.3\*\* | Consent of Ellenoff Grossman & Schole LLP (included in Exhibit 8.1). |
| 24.1 | Power of Attorney (included on the signature page of this registration statement). |
| 99.1 | Consent of Alex Martini-Lo Manto to be named as a director nominee. |
| 99.2 | Consent of Kant Trivedi to be named as a director nominee. |
| 99.3 | Consent of Alberto Pontonio to be named as a director nominee. |
| 99.4 | Consent of Ketan Seth to be named as a director nominee. |
| 99.5 | Consent of Aber Whitcomb to be named as a director nominee. |
| 99.6\* | [Consent of Gustavo Mana to be named as a director nominee.](bldcex99-6.htm) |
| 99.7\* | [Consent of Paul Fiore to be named as a director nominee.](bldcex99-7.htm) |
| 99.9\*\* | Preliminary Proxy Card. |
| 107 | Filing Fee Table. |

---

† Indicates
 management contract or compensatory plan or arrangement.

# Certain of the exhibits and schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601. The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request.

\* Filed herewith

---

| | |
|:---|:---|
| \*\* | To be filed by amendment. |
| ^ | Certain information has been redacted from this Exhibit pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type of information that the registrant customarily and actually treats as private or confidential. The registrant hereby undertakes to furnish supplemental copies of the unredacted exhibit upon request by the SEC. |

---

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**Item 22. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned registrant hereby undertakes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To include any prospectus required by Section 10(a)(3) of
the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than 20 percent change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in the effective registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To include any material information with respect to the plan of distribution not previously disclosed in the registration statement
or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b)
as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses
filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used
after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining any liability under the Securities Act to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to
by the undersigned registrant;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) That prior to any public reoffering of the securities registered hereunder through use of a prospectus which is a part of this registration
statement, by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c), the issuer undertakes that such
reoffering prospectus will contain the information called for by the applicable registration form with respect to reofferings by persons
who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) That every prospectus: (i) that is filed pursuant to the immediately preceding paragraph, or (ii) that purports to meet the requirements
of Section 10(a)(3) of the Act and is used in connection with an offering of securities subject to Rule 415, will be filed as a part of
an amendment to the registration statement and will not be used until such amendment is effective, and that, for purposes of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling
persons of the undersigned pursuant to the foregoing provisions, or otherwise, the undersigned has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the undersigned of expenses incurred or paid by a
director, officer or controlling person of the undersigned in the successful defense of any action, suit or proceeding) is asserted by
such director, officer or controlling person in connection with the securities being registered, the undersigned will, unless in the opinion
of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned registrant hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus
pursuant to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt of such request, and to send the incorporated documents
by first class mail or other equally prompt means. This includes information contained in documents filed subsequent to the effective
date of the registration statement through the date of responding to the request.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The undersigned registrant hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction,
and the company being acquired involved therein, that was not the subject of and included in the registration statement when it became
effective.

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**SIGNATURES**

Pursuant to the requirements of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in New York, New York on the 9<sup>th</sup> day of February, 2026.

---

| | | |
|:---|:---|:---|
| **Blockfusion Data Centers, Inc.** | **Blockfusion Data Centers, Inc.** | **Blockfusion Data Centers, Inc.** |
| By: | /s/ Robert Scott | /s/ Robert Scott |
|  | Name: | Robert Scott |
|  | Title: | President, Chief Financial Officer, Secretary, and Treasurer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this amended Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| /s/ Robert Scott | President, Chief Financial Officer, Secretary, and Treasurer | February 9, 2026 |
| Robert Scott | *(Principal Executive, Financial and Accounting Officer)* |  |
| /s/ Robert Scott | Director | February 9, 2026 |
| Robert Scott |  |  |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Act, the co-registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in New York, New York on the 9<sup>th</sup> day of February, 2026.

---

| | | |
|:---|:---|:---|
| **Blockfusion USA, Inc.** | **Blockfusion USA, Inc.** | **Blockfusion USA, Inc.** |
| By: | /s/ Emiliano Lo Manto | /s/ Emiliano Lo Manto |
|  | Name: | Emiliano Lo Manto |
|  | Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this amended Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Position** | **Date** |
| /s/ Emiliano Lo Manto | Chief Executive Officer and Director | February 9, 2026 |
| Emiliano Lo Manto | *(Principal Executive Officer)* |  |
| /s/ Kant Trivedi | Chief Operating Officer and Director | February 9, 2026 |
| Kant Trivedi | *(Principal Financial and Accounting Officer)* |  |
| /s/ Gustavo Mana | Director | February 9, 2026 |
| Gustavo Mana |  |  |

---

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**Annex A**

**BUSINESS COMBINATION AGREEMENT**

by and among

**Blue Acquisition Corp.,**

as SPAC,

**Blockfusion Data Centers, Inc., as Pubco, Atlas I Merger Sub, as SPAC Merger Sub, Atlas Merger Sub, Inc., as Company Merger Sub,**

and

**Blockfusion USA, Inc., as the Company**

**Dated as of November 19, 2025**

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**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **PAGE** |
| I. MERGER | 3 |
| 1.1.The SPAC Merger | 3 |
| 1.2.The Company Merger | 3 |
| 1.3. Effective Time | 3 |
| 1.4. Effect of the Mergers | 3 |
| 1.5. Governing Documents | 4 |
| 1.6. Directors and Officers of the Surviving Subsidiaries | 4 |
| ‎1.7. Pre-Closing Company Exchanges | 4 |
| ‎1.8. Merger Consideration | 4 |
| ‎1.9. Effect of SPAC Merger on Issued Securities of SPAC and SPAC Merger Sub | 4 |
| ‎1.10. Effect of Company Merger on Issued Securities of the Company and Company Merger Sub | 5 |
| 1.11. Effect of Mergers on Issued and Outstanding Securities of Pubco | 6 |
| ‎1.12. Tax Consequences | 6 |
| ‎1.13. Transfer Agent Matters | 6 |
| ‎1.14. Closing Consideration Spreadsheet | 7 |
| ‎1.15. Taking of Necessary Action; Further Action | 8 |
| II. CLOSING | 8 |
| ‎2.1. Closing | 8 |
| III. representations and warranties of SPAC | 8 |
| ‎3.1. Organization and Standing | 8 |
| ‎3.2. Authorization; Binding Agreement | 8 |
| ‎3.3. Governmental Approvals | 9 |
| ‎3.4. Non-Contravention | 9 |
| ‎3.5. Capitalization | 9 |
| ‎3.6. SEC Filings and SPAC Financials | 10 |
| ‎3.7. Absence of Certain Changes | 11 |
| ‎3.8. Compliance with Laws | 12 |
| ‎3.9. Actions; Orders; Permits | 12 |
| ‎3.10. Taxes and Returns | 12 |
| ‎3.11. Employees and Employee Benefit Plans | 12 |
| ‎3.12. Properties | 12 |
| ‎3.13. Material Contracts | 13 |
| ‎3.14. Transactions with Affiliates | 13 |
| ‎3.15. Investment Company Act | 13 |
| ‎3.16. Finders and Brokers | 13 |
| ‎3.17. Certain Business Practices | 13 |
| 3.18. SPAC Trust Account | 14 |
| 3.19. Exclusivity of Representations | 14 |
| 3.20. Information Supplied | 15 |

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A-i

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---

| | |
|:---|:---|
| IV. representations and warranties of SPAC, pubco AND THE MERGER SUBS | 15 |
| ‎4.1.Organization and Standing | 15 |
| ‎4.2. Authorization; Binding Agreement | 16 |
| ‎4.3. Governmental Approvals | 16 |
| ‎4.4. Non-Contravention | 16 |
| ‎4.5. Capitalization | 17 |
| ‎4.6. Ownership of Pubco Common Stock | 17 |
| v. representations and warranties of THE COMPANY | 17 |
| ‎5.1. Organization and Standing | 17 |
| ‎5.2. Authorization; Binding Agreement | 18 |
| ‎5.3. Capitalization | 18 |
| ‎5.4. Subsidiaries | 20 |
| ‎5.5. Governmental Approvals | 20 |
| ‎5.6. Non-Contravention | 20 |
| ‎5.7. Financial Statements | 21 |
| ‎5.8. Absence of Certain Changes | 22 |
| ‎5.9. Compliance with Laws | 22 |
| ‎5.10. Company Permits | 22 |
| ‎5.11. Litigation | 22 |
| ‎5.12. Material Contracts | 23 |
| ‎5.13. Intellectual Property | 24 |
| ‎5.14. Taxes and Returns | 27 |
| ‎5.15. Real and Personal Property | 28 |
| ‎5.16. Title to and Sufficiency of Assets | 29 |
| ‎5.17. Employee Matters | 30 |
| ‎5.18. Benefit Plans | 31 |
| ‎5.19. Environmental Matters | 33 |
| ‎5.20. Transactions with Related Persons | 35 |
| ‎5.21. Insurance | 35 |
| ‎5.22. Books and Records | 36 |
| ‎5.23. Top Customers and Suppliers | 36 |
| ‎5.24 Certain Business Practices | 36 |
| ‎5.25 Privacy and Data Security | 37 |
| ‎5.26. Investment Company Act | 38 |
| ‎5.27. Finders and Brokers | 38 |
| ‎5.28. Exclusivity of Representations | 38 |
| ‎5.29. Information Supplied | 39 |

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A-ii

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---

| | |
|:---|:---|
| VI. COVENANTS | 39.0 |
| ‎6.1. Access and Information | 39.0 |
| ‎6.2. Conduct of Business of the Company | 40.0 |
| ‎6.3. Conduct of Business of SPAC | 42.0 |
| ‎6.4. Additional Financial Information | 45.0 |
| ‎6.5. SPAC Public Filings | 46.0 |
| ‎6.6. No Solicitation; Change in Recommendation | 46.0 |
| ‎6.7. No Trading | 48.0 |
| ‎6.8. Notification of Certain Matters | 48.0 |
| ‎6.9. Efforts | 49.0 |
| ‎6.10. Tax Matters | 50.0 |
| ‎6.11. Further Assurances | 50.0 |
| ‎6.12. The Registration Statement | 51.0 |
| ‎6.13. Company Stockholder Meeting | 52.0 |
| ‎6.14. Public Announcements | 52.0 |
| ‎6.15. Confidential Information | 53.0 |
| ‎6.16. Documents and Information | 54.0 |
| ‎6.17. Post-Closing Board of Directors and Executive Officers | 54.0 |
| ‎6.18. Indemnification of Officers and Directors; Tail Insurance | 55.0 |
| ‎6.19. Trust Account Proceeds | 55.0 |
| ‎6.20. Transaction Financing | 56.0 |
| ‎6.21. Trademark Assignment | 56.0 |
| ‎6.22. Underwriting Agreement | 56.0 |
| VII. Closing conditions | 56.0 |
| ‎7.1. Conditions of Each Party's Obligations | 56.0 |
| ‎7.2. Conditions to Obligations of the Company | 57.0 |
| ‎7.3. Conditions to Obligations of SPAC | 58.0 |
| ‎7.4. Frustration of Conditions | 60.0 |
| VIII. TERMINATION AND EXPENSES | 60.0 |
| ‎8.1. Termination | 60.0 |
| ‎8.2. Effect of Termination | 61.0 |
| ‎8.3. Fees and Expenses | 61.0 |
| Ix. WAIVERS and releases | 62.0 |
| ‎9.1. Waiver of Claims Against Trust | 62.0 |

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A-iii

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---

| | |
|:---|:---|
| x. MISCELLANEOUS | 63.0 |
| ‎10.1. Notices | 63.0 |
| ‎10.2. Binding Effect; Assignment | 63.0 |
| ‎10.3. Third Parties | 63.0 |
| ‎10.4. Governing Law; Jurisdiction | 64.0 |
| ‎10.5. WAIVER OF JURY TRIAL | 64.0 |
| ‎10.6. Specific Performance | 64.0 |
| ‎10.7. Severability | 65.0 |
| ‎10.8. Amendment | 65.0 |
| ‎10.9. Waiver | 65.0 |
| ‎10.10. Entire Agreement | 65.0 |
| ‎10.11. Interpretation | 66.0 |
| ‎10.12. Counterparts | 66.0 |
| ‎10.13. Legal Representation | 67.0 |
| XI DEFINITIONS | 67.0 |
| ‎11.1. Certain Definitions | 67.0 |
| ‎11.2. Section References | 79.0 |

---

**<u>INDEX OF EXHIBITS</u>**

---

| | |
|:---|:---|
| **<u>Exhibit</u>** | **<u>Description</u>** |
| Exhibit A | Form of Company Support Agreement |
| Exhibit B | Form of Lock-Up Agreement |
| Exhibit C | Insider Letter Amendment |
| Exhibit D | Form of Non-Competition and Non-Solicitation Agreement |
| Exhibit E | Form of Amended Registration Rights Agreement |

---

A-iv

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**BUSINESS COMBINATION AGREEMENT**

This Business Combination Agreement (this "***Agreement***") is made and entered into as of November 19, 2025 by and among (i) **Blue Acquisition Corp**., a Cayman Islands exempted company, "***SPAC***"), (ii) **Blockfusion Data Centers, Inc.**, a Delaware corporation ("***Pubco***"), (iii) Atlas I Merger Sub, a Cayman Islands exempted company and a wholly-owned subsidiary of Pubco ("***SPAC Merger Sub***"), (iv) **Atlas Merger Sub, Inc.**, a Delaware corporation and a wholly-owned subsidiary of Pubco ("***Company Merger Sub***" and together with SPAC Merger Sub, the "***Merger Subs***," and the Merger Subs collectively with Pubco, the "***Company Parties***"), and (v) **Blockfusion USA, Inc.**, a Delaware corporation (together with its successors, the "***Company***"). SPAC, Pubco, SPAC Merger Sub, Company Merger Sub and the Company are sometimes referred to herein individually as a "***Party***" and, collectively, as the "***Parties***."

**RECITALS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company is in the business of the development and operation of data centers (the "***Company Business***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pubco is a newly incorporated Delaware corporation that is owned entirely by one or more directors or officers of the Company, and Pubco owns all of the issued and outstanding equity interests of SPAC Merger Sub and Company Merger Sub, each of which is a newly organized entity formed for the sole purpose of effecting the Mergers (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon the terms and subject to the conditions set forth herein, the Parties desire and intend to effect a business combination transaction pursuant to which (i) SPAC Merger Sub will merge with and into SPAC, with SPAC continuing as the surviving entity (the "***SPAC Merger***") and as a result of which each issued and outstanding security of SPAC immediately prior to the effective time of the SPAC Merger shall no longer be outstanding and shall automatically be cancelled and extinguished in exchange for which the security holders of SPAC shall receive substantially equivalent securities of Pubco and (ii) Company Merger Sub will merge with and into the Company, with the Company continuing as the surviving entity (the "***Company Merger***," and together with the SPAC Merger, the "***Mergers***"), and as a result of which each issued and outstanding security of the Company immediately prior to the effective time of the Company Merger shall no longer be outstanding and shall automatically be cancelled in exchange for which the security holders of the Company shall receive shares of common stock of Pubco and (iii) as a result of which Mergers, SPAC and the Company will become wholly-owned subsidiaries of Pubco and Pubco will become a publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The boards of directors of Pubco, SPAC and SPAC Merger Sub have each (i) determined that the respective Mergers to which they are a party are fair, advisable and in the best interests of their respective companies and stockholders or shareholders (as relevant), (ii) approved this Agreement and the transactions contemplated hereby, including the respective Mergers to which they are a party, upon the terms and subject to the conditions set forth herein, and (iii) determined to recommend to their respective stockholders, shareholders or class of stockholders or shareholders (as relevant) the approval and adoption of this Agreement and the transactions contemplated hereby (to which they are or will be party to, respectively), including the respective Mergers to which they are a party (in case of the recommendation of the board of directors of SPAC, the "***SPAC Board Recommendation***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The board of directors of the Company has unanimously (i) determined that the Company Merger is fair, advisable and in the best interests of the Company and its stockholders, (ii) approved this Agreement and the transactions contemplated hereby, including the Company Merger, upon the terms and subject to the conditions set forth herein and (iii) determined to recommend to its members the approval and adoption of this Agreement and the transactions contemplated hereby, including the Company Merger;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Contemporaneously with the execution and delivery of this Agreement, SPAC has received voting and support agreements in the form attached as <u>Exhibit A</u> hereto (collectively, the "***Company Support Agreements***") signed by the Company and the Company Stockholders listed on <u>Schedule 1.1</u> hereto with respect to the Company Common Stock and the Company Preferred Stock held by them sufficient to approve the adoption of this Agreement and approve the Company Merger and the other transactions contemplated by this Agreement (including any separate class or series votes of Company Preferred Stock (as defined herein));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Contemporaneously with the execution and delivery of this Agreement, Lock-Up Stockholders have each entered into a Lock-Up Agreement with Pubco and SPAC, the form of which is attached as <u>Exhibit B</u> hereto (each, a "***Lock-Up Agreement***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Contemporaneously with the execution and delivery of this Agreement, SPAC, the Company, Pubco and the IPO Underwriters have entered into an amendment to the Letter Agreement with the Sponsor and SPAC's directors and officers in connection with the SPAC's IPO (the "***Insider Letter***"), a copy of which is attached as <u>Exhibit C</u> hereto (the "***Insider Letter Amendment***"), pursuant to which, among other matters, effective as of the Closing, Pubco shall assume and be assigned the rights and obligations of SPAC under the Insider Letter, subject to and contingent upon the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Contemporaneously with the execution and delivery of this Agreement, SPAC, Pubco and the Company have entered into a Non-Competition and Non-Solicitation Agreement in favor of Pubco and the Company with Alex Martini-Lo Manto, Kant Trivedi and Robert Scott, the form of which is attached as <u>Exhibit D</u> hereto (collectively, the "***Non-Competition Agreements***"), which will be effective as of Closing and will provide for a restricted period from the Closing until the second anniversary of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Contemporaneously with the Closing, SPAC, Pubco, the Sponsor and certain stockholders of the Company to be mutually agreed by the Company and SPAC, will execute and deliver an amendment and restatement of the Founder Registration Rights Agreement, the form of which is attached as <u>Exhibit E</u> hereto (the "***Amended Registration Rights Agreement***"), to, among other matters, have Pubco assume the registration obligations of SPAC under the Founder Registration Rights Agreement, have such rights apply to the shares Pubco Common Stock, and to provide such stockholder of the Company with registration rights thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Promptly following the date hereof, Pubco (or one or more Subsidiaries of Pubco) intends to enter into employment agreements with each of the individuals set forth on <u>Schedule 7.3(g)(v)</u> (collectively, the "***Employment Agreements***"), in each case to be effective as of Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. The Parties hereby agree and acknowledge that for U.S. federal income tax purposes, the Mergers are intended to qualify as an exchange described in Section 351 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Certain capitalized terms used herein are defined in <u>‎Article XI</u> hereof.

**NOW, THEREFORE**, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and the representations, warranties, covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the Parties hereto agree as follows:

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**Article I <u>MERGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>The SPAC Merger</u>. At the Effective Time and subject to and upon the terms and conditions of this Agreement, and the laws of the Cayman Islands, pursuant to the Plan of Merger (as defined below) and in accordance with Part 16 of the Companies Act (as revised) of the Cayman Islands (as amended, the "***Act***"), SPAC Merger Sub shall be merged with and into SPAC. As a result of the SPAC Merger, the separate corporate existence of SPAC Merger Sub shall cease and SPAC shall continue its corporate existence as the surviving company (within the meaning of the Act) of the SPAC Merger pursuant to the provisions of the Act. SPAC as the surviving company after the SPAC Merger is hereinafter sometimes referred to as "***SPAC Surviving Subsidiary***" (provided, that references to SPAC for periods after the Effective Time shall include SPAC Surviving Subsidiary), and shall succeed to and assume all the rights and obligations of SPAC Merger Sub in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>The Company Merger</u>. At the Effective Time and subject to and upon the terms and conditions of this Agreement and in accordance with the applicable provisions of the Delaware General Corporation Law (as amended, the "***DGCL***"), Company Merger Sub and the Company shall consummate the Company Merger, pursuant to which Company Merger Sub shall be merged with and into the Company, following which the separate corporate existence of Company Merger Sub shall cease and the Company shall continue as the surviving corporation in the Company Merger. The Company as the surviving corporation after the Company Merger is hereinafter sometimes referred to as "***Company Surviving Subsidiary***" (provided, that references to the Company for periods after the Effective Time shall include Company Surviving Subsidiary), and together with SPAC Surviving Subsidiary, the "***Surviving Subsidiaries***" (provided, that notwithstanding the Company Merger, the Company will not be included within the meaning of the term SPAC Parties for purposes 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;1.3 <u>Effective Time</u>. Subject to the conditions of this Agreement, the Parties shall (i) cause the SPAC Merger to be consummated by executing a plan of merger (the "***Plan of Merger***"), in such form as is required by, and executed in accordance with, the relevant provisions of the Act and mutually agreed by the Parties (with such modifications, amendments or supplements thereto as may be required to comply with the Act), and filing the Plan of Merger and all such other documents (including, without limitation, a director's declaration by a director of each of SPAC and SPAC Merger Sub made in accordance with Section 233(9) of the Act) required to effect the SPAC Merger pursuant to the Act with the Registrar of Companies of the Cayman Islands (the "***Cayman Registrar***") as provided in Section 233 of the Act (the "***SPAC Merger Documents***"), and make such other filings or records and take such other actions as may be required in accordance with the applicable provisions of the Act to make the SPAC Merger effective hereinafter, whereby the Merger shall become effective on the date and time at which the SPAC Merger Documents have been duly filed with the Cayman Registrar or on a subsequent date and time as is agreed by the Parties and specified in the SPAC Merger Documents in accordance with the Act and (ii) cause the Company Merger to be consummated by filing a certificate of merger in form and substance reasonably acceptable to the Company and SPAC (the "***Company Certificate of Merger***") with the Secretary of State of the State of Delaware in accordance with the applicable provisions of the DGCL, with each of the Mergers to be consummated and effective simultaneously at 5:00 p.m. New York City time on the Closing Date or at such other date and/or time as may be agreed in writing by the Company and SPAC and specified in each of SPAC Merger Documents and the Company Certificate of Merger (the "***Effective Time***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Effect of the Mergers</u>. At the Effective Time, the effect of the Mergers shall be as provided in this Agreement and the applicable provisions of the Act, DGCL and other applicable Law. Without limiting the generality of the foregoing, and subject thereto, at the Effective Time, all the assets, property, rights, agreements, immunities, privileges, powers and franchises of SPAC Merger Sub and Company Merger Sub shall vest in SPAC Surviving Subsidiary and Company Surviving Subsidiary, respectively, and all debts, liabilities, obligations and duties of SPAC Merger Sub and Company Merger Sub shall become the debts, liabilities, obligations and duties of SPAC Surviving Subsidiary and Company Surviving Subsidiary, respectively, including in each case the rights and obligations of each such Party under this Agreement and the Ancillary Documents from and after the Effective Time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Governing Documents</u>. At the Effective Time, (i) an amended and restated version of the memorandum and articles of association of the SPAC Surviving Subsidiary, which will be substantially in the form of the memorandum and articles of association of SPAC Merger Sub, as in effect immediately prior to the Effective Time, shall be filed with the Cayman Registrar and once filed, as so amended, will be the memorandum and articles of association of the Company Surviving Subsidiary (the "***SPAC Surviving Subsidiary Memorandum***"); provided, that at the Effective Time, references therein to the name of the SPAC Surviving Subsidiary shall be amended to be such name as reasonably determined by Pubco and (ii) each of the certificate of formation and bylaws of Company Merger Sub shall become the certificate of formation and operating agreement of Company Surviving Subsidiary, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Directors and Officers of the Surviving Subsidiaries</u>. At the Effective Time, (i) the board of directors and executive officers of SPAC Surviving Subsidiary shall be the board of directors and executive officers of Pubco, after giving effect to <u>Section ‎6.17</u>, each to hold office in accordance with the organizational documents of SPAC Surviving Subsidiary until their successors are duly elected or appointed and qualified or their earlier death, resignation, or removal, and (ii) the board of directors and executive officers of Company Surviving Subsidiary shall be designated by the Company, each to hold office in accordance with the organizational documents of the Company Surviving Subsidiary until their successors are duly elected or appointed and qualified or their earlier death, resignation, or removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Pre-Closing Company Exchanges</u>. On or prior to the Closing Date, the holders of Company Preferred Stock shall either exchange or convert all of their issued and outstanding shares of Company Preferred Stock for shares of Company Common Stock at the applicable conversion ratio (including any accrued or declared but unpaid dividends) as set forth in the Company Charter (the "***Preferred Conversion***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Merger Consideration</u>. The aggregate consideration to be paid to Company Security Holders as of the Effective Time pursuant to the Company Merger shall consist of a number of newly issued securities of Pubco with a value of Four Hundred and Fifty Million U.S. Dollars ($450,000,000) (the "***Merger Consideration***"), with each Company Stockholder receiving for each share of Company Common Stock held (after giving effect to the Preferred Conversion or otherwise treating shares of Company Preferred Stock on an as-converted to Company Common Stock basis, but excluding any Excluded Securities described in <u>Section ‎1.10(b)</u> or Company Securities described in <u>Section ‎1.10(e))</u>, a number of shares of Pubco Common Stock equal to (i) the Per Share Price, divided by (ii) the Redemption Price (the "***Exchange Ratio***") (the total portion of the Merger Consideration amount payable to all Company Stockholders (but excluding holders of Company Options and Company Warrants immediately prior to the Effective Time) in accordance with this Agreement is also referred to herein as the "***Stockholder Merger Consideration***"), with holders of Company Series B Common Stock receiving Pubco Class B Common Stock for such shares of Company Series B Common Stock and holders of Company Series A Common Stock receiving Pubco Class A Common Stock for such shares of Company Series A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Effect of SPAC Merger on Issued and Outstanding Securities of SPAC and SPAC Merger Sub</u>. At the Effective Time, by virtue of the SPAC Merger, and without any action on the part of any Party or the holders of securities of SPAC or any Target Company:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *SPAC Units*. Immediately prior to the Effective Time, (i) each issued and outstanding SPAC Public Unit shall be automatically detached and the holder thereof shall be deemed to hold SPAC Class A Ordinary Share and one SPAC Public Right in accordance with the terms of the applicable SPAC Public Unit and (ii) each issued and outstanding SPAC Private Unit shall be automatically detached and the holder thereof shall be deemed to hold one SPAC Class A Ordinary Share and one SPAC Private Right in accordance with the terms of the applicable SPAC Private Unit and, which underlying SPAC Securities shall be converted in accordance with the applicable terms of this <u>Section ‎1.9</u> below.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SPAC Class B Ordinary Shares*. Immediately prior to the Effective Time, all issued and outstanding SPAC Class B Ordinary Shares shall be converted automatically into SPAC Class A Ordinary Shares in accordance with the terms of the SPAC's Organizational Documents, following which, all SPAC Class B Ordinary Shares shall cease to be outstanding and shall automatically be canceled, extinguished and shall cease to exist. The holders of certificates previously evidencing SPAC Class B Ordinary Shares outstanding immediately prior to the Effective Time shall cease to have any rights with respect to such shares, except as provided herein or by Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) *SPAC Class A Ordinary Shares*. At the Effective Time, each issued and outstanding SPAC Class A Ordinary Share (other than those described in <u>Section ‎1.9(e)</u> below, but including those described in <u>Section ‎1.9(a)</u> and ‎<u>1.9(b)</u> above) shall be converted automatically into and thereafter represent the right to receive one share of Pubco Class A Common Stock; following which, all SPAC Class A Ordinary Shares shall cease to be outstanding and shall automatically be canceled and shall cease to exist.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) *SPAC Rights*. At the Effective Time, each issued and outstanding SPAC Right shall be automatically converted into the number of Pubco Class A Common Stock that would have been received by the holder thereof if the SPAC Right had been converted upon the consummation of a Business Combination in accordance with the SPAC's Organizational Documents, the IPO Prospectus and the Rights Agreement into SPAC Class A Ordinary Shares, but for such purposes treating it as if such Business Combination had occurred immediately prior to the Effective Time and the SPAC Class A Ordinary Shares issued upon conversion of the SPAC Rights had then automatically been converted into shares of Pubco Class A Common Stock in accordance with <u>Section ‎1.9(c)</u>; *provided*, that in accordance with the Rights Agreement, no fractional Pubco Class A Common Stock will be issued in connection to the foregoing conversion in accordance with <u>Section ‎1.9(c)</u> to which a holder would otherwise be entitled, rounded down to the nearest whole Pubco Class A Common Stock. At the Effective Time, the SPAC Rights shall cease to be outstanding and shall automatically be canceled and shall cease to exist.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Treasury Stock*. At the Effective Time, if there is any share capital of SPAC that is owned by SPAC as treasury shares or by any direct or indirect Subsidiary of SPAC, such shares shall be canceled and extinguished without any conversion thereof or payment therefor.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) *SPAC Merger Sub Stock*. At the Effective Time, each share of SPAC Merger Sub issued and outstanding immediately prior to the Effective Time shall be automatically cancelled and extinguished and converted into one ordinary validly issued, fully paid and nonassessable share in the share capital of the SPAC Surviving Subsidiary, par value $0.0001 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Effect of Company Merger on Issued Securities of the Company and Company Merger Sub</u>. At the Effective Time, by virtue of the Company Merger and without any action on the part of any Party or the holders of securities of SPAC or any Target Company:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Company Common Stock*. At the Effective Time, (i) each share of Company Series A Common Stock issued and outstanding immediately prior to the Effective Time (other than any Excluded Securities described in <u>Section ‎1.10(b)</u> below) will be cancelled and cease to exist in exchange for the right to receive a number of shares of Pubco Class A Common Stock equal to the Exchange Ratio as described in <u>Section ‎1.8</u> and (ii) each share of Company Series B Common Stock issued and outstanding immediately prior to the Effective Time (other than any Excluded Securities described in <u>Section ‎1.10(b)</u> below) will be cancelled and cease to exist in exchange for the right to receive a number of shares of Pubco Class B Common Stock equal to the Exchange Ratio as described in <u>Section ‎1.8</u>. As of the Effective Time, each holder of Company Common Stock shall cease to have any other rights with respect to the Company Common Stock, except as otherwise required under applicable Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Treasury Stock.* At the Effective Time, if there are any equity securities of the Company that are owned by the Company in treasury or any equity securities of the Company owned by any direct or indirect Subsidiary of the Company immediately prior to the Effective Time, such equity securities (collectively, the "***Excluded Securities***") shall be canceled and shall cease to exist without any conversion thereof or payment therefor.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Company Options*. Each outstanding Company Option (whether vested or unvested) shall be assumed by Pubco and automatically converted into an option for shares of Pubco Class A Common Stock (each, an "***Assumed Option***"). Subject to the subsequent sentence, each Assumed Option will be subject to the terms and conditions set forth in the Company Equity Plan (except any references therein to the Company or Company Common Stock will instead mean Pubco and Pubco Class A Common Stock, respectively). Each Assumed Option shall: (i) have the right to acquire a number of shares of Pubco Class A Common Stock equal to (as rounded down to the nearest whole number) the product of (A) the number of shares of Company Series A Common Stock which the holder of such Company Option had the right to acquire immediately prior to the Effective Time, multiplied by (B) the Exchange Ratio; (ii) have an exercise price equal to (as rounded up to the nearest whole cent) the quotient of (A) the exercise price of the Company Option (in U.S. Dollars), divided by (B) the Exchange Ratio; and (iii) be subject to the same terms, conditions, vesting schedule and other provisions as the applicable Company Option. The per share exercise price and the number of shares of Pubco Class A Common Stock purchasable pursuant to each Assumed Option shall be determined in a manner consistent with the requirements of Sections 409A and 424 of the Code, as applicable. Pubco shall take all corporate action necessary to reserve for future issuance, and shall maintain such reservation for so long as any of the Assumed Options remain outstanding, a sufficient number of shares of Pubco Class A Common Stock for delivery upon the exercise of such Assumed Option. From and after the Closing, the Company and Pubco shall not issue any new awards under the Company Equity Plan.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Company Warrants.* Each warrant to purchase Company Common Stock (each, a "***Company Warrant***") that is outstanding and unexercised immediately prior to the Effective Time shall automatically, without any action on the part of the holder thereof, be assumed by the Pubco and converted into a warrant to purchase that number of shares of Pubco Class A Common Stock equal to the product of (x) the number of shares of Company Common Stock subject to such Company Warrant multiplied by (y) the Exchange Ratio (each such warrant, an "***Assumed Warrant***"). Each Assumed Warrant shall be in a form mutually agreed by SPAC and the Company, acting reasonably, prior to the Closing and, except as otherwise set forth in this Agreement, shall be subject to the same terms and conditions (including as to vesting and exercisability) as were applicable under the respective Company Warrant immediately prior to the Effective Time, except that each Assumed Warrant shall have an exercise price per share equal to the quotient obtained by dividing (x) the per share exercise price of the Company Warrant by (y) the Exchange Ratio (which price per share shall be rounded down to the nearest whole cent). Upon exercise of any Assumed Warrant, no evidence of book-entry shares representing fractional shares of Pubco Class A Common Stock shall be issuable thereunder; in lieu of the issuance of any such fractional share, Pubco shall round up to the nearest whole share of Pubco Class A Common Stock.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Other Company Convertible Securities*. Any other Company Convertible Security (other than a Company Option or Company Warrant), if not exercised or converted prior to the Effective Time, shall be cancelled, retired and terminated and cease to represent a right to acquire, be exchanged for or convert into shares of Company Common Stock.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Company Merger Sub Shares.* At the Effective Time, all shares of common stock of Company Merger Sub outstanding immediately prior to the Effective Time shall be converted into an equal amount of shares of common stock of Company Surviving Subsidiary, with the same rights, powers and privileges as the shares so converted and shall constitute the only shares of capital stock in Company Surviving Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Effect of Mergers on Issued and Outstanding Securities of Pubco</u>. At the Effective Time, by virtue of the Mergers and without any action on the part of any Party or the holders of securities of SPAC or any Target Company, all of the shares of Pubco issued and outstanding immediately prior to the Effective Time shall be canceled and extinguished without any conversion thereof or payment therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Intended Tax Treatment</u>. For U.S. federal income tax purpose, the Parties intend that the Mergers shall constitute a single integrated transaction intended to qualify as a tax-free exchange within the meaning of Section 351 of the Code (the "<u>Intended Tax Treatment</u>"), and each Party shall, and shall cause its respective Affiliates to, use reasonable best efforts to so qualify. The Parties shall file all U.S. Tax Returns consistent with, and take no position inconsistent with (whether in U.S. audits, U.S. Tax Returns or otherwise with respect to U.S. federal income tax matters), the treatment described in this <u>Section ‎1.12</u> unless required to do so pursuant to a "determination" that is final within the meaning of Section 1313(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Transfer Agent Matters</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Appointment of Transfer Agent</u>. At least three (3) Business Days prior to the Closing Date, Pubco shall appoint a transfer agent reasonably acceptable to the SPAC and the Company (the "***Transfer Agent***") (it being understood and agreed that Continental Stock Transfer & Trust Company, or any of its Affiliates, shall be deemed to be acceptable to the SPAC and the Company) for the purposes of issuing the Stockholder Merger Consideration to the Company Stockholders pursuant to ‎<u>Section ‎1.10</u> and the Pubco Common Stock to the SPAC Shareholders pursuant to ‎<u>Section ‎1.9</u>. Each of the SPAC and the Company shall, and shall cause their respective Representatives to, reasonably cooperate with the Transfer Agent in connection with the covenants and agreements in this ‎<u>Section ‎1.13</u>, including the provision of any information, or the entry into any agreements or documentation, necessary or advisable, as determined in good faith by Pubco, or otherwise required by the Transfer Agent to fulfill its duties as the Transfer Agent in connection with the Transactions.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer Agent Procedures</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the Effective Time, Pubco shall, or shall cause the Transfer Agent to, issue the Stockholder Merger Consideration to the record holders of Company Common Stock (after giving effect to the Preferred Conversion) entitled to receive a portion of the Stockholder Merger Consideration in book-entry form. All Pubco Common Stock issued in accordance with this ‎<u>Section ‎1.13(b)(i)</u> shall be deemed to have been issued in full satisfaction of all rights pertaining to the Company Common Stock, and there shall be no further registration of transfers on the records of the Company Surviving Subsidiary of the Company Common Stock that were outstanding immediately prior to the Effective Time. If, after the Effective Time, shares of Company Common Stock are presented to Pubco or the Company Surviving Subsidiary for any reason, they shall be cancelled and exchanged as provided in this ‎<u>Section ‎1.13(b)(i)</u>.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At the Effective Time, Pubco shall, or shall cause the Transfer Agent to, issue Pubco Common Stock to the record holders of SPAC Ordinary Shares and SPAC Rights entitled to receive a portion of the Pubco Common Stock in book-entry form, and the electronic or book entry positions representing the SPAC Ordinary Shares and SPAC Rights shall be canceled. All Pubco Common Stock issued in accordance with this ‎<u>Section 2.6(b)(ii)</u> shall be deemed to have been issued in full satisfaction of all rights pertaining to the SPAC Ordinary Shares and SPAC Rights and there shall be no further registration of transfers on the records of the SPAC Surviving Subsidiary of the SPAC Ordinary Shares or SPAC Rights that were outstanding immediately prior to the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>Closing</u> <u>Consideration Spreadsheet</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least three (3) Business Days prior to the Closing, the Company shall deliver to SPAC a spreadsheet (the "***Closing Consideration Spreadsheet***"), prepared by the Company in good faith and detailing the following, in each case, as of immediately prior to the Effective Time:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name and address of record of each Company Stockholder and the number of shares of Company Preferred Stock and Company Common Stock, as applicable (including the applicable class or series of Company Preferred Stock and Company Common Stock, as applicable) held by such Company Stockholder;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the names of record of each holder of Company Options, and the exercise price, number and series or class of shares of Company Common Stock issuable pursuant to each of the Company Options held by such holder (including, in the case of unvested Company Options, the vesting schedule, vesting commencement date, and date fully vested);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the names of record of each holder of Company Warrants, and the exercise price, number and series or class of shares of Company Common Stock issuable pursuant to each of the Company Warrants held by such holder; 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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) detailed calculations of each of the following (in each case, determined without regard to withholding):

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) The number of Fully-Diluted Company Shares;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Exchange Ratio;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) The number of shares subject to the aggregate Merger Consideration;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(D) for each Assumed Option, the exercise price therefor and the number of shares of Pubco Common Stock subject to such Assumed Option; 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;&nbsp;&nbsp;&nbsp;&nbsp;(E) for each Assumed Warrant, the exercise price therefor and the number of shares of Pubco Common Stock subject to such Assumed Warrant

The contents of the Closing Consideration Spreadsheet delivered by the Company hereunder shall be subject to reasonable review and comment by SPAC, but the Company shall, in all events, remain solely responsible for the contents of the Closing Consideration Spreadsheet. The parties hereto agree that Pubco and Exchange Agent shall be entitled to rely on the Closing Consideration Spreadsheet in issuing Pubco Common Stock in accordance with this <u>‎Article I</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Taking of Necessary Action; Further Action</u>. If, at any time after the Effective Time, any further action is necessary or desirable to carry out the purposes of this Agreement and to vest SPAC Surviving Subsidiary or Company Surviving Subsidiary with full right, title and possession to all assets, property, rights, agreements, privileges, powers and franchises of SPAC Merger Sub and Company Merger Sub, respectively, the then current officers and directors of SPAC Surviving Subsidiary and Pubco, and the then officers and board of managers of Company Surviving Subsidiary shall take all such lawful and necessary action, so long as such action is not inconsistent with this Agreement.

**Article II <u>CLOSING</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Closing</u>. Subject to the satisfaction or waiver of the conditions set forth in <u>‎Article VII</u>, the consummation of the transactions contemplated by this Agreement (the "***Closing***") shall take place at the offices of Ellenoff Grossman & Schole, LLP ("***EGS***"), counsel to SPAC, 1345 Avenue of the Americas, New York, NY 10105, on a date and at a time to be agreed upon by SPAC and the Company, which date shall be no later than the second (2<sup>nd</sup>) Business Day after all the Closing conditions to this Agreement have been satisfied or waived, or at such other date, time or place (including remotely) as SPAC and the Company may agree (the date and time at which the Closing is actually held being the "***Closing Date***").

**Article III <u>REPRESENTATIONS AND WARRANTIES OF SPAC</u>**

Except as set forth in (i) the disclosure schedules delivered by SPAC to the Company on the date hereof (the "***SPAC Disclosure Schedules***"), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer, or (ii) the SEC Reports that are available on the SEC's website through EDGAR, SPAC represents and warrants to the Company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Organization and Standing</u>. SPAC is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands. SPAC has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. SPAC is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed or in good standing can be cured without material cost or expense. SPAC has heretofore made available to the Company accurate and complete copies of its Organizational Documents, as currently in effect. SPAC is not in violation of any provision of its Organizational Documents in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Authorization; Binding Agreement</u>. SPAC has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to which it is a party, to perform SPAC's obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, subject to obtaining the Required SPAC Shareholder Approval. The execution and delivery of this Agreement and each Ancillary Document to which it is a party and the consummation of the transactions contemplated hereby and thereby (a) have been duly and validly authorized by the board of directors of SPAC and (b) other than the Required SPAC Shareholder Approval, no other corporate proceedings, other than as set forth elsewhere in the Agreement, on the part of SPAC are necessary to authorize the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which SPAC is a party shall be when delivered, duly and validly executed and delivered by SPAC and, assuming the due authorization, execution and delivery of this Agreement and such Ancillary Documents by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of SPAC, enforceable against SPAC in accordance with its terms, except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization and moratorium laws and other laws of general application affecting the enforcement of creditors' rights generally or by any applicable statute of limitation or by any valid defense of set-off or counterclaim, and the fact that equitable remedies or relief (including the remedy of specific performance) are subject to the discretion of the court from which such relief may be sought (collectively, the "***Enforceability Exceptions***").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Governmental Approvals</u>. Except as otherwise described on <u>Schedule ‎3.3</u>, no Consent of any Governmental Authority, on the part of SPAC is required to be obtained or made in connection with the execution, delivery or performance by SPAC of this Agreement and each Ancillary Document to which it is a party or the consummation by SPAC of the transactions contemplated hereby and thereby, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement, (c) any filings required with NASDAQ or the SEC with respect to the transactions contemplated by this Agreement, (d) applicable requirements, if any, of the Securities Act, the Exchange Act, and/ or any state "blue sky" securities Laws, and the rules and regulations thereunder and (e) where the failure to obtain or make such Consents or to make such filings or notifications, would not reasonably be expected to have a Material Adverse Effect on SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Non-Contravention</u>. Except as otherwise described on <u>Schedule ‎3.4</u>, the execution and delivery by SPAC of this Agreement and each Ancillary Document to which it is a party, the consummation by SPAC of the transactions contemplated hereby and thereby, and compliance by SPAC with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of SPAC's Organizational Documents, (b) contravene or conflict with or constitute a violation of any provisions of Law or Order binding upon or applicable to SPAC, (c) subject to obtaining the Consents from Governmental Authorities referred to in <u>Section ‎3.3</u> hereof, and the waiting periods referred to therein having expired, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to SPAC or any of its properties or assets, or (d) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by SPAC under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of SPAC under, (viii) give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any SPAC Material Contract, except for any deviations from any of the foregoing clauses (c) or (d) that would not reasonably be expected to have a Material Adverse Effect on SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Capitalization</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPAC's authorized share capital is $55,500, comprised of: (i) 550,000,000 SPAC Ordinary Shares, consisting of 500,000,000 SPAC Class A Ordinary Shares, par value $0.0001 per share, of which 20,892,250 SPAC Class A Ordinary Shares are issued and outstanding as of the date of this Agreement, and 50,000,000 SPAC Class B Ordinary Shares, par value $0.0001 per share, of which 7,069,913 SPAC Class B Ordinary Shares are issued and outstanding as of the date of this Agreement, and (ii) 5,000,000 SPAC Preference Shares, par value $0.0001 per share, of which no shares are issued and outstanding as of the date of this Agreement. All outstanding SPAC Securities are duly authorized, validly issued, fully paid and non-assessable and are not subject to or issued in violation of any purchase option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the Act, SPAC's Organizational Documents or any Contract to which SPAC is a party. None of the outstanding SPAC Securities has been issued in violation of any applicable securities Laws.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule ‎3.5(a)</u> or <u>Schedule ‎3.5(b)</u> there are no (i) outstanding options, warrants, puts, calls, convertible securities, preemptive or similar rights, (ii) bonds, debentures, notes or other Indebtedness having general voting rights or that are convertible or exchangeable into securities having such rights or (iii) subscriptions or other rights, agreements, arrangements, Contracts or commitments of any character (other than this Agreement and the Ancillary Documents), (A) relating to the issued or unissued shares of SPAC or (B) obligating SPAC to issue, transfer, deliver or sell or cause to be issued, transferred, delivered, sold or repurchased any options or shares or securities convertible into or exchangeable for such shares, or (C) obligating SPAC to grant, extend or enter into any such option, warrant, call, subscription or other right, agreement, arrangement or commitment for such capital shares. Other than the Redemption or as expressly set forth in this Agreement, there are no outstanding obligations of SPAC to repurchase, redeem or otherwise acquire any shares of SPAC or to provide funds to make any investment (in the form of a loan, capital contribution or otherwise) in any Person. Except as set forth on <u>Schedule ‎3.5(b)</u>, there are no shareholders agreements, voting trusts or other agreements or understandings to which SPAC is a party with respect to the voting of any shares of SPAC.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) All Indebtedness of SPAC as of the date of this Agreement is disclosed on <u>Schedule ‎3.5(c)</u>. No Indebtedness of SPAC contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by SPAC or (iii) the ability of SPAC to grant any Lien on its properties or assets.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Since the date of formation of SPAC, and except as contemplated by this Agreement, SPAC has not declared or paid any distribution or dividend in respect of its shares and has not repurchased, redeemed or otherwise acquired any of its shares, and SPAC's board of directors has not authorized any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>SEC Filings and SPAC Financials</u>**.**

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPAC, since the IPO, has filed all forms, reports, schedules, statements, registration statements, prospectuses and other documents required to be filed or furnished by SPAC with the SEC under the Securities Act and/or the Exchange Act, together with any amendments, restatements or supplements thereto, and will file all such forms, reports, schedules, statements and other documents required to be filed subsequent to the date of this Agreement and SPAC has not taken any action prohibited by Section 402 of SOX regarding this <u>Section ‎3.6(a)</u>. Except to the extent available on the SEC's web site through EDGAR, SPAC has delivered to the Company copies in the form filed with the SEC of all of the following: (i) SPAC's annual reports on Form 10-K for each fiscal year of SPAC beginning with the first year SPAC was required to file such a form, (ii) SPAC's quarterly reports on Form 10-Q for each fiscal quarter that SPAC filed such reports to disclose its quarterly financial results in each of the fiscal years of SPAC referred to in clause (i) above, (iii) all other forms, reports, registration statements, prospectuses and other documents (other than preliminary materials) filed by SPAC with the SEC since the beginning of the first fiscal year referred to in clause (i) above (the forms, reports, registration statements, prospectuses and other documents referred to in clauses (i), (ii) and (iii) above, whether or not available through EDGAR, are, collectively, the "***SEC Reports***") and (iv) all certifications and statements required by (A) Rules 13a-14 or 15d-14 under the Exchange Act, and (B) 18 U.S.C. §1350 (Section 906 of SOX) with respect to any report referred to in clause (i) above (collectively, the "***Public Certifications***"). As of their respective dates, the SEC Reports (x) were prepared in all material respects in accordance with the requirements of the Securities Act and the Exchange Act, as the case may be, and the rules and regulations thereunder and (y) did not, as of their respective effective dates (in the case of SEC Reports that are registration statements filed pursuant to the requirements of the Securities Act) and at the time they were filed with the SEC (in the case of all other SEC Reports) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. As of the date of this Agreement, (A) SPAC Public Units, SPAC Class A Ordinary Shares, and SPAC Public Rights are listed on NASDAQ, (B) SPAC has not received any written deficiency notice from NASDAQ relating to the continued listing requirements of such SPAC Securities, (C) there are no Actions pending or, to the Knowledge of SPAC, threatened against SPAC by the Financial Industry Regulatory Authority with respect to any intention by such entity to suspend, prohibit or terminate the quoting of such SPAC Securities on NASDAQ and (D) such SPAC Securities are in compliance with all of the applicable corporate governance rules of NASDAQ.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC maintains disclosure controls and procedures required by Rules 13a-15 or Rule 15d-15 under the Exchange Act; such controls and procedures are reasonably designed to ensure that all material information concerning SPAC and other material information required to be disclosed by SPAC in the reports and other documents that it files or furnishes under the Exchange Act is made known on a timely basis to the individuals responsible for the preparation of SPAC's SEC filings and other public disclosure documents.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The financial statements and notes of SPAC contained or incorporated by reference in the SEC Reports (the "***SPAC Financials***"), fairly present in all material respects the financial position and the results of operations, changes in shareholders' equity, and cash flows of SPAC at the respective dates of and for the periods referred to in the SPAC Financials, all in accordance with (i) GAAP methodologies applied on a consistent basis throughout the periods involved and (ii) Regulation S-X or Regulation S-K, as applicable (except as may be indicated in the notes thereto and for the omission of notes and audit adjustments in the case of unaudited quarterly financial statements to the extent permitted by Regulation S-X or Regulation S-K, as applicable).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except to the extent reflected or reserved against in SPAC Financials, SPAC has not incurred any Liabilities or obligations of the type required to be reflected on a balance sheet in accordance with GAAP that are not adequately reflected or reserved on or provided for in SPAC Financials, other than Liabilities of the type required to be reflected on a balance sheet in accordance with GAAP that have been incurred since SPAC's formation in the ordinary course of business. SPAC has no off-sheet balance sheet arrangements.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) There are no outstanding loans or other extensions of credit made by SPAC to any executive officer (as defined in Rule 3b-7 under the Exchange Act) or director of SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Absence of Certain Changes</u>. As of the date of this Agreement, except as set forth on <u>Schedule ‎3.7</u>, SPAC has, (a) since its formation, conducted no business other than its formation, the public offering of its securities (and the related private offerings), public reporting and its search for an initial Business Combination as described in the IPO Prospectus (including the investigation of the Target Companies and the negotiation and execution of this Agreement) and related activities and (b) since June 30, 2025 through the date of this Agreement, not been subject to a Material Adverse Effect on SPAC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Compliance with Laws</u>. SPAC is, and has since its formation been, in compliance with all Laws applicable to it and the conduct of its business except for such noncompliance which would not reasonably be expected to have a Material Adverse Effect on SPAC, and SPAC has not received written notice alleging any violation of applicable Law in any material respect by SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Actions; Orders; Permits</u>. There is no pending or, to the Knowledge of SPAC, threatened material Action to which SPAC is subject which would reasonably be expected to have a Material Adverse Effect on SPAC. There is no material Action that SPAC has pending against any other Person. SPAC is not subject to any material Orders of any Governmental Authority, nor are any such Orders pending. SPAC holds all material Permits necessary to lawfully conduct its business as presently conducted, and to own, lease and operate its assets and properties, all of which are in full force and effect, except where the failure to hold such Consent or for such Consent to be in full force and effect would not reasonably be expected to have a Material Adverse Effect on SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Taxes and Returns</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPAC has timely filed, or caused to be timely filed, all material Tax Returns required to be filed by it, which Tax Returns are accurate and complete in all material respects, and has paid, collected or withheld, or caused to be paid, collected or withheld, all material Taxes required to be paid, collected or withheld, other than such Taxes for which adequate reserves in SPAC Financials have been established in accordance with GAAP. <u>Schedule ‎3.10(a)</u> sets forth each jurisdiction where SPAC files or is required to file a Tax Return. There are no audits, examinations, investigations or other proceedings pending against SPAC in respect of any Tax, and SPAC has not been notified in writing of any proposed Tax claims or assessments against SPAC (other than, in each case, claims or assessments for which adequate reserves in SPAC Financials have been established in accordance with GAAP or are immaterial in amount). There are no Liens with respect to any Taxes upon any of SPAC's assets, other than Permitted Liens. SPAC has no outstanding waivers or extensions of any applicable statute of limitations to assess any material amount of Taxes. There are no outstanding requests by SPAC for any extension of time within which to file any Tax Return or within which to pay any Taxes shown to be due on any Tax Return.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the date of its incorporation, SPAC has not (i) changed any Tax accounting methods, policies or procedures except as required by a change in Law, (ii) made, revoked or amended any material Tax election, (iii) filed any amended Tax Returns or claim for refund or (iv) entered into any closing agreement affecting or otherwise settled or compromised any material Tax Liability or refund.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) SPAC has not participated in, or sold, distributed or otherwise promoted, any "reportable transaction," as defined in U.S. Treasury Regulation section 1.6011-4.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of SPAC, there are no facts or circumstances that would reasonably be expected to prevent the Mergers from qualifying for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Employees and Employee Benefit Plans</u>. SPAC does not (a) have any paid employees or (b) maintain, sponsor, contribute to or otherwise have any Liability under, any Benefit Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Properties</u>. SPAC does not own, license or otherwise have any right, title or interest in any material Intellectual Property. SPAC does not own or lease any material real property or material Personal Property.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Material Contracts</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule ‎3.13(a)</u>, other than this Agreement and the Ancillary Documents, there are no Contracts to which SPAC is a party or by which any of its properties or assets may be bound, subject or affected, which creates or imposes a Liability greater than $250,000 (each, a "***SPAC Material Contract***"). All SPAC Material Contracts have been made available to the Company other than those that are exhibits to the SEC Reports.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each SPAC Material Contract: (i) the SPAC Material Contract was entered into at arms' length and in the ordinary course of business, (ii) the SPAC Material Contract is legal, valid, binding and enforceable in all material respects against SPAC and, to the Knowledge of SPAC, the other parties thereto, and is in full force and effect (except, in each case, as such enforcement may be limited by the Enforceability Exceptions), (iii) SPAC is not in breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute such a breach or default in any material respect by SPAC, or permit termination or acceleration by the other party, under such SPAC Material Contract, and (iv) to the Knowledge of SPAC, no other party to any SPAC Material Contract is in breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute such a breach or default by such other party, or permit termination or acceleration by SPAC under any SPAC Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Transactions with Affiliates</u>. <u>Schedule ‎3.14</u> sets forth a true, correct and complete list of the Contracts and arrangements that are in existence as of the date of this Agreement under which there are any existing or future Liabilities or obligations between SPAC and any (a) present or former director, officer or employee or Affiliate of SPAC, or any immediate family member of any of the foregoing, or (b) record or beneficial owner of more than ten percent (10%) of SPAC's outstanding share capital as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Investment Company Act</u>. SPAC is not an "investment company" or a Person directly or indirectly "controlled" by or acting on behalf of an "investment company," or required to register as an "investment company," in each case within the meaning of the Investment Company Act of 1940, as amended (the "***Investment Company Act***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <u>Finders and Brokers</u>. Except as set forth on <u>Schedule ‎3.16</u>, no broker, finder or investment banker is entitled to any brokerage, finder's or other fee or commission from SPAC, the Target Companies or any of their respective Affiliates in connection with the transactions contemplated hereby based upon arrangements made by or on behalf of SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 <u>Certain Business Practices</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither SPAC, nor, to the Knowledge of SPAC, any of its Representatives acting on its behalf, has (i) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the U.S. Foreign Corrupt Practices Act of 1977 or any other local or foreign anti-corruption or bribery Law, (iii) made any other unlawful payment or (iv) since the formation of SPAC, directly or indirectly, given or agreed to give any unlawful gift or similar benefit in any material amount to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder SPAC or assist it in connection with any actual or proposed transaction.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The operations of SPAC are and have been conducted at all times in material compliance with money laundering statutes in all applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority, and no Action involving SPAC with respect to the any of the foregoing is pending or, to the Knowledge of SPAC, threatened.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of SPAC or any of its directors or officers, or, to the Knowledge of SPAC, any other Representative acting on behalf of SPAC is currently (i) identified on the specially designated nationals or other blocked person list or otherwise currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("***OFAC***"), the U.S. Department of State, or other applicable Governmental Authority; (ii) organized, resident, or located in, or a national of a comprehensively sanctioned country; or (iii) in the aggregate, fifty percent (50%) or greater owned, directly or indirectly, or otherwise controlled, by a person identified in (i) or (ii); and SPAC has not, directly or indirectly, used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in any other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC or the U.S. Department of State in the last five (5) fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <u>SPAC Trust Account</u>. As of November 10, 2025, the Trust Account had a balance of approximately $204,335,305.46. Such monies are invested solely in United States "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act, and held in trust by the Trustee pursuant to the Trust Agreement. The Trust Agreement is valid and in full force and effect and enforceable in accordance with its terms (subject to the Enforceability Exceptions) and has not been amended or modified. SPAC has complied in all material respects with the terms of the Trust Agreement and is not in material breach thereof or material default thereunder and there does not exist under the Trust Agreement any event which, with the giving of notice or the lapse of time, would constitute such a material breach or material default by SPAC or, to the Knowledge of SPAC, by the Trustee. There are no separate contracts, agreements, side letters or other agreements or understandings (whether written or unwritten, express or implied) between SPAC and the Trustee that would cause the description of the Trust Agreement in the SEC Reports to be inaccurate in any material respect and/or that would entitle any Person (other than the underwriters of the IPO, Public Shareholders who shall have elected to redeem their SPAC Class A Ordinary Shares pursuant to SPAC's Organizational Documents (or in connection with an extension of SPAC's deadline to consummate a Business Combination) or Governmental Authorities for Taxes) to any portion of the proceeds in the Trust Account. Prior to the Closing, none of the funds held in the Trust Account may be released except as described in the Trust Agreement and the IPO Prospectus. There are no Actions pending or, to the Knowledge of SPAC, threatened with respect to the Trust Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <u>Exclusivity of Representations</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the representations and warranties contained in this *‎*Article III, neither the SPAC nor any other Person or entity on behalf of the SPAC has made or makes any representation or warranty, whether express or implied, with respect to the SPAC, its Affiliates or its or their businesses, affairs, assets, Liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects) or with respect to the accuracy or completeness of any other information provided or made available to the Company, Pubco, the Merger Subs, any of their Affiliates or any of their Representatives by or on behalf of the SPAC. Neither the SPAC nor any other Person on behalf of the SPAC has made or makes any representation or warranty, whether express or implied, with respect to any projections, forecasts, estimates or budgets made available to the Company, Pubco, the Merger Subs, any of their Affiliates or any of their Representatives of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of the SPAC or any of its Affiliates, whether or not included in any management presentation.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The SPAC, on behalf of itself and its Affiliates, acknowledges and agrees that, (i) it has conducted its own independent investigation of the financial condition, results of operations, assets, liabilities, properties and projected operations of the Company, Pubco or the Merger Subs, (ii) it has been afforded satisfactory access to the books and records, facilities and personnel of the Company, Pubco or the Merger Subs for purposes of conducting such investigation, and (iii) except for the representations and warranties contained in *‎*Article IV and *‎*Article V, none of the Company, Pubco, or the Merger Subs, nor any other Person or entity on behalf of the Company, Pubco or the Merger Subs have made or makes, and the SPAC and its Affiliates have not relied upon, any representation or warranty, whether express or implied, with respect to the Company, Pubco, the Merger Subs, their respective Affiliates or their respective businesses, affairs, assets, Liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects), whether or not included in any management presentation, or with respect to the accuracy or completeness of any other information provided or made available to the SPAC or any of its Affiliates or any of its or their Representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <u>Information Supplied</u>. None of the information supplied or to be supplied by SPAC expressly for inclusion or incorporation by reference: (a) in any current report on Form 8-K, and any exhibits thereto or any other report, form, registration or other filing made with any Governmental Authority or stock exchange with respect to the transactions contemplated by this Agreement or any Ancillary Documents; (b) in the Registration Statement; or (c) in the mailings or other distributions to SPAC's shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this Agreement or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading (provided, if such information is revised by any subsequently filed amendment or supplement to the Registration Statement prior to the time the Registration Statement is declared effective by the SEC, this clause (a) shall solely refer to the time of such subsequent revision or supplement). None of the information supplied or to be supplied by SPAC expressly for inclusion or incorporation by reference in any of the Signing Press Release, the Signing Filing, the Closing Press Release and the Closing Filing will, when filed or distributed, as applicable, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, SPAC makes no representation, warranty or covenant with respect to any information supplied by or on behalf of the Target Companies or its Affiliates.

**Article IV <u>REPRESENTATIONS AND WARRANTIES OF COMPANY, PUBCO AND THE MERGER SUBS</u>**

Each of the Company, Pubco and the Merger Subs, jointly and severally, represents and warrants to SPAC, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Organization and Standing</u>. Pubco and Company Merger Sub are each corporations duly incorporated, validly existing and in good standing under the Laws of the State of Delaware and SPAC Merger Sub is an exempted company duly incorporated, validly existing and in good standing under the Laws of the Cayman Islands. Each of Pubco and the Merger Subs has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each of Pubco and the Merger Subs is duly qualified or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so qualified or licensed would not individually or in the aggregate reasonably be expected to have a material impact on the ability of Pubco or any Merger Sub on a timely basis to consummate the Transactions. Pubco has heretofore made available to SPAC and the Company accurate and complete copies of the Organizational Documents of Pubco and the Merger Subs, each as currently in effect. Neither Pubco nor any Merger Sub is in violation of any provision of its Organizational Documents in any material respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Authorization; Binding Agreement</u>. Subject to the adoption of the Amended Pubco Charter, each of Pubco and the Merger Subs has all requisite corporate or limited liability power, as applicable, and authority to execute and deliver this Agreement and each Ancillary Document to which it is a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The sole stockholder of Pubco, Pubco in its capacity as sole stockholder of Company Merger Sub and Pubco in its capacity as sole shareholder of SPAC Merger Sub has authorized the execution, delivery and performance of this Agreement and the Ancillary Documents and the consummation of the Mergers and the other transactions contemplated by this Agreement. The execution and delivery of this Agreement and each Ancillary Document to which it is a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by the board of directors of Pubco, Company Merger Sub and SPAC Merger Sub and no other corporate proceedings, other than as expressly set forth elsewhere in this Agreement (including the adoption of the Amended Pubco Charter and the approval by the equity holders of Pubco and each Merger Sub), on the part of Pubco or Merger Subs are necessary to authorize the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which Pubco or the Merger Subs is a party has been or shall be when delivered, duly and validly executed and delivered by such Party and, assuming the due authorization, execution and delivery of this Agreement and such Ancillary Documents by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Governmental Approvals</u>. Except as otherwise set forth on <u>Schedule ‎4.3</u>, no Consent of or with any Governmental Authority, on the part of Pubco or the Merger Subs is required to be obtained or made in connection with the execution, delivery or performance by such Party of this Agreement and each Ancillary Document to which it is a party or the consummation by such Party of the transactions contemplated hereby and thereby, other than (a) pursuant to Antitrust Laws, (b) such filings as contemplated by this Agreement, (c) any filings required with NASDAQ or the SEC with respect to the transactions contemplated by this Agreement, (d) applicable requirements, if any, of the Securities Act, the Exchange Act, and/or any state "blue sky" securities Laws, and the rules and regulations thereunder, and (e) where the failure to obtain or make such Consents or to make such filings or notifications, would not, individually or in the aggregate, reasonably be expected to have a material impact on the ability of Pubco or the Merger Subs on a timely basis to consummate the transactions contemplated by 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;4.4 <u>Non-Contravention</u>. The execution and delivery by Pubco and the Merger Subs of this Agreement and each Ancillary Document to which it is a party, the consummation by such Party of the transactions contemplated hereby and thereby, and compliance by such Party with any of the provisions hereof and thereof, will not (a) subject to the adoption of the Amended Pubco Charter, conflict with or violate any provision of such Party's Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to in <u>Section ‎4.3</u> hereof, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to such Party or any of its properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by such Party under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of such Party under, (viii) give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of, any material Contract of such Party, except for any deviations from any of the foregoing clauses (a), (b) or (c) that would not, individually or in the aggregate, reasonably be expected to have a material impact on the ability of Pubco or the Merger Subs on a timely basis to consummate the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Capitalization</u>. As of the Closing Date, Pubco and the Merger Subs will have the capitalization stated in their respective Organizational Documents. Prior to giving effect to the transactions contemplated by this Agreement, other than the Merger Subs, Pubco does not have any Subsidiaries or own any equity interests in any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Ownership of Pubco Common Stock</u>. (i) All shares of Pubco Common Stock to be issued and delivered in accordance with <u>Article I</u> to the Company Stockholders shall be, upon issuance and delivery of such shares, duly authorized, validly issued, fully paid, non-assessable and free and clear of all Liens, and (ii) upon issuance and delivery of such shares to the Company Stockholders, each Company Stockholder shall have good and valid title to its portion of such shares, in each case of clauses (i) and (ii), other than restrictions arising from applicable securities Laws, the Ancillary Documents, the Amended Pubco Charter, the provisions of this Agreement and any Liens incurred by the Company Stockholders, and (iii) the issuance and sale of such shares pursuant hereto will not be subject to or give rise to any preemptive rights or rights of first refusal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>Pubco and Merger Sub Activities</u>. Since their formation, Pubco and the Merger Subs have not engaged in any business activities other than as contemplated by this Agreement, do not own directly or indirectly any ownership, equity, profits or voting interest in any Person (other than Pubco's one hundred percent (100%) ownership of the Merger Subs) and have no assets or Liabilities except those incurred in connection with this Agreement and the Ancillary Documents to which they are a party and the transactions contemplated by this Agreement, and, other than this Agreement and the Ancillary Documents to which they are a party, Pubco and the Merger Subs are not party to or bound by any Contract.

**Article V <u>REPRESENTATIONS AND WARRANTIES OF THE COMPANY</u>**

Except as set forth in the disclosure schedules delivered by the Company to SPAC on the date hereof (the "***Company Disclosure Schedules***"), the Section numbers of which are numbered to correspond to the Section numbers of this Agreement to which they refer, the Company hereby represents and warrants to SPAC Parties, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Organization and Standing</u>. The Company is a corporation duly incorporated, validly existing and in good standing under the DGCL and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now being conducted. Each Subsidiary of the Company is a corporation or other entity duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization and has all requisite corporate or limited liability company power and authority, as applicable, to own, lease and operate its properties and to carry on its business as now being conducted. Each Target Company is duly qualified or licensed and in good standing in the jurisdiction in which it is incorporated or registered and in each other jurisdiction where it does business or operates to the extent that the character of the property owned, or leased or operated by it or the nature of the business conducted by it makes such qualification or licensing necessary. <u>Schedule ‎5.1</u> lists all jurisdictions in which any Target Company is qualified to conduct business and all names other than its legal name under which any Target Company does business. The Company has provided to SPAC accurate and complete copies of its Organizational Documents and the Organizational Documents of each of its Subsidiaries, each as amended to date and as currently in effect. No Target Company is in violation of any provision of its Organizational Documents.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Authorization; Binding Agreement</u>. The Company has all requisite corporate power and authority to execute and deliver this Agreement and each Ancillary Document to which it is or is required to be a party, to perform the Company's obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby, subject to obtaining the Required Company Stockholder Approval. The execution and delivery of this Agreement and each Ancillary Document to which the Company is or is required to be a party and the consummation of the transactions contemplated hereby and thereby, (a) have been duly and validly authorized by the Company's board of directors in accordance with the Company Charter, any other applicable Law or any Contract to which the Company or any of its equity holders is a party or by which it or its securities are bound and (b) other than the Required Company Stockholder Approval, no other corporate proceedings on the part of the Company are necessary to authorize the execution and delivery of this Agreement and each Ancillary Document to which it is a party or to consummate the transactions contemplated hereby and thereby. This Agreement has been, and each Ancillary Document to which the Company is or is required to be a party has been or shall be when delivered, duly and validly executed and delivered by the Company and assuming the due authorization, execution and delivery of this Agreement and any such Ancillary Document by the other parties hereto and thereto, constitutes, or when delivered shall constitute, the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to the Enforceability Exceptions. The Company's board of directors, by resolutions duly adopted at a meeting duly called and held (i) determined that this Agreement and the Mergers and the other transactions contemplated hereby are advisable, fair to, and in the best interests of, the Company and its stockholders, (ii) approved this Agreement and the Mergers and the other transactions contemplated by this Agreement in accordance with the DGCL, (iii) directed that this Agreement be submitted to the Company's stockholders for adoption and (iv) resolved to recommend that the Company's stockholders adopt this Agreement. The Company Support Agreements delivered by the Company include holders of shares of Company Common Stock representing at least the Required Company Stockholder Approval, and such Company Support Agreements are in full force and 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;5.3 <u>Capitalization</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is authorized to issue (i) 61,000,000 shares of Company Common Stock, including 45,000,000 shares of Company Series A Common Stock, of which 19,867,521 shares are issued and outstanding, and 16,000,000 shares of Company Series B Common Stock, of which 13,110,000 shares are issued and outstanding, (ii) 5,000,000 shares of Company Preferred Stock, of which 4,342,922 shares are issued and outstanding. With respect to the Company Preferred Stock, the Company has designated (A) 2,640,000 shares as Series Seed Preferred Stock, all of which are currently issued and outstanding and (B) 2,360,000 shares as Series A Preferred Stock, 1,702,922 of which are currently issued and outstanding. Prior to giving effect to the transactions contemplated by this Agreement, all of the issued and outstanding Company Common Stock, Company Convertible Securities and other equity interests of the Company are set forth on <u>Schedule ‎5.3(a)</u>, along with the beneficial and record owners thereof, all of which shares and other equity interests are owned free and clear of any Liens other than those imposed under the Company Charter. All of the outstanding shares and other equity interests of the Company have been duly authorized, are fully paid and non-assessable and not in violation of any purchase option, right of first refusal, preemptive right, subscription right or any similar right under any provision of the DGCL, any other applicable Law, the Company Charter or any Contract to which the Company is a party or by which it or its securities are bound. The Company holds no shares or other equity interests of the Company in its treasury. None of the outstanding shares or other equity interests of the Company were issued in violation of any applicable securities Laws. The rights, privileges and preferences of the Company Preferred Stock are as stated in the Company Charter and as provided by the DGCL.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company has reserved 1,500,000 shares of Company Series A Common Stock for issuance to officers, directors, employees and consultants of the Company pursuant to the Company Equity Plan, which was duly adopted by the Company's board of directors and approved by the Company's stockholders. Of such shares of Company Series A Common Stock reserved for issuance under the Company Equity Plan, 430,000 of such shares are reserved for issuance upon exercise of currently outstanding Company Options, 480,000 of such shares are currently issued and outstanding that were issued upon exercise of Company Options previously granted under the Company Equity Plan or otherwise granted under the Company Equity Plan, and 590,000 shares remain available for future awards permitted under the Company Equity Plan. The Company has furnished to SPAC complete and accurate copies of the Company Equity Plan and forms of agreements used thereunder. <u>Schedule ‎5.3(b)</u> sets forth the beneficial and record owners of all outstanding Company Options and any other awards made under the Company Equity Plan (including the grant date, number and type of shares issuable thereunder, the exercise price, the expiration date and any vesting schedule). Other than the Company Equity Plan, the Company has not granted compensatory equity or equity-linked rights under any other plan or arrangement.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has reserved 1,187,107 shares of Company Series A Common Stock and 250,000 shares of Company Series B Common Stock for issuance upon exercise of Company Warrants. <u>Schedule ‎5.3(c)</u> sets forth the beneficial and record owners of all outstanding Company Warrants (including the issuance date, number and type of shares issuable thereunder, the exercise price and the expiration date).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except for the Company Preferred Stock, the Company Options and the Company Warrants, are no Company Convertible Securities, or preemptive rights or rights of first refusal or first offer, nor are there any Contracts, commitments, arrangements or restrictions to which the Company or any of its equity holders is a party or bound relating to any equity securities of the Company, whether or not outstanding. There are no issued, reserved for issuance, outstanding or authorized option, restricted unit award, restricted interest award, profits interest, profit participation, equity appreciation, phantom equity, or equity-based award or similar rights with respect to the Company. Except as set forth on <u>Schedule ‎5.3(d)</u>, there are no voting trusts, proxies, shareholder agreements or any other agreements or understandings with respect to the voting of the Company's equity interests. There are no outstanding contractual obligations of the Company to repurchase, redeem or otherwise acquire any equity interests or securities of the Company, nor has the Company granted any registration rights to any Person with respect to the Company's equity securities. All of the Company's securities have been granted, offered, sold and issued in compliance with all applicable securities Laws. As a result of the consummation of the transactions contemplated by this Agreement, no equity interests of the Company are issuable and no rights in connection with any interests, warrants, rights, options or other securities of the Company accelerate or otherwise become triggered (whether as to vesting, exercisability, convertibility or otherwise).

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) Since January 1, 2024, the Company has not declared or paid any distribution or dividend in respect of its equity interests and has not repurchased, redeemed or otherwise acquired any equity interests of the Company, and the members of the Company have not authorized any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Subsidiaries</u>. <u>Schedule ‎5.4(a)</u> sets forth the name of each Subsidiary of the Company, and with respect to each Subsidiary (a) its jurisdiction of organization, (b) its authorized shares or other equity interests (if applicable), (c) the number of issued and outstanding shares or other equity interests and the record holders and beneficial owners thereof and (d) its Tax election to be treated as a corporate or a disregarded entity under the Code and any state or applicable non-U.S. Tax laws, if any. All of the outstanding equity securities of each Subsidiary of the Company are duly authorized and validly issued, fully paid and non-assessable (if applicable), and were offered, sold and delivered in compliance with all applicable securities Laws, and owned by one or more of the Target Companies free and clear of all Liens (other than those, if any, imposed by such Subsidiary's Organizational Documents). There are no Contracts to which the Company or any of its Affiliates is a party or bound with respect to the voting (including voting trusts or proxies) of the equity interests of any Subsidiary of the Company other than the Organizational Documents of any such Subsidiary. Except as listed on <u>Schedule ‎5.4(b)</u>, there are no outstanding or authorized options, warrants, rights, agreements, subscriptions, convertible securities or commitments to which any Subsidiary of the Company is a party or which are binding upon any Subsidiary of the Company providing for the issuance or redemption of any equity interests of any Subsidiary of the Company. There are no issued, reserved for issuance, outstanding or authorized option, restricted unit award, restricted interest award, profits interest, equity appreciation, phantom equity, profit participation, or equity-based award or similar rights granted by any Subsidiary of the Company. No Target Company has any limitation, whether by Contract, Order or applicable Law, on its ability to make any distributions or dividends to its equity holders or repay any debt owed to another Target Company. Except for the equity interests of the Subsidiaries listed on <u>Schedule ‎5.4(a)</u>, the Company does not own or have any rights to acquire, directly or indirectly, any equity interests of, or otherwise Control, any Person. None of the Company or its Subsidiaries is a participant in any joint venture, partnership or similar arrangement. There are no outstanding contractual obligations of a Target Company to provide funds to, or make any investment (in the form of a loan, capital contribution or otherwise) in, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Governmental Approvals</u>. Except as otherwise described on <u>Schedule ‎5.5</u>, no material Consent of or with any Governmental Authority on the part of any Target Company is required to be obtained or made in connection with the execution, delivery or performance by the Company of this Agreement or any Ancillary Documents or the consummation by the Company of the transactions contemplated hereby or thereby other than (a) such filings as are expressly contemplated by this Agreement or (b) pursuant to Antitrust Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Non-Contravention</u>. Except as otherwise described on <u>Schedule ‎5.6</u>, the execution and delivery by the Company (or any other Target Company, as applicable) of this Agreement and each Ancillary Document to which any Target Company is or is required to be a party or otherwise bound, and the consummation by any Target Company of the transactions contemplated hereby and thereby and compliance by any Target Company with any of the provisions hereof and thereof, will not (a) conflict with or violate any provision of any Target Company's Organizational Documents, (b) subject to obtaining the Consents from Governmental Authorities referred to in <u>Section ‎5.5</u> hereof, the waiting periods referred to therein having expired, and any condition precedent to such Consent or waiver having been satisfied, conflict with or violate any Law, Order or Consent applicable to any Target Company or any of its material properties or assets, or (c) (i) violate, conflict with or result in a breach of, (ii) constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, (iii) result in the termination, withdrawal, suspension, cancellation or modification of, (iv) accelerate the performance required by any Target Company under, (v) result in a right of termination or acceleration under, (vi) give rise to any obligation to make payments or provide compensation under, (vii) result in the creation of any Lien upon any of the properties or assets of any Target Company under, (viii) give rise to any obligation to obtain any third party Consent or provide any notice to any Person or (ix) give any Person the right to declare a default, exercise any remedy, claim a rebate, chargeback, penalty or change in delivery schedule, accelerate the maturity or performance, cancel, terminate or modify any right, benefit, obligation or other term under, any of the terms, conditions or provisions of any Company Material Contract.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Financial Statements</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule ‎5.7(a)</u> contains true and correct copies of the Company Unaudited Financial Statements. The Company Unaudited Financial Statements (A) were prepared from the books and records of the Target Companies as of the times and for the periods referred to therein, (B) were prepared in accordance with GAAP, consistently applied throughout and among the periods involved (except as may be indicated in the notes thereto), and (C) fairly present in all material respects the consolidated financial position of the Target Companies as of the respective dates thereof and the consolidated results of the operations of the Target Companies for the periods indicated.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Target Companies do not have any Indebtedness other than the Indebtedness set forth on <u>Schedule ‎5.7(b)</u>, which schedule sets for the amounts (including principal and any accrued but unpaid interest or other obligations) with respect to such Indebtedness. Except as disclosed on <u>Schedule ‎5.7(b)</u>, no Indebtedness of any Target Company contains any restriction upon (i) the prepayment of any of such Indebtedness, (ii) the incurrence of Indebtedness by any Target Company, or (iii) the ability of the Target Companies to grant any Lien on their respective properties or assets.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Target Company maintains accurate books and records reflecting its assets and Liabilities and maintains proper and adequate internal accounting controls that provide reasonable assurance that (i) such Target Company does not maintain any off-the-book accounts and that such Target Company's assets are used only in accordance with such Target Company's management directives, (ii) transactions are executed with management's authorization, (iii) transactions are recorded as necessary to permit preparation of the financial statements of such Target Company and to maintain accountability for such Target Company's assets, (iv) access to such Target Company's assets is permitted only in accordance with management's authorization, (v) the reporting of such Target Company's assets is compared with existing assets at regular intervals and verified for actual amounts, and (vi) accounts, notes and other receivables and inventory are recorded accurately, and proper and adequate procedures are implemented to effect the collection of accounts, notes and other receivables on a current and timely basis. All of the financial books and records of the Target Companies are complete and accurate in all material respects and have been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws. No Target Company has been subject to or involved in any material fraud that involves management or other employees who have a significant role in the internal controls over financial reporting of any Target Company. To the Knowledge of the Company, no Target Company employee has engaged in any material fraud with respect to the business activities or operations of any Target Company. Except as may be disclosed on <u>Schedule 5.11</u>, in the past five (5) years, no Target Company or its Representatives has received any written complaint, allegation, assertion or claim regarding the accounting or auditing practices, procedures, methodologies or methods of any Target Company or its internal accounting controls, including any material written complaint, allegation, assertion or claim that any Target Company has engaged in questionable accounting or auditing practices.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Schedule ‎5.7(d)</u>, no Target Company is subject to any Liabilities or obligations required to be reflected on a balance sheet prepared in accordance with GAAP, except for those that are either (i) adequately reflected or reserved on or provided for in the consolidated balance sheet of the Company and its Subsidiaries as of December 31, 2024 and contained in the Company Financials or (ii) not material and that were incurred after December 31, 2024 in the ordinary course of business consistent with past practice (other than Liabilities for breach of any Contract or violation of any Law).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) All accounts, notes and other receivables, whether or not accrued, and whether or not billed, of the Target Companies (the "***Accounts Receivable***") arose from sales actually made or services actually performed in the ordinary course of business and represent valid obligations to a Target Company arising from its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Absence of Certain Changes</u>. Except as set forth on <u>Schedule ‎5.8</u>, since December 31, 2024, each Target Company has (a) conducted its business only in the ordinary course of business consistent with past practice, (b) not been subject to a Material Adverse Effect and (c) has not taken any action or committed or agreed to take any action that would be prohibited by <u>Section ‎6.2(b)</u> (without giving effect to <u>Schedule ‎6.2</u>) if such action were taken on or after the date hereof without the consent of SPAC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Compliance with Laws</u>. Except as may be disclosed on <u>Schedule 5.11</u>, since January 1, 2022, no Target Company is or has been in material conflict or material non-compliance with, or in material default or violation of, nor has any Target Company received, since January 1, 2022, any written or, to the Knowledge of the Company, oral notice of any material conflict or non-compliance with, or material default or violation of, any applicable Laws by which it or any of its properties, assets, employees, business or operations are or were bound or affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Company Permits</u>. Each Target Company (and its employees who are legally required to be licensed by a Governmental Authority in order to perform his or her duties with respect to his or her employment with any Target Company), holds all Permits necessary to lawfully conduct in all material respects its business as presently conducted, and as currently contemplated to be conducted, and to own, lease and operate its assets and properties (collectively, the "***Company Permits***"). The Company has made available to SPAC true, correct and complete copies of all material Company Permits, all of which material Company Permits are listed on <u>Schedule ‎5.10</u>. All of the Company Permits are in full force and effect, and no suspension or cancellation of any of the Company Permits is pending or, to the Company's Knowledge, threatened. No Target Company is in violation in any material respect of the terms of any Company Permit, and no Target Company has received any written or, to the Knowledge of the Company, oral notice of any Actions relating to the revocation or modification, of any Company Permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>Litigation</u>. Except as described on <u>Schedule ‎5.11</u>, there is no (a) Action of any nature currently pending or, to the Company's Knowledge, threatened, and no such Action has been brought or, to the Company's Knowledge, threatened in the past five (5) years; or (b) Order now pending or outstanding or that was rendered by a Governmental Authority in the past five (5) years, in either case of (a) or (b) by or against any Target Company, its current or former directors, managers, officers or equity holders (provided, that any litigation involving the directors, officers or equity holders of a Target Company must be related to the Target Company's business, equity securities or assets), its business, equity securities or assets. The items listed on <u>Schedule ‎5.11</u>, if finally determined adversely to the Target Companies, will not have, either individually or in the aggregate, a Material Adverse Effect upon any Target Company. In the past five (5) years, none of the current or former officers, senior management, managers or directors of any Target Company have been charged with, indicted for, arrested for, or convicted of any felony or any crime involving fraud.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Material Contracts</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule ‎5.12(a)</u> sets forth a true, correct and complete list of, and the Company has made available to SPAC (including written summaries of oral Contracts) true, correct and complete copies of, each Contract to which any Target Company is a party or by which any Target Company, or any of its properties or assets are bound or affected (each Contract required to be set forth on <u>Schedule ‎5.12(a)</u>, a "***Company Material Contract***") 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) contains covenants that limit the ability of any Target Company (A) to compete in any line of business or with any Person or in any geographic area or to sell, or provide any service or product or solicit any Person, including any non-competition covenants, employee and customer non-solicit covenants, exclusivity restrictions, rights of first refusal or most-favored pricing clauses or (B) to purchase or acquire an interest in any other Person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) involves any joint venture, profit-sharing, partnership, limited liability company or other similar agreement or arrangement relating to the formation, creation, operation, management or control of any partnership or joint venture;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) involves any exchange traded, over the counter or other swap, cap, floor, collar, futures contract, forward contract, option or other derivative financial instrument or Contract, based on any commodity, security, instrument, asset, rate or index of any kind or nature whatsoever, whether tangible or intangible, including currencies, interest rates, foreign currency and indices;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) evidences Indebtedness (whether incurred, assumed, guaranteed or secured by any asset) of any Target Company having an outstanding principal amount in excess of $100,000;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) involves the acquisition or disposition, directly or indirectly (by merger or otherwise), of assets with an aggregate value in excess of $100,000 (other than in the ordinary course of business consistent with past practice) or shares or other equity interests of any Target Company or another Person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) relates to any merger, consolidation or other business combination with any other Person or the acquisition or disposition of any other entity or its business or material assets or the sale of any Target Company, its business or material assets;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) by its terms, individually or with all related Contracts, resulted, during the twelve (12)-month period prior to the date hereof, in aggregate payments or receipts to or by the Target Companies under such Contract or Contracts of at least $50,000 individually or $100,000 in the aggregate;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) is with any Top Customer or Top Supplier;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) obligates the Target Companies to provide continuing indemnification or a guarantee of obligations of a third party after the date hereof in excess of $100,000;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) is between any Target Company and any directors, officers or employees of a Target Company (other than at-will employment arrangements with employees entered into in the ordinary course of business consistent with past practice), including all non-competition, severance and indemnification agreements, or any Related Person;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) obligates the Target Companies to make any capital commitment or expenditure in excess of $100,000 (including pursuant to any joint venture);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) relates to a material settlement entered into within three (3) years prior to the date of this Agreement or under which any Target Company has outstanding obligations (other than customary confidentiality obligations);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) provides another Person (other than another Target Company or any manager, director or officer of any Target Company) with a power of attorney;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) relates to the development, ownership, licensing or use of any Intellectual Property by, to or from any Target Company, other than Off-the-Shelf Software;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) that will be required to be filed with the Registration Statement under applicable SEC requirements or would otherwise be required to be filed by the Company as an exhibit for a Form S-1 pursuant to Items 601(b)(1), (2), (4), (9) or (10) of Regulation S-K under the Securities Act as if the Company was the registrant; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) is otherwise material to the Target Companies taken as a whole and not described in clauses (i) through ‎(xv) above.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as disclosed on <u>Schedule ‎5.12(b)</u>, with respect to each Company Material Contract: (i) such Company Material Contract is valid and binding and enforceable in all respects against the Target Company party thereto and, to the Knowledge of the Company, each other party thereto, and is in full force and effect (except, in each case, as such enforcement may be limited by the Enforceability Exceptions), (ii) the consummation of the transactions contemplated by this Agreement will not affect the validity or enforceability of any Company Material Contract, (iii) no Target Company is in material breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute a material breach or default by any Target Company, or permit termination or acceleration by the other party thereto, under such Company Material Contract; (iv) to the Knowledge of the Company, no other party to such Company Material Contract is in breach or default in any material respect, and no event has occurred that with the passage of time or giving of notice or both would constitute such a material breach or default by such other party, or permit termination or acceleration by any Target Company, under such Company Material Contract; (v) no Target Company has received written or, to the Knowledge of the Company, oral notice of an intention by any party to any such Company Material Contract that provides for a continuing obligation by any party thereto to terminate such Company Material Contract or amend the terms thereof, other than modifications in the ordinary course of business that do not adversely affect any Target Company; and (vi) no Target Company has waived any material rights under any such Company Material Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Intellectual Property</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule ‎5.13(a)(i)</u> sets forth: (i) all U.S. and foreign registered Patents, Trademarks, Copyrights and Internet Assets and applications owned or licensed by a Target Company or otherwise used or held for use by a Target Company in which a Target Company is the owner, applicant or assignee ("***Company Registered IP***"), specifying as to each item, as applicable: (A) the nature of the item, including the title, (B) the owner of the item, (C) the jurisdictions in which the item is issued or registered or in which an application for issuance or registration has been filed and (D) the issuance, registration or application numbers and dates and (ii) all material unregistered Intellectual Property owned or licensed or purported to be owned or licensed by a Target Company. <u>Schedule ‎5.13(a)(ii)</u> sets forth all Intellectual Property licenses, sublicenses and other agreements or permissions ("***Company IP Licenses***") (other than "shrink wrap," "click wrap" and "off the shelf" software agreements and other agreements for Software commercially available on reasonable terms to the public generally with license, maintenance, support and other fees of less than $10,000 per year (collectively, "***Off-the-Shelf Software***"), which are not required to be listed, although such licenses are "Company IP Licenses" as that term is used herein), under which a Target Company is a licensee or otherwise is authorized to use or practice any Intellectual Property, and describes (A) the applicable Intellectual Property licensed, sublicensed or used and (B) any royalties, license fees or other compensation due from a Target Company, if any. Each Target Company owns, free and clear of all Liens (other than Permitted Liens), has valid and enforceable rights in, and has the unrestricted right to use, sell, license, transfer or assign, all Intellectual Property currently used, licensed or held for use by such Target Company, and previously used or licensed by such Target Company, except for the Intellectual Property that is the subject of the Company IP Licenses. No item of Company Registered IP that consists of a pending Patent application fails to identify all pertinent inventors, and for each Patent and Patent application in the Company Registered IP, the Target Companies have obtained valid assignments of inventions from each inventor. Except as set forth on <u>Schedule ‎5.13(a)(iii)</u>, all Company Registered IP is owned exclusively by the applicable Target Company without obligation to pay royalties, licensing fees or other fees, or otherwise account to any third party with respect to such Company Registered IP, and such Target Company has recorded assignments of all Company Registered IP with any applicable Intellectual Property offices or Governmental Authorities.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Target Company has a valid and enforceable license to use all Intellectual Property that is the subject of the Company IP Licenses applicable to such Target Company. The Company IP Licenses include all of the licenses, sublicenses and other agreements or permissions necessary to operate the Target Companies as presently conducted. Each Target Company has performed all obligations imposed on it in the Company IP Licenses, has made all payments required to date, and such Target Company is not, nor, to the Knowledge of the Company, is any other party thereto, in material breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default thereunder. The continued use by the Target Companies of the Intellectual Property that is the subject of the Company IP Licenses in the same manner that it is currently being used is not restricted by any applicable license of any Target Company. All registrations for Copyrights, Patents, Trademarks and Internet Assets that are owned by or exclusively licensed to any Target Company are valid, in force and in good standing with all required fees and maintenance and/or renewal fees having been paid with no Actions pending, and all applications to register any Copyrights, Patents and Trademarks are pending and in good standing, all without challenge of any kind other than office actions that may be issued by the applicable Intellectual Property office or governmental agency in the ordinary course of filing and prosecuting such applications. No Target Company is party to any Contract that requires a Target Company to assign to any Person all of its rights in any Intellectual Property developed by a Target Company under such Contract.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Schedule ‎5.13(c)</u> sets forth all licenses, sublicenses and other agreements or permissions under which a Target Company is the licensor (each, an "***Outbound IP License***"), and for each such Outbound IP License, describes (i) the applicable Intellectual Property licensed, (ii) the licensee under such Outbound IP License, and (iii) any royalties, license fees or other compensation due to a Target Company, if any. Each Target Company has performed all obligations imposed on it in the Outbound IP Licenses, and such Target Company is not, nor, to the Knowledge of the Company, is any other party thereto, in breach or default thereunder, nor has any event occurred that with notice or lapse of time or both would constitute a default thereunder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Action is pending or, to the Company's Knowledge, threatened against a Target Company that challenges the validity, enforceability, ownership or right to use, sell, license or sublicense, or that otherwise relates to, any Intellectual Property currently owned, licensed, used or held for use by the Target Companies, nor, to the Knowledge of the Company, is there any reasonable basis for any such Action. No Target Company has received any written or, to the Knowledge of the Company, oral notice or claim asserting or suggesting that any infringement, misappropriation, violation, dilution or unauthorized use of the Intellectual Property of any other Person is or may be occurring or has or may have occurred, as a consequence of the business activities of any Target Company, nor to the Knowledge of the Company is there a reasonable basis therefor. There are no Orders to which any Target Company is a party or its otherwise bound that (i) restrict the rights of a Target Company to use, transfer, license or enforce any Intellectual Property owned by a Target Company, (ii) restrict the conduct of the business of a Target Company in order to accommodate a third Person's Intellectual Property, or (iii) other than the Outbound IP Licenses, grant any third Person any right with respect to any Intellectual Property owned by a Target Company. No Target Company is currently infringing, or has, in the past infringed, misappropriated or violated any Intellectual Property of any other Person in any material respect in connection with the ownership, use or license of any Intellectual Property owned or purported to be owned by a Target Company or, to the Knowledge of the Company, otherwise in connection with the conduct of the respective businesses of the Target Companies. To the Company's Knowledge, no third party is currently, or in the past five (5) years has been, infringing upon, misappropriating or otherwise violating any Intellectual Property owned, licensed by, licensed to, or otherwise used or held for use by any Target Company ("***Company IP***") in any material respect.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) All officers, directors, employees and independent contractors of a Target Company (and each of their respective Affiliates) have assigned to the Target Companies all Intellectual Property arising from the services performed for a Target Company by such Persons and, where applicable, all such assignments of Company Registered IP have been recorded. No current or former officers, employees or independent contractors of a Target Company have claimed any ownership interest in any Intellectual Property owned by a Target Company. To the Knowledge of the Company, there has been no violation of a Target Company's policies or practices related to protection of Company IP or any confidentiality or nondisclosure Contract relating to the Intellectual Property owned by a Target Company. The Company has made available to SPAC true and complete copies of all written Contracts referenced in subsections under which employees and independent contractors assigned their Intellectual Property to a Target Company. To the Company's Knowledge, none of the employees of any Target Company is obligated under any Contract, or subject to any Order, that would materially interfere with the use of such employee's best efforts to promote the interests of the Target Companies, or that would materially conflict with the business of any Target Company as presently conducted or contemplated to be conducted. Each Target Company has taken reasonable security measures in order to protect the secrecy, confidentiality and value of the material Company IP.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the Knowledge of the Company, no Person has obtained unauthorized access to third party information and data (including personally identifiable information) in the possession of a Target Company, nor has there been any other material compromise of the security, confidentiality or integrity of such information or data, and no written or, to the Knowledge of the Company, oral complaint relating to an improper use or disclosure of, or a breach in the security of, any such information or data has been received by a Target Company. Each Target Company has complied in all material respects with all applicable Laws and Contract requirements relating to privacy, personal data protection, and the collection, processing and use of Personal Information and its own privacy policies and guidelines. The operation of the business of the Target Companies has not and does not violate any right to privacy or publicity of any third person, or constitute unfair competition or trade practices under applicable Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) The consummation of any of the transactions contemplated by this Agreement will not result in the material breach, material modification, cancellation, termination, suspension of or acceleration of any payments with respect to, or release of source code because of (i) any Contract providing for the license or other use of Intellectual Property owned by a Target Company, or (ii) any Company IP License. Following the Closing, the Company shall be permitted to exercise, directly or indirectly through its Subsidiaries, all of the Target Companies' rights under such Contracts or Company IP Licenses to the same extent that the Target Companies would have been able to exercise had the transactions contemplated by this Agreement not occurred, without the payment of any additional amounts or consideration other than ongoing fees, royalties or payments which the Target Companies would otherwise be required to pay in the absence of such transactions.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) To the extent that any Software constitutes any material unregistered Intellectual Property owned by the Company or a Target Company, or any Software is the subject of any Company IP Licenses, to the Knowledge of the Company, such Software is free of all viruses, worms, Trojan horses and other material known contaminants and does not contain any bugs, errors, or problems of a material nature that would disrupt its operation or have an adverse impact on the operation of other Software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>Taxes and Returns</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Target Company has timely filed, or caused to be timely filed, all material Tax Returns required to be filed by it (taking into account all available extensions), which Tax Returns are true, accurate, correct and complete in all material respects, and has paid, collected or withheld, or caused to be paid, collected or withheld, all material Taxes required to be paid, collected or withheld, other than such Taxes for which adequate reserves in the Company Financials have been established. Each Target Company has complied in all material respects with the applicable Laws relating to Tax.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) There is no Action currently pending or, to the Knowledge of the Company, threatened against a Target Company by a Governmental Authority in a jurisdiction where the Target Company does not file Tax Returns that it is or may be subject to taxation by that jurisdiction.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth on Schedule 5.14(c), no Target Company is being audited by any Tax authority or has been notified in writing that any such audit is contemplated or pending. There are no claims, assessments, audits, examinations, investigations or other Actions pending against a Target Company in respect of any Tax, and no Target Company has been notified in writing of any proposed Tax claims or assessments against it (other than, in each case, claims or assessments for which adequate reserves in the Company Financials have been established).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no Liens with respect to any Taxes upon any Target Company's assets, other than Permitted Liens.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Target Company has any outstanding waivers or extensions of any applicable statute of limitations to assess any amount of material Taxes. There are no outstanding requests by a Target Company for any extension of time within which to file any Tax Return or within which to pay any Taxes shown to be due on any Tax Return.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Target Company has made any change in accounting method (except as required by a change in Law) or entered into any closing agreement with any taxing authority affecting or otherwise settled or compromised any material Tax Liability or refund.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Target Company has participated in, or sold, distributed or otherwise promoted, any "reportable transaction," as defined in U.S. Treasury Regulation section 1.6011-4.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Target Company has any Liability or potential Liability for the Taxes of another Person (other than another Target Company) that is not adequately reflected in the Company Financials (i) under any applicable Tax Law, (ii) as a transferee or successor, or (iii) by Contract, indemnity or otherwise (excluding commercial agreements entered into in the ordinary course of business the primary purpose of which is not the sharing of Taxes). No Target Company is a party to or bound by any Tax indemnity agreement, Tax sharing agreement or Tax allocation agreement or similar agreement, arrangement or practice (excluding commercial agreements entered into in the ordinary course of business the primary purpose which is not the sharing of Taxes) with respect to Taxes (including advance pricing agreement, closing agreement or other agreement relating to Taxes with any Governmental Authority) that will be binding on any Target Company with respect to any period following the Closing Date.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Target Company has requested, or is it the subject of or bound by any private letter ruling, technical advice memorandum, closing agreement or similar ruling, memorandum or agreement with any Governmental Authority with respect to any Taxes, nor is any such request outstanding.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(j) To the Knowledge of the Company, there are no facts or circumstances that would reasonably be expected to prevent the Mergers from qualifying for the Intended Tax Treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Real and Personal Property</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule *‎*5.15(a)</u> sets forth a true and complete list (including street addresses) and description or parcel ID of each parcel of Owned Real Property. With respect to each such parcel of Owned Real Property, (i) the applicable Target Company has good, valid and marketable indefeasible fee simple title to the Owned Real Property, free and clear of all Liens other than Permitted Liens, (ii) to the extent in such Target Company's possession, the Company has delivered or made available to SPAC true, complete and correct copies of the deeds and other instruments (as recorded) by which the applicable Target Company acquired such Owned Real Property, and copies of all title insurance policies in the possession of the Target Company and relating to the Owned Real Property, (iii) except as set forth on <u>Schedule 5.15(b),</u> no Target Company has leased or otherwise granted to any Person the right to use or occupy such Owned Real Property or any portion thereof, and (iv) other than the right granted pursuant to this Agreement, there are no outstanding options, rights of first offer or rights of first refusal to purchase such Owned Real Property or any portion thereof or interest therein.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule *‎*5.15(b)</u> sets forth a true and complete list of all Real Property Leases for Leased Real Property, including the date and name of the parties to such Real Property Lease document. True and complete copies of all such Real Property Leases have been made available to SPAC (including all amendments, extensions, renewals, guaranties and other agreements with respect thereto). Each Real Property Lease is in full force and effect and is a valid, legal and binding obligation of the applicable Target Company party thereto, enforceable in accordance with its terms against such Target Company and, to the Company's Knowledge, each other party thereto (subject to applicable bankruptcy, insolvency, reorganization, moratorium or other Laws affecting generally the enforcement of creditors' rights and subject to general principles of equity). There is no breach or default by any Target Company or, to the Company's Knowledge, any third party under any Real Property Lease, and, to the Company's Knowledge, no event has occurred which (with or without notice or lapse of time or both) would constitute a breach or default or would permit termination of, or a material modification or acceleration thereof by any party to such Real Property Leases. No Target Company has subleased, licensed, or otherwise granted any Person the right to use or occupy the Leased Real Property, or any portion thereof, subject to such Real Property Lease.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owned Real Property identified on <u>Schedule *‎*5.15(a)</u> and the Leased Real Property identified in <u>Schedule *‎*5.15(b)</u>, comprise all of the material real property used or intended to be used in, or otherwise related to, the Company Business.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as qualified on <u>Schedule 5.15(b)</u>, the Target Companies have all certificates of occupancy and permits of any Governmental Authority necessary or useful for the current use and operation of each Owned Real Property, and the Target Companies have fully complied with all material conditions of the permits applicable to them. No default or violation, or event that with the lapse of time or giving of notice or both would become a default or violation, has occurred in the due observance of any such Permit.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to the Owned Real Properties: (i) there are no pending or, to the Knowledge of the Company, threatened condemnation or eminent domain proceedings or Actions relating to any Owned Real Property, and no Target Company has received any notice of the intention of any Governmental Authority or other Person to take or use all or any part thereof; (ii) there are no pending or, to the Knowledge of the Company, threatened Actions relating to boundary lines, ingress and egress, adverse possession or similar issues; (iii) the existing buildings and improvements located on the Owned Real Properties are located entirely within the boundary lines of such Owned Real Property or on permanent easements on adjoining land benefiting such Owned Real Property and may lawfully be used under applicable zoning and land use laws for the purposes for which they are presently being used; and (iv) the Owned Real Properties are in compliance with the terms and provisions of any restrictive covenants, easements, or agreements affecting such Owned Real Property. No Target Company has received any notice from any insurance company that has issued a policy with respect to any Owned Real Property requiring performance of any structural or other repairs or alterations to such Owned Real Property.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each item of Personal Property which is currently owned, used or leased by a Target Company with a book value or fair market value of greater than One Hundred Thousand Dollars ($100,000) is set forth on <u>Schedule *‎*5.15(d)</u>, along with, to the extent applicable, a list of lease agreements, lease guarantees, security agreements and other agreements related thereto, including all amendments, terminations and modifications thereof or waivers thereto ("***Company Personal Property Leases***"). Except as set forth on <u>Schedule *‎*5.15(f)</u>, all such items of Personal Property are in good operating condition and repair (reasonable wear and tear excepted consistent with the age of such items), and are suitable for their intended use in the business of the Target Companies. The operation of each Target Company's business as it is now conducted or presently proposed to be conducted is not dependent upon the right to use the Personal Property of Persons other than a Target Company, except for such Personal Property that is owned, leased or licensed by or otherwise contracted to a Target Company. The Company has provided to SPAC a true and complete copy of each of the Company Personal Property Leases, and in the case of any oral Company Personal Property Lease, a written summary of the material terms of such Company Personal Property Lease. The Company Personal Property Leases are valid, binding and enforceable in accordance with their terms and are in full force and effect. To the Knowledge of the Company, no event has occurred which (whether with or without notice, lapse of time or both or the happening or occurrence of any other event) would constitute a default on the part of a Target Company or any other party under any of the Company Personal Property Leases, and no Target Company has received notice of any such condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 <u>Title to and Sufficiency of Assets</u>. Each Target Company has good and marketable title to, or a valid leasehold interest in or right to use, all of its assets, free and clear of all Liens other than (a) Permitted Liens, (b) the rights of lessors under leasehold interests, (c) Liens specifically identified on the most recent balance sheet included in the Company Financials and (d) Liens set forth on <u>Schedule ‎5.16</u>. The assets (including Intellectual Property rights and contractual rights) of the Target Companies constitute all of the assets, rights and properties that are used in the operation of the businesses of the Target Companies as it is now conducted or that are used or held by the Target Companies for use in the operation of the businesses of the Target Companies, and taken together, are adequate and sufficient for the operation of the businesses of the Target Companies as currently conducted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 <u>Employee Matters</u>

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule ‎5.17(a)</u>, no Target Company is a party to any collective bargaining agreement or other Contract covering any group of employees, labor organization or other representative of any of the employees of any Target Company, and the Company has no Knowledge of any activities or proceedings of any labor union or other party to organize or represent such employees. There has not occurred or, to the Knowledge of the Company, been threatened any strike, slow-down, picketing, work-stoppage, or other similar labor activity with respect to any such employees. <u>Schedule ‎5.17(a)</u> sets forth all unresolved labor controversies (including unresolved employee, consultant or independent contractor claims, grievances and/or disputes, whether raised internally with the Company or through a representative, including any harassment, age or other discrimination, or retaliation claims, wage and hour claims, and any other claims arising under local, state or federal labor and employment laws), if any, that are pending or, to the Knowledge of the Company, threatened between any Target Company and Persons employed by or providing services as independent contractors to a Target Company. No current officer or employee of a Target Company has provided any Target Company written or, to the Knowledge of the Company, oral notice of his or her plan to terminate his or her employment with any Target Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule ‎5.17(b)</u>, each Target Company (i) is and for the last six (6) years has been in compliance in all material respects with all applicable Laws respecting employment and employment practices, terms and conditions of employment, legally-required trainings and notices, health and safety and wages and hours, and other Laws relating to discrimination, harassment, retaliation, disability, labor relations, hours of work, payment of wages and overtime wages, pay equity, immigration, workers compensation, working conditions, employee scheduling, occupational safety and health, family and medical leave, and employee terminations, and has not received written or, to the Knowledge of the Company, oral notice that there is any pending Action involving unfair labor practices against a Target Company, (ii) is not liable for any material past due arrears of wages or any material penalty for failure to comply with any of the foregoing, and (iii) is not liable for any material payment to any Governmental Authority with respect to unemployment compensation benefits, social security or other benefits or obligations for employees, independent contractors or consultants (other than routine payments to be made in the ordinary course of business and consistent with past practice). There are no Actions pending or, to the Knowledge of the Company, threatened against a Target Company brought by or on behalf of any applicant for employment, any current or former employee, any Person alleging to be a current or former employee, or any Governmental Authority, relating to any such Law or regulation, or alleging breach of any express or implied contract of employment, wrongful termination of employment, or alleging any other discriminatory, wrongful or tortious conduct in connection with the employment relationship.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Schedule ‎5.17(c)</u> hereto sets forth a complete and accurate list as of the date hereof of all employees of the Target Companies showing for each as of such date (i) the employee's name, job title or description, employer, location, salary level (including any bonus, commission, deferred compensation or other remuneration payable (other than any such arrangements under which payments are at the discretion of the Target Companies)), (ii) any bonus, commission or other remuneration other than salary paid during the fiscal year ending December 31, 2024, and (iii) any wages, salary, bonus, commission or other compensation due and owing to each employee during or for the fiscal year ended December 31, 2024. Except as set forth on <u>Schedule ‎5.17(c)</u>, (A) no employee is a party to a written employment Contract with a Target Company and each is employed "at will," and (B) the Target Companies have paid in full to all their employees all wages, salaries, commission, bonuses and other compensation due to their employees, including overtime compensation, and no Target Company has any obligation or Liability (whether or not contingent) with respect to severance payments to any such employees under the terms of any written or, to the Company's Knowledge, oral agreement, or commitment or any applicable Law, custom, trade or practice. Except as set forth on <u>Schedule ‎5.17(c)</u>, each Target Company employee has entered into the Company's standard form of employee non-disclosure, inventions and restrictive covenants agreement with a Target Company (whether pursuant to a separate agreement or incorporated as part of such employee's overall employment agreement), a copy of which has been made available to SPAC by the Company.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Schedule ‎5.17(d)</u> contains a list of all independent contractors (including consultants) currently engaged by any Target Company, along with the position, the entity engaging such Person, date of retention and rate of remuneration, most recent increase (or decrease) in remuneration and amount thereof, for each such Person. Except as set forth on <u>Schedule ‎5.17(d)</u>, all of such independent contractors are a party to a written Contract with a Target Company. Except as set forth on <u>Schedule ‎5.17(d)</u>, each such independent contractor has entered into customary covenants regarding confidentiality, non-competition and assignment of inventions and copyrights in such Person's agreement with a Target Company, a copy of which has been provided to SPAC by the Company. For the purposes of applicable Law, including the Code, all independent contractors who are currently, or within the last six (6) years have been, engaged by a Target Company are bona fide independent contractors and not employees of a Target Company. Each independent contractor is terminable on fewer than thirty (30) days' notice, without any obligation of any Target Company to pay severance or a termination fee.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the Knowledge of the Company, since January 1, 2025, the Company has investigated all workplace harassment (including sexual harassment), discrimination, retaliation, and workplace violence written claims, if any, relating to current and/or former employees of the Company or third parties who interacted with current and/or former employees of the Company. With respect to each such written claim with potential merit, the Company has taken corrective action. Further, to the Knowledge of the Company, since January 1, 2025 no allegations of sexual harassment have been made to the Company against any individual in his or her capacity as director or an executive officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 <u>Benefit Plans</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Set forth on <u>Schedule *‎*5.18(a)</u> is a true and complete list of each Benefit Plan of a Target Company (each, a "***Company Benefit Plan***"). With respect to each Company Benefit Plan, there are no funded benefit obligations for which contributions have not been made or properly accrued and there are no unfunded benefit obligations that have not been accounted for by reserves, or otherwise properly footnoted in accordance with GAAP on the Company Financials. No Target Company is or has in the past been a member of a "controlled group" for purposes of Section 414(b), (c), (m) or (o) of the Code, nor does any Target Company have any Liability with respect to any collectively-bargained for plans, whether or not subject to the provisions of ERISA. No statement, either written or oral, has been made by any Target Company to any Person with regard to any Company Benefit Plan that was not in accordance with the Company Benefit Plan in any material respect.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule *‎*5.18(b)</u>, each Company Benefit Plan is and has been operated at all times in compliance with all applicable Laws in all material respects, including ERISA and the Code. Each Company Benefit Plan which is intended to be "qualified" within the meaning of Section 401(a) of the Code (i) has been determined by the IRS to be so qualified (or is based on a prototype plan which has received a favorable opinion letter) during the period from its adoption to the date of this Agreement and (ii) its related trust has been determined to be exempt from taxation under Section 501(a) of the Code or the Target Companies have requested an initial favorable IRS determination of qualification and/or exemption within the period permitted by applicable Law. No fact exists which could adversely affect the qualified status of such Company Benefit Plans or the exempt status of such trusts.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to each Company Benefit Plan, the Company has provided to SPAC accurate and complete copies, if applicable, of: (i) all Company Benefit Plan texts and agreements and related trust agreements or annuity Contracts (including any amendments, modifications or supplements thereto) or an accurate written summary of any Company Benefit Plan which is unwritten, (ii) all summary plan descriptions and material modifications thereto, (iii) the three (3) most recent Forms 5500, if applicable, and annual report, including all schedules thereto, (iv) the most recent annual and periodic accounting of plan assets, (v) the three (3) most recent nondiscrimination testing reports, (vi) the most recent determination letter received from the IRS, if any, (vii) the most recent actuarial valuation, and (viii) all material communications with any Governmental Authority.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as set forth on <u>Schedule *‎*5.18(d)</u>, with respect to each Company Benefit Plan: (i) such Company Benefit Plan has been administered and enforced in all material respects in accordance with its terms and all applicable Laws, including the Code and ERISA, (ii) no breach of fiduciary duty that could reasonably be expected to result in Liability to any Target Company has occurred, (iii) no Action is pending, or to the Company's Knowledge, threatened (other than routine claims for benefits arising in the ordinary course of administration), (iv) no prohibited transaction, as defined in Section 406 of ERISA or Section 4975 of the Code, has occurred that could reasonably be likely to result in Liability to any Target Company, excluding transactions effected pursuant to a statutory or administration exemption; (v) no filing has been made with respect to any Company Benefit Plan under any voluntary correction program; (vi) there has been no amendment to, written interpretation or announcement (whether or not written) by any Target Company relating to, any change in participation or coverage under, any Company Benefit Plan that would materially increase the expense of maintaining such Company Benefit Plan above the level of expense incurred with respect to such Company Benefit Plan for the most recent full fiscal year included in the Company Financials; and (vii) all contributions and premiums due through the Closing Date have been made in all material respects as required under all applicable Laws, including the Code and ERISA or have been fully accrued in all material respects on the Company Financials.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) During the six (6) year period preceding the Effective Time, no Target Company or any of their ERISA Affiliates has maintained, contributed to, sponsored, had an obligation to contribute to or any Liability, whether absolute or contingent, with respect to (i) a "defined benefit plan" (as defined in Section 414(j) of the Code), (ii) a "multiemployer plan" (as defined in Section 3(37) of ERISA) or (iii) a "multiple employer plan" (as described in Section 413(c) of the Code). No Company Benefit Plan is subject to Title IV of ERISA or Section 412 of the Code, and neither the Target Company nor any ERISA Affiliate has incurred any Liability or otherwise could have any Liability, contingent or otherwise, under Title IV of ERISA and no condition presently exists that is expected to cause such Liability to be incurred. No Company Benefit Plan will become a multiple employer plan with respect to any Target Company immediately after the Closing Date. No Target Company currently maintains or has ever maintained, or is required currently or has ever been required to contribute to or otherwise participate in, a multiple employer welfare arrangement or voluntary employees' beneficiary association as defined in Section 501(c)(9) of the Code.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) There is no arrangement under any Company Benefit Plan with respect to any employee that would result in the payment of any amount that by operation of Sections 280G or 162(m) of the Code would not be deductible by the Target Companies and no arrangement exists pursuant to which a Target Company will be required to "gross up" or otherwise compensate any person because of the imposition of any excise or other tax on a payment to such person.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to each Company Benefit Plan which is a "welfare plan" (as described in Section 3(1) of ERISA): (i) no such plan provides medical or death benefits with respect to current or former employees of a Target Company beyond their termination of employment (other than coverage mandated by Law, which is paid solely by such employees); and (ii) there are no reserves, assets, surplus or prepaid premiums under any such plan. Each Target Company has complied with the provisions of Section 601 et seq. of ERISA and Section 4980B, 4980D, 4980H, 6721 and 6722 of the Code.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as set forth on <u>Schedule *‎*5.18(h)</u>, the consummation of the transactions contemplated by this Agreement and the Ancillary Documents will not: (i) entitle any individual to severance pay, unemployment compensation or other benefits or compensation, (ii) accelerate the time of payment, funding or vesting, or increase the amount of any compensation due, or in respect of, any individual, or (iii) result in or satisfy a condition to the payment of compensation that would, in combination with any other payment, result in an "excess parachute payment" within the meaning of Section 280G of the Code. No Target Company has incurred any Liability for any Tax imposed under Chapter 43 of the Code or civil liability under Section 502(i) or (l) of ERISA.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except to the extent required by Section 4980B of the Code or similar state Law, no Target Company provides health or welfare benefits to any former or retired employee or is obligated to provide such benefits to any active employee following such employee's retirement or other termination of employment or service.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(j) All Company Benefit Plans can be terminated at any time as of or after the Closing Date without resulting in any Liability to the Surviving Subsidiaries or Pubco, or their respective Affiliates for any additional contributions, penalties, premiums, fees, fines, excise taxes or any other charges or liabilities.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each Company Benefit Plan that is subject to Section 409A of the Code (each, a "***Section 409A Plan***") as of the Closing Date is indicated as such on Schedule *‎*5.18(k). No equity-based awards have been issued or granted by the Company that are, or are subject to, a Section 409A Plan. Except as set forth on Schedule *‎*5.18(k), (i) each Section 409A Plan has been administered in compliance, and is in documentary compliance, with the applicable provisions of Section 409A of the Code, the regulations thereunder and other official guidance issued thereunder, (ii) no Target Company has any obligation to any employee or other service provider with respect to any Section 409A Plan that may be subject to any Tax under Section 409A of the Code, and (iii) no payment to be made under any Section 409A Plan is, or to the Knowledge of the Company will be, subject to the penalties of Section 409A(a)(1) of the Code. There is no Contract or plan to which any Target Company is a party or by which it is bound to compensate, reimburse or indemnify any employee, consultant or director for any Taxes or interest imposed pursuant to Section 409A of the Code.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each Foreign Pension Plan, in form and operation, materially complies with its terms and with the requirements of all applicable Laws and has been maintained, where required, in good standing with applicable regulatory authorities. All contributions required to be made with respect to a Foreign Pension Plan have been timely made, and no Foreign Pension Plan has any Liability which is not properly accrued on the Company Financials. No Target Company has incurred any obligation in connection with the termination of, or withdrawal from, any Foreign Pension Plan. The present value of the accrued benefit Liabilities (whether or not vested) under each Foreign Pension Plan, determined as of the end of the Target Company's most recently ended fiscal year on the basis of actuarial assumptions, each of which is reasonable, did not exceed the current value of the assets of such Foreign Pension Plan allocable to such benefit Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 <u>Environmental Matters</u>. Except as set forth on <u>Schedule ‎5.19</u>:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Target Company is and has been in compliance in all material respects with all applicable Environmental Laws, including obtaining, maintaining in good standing, and complying in all material respects with all Permits required for its business and operations by Environmental Laws ("***Environmental Permits***"), no Action is pending or, to the Company's Knowledge, threatened to revoke, modify, or terminate any such Environmental Permit, and, to the Company's Knowledge, no facts, circumstances, or conditions currently exist that could adversely affect such continued compliance with Environmental Laws and Environmental Permits or require capital expenditures to achieve or maintain such continued compliance with Environmental Laws and Environmental Permits.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Environmental Permit for the development, design, construction, ownership, or operation of any projects in development or operations of the Company Business by the Target Companies has been obtained by the Target Companies for the occupation of their facilities and the operation of their business.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Target Company is the subject of any outstanding Order or Contract with any Governmental Authority or other Person in respect of any (i) Environmental Laws, (ii) Remedial Action, or (iii) Release or threatened Release of a Hazardous Material. No Target Company has assumed, contractually or by operation of Law, any Liabilities or obligations under any Environmental Laws.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Action has been made or is pending, or to the Company's Knowledge, threatened against any Target Company or any assets of a Target Company alleging either or both that a Target Company may be in material violation of any Environmental Law or Environmental Permit or may have any material Liability under any Environmental Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Target Company has manufactured, treated, stored, disposed of, arranged for or permitted the disposal of, generated, handled or Released any Hazardous Material, or owned or operated any property or facility, in a manner that has given or would reasonably be expected to give rise to any material Liability or obligation under applicable Environmental Laws. No fact, circumstance, or condition exists in respect of any Target Company or any property currently or formerly owned, operated, or leased by any Target Company or any property to which a Target Company arranged for the disposal or treatment of Hazardous Materials that could reasonably be expected to result in a Target Company incurring any material Environmental Liabilities.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) There is no investigation of the business, operations, or currently owned, operated, or leased property of a Target Company or, to the Company's Knowledge, previously owned, operated, or leased property of a Target Company pending or, to the Company's Knowledge, threatened that could lead to the imposition of any Liens under any Environmental Law or material Environmental Liabilities.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) To the Knowledge of the Company, there is not located at any of the properties of a Target Company any (i) underground storage tanks, (ii) asbestos-containing material, or (iii) equipment containing polychlorinated biphenyls.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) There are no off-site Hazardous Materials treatment, storage, or disposal facilities or locations used by the Company, its Subsidiaries and any predecessors as to which the Company could reasonably be expected to retain any liabilities, and, to the Knowledge of the Company, none of these facilities or locations has been placed or proposed for placement on the National Priorities List (or CERCLIS or SEMS) under the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et seq.), or any similar U.S. state or foreign list.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company is not required by any Environmental Law or by virtue of the transactions set forth herein and contemplated hereby, or as a condition to the effectiveness of any transactions contemplated hereby, (i) to perform a site assessment for Hazardous Materials, (ii) to remove or remediate Hazardous Materials, (iii) to give notice to or receive approval from any Governmental Authority, or (iv) to record or deliver to any Person any disclosure document or statement pertaining to environmental matters.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(j) No Owned Real Property, or any property in which Company or any of its Subsidiaries holds a security interest, Lien or a fiduciary or management role, has had any Release of, any Material in a manner that violates Environmental Law or requires reporting, investigation, remediation, or monitoring under Environmental Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Company has provided to SPAC all environmentally related site assessments, audits, studies, reports, analysis and results of investigations that have been performed in respect of the currently or previously owned, leased, or operated properties of any Target Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20 <u>Transactions with Related Persons</u>. Except as set forth on <u>Schedule ‎5.20</u>, no Target Company nor any of its Affiliates, nor any officer, director, manager, employee, trustee or beneficiary of a Target Company or any of its Affiliates, nor any immediate family member of any of the foregoing (whether directly or indirectly through an Affiliate of such Person) (each of the foregoing, a "***Related Person***") is presently, or in the past three (3) years, has been, a party to any transaction with a Target Company, including any Contract or other arrangement (a) providing for the furnishing of services by (other than as officers, directors or employees of the Target Company), (b) providing for the rental of real property or Personal Property from or (c) otherwise requiring payments to (other than for services or expenses as directors, officers or employees of the Target Company in the ordinary course of business consistent with past practice) any Related Person or any Person in which any Related Person has an interest as an owner, officer, manager, director, trustee or partner or in which any Related Person has any direct or indirect interest (other than the ownership of securities representing no more than two percent (2%) of the outstanding voting power or economic interest of a publicly traded company). Except as set forth on <u>Schedule ‎5.20</u>, no Target Company has outstanding any Contract or other arrangement or commitment with any Related Person, and no Related Person owns any real property or Personal Property, or right, tangible or intangible (including Intellectual Property) which is used in the business of any Target Company. Except as set forth on <u>Schedule ‎5.20, t</u>he assets of the Target Companies do not include any receivable or other obligation from a Related Person, and the liabilities of the Target Companies do not include any payable or other obligation or commitment to any Related Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21 <u>Insurance</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule ‎5.21(a)</u> lists all insurance policies (by policy number, insurer, coverage period, coverage amount, annual premium and type of policy) held by a Target Company relating to a Target Company or its business, properties, assets, directors, officers and employees, copies of which have been provided to SPAC. All premiums due and payable under all such insurance policies have been timely paid and the Target Companies are otherwise in material compliance with the terms of such insurance policies. Each such insurance policy (i) is legal, valid, binding, enforceable and in full force and effect and (ii) will continue to be legal, valid, binding, enforceable, and in full force and effect on identical terms following the Closing. No Target Company has any self-insurance or co-insurance programs. In the past five (5) years, no Target Company has received any notice from, or on behalf of, any insurance carrier relating to or involving any adverse change or any change other than in the ordinary course of business, in the conditions of insurance, any refusal to issue an insurance policy or non-renewal of a policy.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule ‎5.21(b)</u> identifies each individual insurance claim made by a Target Company in the past five (5) years. Each Target Company has reported to its insurers all claims and pending circumstances that would reasonably be expected to result in a claim, except where such failure to report such a claim would not be reasonably likely to be material to the Target Companies. To the Knowledge of the Company, no event has occurred, and no condition or circumstance exists, that would reasonably be expected to (with or without notice or lapse of time) give rise to or serve as a basis for the denial of any such insurance claim. No Target Company has made any claim against an insurance policy as to which the insurer is denying coverage.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 <u>Books and Records</u>. All of the financial books and records of the Target Companies are complete and accurate in all material respects and have been maintained in the ordinary course consistent with past practice and in accordance with applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 <u>Top Customers and Suppliers</u>. <u>Schedule ‎5.23</u> lists, by dollar volume received or paid, as applicable, for each of (a) the twelve (12) months ended on December 31, 2024 and (b) the period from January 1, 2025 through the most recent balance sheet date, the ten (10) largest customers of the Target Companies (the "***Top Customers***") and the ten (10) largest suppliers of goods or services to the Target Companies (the "***Top Suppliers***"), along with the amounts of such dollar volumes. The relationships of each Target Company with such suppliers and customers are good commercial working relationships and (i) no Top Supplier or Top Customer within the last twelve (12) months has cancelled or otherwise terminated, or, to the Company's Knowledge, intends to cancel or otherwise terminate, any material relationships of such Person with a Target Company, (ii) no Top Supplier or Top Customer has during the last twelve (12) months decreased materially or, to the Company's Knowledge, threatened to stop, decrease or limit materially, or intends to modify materially its material relationships with a Target Company or intends to stop, decrease or limit materially its products or services to any Target Company or its usage or purchase of the products or services of any Target Company, (iii) to the Company's Knowledge, no Top Supplier or Top Customer intends to refuse to pay any amount due to any Target Company or seek to exercise any remedy against any Target Company, (iv) no Target Company has within the past two (2) years been engaged in any material dispute with any Top Supplier or Top Customer, and (v) to the Company's Knowledge, the consummation of the transactions contemplated in this Agreement and the Ancillary Documents will not adversely affect the relationship of any Target Company with any Top Supplier or Top Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 <u>Certain Business Practices</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Target Company, nor any of the respective officers, managers or directors or, to the Company's Knowledge, any other Representatives acting on their behalf, has (i) used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees, to foreign or domestic political parties or campaigns or violated any provision of the U.S. Foreign Corrupt Practices Act of 1977 or (iii) made any other unlawful payment. Since January 1, 2023, no Target Company, nor any of the respective officers, managers or directors or, to the Company's Knowledge, any other Representatives acting on their behalf, has directly or knowingly indirectly, given or agreed to give any unlawful gift or similar benefit in any material amount to any customer, supplier, governmental employee or other Person who is or may be in a position to help or hinder any Target Company or assist any Target Company in connection with any actual or proposed transaction.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The operations of each Target Company are and have been conducted at all times in compliance with money laundering statutes in all applicable jurisdictions that govern the operations of the Target Company, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Authority that have jurisdiction over the Target Companies, and no Action involving a Target Company with respect to the any of the foregoing is pending or, to the Knowledge of the Company, threatened.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Target Company or any of their respective directors, managers or officers, or, to the Knowledge of the Company, any other Representative acting on behalf of a Target Company is currently (i) identified on the specially designated nationals or other blocked person list or otherwise currently subject to any U.S. sanctions administered by OFAC, the U.S. Department of State, or other applicable Governmental Authority; (ii) organized, resident, or located in, or a national of a comprehensively sanctioned country; or (iii) in the aggregate, fifty percent (50%) or greater owned, directly or indirectly, or otherwise controlled, by a person identified in (i) or (ii); and no Target Company has, directly or, knowingly, indirectly, used any funds, or loaned, contributed or otherwise made available such funds to any Subsidiary, joint venture partner or other Person, in connection with any sales or operations in any country comprehensively sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to, or otherwise in violation of, any U.S. sanctions administered by OFAC or the U.S. Department of State in the last five (5) fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 <u>Privacy and Data Security.</u>

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Target Companies, and, to Knowledge of the Company, all vendors, processors, or other third parties acting for or on behalf of a Target Company in connection with the Processing of Personal Information or that otherwise have been authorized to have access to Personal Information in the possession or control of the Target Companies, comply and at all times in the past three (3) years have complied, in all material respects with all of the following: (i) Privacy Laws; (ii) the Company Privacy and Data Security Policies; and (iii) any Contract requirements or terms of use concerning the Processing of Personal Information to which a Target Company is a party or otherwise bound as of the date hereof ("***Privacy Agreements***"). To the Knowledge of the Company, the operation of the business of the Target Companies has not and does not violate any right to privacy or publicity of any third person under applicable Law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery, and performance of this Agreement and the consummation of the transactions contemplated hereby do not and will not: (i) conflict with or result in a violation or breach of any Privacy Laws, Company Privacy and Data Security Policies (as currently existing or as existing at any time during which any Personal Information was collected or Processed by or for the Target Companies, or Privacy Agreements); or (ii) require the consent of or notice to any Person concerning such Person's Personal Information.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company has delivered or made available to SPAC true, complete, and correct copies of all Company Privacy and Data Security Policies.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of the Company, no Person has obtained unauthorized access to Personal Information in the possession of a Target Company, nor has there been any other material compromise of the security, confidentiality or integrity of such information or data, and no written or, to the Knowledge of the Company, oral complaint relating to an improper use or disclosure of, or a breach in the security of, any such information or data has been received by a Target Company (a "***Security Incident***"). The Target Companies have not notified and, to Knowledge of the Company, there have been no facts or circumstances that would require a Target Company to notify, any Governmental Authority or other Person of any Security Incident.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the past three (3) years, the Target Companies have not received any notice, request, claim, complaint, correspondence, or other communication in writing from any Governmental Authority or other Person, and there has not been any audit, investigation, enforcement action (including any fines or other sanctions), or other Action, (i) relating to any actual, alleged, or suspected Security Incident or violation of any Privacy Agreements, or any Person's individual privacy rights involving Personal Information in the possession or control of the Target Companies, or held or Processed by any vendor, processor, or other third party for or on behalf of the Target Companies; (ii) prohibiting or threatening to prohibit the transfer of Personal Information to any place; or (iii) permitting or mandating any Governmental Authority to investigate, requisition information from, or enter the premises of, the Target Companies, and, to the Knowledge of the Company, there are no facts or circumstances that would reasonably be expected to give rise to any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 <u>Investment Company Act</u>. No Target Company is an "investment company" or a Person directly or indirectly "controlled" by or acting on behalf of an "investment company," or required to register as an "investment company," in each case within the meaning of the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 <u>Finders and Brokers</u>. Except as set forth on <u>Schedule ‎5.27</u>, no Target Company has incurred or will incur any Liability for any brokerage, finder's or other fee or commission in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 <u>Exclusivity of Representations</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for the representations and warranties contained in *‎*Article IV and this *‎*Article V, neither the Company, Pubco, SPAC Merger Sub, Company Merger Sub, nor any other Person or entity on behalf of the Company, Pubco, SPAC Merger Sub, Company Merger Sub has made or makes any representation or warranty, whether express or implied, with respect to the Company, Pubco, SPAC Merger Sub, Company Merger Sub, their Affiliates, or any of their respective businesses, affairs, assets, Liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects) or with respect to the accuracy or completeness of any other information provided or made available to the SPAC, its Affiliates or any of their Representatives by or on behalf of the Company, Pubco, SPAC Merger Sub, Company Merger Sub. None of the Company, Pubco, SPAC Merger Sub, Company Merger Sub, nor any other Person on behalf of the Company, Pubco, SPAC Merger Sub, Company Merger Sub, have made or makes any representation or warranty, whether express or implied, with respect to any projections, forecasts, estimates or budgets made available to the SPAC, its Affiliates or any of their Representatives of future revenues, future results of operations (or any component thereof), future cash flows or future financial condition (or any component thereof) of any of the Company, Pubco, SPAC Merger Sub, Company Merger Sub, or any of its or their Affiliates, whether or not included in any management presentation.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company, Pubco, SPAC Merger Sub, Company Merger Sub, and each of its and their Affiliates, acknowledges and agrees that, (i) they have conducted their own independent investigation of the financial condition, results of operations, assets, liabilities, properties and projected operations of SPAC, (ii) they have been afforded satisfactory access to the books and records, facilities and personnel of SPAC for purposes of conducting such investigation, and (iii) except for the representations and warranties contained in *<u>‎</u>*<u>Article III</u>, neither the SPAC nor any other Person or entity on behalf of the SPAC has made or makes, and the Company, Pubco, SPAC Merger Sub, Company Merger Sub, and their Affiliates have not relied upon, any representation or warranty, whether express or implied, with respect to the SPAC, its Affiliates or their respective businesses, affairs, assets, Liabilities, financial condition, results of operations, future operating or financial results, estimates, projections, forecasts, plans or prospects (including the reasonableness of the assumptions underlying such estimates, projections, forecasts, plans or prospects) or with respect to the accuracy or completeness of any other information provided or made available to the Company, Pubco, SPAC Merger Sub, Company Merger Sub, or their Affiliates or any of their Representatives by or on behalf of the SPAC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 <u>Information Supplied</u>. None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference: (a) in any current report on Form 8-K, and any exhibits thereto or any other report, form, registration or other filing made with any Governmental Authority or stock exchange with respect to the transactions contemplated by this Agreement or any Ancillary Documents; (b) in the Registration Statement; or (c) in the mailings or other distributions to SPAC's shareholders and/or prospective investors with respect to the consummation of the transactions contemplated by this Agreement or in any amendment to any of documents identified in (a) through (c), will, when filed, made available, mailed or distributed, as the case may be, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. None of the information supplied or to be supplied by the Company expressly for inclusion or incorporation by reference in any of the Signing Press Release, the Signing Filing, the Closing Press Release and the Closing Filing will, when filed or distributed, as applicable, contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading. Notwithstanding the foregoing, the Company makes no representation, warranty or covenant with respect to any information supplied by or on behalf of SPAC or its Affiliates.

**Article VI <u>COVENANTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Access and Information</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period from the date of this Agreement and continuing until the earlier of the termination of this Agreement in accordance with <u>Section ‎8.1</u> or the Closing (the "***Interim Period***"), subject to <u>Section ‎6.15</u>, the Company shall give, and shall cause its Representatives to give, SPAC and its Representatives, at reasonable times during normal business hours and upon reasonable intervals and notice, reasonable access to all offices and other facilities and to all employees, properties, Contracts, agreements, commitments, books and records, financial and operating data and other information (including Tax Returns, internal working papers, client files, client Contracts and director service agreements), of or pertaining to the Target Companies, as SPAC or its Representatives may reasonably request regarding the Target Companies and their respective businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects (including unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of each material report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of applicable securities Laws, and independent public accountants' work papers (subject to the consent or any other conditions required by such accountants, if any)) and cause each of the Company's Representatives to reasonably cooperate with SPAC and its Representatives in their investigation*; provided, however,* that SPAC and its Representatives shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of the Target Companies.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Interim Period, subject to <u>Section ‎6.15</u>, SPAC shall give, and shall cause its Representatives to give, the Company and its Representatives, at reasonable times during normal business hours and upon reasonable intervals and notice, reasonable access to all offices and other facilities and to all employees, properties, Contracts, agreements, commitments, books and records, financial and operating data and other information (including Tax Returns, internal working papers, client files, client Contracts and director service agreements), of or pertaining to SPAC or its Subsidiaries, as the Company or its Representatives may reasonably request regarding SPAC, its Subsidiaries and their respective businesses, assets, Liabilities, financial condition, prospects, operations, management, employees and other aspects (including unaudited quarterly financial statements, including a consolidated quarterly balance sheet and income statement, a copy of each material report, schedule and other document filed with or received by a Governmental Authority pursuant to the requirements of applicable securities Laws, and independent public accountants' work papers (subject to the consent or any other conditions required by such accountants, if any)) and cause each of SPAC's Representatives to reasonably cooperate with the Company and its Representatives in their investigation*; provided, however,* that the Company and its Representatives shall conduct any such activities in such a manner as not to unreasonably interfere with the business or operations of SPAC or any of its Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Conduct of Business of the Company.</u>

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless SPAC shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during the Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents, or as set forth on <u>Schedule ‎6.2</u>, the Company shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses, in all material respects, in the ordinary course of business consistent with past practice, (ii) comply with all Laws applicable to the Target Companies and their respective businesses, assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate to preserve intact, in all material respects, their respective business organizations, to keep available the services of their respective managers, directors, officers, employees and consultants, and to preserve the possession, control and condition of their respective material assets, all as consistent with past practice. Notwithstanding anything to the contrary in this <u>Section ‎6.3</u>, nothing in this Agreement shall prohibit or restrict the Company from entering into any Transaction Financing pursuant to <u>Section ‎6.20</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of <u>Section ‎6.2‎(a)</u> and except as contemplated by the terms of this Agreement or the Ancillary Documents or as set forth on <u>Schedule ‎6.2</u>, during the Interim Period, without the prior written consent of SPAC (such consent not to be unreasonably withheld, conditioned or delayed), the Company shall not, and shall cause its Subsidiaries to not:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, waive or otherwise change, in any respect, its Organizational Documents, except as required by applicable Law;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities, including any securities convertible into or exchangeable for any of its shares or other equity securities or securities of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split, reverse split, combine, subdivide, exchange, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof) in respect of its equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of $100,000 individually or $200,000 in the aggregate, make a loan or advance to or investment in any third party (other than advancement of expenses to employees in the ordinary course of business), or guarantee or endorse any Indebtedness, Liability or obligation of any Person in excess of $100,000 individually or $200,000 in the aggregate;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) increase the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past practice, and in any event not in the aggregate by more than five percent (5%), fund or commit to fund any Company Benefit Plan, or make or commit to make any bonus, retention, transaction or other payment (whether in cash, property or securities) to any employee or other service provider, or materially increase other benefits of employees generally, or grant, accelerate the funding, vesting, lapsing of restrictions or payment or in any way amend, modify or supplement the terms of any equity or equity-based or phantom equity award, or forgive any loans or issue any loans to any service provider (other than in connection with a qualified retirement plan), or hire any new employee or engage any new independent contractor (who is a natural person) with target annual cash compensation in excess of $150,000, or enter into, establish, materially amend or terminate any Company Benefit Plan (except for the Post-Closing Equity Plan) with, for or in respect of any current or former consultant, officer, manager director or employee, in each case other than as required by applicable Law, pursuant to the terms of any Company Benefit Plans or in the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) transfer or license to any Person or otherwise extend, materially amend or modify, permit to lapse or fail to preserve any material Company Registered IP, Company Licensed IP or other Company IP (excluding non-exclusive licenses of Company IP to Target Company customers in the ordinary course of business consistent with past practice), or disclose to any Person who has not entered into a confidentiality agreement any Trade Secrets;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(viii) terminate, or waive or assign any material right under, any Company Material Contract or enter into any Contract that would be a Company Material Contract, in any case outside of the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(x) fail to use commercially reasonable efforts to maintain or renew any Permits necessary for the conduct of the Company Business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xi) establish any Subsidiary or enter into any new line of business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage with respect to its assets, operations and activities in such amount and scope of coverage as are currently 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) revalue any of its material assets or make any change in accounting methods, principles or practices, except to the extent required to comply with GAAP and after consulting with the Company's outside auditors;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) waive, release, assign, settle or compromise any claim, action or proceeding (including any suit, action, claim, proceeding or investigation relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments, settlements or compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, a Target Company or its Affiliates) not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved in the Company Financials;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(xv) close or materially reduce its activities, or effect any layoff or other personnel reduction or change, at any of its facilities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) acquire, including by merger, consolidation, acquisition of equity interests or assets, or any other form of business combination, any corporation, partnership, limited liability company, other business organization or any division thereof, or any material amount of assets outside the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) make capital expenditures in excess of $250,000 (individually for any project (or set of related projects) or $500,000 in the aggregate), except for those expenditures set forth on <u>Schedule 6.2(b)(xvii)</u>;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xix) voluntarily incur any Liability or obligation (whether absolute, accrued, contingent or otherwise) in excess of $250,000 individually or $500,000 in the aggregate other than pursuant to the terms of a Company Material Contract or Company Benefit Plan;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xx) sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose of any material portion of its properties, assets or rights;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) enter into any agreement, understanding or arrangement with respect to the voting of equity securities of the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental Authority to be obtained in connection with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) accelerate the collection of any trade receivables or delay the payment of trade payables or any other liabilities other than in the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) enter into, amend, waive or terminate (other than terminations in accordance with their terms) any transaction with any Related Person (other than compensation and benefits and advancement of expenses, in each case, provided in the ordinary course of business consistent with past practice); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) authorize or agree to do any of the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Conduct of Business of SPAC.</u>

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless the Company shall otherwise consent in writing (such consent not to be unreasonably withheld, conditioned or delayed), during the Interim Period, except as expressly contemplated by this Agreement or the Ancillary Documents or as set forth on <u>Schedule ‎6.3</u>, SPAC shall, and shall cause its Subsidiaries to, (i) conduct their respective businesses, in all material respects, in the ordinary course of business consistent with past practice, (ii) comply with all Laws applicable to SPAC and its Subsidiaries and their respective businesses, assets and employees, and (iii) take all commercially reasonable measures necessary or appropriate to preserve intact, in all material respects, their respective business organizations, to keep available the services of their respective managers, directors, officers, employees and consultants, and to preserve the possession, control and condition of their respective material assets, all as consistent with past practice. Notwithstanding anything to the contrary in this <u>Section ‎6.3</u>, nothing in this Agreement shall prohibit or restrict SPAC from: (i) extending, in accordance with SPAC's Organizational Documents and the IPO Prospectus, the deadline by which it must complete its Business Combination (an "***Extension***"); (ii) incurring Extension Expenses; (iii) approving any other matters required in connection with the Extension; (iv) entering into any Transaction Financing pursuant to <u>Section ‎6.20</u> and (v) redeeming the Class A Ordinary Shares held by its Public Shareholders as those Public Shareholders request in connection with the Extension pursuant to SPAC's Organizational Documents; and no consent of any other Party shall be required in connection therewith.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of <u>Section ‎6.3(a)</u> and except as contemplated by the terms of this Agreement or the Ancillary Documents (including any Extension) or as set forth on <u>Schedule ‎6.3</u>, during the Interim Period, without the prior written consent of the Company (such consent not to be unreasonably withheld, conditioned or delayed), SPAC shall not, and shall cause its Subsidiaries to not:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend, waive or otherwise change, in any respect, its Organizational Documents except as required by applicable Law;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorize for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities or any options, warrants, restricted stock units, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities, including any securities convertible into or exchangeable for any of its equity securities or other security interests of any class and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities; *provided* that nothing herein shall prevent SPAC from converting any SPAC Class B Ordinary Shares to SPAC Class A Ordinary Shares;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) split, reverse split, combine, subdivide, exchange, recapitalize or reclassify any of its shares or other equity interests or issue any other securities in respect thereof or pay or set aside any dividend or other distribution (whether in cash, equity or property or any combination thereof) in respect of its shares or other equity interests, or directly or indirectly redeem, purchase or otherwise acquire or offer to acquire any of its securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) incur, create, assume, prepay or otherwise become liable for any Indebtedness (directly, contingently or otherwise) in excess of $500,000 in the aggregate, make a loan or advance to or investment in any third party, or guarantee or endorse any Indebtedness, Liability or obligation of any Person (provided, that this <u>Section ‎6.3(b)‎(iv)</u> shall not prevent SPAC from borrowing funds necessary to finance its ordinary course administrative costs and expenses and Expenses incurred in connection with the consummation of the Mergers and the other transactions contemplated by this Agreement (including any Transaction Financing) and the Extension Expenses);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) make or rescind any material election relating to Taxes, settle any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes, file any amended Tax Return or claim for refund, or make any material change in its accounting or Tax policies or procedures, in each case except as required by applicable Law or in compliance with GAAP;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) amend, waive or otherwise change the Trust Agreement in any manner adverse to SPAC;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) terminate, waive or assign any material right under any SPAC Material Contract;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fail to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ix) establish any Subsidiary or enter into any new line of business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(x) fail to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage with respect to its assets, operations and activities in such amount and scope of coverage substantially similar to that which is currently 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) revalue any of its material assets or make any material change in accounting methods, principles or practices, except to the extent required to comply with GAAP and after consulting SPAC's outside auditors;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xii) waive, release, assign, settle or compromise any claim, action or proceeding (including any Action relating to this Agreement or the transactions contemplated hereby), other than waivers, releases, assignments, settlements or compromises that involve only the payment of monetary damages (and not the imposition of equitable relief on, or the admission of wrongdoing by, SPAC or its Subsidiary) not in excess of $100,000 (individually or in the aggregate), or otherwise pay, discharge or satisfy any Actions, Liabilities or obligations, unless such amount has been reserved in SPAC Financials;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) acquire, including by merger, consolidation, acquisition of equity interests or assets, or any other form of business combination, any corporation, partnership, limited liability company, other business organization or any division thereof, or any material amount of assets outside the ordinary course of business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) make capital expenditures in excess of $100,000 individually for any project (or set of related projects) or $250,000 in the aggregate (excluding for the avoidance of doubt, incurring any Expenses);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xv) adopt a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization (other than with respect to the Mergers);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) sell, lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose of any material portion of its properties, assets or rights;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) enter into any agreement, understanding or arrangement with respect to the voting of SPAC Securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) take any action that would reasonably be expected to significantly delay or impair the obtaining of any Consents of any Governmental Authority to be obtained in connection with this Agreement; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(xix) authorize or agree to do any of the foregoing actions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Additional Financial Information</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall deliver the audited consolidated financial statements of the Company as of and for each of the twelve (12) months ended December 31, 2023 and December 31, 2024, consisting of the audited consolidated balance sheet of the Company as of December 31, 2023 and December 31, 2024, and the related audited consolidated income statement, changes in members' equity and statement of cash flows for the twelve (12) months then ended, and the related notes thereto, audited by a PCAOB qualified auditor in accordance with PCAOB auditing standards (the "***Company Audited Financials***" and together with the Company Unaudited Financial Statements, the "***Company Financials***") to the SPAC as soon as reasonably practicable after the date of this Agreement but no later than thirty (30) days from the date of this Agreement (the "***Audit Delivery Date***"). The Company Audited Financials (i) shall be prepared in accordance with GAAP, (ii) shall fairly present, in all material respects, the financial position, results of operations, members' deficit and cash flows of the Company, (iii) shall be (A) certified as audited in accordance with GAAP and the standards of the PCAOB by a PCAOB qualified auditor upon the filing of the initial Registration Statement/Proxy, (B) shall contain an unqualified report of the Company's auditors, and (C) shall be substantially identical in all material respects to the Company Unaudited Financial Statements from the same period except that such Company Audited Financials shall include completed going concern, lease accounting, unit base compensation, and related party transactions sections, and (iv) shall comply in all material respects with the applicable accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act in effect as of the respective dates of delivery (including Regulation S-X or Regulation S-K, as applicable).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Interim Period, within thirty (30) calendar days following the end of each calendar month, each three-month quarterly period and each fiscal year, the Company shall deliver to SPAC an unaudited consolidated income statement and an unaudited consolidated balance sheet of the Target Companies for the period from December 31, 2024 through the end of such calendar month, quarterly period or fiscal year and the applicable comparative period in the preceding fiscal year, in each case accompanied by a certificate of the Chief Financial Officer of the Company or such principal accounting officer of the Company to the effect that all such financial statements fairly present the consolidated financial position and results of operations of the Target Companies as of the date or for the periods indicated, in accordance with GAAP, subject to year-end audit adjustments and excluding footnotes (collectively, the "***Interim Financial Information***"). From the date hereof through the Closing Date, the Company will also promptly deliver to SPAC copies of any audited consolidated financial statements of the Target Companies that the Target Companies' certified public accountants may issue.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall deliver the audited consolidated financial statements of Pubco as of a date to be determined in Pubco's reasonable discretion, consisting of the audited consolidated balance sheet as of such date, audited by a PCAOB qualified auditor in accordance with PCAOB auditing standards (the "***Pubco Audited Financials***," and together with the Company Audited Financials, the "***Audited Financials***") by the Audit Delivery Date. The Pubco Audited Financials (i) shall be prepared in accordance with GAAP, (ii) shall fairly present, in all material respects, the financial position, results of operations, members' deficit and cash flows of Pubco, (iii) shall be (A) certified as audited in accordance with GAAP and the standards of the PCAOB by a PCAOB qualified auditor upon the filing of the initial Registration Statement/Proxy, and (B) shall contain an unqualified report of the Company' auditors, and (iv) shall comply in all material respects with the applicable accounting requirements and with the rules and regulations of the SEC, the Exchange Act and the Securities Act in effect as of the respective dates of delivery (including Regulation S-X or Regulation S-K, as applicable).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the Interim Period, Pubco shall deliver Pubco's interim financial statements for such periods as required by applicable Law or SEC Guidance to be included in the Registration Statement/Proxy (the "***Pubco Unaudited Financial Statements***" and together with the Pubco Audited Financial Statements and the Company Audited Financials, the "***Required Financial Statements***"). The representations and warranties set forth in *‎*<u>Section *‎*5.7</u> shall be deemed to apply to the Required Financial Statements, as and when they have been delivered to SPAC, with the same force and effect as if made on the date of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>SPAC Public Filings</u>. During the Interim Period, SPAC will keep current and timely file all of its public filings with the SEC and otherwise comply in all material respects with applicable securities Laws and shall use its commercially reasonable efforts prior to the Closing to maintain the listing of SPAC Public Units, SPAC Class A Ordinary Shares, and SPAC Public Rights on NASDAQ; *provided,* that the Parties acknowledge and agree that from and after the Closing, the Parties intend to list on NASDAQ only the Pubco Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>No Solicitation; Change in Recommendation</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an "***Acquisition Proposal***" means any inquiry, proposal or offer, or any indication of interest in making an offer or proposal, from any Person or group at any time relating to an Alternative Transaction,

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an "***Alternative Transaction***" means (A) with respect to the Company and its Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning the sale or acquisition by a Person (or group of Persons) of (x) all or any material part of the business or assets of the Target Companies (other than in the ordinary course of business consistent with past practice) or (y) any of the shares or other equity interests or profits of the Target Companies, in any case, whether such transaction takes the form of a sale of shares or other equity interests, assets, merger, consolidation, issuance of debt securities, management Contract, joint venture or partnership, or otherwise and (B) with respect to SPAC and its Affiliates, a transaction (other than the transactions contemplated by this Agreement) concerning a Business Combination involving SPAC.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an "***Intervening Event***" means, with respect to the Company, a material event, fact, development, circumstance or occurrence (but specifically excluding any Acquisition Proposal or Alternative Transaction) that was not known by, and was not reasonably foreseeable to, the board of directors of SPAC as of the date of this Agreement (or the consequences or magnitude of which were not known by, or reasonably foreseeable to, the relevant board of directors as of the date of this Agreement), and that becomes known to such board of directors after the date of this Agreement and prior to the time the Required SPAC Shareholder Approval is obtained, and does not relate to, and excludes, (A) the transactions contemplated hereby or this Agreement (or any actions taken pursuant to this Agreement) including clearance of the transactions by any Governmental Authority or under any other applicable Laws and any action in connection therewith taken pursuant to or required to be taken pursuant to <u>Section ‎6.9</u>; (B) any change in the price or trading volume of SPAC Class A Ordinary Shares, and (C) any change described in subsections (i) through (v) of the definition of "Material Adverse Effect"; provided, however, that any such change described in this clause (C) described in subsections (i) through (v) of the definition of "Material Adverse Effect" may be taken into account in determining whether an Intervening Event has occurred to the extent that it disproportionately affects the relevant Party, taken as a whole, relative to other participants in the industries or geographical areas in which such Party operates.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Interim Period, in order to induce the other Parties to continue to commit to expend management time and financial resources in furtherance of the transactions contemplated hereby, each Party shall not, and shall cause its Representatives to not, without the prior written consent of the Company and SPAC, directly or indirectly, (i) solicit, assist, initiate or facilitate the making, submission or announcement of, or intentionally encourage, any Acquisition Proposal, (ii) furnish any non-public information regarding such Party or its Affiliates or their respective businesses, operations, assets, Liabilities, financial condition, prospects or employees to any Person or group (other than a Party to this Agreement or their respective Representatives) in connection with or in response to an Acquisition Proposal, (iii) engage or participate in discussions or negotiations with any Person or group with respect to, or that could reasonably be expected to lead to, an Acquisition Proposal, (iv) approve, endorse or recommend, or publicly propose to approve, endorse or recommend, any Acquisition Proposal, or otherwise change, withdraw, withhold, qualify or modify, or publicly propose to change, withdraw, withhold, qualify or modify, SPAC Board Recommendation (in the case of SPAC and Merger Sub) (a "***Change in Recommendation***") (v) negotiate or enter into any letter of intent, agreement in principle, acquisition agreement or other similar agreement related to any Acquisition Proposal, (vi) release any third Person from, or waive any provision of, any confidentiality agreement to which such Party is a party or (vii) agree or resolve to do any of the foregoing.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party shall notify the others as promptly as practicable (and in any event within 48 hours) in writing of the receipt by such Party or any of its Representatives of (i) any bona fide inquiries, proposals or offers, requests for information or requests for discussions or negotiations regarding or constituting any Acquisition Proposal or any bona fide inquiries, proposals or offers, requests for information or requests for discussions or negotiations that would reasonably be expected to result in an Acquisition Proposal, and (ii) any request for non-public information relating to such Party or its Affiliates in connection with any Acquisition Proposal, specifying in each case, the material terms and conditions thereof (including a copy thereof if in writing or a written summary thereof if oral), as applicable, and the identity of the party making such inquiry, proposal, offer or request for information. Each Party shall keep the others promptly informed of the status of any such inquiries, proposals, offers or requests for information. During the Interim Period, each Party shall, and shall cause its Representatives to, immediately cease and cause to be terminated any solicitations, discussions or negotiations with any Person with respect to any Acquisition Proposal and shall, and shall direct its Representatives to, cease and terminate any such solicitations, discussions or negotiations.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this <u>Section ‎6.6</u> or otherwise in this Agreement to the contrary, if, at any time prior to (but not after) obtaining the Required SPAC Shareholder Approval, the board of directors of SPAC determines in good faith, in response to an Intervening Event, after consultation with its outside legal counsel, that the failure to make a Change in Recommendation would be a breach of its fiduciary duties under applicable Law, SPAC's board of directors may make a Change in Recommendation; <u>provided</u> that SPAC will not be entitled to make, or agree or resolve to make, a Change in Recommendation unless (i) SPAC delivers to the Company a written notice (a "***Change in Recommendation Notice***") advising the Company that its board of directors proposes to take such action and containing the material facts underlying its board of directors' determination that an Intervening Event has occurred, and (ii) at or after 5:00 p.m., New York City time, on the fifth (5th) Business Day immediately following the day on which the Change in Recommendation Notice is delivered (such period from the time the Change in Recommendation Notice is delivered until 5:00 p.m. New York City time on the fifth (5th) Business Day immediately following the day on which the Change in Recommendation Notice is delivered (it being understood that any material development with respect to an Intervening Event shall require a new notice but with an additional three (3) Business Day period from the date of such notice), the "***Change in Recommendation Notice Period***"), the board of directors of SPAC reaffirms in good faith (after consultation with its outside legal counsel and taking into account any adjustments in the terms and conditions of this Agreement offered by the Company as described in the following sentence) that the failure to make a Change in Recommendation would be a breach of its fiduciary duties under applicable Law. If requested by the Company, SPAC will use its reasonable best efforts to cause its Representatives to, during the Change in Recommendation Notice Period, engage in good faith negotiations with the Company and its Representatives to make such adjustments in the terms and conditions of this Agreement so as to obviate the need for a Change in Recommendation.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary contained in this Agreement, during a Change in Recommendation Notice Period, the obligations of SPAC and/or SPAC Board to give notice for or to convene a meeting, to make a recommendation, or, except as required by applicable Law, to make filings with the SEC with respect to the proposals contemplated herein shall be tolled to the extent reasonably necessary until such time as SPAC has filed an update to the Registration Statement with the SEC (which SPAC shall file as promptly as practicable after the Change in Recommendation by SPAC Board), and in the event a filing and/or notice for a meeting was made prior to the Change in Recommendation Notice Period, SPAC shall be permitted to adjourn such meeting and to amend such filing as necessary in order to provide sufficient time for the shareholders to consider any revised recommendation. To the fullest extent permitted by applicable Law, SPAC's obligations to establish a record date for, duly call, give notice of, convene and hold SPAC Extraordinary General Meeting shall not be affected by any Change in Recommendation by SPAC Board.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary herein, nothing in this <u>Section ‎6.6</u> shall limit SPAC's and its Representatives' ability to (A) have discussions with third parties and provide such third parties confidential information in connection with a Transaction Financing and (B) negotiate or enter into a letter of intent, agreement in principle, term sheet or definitive agreement relating to any Transaction Financing to be consummated at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>No Trading</u>. The Company acknowledges and agrees that it is aware, and that the Company's Affiliates are aware (and each of their respective Representatives is aware or, upon receipt of any material nonpublic information of SPAC, will be advised) of the restrictions imposed by U.S. federal securities laws and the rules and regulations of the SEC and NASDAQ promulgated thereunder or otherwise (the "***Federal Securities Laws***") and other applicable foreign and domestic Laws on a Person possessing material nonpublic information about a publicly traded company. The Company hereby agrees that, while it is in possession of such material nonpublic information, it shall not purchase or sell any securities of SPAC (other than to engage in the Mergers in accordance with <u>‎Article I</u>), communicate such information to any third party, take any other action with respect to SPAC in violation of such Laws, or cause or encourage any third party to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Notification of Certain Matters</u>. During the Interim Period, each Party shall give prompt notice to the other Parties if such Party or its Affiliates: (a) fails to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it or its Affiliates hereunder in any material respect; (b) receives any notice or other communication in writing from any third party (including any Governmental Authority) alleging (i) that the Consent of such third party is or may be required in connection with the transactions contemplated by this Agreement or (ii) any non-compliance with any Law by such Party or its Affiliates; (c) receives any notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement; (d) discovers any fact or circumstance that, or becomes aware of the occurrence or non-occurrence of any event the occurrence or non-occurrence of which, would reasonably be expected to cause or result in any of the conditions to the Closing set forth in <u>‎Article VII</u> not being satisfied or the satisfaction of those conditions being materially delayed; or (e) becomes aware of the commencement or threat, in writing, of any Action against such Party or any of its Affiliates, or any of their respective properties or assets, or, to the Knowledge of such Party, any officer, director, partner, member or manager, in his, her or its capacity as such, of such Party or of its Affiliates with respect to the consummation of the transactions contemplated by this Agreement. No such notice shall constitute an acknowledgement or admission by the Party providing the notice regarding whether or not any of the conditions to the Closing have been satisfied or in determining whether or not any of the representations, warranties or covenants contained in this Agreement have been breached.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Efforts</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement, each Party shall use its commercially reasonable efforts, and shall cooperate fully with the other Parties, to take, or cause to be taken, all actions and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this Agreement (including the receipt of all applicable Consents of Governmental Authorities) and to comply as promptly as practicable with all requirements of Governmental Authorities applicable to the transactions contemplated by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In furtherance and not in limitation of <u>Section ‎6.9(a)</u>, to the extent required under any Laws that are designed to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade ("***Antitrust Laws***"), each Party hereto agrees to make any required filing or application under Antitrust Laws, as applicable, at such Party's sole cost and expense, with respect to the Transactions as promptly as practicable, to supply as promptly as reasonably practicable any additional information and documentary material that may be reasonably requested pursuant to Antitrust Laws and to take all other actions reasonably necessary, proper or advisable to cause the expiration or termination of the applicable waiting periods under Antitrust Laws as soon as practicable, including by requesting early termination of the waiting period provided for under the Antitrust Laws. Each Party shall, in connection with its efforts to obtain all requisite approvals and authorizations for the transactions contemplated by this Agreement under any Antitrust Law, use its commercially reasonable efforts to: (i) cooperate in all respects with each other Party or its Affiliates in connection with any filing or submission and in connection with any investigation or other inquiry, including any proceeding initiated by a private Person, (ii) keep the other Parties reasonably informed of any communication received by such Party or its Representatives from, or given by such Party or its Representatives to, any Governmental Authority and of any communication received or given in connection with any proceeding by a private Person, in each case regarding any of the transactions contemplated by this Agreement, (iii) permit a Representative of the other Parties and their respective outside counsel to review any communication given by it to, and consult with each other in advance of any meeting or conference with, any Governmental Authority or, in connection with any proceeding by a private Person, with any other Person, and to the extent permitted by such Governmental Authority or other Person, give a Representative or Representatives of the other Parties the opportunity to attend and participate in such meetings and conferences, (iv) in the event a Party's Representative is prohibited from participating in or attending any meetings or conferences, the other Parties shall keep such Party promptly and reasonably apprised with respect thereto, and (v) use commercially reasonable efforts to cooperate in the filing of any memoranda, white papers, filings, correspondence or other written communications explaining or defending the transactions contemplated hereby, articulating any regulatory or competitive argument, and/or responding to requests or objections made by any Governmental Authority.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) As soon as reasonably practicable following the date of this Agreement, the Parties shall reasonably cooperate with each other and use (and shall cause their respective Affiliates to use) their respective commercially reasonable efforts to prepare and file with Governmental Authorities requests for approval that are required in connection with the transactions contemplated by this Agreement and shall use all commercially reasonable efforts to have such Governmental Authorities approve the transactions contemplated by this Agreement as may be required. Each Party shall give prompt written notice to the other Parties if such Party or any of its Representatives receives any notice from such Governmental Authorities in connection with the transactions contemplated by this Agreement, and shall promptly furnish the other Parties with a copy of such Governmental Authority notice. If any Governmental Authority requires that a hearing or meeting be held in connection with its approval of the transactions contemplated hereby, whether prior to the Closing or after the Closing, each of Party shall arrange for Representatives of such Party to be present for such hearing or meeting. If any objections are asserted with respect to the transactions contemplated by this Agreement under any applicable Law or if any Action is instituted (or threatened to be instituted) by any applicable Governmental Authority or any private Person challenging any of the transactions contemplated by this Agreement or any Ancillary Document as violative of any applicable Law or which would otherwise prevent, materially impede or materially delay the consummation of the transactions contemplated hereby or thereby, the Parties shall use their commercially reasonable efforts to resolve any such objections or Actions so as to timely permit consummation of the transactions contemplated by this Agreement and the Ancillary Documents, including in order to resolve such objections or Actions which, in any case if not resolved, could reasonably be expected to prevent, materially impede or materially delay the consummation of the transactions contemplated hereby or thereby. In the event any Action is instituted (or threatened to be instituted) by a Governmental Authority or private Person challenging the transactions contemplated by this Agreement, or any Ancillary Document, the Parties shall, and shall cause their respective Representatives to, reasonably cooperate with each other and use their respective commercially reasonable efforts to contest and resist any such Action and to have vacated, lifted, reversed or overturned any Order, whether temporary, preliminary or permanent, that is in effect and that prohibits, prevents or restricts consummation of the transactions contemplated by this Agreement or the Ancillary Documents.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to the Closing, each Party shall use its commercially reasonable efforts to obtain any Consents of Governmental Authorities or other third Persons as may be necessary for the consummation by such Party or its Affiliates of the transactions contemplated by this Agreement or required as a result of the execution or performance of, or consummation of the transactions contemplated by, this Agreement by such Party or its Affiliates, and the other Parties shall provide reasonable cooperation in connection with such efforts.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the request of SPAC, the Company shall make the members of its management reasonably available to participate in management presentations, "road shows," rating agency presentations, meetings with financing sources and similar events in connection with obtaining the approval of SPAC shareholders, any "share recycling" efforts by SPAC and/or the obtaining of any debt or equity financing (including Transacting Financing) or the obtaining of ratings or Governmental Authority and other third party approvals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Tax Matters</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parties shall use its reasonable best efforts to cause the Mergers to qualify for the Intended Tax Treatment. None of the Parties shall (and each of the Parties shall cause their respective Subsidiaries not to) take any action, or fail to take any action, that could reasonably be expected to cause the Mergers to fail to qualify for the Intended Tax Treatment.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any and all transfer, documentary, sales, use, stamp, registration and other similar Taxes, and all conveyance fees, recording charges and other fees and charges (including any penalties and interest) incurred in connection with the Mergers will be paid by the responsible Party when due, and the responsible Party will, at its own expense, file all necessary Tax Returns and other documentation with respect to all such Taxes, fees and charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Further Assurances</u>. The Parties hereto shall further cooperate with each other and use their respective commercially reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable on their part under this Agreement and applicable Laws to consummate the transactions contemplated by this Agreement as soon as reasonably practicable, including preparing and filing as soon as practicable all documentation to effect all necessary notices, reports and other filings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>The Registration Statement</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) As promptly as practicable after the date hereof, SPAC, Pubco and the Company shall prepare, and file with the SEC a registration statement on Form S-4 (as amended or supplemented from time to time, and including the Proxy Statement contained therein, the "***Registration Statement***") in connection with the registration under the Securities Act of the Pubco Class A Common Stock to be issued under this Agreement to the holders of SPAC Ordinary Shares, SPAC Rights and to the Company Stockholders pursuant to the Mergers, which Registration Statement will also contain a proxy statement (as amended, the "***Proxy Statement***") for the purpose of soliciting proxies from SPAC shareholders for the matters to be acted upon at SPAC Extraordinary General Meeting and providing the Public Shareholders an opportunity in accordance with SPAC's Organizational Documents to have their SPAC Public Shares redeemed (the "***Redemption****"*). The Proxy Statement shall include proxy materials for the purpose of soliciting proxies from SPAC shareholders to vote, at an extraordinary general meeting of SPAC shareholders to be called and held for such purpose (the "***SPAC Extraordinary General Meeting***"), in favor of resolutions approving (i) the adoption and approval of this Agreement, the Ancillary Documents and the transactions contemplated hereby or referred to herein, including the Mergers (and, to the extent required, the issuance of any shares in connection with Transaction Financing, if any), by the holders of SPAC Ordinary Shares in accordance with SPAC's Organizational Documents, the Act, the DGCL and the rules and regulations of the SEC and NASDAQ, (ii) the adoption and approval of the Amended Pubco Charter (as hereinafter defined), (iii) adoption and approval of a new equity incentive plan for Pubco in a form satisfactory to SPAC and Company (the "***Incentive Plan***" or "***Post-Closing Equity Plan***"), and which will provide for awards for a number of shares of Pubco Class A Common Stock equal to five percent (5%) of the aggregate number of shares of Pubco Common Stock issued and outstanding immediately after the Closing (after giving effect to the Redemption), as further set forth in the Incentive Plan, (iv) the appointment of the members of the Post-Closing Pubco Board in accordance with <u>Section ‎6.17</u> hereof, (v) such other matters (or, to the extent applicable, excluding such approval matters) as the Company and SPAC shall hereafter mutually determine to be necessary or appropriate in order to effect the Mergers and the other transactions contemplated by this Agreement (the approvals described in foregoing clauses (i) through (v), collectively, the "***SPAC Shareholder Approval Matters***"), and (vii) the adjournment of SPAC Extraordinary General Meeting to a later date or dates, if necessary or desirable in the reasonable determination of SPAC. If on the date for which SPAC Extraordinary General Meeting is scheduled, SPAC has not received proxies representing a sufficient number of shares to obtain the Required SPAC Shareholder Approval, whether or not a quorum is present, SPAC may make one or more successive postponements or adjournments of SPAC Extraordinary General Meeting. In connection with the Registration Statement, SPAC, Pubco and the Company will file with the SEC financial and other information about the transactions contemplated by this Agreement in accordance with applicable Law and applicable proxy solicitation and registration statement rules set forth in SPAC's Organizational Documents, the Act, the DGCL and the rules and regulations of the SEC and NASDAQ. The Company shall promptly provide SPAC and Pubco with such information concerning the Target Companies and their stockholders, officers, directors, employees, assets, Liabilities, condition (financial or otherwise), business and operations that may be required or appropriate for inclusion in the Registration Statement, or in any amendments or supplements thereto, which information provided by the Company shall be true and correct and not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not materially misleading.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC, Pubco and the Company shall take any and all reasonable and necessary actions required to satisfy the requirements of the SPAC's Organizational Documents, the Securities Act, the Exchange Act and other applicable Laws in connection with the Registration Statement, SPAC Extraordinary General Meeting and the Redemption. Each of SPAC, Pubco and the Company shall, and shall cause each of its Subsidiaries to, make their respective directors, officers and employees, upon reasonable advance notice, available to the Company, SPAC, Pubco and their respective Representatives in connection with the drafting of the public filings with respect to the transactions contemplated by this Agreement, including the Registration Statement, and responding in a timely manner to comments from the SEC. Each Party shall promptly correct any information provided by it for use in the Registration Statement (and other related materials) if and to the extent that such information is determined to have become false or misleading in any material respect or as otherwise required by applicable Laws. SPAC, Pubco and the Company shall amend or supplement the Registration Statement and cause the Registration Statement, as so amended or supplemented, to be filed with the SEC and to be disseminated to SPAC shareholders and the Company Stockholders, in each case as and to the extent required by applicable Laws and subject to the terms and conditions of this Agreement and SPAC's Organizational Documents.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of Pubco, SPAC and the Company shall promptly respond to any SEC comments on the Registration Statement and shall otherwise use their commercially reasonable efforts to cause the Registration Statement to "clear" comments from the SEC and become effective.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as practicable following the Registration Statement "clearing" comments from the SEC and being declared effective by the SEC (the "***SEC Approval Date***"), SPAC and Pubco shall distribute the Registration Statement to SPAC's shareholders and the Company Stockholders, and, pursuant thereto, shall call SPAC Extraordinary General Meeting in accordance with SPAC's Organizational Documents and the Act for a date no later than thirty (30) days following the effectiveness of the Registration Statement or as otherwise agreed upon by SPAC and the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) SPAC and Pubco shall comply with all applicable Laws, any applicable rules and regulations of NASDAQ, SPAC's Organizational Documents and this Agreement in the preparation, filing and distribution of the Registration Statement, any solicitation of proxies thereunder, the calling and holding of SPAC Extraordinary General Meeting and the Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Company Stockholder Meeting</u>. As promptly as practicable after the Registration Statement has become effective and been distributed by Pubco (and in all cases within ten (10) days following such date), the Company will solicit a written consent of its stockholders in order to obtain the Required Company Stockholder Approval (the "***Company Special Meeting***"), and to take all other actions necessary or advisable to secure the Required Company Stockholder Approval, including enforcing the Company Support Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Public Announcements</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that during the Interim Period no public release, statement, filing, announcement or other public communication concerning this Agreement or the Ancillary Documents or the transactions contemplated hereby or thereby, including the existence or status thereof, shall be issued by any Party or any of its Affiliates without the prior written consent of SPAC and the Company (which consent shall not be unreasonably withheld, conditioned or delayed), except as such release or announcement may be required by applicable Law or the rules or regulations of any securities exchange, in which case the applicable Party shall use commercially reasonably efforts to allow SPAC, Pubco and the Company, reasonable time to comment on, and arrange for any required filing with respect to, such release or announcement in advance of such issuance.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC and the Company shall mutually agree upon and, as promptly as practicable after the execution of this Agreement (but in any event within four (4) Business Days thereafter), issue a press release announcing the execution of this Agreement (the "***Signing Press Release***"). Promptly after the issuance of the Signing Press Release, SPAC shall file a current report on Form 8-K (the "***Signing Filing***") with the Signing Press Release and a description of this Agreement as required by Federal Securities Laws, which the Company shall review, comment upon and approve (which approval shall not be unreasonably withheld, conditioned or delayed) prior to filing (with the Company reviewing, commenting upon and approving such Signing Filing in any event no later than the third (3<sup>rd</sup>) Business Day after the execution of this Agreement). The Parties shall mutually agree upon and, as promptly as practicable after the Closing (but in any event within four (4) Business Days thereafter), issue a press release announcing the consummation of the transactions contemplated by this Agreement (the "***Closing Press Release***"). Promptly after the issuance of the Closing Press Release, Pubco shall file a current report on Form 8-K (the "***Closing Filing***") with the Closing Press Release and a description of the Closing as required by Federal Securities Laws. In connection with the preparation of the Signing Press Release, the Signing Filing, the Closing Filing, the Closing Press Release, or any other report, statement, filing notice or application made by or on behalf of a Party to any Governmental Authority or other third party in connection with the transactions contemplated hereby, each Party shall, upon request by any other Party, furnish the Parties with all information concerning themselves, their respective directors, officers and equity holders, and such other matters as may be reasonably necessary or advisable in connection with the transactions contemplated hereby, or any other report, statement, filing, notice or application made by or on behalf of a Party to any third party and/or any Governmental Authority in connection with the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>Confidential Information</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby agrees that during the Interim Period and, in the event that this Agreement is terminated in accordance with ‎<u>Article VIII</u>, for a period of two (2) years after such termination, it shall, and shall cause its Affiliates and Representatives to: (i) treat and hold in strict confidence any SPAC Confidential Information, and will not use for any purpose (except in connection with the consummation of the transactions contemplated by this Agreement or the Ancillary Documents, performing their obligations hereunder or thereunder, enforcing their rights hereunder or thereunder, or in furtherance of their authorized duties on behalf of SPAC or its Subsidiaries), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third party any of SPAC Confidential Information without SPAC's prior written consent; and (ii) in the event that the Company or any of its Affiliates or Representatives, during the Interim Period or, in the event that this Agreement is terminated in accordance with ‎<u>Article VIII</u>, for a period of two (2) years after such termination, becomes legally compelled to disclose any SPAC Confidential Information, (A) provide SPAC to the extent legally permitted with prompt written notice of such requirement so that SPAC or an Affiliate thereof may seek, at SPAC's cost, a protective Order or other remedy or waive compliance with this <u>Section ‎6.15(a)</u>, and (B) in the event that such protective Order or other remedy is not obtained, or SPAC waives compliance with this <u>Section ‎6.15(a)</u>, furnish only that portion of such SPAC Confidential Information which is legally required to be provided as advised in writing by outside counsel and to exercise its commercially reasonable efforts to obtain assurances that confidential treatment will be accorded such SPAC Confidential Information. In the event that this Agreement is terminated and the transactions contemplated hereby are not consummated, the Company shall, and shall cause its Affiliates and Representatives to, promptly deliver to SPAC or destroy (at SPAC's election) any and all copies (in whatever form or medium) of SPAC Confidential Information and destroy all notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon; provided, however, that the Company and its Affiliates and Representatives shall be entitled to keep any records required by applicable Law or bona fide record retention policies; and provided, further, that any SPAC Confidential Information that is not returned or destroyed shall remain subject to the confidentiality obligations set forth in this Agreement.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC hereby agrees that during the Interim Period and, in the event that this Agreement is terminated in accordance with ‎<u>Article VIII</u>, for a period of two (2) years after such termination, it shall, and shall cause its Representatives to: (i) treat and hold in strict confidence any Company Confidential Information, and will not use for any purpose (except in connection with the consummation of the transactions contemplated by this Agreement or the Ancillary Documents, performing its obligations hereunder or thereunder or enforcing its rights hereunder or thereunder), nor directly or indirectly disclose, distribute, publish, disseminate or otherwise make available to any third party any of the Company Confidential Information without the Company's prior written consent; and (ii) in the event that SPAC or any of its Representatives, during the Interim Period or, in the event that this Agreement is terminated in accordance with ‎<u>Article VIII</u>, for a period of two (2) years after such termination, becomes legally compelled to disclose any Company Confidential Information, (A) provide the Company to the extent legally permitted with prompt written notice of such requirement so that the Company may seek, at the Company's sole expense, a protective Order or other remedy or waive compliance with this <u>Section ‎6.15‎(b)</u> and (B) in the event that such protective Order or other remedy is not obtained, or the Company waives compliance with this <u>Section ‎6.15‎(b)</u>, furnish only that portion of such Company Confidential Information which is legally required to be provided as advised in writing by outside counsel and to exercise its commercially reasonable efforts to obtain assurances that confidential treatment will be accorded such Company Confidential Information. In the event that this Agreement is terminated and the transactions contemplated hereby are not consummated, SPAC shall, and shall cause its Representatives to, promptly deliver to the Company or destroy (at SPAC's election) any and all copies (in whatever form or medium) of Company Confidential Information and destroy all notes, memoranda, summaries, analyses, compilations and other writings related thereto or based thereon; provided, however, that SPAC and its Representatives shall be entitled to keep any records required by applicable Law or bona fide record retention policies; and provided, further, that any Company Confidential Information that is not returned or destroyed shall remain subject to the confidentiality obligations set forth in this Agreement. Notwithstanding the foregoing, SPAC and its Representatives shall be permitted to disclose any and all Company Confidential Information to the extent required by the Federal Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Documents and Information</u>. After the Closing Date, Pubco shall, and shall cause its Subsidiaries (including the Company) to, until the seventh (7<sup>th</sup>) anniversary of the Closing Date, retain all books, records and other documents pertaining to the business of SPAC and the Company in existence on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Post-Closing Board of Directors and Executive Officers</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties shall take all necessary action, including causing the directors of the Pubco to resign, so that effective as of the Closing, Pubco's board of directors (the "***Post-Closing Pubco Board***") will consist of seven (7) individuals. Immediately after the Closing, the Parties shall take all necessary action to designate and appoint to the Post-Closing Pubco Board (i) two (2) persons designated by SPAC prior to the Closing (the "***SPAC Directors***"), at least one (1) of whom shall be required to qualify as an independent director under NASDAQ rules, (ii) four (4) persons that are designated by the Company prior to the Closing (the "***Company Directors***"), at least two (2) of whom shall be required to qualify as an independent director under NASDAQ rules and (iii) one (1) additional director who shall qualify as an independent director under NASDAQ rules, to be mutually agreed on prior to the Closing by SPAC and the Company. At or prior to the Closing, Pubco will provide each member of the Post-Closing Pubco Board with a customary director indemnification agreement, in form and substance reasonably acceptable to such director.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties shall take all action necessary, including causing the executive officers of Pubco to resign, so that the individuals serving as the chief executive officer and chief financial officer (or such equivalent role whose duties include those of the principal accounting officer), respectively, of Pubco immediately after the Closing will be the same individuals (in the same office) as that of the Company immediately prior to the Closing (unless, at its sole discretion, the Company desires to appoint another qualified person to either such role, in which case, such other person(s) identified by the Company shall serve in such role or roles).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Indemnification of Directors and Officers; Tail Insurance</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that all rights to exculpation, indemnification and advancement of expenses existing in favor of the current or former directors, managers and officers of each Target Company, SPAC and each Person who served as a director, officer, manager, member, trustee or fiduciary of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise at the request of SPAC or the Company (the "***D&O Indemnified Persons***") as provided in their respective Organizational Documents or under any indemnification, employment or other similar agreements between any D&O Indemnified Person and SPAC, Pubco, any Merger Sub or the Company, in each case as in effect on the date of this Agreement, shall survive the Closing and continue in full force and effect in accordance with their respective terms to the extent permitted by applicable Law. For a period of six (6) years after the Effective Time, Pubco shall cause the Organizational Documents of Pubco and the Surviving Subsidiaries to contain provisions no less favorable with respect to exculpation and indemnification of and advancement of expenses to D&O Indemnified Persons than are set forth as of the date of this Agreement in the Organizational Documents of SPAC to the extent permitted by applicable Law. The provisions of this <u>Section ‎6.18</u> shall survive the Closing and are intended to be for the benefit of, and shall be enforceable by, each of the D&O Indemnified Persons and their respective heirs and representatives.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the benefit of each of SPAC's directors and officers, Pubco shall, prior to the Effective Time, obtain and fully pay the premium for a "tail" insurance policy that provides coverage for up to a six-year period from and after the Effective Time for events occurring prior to the Effective Time (the "***SPAC D&O Tail Insurance***") that is substantially equivalent to and in any event not less favorable in the aggregate than SPAC's existing policy or, if substantially equivalent insurance coverage is unavailable, the best available coverage.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the benefit of each of the Company's directors and officers, the Company shall, prior to the Effective Time, obtain and fully pay the premium for a "tail" insurance policy that provides coverage for up to a six-year period from and after the Effective Time for events occurring prior to the Effective Time (the "***Company D&O Tail Insurance***") that is substantially equivalent to and in any event not less favorable in the aggregate than the Company's existing policy or, if substantially equivalent insurance coverage is unavailable, the best available coverage.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pubco and the Surviving Subsidiaries shall maintain SPAC D&O Tail Insurance and the Company D&O Tail Insurance, in full force and effect, and continue to honor the obligations thereunder, and Pubco and the Surviving Subsidiaries shall timely pay or caused to be paid all premiums with respect to SPAC D&O Tail Insurance and the Company D&O Tail Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 <u>Trust Account Proceeds</u>. The Parties agree that after the Closing, the funds in the Trust Account, after taking into account payments for the Redemption, and any proceeds from any Transaction Financing shall first be used to pay (a) SPAC's accrued and unpaid Expenses, (b) SPAC's deferred Expenses (including cash amounts payable to the IPO Underwriters and any legal fees), (c) any loans owed by SPAC to the Sponsor for any Expenses (including deferred Expenses) or other administrative costs and expenses incurred by or on behalf of SPAC or Extension Expenses, and (d) any other unpaid Expenses of the Company as of the Closing. Such Expenses, as well as any Expenses that are required to be paid by delivery of the Pubco Common Stock, will be paid at the Closing. Any remaining cash will be used for working capital and general corporate purposes of Pubco and the Surviving Subsidiaries.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 <u>Transaction Financing</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Interim Period, SPAC and the Company shall use reasonable best efforts to enter into written agreements (the "***Financing Agreements***") for Transaction Financings with aggregate proceeds of at least $100 million (on such terms and structuring and using such strategy, placement agents and approach, as SPAC and the Company shall mutually agree).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPAC, the Company and Pubco shall, and shall cause their respective Representatives to cooperate with each other and their respective Representatives in connection with such Transaction Financing and Financing Agreements and the Company and Pubco will use their respective reasonable best efforts to cause such Transaction Financing to occur (including having the Company's senior management participate in any investor meetings and roadshows as reasonably requested by SPAC).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.21 <u>Trademark Assignment</u>. On or prior to the Closing, the Company shall cause its affiliate to assign, transfer, and convey to the Company all right, title, and interest in and to the trademark(s) identified on <u>Schedule ‎6.21</u> attached hereto (the "***Assigned Trademark***"). The Company shall ensure that all necessary documentation, including trademark assignment agreements in form and substance reasonably satisfactory to SPAC, are executed and delivered to effectuate such transfer. The Company shall cooperate fully and take such further actions as reasonably requested by SPAC to record the assignment of the Assigned Trademark with the United States Patent and Trademark Office or other applicable trademark authorities or registries prior to or promptly after Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 <u>Underwriting Agreement</u>. On or prior to the Closing, Pubco shall assume all obligations of the SPAC under the IPO Underwriting Agreement.

**Article VII <u>CLOSING CONDITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Conditions to Each Party's Obligations</u>. The obligations of each Party to consummate the Mergers and the other transactions described herein shall be subject to the satisfaction or written waiver (where permissible) by the Company and SPAC of the following conditions:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Required SPAC Shareholder Approval*. The SPAC Shareholder Approval Matters that are submitted to the vote of the shareholders of SPAC at SPAC Extraordinary General Meeting in accordance with the Proxy Statement shall have been approved by the requisite vote of the shareholders of SPAC at SPAC Extraordinary General Meeting in accordance with SPAC's Organizational Documents, applicable Law and the Proxy Statement (the "***Required SPAC Shareholder Approval***").

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Required Company Stockholder Approval*. The Company Special Meeting shall have been held in accordance with the DGCL and the Company Charter, and at such meeting, the requisite vote of the holders of Company Common Stock (including any separate class or series vote that is required, whether pursuant to the Company Charter, any stockholder agreement or otherwise) shall have authorized, approved and consented to, the execution, delivery and performance of this Agreement and each of the Ancillary Documents to which the Company is or is required to be a party or bound, and the consummation of the transactions contemplated hereby and thereby, including the Company Merger (the "***Required Company Stockholder Approval***").

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Antitrust Laws.* Any waiting period (and any extension thereof) applicable to the consummation of this Agreement under any Antitrust Laws shall have expired or been terminated.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Requisite Regulatory Approvals*. All Consents required to be obtained from or made with any Governmental Authority in order to consummate the transactions contemplated by this Agreement shall have been obtained or made.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) *No Adverse Law or Order*. No Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law (whether temporary, preliminary or permanent) or Order that is then in effect and which has the effect of making the transactions or agreements contemplated by this Agreement illegal or which otherwise prevents or prohibits consummation of the transactions contemplated by 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Appointment to the Board*. The members of the Post-Closing Pubco Board shall have been elected or appointed as of the Closing consistent with the requirements of <u>Section ‎6.17</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Registration Statement.* The Registration Statement shall have been declared effective by the SEC and shall remain effective as of the Closing, and no stop order or similar order shall be in effect with respect to the Registration Statement.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Pubco Charter Amendment*. Prior to the Closing, Pubco shall have amended and restated its certificate of incorporation in a form satisfactory to SPAC and the Company (the "***Amended Pubco Charter***").

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) *NASDAQ Listing*. The shares of Pubco Class A Common Stock shall have been approved for listing on Nasdaq upon the Closing.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Incentive Plan*. Pubco shall have adopted, on or prior to Closing, the Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Conditions to Obligations of the Company Parties</u>. In addition to the conditions specified in <u>Section ‎7.1</u>, the obligations of the Company Parties to consummate the Mergers and the other transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by the Company) of the following conditions:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. (i) The SPAC Fundamental Representations shall be true and correct in all material respects on and as of the date of this Agreement and as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation and warranty is expressly made as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects as of such earlier date), (ii) the representations and warranties set forth in the first sentence of <u>Section ‎3.5(a)</u> shall be true and correct in all respects (except for *de minimis* inaccuracies) on and as of the date of this Agreement and as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation and warranty is expressly made as of an earlier date, in which case such representation and warranty shall be true and correct in all respects (except for *de minimis* inaccuracies) as of such earlier date), (iii) the other representations and warranties of SPAC in <u>Article III</u> (other than SPAC Fundamental Representations and the representations and warranties set forth in the first sentence of <u>Section ‎3.5(a)</u> shall be true and correct (without giving effect to any limitations as to "materiality" or any similar limitation set forth herein) in all respects on and as of the date of this Agreement and as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation and warranty is expressly made as of an earlier date, in which case such representation and warranty shall be true and correct in all respects as of such earlier date), except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a SPAC Material Adverse Effect.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agreements and Covenants*. SPAC shall have performed in all material respects all of its obligations and complied in all material respects with all of its agreements and covenants under this Agreement to be performed or complied with by SPAC on or prior to the Closing Date.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Certain Ancillary Documents*. The Amended Registration Rights Agreement and shall be in full force and effect as of the Closing.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Minimum Cash Condition*. The sum of (i) the aggregate cash proceeds available for release from the Trust Account (after giving effect to the completion and payment of the Redemption), *plus* (ii) and the net proceeds of any Transaction Financings, shall equal or exceed $75,000,000 after deducting all Expenses of SPAC and the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Closing Deliveries.*

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Officer Certificate. SPAC shall have delivered to the Company a certificate, dated the Closing Date, signed by an executive officer of SPAC in such capacity, certifying as to the satisfaction of the conditions specified in <u>Sections ‎7.2(a)</u> and ‎<u>7.2(b)</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Secretary Certificate. SPAC shall have delivered to the Company a certificate from its secretary or other executive officer certifying as to, and attaching, (A) copies of SPAC's Organizational Documents as in effect as of the Closing Date prior to the Effective Time, (B) the resolutions of the board of directors of SPAC authorizing and approving the execution, delivery and performance of this Agreement and each of the Ancillary Documents to which it is a party or by which it is bound, and the consummation of the transactions contemplated hereby and thereby, (C) evidence that the Required SPAC Shareholder Approval has been obtained and (D) the incumbency of officers of SPAC authorized to execute this Agreement or any Ancillary Document to which SPAC is or is required to be a party or otherwise bound.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Good Standing. SPAC shall have delivered to the Company a good standing certificate (or similar documents applicable for such jurisdictions) for SPAC certified as of a date no earlier than thirty (30) days prior to the Closing Date from the proper Governmental Authority of SPAC's jurisdiction of organization and from each other jurisdiction in which SPAC is qualified to do business as a foreign entity as of the Closing, in each case to the extent that good standing certificates or similar documents are generally available in such jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Conditions to Obligations of SPAC</u>. In addition to the conditions specified in <u>Section ‎7.1</u>, the obligations of SPAC to consummate the Mergers and the other transactions contemplated by this Agreement are subject to the satisfaction or written waiver (by SPAC) of the following conditions:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. (i) the Target Company Fundamental Representations shall be true and correct (without giving effect to any limitation as to "materiality" set forth therein) in all material respects on and as of the date of this Agreement and as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation and warranty is expressly made as of an earlier date, in which case such representation and warranty shall be true and correct in all material respects as of such earlier date), (ii) the representations and warranties set forth in the first sentence of <u>Section ‎5.3(a)</u> shall be true and correct in all respects on and as of the date of this Agreement and as of the Closing Date, as though made on and as of the Closing Date, and (iii) the representations and warranties of the Target Companies Group, as applicable, set forth in <u>Article V</u> (other than the Target Company Fundamental Representations and the representations and warranties set forth in the first sentence of <u>Section ‎5.3(a)</u> and the representations and warranties of the Company Parties (other than the representations and warranties of the Company) shall be true and correct (without giving effect to any limitation as to "materiality" or "Material Adverse Effect" or any similar limitation set forth herein) in all respects on and as of the date of this Agreement and on and as of the Closing Date, as though made on and as of the Closing Date (except to the extent that any such representation and warranty is expressly made as of an earlier date, in which case such representation and warranty shall be true and correct in all respects as of such earlier date), except where the failure of such representations and warranties to be true and correct, individually and in the aggregate has not had a Material Adverse Effect.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Agreements and Covenants*. The Company Parties shall have performed in all material respects all of their respective obligations and complied in all material respects with all of their respective agreements and covenants under this Agreement to be performed or complied with by them on or prior to the Closing Date.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Material Adverse Effect*. No Material Adverse Effect shall have occurred with respect to the Target Companies since the date 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Certain Ancillary Documents*. Each Non-Competition Agreement, each Lock-Up Agreement, the Company Support Agreement and the Amended Registration Rights Agreement shall be in full force and effect as of the Closing.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Preferred Conversion.* The Preferred Conversion shall have been completed.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Related Party Loans.</u>* <u>The loans</u> issued <u>by the Company to its officers and directors and set forth on Schedule ‎7.3(f), shall have been repaid or cancelled.</u>

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Closing Deliveries.*

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Officer Certificate. SPAC shall have received a certificate from the Company, dated as the Closing Date, signed by an executive officer of the Company in such capacity, certifying as to the satisfaction of the conditions specified in <u>Sections ‎7.3‎(a)</u>, ‎<u>7.3(b)</u> and ‎<u>7.3(c)</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Secretary Certificate. The Company shall have delivered to SPAC a certificate from its secretary or other executive officer certifying as to, and attaching, (A) copies of each Target Company's Organizational Documents as in effect as of the Closing Date prior to the Effective Time, (B) the requisite resolutions of each of the Company, Pubco, Company Merger Sub and SPAC Merger Sub authorizing and approving the execution, delivery and performance of this Agreement and each Ancillary Document to which the Company Parties are or are required to be a party or bound, and the consummation of the Mergers and the other transactions contemplated hereby and thereby, and the adoption of the Surviving Company Subsidiary Organizational Documents, and recommending the approval and adoption of the same by the holders of Company Securities at a duly called meeting of members, (C) evidence that the Required Company Stockholder Approval has been obtained and (D) the incumbency of officers authorized to execute this Agreement or any Ancillary Document to which a Target Company is or is required to be a party or otherwise bound.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Good Standing. The Company shall have delivered to SPAC good standing certificates (or similar documents applicable for such jurisdictions) for each Target Company and Pubco certified as of a date no earlier than thirty (30) days prior to the Closing Date from the proper Governmental Authority of the Target Company's or Pubco's jurisdiction of organization and from each other jurisdiction in which the Target Company or Pubco is qualified to do business as a foreign corporation or other entity as of the Closing, in each case to the extent that good standing certificates or similar documents are generally available in such jurisdictions.

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Resignations*.* Subject to the requirements of <u>Section 5.18</u>, SPAC shall have received written resignations, effective as of the Closing, of each of the directors and officers of the Company as requested by SPAC prior to the Closing.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) Employment Agreements*.* SPAC and Pubco shall have received employment agreements, in each case effective as of the Closing, in form and substance acceptable to SPAC, between each person listed on <u>Schedule 7.3(g)(v)</u> and Pubco, and each such employment agreement duly executed by the parties thereto.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Consents*.* The Company shall have delivered to SPAC evidence that the consents listed on <u>Schedule 7.3(g)(vi)</u> have been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Frustration of Conditions</u>. Notwithstanding anything contained herein to the contrary, no Party may rely on the failure of any condition set forth in this <u>‎Article VII</u> to be satisfied if such failure was caused by the failure of such Party or its Affiliates (or with respect to the Company, any Target Company) failure to comply with or perform any of its covenants or obligations set forth in this Agreement.

**Article VIII <u>TERMINATION AND EXPENSES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Termination</u>. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(a) by mutual written consent of SPAC and the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(b) by written notice by SPAC or the Company if any of the conditions to the Closing set forth in ‎<u>Article VII</u> have not been satisfied or waived by May 31, 2026 (the "***Outside Date***"); provided, however, the right to terminate this Agreement under this <u>Section ‎8.1(b)</u> shall not be available to a Party if the breach or violation by such Party or its Affiliates of any representation, warranty, covenant or obligation under this Agreement was the cause of, or resulted in, the failure of the Closing to occur on or before the Outside Date;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(c) by written notice by either SPAC or the Company to the other if a Governmental Authority of competent jurisdiction shall have issued an Order or taken any other action permanently restraining, enjoining or otherwise prohibiting the transactions contemplated by this Agreement, and such Order or other action has become final and non-appealable; *provided, however,* that the right to terminate this Agreement pursuant to this <u>Section ‎8.1‎(c)</u> shall not be available to a Party if the failure by such Party or its Affiliates to comply with any provision of this Agreement has been a substantial cause of, or substantially resulted in, such action by such Governmental Authority;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(d) by written notice by the Company to SPAC, if there has been a material breach by SPAC of any of its representations, warranties, covenants or agreements contained in this Agreement or if any representation or warranty of SPAC shall have become materially untrue or materially inaccurate, in any case, which would result in a failure of a condition set forth in <u>Section ‎7.2‎(a)</u> or <u>Section ‎7.2‎(b)</u> to be satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and (ii) the material breach or material inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written notice of such material breach or material inaccuracy is provided to SPAC or (B) the Outside Date; provided, that the Company shall not have the right to terminate this Agreement pursuant to this <u>Section ‎8.1(d)</u> if at such time the Company is in material uncured breach of this Agreement;

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&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;&nbsp;&nbsp;&nbsp;&nbsp;(e) by written notice by SPAC to the Company, if (i) there has been a material breach by the Company of any of its representations, warranties, covenants or agreements contained in this Agreement, or if any representation or warranty of such Parties shall have become untrue or inaccurate, in any case, which would result in a failure of a condition set forth in <u>Section ‎7.3‎(a)</u> or <u>Section ‎7.3‎(b)</u> to be satisfied (treating the Closing Date for such purposes as the date of this Agreement or, if later, the date of such breach), and (ii) the breach or inaccuracy is incapable of being cured or is not cured within the earlier of (A) twenty (20) days after written notice of such breach or inaccuracy is provided to the Company or (B) the Outside Date; provided, that SPAC shall not have the right to terminate this Agreement pursuant to this <u>Section ‎8.1(e)</u> if at such time SPAC is in material uncured breach 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by written notice by SPAC to the Company, if there shall have been a Material Adverse Effect on the Target Companies following the date of this Agreement which is uncured and continuing;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(g) by written notice by either SPAC or the Company to the other, if the SPAC Extraordinary General Meeting is held (including any adjournment or postponement thereof) and has concluded, SPAC's shareholders have duly voted, and the Required SPAC Shareholder Approval was not obtained;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(h) by written notice by SPAC to the Company, if the Required Company Stockholder Approval was not obtained in accordance with <u>Section ‎6.13</u>; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) by written notice by SPAC to the Company, if the Company has not delivered the Audited Financials to SPAC on or before the Audit Delivery Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Effect of Termination</u>. This Agreement may only be terminated in the circumstances described in <u>Section ‎8.1</u> and pursuant to a written notice delivered by the applicable Party to the other applicable Parties, which sets forth the basis for such termination, including the provision of <u>Section ‎8.1</u> under which such termination is made. In the event of the valid termination of this Agreement pursuant to <u>Section ‎8.1</u>, this Agreement shall forthwith become void, and there shall be no Liability on the part of any Party or any of their respective Representatives, and all rights and obligations of each Party shall cease, except: (i) <u>Sections ‎6.14</u>, <u>‎6.15</u>, <u>‎8.3</u>, <u>‎9.1</u>, <u>‎Article X</u> and this <u>Section ‎8.2</u> shall survive the termination of this Agreement, and (ii) nothing herein shall relieve any Party from Liability for any willful breach of any representation, warranty, covenant or obligation under this Agreement or any Fraud Claim against such Party, in either case, prior to termination of this Agreement (in each case of clauses (i) and (ii) above, subject to <u>Section ‎9.1</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Fees and Expenses</u>. Subject to <u>Section ‎9.1</u>, all Expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such expenses, subject to <u>Section ‎6.19</u>; *provided* that (i) if the Closing occurs, all expenses incurred by SPAC will be paid or reimbursed by Pubco from the Trust Account, the Transaction Financing, or other cash sources available to Pubco or its Subsidiaries at the Closing, (ii) all fees, costs and expenses (including filing fees) paid or payable by any Party or any of its Affiliates as a result of or in connection with or arising under any applicable Antitrust Laws, including fees and expenses relating to any pre-merger notification required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended shall be shared equally between the Parties, (iii) all fees, costs and expenses (including filing fees and printer costs) paid or payable by any Party or any of its Affiliates as a result of or in connection with or arising from filing the Registration Statement with the SEC shall be shared equally between the Parties, and (iv) all fees, costs and expenses (including filing fees) paid or payable by any Party or any of its Affiliates as a result of or in connection with or arising from submitting to NASDAQ a listing application for the shares of Pubco Class A Common Stock (including any filing fees arising therefrom) shall be shared equally between the Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Survival</u>. The representations and warranties of the Parties contained in this Agreement or in any certificate or instrument delivered by or on behalf of the Parties or their respective Representatives pursuant to this Agreement shall not survive the Closing, and from and after the Closing, the Parties and their respective Representatives shall not have any further obligations, nor shall any claim be asserted or action be brought against the Parties or their respective Representatives with respect thereto. The covenants and agreements made by the Parties and their respective Representatives in this Agreement or in any certificate or instrument delivered pursuant to this Agreement, including any rights arising out of any breach of such covenants or agreements, shall not survive the Closing, except for those covenants and agreements contained herein and therein that by their terms apply or are to be performed in whole or in part after the Closing (which such covenants shall survive the Closing and continue until fully performed in accordance with their terms).

**Article IX <u>WAIVERS AND RELEASES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Waiver of Claims Against Trust</u>. Reference is made to the IPO Prospectus. The Company, Pubco and the Merger Subs each hereby represents and warrants that it has read the IPO Prospectus and understands that SPAC has established the Trust Account containing the proceeds of the IPO and the overallotment shares acquired by SPAC's underwriters and from certain private placements occurring simultaneously with the IPO (including interest accrued from time to time thereon) for the benefit of SPAC's public shareholders (including overallotment shares acquired by SPAC's underwriters) (the "***Public Shareholders***") and that, except as otherwise described in the IPO Prospectus, SPAC may disburse monies from the Trust Account only: (a) to the Public Shareholders in the event they elect to redeem their SPAC Class A Ordinary Shares in connection with the consummation of SPAC's initial business combination (as such term is used in the Prospectus) (the "***Business Combination***") or in connection with an extension of its deadline to consummate a Business Combination, (b) to the Public Shareholders if SPAC fails to consummate a Business Combination within twenty-four (24) months after the closing of the IPO, subject to extension by an amendment to SPAC's Organizational Documents, (c) with respect to any interest earned on the amounts held in the Trust Account, amounts necessary to pay for any income taxes or (d) to SPAC after or concurrently with the consummation of a Business Combination. For and in consideration of SPAC entering into this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of the Company, Pubco and the Merger Subs hereby agrees on behalf of itself and its Affiliates that, notwithstanding anything to the contrary in this Agreement, none of the Company, Pubco or the Merger Subs nor any of their respective Affiliates do now or shall at any time hereafter have any right, title, interest or claim of any kind in or to any monies in the Trust Account or distributions therefrom, or make any claim against the Trust Account (including any distributions therefrom), regardless of whether such claim arises as a result of, in connection with or relating in any way to, this Agreement or any proposed or actual business relationship between SPAC or any of its Representatives, on the one hand, and the Company, Pubco or the Merger Subs or any of their respective Representatives, on the other hand, or any other matter, and regardless of whether such claim arises based on contract, tort, equity or any other theory of legal liability (any and all such claims are collectively referred to herein as, the "***Released Claims***"). Each of the Company, Pubco and the Merger Subs, on behalf of itself and its Affiliates, hereby irrevocably waives any Released Claims that any such Party or any of its Affiliates may have against the Trust Account (including any distributions therefrom) now or in the future as a result of, or arising out of, any negotiations, contracts or agreements with SPAC or its Representatives and will not seek recourse against the Trust Account (including any distributions therefrom) for any reason whatsoever (including for an alleged breach of this Agreement or any other agreement with SPAC or its Affiliates). Each of the Company, Pubco and the Merger Subs agrees and acknowledges that such irrevocable waiver is material to this Agreement and specifically relied upon by SPAC and its Affiliates to induce SPAC to enter in this Agreement, and each of the Company, Pubco and the Merger Subs further intends and understands such waiver to be valid, binding and enforceable against such Party and each of its respective Affiliates under applicable Law. To the extent that the Company, Pubco and the Merger Subs or any of their respective Affiliates commences any Action based upon, in connection with, relating to or arising out of any matter relating to SPAC or its Representatives, which proceeding seeks, in whole or in part, monetary relief against SPAC or its Representatives, each of the Company, Pubco and the Merger Subs hereby acknowledges and agrees that its and its Affiliates' sole remedy shall be against funds held outside of the Trust Account and that such claim shall not permit such Party or any of its Affiliates (or any Person claiming on any of their behalves or in lieu of them) to have any claim against the Trust Account (including any distributions therefrom) or any amounts contained therein. In the event that the Company, Pubco, the Merger Subs or any of their respective Affiliates commences Action based upon, in connection with, relating to or arising out of any matter relating to SPAC or its Representatives which proceeding seeks, in whole or in part, relief against the Trust Account (including any distributions therefrom) or the Public Shareholders, whether in the form of money damages or injunctive relief, SPAC and its Representatives, as applicable, shall be entitled to recover from the Company, Pubco and the Merger Subs and their respective Affiliates, as applicable, the associated legal fees and costs in connection with any such Action, in the event SPAC or its Representatives, as applicable, prevails in such Action. This <u>Section ‎9.1</u> shall survive termination of this Agreement for any reason and continue indefinitely.

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**Article X <u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Notices</u>. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered (i) in person, (ii) by electronic means (including email), with affirmative confirmation of receipt, (iii) one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following addresses (or at such other address for a Party as shall be specified by like notice):

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| | |
|:---|:---|
| *If to SPAC at or prior to the Closing, to:*<br> Blue Acquisition Corp.<br> 1601 Anita Lane<br> Newport Beach CA, 92660-4803<br> Attn:<br> Email: | *with a copy (which will not constitute notice) to:*<br> Ellenoff Grossman & Schole LLP<br> 1345 Avenue of the Americas, 11th Floor<br> New York, New York 10105<br> Attn: David Landau, Esq.; Meredith Laitner, Esq.<br> Telephone No.:<br> Email: |
| *If to the Company or the Company Surviving Subsidiary, to:*<br> 447 Broadway<br> 2nd Floor, #538<br> New York, NY 10013<br> Attn:<br> Email: | *with a copy (which will not constitute notice) to:*<br> Winston and Strawn LLP<br> 800 Capitol St., Suite 2400<br> Houston, Texas 77002-2925<br> Attn: Mike Blankenship<br> Telephone No.:<br> Email: |
| *If to Pubco after the Closing, to:*<br> 447 Broadway<br> 2nd Floor, #538<br> New York, NY 10013<br> Attn:<br> Email: | *with a copy (which will not constitute notice) to:*<br> Winston and Strawn LLP<br> 800 Capitol St., Suite 2400<br> Houston, Texas 77002-2925<br> Attn: Mike Blankenship<br> Telephone No.:<br> Email: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Binding Effect; Assignment</u>. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. This Agreement shall not be assigned by operation of Law or otherwise without the prior written consent of SPAC, Pubco and the Company, and any assignment without such consent shall be null and void; *provided* that no such assignment shall relieve the assigning Party of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Third Parties</u>. Except for the rights of (i) the D&O Indemnified Persons set forth in <u>Section ‎6.18</u>, which the Parties acknowledge and agree are express third party beneficiaries of this Agreement and (ii) the IPO Underwriters, which the Parties acknowledge and agree are express third party beneficiaries of this Agreement for purposes of ‎Article III, nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any Person that is not a Party hereto or thereto or a successor or permitted assign of such a Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State of New York without regard to the conflict of laws principles thereof, *provided that* matters that as a matter of the laws of the Cayman Islands are required to be governed by the laws of the Cayman Islands (including, without limitation, in respect of the SPAC Merger and the fiduciary duties that may apply to the directors and officers of the Parties) shall be governed by and construed in accordance with, the laws of the Cayman Islands, without regard to laws that may be applicable under conflicts of laws principles that would cause the application of the laws of any jurisdiction other than the Cayman Islands to such matters. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York, New York (or in any appellate court thereof) (the "***Specified Courts***"). Each Party hereto hereby (a) submits to the exclusive jurisdiction of any Specified Courts for the purpose of any Action arising out of or relating to this Agreement brought by any Party hereto and (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated hereby may not be enforced in or by any Specified Courts. Each Party agrees that a final judgment in any Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party irrevocably consents to the service of the summons and complaint and any other process in any other Action relating to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at the applicable address set forth in <u>Section ‎10.1</u>. Nothing in this <u>Section ‎10.4</u> shall affect the right of any Party to serve legal process in any other manner permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION ‎10.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Specific Performance</u>. Each Party acknowledges that the rights of each Party to consummate the transactions contemplated hereby are unique, recognizes and affirms that in the event of a breach of this Agreement by any Party, money damages may be inadequate and the non-breaching Parties may have not adequate remedy at law, and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by an applicable Party in accordance with their specific terms or were otherwise breached. Accordingly, each Party shall be entitled to seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy to which such Party may be entitled under this Agreement, at law or in equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Severability</u>. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose of such invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Amendment</u>. This Agreement may be amended, supplemented or modified only by execution of a written instrument signed by SPAC, the Company and Pubco.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Waiver</u>. SPAC on behalf of itself and its Affiliates and the Company on behalf of itself and its Affiliates, may in its sole discretion (i) extend the time for the performance of any obligation or other act of any other non-Affiliated Party hereto, (ii) waive any inaccuracy in the representations and warranties by such other non-Affiliated Party contained herein or in any document delivered pursuant hereto and (iii) waive compliance by such other non-Affiliated Party with any covenant or condition contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the Party or Parties to be bound thereby. Notwithstanding the foregoing, no failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Entire Agreement</u>. This Agreement and the documents or instruments referred to herein, including any exhibits and schedules attached hereto, which exhibits and schedules are incorporated herein by reference, together with the Ancillary Documents, embody the entire agreement and understanding of the Parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings, other than those expressly set forth or referred to herein or the documents or instruments referred to herein, which collectively supersede all prior agreements and the understandings among the Parties with respect to the subject matter contained herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Interpretation</u>. The table of contents and the Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. In this Agreement, unless the context otherwise requires: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and words in the singular, including any defined terms, include the plural and vice versa; (b) reference to any Person includes such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity; (c) any accounting term used and not otherwise defined in this Agreement or any Ancillary Document has the meaning assigned to such term in accordance with GAAP; (d) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words "without limitation"; (e) the words "herein," "hereto," and "hereby" and other words of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement; (f) the word "if" and other words of similar import when used herein shall be deemed in each case to be followed by the phrase "and only if"; (g) the term "or" means "and/or"; (h) any reference to the term "ordinary course" or "ordinary course of business" shall be deemed in each case to be followed by the words "consistent with past practice"; (i) any agreement, instrument, insurance policy, Law or Order defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument, insurance policy, Law or Order as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes, regulations, rules or orders) by succession of comparable successor statutes, regulations, rules or orders and references to all attachments thereto and instruments incorporated therein; (j) except as otherwise indicated, all references in this Agreement to the words "Section," "Article," "Schedule" and "Exhibit" are intended to refer to Sections, Articles, Schedules and Exhibits to this Agreement; and (k) the term "Dollars" or "$" means United States dollars. Any reference in this Agreement to a Person's directors shall include any member of such Person's governing body and any reference in this Agreement to a Person's officers shall include any Person filling a substantially similar position for such Person. Any reference in this Agreement or any Ancillary Document to a Person's shareholders or stockholders shall include any applicable owners of the equity interests of such Person, in whatever form, including with respect to SPAC its shareholders or stockholders under the Act, DGCL, as then applicable, or its Organizational Documents. The Parties have participated jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. To the extent that any Contract, document, certificate or instrument is represented and warranted to by the Company to be given, delivered, provided or made available by the Company, in order for such Contract, document, certificate or instrument to have been deemed to have been given, delivered, provided and made available to SPAC or its Representatives, such Contract, document, certificate or instrument shall have been posted to the electronic data site maintained on behalf of the Company for the benefit of SPAC and its Representatives and SPAC and its Representatives have been given access to the electronic folders containing such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Counterparts</u>. This Agreement and each Ancillary Document may be executed and delivered (including by facsimile or other electronic transmission) in one or more counterparts, and by the different Parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Legal Representation.</u> The Parties agree that, notwithstanding the fact that EGS may have, prior to Closing, jointly represented SPAC and/or the Sponsor in connection with this Agreement, the Ancillary Documents and the transactions contemplated hereby and thereby, and has also represented SPAC and/or its Affiliates in connection with matters other than the transaction that is the subject of this Agreement, EGS will be permitted in the future, after Closing, to represent one or more of the Sponsor or its respective Affiliates in connection with matters in which such Persons are adverse to Pubco, SPAC or any of their respective Affiliates, including any disputes arising out of, or related to, this Agreement. The Company, who is or has the right to be represented by independent counsel in connection with the transactions contemplated by this Agreement, hereby agree, in advance, to waive (and to cause their Affiliates to waive) any actual or potential conflict of interest that may hereafter arise in connection with EGS's future representation of one or more of the Sponsor or its Affiliates in which the interests of such Person are adverse to the interests of Pubco, SPAC, the Company or any of their respective Affiliates, including any matters that arise out of this Agreement or that are substantially related to this Agreement or to any prior representation by EGS of SPAC or any of its Affiliates. The Parties acknowledge and agree that, for the purposes of the attorney-client privilege, the Sponsor shall be deemed a client of EGS with respect to the negotiation, execution and performance of this Agreement and the Ancillary Documents. All such communications shall remain privileged after the Closing and the privilege and the expectation of client confidence relating thereto shall belong solely to the Sponsor, shall be controlled by the Sponsor and shall not pass to or be claimed by Pubco or the Surviving Subsidiaries; *provided, further,* that nothing contained herein shall be deemed to be a waiver by SPAC or any of its Affiliates (including, after the Effective Time, Pubco, the Surviving Subsidiaries, and their respective Affiliates) of any applicable privileges or protections that can or may be asserted to prevent disclosure of any such communications to any third party.

**Article XI <u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Certain Definitions</u>. For purpose of this Agreement, the following capitalized terms have the following meanings:

"***Accounting Principles***" means in accordance with GAAP as in effect at the date of the financial statement to which it refers or if there is no such financial statement, then as of the Closing Date, using and applying the same accounting principles, practices, procedures, policies and methods (with consistent classifications, judgments, elections, inclusions, exclusions and valuation and estimation methodologies) used and applied by the Target Companies in the preparation of the Company Financials.

"***Action***" means any notice of noncompliance or violation, or any claim, demand, charge, action, suit, litigation, audit, settlement, complaint, stipulation, assessment or arbitration, or any request (including any request for information), inquiry, hearing, proceeding or investigation, by or before any Governmental Authority.

"***Affiliate***" means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person. For the avoidance of doubt, Sponsor shall be deemed to be an Affiliate or SPAC prior to the Closing.

"***Ancillary Documents***" means each agreement, instrument or document attached hereto as an Exhibit, and the other agreements, certificates and instruments to be executed or delivered by any of the Parties hereto in connection with or pursuant to this Agreement.

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"***Benefit Plans***" of any Person means any and all deferred compensation, executive compensation, incentive compensation, phantom equity, option, stock appreciation right, restricted stock, restricted stock unit, equity purchase or other equity-based compensation plan, employment or consulting, severance, change in control, retention or termination pay, employee or consultant loan program, vacation, sick, or other bonus, deferred compensation plan or practice, hospitalization or other medical, life, death, disability or other insurance, fringe benefit, Section 125 cafeteria plan, welfare, supplemental unemployment benefits, profit sharing, pension, or retirement plan, program, agreement, commitment or arrangement, Foreign Pension Plan, and each other employee benefit plan, program, agreement or arrangement, including each "employee benefit plan" as such term is defined under Section 3(3) of ERISA (including any similar plan subject to laws of a jurisdiction outside of the United States), maintained or contributed to or required to be contributed to by a Person for the benefit of any employee or former employee of such Person, or with respect to which such Person has any Liability, whether direct or indirect, actual or contingent, whether formal or informal, and whether legally binding or not.

"***Business Day***" means any day other than a Saturday, Sunday or a legal holiday on which commercial banking institutions in New York, New York are authorized to close for business, excluding as a result of "stay at home," "shelter-in-place," "non-essential employee" or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any Governmental Authority so long as the electronic funds transfer systems, including for wire transfers, of commercially banking institutions in New York, New York are generally open for use by customers on such day.

"***Code***" means the Internal Revenue Code of 1986, as amended, and any successor statute thereto, as amended. Reference to a specific section of the Code shall include such section and any valid treasury regulation promulgated thereunder.

"***Company Charter***" means the Certificate of Incorporation of the Company, as amended and effective under the DGCL, prior to the Effective Time.

"***Company Confidential Information***" means all confidential or proprietary documents and information concerning the Target Companies or any of their respective Representatives, furnished in connection with this Agreement or the transactions contemplated hereby; *provided, however*, that Company Confidential Information shall not include any information which, (i) at the time of disclosure by SPAC or its Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by a Target Company or its Representatives to SPAC or its Representatives was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person receiving such Company Confidential Information.

"***Company Common Stock***" means the Company Series A Common Stock and the Company Series B Common Stock.

"***Company Series A Common Stock***" means the Company Series A Common Stock, $0.0001 per value per share.

"***Company Series B Common Stock***" means the Company Series B Common Stock, $0.0001 per value per share.

"***Company Convertible Securities***" means, collectively, any options, warrants or rights to subscribe for or purchase any equity securities of the Company or securities convertible into or exchangeable for, or that otherwise confer on the holder any right to acquire any equity securities of the Company.

**"*Company Equity Plan***" means the Blockfusion USA, Inc. 2022 Stock Plan.

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"***Company Option***" means an option to purchase Company Common Stock that was granted pursuant to the Company Equity Plan.

"***Company Preferred Stock***" means, collectively the Series Seed Preferred Stock and the Series A Preferred Stock.

**"*Company Privacy and Data Security Policies***" means all of the Target Companies' past or present, internal or public-facing policies, notices, and statements concerning the privacy, security, or Processing of Personal Information, including written information security policies.

"***Company Securities***" means, collectively, the Company Common Stock, the Company Options, the Company Warrants and any other Company Convertible Securities.

"***Company Security Holders***" means, collectively, the holders of Company Securities.

"***Company Stockholders***" means, collectively, the holders of Company Common Stock and Company Preferred Stock.

"***Company Unaudited Financial Statements***" means the unaudited consolidated financial statements of the Target Companies, consisting of the consolidated balance sheets of the Target Companies and the related consolidated income statements, changes in stockholder equity and statements of cash flows for the years ended, and as of, December 31, 2023 and December 31, 2024.

"***Consent***" means any consent, approval, waiver, authorization or Permit of, or notice to or declaration or filing with any Governmental Authority or any other Person.

"***Contracts***" means all contracts, agreements, binding arrangements, bonds, notes, indentures, mortgages, debt instruments, purchase order, licenses (and all other contracts, agreements or binding arrangements concerning Intellectual Property), franchises, leases and other instruments or obligations of any kind, written or oral (including any amendments and other modifications thereto).

"***Control***" of a Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract, or otherwise. "Controlled," "Controlling" and "under common Control with" have correlative meanings. Without limiting the foregoing a Person (the "***Controlled Person***") shall be deemed Controlled by (a) any other Person (i) owning beneficially, as meant in Rule 13d-3 under the Exchange Act, securities entitling such Person to cast ten percent (10%) or more of the votes for election of directors or equivalent governing authority of the Controlled Person or (ii) entitled to be allocated or receive ten percent (10%) or more of the profits, losses, or distributions of the Controlled Person; (b) an officer, director, general partner, partner (other than a limited partner), manager, or member (other than a member having no management authority that is not a Person described in clause (a) above) of the Controlled Person; or (c) a spouse, parent, lineal descendant, sibling, aunt, uncle, niece, nephew, mother-in-law, father-in-law, sister-in-law, or brother-in-law of an Affiliate of the Controlled Person or a trust for the benefit of an Affiliate of the Controlled Person or of which an Affiliate of the Controlled Person is a trustee.

"***Copyrights***" means any works of authorship, including but not limited to mask works, textual works, visual, pictorial, or graphical works, or compilations of data or other information and all copyrights therein, including all renewals and extensions, copyright registrations and applications for registration and renewal, and non-registered copyrights.

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"***Environmental Law***" means any Law in any way relating to (a) the protection of human health and safety, (b) the protection, preservation or restoration of the environment and natural resources (including air, water vapor, surface water, groundwater, drinking water supply, surface land, subsurface land, plant and animal life or any other natural resource), or (c) the exposure to, or the use, storage, recycling, treatment, generation, transportation, processing, handling, labeling, production, release or disposal of Hazardous Materials, including the Comprehensive Environmental Response, Compensation and Liability Act, 42 USC. Section 9601 et. seq., the Resource Conservation and Recovery Act, 42 USC. Section 6901 et. seq., the Toxic Substances Control Act, 15 USC. Section 2601 et. seq., the Federal Water Pollution Control Act, 33 USC. Section 1151 et seq., the Clean Air Act, 42 USC. Section 7401 et seq., the Federal Insecticide, Fungicide and Rodenticide Act, 7 USC. Section 111 et. seq., Occupational Safety and Health Act, 29 USC. Section 651 et. seq. (to the extent it relates to exposure to Hazardous Materials), the Asbestos Hazard Emergency Response Act, 15 USC. Section 2601 et. seq., the Safe Drinking Water Act, 42 USC. Section 300f et. seq., the Oil Pollution Act of 1990 and analogous state acts.

"***Environmental Liabilities***" means, in respect of any Person, all Liabilities, obligations, responsibilities, Remedial Actions, Losses, damages, costs, and expenses (including all reasonable fees, disbursements, and expenses of counsel, experts, and consultants and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any other Person or in response to any violation of Environmental Law, whether known or unknown, accrued or contingent, whether based in contract, tort, implied or express warranty, strict liability, criminal or civil statute, to the extent based upon, related to, or arising under or pursuant to any Environmental Law, Environmental Permit, Order, or Contract with any Governmental Authority or other Person, that relates to any environmental, health or safety condition, violation of Environmental Law, or a Release or threatened Release of Hazardous Materials.

"***ERISA***" means the U.S. Employee Retirement Income Security Act of 1974, as amended.

"***ERISA Affiliate***" means each person (as defined in Section 3(9) of ERISA) which together with any Target Company or any of its Subsidiaries would be deemed to be a "single employer" within the meaning of Section 414(b), (c), (m) or (o) of the Code.

"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended.

 ****

***"Expenses***" shall mean all fees, costs and expenses, including all out-of-pocket expenses (including all such fees, costs and expenses with respect to counsel, accountants, investment bankers, financial advisors, financing sources, experts and consultants to a Party hereto or any of its Affiliates, exchange listings, SEC filings, compliance with the Hart Scott Rodino Antitrust Improvements Act of 1976 and obtaining the D&O Tail Insurance), incurred by a Party or on its behalf in connection with or related to the authorization, preparation, negotiation, execution or performance of this Agreement or any Ancillary Document related hereto and all other matters related to the consummation of the transactions contemplated hereby and thereby. With respect to SPAC, Expenses shall include any and all deferred expenses (including fees or commissions payable to the underwriters and any legal fees) of the IPO upon consummation of a Business Combination and any costs and expenses necessary for an Extension (including any of the foregoing incurred by Sponsor or its Affiliates or SPAC's directors or officers, in each case on behalf of the SPAC and that the SPAC is liable for) (such expenses, "***Extension Expenses***").

"***Foreign Pension Plan***" means any plan, fund (including, without limitation, any superannuation fund) or other similar program (other than social security or social insurance) established or maintained outside of the United States by any Target Company or any one or more of its Affiliates primarily for the benefit of employees of a Target Company or one or more of its Affiliates residing outside the United States, which plan, fund or other program provides, or results in, retirement income, a deferral of income in contemplation of retirement or payments to be made upon termination of employment, and which is not subject to ERISA or the Code.

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"***Founder Registration Rights Agreement***" means the Registration Rights Agreement, dated as of June 12, 2025, by and among SPAC, Sponsor and the other "Holders" named therein.

"***Fraud Claim***" means any claim based in whole or in part upon fraud.

"***Fully-Diluted Company Shares***" means (a) the total number of issued and outstanding shares of Company Common Stock issued and outstanding and vested as of immediately prior to the Effective Time (after giving effect to the Preferred Conversion), *plus* (b) the aggregate number of shares of Company Common Stock issuable upon, or pursuant to, the exercise of Company Options that are issued and outstanding and vested as of immediately prior to the Effective Time, treating such outstanding and vested Company Options as having been exercised in full (calculated using the treasury stock method of accounting), *plus* (c) the aggregate number of shares of Company Common Stock issuable upon, or pursuant to, the exercise of Company Warrants that are issued and outstanding as of immediately prior to the Effective Time, treating such Company Warrants as having been exercised in full (calculated using the treasury stock method of accounting).

"***GAAP***" means generally accepted accounting principles as in effect in the United States of America.

"***Governmental Authority***" means any federal, state, local, foreign or other governmental, quasi-governmental or administrative body, instrumentality, department or agency or any court, tribunal, administrative hearing body, arbitration panel, commission, or other similar dispute-resolving panel or body.

"***Hazardous Material***" means any waste, gas, liquid or other substance or material that is defined, listed or designated as a "hazardous substance," "pollutant," "contaminant, " "hazardous waste," "regulated substance," "hazardous chemical," or "toxic chemical" (or by any similar term) under any Environmental Law, or any other material regulated, or that could result in the imposition of Liability or responsibility, under any Environmental Law, including petroleum and its by-products, asbestos, polychlorinated biphenyls, radon, mold, and urea formaldehyde insulation.

"***Indebtedness***" of any Person means, without duplication, (a) all indebtedness of such Person for borrowed money (including the outstanding principal and accrued but unpaid interest), (b) all obligations for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of business), (c) any other indebtedness of such Person that is evidenced by a note, bond, debenture, credit agreement or similar instrument, (d) all obligations of such Person under leases that should be classified as capital leases in accordance with GAAP, (e) all obligations of such Person for the reimbursement of any obligor on any line or letter of credit, banker's acceptance, guarantee or similar credit transaction, in each case, that has been drawn or claimed against, (f) all obligations of such Person in respect of acceptances issued or created, (g) all interest rate and currency swaps, caps, collars and similar agreements or hedging devices under which payments are obligated to be made by such Person, whether periodically or upon the happening of a contingency, (h) all obligations secured by an Lien on any property of such Person, (i) any premiums, prepayment fees or other penalties, fees, costs or expenses associated with payment of any Indebtedness of such Person and (j) all obligation described in clauses (a) through (i) above of any other Person which is directly or indirectly guaranteed by such Person or which such Person has agreed (contingently or otherwise) to purchase or otherwise acquire or in respect of which it has otherwise assured a creditor against loss.

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"***Internet Assets***" means any and all domain name registrations, web sites and web addresses and related rights, items and documentation related thereto, and applications for registration therefor.

"***IPO***" means the initial public offering of SPAC Public Units (and any successor equity thereto) pursuant to the IPO Prospectus.

"***IPO Prospectus***" means the final prospectus of SPAC, dated as of June 12, 2025, and filed with the SEC on June 13, 2025 (File No. 333-287281).

"***IPO Underwriters***" means BTIG, LLC and Roberts & Ryan, Inc.

"***IPO Underwriting Agreement***" means that certain Underwriting Agreement, dated as of June 12, 2025, by and between the Company and BTIG, LLC as representative of the underwriters.

"***IRS***" means the U.S. Internal Revenue Service (or any successor Governmental Authority).

"***Knowledge***" means, with respect to (i) the Company, the actual knowledge of the executive officers or directors of any Target Company, after reasonable inquiry or (ii) any other Party, (A) if an entity, the actual knowledge of its directors and executive officers, after reasonable inquiry, or (B) if a natural person, the actual knowledge of such Party after reasonable inquiry.

"***Law***" means any federal, state, local, municipal, foreign or other law, statute, legislation, principle of common law, ordinance, code, edict, decree, proclamation, treaty, convention, rule, regulation, directive, requirement, writ, injunction, settlement, Order or Consent that is or has been issued, enacted, adopted, passed, approved, promulgated, made, implemented or otherwise put into effect by or under the authority of any Governmental Authority.

"***Leased Real Property***" means all leasehold or subleasehold estates and other rights to use or occupy any land, buildings, structures, improvements, fixtures or other interest in real property held by any of the Target Companies.

"***Liabilities***" means any and all liabilities, Indebtedness, Actions or obligations of any nature (whether absolute, accrued, contingent or otherwise, whether known or unknown, whether direct or indirect, whether matured or unmatured, whether due or to become due and whether or not required to be recorded or reflected on a balance sheet under GAAP or other applicable accounting standards), including Tax liabilities.

"***Lien***" means any mortgage, pledge, security interest, attachment, right of first refusal, option, proxy, voting trust, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), restriction (whether on voting, sale, transfer, disposition or otherwise), any subordination arrangement in favor of another Person, or any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar Law.

"***Lock-Up Stockholders***" means Alex Martini-Lo Manto, Gustavo Mana, Robert Scott, and Lucsam Holdings Corp.

"***Loss***" means any and all losses, obligations, penalties, amounts paid in settlement, damages (including consequential damages), amounts paid in settlement, costs and expenses (including reasonable expenses of investigation, court costs and attorneys' fees and expenses), diminution in value, Taxes, Liens and interest, in each case arising out of or related to any Action, Order or other Liability.

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"***Material Adverse Effect***" means, with respect to any specified Person, any fact, event, occurrence, change or effect that has had, or would reasonably be expected to have, individually or in the aggregate, a material adverse effect upon (a) the business, assets, Liabilities, results of operations, prospects or condition (financial or otherwise) of such Person and its Subsidiaries, taken as a whole, or (b) the ability of such Person or any of its Subsidiaries on a timely basis to consummate the transactions contemplated by this Agreement or the Ancillary Documents to which it is a party or bound or to perform its obligations hereunder or thereunder; *provided, however*, that for purposes of clause (a) above, any changes or effects directly or indirectly attributable to, resulting from, relating to or arising out of the following (by themselves or when aggregated with any other, changes or effects) shall not be deemed to be, constitute, or be taken into account when determining whether there has or may, would or could have occurred a Material Adverse Effect: (i) general changes in the financial or securities markets or general economic or political conditions in the country or region in which such Person or any of its Subsidiaries do business; (ii) changes, conditions or effects that generally affect the industries in which such Person or any of its Subsidiaries principally operate; (iii) changes in GAAP or other applicable accounting principles or mandatory changes in the regulatory accounting requirements applicable to any industry in which such Person and its Subsidiaries principally operate; (iv) conditions caused by acts of God, terrorism, war (whether or not declared), earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides, wild fires, weather conditions, natural or man-made disasters (which are not caused by the respective Party or any of its Affiliates or Representatives), emergencies (which are not caused by the respective Party or any of its Affiliates or Representatives), calamities, epidemics, pandemics, disease outbreaks, other acts of God or other force majeure events in the United States or other political conditions or natural disasters; (v) any failure in and of itself by such Person and its Subsidiaries to meet any internal or published budgets, projections, forecasts or predictions of financial performance for any period (provided that the underlying cause of any such failure may be considered in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur to the extent not excluded by another exception herein) and (vi), with respect to SPAC, the consummation and effects of the Redemption (or any redemption in connection with the Extension); *provided further, however*, that any event, occurrence, fact, condition, or change referred to in clauses (i) - (iv) immediately above shall be taken into account in determining whether a Material Adverse Effect has occurred or could reasonably be expected to occur to the extent that such event, occurrence, fact, condition, or change has a disproportionate effect on such Person or any of its Subsidiaries compared to other participants in the industries in which such Person or any of its Subsidiaries primarily conducts its businesses.

"***NASDAQ***" means The Nasdaq Stock Market LLC.

"***Order***" means any order, decree, ruling, judgment, injunction, writ, determination, binding decision, verdict, judicial award or other action that is or has been made, entered, rendered, or otherwise put into effect by or under the authority of any Governmental Authority.

"***Organizational Documents***" means, with respect to any Person that is an entity, its certificate of incorporation or formation, bylaws, operating agreement, memorandum and articles of association or similar organizational documents, in each case, as amended.

"***Owned Real Property***" means all land, together with all buildings, structures, improvements and fixtures located thereon, and all easements and other rights and interests appurtenant thereto, owned by any of the Target Companies.

"***Patents***" means any patents, patent applications and the inventions, designs and improvements described and claimed therein, patentable inventions, and other patent rights (including any divisionals, provisionals, continuations, continuations-in-part, substitutions, reexamined patents or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are amended, modified, divided, continued, abandoned, withdrawn, or refiled).

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"***Per Share Price***" means an amount equal to (a) the Merger Consideration *divided by* (b) the Fully-Diluted Company Shares.

"***Permits***" means all federal, state, local or foreign or other third-party permits, grants, easements, filings, accreditations, consents, approvals, authorizations, exemptions, licenses, franchises, concessions, ratifications, permissions, clearances, confirmations, endorsements, waivers, certifications, designations, ratings, registrations, qualifications or orders of any Governmental Authority or any other Person.

"***Permitted Liens***" means (a) Liens for Taxes or assessments and similar governmental charges or levies, which either are (i) not delinquent or (ii) being contested in good faith and by appropriate proceedings, and adequate reserves have been established with respect thereto, (b) other Liens imposed by operation of Law arising in the ordinary course of business for amounts which are not due and payable and as would not in the aggregate materially adversely affect the value of, or materially adversely interfere with the use of, the property subject thereto, (c) Liens incurred or deposits made in the ordinary course of business in connection with social security, (d) Liens on goods in transit incurred pursuant to documentary letters of credit or operational expenses, in each case arising in the ordinary course of business, or (e) Liens arising under this Agreement or any Ancillary Document.

"***Person***" means an individual, corporation, partnership (including a general partnership, limited partnership or limited liability partnership), limited liability company, exempted company, association, trust or other entity or organization, including a government, domestic or foreign, or political subdivision thereof, or an agency or instrumentality thereof.

"***Personal Information***" means any information that either directly or indirectly identifies or, alone or in combination with any other information, could reasonably be used to identify, locate, or contact a natural Person, or that relates or links to, or is reasonably linkable to an identified or identifiable individual, including name, street address, telephone number, email address, identification number issued by a Governmental Authority, credit card number, bank information, customer or account number, online identifier, device identifier, IP address, browsing history, search history, or other website, application, or online activity or usage data, location data, biometric data, medical or health information, or any other information that is considered "personally identifiable information," "personal information," or "personal data" under applicable Law, and all data associated with any of the foregoing that are or could reasonably be used to develop a profile or record of the activities of a natural Person across multiple websites or online services, to predict or infer the preferences, interests, or other characteristics of a natural Person, or to target advertisements or other content or products or services to a natural Person.

"***Personal Property***" means any machinery, equipment, tools, vehicles, furniture, leasehold improvements, office equipment, plant, parts and other tangible personal property.

"***Privacy Laws***" means all applicable Laws, Orders, and binding guidance issued by any Governmental Authority concerning the privacy, security, or Processing of Personal Information (including Laws of jurisdictions where Personal Information was collected), including, as applicable, data breach notification Laws, consumer protection Laws, Laws concerning requirements for website and mobile application privacy policies and practices, Social Security number protection Laws, data security Laws, and Laws concerning email, text message, or telephone communications. Without limiting the foregoing, Privacy Laws include: the Federal Trade Commission Act, the Telephone Consumer Protection Act, the Telemarketing and Consumer Fraud and Abuse Prevention Act, the Controlling the Assault of Non-Solicited Pornography and Marketing Act of 2003, the Children's Online Privacy Protection Act, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020, the Computer Fraud and Abuse Act, the Electronic Communications Privacy Act, the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act, the Health Insurance Portability and Accountability Act of 1996, as amended and supplemented by the Health Information Technology for Economic and Clinical Health Act of the American Recovery and Reinvestment Act of 2009, the Gramm-Leach-Bliley Act, the Family Educational Rights and Privacy Act, the GDPR, and all other similar international, federal, state, provincial, and local Laws.

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"***Processing***" means any operation performed on Personal Information or that relevant Privacy Laws include in the definition of processing, processes, or process, including the collection, creation, receipt, access, use, handling, recording, compilation, analysis, organizing, monitoring, maintenance, retention, storage, holding, transmission, transfer, protection, disclosure, amendment, distribution, erasure, destruction, or disposal of Personal Information.

"***Pubco Class A Common Stock***" means the shares of Pubco Class A Common Stock, par value $0.0001 per share.

"***Pubco Class B Common Stock***" means the shares of Pubco Class B Common Stock, par value $0.0001 per share, which will have economic rights (including dividend and liquidation rights) identical to those of the Pubco Class A Common Stock, but the holders thereof will be entitled to twenty (20) votes per share on all matters on which the Pubco Common Stock are entitled to vote, subject to the terms set forth in the Amended Pubco Charter.

"***Pubco Common Stock***" means the shares of Pubco Class A Common Stock and Pubco Class B Common Stock.

"***Real Property Leases***" means all leases, sub-leases, licenses, concessions or other agreements (written or oral), pursuant to which the Target Companies hold any Leased Real Property, including the right to all security deposits and other amounts and instruments deposited by or on behalf of the Target Companies thereunder.

"***Redemption Price***" means an amount equal to the price at which each SPAC Public Share is redeemed, as determined in accordance with the SPAC's Organizational Documents and the IPO Prospectus.

"***Release***" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, or leaching into the indoor or outdoor environment, or into or out of any property.

"***Remedial Action***" means all actions to (i) clean up, remove, treat, or in any other way address any Hazardous Material, (ii) prevent the Release of any Hazardous Material so it does not endanger or threaten to endanger public health or welfare or the indoor or outdoor environment, (iii) perform pre-remedial studies and investigations or post-remedial monitoring and care, or (iv) correct a condition of noncompliance with Environmental Laws.

"***Representatives***" means, as to any Person, such Person's Affiliates and the respective managers, directors, officers, employees, independent contractors, consultants, advisors (including financial advisors, counsel and accountants), agents and other legal representatives of such Person or its Affiliates.

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"***Rights Agreement***" means that certain Rights Agreement, dated as of June 12, 2025, as it may be amended, by and between SPAC and the Continental Stock Transfer & Trust Company, in its capacity as rights agent.

"***SEC***" means the U.S. Securities and Exchange Commission (or any successor Governmental Authority).

"***Securities Act***" means the Securities Act of 1933, as amended.

"***Series A Preferred Stock***" means the Series A Preferred Stock of the Company, each share of Series A Preferred Stock being convertible into one share of Company Series A Common Stock.

"***Series Seed Preferred Stock***" means the Series Seed Preferred Stock of the Company, each share of Series Seed Preferred Stock being convertible into (i) one share of Company Series A Common Stock and (ii) one share of Company Series B Common Stock.

"***Software***" means any computer software programs, including all source code, object code, and documentation related thereto and all software modules, libraries, repositories, tools and databases.

"***SOX***" means the U.S. Sarbanes-Oxley Act of 2002, as amended.

"***SPAC Class A Ordinary Shares***" means the Class A ordinary shares, par value $0.0001 per share, of SPAC.

"***SPAC Class B Ordinary Shares***" means the Class B ordinary shares, par value $0.0001 per share, of SPAC.

"***SPAC Confidential Information***" means all confidential or proprietary documents and information concerning SPAC or any of its Representatives; *provided, however*, that SPAC Confidential Information shall not include any information which, (i) at the time of disclosure by a Target Company or any of its Representatives, is generally available publicly and was not disclosed in breach of this Agreement or (ii) at the time of the disclosure by SPAC or its Representatives to a Target Company or any of its Representatives, was previously known by such receiving party without violation of Law or any confidentiality obligation by the Person receiving such SPAC Confidential Information. For the avoidance of doubt, from and after the Closing, SPAC Confidential Information will include the confidential or proprietary information of the Target Companies.

"***SPAC Fundamental Representations***" means the representations and warranties specified in <u>Section ‎3.1</u> (Organization and Standing), <u>Section ‎3.2</u> (Authorization; Binding Agreement); <u>Section ‎3.4</u> (Non-Contravention); <u>Section ‎3.5(a)</u> (other than the first sentence of <u>Section ‎3.5(a)</u>) (Capitalization); <u>Section ‎3.5(b)</u> (Capitalization); and <u>Section ‎3.16</u> (Finders and Brokers).

"***SPAC Ordinary Shares***" means SPAC Class A Ordinary Shares and SPAC Class B Ordinary Shares, collectively.

"***SPAC Preference Shares***" means preference shares, par value $0.0001 per share, of SPAC.

"***SPAC Private Rights***" means one right that was included as part of each SPAC Private Unit entitling the holder thereof to receive one-tenth (1/10th) of a SPAC Class A Ordinary Share upon the consummation by SPAC of its initial business combination.

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"***SPAC Private Units***" means the units issued to the Sponsor and the IPO Underwriters in a private placement that closed simultaneously with in the IPO, consisting of one SPAC Class A Ordinary Share and one SPAC Private Right.

"***SPAC Public Share***" means one Class A Ordinary Share that was included as part of each SPAC Public Unit.

"***SPAC Public Rights***" means one right that was included as part of each SPAC Public Unit entitling the holder thereof to receive one-tenth (1/10th) of a SPAC Class A Ordinary Share upon the consummation by SPAC of its initial business combination.

"***SPAC Public Units***" means the units issued in the IPO (including overallotment units acquired by the IPO underwriters) consisting of one SPAC Class A Ordinary Share and one SPAC Public Right.

"***SPAC Rights***" means SPAC Private Rights and SPAC Public Rights, collectively.

"***SPAC Securities***" means SPAC Public Units, SPAC Ordinary Shares, SPAC Preference Shares and SPAC Rights, collectively.

"***Sponsor***" means Blue Holdings Sponsor LLC, a Delaware limited liability company.

"***Subsidiary***" means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a partnership, association or other business entity, a majority of the partnership or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons will be deemed to have a majority ownership interest in a partnership, association or other business entity if such Person or Persons will be allocated a majority of partnership, association or other business entity gains or losses or will be or control the managing director, managing member, general partner or other managing Person of such partnership, association or other business entity. A Subsidiary of a Person will also include any variable interest entity which is consolidated with such Person under applicable accounting rules.

"***Target Company***" means each of the Company and its direct and indirect Subsidiaries.

"***Target Company Fundamental Representations***" means the representations and warranties specified in <u>Section ‎5.1</u> (Organization and Standing), <u>Section ‎5.2</u> (Authorization; Binding Agreement); <u>Section ‎5.3(a)</u> (other than the first sentence of <u>Section ‎5.3(a)</u>) (Capitalization); <u>Section ‎5.3(b)</u> (Capitalization); <u>Section ‎5.6</u> (Non-Contravention); and <u>Section ‎5.27</u> (Finders and Brokers).

"***Tax Return***" means any return, declaration, report, claim for refund, information return or other documents (including any related or supporting schedules, statements or information) filed or required to be filed in connection with the determination, assessment or collection of any Taxes or the administration of any Laws or administrative requirements relating to any Taxes.

"***Taxes***" means (a) all direct or indirect federal, state, local, foreign and other net income, gross income, gross receipts, sales, use, value-added, ad valorem, transfer, franchise, profits, license, lease, service, service use, withholding, tax collected at source, equalization levy, payroll, employment, social security and related contributions due in relation to the payment of compensation to employees, excise, severance, stamp, occupation, premium, property, windfall profits, alternative minimum, estimated, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest and any penalties, additions to tax or additional amounts with respect thereto, (b) any Liability for payment of amounts described in clause (a) whether as a result of being a member of an affiliated, consolidated, combined or unitary group for any period or otherwise through operation of law and (c) any Liability for the payment of amounts described in clauses (a) or (b) as a result of any tax sharing, tax group, tax indemnity or tax allocation agreement with, or any other express or implied agreement to indemnify, any other Person.

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"***Trade Secrets***" means any trade secrets, confidential business information, concepts, ideas, designs, research or development information, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering drawings, methods, know-how, data, mask works, discoveries, inventions, modifications, extensions, improvements, and other proprietary rights (whether or not patentable or subject to copyright, trademark, or trade secret protection).

"***Trademarks***" means any trademarks, service marks, trade dress, trade names, brand names, internet domain names, designs, logos, or corporate names (including, in each case, the goodwill associated therewith), whether registered or unregistered, and all registrations and applications for registration and renewal thereof.

"***Transaction Expenses***" means all fees and expenses of any of the Target Companies incurred or payable as of the Closing and not paid prior to the Closing (i) in connection with the consummation of the transactions contemplated hereby, including any amounts payable to professionals (including investment bankers, brokers, finders, attorneys, accountants and other consultants and advisors) retained by or on behalf of any Target Company, (ii) any change in control bonus, transaction bonus, retention bonus, termination or severance payment or payment relating to terminated options, warrants or other equity appreciation, phantom equity, profit participation or similar rights, in any case, to be made to any current or former employee, independent contractor, director or officer of any Target Company at or after the Closing pursuant to any agreement to which any Target Company is a party prior to the Closing which become payable (including if subject to continued employment) as a result of the execution of this Agreement or the consummation of the transactions contemplated hereby, including all employment, payroll, and other applicable Taxes on such payments and (iii) any sales, use, real property transfer, stamp, stock transfer or other similar transfer Taxes imposed on SPAC or any Target Company in connection with the Merger or the other transactions contemplated by this Agreement.

"***Transaction Financing***" means a capital raising transaction in connection with the Transactions structured as one or a combination of common equity, preferred equity, convertible equity or debt, non-redemption or backstop arrangements with respect to the Trust Account, a committed equity facility, debt facility, and/or other sources of cash or cash equivalents, in each case, whether such investment is into SPAC, the Company or Pubco.

"***Trust Account***" means the trust account established by SPAC with the proceeds from the IPO pursuant to the Trust Agreement in accordance with the IPO Prospectus.

"***Trust Agreement***" means that certain Investment Management Trust Agreement, dated as of June 12, 2025, as it may be amended, by and between SPAC and the Trustee, as well as any other agreements entered into related to or governing the Trust Account.

"***Trustee***" means Continental Stock Transfer & Trust Company, in its capacity as trustee under the Trust Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Section References</u>. The following capitalized terms, as used in this Agreement, have the respective meanings given to them in the Section as set forth below adjacent to such terms:

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| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| Accounts Receivable | **‎**5.7(e) |
| Acquisition Proposal | ‎6.6(a) |
| Act | 1.1 |
| Agreement | Preamble |
| Alternative Transaction | ‎6.6(a) |
| Amended Pubco Charter | ‎7.1(h) |
| Antitrust Laws | ‎6.9(b) |
| Assumed Option | ‎1.10(c) |
| Audit Delivery Date | ‎(a) |
| Business Combination | 9.1 |
| Cayman Registrar | 1.3 |
| Change in Recommendation | ‎6.6(b) |
| Change in Recommendation Notice | ‎6.6(d) |
| Change in Recommendation Notice Period | ‎6.6(d) |
| Closing | 2.1 |
| Closing Consideration Spreadsheet | ‎1.14(a) |
| Closing Date | 2.1 |
| Closing Filing | ‎6.14(b) |
| Closing Press Release | ‎6.14(b) |
| Company | Preamble |
| Company Audited Financials | ‎(a) |
| Company Benefit Plan | ‎5.18(a) |
| Company Business | Recitals |
| Company Certificate of Merger | 1.3 |
| Company D&O Tail Insurance | ‎6.18(c) |
| Company Directors | ‎6.17(a) |
| Company Disclosure Schedules | ‎Article V |
| Company Financials | ‎(a) |
| Company IP | ‎5.13(d) |
| Company IP Licenses | ‎5.13(a) |
| Company Material Contracts | ‎5.12(a) |
| Company Merger | Recitals |
| Company Merger Sub | Preamble |
| Company Parties | Preamble |
| Company Permits | 5.10 |
| Company Personal Property Leases | ‎5.15(f) |
| Company Registered IP | ‎5.13(a) |
| Company Special Meeting | 6.13 |
| Company Surviving Subsidiary | 1.2 |
| Company Warrant | ‎1.10(d) |
| D&O Indemnified Persons | ‎6.18(a) |
| DGCL | 1.2 |
| Effective Time | 1.3 |
| EGS | 2.1 |
| Employment Agreements | Recitals |

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| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| Enforceability Exceptions | 3.2 |
| Environmental Permits | ‎5.19(a) |
| Excluded Securities | ‎1.10(b) |
| Exchange Ratio | 1.8 |
| Extension | ‎6.3(a) |
| Extension Expenses | 11.1 |
| Financing Agreement | ‎6.20(a) |
| Federal Securities Laws | 6.7 |
| Incentive Plan | ‎6.12(a) |
| Insider Letter Amendment | Recitals |
| Interim Financial Information | 6.4 |
| Interim Period | ‎6.1(a) |
| Investment Company Act | 3.15 |
| Lock-Up Agreement | Recitals |
| Merger Consideration | 1.8 |
| Merger Subs | Preamble |
| Mergers | Recitals |
| Non-Competition Agreement | Recitals |
| OFAC | ‎3.17(c) |
| Off-the-Shelf Software | ‎5.13(a) |
| Outbound IP License | ‎5.13(c) |
| Outside Date | ‎8.1(b) |
| Party(ies) | Preamble |
| Plan of Merger | 1.3 |
| Post-Closing Equity Plan | ‎6.12(a) |
| Post-Closing Pubco Board | ‎6.17(a) |
| Preferred Conversion | 1.7 |
| Privacy Agreement | ‎5.25(a) |
| Proxy Statement | ‎6.12(a) |
| Pubco | Preamble |
| Public Certifications | ‎3.6(a) |
| Public Shareholders | 9.1 |
| SPAC | Preamble |
| SPAC Board Recommendation | Recitals |
| SPAC D&O Tail Insurance | ‎6.18(b) |
| SPAC Directors | ‎6.17(a) |
| SPAC Disclosure Schedules | ‎Article III |
| SPAC Extraordinary General Meeting | ‎6.12(a) |
| SPAC Financials | ‎3.6(c) |
| SPAC Material Contract | ‎3.13(a) |
| SPAC Merger | Recitals |
| SPAC Merger Documents | 1.3 |
| SPAC Merger Sub | Preamble |
| SPAC Shareholder Approval Matters | ‎6.12(a) |
| SPAC Surviving Subsidiary | 1.1 |
| SPAC Surviving Subsidiary Memorandum | 1.5 |

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| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| Stockholder Merger Consideration | 1.8 |
| Redemption | ‎6.12(a) |
| Registration Statement | ‎6.12(a) |
| Related Person | 5.20 |
| Released Claims | 9.1 |
| Required Company Stockholder Approval | ‎7.1(b) |
| Required SPAC Shareholder Approval | ‎7.1(a) |
| SEC Approval Date | 6.12(d) |
| SEC Reports | ‎3.6(a) |
| Section 409A Plan | ‎5.18(k) |
| Security Incident | ‎5.25(d) |
| Signing Filing | ‎6.14(b) |
| Signing Press Release | ‎6.14(b) |
| Specified Courts | 10.4 |
| Surviving Subsidiaries | 1.2 |
| Top Customers | 5.23 |
| Top Suppliers | 5.23 |

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IN WITNESS WHEREOF, each Party hereto has caused this Business Combination Agreement to be signed and delivered as of the date first written above.

 

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| | | |
|:---|:---|:---|
| *<u>SPAC:</u>* | *<u>SPAC:</u>* | *<u>SPAC:</u>* |
| **BLUE ACQUISITION CORP.** | **BLUE ACQUISITION CORP.** | **BLUE ACQUISITION CORP.** |
| By: | /s/ Ketan Seth | /s/ Ketan Seth |
|  | Name: | Ketan Seth |
|  | Title: | Chief Executive Officer |
| *<u>Pubco:</u>* | *<u>Pubco:</u>* | *<u>Pubco:</u>* |
| **BLOCKFUSION DATA CENTERS, INC.** | **BLOCKFUSION DATA CENTERS, INC.** | **BLOCKFUSION DATA CENTERS, INC.** |
| By: | /s/ Robert Scott | /s/ Robert Scott |
|  | Name: | Robert Scott |
|  | Title: | President, Chief Financial Officer,<br> Secretary and Treasurer |
| *<u>SPAC Merger Sub</u>*<u>:</u> | *<u>SPAC Merger Sub</u>*<u>:</u> | *<u>SPAC Merger Sub</u>*<u>:</u> |
| **ATLAS I MERGER SUB** | **ATLAS I MERGER SUB** | **ATLAS I MERGER SUB** |
| By: | /s/ Robert Scott | /s/ Robert Scott |
|  | Name: | Robert Scott |
|  | Title: | Sole Director |
| *<u>Company Merger Sub</u>*<u>:</u> | *<u>Company Merger Sub</u>*<u>:</u> | *<u>Company Merger Sub</u>*<u>:</u> |
| **ATLAS MERGER SUB, INC** | **ATLAS MERGER SUB, INC** | **ATLAS MERGER SUB, INC** |
| By: | /s/ Robert Scott | /s/ Robert Scott |
|  | Name: | Robert Scott |
|  | Title: | President, Treasurer and Secretary |
| *<u>The Company:</u>* | *<u>The Company:</u>* | *<u>The Company:</u>* |
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Alex Martini-Lo Manto | /s/ Alex Martini-Lo Manto |
|  | Name: | Alex Martini-Lo Manto |
|  | Title: | Chief Executive Officer |

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**Annex C**

**AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**BLOCKFUSION DATA CENTERS, INC.**

**Pursuant to Sections 242 and 245 of the** 

**Delaware General Corporation Law** 

Blockfusion Data Centers, Inc., a corporation existing under the laws of the State of Delaware (the "***Corporation***"), by its Chief Executive Officer, hereby certifies as follows:

1. The name of the Corporation is "Blockfusion Data Centers, Inc.."

2. The Corporation's original Certificate of Incorporation was filed in the office of the Secretary of State of the State of Delaware on September 29, 2025, as amended by that certain Certificate of Amendment filed in the office of the Secretary of the State of Delaware on November 6, 2025.

3. This Amended Restated Certificate of Incorporation (this "***Certificate***") restates, integrates and amends the Certificate of Incorporation of the Corporation.

4. This Amended and Restated Certificate of Incorporation was duly adopted by the directors and stockholders of the Corporation in accordance with the applicable provisions of Sections 141(f), 228, 242 and 245 of the General Corporation Law of the State of Delaware ("***DGCL***").

5. The text of the Certificate of Incorporation of the Corporation is hereby amended and restated to read in full as follows:

FIRST: The name of the corporation is "Blockfusion Data Centers, Inc." (hereinafter sometimes referred to as the "***Corporation***").

SECOND: The registered office of the Corporation in the State of Delaware is to be located at Corporation Trust Center, 1209 Orange Street, Wilmington (New Castle County), Delaware 19801. The name of its registered agent at that address is The Corporation Trust Company.

THIRD: The purpose of the Corporation shall be to engage in any lawful act or activity for which corporations may be organized under the DGCL. In addition to the powers and privileges conferred upon the Corporation by law and those incidental thereto, the Corporation shall possess and may exercise all the powers and privileges that are necessary or convenient to the conduct, promotion or attainment of the business or purposes of the Corporation.

FOURTH: The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 1,000,000,000 of which (i) 700,000,000 shares shall be Common Stock of the par value of $0.0001 per share ("***Common Stock***"), representing (a) 500,000,000 shares of Class A Common Stock ("***Class A Common Stock***") and (b) 200,000,000 shares of Class B Common Stock ("***Class B Common Stock***"), and (ii) 300,000,000 shares shall be Preferred Stock of the par value of $0.0001 per share ("***Preferred Stock***").

&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. <u>Preferred Stock</u>. The Board of Directors is expressly granted authority to issue shares of the Preferred Stock, in one or more series, and to fix for each such series such voting powers, full or limited, and such designations, preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof as shall be stated and expressed in the resolution or resolutions adopted by the Board of Directors providing for the issue of such series (a "***Preferred Stock Designation***") and as may be permitted by the DGCL. The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the voting power of all of the then outstanding shares of the capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class, without a separate vote of the holders of the Preferred Stock, or any series thereof, unless a vote of any such holders is required pursuant to any Preferred Stock Designation.

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&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. <u>Rights of Class A Common Stock and Class B Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) *Voting.* Except as otherwise required by law or this Certificate of Incorporation (including any Preferred Stock Designation), the holders of shares of Class A Common Stock and Class B Common Stock shall (a) at all times vote together as a single class on all matters (including the election of directors) submitted to a vote or for the consent (if action by written consent of the stockholders is permitted at such time under this Certificate of Incorporation) of the stockholders of the corporation, (b) be entitled to notice of any stockholders' meeting in accordance with the Bylaws of the corporation and (c) be entitled to vote upon such matters and in such manner as may be provided by the DGCL. Except as otherwise expressly provided herein or required by the DGCL, each holder of Class B Common Stock shall have the right to twenty (20) votes per share of Class B Common Stock held of record by such holder and each holder of Class A Common Stock shall have the right to one (1) vote per share of Class A Common Stock held of record by such holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Dividend and Distribution Rights.* Shares of Class A Common Stock and Class B Common Stock shall be treated equally, identically and ratably, on a per share basis, with respect to any dividends or distributions as may be declared and paid from time to time by the Board of Directors out of any assets of the corporation legally available therefor; provided, however, that in the event a dividend is paid in the form of shares of Class A Common Stock or Class B Common Stock (or rights to acquire such shares), then holders of Class A Common Stock shall receive shares of Class A Common Stock (or rights to acquire such shares, as the case may be) and holders of Class B Common Stock shall receive shares of Class B Common Stock (or rights to acquire such shares, as the case may be), with holders of shares of Class A Common Stock and Class B Common Stock receiving, on a per share basis, an identical number of shares of Class A Common Stock or Class B Common Stock, as applicable. Notwithstanding the foregoing, the Board of Directors may pay or make a disparate dividend or distribution per share of Class A Common Stock or Class B Common Stock (whether in the amount of such dividend or distribution payable per share, the form in which such dividend or distribution is payable, the timing of the payment, or otherwise) if such disparate dividend or distribution is approved in advance by the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under this Certificate of Incorporation) of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately as a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Subdivisions, Combinations or Reclassifications*. Shares of Class A Common Stock or Class B Common Stock may not be subdivided, combined or reclassified unless the shares of the other class are concurrently therewith proportionately subdivided, combined or reclassified in a manner that maintains the same proportionate equity ownership between the holders of the outstanding Class A Common Stock and Class B Common Stock on the record date for such subdivision, combination or reclassification; provided, however, that shares of one such class may be subdivided, combined or reclassified in a different or disproportionate manner if such subdivision, combination or reclassification is approved in advance by the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under this Certificate of Incorporation) of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately as a class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Liquidation, Dissolution or Winding Up of the Corporation.* Subject to the preferential or other rights of any holders of Preferred Stock then outstanding, upon the dissolution, liquidation or winding up of the corporation, whether voluntary or involuntary, holders of Class A Common Stock and Class B Common Stock will be entitled to receive ratably all assets of the corporation available for distribution to its stockholders unless disparate or different treatment of the shares of each such class with respect to distributions upon any such liquidation, dissolution or winding up is approved in advance by the affirmative vote (or written consent if action by written consent of stockholders is permitted at such time under this Certificate of Incorporation) of the holders of a majority of the outstanding shares of Class A Common Stock and Class B Common Stock, each voting separately as a class.

&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. <u>Conversion of Class B Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each share of Class B Common Stock will automatically convert into one fully paid and nonassessable share
of Class A Common Stock on the Final Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each share of Class B Common Stock held by any applicable Class B Holder will automatically be converted
into one fully paid and nonassessable share of Class A Common Stock as follows:

&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) with respect to any Class B Holder serving as a director or an officer of the Corporation as of the closing
of the Business Combination, 5:00 p.m., New York City time, on the day immediately following such date on which such Class B Holder is
no longer serving as at least one of a director or an officer of the Corporation;

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&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) with respect to any Class B Holder,
 5:00 p.m., New York City time, on the day immediately following such date on which such Class
 B Holder is no longer holding at least 50% of the shares of Class B Stock that such Class
 B Holder held immediately following the consummation of the Business Combination;

&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) upon any sale, assignment, transfer,
 conveyance, hypothecation or other transfer or disposition of such share or any legal or
 beneficial interest in such share, whether or not for value and whether voluntary or involuntary
 or by operation of law, including, without limitation, a transfer of a share of Class B Common
 Stock to a broker or other nominee (regardless of whether there is a corresponding change
 in beneficial ownership), or the transfer of, or entering into a binding agreement with respect
 to voting control over such share by proxy or otherwise (each a "  ***Transfer*** "),
 other than a Permitted Transfer (as defined below), of such share of Class B Common Stock.
 Each share of Class B Common Stock shall be convertible at any time at the option of the
 holder into one share of Class A Common Stock. Such conversion shall occur automatically
 without the need for any further action by the holders of such shares and whether or not
 the certificates representing such shares (if any) are surrendered to the Company or its
 transfer agent; provided, however, that the Company shall not be obligated to issue certificates
 evidencing the shares of Class A Common Stock issuable upon such conversion unless the certificates
 evidencing such shares of Class B Common Stock are either delivered to the Company or its
 transfer agent as provided below, or the holder notifies the Company or its transfer agent
 that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory
 to the Company to indemnify the Company from any loss incurred by it in connection with such
 certificates. Upon the occurrence of such automatic conversion of shares of Class B Common
 Stock, the holders of shares of Class B Common Stock so converted shall surrender the certificates
 representing such shares (if any) at the office of the Company or any transfer agent for
 the shares of Class A Common Stock; 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;(D) upon the death, incapacity, or, if applicable, adjudication
 of incompetency or placement under a guardianship or conservatorship by a court of competent jurisdiction of a Class B Holder. For
 the avoidance of doubt, for purposes of this Section 4(C)(2)(D), "incapacity" means a determination by a licensed physician
 that such Class B holder has suffered a physical or mental impairment that renders such holder unable to perform the material duties
 customarily incident to the ownership and exercise of the rights of such shares of Class B Common Stock on a sustained basis for
 a period of at least ninety (90) consecutive days or one hundred twenty (120) days in any one hundred eighty (180) day period, or
 such other standard as the Board may reasonably and in good faith apply consistent with market practice.

*Permitted Transfers*. The following shall not be considered a Transfer: (i) the granting of a revocable proxy to officers or directors of the Company at the request of the Board of Directors in connection with actions to be taken at an annual or special meeting of stockholders; (ii); (ii) entering into a voting trust, agreement or arrangement (with or without granting a proxy) solely with stockholders who are holders of shares of Class B Common Stock that (A) is disclosed either in a Schedule 13D filed with the Securities and Exchange Commission or in writing to the Secretary of the Company, (B) either has a term not exceeding one year or is terminable by the holder of the shares subject thereto at any time and (C) does not involve any payment of cash, securities, property or other consideration to the holder of the shares subject thereto other than the mutual promise to vote shares in a designated manner; (iii) the pledge of shares of Class B Common Stock by a stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such stockholder continues to exercise exclusive voting control over such pledged shares; provided, however, that a foreclosure on such shares or other similar action by the pledgee shall constitute a Transfer unless such foreclosure or similar action qualifies as a Permitted Transfer; (iv) entering into, or reaching an agreement, arrangement or understanding regarding, a support or similar voting or tender agreement (with or without granting a proxy) in connection with a liquidation of the Company, business combination, or acquisition that has been approved by the Board of Directors; (v) any transfer by a holder of Class B Common Stock to (A) such holder's spouse, domestic partner, parents, siblings, children, grandchildren or other lineal descendants (including adopted children and stepchildren), (B) any trust, partnership, limited liability company, custodianship or other entity, all of the beneficial interests of which are held by or for the benefit of such holder and/or such persons described in clause (A), (C) any individual or entity that is a guardian, conservator or custodian of, or a fiduciary for, such holder or any of the persons described in clause (A), (D) any estate of such holder or of any of the persons described in clause (A), (E) any charitable organization or foundation established by such holder or any of the persons described in clause (A), or (F) any other transferee approved in advance by the Board of Directors (each, a "***Permitted Transferee***"); (vi) any transfer by will, intestate succession, or otherwise by operation of law upon the death of a holder of Class B Common Stock to such holder's estate, heirs, executors, administrators, personal representatives or distributees; (vii) any transfer to the Company; or (viii) any transfer pursuant to a court order or by operation of law (including pursuant to a qualified domestic relations order or in connection with a divorce settlement), in each case so long as such transfer is for bona fide estate planning, tax planning, or succession planning purposes and does not involve a disposition for value (other than for nominal consideration or in connection with the settlement of the estate or similar arrangement). For the avoidance of doubt, any transfer permitted under this paragraph shall be subject to such transferee agreeing in writing, if requested by the Company, to be bound by the terms of this Certificate of Incorporation as a holder of Class B Common Stock.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Article Fourth, the following definitions shall apply:

"***Base Class B Shares***" means the aggregate number of shares of Class B Common Stock outstanding immediately following the Business Combination:

"***Business Combination***" means the transactions contemplated by that certain Business Combination Agreement, dated as of November 29, 2025, by and among (i) the Corporation, (ii) Blue Acquisition Corp., a Cayman Islands exempted company, (iii) Blockfusion USA, Inc., a Delaware corporation, (iv) Atlas I Merger Sub, a Cayman Islands exempted company, and (v) Atlas Merger Sub, Inc., a Delaware corporation:

"***Class B Holder***" means a holder of shares of Class B Common Stock.

"***Final Conversion Date***" means:

&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) the date specified by the holders of two-thirds of the then outstanding shares of Class B Common Stock,
voting as a separate class, or in the affirmative written election executed by the holders of two-thirds of the then outstanding shares
of Class B Common Stock; or

&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) the date fixed by the Board that is no less than 10 days and no more than 3- days following the date that
the number of outstanding shares of Class B Common Stock held by the Initial Class B Holders and their Permitted Transferees represents
less than 50% of the Base Class B Shares.

"***Initial Class B Holder***" means each of (i) Lucsam Holdings Corp., (ii) Emiliano Lo Manto, (iii) Robert Scott and (iv) Gustavo Mana:

FIFTH:

&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. The number of members of the entire Board shall be fixed, from time to time, exclusively by the Board, in accordance with the bylaws of the Corporation (as amended from time to time in accordance with the provisions hereof and thereof, the "***Bylaws***"), subject to the rights of holders of any series of Preferred Stock with respect to the election of directors, if any.

&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. The Board shall consist of directors whose number shall be fixed exclusively by the Board. All directors shall be elected at each annual meeting of stockholders for a term expiring at the next annual meeting of stockholders and until their successors shall have been elected and qualified. Except as the DGCL may otherwise require, in the interim between annual meetings of stockholders or special meetings of stockholders called for the election of directors and/or the removal of one or more directors and the filling of any vacancy in that connection, newly created directorships and any vacancies in the Board, including unfilled vacancies resulting from the removal of directors, may be filled only by the vote of a majority of the remaining directors then in office, although less than a quorum (as defined in the Bylaws), or by the sole remaining director. All directors shall hold office until the expiration of their respective terms of office and until their successors shall have been elected and qualified. A director elected to fill a vacancy resulting from the death, resignation or removal of a director shall serve for the remainder of the term and until his successor shall have been elected and qualified. Directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66-2/3% of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

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SIXTH: The following provisions are inserted for the management of the business and for the conduct of the affairs of the Corporation, and for further definition, limitation and regulation of the powers of the Corporation and of its directors and stockholders:

&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. Election of directors need not be by ballot unless the Bylaws so provide.

&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. In furtherance and not in limitation of the powers conferred by the laws of the State of Delaware, the Board is expressly authorized to make, alter and repeal the Bylaws without the consent of the stockholders in any manner not inconsistent with the laws of the State of Delaware or this Certificate. Notwithstanding anything to the contrary contained in this Certificate or any provision of law which might otherwise permit a lesser vote of the stockholders, the stockholders may adopt, amend, alter or repeal the Bylaws only with the affirmative vote of the holders of not less than 66-2/3% of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

&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 action required or permitted to be taken by the stockholders of the Corporation at a annual or special meeting of the stockholders of the Corporation may be effected by written consent in lieu of a meeting.

&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. Except as otherwise expressly provided by the terms of any series of Preferred Stock permitting the holders of such series of Preferred Stock to call a special meeting of the holders of such series, special meetings of the stockholders of the Corporation may be called only by the chairperson of the Board, the chief executive officer of the Corporation or the Board, and the ability of the stockholders to call a special meeting of the stockholders is hereby specifically denied.

&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. Advance notice of stockholder nominations for the election of directors and of business to be brought by stockholders before any meeting of the stockholders of the Corporation shall be given in the manner provided in the Bylaws.

&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. The directors in their discretion may submit any contract or act for approval or ratification at any annual meeting of the stockholders or at any special meeting of the stockholders called for the purpose of considering any such act or contract, and any contract or act that shall be approved or be ratified by the vote of the holders of a majority of the stock of the Corporation which is represented in person or by proxy at such meeting and entitled to vote thereat (provided that a lawful quorum of stockholders be there represented in person or by proxy), unless a higher vote is required by applicable law, shall be as valid and binding upon the Corporation and upon all the stockholders as though it had been approved or ratified by every stockholder of the Corporation, whether or not the contract or act would otherwise be open to legal attack because of directors' interests, or for any other reason.

&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. In addition to the powers and authorities hereinbefore or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Corporation; subject, nevertheless, to the provisions of the statutes of the State of Delaware and of this Certificate.

SEVENTH:

&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. A director or officer of the Corporation shall not be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL, as it presently exists or may hereafter be amended from time to time. If the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. Neither the repeal or modification of this paragraph A nor, to the fullest extent permitted by the DGCL, any modification of law shall adversely affect any right or protection of a director of the Corporation with respect to events occurring prior to the time of such repeal or modification.

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&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. The Corporation, to the full extent permitted by Section 145 of the DGCL, as amended from time to time, shall indemnify all persons whom it may indemnify pursuant thereto, and such right to indemnification shall continue as to a person who has ceased to be a director or officer of the Corporation and shall inure to the benefit of such person's heirs, executors and personal and legal representatives. Expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative, or investigative action, suit or proceeding for which such officer or director may be entitled to indemnification hereunder shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he or she is not entitled to be indemnified by the Corporation as authorized hereby.

&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. The rights to indemnification and advancement of expenses conferred in this Article Seventh of this Certificate shall neither be exclusive of, nor be deemed in limitation of, any rights to which any person may otherwise be or become entitled or permitted under this Certificate, the Bylaws, any statute, agreement, vote of stockholders or disinterested directors or otherwise.

EIGHTH: Whenever a compromise or arrangement is proposed between this Corporation and its creditors or any class of them and/or between this Corporation and its stockholders or any class of them, any court of equitable jurisdiction within the State of Delaware may, on the application in a summary way of this Corporation or of any creditor or stockholder thereof or on the application of any receiver or receivers appointed for this Corporation under Section 291 of Title 8 of the Delaware Code or on the application of trustees in dissolution or of any receiver or receivers appointed for this Corporation under Section 279 of Title 8 of the Delaware Code order a meeting of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, to be summoned in such manner as the said court directs. If a majority in number representing three fourths in value of the creditors or class of creditors, and/or of the stockholders or class of stockholders of this Corporation, as the case may be, agree to any compromise or arrangement and to any reorganization of this Corporation as a consequence of such compromise or arrangement, the said compromise or arrangement and the said reorganization shall, if sanctioned by the court to which the said application has been made, be binding on all the creditors or class of creditors, and/or on all the stockholders or class of stockholders, of this Corporation, as the case may be, and also on this Corporation.

NINTH:

&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. Unless a majority of the Board, acting on behalf of the Corporation, consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for any stockholder (including a beneficial owner) to bring (i) any derivative action or proceeding brought on behalf of the Corporation, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, (iii) any action asserting a claim against the Corporation, its directors, officers or employees arising pursuant to any provision of the DGCL or this Certificate or the Bylaws, or (iv) any action asserting a claim against the Corporation, its directors, officers or employees governed by the internal affairs doctrine and, if brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder's counsel. Notwithstanding the foregoing, the Court of Chancery of the State of Delaware shall not be the sole and exclusive forum for any of the following actions: (A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery, (C) for which the Court of Chancery does not have subject matter jurisdiction, or (D) any action arising under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or, in each case, rules and regulations promulgated thereunder, for which there is exclusive federal or concurrent federal and state jurisdiction.

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&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. If any action the subject matter of which is within the scope of paragraph A immediately above is filed in a court other than a court located within the State of Delaware (a "***Foreign Action***") in the name of any stockholder, such stockholder shall be deemed to have consented to (i) the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce paragraph A immediately above (an "***Enforcement Action***") and (ii) having service of process made upon such stockholder in any such Enforcement Action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

&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. If any provision or provisions of this Article Ninth shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article Ninth (including, without limitation, each portion of any sentence of this Article Ninth containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby. Any person or entity purchasing or otherwise acquiring any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article Ninth.

TENTH: The doctrine of corporate opportunity, or any other analogous doctrine, shall not apply with respect to the Corporation or any of its officers or directors in circumstances where the application of any such doctrine would conflict with any fiduciary duties or contractual obligations they may have as of the date of this Certificate or in the future, and the Corporation renounces any expectancy that any of the directors or officers of the Corporation will offer any such corporate opportunity of which he or she may become aware to the Corporation. In addition to the foregoing, the doctrine of corporate opportunity shall not apply to any other corporate opportunity with respect to any of the directors or officers of the Corporation unless such corporate opportunity is offered to such person solely in his or her capacity as a director or officer of the Corporation and such opportunity is one the Corporation is legally and contractually permitted to undertake and would otherwise be reasonable for the Corporation to pursue.

ELEVENTH: The Corporation reserves the right to amend, alter or repeal any provision contained in this Certificate, in the manner now or hereafter prescribed by this Certificate and the DGCL, and all rights, preferences and privileges herein conferred upon stockholders of the Corporation by and pursuant to this Certificate in its present form or as hereafter amended are granted subject to the right reserved in this Article Eleventh. Notwithstanding any other provisions of this Certificate or any provision of law which might otherwise permit a lesser vote or no vote, but in addition to any other vote that may be required by law, applicable stock exchange rule or the terms of any series of Preferred Stock, the stockholders may amend, alter, or repeal, or adopt any provision inconsistent with, any provision of Article Fifth, Sixth or Eleventh of this Certificate only with the affirmative vote of the holders of not less than 66-2/3% of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

TWELFTH: The Corporation will not be subject to Section 203 of the DGCL.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the Corporation has caused this Amended and Restated Certificate of Incorporation to be signed by its President, as of the day of [_], 2025.

  <br> Robert Scott, President

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**Annex D**

**Adopted as of &nbsp;&nbsp;&nbsp;&nbsp;, 2025**

**AMENDED AND RESTATED**

**BYLAWS**

**OF**

**BLOCKFUSION DATA CENTERS, INC.**

**ARTICLE I**

**OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Registered Office**. The registered office of Blockfusion Data Centers, Inc. (the "Corporation") in the State of Delaware shall be established and maintained at Corporation Trust Center, 1209 Orange Street, Wilmington (New Castle County), Delaware 19801 and The Corporation Trust Company. shall be the registered agent of the corporation in charge thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Other Offices**. The Corporation may also have offices at such other places both within and without the State of Delaware as the board of directors of the Corporation (the "***Board of Directors***") may from time to time determine or the business of the Corporation may require.

**ARTICLE II** 

**MEETINGS OF STOCKHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Place of Meetings**. All meetings of the stockholders shall be held at such time and place, either within or without the State of Delaware, as shall be designated from time to time by the Board of Directors and stated in the notice of the meeting or in a duly executed waiver of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Annual Meetings**.

&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) The annual meeting of stockholders shall be held on such date and at such time as may be fixed by the Board of Directors and stated in the notice of the meeting, for the purpose of electing directors and for the transaction of only such other business as is properly brought before the meeting in accordance with these Bylaws (the "***Bylaws***").

&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) Written notice of an annual meeting stating the place, date and hour of the meeting, shall be given to each stockholder entitled to vote at such meeting not less than ten (10) nor more than sixty (60) days before the date of the annual meeting.

&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) To be properly brought before the annual meeting, business must be either (i) specified in the notice of annual meeting (or any supplement or amendment thereto) given by or at the direction of the Board of Directors, (ii) otherwise brought before the annual meeting by or at the direction of the Board of Directors, or (iii) otherwise properly brought before the annual meeting by a stockholder. In addition to any other applicable requirements, for business to be properly brought before an annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice must be delivered to or mailed and received at the principal executive offices of the Corporation not less than sixty (60) days nor more than ninety (90) days prior to the meeting; provided, however, that in the event that less than seventy (70) days' notice or prior public disclosure of the date of the annual meeting is given or made to stockholders, notice by a stockholder, to be timely, must be received no later than the close of business on the tenth (10<sup>th</sup>) day following the day on which such notice of the date of the annual meeting was mailed or such public disclosure was made, whichever first occurs. A stockholder's notice to the Secretary shall set forth (a) as to each matter the stockholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such business at the annual meeting, and (ii) any material interest of the stockholder in such business, and (b) as to the stockholder giving the notice (i) the name and record address of the stockholder and (ii) the class, series and number of shares of capital stock of the Corporation which are beneficially owned by the stockholder. Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at the annual meeting except in accordance with the procedures set forth in this Article II, Section 2. The officer of the Corporation presiding at an annual meeting shall, if the facts warrant, determine and declare to the annual meeting that business was not properly brought before the annual meeting in accordance with the provisions of this Article II, Section 2, and if such officer should so determine, such officer shall so declare to the annual meeting and any such business not properly brought before the meeting shall not be transacted.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Special Meetings**.

&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) Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation of the Corporation (the "***Certificate of Incorporation***"), may only be called by the chairperson of the Board, the chief executive officer of the Corporation or the Board of Directors. Such request shall state the purpose or purposes of the proposed meeting.

&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) Unless otherwise provided by law, written notice of a special meeting of stockholders, stating the time, place and purpose or purposes thereof, shall be given to each stockholder entitled to vote at such meeting, not less than ten (10) or more than sixty (60) days before the date fixed for the meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 **Quorum**. The holders of a majority of the voting power of the capital stock issued and outstanding and entitled to vote thereat, present in person or represented by proxy, shall constitute a quorum at all meetings of the stockholders for the transaction of business except as otherwise provided by statute or by the Certificate of Incorporation. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the holders of a majority of the votes entitled to be cast by the stockholders entitled to vote thereat, present in person or represented by proxy, shall have power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 **Organization**.

&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) The Chairman of the Board of Directors shall act as chairman of meetings of the stockholders. The Board of Directors may designate any other officer or director of the Corporation to act as chairman of any meeting in the absence of the Chairman of the Board of Directors, and the Board of Directors may further provide for determining who shall act as chairman of any stockholders meeting in the absence of the Chairman of the Board of Directors and such designee.

&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) The Secretary of the Corporation shall act as secretary of all meetings of the stockholders, but in the absence of the Secretary the presiding officer may appoint any other person to act as secretary of any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 **Voting**. Unless otherwise required by law, the Certificate of Incorporation or these Bylaws, any question (other than the election of directors) brought before any meeting of stockholders shall be decided by the vote of the holders of a majority of the stock represented and entitled to vote on such question. At all meetings of stockholders for the election of directors, a plurality of the votes cast shall be sufficient to elect each director. Each stockholder represented at a meeting of stockholders shall be entitled to cast one vote for each share of the capital stock entitled to vote thereat held by such stockholder, unless otherwise provided by the Certificate of Incorporation. Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to corporate action in writing without a meeting may authorize any person or persons to act for him by proxy. All proxies shall be executed in writing and shall be filed with the Secretary of the Corporation not later than the day on which exercised. No proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. The Board of Directors, in its discretion, or the officer of the Corporation presiding at a meeting of stockholders, in his or her discretion, may require that any votes cast at such meeting shall be cast by written ballot.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 **Voting List**. The officer who has charge of the stock ledger of the corporation shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, showing the address of each stockholder and the class and number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the election, either at a place within the city, town or village where the election is to be held, which place shall be specified in the notice of the meeting, or, if not specified, at the place where said meeting is to be held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 **Stock Ledger**. The stock ledger of the Corporation shall be the only evidence as to who are the stockholders entitled to examine the stock ledger, the list required by Section 2.7 or the books of the Corporation, or to vote in person or by proxy at any meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 **Adjournment**. Any meeting of the stockholders, including one at which directors are to be elected, may be adjourned for such periods as the presiding officer of the meeting or the stockholders present in person or by proxy and entitled to vote shall direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 **Ratification**. Any transaction questioned in any stockholders' derivative suit, or any other suit to enforce alleged rights of the Corporation or any of its stockholders, on the ground of lack of authority, defective or irregular execution, adverse interest of any director, officer or stockholder, nondisclosure, miscomputation or the application of improper principles or practices of accounting may be approved, ratified and confirmed before or after judgment by the Board of Directors or by the holders of Common Stock and, if so approved, ratified or confirmed, shall have the same force and effect as if the questioned transaction had been originally duly authorized, and said approval, ratification or confirmation shall be binding upon the Corporation and all of its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 **Inspectors**. The election of directors and any other vote by ballot at any meeting of the stockholders shall be supervised by at least one inspector. Such inspectors shall be appointed by the Board of Directors in advance of the meeting. If the inspector so appointed shall refuse to serve or shall not be present, such appointment shall be made by the officer presiding at the meeting.

**ARTICLE III** 

**DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Powers; Number; Qualifications**. The business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors, except as may be otherwise provided by law or in the Certificate of Incorporation. The number of directors which shall constitute the Board of Directors shall be not less than one (1) nor more than nine (9). The exact number of directors shall be fixed from time to time, within the limits specified in this Section 3.1 or in the Certificate of Incorporation, by the Board of Directors. Directors need not be stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Election; Term of Office; Resignation; Removal; Vacancies**. Each director shall hold office until the next annual meeting of stockholders or until such director's earlier resignation, removal from office, death or incapacity. Unless otherwise provided in the Certificate of Incorporation, vacancies and newly created directorships resulting from any increase in the authorized number of directors or from any other cause may be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director and each director so chosen shall hold office until his or her successor shall be elected and qualified, or until such director's earlier resignation, removal from office, death or incapacity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Nominations**. Unless otherwise provided in the Certificate of Incorporation or any Preferred Stock Designation (as defined in the Certificate of Incorporation), nominations of persons for election to the Board of Directors of the Corporation at a meeting of stockholders of the Corporation may be made at such meeting by or at the direction of the Board of Directors, by any committee or persons appointed by the Board of Directors or by any stockholder of the Corporation entitled to vote for the election of directors at the meeting who complies with the notice procedures set forth in this Section 3.3. Such nominations by any stockholder shall be made pursuant to timely notice in writing to the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation not less than sixty (60) days nor more than ninety (90) days prior to the meeting; provided however, that in the event that less than seventy (70) days' notice or prior public disclosure of the date of the meeting is given or made to stockholders, notice by the stockholder, to be timely, must be received no later than the close of business on the tenth (10<sup>th</sup>) day following the day on which such notice of the date of the meeting was mailed or such public disclosure was made, whichever first occurs. Such stockholder's notice to the Secretary shall set forth (i) as to each person whom the stockholder proposes to nominate for election or reelection as a director, (a) the name, age, business address and residence address of the person, (b) the principal occupation or employment of the person, (c) the class and number of shares of capital stock of the Corporation which are beneficially owned by the person, and (d) any other information relating to the person that is required to be disclosed in solicitations for proxies for election of directors pursuant to the Rules and Regulations of the Securities and Exchange Commission under Section 14 of the Securities Exchange Act of 1934, as amended, and (ii) as to the stockholder giving the notice (a) the name and record address of the stockholder and (b) the class and number of shares of capital stock of the Corporation which are beneficially owned by the stockholder. The Corporation may require any proposed nominee to furnish such other information as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as a director of the Corporation. No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth herein. The officer of the Corporation presiding at an annual meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he should so determine, he shall so declare to the meeting and the defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Meetings**. The Board of Directors of the Corporation may hold meetings, both regular and special, either within or without the State of Delaware. The first meeting of each newly elected Board of Directors shall be held immediately after and at the same place as the meeting of the stockholders at which it is elected and no notice of such meeting shall be necessary to the newly elected directors in order to legally constitute the meeting, provided a quorum shall be present. Regular meetings of the Board of Directors may be held without notice at such time and place as shall from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by the Chairman or a majority of the entire Board of Directors. Notice thereof stating the place, date and hour of the meeting shall be given to each director either by mail not less than forty-eight (48) hours before the date of the meeting, by telephone, facsimile, telegram or e-mail on twenty-four (24) hours' notice, or on such shorter notice as the person or persons calling such meeting may deem necessary or appropriate in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Quorum**. Except as may be otherwise specifically provided by law, the Certificate of Incorporation or these Bylaws, at all meetings of the Board of Directors or any committee thereof, a majority of the entire Board of Directors or such committee, as the case may be, shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors. If a quorum shall not be present at any meeting of the Board of Directors or of any committee thereof, a majority of the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 **Organization of Meetings**.

&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) The Board of Directors shall elect one of its members to be Chairman of the Board of Directors. The Chairman of the Board of Directors shall lead the Board of Directors in fulfilling its responsibilities as set forth in these By-Laws, including its responsibility to oversee the performance of the Corporation, and shall determine the agenda and perform all other duties and exercise all other powers which are or from time to time may be delegated to him or her by the Board of Directors.

&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) Meetings of the Board of Directors shall be presided over by the Chairman of the Board of Directors, or in his or her absence, by the Chief Executive Officer, or in the absence of the Chairman of the Board of Directors and the Chief Executive Officer by such other person as the Board of Directors may designate or the members present may select.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Actions of Board of Directors Without Meeting**. Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or of such committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions are filled with the minutes of proceedings of the Board of Directors or committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 **Removal of Directors by Stockholders**. Directors of the Board of Directors may be removed from office at any time, but only for cause and only by the affirmative vote of holders of 66-2/3% of the voting power of all then-outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 **Resignations**. Any Director may resign at any time by submitting his or her written resignation to the Board of Directors or Secretary of the Corporation. Such resignation shall take effect at the time of its receipt by the Corporation unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 **Committees**. The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided by law and in the resolution of the Board of Directors establishing such committee, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the Certificate of Incorporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the Corporation's property and assets, recommending to the stockholders a dissolution of the Corporation or a revocation of a dissolution or amending the Bylaws of the Corporation; and, unless the resolution expressly so provides, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock or to adopt a certificate of ownership and merger. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 **Compensation**. The Board of Directors shall have the authority to fix the compensation of directors. Without limiting the foregoing, the directors shall be paid their reasonable expenses, if any, of attendance at each meeting of the Board or any committee thereof and may be paid a fixed sum for attendance at each such meeting and an annual retainer or salary for service as director or committee member, payable in cash or securities. No such payment shall preclude any director from serving the Corporation in any other capacity and receiving compensation therefor. Directors who are full-time employees of the Corporation shall not receive any compensation for their service as director or as a member of any committee of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 **Interested Directors**. No contract or transaction between the Corporation and one or more of its directors or officers, or between the Corporation and any other corporation, partnership, association, or other organization in which one or more of its directors or officers are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes the contract or transaction, or solely because his, her or their votes are counted for such purpose, if (i) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or (ii) the material facts as to his, her or their relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or (iii) the contract or transaction is fair as to the Corporation as of the time it is authorized, approved or ratified, by the Board of Directors, a committee thereof or the stockholders. Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 **Meetings by Means of Conference Telephone**. Members of the Board of Directors or any committee designed by the Board of Directors may participate in a meeting of the Board of Directors or of a committee of the Board of Directors by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this subsection shall constitute presence in person at such meeting.

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**ARTICLE IV** 

**OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **General**. The officers of the Corporation shall be elected or appointed by the Board of Directors and may consist of: a Chairman of the Board, Vice Chairman of the Board, Chief Executive Officer, President, Chief Financial Officer, Chief Operating Officer, Secretary and Treasurer. The Board of Directors, in its discretion, may also elect or appoint one or more Vice Presidents (including Executive Vice Presidents and Senior Vice Presidents), Assistant Secretaries, Assistant Treasurers, a Controller and or desirable. Any number of offices may be held by the same person and more than one person may hold the same office, unless otherwise prohibited by law, the Certificate of Incorporation or these Bylaws. The officers of the Corporation need not be stockholders of the Corporation, nor need such officers be directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Election**. The Board of Directors at its first meeting held after each annual meeting of stockholders shall elect the officers of the Corporation who shall hold their offices for such terms and shall exercise such powers and perform such duties as shall be determined from time to time by the Board of Directors; and all officers of the Corporation shall hold office until their successors are chosen and qualified, or until their earlier resignation or removal. Except as otherwise provided in this ARTICLE IV, any officer elected by the Board of Directors may be removed at any time by the affirmative vote of a majority of the Board of Directors. Any vacancy occurring in any office of the Corporation shall be filled by the Board of Directors. The salaries of all officers who are directors of the Corporation shall be fixed by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Voting Securities Owned by the Corporation**. Powers of attorney, proxies, waivers of notice of meeting, consents and other instruments relating to securities owned by the Corporation may be executed in the name of and on behalf of the Corporation by the Chief Executive Officer, President or any Vice President, and any such officer may, in the name and on behalf of the Corporation, take all such action as any such officer may deem advisable to vote in person or by proxy at any meeting of security holders of any corporation in which the Corporation may own securities and at any such meeting shall possess and may exercise any and all rights and powers incident to the ownership of such securities and which, as the owner thereof, the Corporation might have exercised and possessed if present. The Board of Directors may, by resolution, from time to time confer like powers upon any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Chief Executive Officer**. Subject to the provisions of these Bylaws and to the direction of the Board of Directors, the Chief Executive Officer shall have ultimate authority for decisions relating to the general management and control of the affairs and business of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **President**. At the request of the Chief Executive Officer, or in the absence of the Chief Executive Officer, or in the event of his, her or her inability or refusal to act, the President shall perform the duties of the Chief Executive Officer, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office. The President shall perform such other duties and have such other powers as the Board of Directors from time to time may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Chief Financial Officer**. The Chief Financial Officer shall have general supervision, direction and control of the financial affairs of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors. In the absence of a named Treasurer, the Chief Financial Officer shall also have the powers and duties of the Treasurer as hereinafter set forth and shall be authorized and empowered to sign as Treasurer in any case where such officer's signature is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 **Chief Operating Officer**. The Chief Operating Officer shall have general supervision, direction and control of the operations of the Corporation and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors. At the request of the Chief Executive Officer or the President, or in the absence of the President, or in the event of his or her inability or refusal to act, the Chief Operating Officer shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 **Executive Vice President.** The Executive Vice President shall have general supervision, direction and control of such aspects of the business and operations of the Corporation as may be assigned by the Chief Executive Officer, President, or Chief Operating Officer, and shall perform such other duties and exercise such other powers which are or from time to time may be delegated to him or her by the Board of Directors or these Bylaws, all in accordance with basic policies as established by and subject to the oversight of the Board of Directors. At the request of the Chief Executive Officer, President, or Chief Operating Officer, or in the absence of the Chief Operating Officer, or in the event of his or her inability or refusal to act, the Executive Vice President shall perform the duties of the Chief Operating Officer, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office. In the absence of a Chief Operating Officer, the Executive Vice President shall perform the duties of the President at the request of the Chief Executive Officer or President, or in the absence of the President, or in the event of his or her inability or refusal to act, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 **Vice Presidents**. At the request of the Chief Executive Officer or the President, or in the absence of the President, or in the event of his or her inability or refusal to act, the Vice President or the Vice Presidents if there is more than one (in the order designated by the Board of Directors) shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office. Each Vice President shall perform such other duties and have such other powers as the Board of Directors from time to time may prescribe. If there be no Vice President, the Board of Directors shall designate the officer of the Corporation who, in the absence of the President or in the event of the inability or refusal of such officer to act, shall perform the duties of such office, and when so acting, shall have all the powers of and be subject to all the restrictions upon such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 **Secretary**. The Secretary shall attend all meetings of the Board of Directors and all meetings of stockholders and record all the proceedings thereat in a book or books to be kept for that purpose; the Secretary shall also perform like duties for the standing committees when required. The Secretary shall give, or cause to be given, notice of all meetings of the stockholders and special meetings of the Board of Directors, and shall perform such other duties as may be prescribed by the Board of Directors or the Chief Executive Officer, under whose supervision the Secretary shall be. If the Secretary shall be unable or shall refuse to cause to be given notice of all meetings of the stockholders and special meetings of the Board of Directors, then any Assistant Secretary shall perform such actions. If there be no Assistant Secretary, then the Board of Directors or the Chief Executive Officer may choose another officer to cause such notice to be given. The Secretary shall have custody of the seal of the Corporation and the Secretary or any Assistant Secretary, if there be one, shall have authority to affix the same to any instrument requiring it and when so affixed, it may be attested by the signature of the Secretary or by the signature of any such Assistant Secretary. The Board of Directors may give general authority to any other officer to affix the seal of the Corporation and to attest the affixing by his or her signature. The Secretary shall see that all books, reports, statements, certificates and other documents and records required by law to be kept or filed are properly kept or filed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 **Treasurer**. The Treasurer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. The Treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer, President and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his or her transactions as Treasurer and of the financial condition of the Corporation. If required by the Board of Directors, the Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 **Assistant Secretaries**. Except as may be otherwise provided in these Bylaws, Assistant Secretaries, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the Chief Executive Officer, the President, any Vice President, if there be one, or the Secretary, and in the absence of the Secretary or in the event of his or her disability or refusal to act, shall perform the duties of the Secretary, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 **Assistant Treasurers**. Assistant Treasurers, if there be any, shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors, the Chief Executive Officer, the President, any Vice President, if there be one, or the Treasurer, and in the absence of the Treasurer or in the event of his or her disability or refusal to act, shall perform the duties of the Treasurer, and when so acting, shall have all the powers of and be subject to all the restrictions upon the Treasurer. If required by the Board of Directors, an Assistant Treasurer shall give the Corporation a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Directors for the faithful performance of the duties of his or her office and for the restoration to the Corporation, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind in his or her possession or under his or her control belonging to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 **Controller**. The Controller shall establish and maintain the accounting records of the Corporation in accordance with generally accepted accounting principles applied on a consistent basis, maintain proper internal control of the assets of the Corporation and shall perform such other duties as the Board of Directors, the Chief Executive Officer, the President or any Vice President of the Corporation may prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 **Other Officers**. Such other officers as the Board of Directors may choose shall perform such duties and have such powers as from time to time may be assigned to them by the Board of Directors. The Board of Directors may delegate to any other officer of the Corporation the power to choose such other officers and to prescribe their respective duties and powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 **Vacancies**. The Board of Directors shall have the power to fill any vacancies in any office occurring from whatever reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 **Resignations**. Any officer may resign at any time by submitting his or her written resignation to the Corporation. Such resignation shall take effect at the time of its receipt by the Corporation, unless another time be fixed in the resignation, in which case it shall become effective at the time so fixed. The acceptance of a resignation shall not be required to make it effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 **Removal**. Subject to the provisions of any employment agreement approved by the Board of Directors, any officer of the Corporation may be removed at any time, with or without cause, by the Board of Directors.

**ARTICLE V** 

**CAPITAL STOCK**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Form of Certificates**. The shares of stock in the Corporation may be certificated or uncertificated, subject to the sole discretion of the Board of Directors and the requirements of Delaware General Corporate Law (the "***DGCL***"). Stock certificates shall be in such forms as the Board of Directors may prescribe and signed by the Chairman of the Board, the Chief Executive Officer, President or a Vice President and by the Treasurer or an Assistant Treasurer, or the Secretary or an Assistant Secretary of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Signatures**. Any or all of the signatures on a stock certificate may be a facsimile, including, but not limited to, signatures of officers of the Corporation and countersignatures of a transfer agent or registrar. In case an officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Lost Certificates**. The Board of Directors may direct a new stock certificate or certificates to be issued in place of any stock certificate or certificates theretofore issued by the Corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new stock certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or his or her legal representative, to advertise the same in such manner as the Board of Directors shall require and/or to give the Corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the Corporation with respect to the certificate alleged to have been lost, stolen or destroyed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Transfers**. Stock of the Corporation shall be transferable in the manner prescribed by law and in these Bylaws. Transfers of certificated stock shall be made on the books of the Corporation only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, which shall be canceled before a new certificate shall be issued. Transfers of uncertificated stock shall be made on the books of the Corporation only by the person then registered on the books of the Corporation as the owner of such shares or by such person's attorney lawfully constituted in writing and written instruction to the Corporation containing such information as the Corporation or its agents may prescribe. No transfer of uncertificated stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred. The Corporation shall have no duty to inquire into adverse claims with respect to any stock transfer unless (a) the Corporation has received a written notification of an adverse claim at a time and in a manner which affords the Corporation a reasonable opportunity to act on it prior to the issuance of a new, reissued or re-registered share certificate, in the case of certificated stock, or entry in the stock record books of the Corporation, in the case of uncertificated stock, and the notification identifies the claimant, the registered owner and the issue of which the share or shares is a part and provides an address for communications directed to the claimant; or (b) the Corporation has required and obtained, with respect to a fiduciary, a copy of a will, trust, indenture, articles of co-partnership, Bylaws or other controlling instruments, for a purpose other than to obtain appropriate evidence of the appointment or incumbency of the fiduciary, and such documents indicate, upon reasonable inspection, the existence of an adverse claim. The Corporation may discharge any duty of inquiry by any reasonable means, including notifying an adverse claimant by registered or certified mail at the address furnished by him or, if there be no such address, at his or her residence or regular place of business that the security has been presented for registration of transfer by a named person, and that the transfer will be registered unless within thirty days from the date of mailing the notification, either (a) an appropriate restraining order, injunction or other process issues from a court of competent jurisdiction; or (b) an indemnity bond, sufficient in the Corporation's judgment to protect the Corporation and any transfer agent, registrar or other agent of the Corporation involved from any loss which it or they may suffer by complying with the adverse claim, is filed with the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Fixing Record Date**. In order that the Corporation may determine the stockholders entitled to notice or to vote at any meeting of stockholders or any adjournment thereof, or to express consent to corporate action in writing without a meeting, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record is adopted by the Board of Directors, and which record date shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than ten (10) days after the date upon which the resolution fixing the record date of action with a meeting is adopted by the Board of Directors, nor more than sixty (60) days prior to any other action. If no record date is fixed:

&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) The record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held.

&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) The record date for determining stockholders entitled to express consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is necessary, shall be the first date on which a signed written consent is delivered to the Corporation.

&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) The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 **Registered Stockholders**. Prior to due presentment for transfer of any share or shares, the Corporation shall treat the registered owner thereof as the person exclusively entitled to vote, to receive notifications and to all other benefits of ownership with respect to such share or shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State Delaware.

**ARTICLE VI** 

**NOTICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Form of Notice**. Notices to directors and stockholders other than notices to directors of special meetings of the board of Directors which may be given by any means stated in Section 3.4, shall be in writing and delivered personally or mailed to the directors or stockholders at their addresses appearing on the books of the corporation. Notice by mail shall be deemed to be given at the time when the same shall be mailed. Notice to directors may also be given by telegram.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Waiver of Notice**. Whenever any notice is required to be given under the provisions of law or the Certificate of Incorporation or by these Bylaws of the Corporation, a written waiver, signed by the person or persons entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular, or special meeting of the stockholders, Directors, or members of a committee of Directors need be specified in any written waiver of notice unless so required by the Certificate of Incorporation.

**ARTICLE VII** 

**INDEMNIFICATION OF DIRECTORS AND OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Actions by Third Parties**. The Corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or her is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding if he or her acted in good faith and in a manner he or her reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or her reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Actions by or in Right of the Company**. The Corporation shall indemnify any person who was or is a party, or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or her is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he or her acted in good faith and in a manner he or her reasonably believed to be in or not opposed to the best interests of the Corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Success on the Merits**. To the extent that a director, officer, employee or agent of the Corporation has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Sections 1 or 2 of this Article, or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Standard of Conduct Determination**. Any indemnification under Sections 7.1 or 7.2 (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he or her has met the applicable standard of conduct set forth in such section. Such determination shall be made:

&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) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or

&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) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or

&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) by the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Expenses**. Expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation as authorized in this Section. Such expenses (including attorneys' fees) incurred by other employees and agents may be so paid upon such terms and conditions, if any, as the Board of Directors deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 **Non-Exclusive Rights**. The indemnification and advancement of expenses provided by, or granted pursuant to the other sections of this Article shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under the Certificate of Incorporation, any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 **Insurance**. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him against such liability under the provisions of this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 **Defined Terms**.

&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) For purposes of this Article, references to "the Corporation" shall include, in addition to the resulting Corporation, any constituent Corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that any person who is or was a director, officer employee or agent of such constituent Corporation, or is or was serving at the request of such constituent Corporation as a director, officer, employee or agent of another Corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under this Article with respect to the resulting or surviving Corporation as he would have with respect to such constituent Corporation of its separate existence had continued.

&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) For purposes of this Article, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references to "serving at the request of the Corporation" shall include any service as a director, officer, employee or agent of the Corporation which imposes duties on, or involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this Article.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 **Continuation of Rights**. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 **Limitation of Liability**. No director or officer of the Corporation shall be personally liable to the Corporation or to any stockholder of the Corporation for monetary damages for breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL, as it presently exists or may hereafter be amended from time to time.

**ARTICLE VIII** 

**GENERAL PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Reliance on Books and Records**. Each Director, each member of any committee designated by the Board of Directors, and each officer of the Corporation, shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or other records of the Corporation, including reports made to the Corporation by any of its officers, by an independent certified public accountant, or by an appraiser selected with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Maintenance and Inspection of Records**.

&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) The Corporation shall, either at its principal executive office or at such place or places as designated by the Board of Directors, keep a record of its stockholders listing their names and addresses and the number and class of shares held by each stockholder, a copy of these by-laws, as may be amended to date, minute books, accounting books and other records.

&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 such records maintained by the Corporation may be kept on, or by means of, or be in the form of, any information storage device or method, provided that the records so kept can be converted into clearly legible paper form within a reasonable time. The Corporation shall so convert any records so kept upon the request of any person entitled to inspect such records pursuant to the provisions of the Delaware General Corporation Law. When records are kept in such manner, a clearly legible paper form produced from or by means of the information storage device or method shall be admissible in evidence, and accepted for all other purposes, to the same extent as an original paper form accurately portrays the record.

&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 stockholder of record, in person or by attorney or other agent, shall, upon written demand under oath stating the purpose thereof, have the right during the usual hours for business to inspect for any proper purpose the Corporation's stock ledger, a list of its stockholders, and its other books and records and to make copies or extracts therefrom. A proper purpose shall mean a purpose reasonably related to such person's interest as a stockholder. In every instance where an attorney or other agent is the person who seeks the right to inspection, the demand under oath shall be accompanied by a power of attorney or such other writing that authorizes the attorney or other agent to so act on behalf of the stockholder. The demand under oath shall be directed to the Corporation at its registered office in Delaware or at its principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Inspection by Directors**. Any director shall have the right to examine the Corporation's stock ledger, a list of its stockholders, and its other books and records for a purpose reasonably related to his or her position as a director.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Dividends**. Subject to the provisions of the Certificate of Incorporation, if any, dividends upon the capital stock of the Corporation may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the Directors shall think conducive to the interest of the Corporation, and the Directors may modify or abolish any such reserve in the manner in which it was created.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Checks**. All checks or demands for money and notes of the Corporation shall be signed by such officer or officers or such other persons as the Board of Directors may from time to time designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Fiscal Year**. The fiscal year of the Corporation shall be as determined by the Board of Directors. If the Board of Directors shall fail to do so, the Chief Executive Officer shall fix the fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 **Seal**. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed or affixed or in any manner reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 **Amendments**. Subject to any limitations in the Certificate of Incorporation, the original or other Bylaws may be adopted, amended or repealed by the stockholders entitled to vote thereon at any regular or special meeting, provided that, in accordance with the Certificate of Incorporation, any such adoption, amendment, alteration or repeal by the stockholders shall require the affirmative vote of the holders of not less than 66-2/3% of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class. The Board of Directors is expressly authorized to make, alter, amend and repeal these Bylaws without the consent of the stockholders in any manner not inconsistent with the DGCL or the Certificate of Incorporation. The fact that such power has been so conferred upon the Board of Directors shall not divest the stockholders of the power nor limit their power to adopt, amend or repeal Bylaws, subject to any limitations in the Certificate of Incorporation and the supermajority voting requirement set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 **Interpretation of Bylaws**. All words, terms and provisions of these Bylaws shall be interpreted and defined by and in accordance with the General Corporation Law of the State of Delaware, as amended, and as amended from time to time hereafter.

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**Annex E**

**BLOCKFUSION DATA CENTERS, INC. 2026 STOCK INCENTIVE PLAN**

**Section 1. General.**

The purposes of the Blockfusion Data Centers, Inc. 2026 Stock Incentive Plan (the "<u>Plan</u>") are to: (a) encourage the profitability and growth of the Company through short-term and long-term incentives that are consistent with the Company's objectives; (b) give Participants an incentive for excellence in individual performance; (c) promote teamwork among Participants; and (d) give the Company a significant advantage in attracting and retaining key Employees, Directors and Consultants. To accomplish such purposes, the Plan provides that the Company may grant (i) Options, (ii) Stock Appreciation Rights, (iii) Restricted Shares, (iv) Restricted Stock Units, (v) Performance-Based Awards (including performance-based Restricted Shares and Restricted Stock Units), (vi) Other Share-Based Awards, (vii) Other Cash-Based Awards or (viii) any combination of the foregoing.

**Section 2. Definitions.**

For purposes of the Plan, the following terms shall be defined as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Administrator</u>" means the Board, or, if and to the extent the Board does not administer the Plan, the Committee in accordance with Section 3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Person specified. An entity shall be deemed an Affiliate for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. For purposes of this definition, "control" (including with correlative meanings, the terms "controlling," "controlled by," or "under common control with"), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Automatic Exercise Date</u>" means, with respect to an Option or a Stock Appreciation Right, the last business day of the applicable term of the Option pursuant to Section 7(k) or the Stock Appreciation Right pursuant to Section 8(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Award</u>" means any Option, Stock Appreciation Right, Restricted Share, Restricted Stock Unit, Performance-Based Award, Other Share-Based Award or Other Cash-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Award Agreement</u>" means a written agreement, contract or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan. Evidence of an Award may be in written or electronic form, may be limited to notation on the books and records of the Company and, with the approval of the Administrator, need not be signed by a representative of the Company or a Participant. Any Shares that become deliverable to the Participant pursuant to the Plan may be issued in certificate form in the name of the Participant or in book-entry form in the name of the Participant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Beneficial Owner</u>" (or any variant thereof) has the meaning defined in Rule 13d-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Board</u>" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Bylaws</u>" means the bylaws of the Company, as may be amended and/or restated from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Cause</u>" shall have the meaning assigned to such term in any Company, Subsidiary or Affiliate unexpired employment, severance, or similar agreement or Award Agreement with a Participant, or if no such agreement exists or if such agreement does not define "Cause" (or a word of like import), Cause means (i) the Participant's breach of fiduciary duty or duty of loyalty to the Company, (ii) the Participant's conviction of or plea of nolo contendere to a felony or a crime involving moral turpitude, (iii) the Participant's failure, refusal or neglect to perform and discharge his or her duties and responsibilities on behalf of the Company or a Subsidiary of the Company (other than by reason of Disability) or to comply with any lawful directive of the Board or its designee, (iv) the Participant's breach of any written policy of the Company or a Subsidiary or Affiliate thereof (including, without limitation, those relating to sexual harassment or the disclosure or misuse of confidential information), (v) the Participant's breach of any agreement with the Company or a Subsidiary or Affiliate thereof (including, without limitation, any confidentiality, non-competition, non-solicitation or assignment of inventions agreement), (vi) the Participant's commission of fraud, dishonesty, theft, embezzlement, self-dealing, misappropriation or other malfeasance against the business of the Company or a Subsidiary or Affiliate thereof, or (vii) the Participant's commission of acts or omissions constituting gross negligence or gross misconduct in the performance of any aspect of his or her lawful duties or responsibilities, which have or may be expected to have an adverse effect on the Company, its Subsidiaries or Affiliates. A Participant's employment shall be deemed to have terminated for "Cause" if, on the date his or her employment terminates, facts and circumstances exist that would have justified a termination for Cause, to the extent that such facts and circumstances are discovered within three (3) months following such termination. The Administrator, in its absolute discretion, shall determine the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Change in Capitalization</u>" means any (i) merger, consolidation, reclassification, recapitalization, spin-off, spin-out, repurchase or other reorganization or corporate transaction or event, (ii) extraordinary dividend (whether in the form of cash, Shares or other property), stock split or reverse stock split, (iii) combination or exchange of shares, (iv) other change in corporate structure or (v) payment of any other distribution, which, in any such case, the Administrator determines, in its sole discretion, affects the Common Stock such that an adjustment pursuant to Section 5 of the Plan is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Change in Control</u>" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person, other than the Company or a Subsidiary thereof, becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the combined voting power of the Company's then outstanding voting securities (the "<u>Outstanding Company Voting Securities</u>"), excluding any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (A) of paragraph (iii) below or any acquisition directly from the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the following individuals cease for any reason to constitute a majority of the number of Directors then serving on the Board: individuals who, during any period of two (2) consecutive years, constitute the Board and any new Director (other than a Director whose initial assumption of office is in connection with an actual or threatened election contest, including, but not limited to, a consent solicitation, relating to the election of Directors of the Company) whose appointment or election by the Board or nomination for election by the Company's stockholders was approved or recommended by a vote of at least two-thirds (<sup>2</sup>/<sub>3</sub>) of the Directors then still in office who either were Directors at the beginning of the two (2) year period or whose appointment, election or nomination for election was previously so approved or recommended; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the consummation of a merger or consolidation of the Company or any Subsidiary thereof with any other corporation, other than a merger or consolidation (A) that results in the Outstanding Company Voting Securities immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the combined voting power of the Outstanding Company Voting Securities (or such surviving entity or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof) outstanding immediately after such merger or consolidation, and (B) immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the Board of the entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the ultimate parent thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the consummation of a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets, other than (A) a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company following the completion of such transaction in substantially the same proportions as their ownership of the Company immediately prior to such sale or (B) a sale or disposition of all or substantially all of the Company's assets immediately following which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors of the entity to which such assets are sold or disposed or, if such entity is a subsidiary, the ultimate parent thereof.

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For each Award that constitutes deferred compensation under Code Section 409A, a Change in Control (where applicable) shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial portion of the assets of the Company also constitutes a "change in control event" under Code Section 409A.

Notwithstanding the foregoing, a "Change in Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the holders of Class A Common Stock immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction or series of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Change in Control Price</u>" shall have the meaning set forth in Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor thereto. Any reference to a section of the Code shall be deemed to include a reference to any regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) "<u>Committee</u>" means any committee or subcommittee the Board may appoint to administer the Plan. Subject to the discretion of the Board, if required by Rule 16b-3 under the Exchange Act or the applicable stock exchange on which the Shares are traded following an IPO, the Committee shall be composed entirely of individuals who meet the qualifications of a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act and any other qualifications required by the applicable stock exchange on which the Shares are traded. If at any time or to any extent the Board shall not administer the Plan, then the functions of the Administrator specified in the Plan shall be exercised by the Committee. Except as otherwise provided in the Company's Articles of Incorporation or Bylaws, any action of the Committee with respect to the administration of the Plan shall be taken by a majority vote at a meeting at which a quorum is duly constituted or unanimous written consent of the Committee's members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) "<u>Common Stock</u>" means the Class A Common Stock of the Company (and any stock or other securities into which such shares of common stock may be converted or into which they may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) "<u>Company</u>" means Blockfusion Data Centers, Inc. (or any successor corporation, except as the term "Company" is used in the definition of "Change in Control" above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Consultant</u>" means any current or prospective consultant or independent contractor of the Company or an Affiliate thereof, in each case, who is not an Employee, Executive Officer or Non-Employee Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) "<u>Director</u>" means any individual who is a member of the Board on or after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) "<u>Disability</u>" means, with respect to any Participant who is an Employee, a permanent and total disability as defined in Code Section 22(e)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) "<u>Effective Date</u>" shall have the meaning set forth in Section 22 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) "<u>Eligible Recipient</u>" means, with respect to an Award denominated in Common Stock issued under the Plan: (i) an Employee; (ii) a Non-Employee Director; or (iii) a Consultant, in each case, who has been selected as an eligible recipient under the Plan by the Administrator; provided, that any Awards granted prior to the date an Eligible Recipient first is employed by or performs services for the Company or an Affiliate thereof will not become vested or exercisable, and no Shares shall be issued or other payment made to such Eligible Recipient with respect to such Awards, prior to the date on which such Eligible Recipient first is employed by or performs services for the Company or an Affiliate thereof. Notwithstanding the foregoing, to the extent required to avoid the imposition of additional taxes under Code Section 409A, "Eligible Recipient" means: an (1) Employee; (2) a Non-Employee Director; or (3) a Consultant, in each case, of the Company or a Subsidiary thereof, who has been selected as an eligible recipient under the Plan by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) "<u>Employee</u>" shall mean any current or prospective employee of the Company or an Affiliate thereof, as described in Treasury Regulation Section 1.421-1(h), including an Executive Officer or Director who is also treated as an employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) "<u>Executive Officer</u>" means each Participant who is an executive officer (within the meaning of Rule 3b-7 under the Exchange Act) of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) "<u>Exercise Price</u>" means, with respect to any Award under which the holder may purchase Shares, the price per share at which a holder of such Award granted hereunder may purchase Shares issuable upon exercise of such Award, as determined by the Administrator in accordance with Code Section 409A, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) "<u>Fair Market Value</u>" as of a particular date shall mean: (i) if the Shares are listed on any established stock exchange or a national market system, including, without limitation, the New York Stock Exchange or the Nasdaq Stock Market, the Fair Market Value shall be the closing price of a Share (or if no sales were reported, the closing price on the date immediately preceding such date) as quoted on such exchange or system on the day of determination; (ii) if the Shares are not then listed on a national securities exchange, the average of the highest reported bid and lowest reported asked prices for a Share as reported by the National Association of Securities Dealers, Inc. Automated Quotations System for the last preceding date on which there was a sale of such stock in such market; or (iii) whether or not the Shares are then listed on a national securities exchange or traded in an over-the-counter market or the value of such Shares is not otherwise determinable, such value as determined by the Administrator in good faith and in a manner not inconsistent with the regulations under Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Free Standing Rights</u>" shall have the meaning set forth in Section 8(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) "<u>Good Reason</u>" means, with respect to a Participant, a resignation for "Good Reason" (or a term of similar meaning) as defined in the Participant's Award Agreement or other applicable written agreement with the Company or an Affiliate, if any; provided that if no such agreement defines "Good Reason," the term shall not apply for purposes of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) "<u>Incentive Stock Option</u>" means an Option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that meets the requirements set out in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) "<u>IPO</u>" means an initial public offering of, or direct or indirect public listing of, the securities of the Company, its successors and assigns, or any of its related corporate entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) "<u>Non-Employee Director</u>" means a Director who is not an Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) "<u>Nonqualified Stock Option</u>" means an Option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) "<u>Outstanding Shares</u>" means the then-outstanding shares of Common Stock of the Company, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of Options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) "<u>Option</u>" means an option to purchase Shares granted pursuant to Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) "<u>Other Cash-Based Award</u>" means a cash Award granted to a Participant under Section 11 of the Plan, including cash awarded as a bonus or upon the attainment of Performance Goals or otherwise as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) "<u>Other Share-Based Award</u>" means a right or other interest granted to a Participant under the Plan that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares, including, but not limited to, unrestricted Shares or dividend equivalents, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms or conditions as permitted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "<u>Participant</u>" means any Eligible Recipient selected by the Administrator, pursuant to the Administrator's authority provided for in Section 3 of the Plan, to receive an Award under the Plan, and, upon his or her death, his or her successors, heirs, executors and administrators, as the case may be, solely with respect to any Awards outstanding at the date of the Eligible Recipient's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) "<u>Performance-Based Award</u>" means any Award granted under the Plan that is subject to one or more Performance Goals. Any dividends or dividend equivalents payable or credited to a Participant with respect to any unvested Performance-Based Award shall be subject to the same Performance Goals as the Shares or units underlying the Performance-Based Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) "<u>Performance Goals</u>" means performance goals based on performance criteria selected by the Administrator, which may include, but are not limited to, any of the following: (i) earnings before interest and taxes; (ii) earnings before interest, taxes, depreciation and amortization; (iii) net operating profit after tax; (iv) cash flow; (v) revenue; (vi) net revenues; (vii) sales; (viii) days sales outstanding; (ix) income; (x) net income; (xi) operating income; (xii) net operating income; (xiii) operating margin; (xiv) earnings; (xv) earnings per share; (xvi) return on equity; (xvii) return on investment; (xviii) return on capital; (xix) return on assets; (xx) return on net assets; (xxi) total shareholder return; (xxii) economic profit; (xxiii) market share; (xxiv) appreciation in the fair market value, book value or other measure of value of the Shares; (xxv) expense or cost control; (xxvi) working capital; (xxvii) customer satisfaction; (xxviii) employee retention or employee turnover; (xxix) employee satisfaction or engagement; (xxx) environmental, health or other safety goals; (xxxi) individual performance; (xxxii) strategic objective milestones; (xxxiii) any other criteria specified by the Administrator in its sole discretion; and (xxxiv) any combination of, or a specified increase or decrease in, as applicable, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate thereof, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of other companies or a combination thereof, all as determined by the Administrator. The Performance Goals may include a threshold level of performance below which no payment shall be made (or no vesting shall occur), levels of performance at which specified payments shall be made (or specified vesting shall occur), and a maximum level of performance above which no additional payment shall be made (or at which full vesting shall occur). At the time such an Award is granted, the Administrator may specify any reasonable definition of the Performance Goals it uses. Such definitions may provide for equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or an Affiliate thereof or the financial statements of the Company or an Affiliate thereof, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be unusual in nature, infrequent in occurrence or unusual in nature and infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. If the Administrator determines that a change in the business, operations, corporate structure or capital structure of the Company or the manner in which the Company or an Affiliate conducts its business, or other events or circumstances render performance goals to be unsuitable, the Administrator may modify such Performance Goals in whole or in part, as the Committee deems appropriate. If a Participant is promoted, demoted or transferred to a different business unit or function during a performance period, the Administrator may determine that the Performance Goals or performance period are no longer appropriate and may (x) adjust, change or eliminate the Performance Goals or the applicable performance period as it deems appropriate to make such goals and period comparable to the initial goals and period, or (y) make a cash payment to the Participant in an amount determined by the Administrator.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) "<u>Person</u>" shall have the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, however, a Person shall not include (i) the Company or any of its Subsidiaries; (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (iii) an underwriter temporarily holding securities pursuant to an offering of such securities; or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) "<u>Plan</u>" means this Blockfusion Data Centers, Inc. 2026 Stock Incentive Plan, as amended and/or amended and restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) "<u>Related Rights</u>" shall have the meaning set forth in Section 8(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) "<u>Restricted Shares</u>" means an Award of Shares granted pursuant to Section 9 of the Plan subject to certain restrictions that lapse at the end of a specified period or periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) "<u>Restricted Stock Unit</u>" means a notional account established pursuant to an Award granted to a Participant, as described in Section 10 of the Plan, that is (i) valued solely by reference to Shares, (ii) subject to restrictions specified in the Award Agreement, and (iii) payable in cash or in Shares (as specified in the Award Agreement). The Restricted Stock Units awarded to the Participant will vest according to the time-based criteria or Performance Goals, and vested Restricted Stock Units will be settled at the time(s), specified in the Award 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;(xxxviii) "<u>Restricted Period</u>" means the period of time determined by the Administrator during which an Award or a portion thereof is subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxix) "<u>Rule 16b-3</u>" shall have the meaning set forth in Section 3(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xl) "<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xli) "<u>Share</u>" means a share of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xlii) "<u>Stock Appreciation Right</u>" means the right pursuant to an Award granted under Section 8 of the Plan to receive an amount equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date such Award or portion thereof is surrendered, of the Shares covered by such Award or such portion thereof, over (ii) the aggregate Exercise Price of such Award or such portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliii) "<u>Subsidiary</u>" means, with respect to any Person, as of any date of determination, any other Person as to which such first Person owns or otherwise controls, directly or indirectly, more than fifty percent (50%) of the voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such other Person. An entity shall be deemed a Subsidiary of the Company for purposes of this definition only for such periods as the requisite ownership or control relationship is maintained. Notwithstanding the foregoing, in the case of an Incentive Stock Option or any determination relating to an Incentive Stock Option, "Subsidiary" means a corporation that is a subsidiary of the Company within the meaning of Code Section 424(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xliv) "<u>Substitute Award</u>" shall mean an Award granted under the Plan upon the assumption of, or in substitution for, outstanding equity awards granted by a company or other entity in connection with a corporate transaction, such as a merger, combination, consolidation, or acquisition of property or stock; *provided*, *however*, that in no event shall the term "Substitute Award" be construed to refer to an award made in connection with the cancellation and repricing of an Option or Stock Appreciation Right.

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**Section 3. Administration.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Plan shall be administered by the Administrator in accordance with the requirements of Rule 16b-3 under the Exchange Act ("<u>Rule 16b-3</u>"), to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pursuant to the terms of the Plan, the Administrator, subject, in the case of any Committee, to any restrictions on the authority delegated to it by the Board, shall have the power and authority, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to select those Eligible Recipients who shall be Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to determine whether and to what extent Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Other Share-Based Awards, Other Cash-Based Awards or a combination of any of the foregoing, are to be granted hereunder to Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to determine the number of Shares to be made subject to each Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to determine the terms and conditions, not inconsistent with the terms of the Plan, of each Award granted hereunder, including, but not limited to, (A) the restrictions applicable to Awards and the conditions under which restrictions applicable to such Awards shall lapse, (B) the Performance Goals and performance periods applicable to Awards, if any, (C) the Exercise Price of each Award, (D) the vesting schedule applicable to each Award, (E) any confidentiality or restrictive covenant provisions applicable to the Award, and (F) subject to the requirements of Code Section 409A (to the extent applicable), any amendments to the terms and conditions of outstanding Awards, including, but not limited to, extending the exercise period of such Awards and accelerating the vesting schedule of such Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to determine the terms and conditions, not inconsistent with the terms of the Plan, which shall govern all Award Agreements evidencing Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units or Other Share-Based Awards, Other Cash-Based Awards or any combination of the foregoing granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to determine Fair Market Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to determine the duration and purpose of leaves of absence which may be granted to a Participant without constituting termination of the Participant's employment for purposes of Awards granted under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan, any Award Agreement or other instrument or agreement relating to the Plan or an Award granted under the Plan; 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;(x) to construe and interpret the terms and provisions of the Plan and any Award issued under the Plan (and any Award Agreement relating thereto), and to otherwise supervise the administration of the Plan and to exercise all powers and authorities either specifically granted under the Plan or necessary and advisable in the administration of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent prohibited by applicable law or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or traded, the Administrator may allocate all or any portion of its responsibilities and powers to any one (1) or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one (1) or more officers of the Company, the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated as a matter of law, except for grants of Awards to Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive and binding on all persons, including the Company and the Participants. No member of the Board or the Committee, or any officer or employee of the Company or any Subsidiary thereof acting on behalf of the Board or the Committee, shall be personally liable for any action, omission, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board or the Committee and each and any officer or employee of the Company and of any Subsidiary thereof acting on their behalf shall, to the maximum extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, omission, determination or interpretation.

**Section 4. Shares Reserved for Issuance Under the Plan and Limitations on Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to this Section 4 and to adjustment in accordance with Section 5 of the Plan, the Administrator is authorized to deliver with respect to Awards granted under the Plan an aggregate of **[_]<sup>1</sup>** shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, the maximum number of Shares subject to Awards granted during any fiscal year to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during the fiscal year with respect to such Director's service as a Non-Employee Director, shall not exceed **$[_]<sup>2</sup>** (calculating the value of any such Awards based on the grant date Fair Market Value of such Awards for financial reporting purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. Any shares of Common Stock subject to an Award under the Plan that, after the Effective Date, are forfeited, canceled, settled or otherwise terminated without a distribution of Shares to a Participant will thereafter be deemed to be available for Awards with respect to shares of Common Stock. In applying the immediately preceding sentence, if (i) Shares otherwise issuable or issued in respect of, or as part of, any Award are withheld to cover taxes or any applicable Exercise Price, such Shares shall be treated as having been issued under the Plan and shall not be available for issuance under the Plan, and (ii) any Share-settled Stock Appreciation Rights or Options are exercised, the aggregate number of Shares subject to such Stock Appreciation Rights or Options shall be deemed issued under the Plan and shall not be available for issuance under the Plan. In addition, Shares (x) tendered to exercise outstanding Options or other Awards, (y) withheld to cover applicable taxes on any Awards or (z) repurchased on the open market using Exercise Price proceeds shall not be available for issuance under the Plan. For the avoidance of doubt, (A) Shares underlying Awards that are subject to the achievement of performance goals shall be counted against the Share reserve based on the target value of such Awards unless and until such time as such Awards become vested and settled in Shares, and (B) Awards that, pursuant to their terms, may be settled only in cash shall not count against the Share reserve set forth in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Substitute Awards shall not reduce the Shares authorized for grant under the Plan. In the event that a company acquired by the Company or any Affiliate or with which the Company or any Affiliate combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan; *provided*, that Awards using such available Shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not employed by or providing services to the Company or its Affiliates immediately prior to such acquisition or combination.

<sup>1</sup> Note to Draft: Share reserve to be a number of shares equal to 5% of the shares of Pubco Common Stock issued and outstanding immediately after Closing.

<sup>2</sup> Note to Draft: Non-employee director compensation limit to be determined in consultation with an independent compensation consultant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Company or an Affiliate thereof consummates a transaction described in Code Section 424(a) (e.g., the acquisition of property or stock from an unrelated corporation), persons who become Employees or Directors in account of such transaction may be granted Substitute Awards in substitution for awards granted by their former employer, and any such substitute Options or Stock Appreciation Rights may be granted with an Exercise Price less than the Fair Market Value of a Share on the grant date thereof; provided, however, the grant of such substitute Option or Stock Appreciation Right shall not constitute a "modification" as defined in Code Section 424(h)(3) and the applicable Treasury regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of the Plan to the contrary, Awards granted under the Plan shall not vest in full earlier than the first anniversary of the applicable grant date. The foregoing restriction shall not apply to (i) Substitute Awards granted pursuant to Sections 4(d) or 4(e), (ii) Awards that result in the issuance of an aggregate of up to five percent (5%) of the Shares authorized for issuance under the Plan pursuant to Section 4(a), or (iii) the Administrator's discretion to provide for accelerated vesting in connection with a Participant's death, Disability, or a Change in Control. For the avoidance of doubt, nothing in this Section 4(f) shall limit the Administrator's authority to grant Awards with time-based vesting schedules that vest in part prior to the first anniversary of the grant date, so long as such Awards do not vest in full prior to such date and the Shares underlying such Awards are not counted against the five percent (5%) exception set forth in clause (ii).

**Section 5. Equitable Adjustments.**

In the event of any Change in Capitalization, including, without limitation, a Change in Control, an equitable substitution or proportionate adjustment shall be made, in each case, as may be determined by the Administrator, in its sole discretion, in (a) the aggregate number of Shares reserved for issuance under the Plan, (b) the kind, number and Exercise Price subject to outstanding Options and Stock Appreciation Rights granted under the Plan; *provided*, *however*, that any such substitution or adjustment with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A, and (c) the kind, number and purchase price of Shares subject to outstanding Restricted Shares or Other Share-Based Awards granted under the Plan, in each case as may be determined by the Administrator, in its sole discretion; *provided*, *however*, that any fractional Shares resulting from the adjustment shall be eliminated. Such other equitable substitutions or adjustments shall be made as may be determined by the Administrator, in its sole discretion. Without limiting the generality of the foregoing, in connection with a Change in Capitalization, the Administrator may provide, in its sole discretion, for the cancellation of any outstanding Award granted hereunder (i) in exchange for payment in cash or other property having an aggregate Fair Market Value of the Shares covered by such Award, reduced by the aggregate Exercise Price or purchase price thereof, if any, and (ii) with respect to any Awards for which the Exercise Price or purchase price per share of Common Stock is greater than or equal to the then current Fair Market Value per share of Common Stock, for no consideration. Notwithstanding anything contained in the Plan to the contrary, any adjustment with respect to an Incentive Stock Option due to an adjustment or substitution described in this Section 5 shall comply with the rules of Code Section 424(a), and in no event shall any adjustment be made which would render any Incentive Stock Option granted hereunder to be disqualified as an incentive stock option for purposes of Code Section 422. The Administrator's determinations pursuant to this Section 5 shall be final, binding and conclusive.

**Section 6. Eligibility.**

The Participants under the Plan shall be selected from time to time by the Administrator, in its sole discretion, from among Eligible Recipients.

**Section 7. Options.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. The Administrator may, in its sole discretion, grant Options to Participants. Solely with respect to Participants who are Employees, the Administrator may grant Incentive Stock Options, Nonqualified Stock Options or a combination of both. With respect to all other Participants, the Administrator may grant only Nonqualified Stock Options. Each Participant who is granted an Option shall enter into an Award Agreement with the Company, containing such terms and conditions as the Administrator shall determine, in its sole discretion, which Award Agreement shall specify whether the Option is an Incentive Stock Option or a Nonqualified Stock Option and shall set forth, among other things, the Exercise Price of the Option, the term of the Option and provisions regarding exercisability of the Option granted thereunder. The provisions of each Option need not be the same with respect to each Participant. More than one Option may be granted to the same Participant and be outstanding concurrently hereunder. Options granted under the Plan shall be subject to the terms and conditions set forth in this Section 7 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable and set forth in the applicable Award Agreement. The prospective recipient of an Option shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Limits on Incentive Stock Options*. If the Administrator grants Incentive Stock Options, then to the extent that the aggregate fair market value of Shares with respect to which Incentive Stock Options are exercisable for the first time by any individual during any calendar year (under all plans of the Company) exceeds $100,000, such Options will be treated as Nonqualified Stock Options to the extent required by Code Section 422. Subject to Section 5, the maximum number of shares that may be issued pursuant to Options intended to be Incentive Stock Options is **[_]<sup>3</sup>** Shares and, for the avoidance of doubt, such share limit shall not be subject to the annual adjustment provided in Section 4(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exercise Price*. The Exercise Price of Shares purchasable under an Option shall be determined by the Administrator in its sole discretion at the time of grant; *provided*, *however*, that (i) in no event shall the Exercise Price of an Option be less than one hundred percent (100%) of the Fair Market Value of a Share on the date of grant, and (ii) no Incentive Stock Option granted to a ten percent (10%) stockholder of the Company (within the meaning of Code Section 422(b)(6)) shall have an Exercise Price per Share less than one-hundred ten percent (110%) of the Fair Market Value of a Share on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Option Term*. The maximum term of each Option shall be fixed by the Administrator, but in no event shall (i) an Option be exercisable more than ten (10) years after the date such Option is granted, and (ii) an Incentive Stock Option granted to a ten percent (10%) stockholder of the Company (within the meaning of Code Section 422(b)(6)) be exercisable more than five (5) years after the date such Option is granted. Each Option's term is subject to earlier expiration pursuant to the applicable provisions in the Plan and the Award Agreement. Notwithstanding the foregoing, the Administrator shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as the Administrator, in its sole discretion, deems appropriate. Notwithstanding any contrary provision in this Plan (including, without limitation, Section 7(h)), if, on the date an outstanding Option would expire, the exercise of the Option, including by a "net exercise" or "cashless" exercise, would violate applicable securities laws or any insider trading policy maintained by the Company from time to time, the expiration date applicable to the Option will be extended, except to the extent such extension would violate Code Section 409A, to a date that is thirty (30) calendar days after the date the exercise of the Option would no longer violate applicable securities laws or any such insider trading policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Exercisability*. Each Option shall be exercisable at such time or times and subject to such terms and conditions, including the attainment of pre-established Performance Goals, as shall be determined by the Administrator in the applicable Award Agreement. The Administrator may also provide that any Option shall be exercisable only in installments, and the Administrator may waive such installment exercise provisions at any time, in whole or in part, based on such factors as the Administrator may determine in its sole discretion. Notwithstanding anything to the contrary contained herein, an Option may not be exercised for a fraction of a share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Method of Exercise*. Options may be exercised in whole or in part by giving written notice of exercise to the Company specifying the number of Shares to be purchased, accompanied by payment in full of the aggregate Exercise Price of the Shares so purchased in cash or its equivalent, as determined by the Administrator. As determined by the Administrator, in its sole discretion, with respect to any Option or category of Options, payment in whole or in part may also be made (i) by means of consideration received under any cashless exercise procedure approved by the Administrator (including the withholding of Shares otherwise issuable upon exercise), (ii) in the form of unrestricted Shares already owned by the Participant which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Shares as to which such Option shall be exercised, (iii) any other form of consideration approved by the Administrator and permitted by applicable law, or (iv) any combination of the foregoing. In determining which methods a Participant may utilize to pay the Exercise Price, the Administrator may consider such factors as it determines are appropriate; *provided*, *however*, that with respect to Incentive Stock Options, all such discretionary determinations shall be made by the Administrator at the time of grant and specified in the Award Agreement.

<sup>3</sup> Note to Draft: Incentive Stock Option ("ISO") share limit to be confirmed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Rights as Stockholder*. A Participant shall have no rights to dividends or any other rights of a stockholder with respect to the Shares subject to an Option until the Participant has given written notice of the exercise thereof, has paid in full for such Shares and has satisfied the requirements of Section 16 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Termination of Employment or Service*. Unless the applicable Award Agreement provides otherwise, in the event that the employment or service of a Participant with the Company and all Affiliates thereof shall terminate, the following terms and conditions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of the termination of a Participant's employment or service by the Company without Cause or due to a resignation by the Participant for any reason, (A) Options granted to such Participant, to the extent that they are exercisable at the time of such termination, shall remain exercisable until the date that is ninety (90) days after such termination (with such period being extended to one (1) year after the date of such termination in the event of the Participant's death during such ninety (90) day period), on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of the termination of a Participant's employment or service as a result of the Participant's Disability or death, (A) Options granted to such Participant, to the extent that they were exercisable at the time of such termination, shall remain exercisable until the date that is one (1) year after such termination, on which date they shall expire, and (B) Options granted to such Participant, to the extent that they were not exercisable at the time of such termination, shall expire at the close of business on the date of such termination. Notwithstanding the foregoing, no Option shall be exercisable after the expiration of its term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of the termination of a Participant's employment or service for Cause, all outstanding Options granted to such Participant shall expire at the commencement of business on the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of determining which Options are exercisable upon termination of employment or service for purposes of this Section 7(h), Options that are not exercisable solely due to a blackout period shall be considered exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything herein to the contrary, an Incentive Stock Option may not be exercised more than three (3) months following the date as of which a Participant ceases to be an Employee for any reason other than death or Disability. In the event that an Option is exercisable following the date that is three (3) months following the date as of which a Participant ceases to be an Employee for any reason other than death or Disability, such Option shall be deemed to be a Nonqualified Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Other Change in Employment Status*. An Option may be affected, both with regard to vesting schedule and termination, by leaves of absence, changes from full-time to part-time employment, partial disability or other changes in the employment status or service of a Participant, as evidenced in a Participant's Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Options shall be subject to Section 12 of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) *Automatic Exercise*. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Option outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. In the sole discretion of the Administrator, payment of the exercise price of any such Option shall be made pursuant to Section 7(f)(i) or (ii), and the Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator, this Section 7(k) shall not apply to an Option if the Participant's employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Option with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 7(k).

**Section 8. Stock Appreciation Rights.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Stock Appreciation Rights may be granted either alone ("<u>Free Standing Rights</u>") or in conjunction with all or part of any Option granted under the Plan ("<u>Related Rights</u>"). Any Related Right that relates to a Nonqualified Stock Option may be granted at the same time the Option is granted or at any time thereafter, but before the exercise or expiration of the Option. Any Related Right that relates to an Incentive Stock Option must be granted at the same time the Incentive Stock Option is granted. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of Shares to be awarded, the price per Share, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no Related Right may be granted for more Shares than are subject to the Option to which it relates and any Stock Appreciation Right must be granted with an Exercise Price not less than the Fair Market Value of a Share on the date of grant. The provisions of Stock Appreciation Rights need not be the same with respect to each Participant. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth in this Section 8 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the Administrator shall deem desirable, as set forth in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Awards; Rights as Stockholder*. The prospective recipient of a Stock Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Participants who are granted Stock Appreciation Rights shall have no rights as stockholders of the Company with respect to the grant or exercise of such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Exercisability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Stock Appreciation Rights that are Free Standing Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award 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;(ii) Stock Appreciation Rights that are Related Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall be exercisable in accordance with the provisions of Section 7 above and this Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Payment Upon Exercise*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the exercise of a Free Standing Right, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free Standing Right multiplied by the number of Shares in respect of which the Free Standing Right is being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Related Right may be exercised by a Participant by surrendering the applicable portion of the related Option. Upon such exercise and surrender, the Participant shall be entitled to receive up to, but not more than, that number of Shares, determined using the Fair Market Value, equal in value to the excess of the Fair Market Value as of the date of exercise over the Exercise Price specified in the related Option multiplied by the number of Shares in respect of which the Related Right is being exercised. Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the extent the Related Rights have been so exercised.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the foregoing, the Administrator may determine to settle the exercise of a Stock Appreciation Right in cash (or in any combination of Shares and cash).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Termination of Employment or Service*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Free Standing Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Administrator in the applicable Award 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;(ii) Subject to Section 8(f), in the event of the termination of employment or service with the Company and all Affiliates thereof of a Participant who has been granted one or more Related Rights, such rights shall be exercisable at such time or times and subject to such terms and conditions as set forth in the related Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Term*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term of each Free Standing Right shall be fixed by the Administrator, but no Free Standing Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term of each Related Right shall be the term of the Option to which it relates, but no Related Right shall be exercisable more than ten (10) years after the date such right is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Stock Appreciation Rights shall be subject to Section 12 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *Automatic Exercise*. Unless otherwise provided by the Administrator in an Award Agreement or otherwise, or as otherwise directed by the Participant in writing to the Company, each vested and exercisable Stock Appreciation Right outstanding on the Automatic Exercise Date with an Exercise Price per Share that is less than the Fair Market Value per Share as of such date shall automatically and without further action by the Participant or the Company be exercised on the Automatic Exercise Date. The Company or any Affiliate shall deduct or withhold an amount sufficient to satisfy all taxes associated with such exercise in accordance with Section 16. Unless otherwise determined by the Administrator, this Section 8(h) shall not apply to a Stock Appreciation Right if the Participant's employment or service has terminated on or before the Automatic Exercise Date. For the avoidance of doubt, no Stock Appreciation Right with an Exercise Price per Share that is equal to or greater the Fair Market Value per Share on the Automatic Exercise Date shall be exercised pursuant to this Section 8(h).

**Section 9. Restricted Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Each Award of Restricted Shares granted under the Plan shall be evidenced by an Award Agreement. Restricted Shares may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Shares shall be made; the number of Shares to be awarded; the price, if any, to be paid by the Participant for the acquisition of Restricted Shares; the Restricted Period, if any, applicable to Restricted Shares; the Performance Goals (if any) applicable to Restricted Shares; and all other conditions of the Restricted Shares. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Shares in accordance with the terms of the grant. The terms and conditions applicable to the Restricted Shares need not be the same with respect to each Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Awards and Certificates*. The prospective recipient of Restricted Shares shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date. Except as otherwise provided in herein, (i) each Participant who is granted an Award of Restricted Shares may, in the Company's sole discretion, be issued a stock certificate in respect of such Restricted Shares; and (ii) any such certificate so issued shall be registered in the name of the Participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to any such Award. The Company may require that the stock certificates, if any, evidencing Restricted Shares granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Shares, the Participant shall have delivered a stock power, endorsed in blank, relating to the Shares covered by such Award. Notwithstanding anything in the Plan to the contrary, any Restricted Shares (whether before or after any vesting conditions have been satisfied) may, in the Company's sole discretion, be issued in uncertificated form pursuant to the customary arrangements for issuing shares in such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Restrictions and Conditions*. The Restricted Shares granted pursuant to this Section 9 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Restricted Shares shall be subject to the restrictions on transferability set forth in the Award Agreement and in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant's termination of employment or service as Non-Employee Director or Consultant of the Company or an Affiliate thereof, or the Participant's death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to this Section 9(c)(iii), the Participant shall generally have the rights of a stockholder of the Company with respect to Restricted Shares during the Restricted Period. In the Administrator's discretion and as provided in the applicable Award Agreement, a Participant may be entitled to dividends or dividend equivalents on an Award of Restricted Shares, which will be payable in accordance with the terms of such grant as determined by the Administrator in accordance with Section 18 of the Plan. Certificates for unrestricted Shares may, in the Company's sole discretion, be delivered to the Participant only after the Restricted Period has expired without forfeiture in respect of such Restricted Shares, except as the Administrator, in its sole discretion, shall otherwise determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The rights of Participants granted Restricted Shares upon termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Shares shall be subject to Section 12 of the Plan.

**Section 10. Restricted Stock Units.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General*. Restricted Stock Units may be issued either alone or in addition to other Awards granted under the Plan. The Administrator shall determine the Eligible Recipients to whom, and the time or times at which, grants of Restricted Stock Units shall be made; the number of Restricted Stock Units to be awarded; the Restricted Period, if any, applicable to Restricted Stock Units; the Performance Goals (if any) applicable to Restricted Stock Units; and all other conditions of the Restricted Stock Units. If the restrictions, Performance Goals and/or conditions established by the Administrator are not attained, a Participant shall forfeit his or her Restricted Stock Units in accordance with the terms of the grant. The provisions of Restricted Stock Units need not be the same with respect to each Participant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Award Agreement*. The prospective recipient of Restricted Stock Units shall not have any rights with respect to any such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Restrictions and Conditions*. The Restricted Stock Units granted pursuant to this Section 10 shall be subject to the following restrictions and conditions and any additional restrictions or conditions as determined by the Administrator at the time of grant or, subject to Code Section 409A, thereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrator may, in its sole discretion, provide for the lapse of restrictions in installments and may accelerate or waive such restrictions in whole or in part based on such factors and such circumstances as the Administrator may determine, in its sole discretion, including, but not limited to, the attainment of certain Performance Goals, the Participant's termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof, or the Participant's death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Participants holding Restricted Stock Units shall have no voting rights. A Restricted Stock Unit may, at the Administrator's discretion, carry with it a right to dividend equivalents, subject to Section 18 of the Plan. Such right would entitle the holder to be credited with an amount equal to all cash dividends paid on one Share while the Restricted Stock Unit is outstanding. The Administrator, in its discretion, may grant dividend equivalents from the date of grant or only after a Restricted Stock Unit is vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The rights of Participants granted Restricted Stock Units upon termination of employment or service as a Non-Employee Director or Consultant of the Company or an Affiliate thereof terminates for any reason during the Restricted Period shall be set forth in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Settlement of Restricted Stock Units*. Settlement of vested Restricted Stock Units shall be made to Participants in the form of Shares, unless the Administrator, in its sole discretion, provides for the payment of the Restricted Stock Units in cash (or partly in cash and partly in Shares) equal to the value of the Shares that would otherwise be distributed to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Change in Control*. Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Restricted Stock Units shall be subject to Section 12 of the Plan.

**Section 11. Other Share-Based or Cash-Based Awards.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrator is authorized to grant Awards to Participants in the form of Other Share-Based Awards or Other Cash-Based Awards, as deemed by the Administrator to be consistent with the purposes of the Plan and as evidenced by an Award Agreement. The Administrator shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including any Performance Goals and performance periods. Shares or other securities or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 11 shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, Shares, other Awards, notes or other property, as the Administrator shall determine, subject to any required corporate action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The prospective recipient of an Other Share-Based Award or Other Cash-Based Award shall not have any rights with respect to such Award, unless and until such recipient has received an Award Agreement and, if required by the Administrator in the Award Agreement, executed and delivered a fully executed copy thereof to the Company, within a period of sixty (60) days (or such other period as the Administrator may specify) after the award date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything herein to the contrary, upon a Change in Control, all outstanding Other Share-Based Awards and Other Cash-Based Awards shall be subject to Section 12 of the Plan.

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**Section 12. Change in Control.**

Unless otherwise expressly provided in an Award Agreement, Awards shall not accelerate solely upon the occurrence of a Change in Control. However, if a Participant's employment or service is terminated by the Company without Cause, or the Participant resigns for Good Reason (as defined in the applicable Award Agreement or other applicable agreement), in either case within twelve (12) months following a Change in Control, then such Award shall become fully vested (or, in the case of Performance-Based Awards, shall vest based on target or actual performance, as determined in good faith by the Administrator). If the Company is a party to an agreement that is reasonably likely to result in a Change in Control, such agreement may provide for: (i) the continuation of any Award by the Company, if the Company is the surviving corporation; (ii) the assumption of any Award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or subsidiary of equivalent awards for any Award, *provided, however*, that any such substitution with respect to Options and Stock Appreciation Rights shall occur in accordance with the requirements of Code Section 409A; or (iv) settlement of any Award for the Change in Control Price (less, to the extent applicable, the per share exercise or grant price), or, if the per share exercise or grant price equals or exceeds the Change in Control Price or if the Administrator determines that Award cannot reasonably become vested pursuant to its terms, such Award shall terminate and be canceled without consideration. To the extent that Restricted Shares, Restricted Stock Units or other Awards settle in Shares in accordance with their terms upon a Change in Control, such Shares shall be entitled to receive as a result of the Change in Control transaction the same consideration as the Shares held by stockholders of the Company as a result of the Change in Control transaction. For purposes of this Section 12, "<u>Change in Control Price</u>" shall mean (A) the price per Share paid to stockholders of the Company in the Change in Control transaction, or (B) the Fair Market Value of a Share upon a Change in Control, as determined by the Administrator. To the extent that the consideration paid in any such Change in Control transaction consists all or in part of securities or other non-cash consideration, the value of such securities or other non-cash consideration shall be determined in good faith by the Administrator.

**Section 13. Amendment and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board or the Committee may amend, alter or terminate the Plan, but no amendment, alteration, or termination shall be made that would adversely alter or impair the rights of a Participant under any Award theretofore granted without such Participant's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) approval of the Company's stockholders shall be obtained for any amendment that would require such approval in order to satisfy the requirements of Code Section 422, if applicable, any rules of the stock exchange on which the Shares are traded or other applicable law, and (ii) without stockholder approval to the extent required by the rules of any applicable national securities exchange or inter-dealer quotation system on which the Shares are listed or quoted, except as otherwise permitted under Section 5 of the Plan, (A) no amendment or modification may reduce the Exercise Price of any Option or Stock Appreciation Right, (B) the Administrator may not cancel any outstanding Option or Stock Appreciation Right and replace it with a new Option or Stock Appreciation Right, another Award or cash and (C) the Administrator may not take any other action that is considered a "repricing" for purposes of the stockholder approval rules of the applicable securities exchange or inter-dealer quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions of the Plan and Code Section 409A, the Administrator may modify, extend or renew outstanding Awards under the Plan, or accept the surrender of outstanding Awards (to the extent not already exercised) and grant new Awards in substitution of them (to the extent not already exercised).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, no alteration, modification or termination of an Award will, without the prior written consent of the Participant, adversely alter or impair any rights or obligations under any Award already granted under the Plan.

**Section 14. Unfunded Status of Plan.**

The Plan is intended to constitute an "unfunded" plan for incentive compensation. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan. With respect to any payments not yet made or Shares not yet transferred to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company.

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**Section 15. Deferrals of Payment.**

To the extent permitted by applicable law, the Administrator, in its sole discretion, may determine that the delivery of Shares or the payment of cash, upon the exercise, vesting or settlement of all or a portion of any Award, shall be deferred. The Administrator may also, in its sole discretion, establish one or more programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of any such consideration, including any applicable election procedures, the timing of such elections, the mechanisms for payments of amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Administrator deems advisable for the administration of any such deferral program. Deferrals by Participants (or deferred settlement or payment required by the Administrator) shall be made in accordance with Code Section 409A, if applicable, and any other applicable law.

**Section 16. Withholding Taxes.**

Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the gross income of such Participant for federal, state and/or local income tax purposes, pay to the Company, or make arrangements satisfactory to the Administrator regarding payment of, any federal, state, or local taxes of any kind, domestic or foreign, required by law or regulation to be withheld with respect to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to such Participant. Whenever cash is to be paid pursuant to an Award granted hereunder, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto. Whenever Shares are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any related federal, state and local taxes, domestic or foreign, to be withheld and applied to the tax obligations. With the approval of the Administrator, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery of Shares or by delivering already owned unrestricted Shares, in each case, having a value equal to the amount required to be withheld or other greater amount not exceeding the maximum statutory rate required to be collected on the transaction under applicable law, as applicable to the Participant, if such other greater amount would not, as determined by the Administrator, result in adverse financial accounting treatment (including in connection with the effectiveness of FASB Accounting Standards Update 2016-09). Such Shares shall be valued at their Fair Market Value on the date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such an election may be made with respect to all or any portion of the Shares to be delivered pursuant to an Award. The Company may also use any other method of obtaining the necessary payment or proceeds, as permitted by law, to satisfy its withholding obligation with respect to any Option or other Award.

**Section 17. Certain Forfeitures.**

The Administrator may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to the applicable vesting conditions of an Award. Such events may include, without limitation, breach of any non-competition, non-solicitation, confidentiality, or other restrictive covenants that are contained in an Award Agreement or that are otherwise applicable to the Participant, a termination of the Participant's employment for Cause, or other conduct by the Participant that is detrimental to the business or reputation of the Company and its Subsidiaries and/or its Affiliates.

**Section 18. Dividends; Dividend Equivalents.**

Notwithstanding anything in this Plan to the contrary, to the extent that an Award contains a right to receive dividends or dividend equivalents while such Award remains unvested, such dividends or dividend equivalents will be accumulated and paid once and to the extent that the underlying Award vests.

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**Section 19. Non-United States Employees.**

Without amending the Plan, the Administrator may grant Awards to eligible persons residing in non-United States jurisdictions on such terms and conditions different from those specified in the Plan, including the terms of any award agreement or plan, adopted by the Company or any Subsidiary thereof to comply with, or take advantage of favorable tax or other treatment available under, the laws of any non-United States jurisdiction, as may in the judgment of the Administrator be necessary or desirable to foster and promote achievement of the purposes of the Plan and, in furtherance of such purposes the Administrator may make such modifications, amendments, procedures, sub-plans and the like as may be necessary or advisable to comply with provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.

**Section 20. Transfer of Awards.**

No purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any Award or any agreement or commitment to do any of the foregoing (each, a "<u>Transfer</u>") by any holder thereof in violation of the provisions of the Plan or an Award Agreement will be valid, except with the prior written consent of the Administrator, which consent may be granted or withheld in the sole discretion of the Administrator, and other than by will or by the laws of descent and distribution. Any purported Transfer of an Award or any economic benefit or interest therein in violation of the Plan or an Award Agreement shall be null and void *ab initio*, and shall not create any obligation or liability of the Company, and any person purportedly acquiring any Award or any economic benefit or interest therein transferred in violation of the Plan or an Award Agreement shall not be entitled to be recognized as a holder of such Shares. Unless otherwise determined by the Administrator in accordance with the provisions of the immediately preceding sentence, an Option may be exercised, during the lifetime of the Participant, only by the Participant or, during any period during which the Participant is under a legal disability, by the Participant's guardian or legal representative. Under no circumstances will a Participant be permitted to transfer an Option or Stock Appreciation Right to a third-party financial institution without prior stockholder approval.

**Section 21. No Right to Continued Employment or Service.**

The adoption of the Plan shall not confer upon any Eligible Recipient any right to continued employment or service with the Company or an Affiliate thereof, as the case may be, nor shall it interfere in any way with the right of the Company or an Affiliate thereof to terminate the employment or service of any of its Eligible Recipients at any time.

**Section 22. Effective Date.**

The Plan will be effective [_] (the "<u>Effective Date</u>"), the date of Plan approval by the Company's Board and stockholders. The Plan will be unlimited in duration and, in the event of Plan termination, will remain in effect as long as any Shares awarded under it are outstanding and not fully vested; *provided*, *however*, that no Awards will be made under the Plan on or after the tenth anniversary of the Effective Date.

**Section 23. Code Section 409A.**

The intent of the parties is that payments and benefits under the Plan be either exempt from Code Section 409A or comply with Code Section 409A to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered consistent with such intent. Any payments described in the Plan that are due within the "short-term deferral period" as defined in Code Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Code Section 409A, amounts that would otherwise be payable and benefits that would otherwise be provided upon a "separation from service" to a Participant who is a "specified employee" shall be paid on the first business day after the date that is six (6) months following the Participant's separation from service (or upon the Participant's death, if earlier). In addition, for purposes of the Plan, each amount to be paid or benefit to be provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Code Section 409A, shall be construed as a separate identified payment for purposes of Code Section 409A. Nothing contained in the Plan or an Award Agreement shall be construed as a guarantee of any particular tax effect with respect to an Award. The Company does not guarantee that any Awards provided under the Plan will be exempt from or in compliance with the provisions of Code Section 409A, and in no event will the Company be liable for any or all portion of any taxes, penalties, interest or other expenses that may be incurred by a Participant on account of any Award being subject to, but not in compliance with, Code Section 409A.

**Section 24. Code Section 280G.**

The benefits that a Participant may be entitled to receive under the Plan and other benefits that a Participant is entitled to receive under other plans, agreements, and arrangements of the Company, may constitute "parachute payments" that are subject to Sections 280G and 4999 of the Code. Such "parachute payments" will be reduced if, and only to the extent that, a reduction will allow a Participant to receive a greater net after-tax amount than such Participant would receive absent a reduction.

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**Section 25. Compliance with Laws.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Company to settle Awards in Shares or other consideration shall be subject to (i) all applicable laws, rules, and regulations, (ii) such approvals as may be required by governmental agencies or the applicable national securities exchange on which the Shares may be admitted, and (iii) policies maintained by the Company from time to time in order to comply with applicable laws, rules, regulations and corporate governance requirements, including, without limitation, with respect to insider trading restrictions. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any Shares pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such Shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the Shares to be offered or sold under the Plan. The Administrator shall have the authority to provide that all Shares or other securities of the Company issued under the Plan shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, the federal securities laws, or the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted and any other applicable federal, state, local or non-U.S. laws, rules, regulations and other requirements, and the Administrator may cause a legend or legends to be put on certificates representing Shares or other securities of the Company issued under the Plan to make appropriate reference to such restrictions or may cause such Shares or other securities of the Company issued under the Plan in book-entry form to be held subject to the Company's instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it, in its sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrator may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of Shares from the public markets, the Company's issuance of Shares to the Participant, the Participant's acquisition of Shares from the Company and/or the Participant's sale of Shares to the public markets, illegal, impracticable or inadvisable. If the Administrator determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Code Section 409A, (i) pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the Shares subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the Shares would have been vested or issued, as applicable), over (B) the aggregate Exercise Price (in the case of an Option or Stock Appreciation Right) or any amount payable as a condition of issuance of Shares (in the case of any other Award), and such amount shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof, or (ii) in the case of Restricted Shares, Restricted Stock Units or Other Share-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Shares, Restricted Stock Units or Other Share-Based Awards, or the underlying Shares in respect thereof.

**Section 26. Erroneously Awarded Compensation.**

The Plan and all Awards issued hereunder shall be subject to any compensation recovery and/or recoupment policy adopted by the Company to comply with applicable law, including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act or the Exchange Act, or to comport with good corporate governance practices, as such policies may be amended from time to time.

**Section 27. Governing Law.**

The Plan shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law of such state.

**Section 28. Plan Document Controls.**

The Plan and each Award Agreement together constitute the entire agreement with respect to the subject matter hereof and thereof; *provided*, that in the event of any inconsistency between the Plan and such Award Agreement, the terms and conditions of the Plan shall control.

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**Annex F**

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| ![](image_007.jpg) | ![](image_008.jpg)Investment Banking Valuation & Financial Advisory Special Situations |

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| November 17, 2025 | **<u>PRIVATE & CONFIDENTIAL</u>** |

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Board of Directors

Blue Acquisition Corp.

1601 Anita Lane

Newport Beach, CA 92660

Ladies and Gentlemen:

Houlihan Capital, LLC ("Houlihan Capital") understands that Blue Acquisition Corp. ("Client," "SPAC" or "Blue"), a Cayman Islands exempted company, intends to pursue a business combination transaction (the "Transaction") with Blockfusion USA, Inc., a Delaware corporation, together with its affiliates (the "Company" or "Target"), as described in the non-binding letter of intent ("LOI") between SPAC and the Company dated as of September 12, 2025 and the Business Combination Agreement related to the Transaction (the "Business Combination Agreement"). The LOI and definitive agreements for the Transaction, including the Business Combination Agreement, contemplate a so-called "double-dummy" transaction structure pursuant to which each of SPAC and the Company will merge into subsidiaries of a newly-established Delaware corporation, Blockfusion Data Centers, Inc. ("Pubco"), which will be the surviving public company after the Transaction is consummated (the "Closing"). The definitive agreements also reflect that the total consideration deliverable to Company security holders will consist of a number of newly-issued Pubco securities reflecting a pre-money equity value attributed to the Company of $450.0 million ("Transaction Consideration"), with each Pubco share to be valued for such purpose at an amount equal to the redemption price of SPAC public shares at the Closing.

Pursuant to an engagement letter dated October 8, 2025, the Board of Directors of Blue (the "Board of Directors") engaged Houlihan Capital as its financial advisor to render a written opinion (the "Opinion"), as of the date hereof, as to whether or not favorable, to the Board of Directors, as to whether, as of the date of such Opinion (the "Opinion Date"), (i) the consideration to be issued or paid in the Transaction to the security holders of Blockfusion is fair, from a financial point of view, to Blue and its shareholders and (ii) Blockfusion has an aggregate fair market value equal to at least eighty percent (80%) of the balance of funds in SPAC's trust account (excluding deferred underwriting commissions and taxes payable)(the "Trust Account") as of the date of execution of the Business Combination Agreement (the "Signing Date," and the analysis described in this clause (ii), the "80% Test," which 80% Test analysis assumes that there are no reductions or other material changes to the Trust Account or funds contained therein between the Opinion Date and the Signing Date).

In completing our analysis for purposes of the Opinion set forth herein, Houlihan Capital's investigation included, among other things, the following (with the information referred to below, "Information"):

● Held discussions with certain representatives of Blue ("Blue Representatives") and members of Blockfusion's senior management ("Company Management") regarding the Transaction, the Company's historical performance and operations, Blockfusion's plans to transition the business of the Company to become a high-performance computing (HPC) data center capable of hosting and providing services to HPC/AI client (the "HPC/AI Transition") and certain financial projections of the Company (the Forecasts, as further described below), and the future outlook for the Company;

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Fairness Opinion – Confidential

Board of Directors of Blue Acquisition Corp.

November 17, 2025

● Review of information provided by the Client and the Company including, but not limited to:

○ the SPAC's latest reports on Form 10-Q and 10-K and other relevant public documents as filed with the Securities and Exchange Commission;

○ Blockfusion Company overview and presentation materials;

○ the executed LOI, dated September 12, 2025;

○ certain historical unaudited financial information regarding Blockfusion, including the Company's outstanding indebtedness;

○ certain financial and operating forecasts prepared by Company management (the "Forecasts") for the years ending December 31, 2026, through December 31, 2030;

○ the Business Combination Agreement by and among Blue Acquisition Corp., Blockfusion Data Centers, Inc., Atlas Merger Sub, Inc., and Blockfusion USA, Inc., dated as of November 17, 2025;

○ A Blockfusion USA, Inc., corporate structure diagram;

● Discussed with Blue Representatives certain illustrative pro forma capitalization and sources/uses information and the Business Combination parties' potential plans relative to financing transactions that may accompany the Business Combination, if any such transactions are identified and pursued;

● Reviewed the industry in which the Company operates, which included a review of (i) certain industry research, (ii) certain comparable publicly traded companies and (iii) certain mergers and acquisitions of comparable businesses;

● Developed indications of value for the Company using generally accepted valuation methodologies; and

● Reviewed certain other relevant, publicly available information, including economic, industry, and Company specific information.

Our analyses contained herein are confidential and addressed to, and provided exclusively for use by, the Board. The Opinion may be used (i) by the Board in evaluating the Transaction, (ii) in disclosure materials to shareholders of the Company, (iii) in filings with the U.S. Securities and Exchange Commission (including the filing of the Opinion and the data and analysis presented by Houlihan Capital to the Board), and (iv) in any litigation pertaining to matters relating to the Transaction and covered in the Opinion.

[**Table of Contents**](#TableOfContents)

Fairness Opinion – Confidential

Board of Directors of Blue Acquisition Corp.

November 17, 2025

No opinion, counsel, or interpretation was intended or should be inferred with respect to matters that require legal, regulatory, accounting, insurance, tax, or other similar professional advice. Furthermore, the Opinion does not address any aspect of the Board's recommendation to its shareholders with respect to the adoption of the Transaction or how any shareholder of the Company should vote with respect to such adoption or the statutory or other method by which the Company is seeking such vote in accordance with the terms of the Transaction, applicable law, and the Company's organizational instruments.

This Opinion is delivered to each recipient subject to the conditions, scope of engagement, limitations and understandings set forth in the Opinion and subject to the understanding that the obligations of Houlihan Capital and any of its affiliates in the Transaction are solely corporate obligations, and no officer, director, principal, employee, affiliate, or member of Houlihan Capital or their successors or assigns shall be subjected to any personal liability whatsoever (other than for intentional misconduct, bad faith, fraud, or gross negligence), nor will any such claim be asserted by or on behalf of the Company or its affiliates against any such person with respect to the Opinion other than Houlihan Capital.

We have relied upon and assumed, without independent verification, the accuracy, completeness and reasonableness of the financial, legal, tax, and other information discussed with or reviewed by us and have assumed such accuracy and completeness for purposes of rendering an opinion. In addition, we have not made any independent evaluation or appraisal of any of the assets or liabilities (contingent or otherwise) of the Company or Target, nor, except as stated herein, have we been furnished with any such evaluation or appraisal. We have further relied upon the assurances and representations from Company Management that they are unaware of any facts that would make the Information provided to us to be incomplete or misleading in any material respect for the purposes of the Opinion and that the Forecasts provided to us were prepared in good faith by the Company Management. We have not assumed responsibility for any independent verification of this information, nor have we assumed any obligation to verify this information. Nothing has come to our attention in the course of this engagement which would lead us to believe that (i) any information provided to us or assumptions made by us are insufficient or inaccurate in any material respect or (ii) it is unreasonable for us to use and rely upon such information or make such assumptions.

Several analytical methodologies were considered, and a subset of those were employed, in arriving at the Opinion. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Houlihan Capital did not attribute any particular weight to any single analysis or factor, but instead, made certain qualitative and subjective judgments as to the significance and relevance of each analysis and factor relative to all other analyses and factors performed and considered by us and in the context of the circumstances of the Transaction. Accordingly, Houlihan Capital believes that its analyses must be considered as a whole, because considering any portion of such analyses and factors, without considering all analyses and factors in their entirety, could create a misleading or incomplete view of the process underlying, and used by Houlihan Capital as support for, the conclusion set forth in the Opinion.

[**Table of Contents**](#TableOfContents)

Fairness Opinion – Confidential

Board of Directors of Blue Acquisition Corp.

November 17, 2025

In our analysis and in connection with the preparation of the Opinion, Houlihan Capital has made numerous assumptions with respect to industry performance, general business, market and economic conditions and other matters, many of which are beyond the control of any party involved in the Transaction. Houlihan Capital's Opinion is necessarily based on financial, economic, market and other conditions as in effect on, and the information made available to it as of, the date of the Opinion. Houlihan Capital is under no obligation, to update, revise, reaffirm or withdraw the Opinion, or otherwise comment on or consider events occurring after the date of the Opinion.

The Opinion is our only formal written opinion as to whether, as of the date of such Opinion, the consideration to be issued or paid in the Transaction to the Blockfusion security holders is fair, from a financial point of view, to Blue and its shareholders. The Opinion does not constitute a recommendation to proceed with the Transaction. Houlihan Capital was not requested to opine as to, and the Opinion does not address, the (i) underlying business decision of Company, its shareholders, or any other party to proceed with or effect the proposed Transaction, (ii) financial fairness of any aspect of the proposed Transaction not expressly addressed in the Opinion, (iii) terms of the Transaction (except as expressly addressed herein), including, without limitation, the closing conditions and any of the other provisions thereof, (iv) fairness of any portion or aspect of the proposed Transaction to the holders of any securities, creditors, or other constituencies of the Company, or any other party, other than those set forth in the Opinion, (v) relative corporate or other merits of the proposed Transaction as compared to any alternative business strategies that might exist for the Company, or (vi) tax, accounting, or legal consequences of the proposed Transaction to either the Company, its shareholders, or any other party.

Houlihan Capital, a Financial Industry Regulatory Authority (FINRA) member, as part of its investment banking services, is regularly engaged in the valuation of businesses and securities in connection with mergers and acquisitions, private placements, bankruptcy, capital restructuring, solvency analyses, stock buybacks, and valuations for corporate and other purposes. Neither Houlihan Capital, nor any of its principals, has any ownership or other beneficial interests in the Company or Target and has provided no previous investment banking or consulting services to the Company or Target.

Houlihan Capital has received and is receiving a fee from the Company relating to its services in providing the Opinion that is not contingent on the consummation of the proposed Transaction. In an engagement letter dated June 7, 2024, Client has agreed to indemnify Houlihan Capital for certain specified matters in connection with Houlihan Capital's services relating to the Opinion.

Subject to the foregoing qualifications, assumptions, and limitations, as of the date hereof, it is Houlihan Capital's opinion that (i) the consideration to be issued or paid in the Transaction to the security holders of Blockfusion is fair, from a financial point of view, to Blue and its shareholders and (ii) Blockfusion has an aggregate fair market value equal to at least 80 percent of the balance of funds in Blue's trust account (excluding deferred underwriting commissions and taxes payable) as of the Signing Date. The Opinion was unanimously approved by the Fairness Opinion Committee of Houlihan Capital.

Respectfully submitted,

Houlihan Capital, LLC

## Exhibit 10.20

**Exhibit 10.20**

**<u>INDEMNIFICATION AGREEMENT</u>**

This Indemnification Agreement (this "**<u>Agreement</u>**") is made and entered into as of January [●], 2026, by and between Blockfusion Data Centers, Inc., a Delaware corporation (the "**<u>Company</u>**"), and ________________ ("**<u>Indemnitee</u>**").

**<u>BACKGROUND</u>**

Highly competent persons have become more reluctant to serve corporations as directors or officers or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation.

The Board of Directors of the Company (the "**<u>Board</u>**") has determined that, in order to attract and retain qualified individuals, the Company will, unless certain conditions described below are met, maintain on an ongoing basis, at its sole expense, liability insurance to protect certain persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions.

Directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself.

The Amended and Restated Certificate of Incorporation of Blockfusion Data Centers, Inc. (as may be amended, the "**<u>Certificate of Incorporation</u>**") and the Amended and Restated Bylaws of the Company (as may be amended, the "**<u>Bylaws</u>**") require indemnification of the officers and directors of the Company to the full extent permissible under applicable law. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware ("**<u>DGCL</u>**"). The Certificate of Incorporation, the Bylaws, and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the Board, officers, and other persons with respect to indemnification.

The uncertainties relating to insurance and to indemnification have increased the difficulty of attracting and retaining persons to serve. The Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company's stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future.

It is reasonable, prudent, and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified.

This Agreement is a supplement to and in furtherance of the Certificate of Incorporation and Bylaws and any resolutions adopted by the Board, and will not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

Indemnitee does not regard the protection available under the Certificate of Incorporation and Bylaws and insurance as adequate in the present circumstances; may not be willing to serve as an officer or director without adequate protection; and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve, and to take on additional service for or on behalf of the Company on the condition that he or she be so indemnified.

**<u>AGREEMENT</u>**

NOW, THEREFORE, in consideration of the foregoing and of Indemnitee's agreement to serve as an officer or director or both after the date of this Agreement, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Indemnification of Indemnitee</u>. The Company hereby agrees to defend, hold harmless, and indemnify Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification, and without limiting the generality thereof:

&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) <u>Proceedings Other Than Proceedings by or in the Right of the Company</u>. Indemnitee will be entitled to the rights of indemnification provided in this Agreement if, by reason of his or her Corporate Status (as defined below), the Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined below) other than a Proceeding by or in the right of the Company. Pursuant to this <u>Section 1(a)</u>, the Company will indemnify, defend, and hold Indemnitee harmless to the fullest extent permitted by applicable law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), against all Expenses (as defined below), judgments, penalties (including, but not limited to, excise and similar taxes), fines, and amounts paid in settlement actually and reasonably incurred by him or her, or on his or her behalf, in connection with such Proceeding or any claim, issue, or matter in any such Proceeding, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, had no reasonable cause to believe the Indemnitee's conduct was unlawful.

&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) <u>Proceedings by or in the Right of the Company</u>. Indemnitee will be entitled to the rights of indemnification provided in this Agreement if, by reason of his or her Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this <u>Section 1(b)</u>, the Company will indemnify, defend, and hold Indemnitee harmless to the fullest extent permitted by applicable law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), against all Expenses actually and reasonably incurred by the Indemnitee, or on the Indemnitee's behalf, in connection with such Proceeding, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company. No indemnification against such Expenses will be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee has been finally adjudged to be liable to the Company by a court of competent jurisdiction from which there is no further right of appeal unless and to the extent that the court in which such action or suit was brought determines that such indemnification may be made.

&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) <u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a party to and is wholly successful, on the merits or otherwise, in any Proceeding, he or she will be indemnified by the Company to the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than permitted prior to such amendment), against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with each successfully resolved claim, issue, or matter. For purposes of this <u>Section 1(c)</u> and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Additional Indemnity</u>. In addition to, and without regard to any limitations on, the indemnification provided for in <u>Section 1</u> of this Agreement, the Company will and hereby does indemnify, defend, and hold harmless Indemnitee against all Expenses, judgments, penalties (including, but not limited to, excise and similar taxes), fines, and amounts paid in settlement actually and reasonably incurred by him or her or on his or her behalf if, by reason of his or her Corporate Status, he or she is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the sole, contributory, comparative or other negligence, or active or passive wrongdoing of Indemnitee. Except as provided in this <u>Section 2</u> or in <u>Section 9</u>, the only limitation that will exist upon the Company's obligations pursuant to this Agreement will be that the Company will not be obligated to make any payment to Indemnitee that is finally adjudged (under the procedures, and subject to the presumptions, set forth in <u>Sections 6</u> and <u>7</u>) to be prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Contribution</u>.

&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) Regardless of whether the indemnification provided in <u>Sections 1</u> and <u>2</u> is available, in respect of any threatened, pending, or completed Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company will pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company will not, without prior written consent of Indemnitee, enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement solely involves the payment of money and includes a full, unconditional and final release of all claims that are or were asserted against Indemnitee in such Proceeding. In addition, the Company will not, without prior written consent of Indemnitee, seek or agree to a bar order that extinguishes Indemnitee's rights to indemnification or advancement of Expenses, whether under this Agreement or otherwise.

&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) Without diminishing or impairing the obligations of the Company set forth in <u>Section 3(a)</u>, if, for any reason, Indemnitee elects or is required to pay all or any portion of any judgment or settlement in any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company will contribute to the amount of Expenses, judgments, penalties (including, but not limited to, excise and similar taxes), fines, and amounts paid in settlement actually and reasonably incurred and paid or payable by Indemnitee in proportion to the relative benefits received from the transaction that gave rise to such Proceeding by (i) the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand; and (ii) Indemnitee, on the other hand; *provided*, *however*, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors, or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such Expenses, judgments, penalties (including, but not limited to, excise and similar taxes), fines, or settlement amounts, as well as any other equitable considerations that applicable law may require to be considered. The relative fault of the Company and all officers, directors, or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, will be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their conduct is active or passive.

&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) The Company hereby agrees to fully indemnify, defend, and hold harmless Indemnitee from any claims of contribution that may be brought by officers, directors, or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee.

&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) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise and similar taxes, and amounts paid or to be paid in settlement or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) or transaction(s) giving cause to such Proceeding; and (ii) the relative fault of the Company (and its directors, officers, employees, and agents) and Indemnitee in connection with such event(s) or transaction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Indemnification for Expenses of a Witness</u>. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her Corporate Status, a witness or otherwise involved in any Proceeding to which Indemnitee is not a party, the Company will indemnify, defend, and hold harmless the Indemnitee against all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Advancement of Expenses</u>. To the fullest extent permitted by law, as such may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader advancement rights than permitted prior to such amendment), the Company will advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee's Corporate Status within 10 days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements will reasonably evidence the Expenses incurred by Indemnitee and will include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it is finally adjudicated by a court of competent jurisdiction in a final, non-appealable judgment from which no further right of appeal, review, or rehearing exists that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this <u>Section 5</u> will be unsecured and interest-free and any advances will be made without regard to Indemnitee's ability to repay the Expenses. Indemnitee will qualify for and be entitled to receive such advances solely upon execution and delivery to the Company of the statement or statements and the undertaking referred to in this <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Procedures and Presumptions for Determination of Entitlement to Indemnification</u>. It is the intent of this Agreement to secure for Indemnitee rights of indemnification that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions will apply in the event of any question as to whether Indemnitee is entitled to indemnification under 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;(a) To obtain indemnification under this Agreement, Indemnitee must submit to the Company a written request, including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company will, promptly upon receipt of such a request for indemnification, advise the Board that Indemnitee has requested indemnification. Notwithstanding the foregoing, any failure by Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such failure actually prejudices the interests of the Company. Any Expenses incurred by, or in the case of retainers, to be incurred by, the Indemnitee in connection with the Indemnitee's request for indemnification hereunder shall be borne by the Company.

&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) If the Company shall be obligated to pay the Expenses of any Proceeding against Indemnitee, the Company shall be entitled to assume and control the defense of such Proceeding (with counsel consented to by Indemnitee, which consent shall not be unreasonably withheld), upon the delivery to Indemnitee of written notice of its election so to do. After delivery of such notice, consent to such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently incurred by Indemnitee with respect to the same Proceeding; *provided*, *however*, that if (i) the employment of separate counsel by Indemnitee has been previously authorized by the Company, (ii) Indemnitee or counsel selected by the Company shall have concluded that there may be a conflict of interest between the Company and Indemnitee or among Indemnitees jointly represented in the conduct of any such defense; or (iii) the Company shall not, in fact, have employed counsel, to which Indemnitee has consented as aforesaid, to assume the defense of such Proceeding, then the reasonable fees and expenses of Indemnitee's counsel shall be at the expense of the Company. Notwithstanding the foregoing, Indemnitee shall have the right to employ counsel in any such Proceeding at Indemnitee's expense.

&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) The Company will be entitled to participate in the Proceeding at its own expense. The Company will not, without prior written consent of Indemnitee, effect any settlement of a claim against Indemnitee in any threatened or pending Proceeding unless such settlement solely involves the payment of money by any Person (as defined below) other than Indemnitee and includes a full, unconditional and final release of all claims that are or were asserted against Indemnitee in such Proceeding. In addition, the Company will not, without prior written consent of Indemnitee, seek or agree to a bar order that extinguishes Indemnitee's rights to indemnification or advancement of Expenses, whether under this Agreement or otherwise.

&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) Upon written request by Indemnitee for indemnification pursuant to the first sentence of <u>Section 6(a)</u>, a determination, if required by applicable law, with respect to Indemnitee's entitlement to indemnification will be made in the specific case: (i) if a Change in Control (as defined below) shall have occurred, by Independent Counsel (as defined below) in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control shall not have occurred, (A) by a majority vote of the Disinterested Directors (as defined below), even though less than a quorum of the Board, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Board, by the stockholders of the Company. Indemnitee will reasonably cooperate with the Person making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such Person upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any Expenses actually and reasonably incurred by Indemnitee in so cooperating with the Person making such determination will be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby indemnifies, defends, and agrees to hold Indemnitee harmless from any such costs and Expenses. If it is determined that Indemnitee is entitled to indemnification requested by Indemnitee in a written application submitted to the Company pursuant to <u>Section 6</u>, payment to Indemnitee will be made within 60 days after the written request for indemnification submitted by Indemnitee.

&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) In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to <u>Section 6(d)</u>, the Independent Counsel will be selected as provided in this <u>Section 6(e)</u>. If a Change in Control has not occurred, the Independent Counsel will be selected by the Board, and the Company will give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control has occurred, the Independent Counsel will be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board, in which event the preceding sentence will apply), and Indemnitee will give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days after such written notice of such selection has been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; *provided*, *however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction has determined that such objection is without merit. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel and to fully indemnify such Independent Counsel against any and all Expenses, claims, liabilities, and damages arising out of or relating to this Agreement or its engagement pursuant to 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;(f) In making a determination with respect to entitlement to indemnification under this Agreement, the Person making such determination will presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence. Neither the failure of the Company (including the Board, Independent Counsel or its stockholders) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Company (including the Board, Independent Counsel or its stockholders) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&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) Indemnitee will be deemed to have acted in good faith if Indemnitee's action is based on the records or books of account of the Enterprise (as defined below), including financial statements, or on information supplied to Indemnitee by directors, officers, employees or agents of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected by the Enterprise. In addition, the knowledge or actions, or failure to act, of any director, officer, agent, or employee of the Enterprise will not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Regardless of whether the foregoing provisions of this <u>Section 6(g)</u> are satisfied, it will in any event be presumed that Indemnitee has at all times acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If the Person empowered or selected under <u>Section 6(d)</u> to determine whether Indemnitee is entitled to indemnification has not made a determination within 30 days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification will be deemed to have been made and Indemnitee will be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee will cooperate with the Person making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such Person upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board, or stockholder of the Company will act reasonably and in good faith in making a determination regarding the Indemnitee's entitlement to indemnification under this Agreement. Any Expenses actually and reasonably incurred by Indemnitee in so cooperating with the Person making such determination will be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company hereby agrees to indemnify, defend, and hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to avoid expense, delay, distraction, disruption, or uncertainty. In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without limitation, settlement of such Proceeding with or without payment of money or other consideration), it will be presumed that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption will have the burden of proof and the burden of persuasion by clear and convincing evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The termination of any Proceeding or of any claim, issue, or matter therein, by judgment, order, settlement, or conviction, or upon a plea of *nolo contendere* or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner that he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Remedies of Indemnitee</u>.

&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) In the event that (i) a determination is made pursuant to <u>Section 6</u> of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to <u>Section 5</u> of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to <u>Section 6(d)</u> of this Agreement within 30 days after receipt by the Company of the request for indemnification or (iv) payment of indemnification is not made pursuant to this Agreement within 60 days after receipt by the Company of a written request therefor, Indemnitee may at any time thereafter bring suit against the Company to enforce Indemnitee's claim to such indemnification or payment. The Company will not oppose Indemnitee's right to bring such suit.

&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) In the event that a determination has been made pursuant to <u>Section 6(d)</u> of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this <u>Section 7</u> will be conducted in all respects as a *de novo* trial on the merits, and Indemnitee will not be prejudiced by reason of the adverse determination under <u>Section 6(d)</u>.

&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) If a determination has been made pursuant to <u>Section 6(d)</u> of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding commenced pursuant to this <u>Section 7</u>, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's misstatement not materially misleading in connection with the application for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&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) The Company will indemnify, defend, and hold harmless Indemnitee against any and all Expenses and, if requested by Indemnitee, will (within 30 days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses to Indemnitee, that are actually and reasonably incurred by Indemnitee in connection with any action brought by Indemnitee (i) for indemnification or advancement of Expenses from the Company under this Agreement, (ii) to recover damages for breach of this Agreement or (iii) related to any directors' and officers' liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses, or insurance recovery, as the case may be.

&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) The Company will be precluded from asserting in any proceeding commenced pursuant to this <u>Section 7</u> that the procedures and presumptions of this Agreement are not valid, binding, and enforceable and will stipulate in any court of competent jurisdiction that the Company is bound by all the provisions 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;(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement will be required to be made prior to the final disposition of the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Non-Exclusivity; Survival of Rights; Insurance; Subrogation</u>.

&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) The rights of indemnification as provided by this Agreement will not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of directors, or otherwise. No amendment, alteration, or repeal of this Agreement or of any provision of this Agreement will limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration, or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded at the time of such change under the Certificate of Incorporation, the Bylaws, or this Agreement, it is the intent of the parties to this Agreement that Indemnitee will enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy conferred by this Agreement is intended to be exclusive of any other right or remedy, and every other right and remedy will be cumulative and in addition to every other right and remedy given under this Agreement or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy under this Agreement, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

&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) The Company hereby covenants and agrees that, so long as Indemnitee serves in a Corporate Status and thereafter so long as Indemnitee may be subject to any possible Proceeding by reason of the fact that Indemnitee served in a Corporate Status, the Company, subject to <u>Section 8(d)</u>, will maintain in full force and effect liability insurance to protect Indemnitee from personal liabilities incurred by reason of the fact that Indemnitee is or was serving in such capacity ("**<u>Liability Insurance</u>**") in reasonable amounts from established and reputable insurers.

&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) In all applicable policies of Liability Insurance, Indemnitee will be named as an insured and will be covered by such policies in accordance with their terms to the maximum extent of the coverage available for any director, officer, employee, or agent or fiduciary under such policy or policies.

&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) Notwithstanding the foregoing, the Company will have no obligation to maintain Liability Insurance if the Company determines in good faith that such insurance is not reasonably available, the premium costs for such insurance are disproportionate to the amount of coverage provided, the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit, or Indemnitee is covered by similar insurance maintained by a subsidiary of the Company or by another Person pursuant to a contractual obligation owed to the Company. The Company shall provide at least 30 days' notice to Indemnitee prior to ceasing the maintenance of Liability Insurance. The Company's decision whether or not to adopt and maintain such insurance will not affect in any way its obligations to indemnify the Indemnitee under this Agreement or otherwise.

&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) Following the receipt of a notice of a claim pursuant to the terms of this Agreement, the Company will give prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies.

&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) Except as set forth in <u>Section 8(g)</u> below, in the event of any payment under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who will execute all papers required and take all action reasonably necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&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) The Company hereby acknowledges that Indemnitee may have rights to indemnification or advancement of Expenses or insurance provided by one or more Persons with whom or which the Indemnitee may be associated (collectively, the "**<u>Third Party Indemnitors</u>**"). The Company hereby agrees that (i) it is the indemnitor of first resort and that the obligations of the Company to Indemnitee are primary and any obligation of the Third Party Indemnitors to provide indemnification for or advancement of Expenses incurred by Indemnitee are secondary, (ii) the Indemnitee's right to indemnification under this Agreement, and the Certificate of Incorporation and the Bylaws, including the right to advancement of Expenses, indemnification, and contribution, shall not be diminished, modified, qualified, or otherwise affected by any right of Indemnitee against any Third Party Indemnitor, and (iii) it irrevocably waives, relinquishes, and releases the Third Party Indemnitors from any and all claims against the Third Party Indemnitors for contribution, subrogation, or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Third Party Indemnitors on behalf of the Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Third Party Indemnitors shall have the right of contribution and be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Third Party Indemnitors are third party beneficiaries of the terms of this <u>Section 8(g)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the event of a Change in Control, the Company shall, prior to or concurrently with the consummation of such Change in Control, purchase a "tail" or "run-off" directors' and officers' liability insurance policy (i) with a claims period of at least six years from the effective date of such Change in Control, (ii) with coverage, terms, conditions, retentions, and limits of liability that are no less favorable than those contained in the Company's directors' and officers' liability insurance policy in effect immediately prior to such Change in Control, and (iii) covering those Persons who are covered by the Company's directors' and officers' liability insurance policy immediately prior to such Change in Control, including Indemnitee. The Company's obligations under this Section 8(h) shall not be satisfied by the provision of coverage for Indemnitee under any policy maintained by the Company's successor unless such coverage is at least as favorable to Indemnitee as the coverage described in this Section 8(h). In no event shall the Company or any successor cease to maintain such tail coverage or permit such tail coverage to lapse during such six-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Exception to Right of Indemnification</u>. Notwithstanding any provision in this Agreement, the Company will not be obligated under this Agreement to make any indemnification in connection 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;(a) any claim made against Indemnitee for which payment has actually been made to or on behalf of Indemnitee under any insurance policy held by the Company or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; *provided*, *however*, that the foregoing shall not affect the rights of Indemnitee or the Third Party Indemnitors set forth in <u>Section 8(g)</u> above;

&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 claim made against Indemnitee for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined below) or similar provisions of state law; or

&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) except as otherwise provided in <u>Section 7</u>, any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees, or other indemnitees, unless (i) the Board authorized the Proceeding (or such part of any Proceeding) prior to its initiation, (ii) such indemnification is expressly required to be made by applicable law or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Duration of Agreement</u>. All agreements and obligations of the Company contained in this Agreement will continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer, employee or agent of another Person) and will continue thereafter so long as Indemnitee is, or may be made, subject to any Proceeding (or any proceeding commenced under <u>Section 7</u>) by reason of his or her Corporate Status, regardless of whether he or she is acting or serving in any such capacity at the time any liability or Expense is incurred for which indemnification can be provided under this Agreement. This Agreement will be binding upon and inure to the benefit of and be enforceable by the parties and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, reorganization, or otherwise to all or a majority of the business, assets or income or revenue generating capacity of the Company), assigns, spouses, heirs, executors, and personal and legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Successors and Binding Agreement</u>. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization, or otherwise) to all or a majority of the business, assets, or income or revenue generating capacity of the Company, by agreement in form and substance reasonably satisfactory to Indemnitee, to expressly assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company by operation of law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Enforcement</u>.

&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) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it by this Agreement in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

&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) Subject to <u>Section 8(a)</u> hereof, this Agreement constitutes the entire agreement between the parties hereto with respect to the matter hereof and supersedes all prior written and oral, and contemporaneous oral, agreements, negotiations, and understandings, express or implied, between the parties with respect to the subject matter hereof. This <u>Section 12(b)</u> will not be construed to limit any other rights Indemnitee may have under the Certificate of Incorporation, the Bylaws, applicable law or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Definitions</u>. For purposes 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;(a) "**<u>Corporate Status</u>**" describes the status of a person who is or was a director, officer, manager, partner, trustee, employee, agent, or fiduciary of the Enterprise that such person is or was serving at the express request of the Company and includes, without limitation, the status of such person as an advisor to the Enterprise prior to the commencement of service in any other Corporate Status.

&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) "**<u>Change in Control</u>**" will be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Acquiring Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding securities;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during any period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a Person who has entered into an agreement with the Company to effect a transaction described in <u>paragraphs (i), (iii) or (iv)</u> of this definition) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the effective date of a merger or consolidation of the Company with any other Person, other than a merger or consolidation that would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving Person outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving Person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or a majority of the Company's assets or income or revenue-generating capacity; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether or not the Company is then subject to such reporting requirement.

For purposes of the foregoing, the following terms will have the following meanings:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**<u>Acquiring Person</u>**" will mean a "person" or "group" within the meaning of Sections 13(d) and 14(d) of the Exchange Act; *provided*, *however*, that Acquiring Person will exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any Person owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**<u>Beneficial Owner</u>**" will have the meaning given to such term in Rule 13d-3 under the Exchange Act; *provided*, *however*, that Beneficial Owner will exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another Person.

&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) "**<u>Disinterested Director</u>**" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&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) "**<u>Enterprise</u>**" means the Company and any other Person that Indemnitee is or was serving at the express request of the Company.

&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) "**<u>Exchange Act</u>**" means the Securities Exchange Act of 1934, 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;(f) "**<u>Expenses</u>**" include all reasonable attorneys' fees, accountants' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payment under this Agreement (including taxes that may be imposed upon the actual or deemed receipt of payments under this Agreement with respect to the imposition of federal, state, local or foreign taxes), and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, including reasonable compensation for time spent by Indemnitee in connection with the prosecution, defense, preparation to prosecute or defend, investigation, participation, preparation or involvement as a witness, or appeal of a Proceeding or action for indemnification for which Indemnitee is not otherwise compensated by the Company or any third party. "Expenses" also include expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent. "Expenses," however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&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) "**<u>Independent Counsel</u>**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing, the term "Independent Counsel" will not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under 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;(h) "**<u>Person</u>**" means any individual, corporation, partnership, limited liability company, trust, benefit plan, governmental or quasi-governmental agency, and any other entity, public or private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**<u>Proceeding</u>**" includes any threatened, pending, or completed action, claim, suit, arbitration, alternative dispute resolution mechanism, investigation, inquiry, administrative hearing, formal or informal investigation, examination, or inquiry by the Securities and Exchange Commission, the Department of Justice, any state attorney general, any self-regulatory organization (including FINRA), or any other federal, state, local, or foreign regulatory, administrative, or governmental agency or body, any response to a Wells Notice or similar preliminary notice of potential enforcement action, or any other actual, threatened, or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative, or investigative, in which Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was acting in his or her Corporate Status, by reason of any action taken by him or her or of any inaction on his or her part while acting in his or her Corporate Status; in each case whether or not he or she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including any Proceeding pending on or before the date of this Agreement, but excluding any Proceeding initiated by an Indemnitee pursuant to <u>Section 7</u> of this Agreement to enforce his or her rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement will in no way affect the validity or enforceability of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable law. In the event any provision of this Agreement conflicts with any applicable law, such provision will be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Modification and Waiver</u>. No supplement, modification, termination, or amendment of this Agreement will be binding unless executed in writing by each of the parties. No waiver of any of the provisions of this Agreement will be deemed or will constitute a waiver of any other provisions of this Agreement (whether or not similar) nor will such waiver constitute a continuing waiver. This Agreement cannot be modified or amended, or any provision of this Agreement waived, by course of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice by Indemnitee</u>. Indemnitee agrees promptly to notify the Company in writing upon being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information, or other document relating to any Proceeding or matter that may be subject to indemnification covered under this Agreement. The failure to so notify the Company will not relieve the Company of any obligation that it may have to Indemnitee under this Agreement unless and only to the extent that such failure or delay materially prejudices the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. All notices and other communications given or made pursuant to this Agreement will be in writing and will be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if not so confirmed, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications will be sent:

&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) To Indemnitee at the address set forth below Indemnitee's signature hereto.

&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) To the Company at:

Blockfusion Data Centers, Inc.

447 Broadway, 2nd Floor, #538

New York, NY 10013

Attention: Robert Scott

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature or other electronic means and in two or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Rules of Construction</u>.

&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) The headings of the paragraphs of this Agreement are inserted for convenience only and will not be deemed to constitute part of this Agreement or to affect the construction 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;(b) Time is of the essence with respect to 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;(c) Unless the context otherwise requires, references to "Sections" and "Exhibits" are to Sections of, and Exhibits to, 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) This Agreement will be liberally construed in favor of Indemnitee.

&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) Use of the word "or" will not be exclusive.

&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) Use of defined terms in the singular will include the plural, and *vice versa*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Governing Law and Consent to Jurisdiction</u>. This Agreement and the legal relations among the parties will be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules or any other principle that could result in the application of the laws of any other jurisdiction. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement will be brought only in the Court of Chancery of the State of Delaware (the "**<u>Delaware Court</u>**") and not in any other state or Federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of Delaware, The Corporation Trust Company, as such party's agent in the State of Delaware for acceptance of legal process in connection with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Section 409A</u>. This Agreement shall be interpreted to comply with or, to the extent possible, be exempt (including pursuant to Treasury Regulation section 1.409A-1(b)(10)from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder to the extent applicable (collectively "**<u>Section 409A</u>**"), and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. Solely to the extent that any otherwise required payment under this Agreement would not be exempt from Section 409A (any such payment, a "**<u>Non-Exempt Payment</u>**"), such Non-Exempt Payment shall comply with the following conditions: (a) the amount of the Non-Exempt Payment payable to Indemnitee in one calendar year shall not affect the amount of expenses eligible for payment or reimbursement in any other calendar year, whether pursuant to this Agreement or any other agreement between the Indemnitee and the Company; (b) the Non-Exempt Payment shall be made to Indemnitee no later than the last day of the calendar year following the calendar year in which Indemnitee incurs or is deemed to have incurred the costs or Expenses giving rise to Indemnitee's right to the Non-Exempt Payment; and (c) Indemnitee's right to the Non-Exempt Payment shall not be subject to liquidation or exchange for another benefit. Notwithstanding the foregoing, in the event of a bona fide dispute regarding Indemnitee's entitlement to the Non-Exempt Payment (or a portion thereof), payment of the Non-Exempt Payment (or a portion thereof) may be delayed to a later date to the extent permitted under Section 409A.

 

*[Signature page follows.]*

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first above written.

---

| |
|:---|
| **BLOCKFUSION DATA CENTERS, INC.** |
| By: |
| Name: |
| Title: |
| **INDEMNITEE** |
| Name: |
| Address: |

---

[*Signature Page to Indemnification Agreement*]

## Exhibit 10.21

**Exhibit 10.21**

**BLOCKFUSION DATA CENTERS, INC.**

**<u>STOCKHOLDER VOTING AGREEMENT</u>**

This Stockholder Voting Agreement (the "***Agreement***") is made effective as of [_______________], by and between Blockfusion Data Centers, Inc., a Delaware corporation (the "***Company***"), and each of the undersigned stockholders of the Company (each, a "***Founder***" and together, the "***Founders***").

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

The Founders own or intend to acquire certain shares of the Company's Class B Common Stock (the "***Shares***") and the Company desires that each Founder agrees to subject all such Shares now owned or hereinafter acquired to certain restrictions on the transfer and voting of the Shares as set forth herein. Each Founder desires to enter into this Agreement.

**<u>AGREEMENT</u>**

In consideration of the foregoing, intending to be legally bound, and for valid and adequate consideration, the receipt and sufficiency of which is hereby acknowledged by each of the parties, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Voting</u>.**

&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) **<u>Voting Arrangement on Shares</u>.** Each Founder hereby agrees that, from the date hereof until the termination of the rights set forth in this Section 1 pursuant to Section 1(h) (the "***Proxy Term***"), the Proxyholder shall vote or not vote all Shares on any Matter strictly in accordance with the written direction of the holders of at least sixty percent (60%) of the outstanding shares of Class B Common Stock of the Company (the "***Class B Supermajority Direction***"). For the avoidance of doubt, the Class B Supermajority Direction shall be determined on a per-share basis, measured against all outstanding shares of Class B Common Stock as of the record date applicable to the relevant Matter. Absent a timely Class B Supermajority Direction in accordance with <u>Section 1(i)</u>, the Proxyholder shall abstain from voting the Shares with respect to the applicable Matter.

As used in this Agreement, "***Matter***" means any matter submitted to a vote of stockholders of the Company at a meeting of stockholders or through the solicitation of a written consent of stockholders (whether of any individual class of stock or of multiple classes of stock voting together) except for any amendment, supplement, modification or waiver of any term or provision 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;(b) **<u>Appointment of Proxyholder</u>.** "***Proxyholder***" shall mean Robert Scott. The person appointed as Proxyholder may be changed or replaced from time to time with the written consent of the Founders holding a majority of the Company's capital stock (on an as-converted-to-common stock basis) held by all Founders who are then serving as members of the Company's Board of Directors and/or full-time employees of the Company; provided that no person other than a Founder may be a Proxyholder. The Proxyholder shall have no discretion to vote the Shares other than as expressly provided in this Agreement and shall act solely to implement the Class B Supermajority Direction.

&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) **<u>Grant of Irrevocable Proxy</u>.** To secure each Founder's obligations under this Agreement and to secure the Proxyholder's right and obligation to vote such Founder's Shares in accordance with the Class B Supermajority Direction, each Founder hereby appoints the Proxyholder as its proxy, with full power of substitution and re-substitution, during and for the Proxy Term, as the Founder's true and lawful attorney-in-fact, for and in the name of such Founder, place and stead, to vote such Founder's Shares at any annual, special or other meeting of the stockholders of the Company called to vote, and at any adjournment or postponement thereof, and in connection with any action of the stockholders of the Company taken by written consent, in each case subject to the limitations set forth in <u>Section 1</u>. This proxy is irrevocable and is coupled with an interest.

&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) **<u>Illustrative Examples</u>.** Subject to the limitations set forth in <u>Section 1</u> and the requirement that the Proxyholder act solely to implement the Class B Supermajority Direction, which limitations shall control in the event of any conflict, matters on which Proxyholder shall be entitled to vote, pursuant to <u>Section 1(a)</u> include, but are not limited to, the following, which are presented here solely by way of example:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Election, replacement or removal of members of the Board of Directors of the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Amendments to the Company's Amended and Restated Certificate of Incorporation (as may be amended and/or restated from time to time, the "***Charter***"), including for the purpose of a reclassification or recapitalization;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Amendments to the Bylaws of the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Mergers involving the Company or any sale or other disposition of all or substantially all of the Company's assets;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) Acquisitions by the Company or its subsidiaries; 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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adoption by the Company of a rights plan or similar takeover defensive arrangements, or amendments thereof.

&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) **<u>Limitations on Proxy</u>.** Notwithstanding the foregoing, a Proxyholder shall not be entitled to vote a Founder's Shares with respect to a liquidation, dissolution or winding up of the Company (as set forth in Article IV(B)(4) of the Charter) (in each case, a "***Liquidation Transaction***") unless, in connection with such a Liquidation Transaction:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Founders are not obligated to be bound by (A) any restrictive covenants related to investing in or acquiring an entity, or directly or indirectly operating a business, that may be in competition with the operations of the Company or any person acquiring the Company, or (B) any other restrictive covenant related to the operation of its business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the terms of such transaction applicable to the Founders are no less favorable than the terms applicable to each other stockholder of the Company holding the same class or series of shares as the Founders;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Founders shall not be liable for the breach of any representation, warranty or covenant made by any other person in connection with the Liquidation Transaction, other than the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the proceeds of such Liquidation Transaction are distributed to stockholders of the Company in accordance with the Charter; 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) liability is limited to each Founder's applicable share (determined based on the respective proceeds payable to such Founder in connection with the Liquidation Transaction in accordance with the provisions of the Charter) of a negotiated aggregate indemnification amount that applies equally to all stockholders of the Company but that in no event exceeds the amount of consideration otherwise payable to such Founder in connection with such Liquidation Transaction.

For the avoidance of doubt, the Proxyholder shall not vote the Shares in respect of any Liquidation Transaction except to the extent permitted by this <u>Section 1(e)</u> and only in accordance with a Class B Supermajority Direction.

&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) **<u>Additional Agreements</u>.**

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Stock Splits, Dividends, Etc.</u>** In the event of any issuance of shares of the Company's capital stock hereafter to any Founder (including, without limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), in relation to its Shares, such additional shares shall automatically become subject to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Specific Enforcement</u>.** It is agreed and understood that monetary damages would not adequately compensate an injured party for the breach of this Agreement by any party, that this Agreement shall be specifically enforceable, and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining order. Further, each party hereto waives, and acknowledges that there is not, any claim or defense that there is an adequate remedy at law for such breach or threatened breach.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Proxyholder Liability</u>.** In implementing any Class B Supermajority Direction, the Proxyholder shall not be liable for any error of judgment nor for any act done or omitted, nor for any mistake of fact or law, nor for anything which the Proxyholder may do or refrain from doing in good faith, and shall have no liability to any Founder hereunder, other than in the case of bad faith, willful misconduct, or gross negligence. The Proxyholder shall have no duty to investigate or verify any Class B Supermajority Direction that appears to be duly delivered in accordance with <u>Section 1(i)</u>.

&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) **<u>Transfer of Voting Rights</u>.** Each Founder agrees not to deposit (or permit the deposit of) any of its Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement in contravention of the obligations of such Founder under this Agreement. Any voting trust, proxy, voting agreement or similar arrangement with respect to the Shares that is inconsistent with the Class B Supermajority Direction mechanism set forth herein shall be null and void *ab initio*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Termination</u>.** This <u>Section 1</u> shall terminate in respect of a particular Founder and such Founder shall have no further rights or obligations hereunder, upon the earliest to occur of:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to all Founders, upon a Liquidation Transaction;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to all Founders, upon the execution by the Company of a general assignment for the benefit of creditors or the appointment of a receiver or trustee to take possession of the property and assets of the Company;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any particular Founder, the death or permanent and substantial incapacity of such Founder, as determined in good faith by the Company's Board of Directors (not including such Founder, to the extent such Founder is on the Company's Board of Directors);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) with respect to a particular Founder, upon the conversion of such Founder's Shares to Class A Common Stock (as defined in the Charter); 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;&nbsp;&nbsp;&nbsp;&nbsp;(v) solely with respect to any such Shares that are so Transferred (as defined below), any Shares Transferred by a Founder to a non-Affiliate of Founder, or by such Founder to a limited partner of such Founder, simultaneously and in connection with, or after, the sale by the Company of its capital stock to the public pursuant to an effective registration statement under the Securities Act of 1933, as amended or the Company otherwise first becoming subject to the periodic reporting requirements of Section 12(g) or 15(d) of the Securities and Exchange Act of 1934, as amended (the "***Exchange Act***"), except for any Transfer made with the primary purpose of releasing such Founder or its Affiliates from the restrictions in <u>Section 1</u>. For purposes of this Agreement, the term "***Affiliate***" shall mean, with respect to any specified person or entity, any other person or entity that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such specified person or entity. The term "***control***" (including the terms "controlled by" and "under common control with") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract, or otherwise.

For clarity, in the event of a termination of any particular Founder's rights or obligations hereunder, the rights and obligations of the other Founders shall continue. In the event of the termination of the rights and obligations of all Founders under this Agreement pursuant to this <u>Section 1</u>, the rights under this <u>Section 1</u> shall terminate in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Procedures for Class B Supermajority Direction</u>.** 

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Direction Mechanics</u>.** A Class B Supermajority Direction shall be effective only if delivered to the Proxyholder and the Company in writing (which may be in the form of a written consent, electronic mail or other electronic transmission) and signed or otherwise validly authorized by holders representing at least sixty percent (60%) of the outstanding shares of Class B Common Stock as of the record date applicable to the relevant Matter.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **<u>Record Date; Measurement</u>.** The applicable record date for determining the outstanding shares of Class B Common Stock and the holders thereof for any Class B Supermajority Direction shall be the record date fixed by the Company for stockholder action on the relevant Matter; if no record date is fixed, the date the notice of meeting (or initial solicitation of written consent) is first given shall be used.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **<u>Timing</u>.** With respect to any meeting of stockholders, a Class B Supermajority Direction must be received by the Proxyholder no later than 5:00 p.m. prevailing Eastern Time on the business day immediately preceding the date of such meeting (or any adjournment or postponement thereof). With respect to any action by written consent, a Class B Supermajority Direction must be received before the Proxyholder acts and within any time period established by the Company for consents.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **<u>Content</u>.** A Class B Supermajority Direction shall specify, with reasonable particularity, the vote to be cast or withheld on each Matter to be presented or approved, including any related proposals (such as adjournment proposals) reasonably incident to the primary Matter(s).

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) **<u>Conflicts; Subsequent Directions</u>.** In the event of any conflicting directions, the Proxyholder shall follow the most recent Class B Supermajority Direction received prior to the applicable deadline under <u>Section 1(i)(iii)</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **<u>Absence of Direction</u>.** If no timely Class B Supermajority Direction is received in accordance with this <u>Section 1(i)</u>, the Proxyholder shall abstain from voting the Shares on the applicable Matter.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **<u>Evidence; Reliance</u>.** The Proxyholder may conclusively rely upon any written or electronic instrument purporting to be a Class B Supermajority Direction that appears on its face to be duly authorized, and shall be entitled to request reasonable evidence of holdings and authority from any purported directing holder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **<u>No Fiduciary Duty</u>.** The Proxyholder's role in implementing the Class B Supermajority Direction is ministerial, and the Proxyholder shall have no fiduciary duty to any Founder or holder of Class B Common Stock in connection with such implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Transfer of Shares</u>.**

&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) **<u>Transfer</u>.** As used herein, a "***Transfer***" shall be deemed to have occurred if a Founder (i) sells, pledges, encumbers, assigns, grants an option with respect to, transfers, distributes or disposes of any of its Shares or any interest in such Shares or (ii) enters into an agreement or commitment providing for the sale of, pledge of, encumbrance of, assignment of, grant of an option with respect to, transfer of, distribution of or disposition of such Shares or any interest therein.

&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) **<u>Transfer Restrictions</u>.** To the extent the restrictions on the Shares continue to apply pursuant to the terms of this Agreement following any such action, a Founder shall not cause or permit any Transfer of any of such Founder's Shares or enter into any agreement, option or arrangement with respect to a Transfer unless as a precondition to such Transfer, the transferee agrees in a writing to be bound by all of the terms of this Agreement. No such Transfer shall constitute or result in a release of any transferor from any of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Miscellaneous</u>.**

&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) **<u>Securities Rules & Regulations</u>.** Each Founder agrees and understands that such Founder, the Company and/or Proxyholder may become subject to the registration and/or reporting requirements, rules and regulations of the Exchange Act, the Securities Act of 1933, as amended, and/or any state and federal securities laws or regulations with respect to the Shares (collectively, the "***Securities Laws***"). Each Founder agrees to use (i) the Founder's best efforts to comply with the Securities Laws with respect to the Shares and (ii) the Founder's commercially reasonable efforts to assist Proxyholder (at Proxyholder's cost) in complying with the Securities Laws with respect to the Shares in a timely and prompt manner. Such compliance may include, by way of example and without limiting the foregoing, the filing, updating and maintaining of Form 13G and/or Form 13D under the Exchange Act.

&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) **<u>No Ownership Interest</u>.** Except as provided for in this Agreement, nothing contained in this Agreement shall be deemed to vest in any party other than the Founders (including for the avoidance of doubt, the Proxyholder and the Founders) any direct or indirect ownership or incidence of ownership of or with respect to any of the Shares held by any Founder and all rights, ownership and economic benefits of and relating to such Shares shall remain vested in and belong to such Founder.

&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) **<u>Governing Law; Jurisdiction; Venue</u>.** This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. In addition, each of the parties hereto (i) consents to submit itself to the exclusive personal jurisdiction of the Court of Chancery or other courts of the State of Delaware in the event any dispute arises out of this Agreement or any of the transactions contemplated by this Agreement, (ii) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from such court, (iii) agrees that it will not bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the Court of Chancery or other courts of the State of Delaware and (iv) to the fullest extent permitted by law, consents to service being made through the notice procedures set forth in <u>Section 3(h)</u>. Each party hereto hereby agrees that, to the fullest extent permitted by law, service of any process, summons, notice or document by U.S. registered mail to the respective addresses set forth in <u>Section 3(h)</u> shall be effective service of process for any suit or proceeding in connection with this Agreement or the transactions contemplated hereby.

&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) **<u>Entire Agreement; Enforcement of Rights</u>.** This Agreement sets forth the entire agreement and understanding of the parties relating to the matters herein and merges all prior discussions between the Company and the Founders with respect thereto. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.

&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) **<u>Severability</u>.** If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

&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) **<u>Construction; Interpretation</u>.** This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. The words "hereof," "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation." No provision of this Agreement shall be construed to require any Founder or any of their respective affiliates to take any action that would violate any applicable law.

&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) **<u>Parties in Interest</u>.** This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and assigns, and nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason 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;(h) **<u>Notices</u>.** Notwithstanding anything to the contrary contained herein, any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient and received on the earlier of (i) the date of delivery, when delivered personally, by overnight mail, courier or sent by electronic mail (e-mail), telegram or fax, or (ii) forty-eight (48) hours after being deposited in the U.S. mail, as certified or registered mail, with postage prepaid, and addressed to the party to be notified at such party's address or fax number as set forth on the signature page hereto, or as subsequently modified by written notice. Any electronic mail (e-mail) communication shall be deemed to be "in writing" for purposes 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;(i) **<u>Counterparts</u>.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Successors and Assigns</u>.** The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company's successors and assigns. The rights and obligations of the Founders under this Agreement may only be assigned with the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Amendment</u>.** Except as expressly provided herein, neither this Agreement nor any term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Agreement and signed by (i) the Founders holding a majority of the Company's capital stock (on an as-converted-to-common stock basis) held by all Founders who are then serving as members of the Company's Board of Directors and/or full-time employees of the Company and (ii) the Company.

[*Signature Page Follows*]

The parties have executed this Stockholder Voting Agreement as of the date first set forth above.

---

| | |
|:---|:---|
| **<u>COMPANY</u>:** | **<u>COMPANY</u>:** |
| **BLOCKFUSION DATA CENTERS, INC.** | **BLOCKFUSION DATA CENTERS, INC.** |
| By: |  |
|  | (Signature) |
| Name: | Robert Scott |
| Title: | President |
| **<u>FOUNDERS</u>:** | **<u>FOUNDERS</u>:** |
| **[__]** | **[__]** |
| (Signature) | (Signature) |
| **[__]** | **[__]** |
| (Signature) | (Signature) |

---

## Exhibit 10.22

**Exhibit 10.22**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;national**grid** | &nbsp;&nbsp; **DEFERRED PAYMENT AGREEMENT**<br> **Non-Residential Customer** | &nbsp;&nbsp; **DEFERRED PAYMENT AGREEMENT**<br> **Non-Residential Customer** | &nbsp;&nbsp; **DEFERRED PAYMENT AGREEMENT**<br> **Non-Residential Customer** |
| &nbsp;&nbsp; Customer Name<br> NORTH EAST DATA LLC | &nbsp;&nbsp; Customer Name<br> NORTH EAST DATA LLC | &nbsp;&nbsp; Customer Name<br> NORTH EAST DATA LLC | &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;&nbsp;&nbsp;&nbsp;&nbsp; Account Number<br> **[\*\*\*]** |
| &nbsp;&nbsp;Attn: Kant Trivedi | &nbsp;&nbsp;Attn: Kant Trivedi |  | &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;&nbsp;&nbsp;&nbsp;&nbsp; Contact telephone no.<br> **[\*\*\*]** |
| &nbsp;&nbsp; Service address<br> 5380 FRONTIER AVE NIAGARA FALLS NY 14304 | &nbsp;&nbsp; Service address<br> 5380 FRONTIER AVE NIAGARA FALLS NY 14304 | &nbsp;&nbsp; Service address<br> 5380 FRONTIER AVE NIAGARA FALLS NY 14304 | &nbsp;&nbsp; Service address<br> 5380 FRONTIER AVE NIAGARA FALLS NY 14304 |
| &nbsp;&nbsp; Agreement __ In office __ In field<br> Taken <u>X</u> By email/telephone | &nbsp;&nbsp; Agreement __ In office __ In field<br> Taken <u>X</u> By email/telephone | &nbsp;&nbsp; Total Amount Owing $**[\*\*\*]**<br> Down Payment by 2/27/25 $**[\*\*\*]**<br> Balance on Agreement $**[\*\*\*]** | &nbsp;&nbsp; Total Amount Owing $**[\*\*\*]**<br> Down Payment by 2/27/25 $**[\*\*\*]**<br> Balance on Agreement $**[\*\*\*]** |
| &nbsp;&nbsp;Dated: 2/13/25 | &nbsp;&nbsp;Dated: 2/13/25 | &nbsp;&nbsp; Total Amount Owing $**[\*\*\*]**<br> Down Payment by 2/27/25 $**[\*\*\*]**<br> Balance on Agreement $**[\*\*\*]** | &nbsp;&nbsp; Total Amount Owing $**[\*\*\*]**<br> Down Payment by 2/27/25 $**[\*\*\*]**<br> Balance on Agreement $**[\*\*\*]** |

---

National Grid and the Customer named above have entered into a Deferred Payment Agreement which follows. It is understood that the Company agrees not to shut-off service if the Customer honors the terms of the agreement.

Terms of the agreement are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Timely payment of all future current charges while this Agreement is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Late payment charges: This agreement is not subject to a late payment charge if paid by due date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 12 Monthly Installments of $**[\*\*\*]** due with the current billing each month.

For this agreement to become binding on both the Customer and National Grid, the Customer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Sign and date the agreement.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Return the signed agreement to:** 

**Attn: [\*\*\*]**

Should the Customer enter into this agreement and later fail to comply with the terms stated, National Grid may issue a Final Termination Notice at once.

Rules pertaining to Deferred Payment Agreements for non-residential utility customers are contained in Title 16 of the New York Code of Rules and Regulations. The customer may contact the New York State Public Service Commission to determine if this agreement conforms to those rules.

---

| | | |
|:---|:---|:---|
| X | /s/ Kant Trivedi | 2/13/2025 |
|  | Customer's Signature (required to indicate acceptance of Agreement) | Date |
| X | /s/ Sarah B. Zerrillo | 2/13/2025 |
|  | National Grid Signature (representative accepting agreement) | Date |

---

## Exhibit 10.23

**Exhibit 10.23**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-23_001.jpg)

**Revised and restated CO-LOCATION MINING SERVICES AGREEMENT**

This Revised and Restated Mining Services Agreement (this "**Agreement**") is made as of November 23, 2022 (the "**Effective Date**"), by and between Blockfusion USA, Inc. ("**Service Provider**"), a Delaware corporation, with an address at [\*\*\*] and the customer identified below ("**Customer**") and shall replace as of the Effective Date the Co-Location Mining Services Agreement between Provider and Customer dated November 10, 2022 ("Original Agreement") which Orignal Agreement shall terminate as of the Effective Date. Service Provider and Customer are each referred to as a "**Party**" and collectively as the "**Parties**."

<u>COVER PAGE</u>

---

| | |
|:---|:---|
| **CUSTOMER DETAILS** | **CUSTOMER DETAILS** |
| **Customer:** | Solar Liberty, Inc. |
| **Customer Address:** | [\*\*\*] |
| **Customer Primary Contact:** | [\*\*\*] |
| **Customer Phone Number:** | [\*\*\*] |
| **Customer Email Address:** | [\*\*\*] |

---

---

| | |
|:---|:---|
| **COMMERCIAL TERMS** | **COMMERCIAL TERMS** |
| **Mining <br> Equipment:** | One (1) MW of load power as per **Exhibits B** and **C**. |
| **Scheduled Start <br> Date:** | Commencing on the Effective Date and for a period of 24 months, automatically renewing for periods of six (6) months, unless terminated as provided in Section 15. |
| **Facility Fee:** | $[\*\*\*] per miner per month (minimum of 300 miners) payable quarterly in advance. For 300 miners, this totals $[\*\*\*] per month and $[\*\*\*] per quarter. <br>Subsequent blocks of 300 miners shall be negotiated between the parties in good faith. |
| **Power:** | Variable rate, passed through to Customer without markup.<br>Customer must maintain a Deposit with Service Provider equal to two months' anticipated power consumption. |
| **Set Up Fee:** | $[\*\*\*] per miner. |
| **Maintenance Fee:** | $[\*\*\*] per miner per month. |
| **Payable at <br> Signing:** | ● $[\*\*\*] for quarterly Facility Fee<br> ● $[\*\*\*] for two months' power Deposit<br> ● $[\*\*\*] for miners Set Up Fee<br>Total: $[\*\*\*] |

---

**WHEREAS**, Customer wishes to purchase from Service Provider the mining power specified on this Cover Page (the "**Mining Power**").

**WHEREAS**, Service Provider wishes to provide to Customer the Mining Power, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises and covenants exchanged herein, and for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree to the terms and conditions set forth in this Agreement, including this Cover Page and the Mining Services Standard Terms and Conditions (attached hereto as **Exhibits A–C**): (A) Mining Services Standard Terms and Conditions; (B) Mining Equipment Description; and (C) Scheduled Delivery of Mining Access Equipment.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement through their duly authorized officers as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** | **SOLAR LIBERTY, INC.** | **SOLAR LIBERTY, INC.** |
| By: | /s/ Alex Martini-Lo Manto | By: | /s/ Adam K. Rizzo |
| Name: | Alex Martini-Lo Manto | Name: | Adam K. Rizzo |
| Title: | CEO | Title: | President |

---

**EXHIBIT A**

**MINING SERVICES STANDARD TERMS AND CONDITIONS**

This Exhibit A (the "**Standard Terms**") is made part of, and is hereby incorporated by reference into, the Agreement between the Parties. All capitalized terms not defined in these Standard Terms shall have the meanings given to such terms in the Agreement.

**1.** **DEFINITIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "**Costs** "
means, collectively, the Electricity Utility Costs and Maintenance Costs.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** "**Customer Wallet**" means a digital wallet address selected by Customer for storing Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "**Digital Asset**" means any denomination of cryptocurrencies, virtual currencies or coins mined by Service Provider for or on behalf of
Customer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "**Downtime** "
means, for each calendar month, time that installed, non-defective Mining Equipment is not available to Mine in accordance with this
Agreement, excluding periods of time in which the Mining Equipment is not available resulting from or relating to: (a) a Force Majeure
Event (as defined below); (b) scheduled maintenance or emergency maintenance; provided that Service Provider shall provide Customer with
reasonable advanced notice of any such maintenance; (c) downtime resulting from Customer's breach of this Agreement; (d) faults
or errors in the Mining Equipment not resulting from Service Provider's breach of this Agreement; (e) LPR Program or other power
curtailment set forth by the power provider; (f) curtailment decisions made by Customer or (g) downtime related to any other forces beyond
the reasonable control of Service Provider or its agents or subcontractors and not avoidable by reasonable due diligence.

&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "**Electricity Utility Costs**" means the electricity used to Mine Digital Assets using the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** "**F** **acility** "
means the Service Provider facility described in **Exhibit C**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** "**Facility Fee**" means the Facility Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** "**Generated Digital Assets**" means, for any Payout Period, the Digital Assets Mined by the Third Party Mining Operator using the Mining
Power *minus* the amount of Digital Assets retained by the Third Party Mining Operator as a fee for providing its Mining
services.

&nbsp;&nbsp;&nbsp;&nbsp;**1.9.** "**Intellectual Property**" means all forms of intellectual property rights and protections held by such Party and may include without limitation
all right, title and interest arising under U.S. common and statutory law, and under the laws of other countries, in and to all (a) patents
and all filed, pending or potential applications for patents, including any reissue, reexamination, division, continuation or continuation-in-part
applications throughout the world now or hereafter filed; (b) trade secret rights and equivalent rights; (c) copyrights, other literary
property or authors rights, whether or not protected by copyright or as a mask work; and (d) proprietary indicia, trademarks, trade names,
symbols, domain names, URLs, logos and/or brand names.

&nbsp;&nbsp;&nbsp;&nbsp;**1.10.** "**Mining Equipment**" means the servers and power supplies/cables provided by the Customer to produce the Mining Power set forth in the **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.11.** "**Maintenance Costs**" means the Maintenance Fee set forth on the Cover Page for routine monitoring and maintenance, plus Customer's
proportional share of any direct and indirect extraordinary maintenance and repair costs associated with the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**1.12.** "**Mine** "
or "**Mining**" means the process in which transactions for various forms of Digital Assets are verified and added to
a blockchain digital ledger.

&nbsp;&nbsp;&nbsp;&nbsp;**1.13.** "**Payout Period**" means each day during the Term (as defined below) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.14.** "**Renewable Energy Credit**" means any rights, credits, tokens, revenues, offsets, tax benefits or values, greenhouse gas rights or similar
rights related to carbon credits or sustainable mining tokens, whether created from or through a governmental authority, other person,
or private contract, now or in the future, associated with the generation of Digital Assets at the Facility, and including such rights
to sell or trade any of the aforementioned domestically or internationally, and including the right to count or claim any applicable
benefits under any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**1.15.** "**Set Up Fee**" means the Set Up Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.16.** "**Third Party Mining Operator**" means a third-party Mining collective (pool operator) that is assigned the Mining Power to generate
the Generated Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**1.17.** "**Uptime** "
means, for each calendar month, the availability of the Mining Equipment as a percentage equal to (a) the difference between the total
number of minutes of Downtime in such month and the total number of minutes in such month, divided by (b) the total number of minutes
in such calendar month.

**2.** **SERVICE PROVIDER OBLIGATIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** *Services*.
Subject to the terms and conditions of this Agreement (including Customer's payment obligations), Service Provider shall use commercially
reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1.** On
or promptly following the Scheduled Start Date (as set forth on the Cover Page), assign the Mining Power to the Third Party Mining Operator
for the purpose of generating Digital Assets and seek to reasonably minimize material interruptions in the Mining Power (the "**Services** ");
provided, however, that if Service Provider fails to provide an Uptime of [\*\*\*]% or better, the Facility Fee shall be reduced as described
in Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.** Cause
the Third Party Mining Operator to promptly transfer the Generated Digital Assets to the Customer Wallet at the end of each Payout Period,
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3.** Within
five (5) days following the Scheduled Start Date, Service Provider will provide all necessary access to Customer to remotely monitor
the Generated Digital Assets and other metrics as reasonably requested by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4.** Throughout
the Term, subject to Section 3, Service Provider shall be responsible for the management and maintenance of the Mining Equipment. Service
Provider's responsibilities will include (i) ongoing monitoring of performance metrics in an effort to maximize miner performance;
(ii) Facility security; (iii) overall Facility maintenance; (iv) power and infrastructure maintenance; (v) Facility safety protocols;
(vi) power procurement and billing; (vii) heat management; (viii) payment and management of employees and contractors performing services
related to this Agreement; and (ix) all other such services as required for the Mining Equipment to achieve the operation requirements
in Section 2.1. All such maintenance shall be performed in a diligent, competent and workmanlike manner.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** *Maintenance*.
Service Provider, with the consent of Customer and at Customer's expense in respect of out-of-pocket and third-party expenses,
shall address and facilitate repairs to Mining Equipment, payable within thirty (30) days by Customer upon receipt of evidence of such
expenses paid by Service Provider. For significant third-party repair expenses, Service Provider reserves the right to request that Customer
either advance funds for the expenses or pay the third party directly.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** *Repairs*.
Customer agrees that Service Provider may use its affiliates and any third-party contractors, vendors and/or service providers to provide
the Services (in whole or in part).

**3.** **CUSTOMER OBLIGATIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** *Delivery and Setup*. Customer shall (a) deliver substantially all Mining Equipment five (5) business days following the Effective
Date or according to the Delivery Schedule set forth on **Exhibit C**; (b) on before delivery of the Mining Equipment, pay the Set
Up Fee and fulfill Customer's obligations under Sections 5.1, 5.2 and 6 below; and (c) at Customer's sole expense, maintain
a Customer Wallet that is reasonably acceptable to Service Provider and to provide Service Provider with the address information of such
Customer Wallet. Customer shall immediately notify Service Provider of any changes in, or any actual or suspected security or data breaches
relating to, the Customer Wallet. For the avoidance of doubt, and subject to the terms of Section 7 and Section 8, all Mining Equipment
shall remain the sole property of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** *Compliance with Laws*. Customer's use of the Facility and the Mining Equipment must at all times conform to all applicable laws, including
international laws, the laws of the United States of America, the laws of the states in which Customer is doing business, and the laws
of the state where the Facility is located.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** *Licenses and Permits*. Service Provider shall be responsible for obtaining any licenses, permits, consents, or approvals ("Permit")
from any federal, state or local government, which may be necessary to install, possess, own, or operate the Equipment. In the event
that Service Provider fails to obtain a Permit needed for operation or allows a Permit to lapse, expire or such permit is revoked, Customer
shall have the right, but not the obligation, to terminate this Agreement and remove all of its Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** *Mining Equipment in Good Working Order*. Customer shall ensure that all Mining Equipment delivered by it to Service Provider is in good working
order and suitable for use in the Facility. It is understood that Customer is responsible for any costs associated with the troubleshooting
and repair of Mining Equipment received in non-working order (to include Mining Equipment supplied by Service Provider), including labor
and parts. Service Provider is not responsible in any way for installation delays or loss of profits as a result of Mining Equipment
Service Provider deems not to be in good working order.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** *Modification and/or Overclocking of Mining Equipment*. Customer shall notify and obtain prior written approval from Service Provider before any
Mining Equipment containing modifications, alternations, firmware adjustments or overclocking ()"**Modified Equipment** ")
and that might cause such Mining Equipment's performance to deviate from the standard and/or factory specifications is delivered
to Service Provider for use at a Facility. If Service Provider determines that any Mining Equipment has been altered or modified without
Service Provider prior written approval ()"**Non-Compliant Equipment** "), Service Provider reserves the right to immediately
discontinue service to such Non-Compliant Equipment and/or invoice Customer for Service Provider's incremental cost from such Non-Compliant
Equipment, which calculation will be solely determined by Service Provider and will be final and immediately payable by Customer. Additionally,
Customer will be subject to a Non-Compliant Equipment fee equal to [\*\*\*]% of the applicable Mining Equipment's Monthly Maintenance
Costs for every month each unit of the Mining Equipment was deemed to be a Non-Compliant Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**3.6.** *Responsibility for Mining Decisions*. Customer is undertaking cryptocurrency mining for Customer's benefit and at Customer's own risk.
Customer is solely responsible for deciding when to mine and when to curtail mining operations. Service Provider will provide recommendations
to Customer as to curtail, provided that Service Provider accepts no liability whatsoever for the consequences of curtailment decision
by Customer, and all decisions, regardless of Service Provider's recommendations, shall be solely the responsibility of Customer.

**4.** **ALLOCATION OF MINING POWER.** During the Term, subject to Section
3.6, Service Provider shall use the Mining Equipment to Mine the cryptocurrency Bitcoin, unless otherwise agreed to in writing by the
Customer.

**5.** **ALLOCATION OF COSTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** Customer
is solely responsible for all Costs associated with Generated Digital Assets for each Payout Period and Service Provider may invoice
Customer, and Customer shall pay, in advance, Service Provider's good faith estimate of the Costs for the coming month (each an
" **Invoice** "), which invoice shall be due five (5) business days after invoicing. Invoices (other than the initial Invoice)
shall include a copy of the power and other applicable invoices that Service Provider received, reflecting the actual costs paid by Service
Provider, any detail breaking down Customer's allocation of such Power Costs, and providing for any adjustment necessary to reconcile
the estimated Costs from the prior Invoice with the actual Costs incurred.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** Customer
shall at all times during the Term maintain a deposit with Service Provider in an amount equal to Service Provider's good faith
estimate of Electricity Utility Costs for the following [\*\*\*] months (the "**Deposit** "), which Service Provider may apply
to the payment of Invoices that remain unpaid past their respective due dates, and Customer shall immediately thereafter replenish the
Deposit in full.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3.** In
the event that the Deposit is not maintained at its full level, Customer authorizes Service Provider to deduct any shortfall from the
Generated Digital Assets, in reduction of the Digital Asset Customer Allocation, until the Deposit is replenished. Service Provider shall,
upon request, provide to Customer a report detailing all amounts deducted from the Generated Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4.** For
the avoidance of doubt, any and all Renewable Energy Credits generated or receivable in connection with Generated Digital Assets shall
be the sole property of Service Provider, provided that Service Provider will permit Customer to certify (and request that applicable
third parties certify where possible) that Generated Digital Assets were mined using clean energy.

**6.** **FACILITY FEE.** Customer will pay the Facility Fee quarterly
in advance, with the first quarterly payment due and payable in full on the Effective Date, and thereafter within five (5) business days
after invoicing.

**7.** **SECURITY INTEREST IN PAYMENT RIGHT**. Customer grants to Service Provider a security interest in the Customer's title, and interest, now
existing and hereinafter arising, in Customer's rights to payment arising out of this Agreement. This security interest secures
the payment of Customer's obligations under this Agreement, including any obligations to pay Costs and Facility Fees you owe to
us hereunder and the payment and performance of all other liabilities and obligations of Customer to Service Provider of every kind and
description, direct or indirect, absolute or contingent, due or to become due, and now existing or hereafter arising. Customer hereby
appoints Service Provider as Customer's attorney-in-fact to file such financing statements, amendments and any other instruments
related to this Agreement without any requirement to obtain any other consent from you.

**8.** **TITLE.** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** Only
Customer has any right, title, or interest in and to the Mining Equipment, except for Service Provider's limited right, provided
by this Agreement, to use the Mining Equipment in the performance of Service Provider's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** Service
Provider shall not move any Mining Equipment from Service Provider's premises without the prior written approval by Customer, except
as set forth in Section 12.3.

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** Service
Provider shall mark all Mining Equipment permanently and conspicuously to identify it as the property of Customer, and indicate Customer's
name and address.

&nbsp;&nbsp;&nbsp;&nbsp;**8.4.** Service
Provider consents to the filing of informational UCC-1 financing statements stating that the Mining Equipment is owned by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**8.5.** Service
Provider shall promptly sign any documents reasonably requested by Customer to evidence all of Customer's rights to and interests
in Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**8.6.** Service
Provider shall not allow any lien or encumbrance to be imposed on or attach to the Mining Equipment through Service Provider or as a
result of Service Provider's action or inaction, and Service Provider hereby waives any encumbrance or lien that it may have or
acquire in the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**8.7.** Service
Provider shall give Customer prompt notice of any attachment or other judicial process materially affecting the Mining Equipment.

**9.** **Payments.** 

&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** *Late Payments*. If Customer does not make any payment due hereunder within 2 business days of the due date, Customer's account will
be considered delinquent after written notice and a cure period of 2 business days. Upon delinquency of the account, Service Provider
may suspend the Services at any time. Customer is responsible for all charges Service Provider incurs because of Customer's delinquency,
including collection charges and attorneys' fees. Delinquent payments are subject to default fees equal to the lesser of [\*\*\*]%
per month and the maximum amount allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** *Suspending the Services*. If Customer fails to pay Costs, Facility Fees, Set Up Fees, any non-recurring charges, any other amounts due to Service
Provider, or applicable taxes when due, Service Provider may immediately suspend the Services. During any period of suspension, Service
Provider may allow Mining Equipment to continue operating, in which case any Digital Assets mined becomes the property of Service Provider
and shall be used to offset amounts owed and due Service Provider; to this end, for so long as any such amounts remain delinquent, Service
Provider may redirect the Mining Power to a Third Party Mining Operator of its choice. Customer acknowledges that the retention said
cryptocurrency is not a penalty but is in the nature of liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** *Acceleration of Balance Owed Under this Agreement*. It is understood and agreed that on delinquency of the account, Service Provider, at its'
election, may accelerate the total amount owed in the following [\*\*\*] days and declare the same payable at once without notice or demand,
which is hereby waived, on any parties to this Agreement. Customer acknowledges that such acceleration of the balance owed under this
Agreement is not a penalty but is in the nature of liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;**9.4.** *Attorneys' Fees*. Legal costs associated with indemnification will be billed to Customer, and Customer will remain responsible for all such legal
costs, and any costs associated with collection.

**10.** **ACCESS**.

&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** *Access to Facility*. Customer shall not be permitted access to the Facility other than through a supervised tour of the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** *Hazardous Conditions*. If, in the discretion of Service Provider, its employees or agents, any hazardous conditions arise on, from, or affecting
the Facility, Customer agrees and acknowledges that Service Provider is hereby authorized to suspend service under this Agreement without
any liability.

&nbsp;&nbsp;&nbsp;&nbsp;**10.3.** *Intermittent Outages*. Customer acknowledges that Service Provider participates in various Demand Response / Load Resource Participation Program
(" **LRP Program**") at its Facilities, and that the LRP Program is designed to maintain the integrity of the local grid
system and allows for cost savings that are passed on to Service Provider. Accordingly, the LRP Program provides the local grid operator
with the capability to shut off the power load serving Service Provider customers in response to emergency load situations. Such occurrences
shall be deemed to constitute Force Majeure evens pursuant to Section 15. Customer agrees that the economic terms of this Agreement reflect
Service Provider's participation in the LRP Program Service Provider shall have no liability to Customer for any actions or omissions
due to or resulting from its participation in the LRP Program.

**11.** **REMOVAL AND RELOCATION OF MINING EQUIPMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** *Relocation by Service Provider*. Service Provider may, from time to time, relocate the Mining Equipment within the Facility, or to another facility
which is owned, operated, controlled, or leased by Service Provider, upon ten (10) days' prior written notice to Customer, provided
that the site of relocation shall afford environmental conditions for the Mining Equipment in which similar equipment operates and comparable
accessibility to the Mining Equipment. Notwithstanding the foregoing, Service Provider shall not arbitrarily or capriciously relocate
the Mining Equipment. If the Mining Equipment is relocated according to this Section, the cost of relocating the Mining Equipment and
improving the Facility to which the Mining Equipment will be relocated shall be borne by Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** *Interference*.
If at any time the Mining Equipment causes unacceptable interference to existing or prospective Service Provider customers or their equipment,
Service Provider may remove or relocate the Mining Equipment at Customer's sole expense. If such relocation fails to cure such
interference, Service Provider may terminate this Agreement without payment, liability, or further obligation to Customer under this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** *Emergency Relocation*. In the event of an emergency, as determined in Service Provider's reasonable discretion, Service Provider may rearrange,
remove, or relocate the Mining Equipment without any liability to Service Provider. Notwithstanding the foregoing, in the case of emergency,
Service Provider shall provide Customer, to the extent practicable, reasonable notice prior to rearranging, removing, or relocating the
Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** *Equipment Removal*. Upon termination of this Agreement, Customer may request that Service Provider remove and deliver Mining Equipment to Customer,
at Customer's sole cost upon not less than ten (10) business days' notice; provided that Customer shall be liable for outstanding
fees and for any liability arising in connection with the termination of this Agreement. Customer's written notification shall
request a date by Customer wishes for the Mining Equipment to be packaged and shipped from the Facility. Before packaging and shipping
the Mining Equipment, Service Provider will verify that Customer has no payments due, including, but not limited to any obligations relating
to the termination of this Agreement, and that Customer has paid the costs of packaging, shipping and insuring such Mining Equipment
from Service Provider's Facility. If Customer uses an agent or other third party to remove the Mining Equipment, Customer shall
be solely responsible for the acts of such party, and any injury, including death, and damages to the Mining Equipment, the Facility
(or other site of relocation), or otherwise, caused by such party, whether directly or indirectly.

**12.** **TECHNOLOGY UPGRADES.** The parties shall mutually agree in good
faith whether to update or upgrade the software or firmware of Mining Equipment, including to replace the existing software or firmware
of the Mining Equipment. Service Provider shall use commercially reasonable efforts to maintain the Mining Equipment provided by Customer.

**13.** **DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.** 

&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** *Disclaimers*. Service
Provider makes no warranties or guarantees related to the availability of the services or the operating temperature of the facility.
the services and facility provided by Service Provider are provided "as is." Service Provider does not provide mechanical
cooling or backup power and the facility is subject to swings in local temperature, wind, humidity, etc. internet access is not redundant
or protected and is not guaranteed at all times. Service Provider makes no warranty whatsoever, express or implied, including, but not
limited to, any warranty (a) of merchantability; (b) of fitness for a particular purpose; (c) of non-infringement; (d) against interference
(e) that the service shall be available 24/7 or free from interruptions; (f) that the service shall meet customer's requirements;
or (g) that the service shall provide any function not designated herein or in any other documentation provided by Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** *Limitation of Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.1.** *Damages*.
In no event shall either party be liable to the other party or any other person, firm, or entity in any respect, for any indirect, consequential,
special, incidental or punitive damages, including loss of profits or revenue of any kind or nature whatsoever, loss of data, arising
out of mistakes, negligence, accidents, errors, omissions, interruptions, or defects in transmission, or delays, including, but not limited
to, those which may be caused by regulatory or judicial authorities arising out of or relating to this agreement or the obligations of
such party pursuant to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2.** *Limitations on Liability*. In no event shall Service Provider be liable to customer or any other person,
firm, or entity in any respect, for any indirect, consequential, special, incidental or punitive damages including, but not limited to,
damages for harm to business, lost revenues, lost sales, lost savings, lost profits or revenue (anticipated or actual), loss of use,
loss of data, or downtime), arising out of mistakes, negligence, accidents, errors, omissions, interruptions, or defects in transmission,
or delays, including, but not limited to, those which may be caused by regulatory or judicial authorities arising out of or relating
to this agreement or the obligations of such party pursuant to this agreement, regardless of the form of action, whether in contract,
warranty, strict liability or tort, or any other legal or equitable theory, even if Service Provider has been advised that any such damages
or losses are possible. Under no circumstances shall Service Provider's aggregate liability under this agreement, whether under
contract law, tort law, warranty, or otherwise, exceed [\*\*\*]. notwithstanding anything to the contrary herein, customer understands and
acknowledges that, in some situations, equipment functionality may be unavailable due to factors outside of Service Provider's
control. This includes, but is not limited to network failures, pool operator failures, denial of service attacks, currency network outages,
hacking or malicious attacks on the crypto networks or exchanges, power outages, or acts of god. Service Provider shall have no obligation,
responsibility, and/or liability for the following: (a) any interruption or defects in equipment functionality caused by factors outside
of Service Provider's negligence or willful misconduct; (b) any internet failure or outage; (c) damages resulting from any actions
or inactions of customer or any third party not under Service Provider's control; or (d) damages resulting from equipment or any
third-party equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.3.** *Sole Remedy; Causes of Action*. Except as otherwise expressly agreed to in writing by Service Provider, Customer's sole remedy for
performance or non-performance of the terms of this Agreement shall be a refund of any fees paid to Service Provider for the applicable
service month. Unless applicable law requires a longer period, any action against Service Provider in connection with this Agreement
must be commenced within one year after the cause of the action has occurred.

**14.** **RISK** 

&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** *Digital Asset Prices*. Customer understands that Service Provider is not liable for price fluctuations in any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** *Acknowledgements*.
By entering into this Agreement Customer acknowledges and agrees that: (a) Service Provider is not responsible for the operation of any
Digital Asset underlying protocols, and Service Provider makes no guarantee of their functionality, security, or availability; (b) Digital
Asset underlying protocols are subject to sudden changes in operating rules (a/k/a "forks"), and such forks may materially
affect the value, function, and/or even the name of the Digital Assets; and (c) Service Provider does not own or control the underlying
software protocols which govern the operation of any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;**14.3.** *No Guarantee*. Customer understands that Mining is an everchanging and volatile endeavor and that there is no guarantee that the Services
will generate any set amount of Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** *Service Provider Not Liable*. Customer acknowledges that Service Provider shall have no responsibility or liability for: (a) Force Majeure;
(b) any error by any Customer; (c) any error by any Third Party Mining Provider; (d) the insolvency of, or acts or omissions by, a Digital
Asset trading platform or market or the issuer of any Digital Asset; (e) any error, or any loss, destruction, corruption or other inability
to use or transfer any Digital Asset caused by the applicable blockchain or any other technology used to implement or operate any Digital
Asset, or other circumstances beyond the reasonable control of Service Provider; (f) any delay or failure of any Digital Asset issuer,
the developer or operator of any technology used to implement or operate any Digital Asset, or any broker, agent, intermediary, bank
or other commercially prevalent Digital Asset payment or clearing system to provide any information or services required in order to
enable Service Provider's performance hereunder; (g) delays or inability to perform its duties due to any disorder in market infrastructure
with respect to any particular Digital Asset; (h) the effect of any provision of any law or regulation or order of the United States
of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction, and
(i) any other matters for which Service Provider is not responsible under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**14.5.** *Insurance*.
It is understood that Service Provider is not an insurer and Customer's Mining Equipment is not covered by any insurance policy
held by Service Provider. In addition to any other type of insurance and related policy limits which are required by law, or customarily
obtained by companies like Customer, or other companies in its industry, Customer is responsible for obtaining insurance coverage for
the Mining Equipment for up to the full replacement cost of such Mining Equipment. Customer's insurance must be primary and non-contributory,
including, but not limited to with respect to the Mining Equipment, and shall contain a waiver of subrogation clause in favor of Service
Provider and shall name Service Provider as additional insured and loss payee, as applicable under such policies of insurance. Customer
shall provide copies of such policies, and required endorsements to Service Provider upon request. Customer agrees to look exclusively
to Customer's insurer to recover for personal injury (including death) or damage to property, including, but not limited to, the
Equipment, and releases and waives all right of recovery against Service Provider.

**15.** **INDEMNIFICATION.** Customer will indemnify, hold harmless, and defend
Service Provider, its subsidiaries, and their respective employees, agents, directors, owners, executives, representatives, and subcontractors
from any liability, claim, judgment, loss, cost, expense or damage, including attorneys' fees and legal expenses arising from or
relating to: (A) Customer's, or its representatives' breach of this Agreement or applicable law; (B) the Mining Equipment
or Customer's use of the Mining Equipment; (C) any injuries, including but not limited to death, or damages sustained by any person
or property due to any direct or indirect act, omission, negligence or misconduct of Customer, its agents, representatives, employees,
contractors and their employees and subcontractors and their employees.

**16.** **TERM AND TERMINATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;**16.1.** *Term*.
This Agreement shall commence on the Effective Date and will remain in effect for the term set forth on the Cover Page unless terminated
in accordance with the terms set forth in this Agreement (the "**Term** "). This Agreement shall automatically renew for
additional three-month terms unless a Party gives the other Party written notice of an intent not to renew the Agreement no later than
sixty (60) days' advance written notice that the Party does not intend to renew the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2.** *Termination*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.1.** Either
Party may terminate this Agreement immediately upon written notice to the other party in the event such other party (a) files any petition
in bankruptcy; (b) has an involuntary petition in bankruptcy filed against it; (c) becomes insolvent; (d) makes a general assignment
for the benefit of creditors; (e) admits in writing its inability to pay its debts as they mature; (f) has a receiver appointed for its
assets; (g) ceases conducting business in the normal course; or (h) has any significant portion of its assets attached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2.2.** Customer
may terminate this Agreement at any time on 90 days' written notice by paying the aggregate of all Facility Fees for the lesser
of (i) the remaining balance of the Term and (ii) the balance payable during such 90-day period, provided all other amounts hereunder
have been paid in full and obligations fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;**16.3.** *Breach and Cure*. Either Party may terminate this Agreement upon written notice to the other Party if such other Party breaches any material
term or condition of this Agreement and fails to remedy the breach within thirty (30) days after being given written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**16.4.** *Effect of Termination*. Except as provided in Section 19.14, following the expiration or termination of this Agreement, all Customer's
rights under this Agreement shall terminate and Customer shall be entitled to the immediate possession of all Mining Equipment.

**17.** **FORCE MAJEURE.** 

&nbsp;&nbsp;&nbsp;&nbsp;**17.1.** *Force Majeure Event*. Notwithstanding anything to the contrary in this Agreement, and subject to the terms in this Section, Service Provider
shall not be responsible for any failure to perform and will not be liable to Customer for any damages to Customer, as a result of any
Force Majeure Event. "**Force Majeure Event**" means any event that is beyond Service Provider's reasonable control,
including, but not limited to, (a) unforeseeable disruption or breakdown of cryptocurrency markets (or other related financial markets);
(b) acts of war; (c) issues with technology suppliers, (d) issues with import/export restrictions, (e) unforeseeable lack of electricity
supplies, blackouts, brownouts or power shortages; (f) Internet outages; (g) any government action, order, law, regulation, moratorium
or action that renders or purports to render the provision of the Services unlawful or that is so onerous it renders provision of the
Services not commercially practicable; (h) weather; (i) disease, epidemic or pandemic (where an epidemic or pandemic has been declared
at Service Provider's hosting site(s) by the Center for Disease Control or the World Health Organization), where such disease,
epidemic, or pandemic causes a government-mandated shutdown of Service Provider or the hosting site(s) hosting the Mining Equipment;
or (j) any other issue outside of the reasonable control of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;**17.2.** *Service Provider Actions*. Service Provider's limitation on responsibility due to a Force Majeure Event in Section 16.1 applies only
if: (a) Service Provider takes such action as may be reasonably necessary to void, nullify, or mitigate, in all material respects, the
effects of the Force Majeure Event; (b) Service Provider provides Customer with prompt and precise notice of (i) the identity of the
specific Force Majeure Event; (ii) the details of Service Provider's attempts to void, nullify, or mitigate the effects of the
Force Majeure Event; and (iii) an anticipated timeline of recovery to normal business operations from the Force Majeure Event.

**18.** **COMMUNICATIONS & NOTICES.** 

&nbsp;&nbsp;&nbsp;&nbsp;**18.1.** *Addresses for Notices*. All notices, requests, or other communications or documents to be given under this Agreement shall be in writing and
addressed to the person(s), and at the addresses, set forth for each Party on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**18.2.** *Method*.
Notices shall be deemed effective: (a) when delivered by hand; (b) one day after posting with a recognized express delivery service specifying
priority overnight delivery with written verification of receipt (in the case of internal domestic U.S. deliveries); (c) five (5) days
after posting with a recognized international express delivery service specifying priority international delivery with written verification
of receipt (in the case of international deliveries); or (d) when sent by e-mail with confirmation of transmission by the transmitting
equipment. Each Party may designate a different address or contact person by notice given in the manner provided in this Section.

**19.** **REPRESENTATIONS AND WARRANTIES.** 

&nbsp;&nbsp;&nbsp;&nbsp;**19.1.** *Each Party*. Each Party hereby represents, warrants and covenants to the other Party that: (a) it has full, right, power and authority
to enter into this Agreement and to perform its obligations under this Agreement; and (b) the execution of this Agreement and the performance
of its obligations hereunder do not and will not constitute any material breach of any agreement to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;**19.2.** *Customer*.
Customer represents, warrants and covenants that as between Service Provider and Customer, Customer will be the beneficial owner of the
Digital Assets and there will be no third-party beneficiaries to the Agreement.

**20.** **GENERAL PROVISIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**20.1.** *Governing Laws & Venue.* This Agreement will be construed in accordance with the laws of the State of Delaware as applied to contracts
made and performed entirely therein, and without giving effect to any choice of law rule that would cause the application of the laws
of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the Parties. All disputes, suits,
actions or proceedings relating to this Agreement shall be brought solely in the state or federal courts located in the State of Delaware.
Provider hereby consents to the exclusive jurisdiction and venue of the State of Delaware in connection with any such dispute, suit,
action or proceeding, and waives any defense of *forum inconveniens* in connection therewith. EACH PARTY HEREBY EXPRESSLY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING BROUGHT BY OR AGAINST EITHER PARTY IN CONNECTION WITH THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;**20.2.** *Assignment.* Except
as expressly provided herein, neither Party may assign or transfer (collectively "assign") this Agreement, or any rights
or obligations under this Agreement, without the prior written consent of the other, which consent may be withheld in the consenting
Party's discretion; provided, however, that a Party may make such an assignment without the other Party's consent (i) to
an affiliate, provided that such affiliate agrees in writing to be bound by the terms and conditions of this Agreement; (ii) in conjunction
with a change of control of such Party; or (iii) in conjunction with the sale of a Party, or all or substantially all assets of such
Party related to the subject matter of this Agreement, to, or the merger of a Party with, any third party. This Agreement shall be binding
upon the successors and permitted assigns of the Parties. Any assignment or attempted assignment by either Party in violation of the
terms of this Section 19.2 shall be null and void and of no legal effect.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.3.** *Entire Agreement; Amendment.* This Agreement, including any updates or amendments, constitutes the complete and exclusive agreement
between the Parties with respect to the subject matter hereof, and supersedes and replaces all prior or contemporaneous discussions,
negotiations, understandings and agreements, written and oral, regarding the same. This Agreement may only be modified by a written instrument
properly executed by the Parties (and such written instrument shall explicitly say that it is an amendment hereto so that no informal
amendment inadvertently occurs).

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.4.** *Confidentiality.* The
terms and conditions of this Agreement, the Services, the Costs and the Facility Fees (and any other related materials or information
provided by Service Provider to Customer) are Service Provider's confidential information, regardless of whether they are marked
as confidential, proprietary or otherwise. The personal data provided by Customer in the context of this Agreement (and any other related
materials or information provided by Customer to Service Provider) are Customer's confidential information, regardless of whether
they are marked as confidential, proprietary or otherwise. During the Term, the Parties shall (a) keep such confidential information
strictly confidential in a manner that each Party protects its own confidential or proprietary information of a similar nature (and with
no less than reasonable care); and (b) not disclose such confidential information to any third party other than each Party's partners,
vendors, assignees, purchasers, investors, lenders, lessors, and financial or legal consultants that have a need to know such information
and have agreed in writing to keep such information confidential and not disclose such confidential information. consistent with the
terms of this Agreement. Notwithstanding the foregoing, the either Party may disclose confidential information as required by law or
by order of a court of competent jurisdiction, provided that, in such event, (i) such Party will provide the other Party with prompt
notice of such obligation and permit the other Party an opportunity to take legal action to prevent or limit the scope of such disclosure;
and (ii) such Party will furnish only that portion of the other Party's confidential information which the Party is advised by
counsel is legally required and the Parties will exercise commercially reasonable efforts to obtain assurance that confidential treatment
will be accorded to such confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;**20.5.** *Non-solicitation*.
From the Scheduled Start Date and for nine months thereafter, each Party agrees not to solicit the employees, contractors, or other affiliates
of the other Party.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.6.** *Independent Contractors.* Service Provider and Customer are independent contractors, and nothing in the Agreement will create any partnership,
joint venture, agency, franchise, sales representative, or employment relationship between the Parties. Neither Party is an agent or
representative of the other or is authorized to make any warranties or assume or create any other obligations on behalf of the other.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.7.** *Compliance with Laws*. Notwithstanding anything to the contrary herein, Service Provider makes no guarantees or warranties with respect to this
Agreement, the Mining Equipment, any Facility, the Services pursuant hereto, or with respect to complying with applicable local, state,
or national laws or regulations, but shall use commercially reasonable efforts to remain in compliance with such laws (to the extent
that it already is), or work towards compliance with such law (to the extent that it is not, whether due to changing laws or otherwise).
Customer understands and agrees that Service Provider shall not be in violation of this Agreement, and shall have no liability, to the
extent it uses, or has used commercially reasonable efforts to comply with applicable law.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.8.** *Intellectual Property*. Nothing in this Agreement shall be deemed to grant to either party any rights or licenses, by implication, estoppel or
otherwise, to any of the other party's Intellectual Property. Neither party shall contest or challenge, or assist any third party
in contesting or challenging, the validity or enforceability of any of the other party's Intellectual Property.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.9.** *Trademarks*.
Each party is strictly prohibited from using any product or corporate name, designation, logo, trade name, trademark, service name or
service mark associated with the other party in any marketing materials, regulatory filing, financial statements, offering circular,
prospectus or otherwise, without the prior written consent of the first party, which may be withheld by the first party in its sole and
absolute discretion.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.10.** *No Exclusivity*. This Agreement in no way establishes any exclusive arrangement between Customer and Service Provider. Each party acknowledges
and agrees that the other party will be free to enter into agreements and other arrangements with any third parties, at any time, regarding
any products or services.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.11.** *Parties Are Sophisticated and Represented.* No preference shall be given to one Party by virtue of the fact that such Party did not draft
this Agreement. No bias shall be placed against the drafter. Each Party has been advised and offered the opportunity to seek legal counsel
regarding this Agreement. To the extent they chose not to or to limit such, they hereby waive any later complaint that they lacked proper
counsel or understanding. No failure by any Party to insist upon the strict performance of this Agreement shall constitute waiver of
any breach, covenant, duty, or term herein.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.12.** *Counterparts / Execution.* The Agreement may be executed in counterparts, which together shall constitute a single instrument, and may also
be executed by electronic signature, and the Parties agree that facsimile, digitally scanned or other electronic copies of signatures
shall be valid and binding as originals.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.13.** *Taxes.* The
Costs and fees set forth herein do not include any foreign, federal, state or local sales, value added, use, withholding or other similar
taxes, tariffs or duties, however designated, levied against the sale, licensing, delivery or use of the components and products provided
under the Agreement. Customer shall pay, or reimburse Service Provider for, all such taxes; provided, however, that Customer shall not
be liable for any taxes based on Service Providers' net income.

 

&nbsp;&nbsp;&nbsp;&nbsp;**20.14.** *Survival.* The
provisions contained in Sections 1, 5, 7, 8, 10.4, 12, 13, 14, 15.4 and 19 shall survive the termination or expiration of this Agreement.

![](ex10-23_002.jpg)

February 17, 2023

Via DocuSign

Solar Liberty, Inc.

[\*\*\*]

**Re: Binding Letter of Intent for Expansion**

Dear Adam:

Reference is made to the Revised and Restated Mining Services Agreement (the "**Agreement**") dated as of November 23, 2022 by and between Blockfusion USA, Inc. ("**Service Provider**") and Solar Liberty, Inc. ("**Customer**"). This binding letter of intent (this "**LOI**") sets forth the terms on which Service Provider grants Customer certain rights to expand the Mining capacity and services provided under the Agreement. Capitalized terms not defined in this LOI have the meanings ascribed them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Additional Capacity**. Subject to the terms and conditions of this LOI, Service Provider agrees that it will reserve an additional incremental
one (1) MW of load power and associated rack space at the Facility for colocation of Mining Equipment by Customer (the "**Additional Capacity**") and while this LOI is in effect, Service Provider agrees that it will not grant the use of the Additional Capacity
to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Expansion Option**. Customer will have the right (the "**Expansion Option** "), by written notice to Service Provider on or before
April 28, 2023 (the "**Exercise Notice** "), to elect to amend the Agreement to add the Additional Capacity to the Agreement
as described in Section 4 below.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Option Fee**. As consideration for the execution of this LOI and the grant of the Expansion Option by Service Provider hereunder, upon execution
of this LOI Customer will send to Service Provider by wire transfer the amount of $[\*\*\*] (the "**Option Fee** ").

&nbsp;&nbsp;&nbsp;&nbsp;4. **Amendment to the Agreement**. If Customer elects to exercise the Expansion Option in accordance with Section 2 above, effective as of the date
of the Exercise Notice (the "**Effective Date** "), the Agreement will be deemed to have been amended by the Parties such
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
load power and rack space available to Customer under the Agreement will increase from one (1) MW to two (2) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
new Exhibit B and C will be provided by Customer detailing additional Mining Equipment to be delivered to the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
new Set Up Fee of $[\*\*\*] per miner will be payable with respect to additional Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
Facility Fee will be charged based on the assumption of full deployment of miners using the full capacity of two (2) MW as of the Effective
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An
additional Deposit and prepayment of the adjusted Facility Fee will be payable as of the Effective Date, and the amount of the Option
Fee will be credited against the Facility Fees payable.

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Termination</u>** <u>. In the event that Customer does not duly exercise the Expansion Option by timely sending an Exercise Notice on or before April 1, 2023, this LOI shall automatically terminate and the Option Fee will be retained by Service Provider.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Governing Law</u>** . This LOI shall be governed by and construed
in accordance with the internal laws of the state of Delaware, without giving effect to any choice or conflict of law provision or rule
(whether of the state of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other than
those of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>No Third-Party Beneficiaries</u>** . Nothing herein is
intended or shall be construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights
or remedies under or by reason of this LOI.

&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Binding Agreement</u>** <u>. This LOI constitutes a binding agreement of the Parties, enforceable in accordance with its terms.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Miscellaneous</u>** .
Neither this LOI nor any rights or obligations hereunder may be assigned, delegated, or conveyed by either Party without the prior written
consent of the other Party. This LOI may be executed in counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one agreement. The headings of the various sections of this LOI have been inserted for reference only and shall
not be deemed to be a part of this LOI.

[signature page follows]

If you are in agreement with the terms set forth above please sign this LOI in the space provided below.

---

| | |
|:---|:---|
| Very truly yours,<br>BLOCKFUSION USA, INC. | Very truly yours,<br>BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |

---

---

| | |
|:---|:---|
| Agreed to and accepted: | Agreed to and accepted: |
| SOLAR LIBERTY, INC. | SOLAR LIBERTY, INC. |
| By: | /s/ Adam K. Rizzo |
| Name: | Adam K. Rizzo |
| Title: | President |

---

![](ex10-23_002.jpg)

February 12, 2024

Via DocuSign

Solar Liberty, Inc.

[\*\*\*]

**Re: Expansion Amendment No. 2**

Dear Adam:

Reference is made to the Revised and Restated Mining Services Agreement dated as of November 23, 2022 by and between Blockfusion USA, Inc. ("**Service Provider**") and Solar Liberty, Inc. ("**Customer**") as amended pursuant to the binding letter of intent dated as of February 17, 2023 (as so amended, the "**Agreement**").

This letter agreement (this "**Amendment**") sets forth the terms on which Service Provider and Customer amend the Agreement to expand the capacity thereunder from two (2) MW to three (3) MW. Capitalized terms not defined in this Amendment have the meanings ascribed them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Amendment to the Agreement**. The Agreement is hereby amended such that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
load power and rack space available to Customer under the Agreement will increase from two (2) MW to three (3) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A
new Exhibit B and C will be promptly provided by Customer detailing additional Mining Equipment to be delivered to the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
new Set Up Fee of $[\*\*\*] per miner will be payable with respect to additional Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
Facility Fee will be charged based on the assumption of full deployment of miners using the full capacity of three (3) MW as of the Effective
Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An
additional Deposit and prepayment of the adjusted Facility Fee will be payable on or before February 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Date of Effectiveness; Limited Effect</u>** <u>. This Amendment will be deemed effective as of March 15, 2024 or such earlier date as the Parties may agree in writing (the "**Effective Date** "). Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Effective Date, each reference in the Agreement to "this Agreement," "the Agreement," "hereunder," "hereof," "herein," or words of like import will mean and be a reference to the Existing Agreement as amended by this Amendment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Governing Law</u>** . This Amendment shall be governed by and
construed in accordance with the internal laws of the state of Delaware, without giving effect to any choice or conflict of law provision
or rule (whether of the state of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other
than those of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>No Third-Party Beneficiaries</u>** . Nothing herein is
intended or shall be construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights
or remedies under or by reason of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Binding Agreement</u>** <u>. This Amendment constitutes a binding agreement of the Parties, enforceable in accordance with its terms.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Miscellaneous</u>** .
Neither this Amendment nor any rights or obligations hereunder may be assigned, delegated, or conveyed by either Party without the prior
written consent of the other Party. This Amendment may be executed in counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one agreement. The headings of the various sections of this Amendment have been inserted for
reference only and shall not be deemed to be a part of this Amendment.

[signature page follows]

If you are in agreement with the terms set forth above please sign this Amendment in the space provided below.

---

| | |
|:---|:---|
| Very truly yours,<br>BLOCKFUSION USA, INC. | Very truly yours,<br>BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |

---

---

| | |
|:---|:---|
| Agreed to and accepted: | Agreed to and accepted: |
| SOLAR LIBERTY, INC. | SOLAR LIBERTY, INC. |
| By: | /s/ Adam K. Rizzo |
| Name: | Adam K. Rizzo |
| Title: | President |

---

![](ex10-23_002.jpg)

December 10, 2024

Via DocuSign

Solar Liberty, Inc.

[\*\*\*]

**Re: Expansion Amendment No. 3**

Dear Adam:

Reference is made to the Revised and Restated Mining Services Agreement dated as of November 23, 2022 by and between Blockfusion USA, Inc. ("**Service Provider**") and Solar Liberty, Inc. ("**Customer**") as amended pursuant to the binding letter of intent dated as of February 17, 2023 and the Expansion Amendment No. 2 dated as if February 12, 2024 (as so amended, the "**Agreement**").

This letter agreement (this "**Amendment**") sets forth the terms on which Service Provider and Customer amend the Agreement to expand the capacity thereunder from three (3) MW to four (4) MW. Capitalized terms not defined in this Amendment have the meanings ascribed them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Amendment to the Agreement**. The Agreement is hereby amended such that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon
the Effective Date (as defined below), the load power and rack space available to Customer under the Agreement will increase from three
(3) MW to four (4) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prior
to the Effective Date, a new Exhibit B and C will be provided by Customer detailing additional Mining Equipment to be delivered to the
Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
new Set Up Fee of $[\*\*\*] per miner will be payable with respect to additional Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. From
the Effective Date, the Facility Fee will be charged based on the assumption of full deployment of miners using the full capacity of
four (4) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. An
additional Deposit of $[\*\*\*] will be payable as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On
or before January 1, 2025: $[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On
or before February 1, 2025: $[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On
or before March 1, 2025: $[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. From
the Effective Date, the full Facility Fee will be payable monthly in advance, in accordance with Service Provider's ordinary billing
practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The
Term of the Agreement shall be extended through December 31, 2025, and the Agreement shall automatically renew for additional one-month
terms unless a Party gives the other Party written notice of an intent not to renew the Agreement no later than thirty (30) days'
prior to the end of the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Date of Effectiveness; Limited Effect</u>** <u>. This Amendment will be deemed effective as of January 1, 2025 or such earlier date as the Parties may agree in writing (the "**Effective Date** "). Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Effective Date, each reference in the Agreement to "this Agreement," "the Agreement," "hereunder," "hereof," "herein," or words of like import will mean and be a reference to the Existing Agreement as amended by this Amendment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Governing Law</u>** . This Amendment shall be governed by and
construed in accordance with the internal laws of the state of Delaware, without giving effect to any choice or conflict of law provision
or rule (whether of the state of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other
than those of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>No Third-Party Beneficiaries</u>** . Nothing herein is
intended or shall be construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights
or remedies under or by reason of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Binding Agreement</u>** <u>. This Amendment constitutes a binding agreement of the Parties, enforceable in accordance with its terms.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Miscellaneous</u>** .
Neither this Amendment nor any rights or obligations hereunder may be assigned, delegated, or conveyed by either Party without the prior
written consent of the other Party. This Amendment may be executed in counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one agreement. The headings of the various sections of this Amendment have been inserted for
reference only and shall not be deemed to be a part of this Amendment.

[signature page follows]

If you are in agreement with the terms set forth above please sign this Amendment in the space provided below.

---

| | |
|:---|:---|
| Very truly yours,<br>BLOCKFUSION USA, INC. | Very truly yours,<br>BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |

---

---

| | |
|:---|:---|
| Agreed to and accepted: | Agreed to and accepted: |
| SOLAR LIBERTY, INC. | SOLAR LIBERTY, INC. |
| By: | /s/ Adam K. Rizzo |
| Name: | Adam K. Rizzo |
| Title: | President |

---

![](ex10-23_002.jpg)

November 12, 2025

Via DocuSign

Solar Liberty, Inc.

[\*\*\*]

**Re: Expansion Amendment No. 4**

Dear Adam:

Reference is made to the Revised and Restated Mining Services Agreement dated as of November 23, 2022 by and between Blockfusion USA, Inc. ("**Service Provider**") and Solar Liberty, Inc. ("**Customer**") as amended pursuant to the binding letter of intent dated as of February 17, 2023, Expansion Amendment No. 2 dated as if February 12, 2024 and Expansion Amendment No. 3 dated as if December 10, 2024 (as so amended, the "**Agreement**").

This letter agreement (this "**Amendment**") sets forth the terms on which Service Provider and Customer amend the Agreement to expand the capacity thereunder from four (4) MW to five (5) MW. Capitalized terms not defined in this Amendment have the meanings ascribed them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Amendment to the Agreement**. The Agreement is hereby amended such that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upon
the Effective Date (as defined below), the load power and rack space available to Customer under the Agreement will increase from four
(4) MW to five (5) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prior
to the Effective Date, a new Exhibit B and C will be provided by Customer detailing additional Mining Equipment to be delivered to the
Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A
new Set Up Fee of $[\*\*\*] per miner will be payable with respect to additional Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. From
the Effective Date, the Facility Fee will be charged based on the assumption of full deployment of miners using the full capacity of
five (5) MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. No
additional Deposit shall be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. From
the Effective Date, the full Facility Fee will be payable monthly in advance, in accordance with Service Provider's ordinary billing
practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The
Term of the Agreement shall be extended through December 31, 2026, provided that either a Party may terminate on 120 days' written
notice to the other.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Date of Effectiveness; Limited Effect</u>** <u>. This Amendment will be deemed effective as of December 1, 2025 or such earlier date as the Parties may agree in writing (the "**Effective Date** "). Except as expressly provided in this Amendment, all of the terms and provisions of the Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to or waiver of any other provision of the Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Effective Date, each reference in the Agreement to "this Agreement," "the Agreement," "hereunder," "hereof," "herein," or words of like import will mean and be a reference to the Existing Agreement as amended by this Amendment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Governing Law</u>** . This Amendment shall be governed by and
construed in accordance with the internal laws of the state of Delaware, without giving effect to any choice or conflict of law provision
or rule (whether of the state of Delaware or any other jurisdiction) that would cause the application of laws of any jurisdiction other
than those of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>No Third-Party Beneficiaries</u>** . Nothing herein is
intended or shall be construed to confer upon any person or entity other than the Parties and their successors or assigns, any rights
or remedies under or by reason of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Binding Agreement</u>** <u>. This Amendment constitutes a binding agreement of the Parties, enforceable in accordance with its terms.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Miscellaneous</u>** .
Neither this Amendment nor any rights or obligations hereunder may be assigned, delegated, or conveyed by either Party without the prior
written consent of the other Party. This Amendment may be executed in counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one agreement. The headings of the various sections of this Amendment have been inserted for
reference only and shall not be deemed to be a part of this Amendment.

[signature page follows]

If you are in agreement with the terms set forth above please sign this Amendment in the space provided below.

---

| | |
|:---|:---|
| Very truly yours,<br>BLOCKFUSION USA, INC. | Very truly yours,<br>BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |

---

---

| | |
|:---|:---|
| Agreed to and accepted: | Agreed to and accepted: |
| SOLAR LIBERTY, INC. | SOLAR LIBERTY, INC. |
| By: | /s/ Adam K. Rizzo |
| Name: | Adam K. Rizzo |
| Title: | President |

---

## Exhibit 10.24

**Exhibit 10.24**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-24_001.jpg)

**CO-LOCATION MINING SERVICES AGREEMENT**

This Mining Services Agreement (this "**Agreement**") is made as of December 15, 2023 (the "**Effective Date**"), by and between Blockfusion USA, Inc. ("**Service Provider**"), a Delaware corporation, with an address at [\*\*\*] and the customer identified below ("**Customer**"). Service Provider and Customer are each referred to as a "**Party**" and collectively as the "**Parties**."

<u>COVER PAGE</u>

---

| | |
|:---|:---|
| <br> **CUSTOMER DETAILS** | <br> **CUSTOMER DETAILS** |
| &nbsp;&nbsp;**Customer:** | &nbsp;&nbsp;NY 3 Mining LLC |
| &nbsp;&nbsp;**Customer Address:** | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;**Customer Primary Contact:** | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;**Customer Phone Number:** | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;**Customer Email Address:** | &nbsp;&nbsp;[\*\*\*] |

---

---

| | |
|:---|:---|
| **COMMERCIAL TERMS** | **COMMERCIAL TERMS** |
| &nbsp;&nbsp;**Mining Equipment:** | &nbsp;&nbsp;Fifteen (15) MW of allocated load power as of the Effective Date (the "**Initial Capacity**"), per **Exhibits B** and **C**.<br>An additional fifteen (15) MW of allocated load power, subject to the conditions set forth in Section 2.1.2 (the "**Additional Capacity**").<br>At least 4,860 slots are allocated to operate and accommodate the Mining Equipment for the Initial Capacity.<br>At least 4,725 slots shall be allocated to operate and accommodate the Mining Equipment for the Additional Capacity.<br>Customer to provide up to [\*\*\*] additional units of Mining Equipment, consistent with Exhibit C, in excess of the slots allocated to the Initial Capacity and the Additional Capacity (the "**Bench Units**"), which shall be held in reserve as replacements in the event any unit(s) of Mining Equipment becomes non-functional and stored at the Facility at no additional storage cost to Customer. Service Provider shall oversee the replacement of any non-functional unit(s) of Mining Equipment with an equal number of Bench Units in accordance with the terms of this Agreement, at which point such Bench Unit(s) shall become Mining Equipment and cease to be Bench Unit(s). Customer shall replenish Bench Units from time to time if Customer and/or Service Provider reasonably expects such Bench Unit(s) may not be sufficient to cover the replacement of any non-functional Mining Equipment. |
| &nbsp;&nbsp;**Term:** | &nbsp;&nbsp;Commencing on the Scheduled Start Date and continuing for a period of 38 months, automatically renewing for periods of three (3) months, unless terminated as provided in Section 13. |
| &nbsp;&nbsp;**Facility Fee:** | &nbsp;&nbsp;For the Initial Capacity, $[\*\*\*] per MW of allocated and available load power payable monthly in advance, subject to any applicable discounts as set forth in Section 4.5 or otherwise. For the Initial Capacity, this totals $[\*\*\*] per month, prior to any applicable discounts.<br>For the Additional Capacity, upon the Expansion Date, $[\*\*\*] per MW of allocated and available load power payable monthly in advance, subject to any applicable discounts as set forth in Section 4.6 or otherwise. For the Additional Capacity, this totals $[\*\*\*] per month, prior to any applicable discounts.<br>|
| &nbsp;&nbsp;**Deposit:** | &nbsp;&nbsp;$[\*\*\*] (to be provided in accordance with and subject to Section 4.3 of **Exhibit A**) |
| &nbsp;&nbsp;**Power:** | &nbsp;&nbsp;Variable rate, passed through to Customer without markup. |
| &nbsp;&nbsp;**Set Up Fee:** | &nbsp;&nbsp;The lesser of $[\*\*\*] per each Mining Equipment Server or the actual costs, for the initial racking of Mining Equipment Servers in the Initial Capacity and the Additional Capacity, and no Set Up Fee thereafter. |
| &nbsp;&nbsp;**Payable within 10 business days of Signing:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● $[\*\*\*]initial monthly Facility Fee, (inclusive of applicable discounts)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● $[\*\*\*] Deposit (to be provided in accordance with and subject to Section 4.3 of **Exhibit A**)<br>Total: $[\*\*\*], (inclusive of applicable discounts) |

---

**WHEREAS**, Customer wishes Service Provider to allocate to Customer the facilities, resources, and services that enable the Customer to obtain mining power specified on this Cover Page (the "**Mining Power**").

**WHEREAS**, Service Provider wishes to allocate to Customer the facilities, resources and services to generate Mining Power, subject to the terms and conditions of this Agreement (the "**Services**").

**NOW, THEREFORE**, in consideration of the mutual promises and covenants exchanged herein, and for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree to the terms and conditions set forth in this Agreement, including this Cover Page and the Mining Services Standard Terms and Conditions (attached hereto as **Exhibits A–C**): (A) Mining Services Standard Terms and Conditions; (B) Mining Equipment Description; and (C) Scheduled Delivery of Mining Access Equipment, and all other Exhibits attached hereto.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement through their duly authorized officers as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** | **NY 3 MINING LLC** | **NY 3 MINING LLC** |
| By: | /s/ Alex Martini | By: | /s/ Trevor Smyth |
| Name: | Alex Martini | Name: | Trevor Smyth |
| Title: | CEO | Title: | Authorized Person |

---

---

| | |
|:---|:---|
| **NORTH EAST DATA, LLC, for purposes of Sections 17.19.1 and 17.19.2** | **NORTH EAST DATA, LLC, for purposes of Sections 17.19.1 and 17.19.2** |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |

---

[Signature Page]

**EXHIBIT A**

**MINING SERVICES STANDARD TERMS AND CONDITIONS**

This Exhibit A (the "**Standard Terms**") is made part of, and is hereby incorporated by reference into, the Agreement between the Parties. All capitalized terms not defined in these Standard Terms shall have the meanings given to such terms in the Agreement.

**1.** **DEFINITIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "**Business Day**" means any day other than a Saturday, Sunday, or bank holiday in New York City.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** "**Costs** "
 means, collectively, the Electricity Utility Costs and Non-Routine Maintenance Costs.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "**Customer Equipment**" means the Mining Equipment and the Bench Units.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "**Deposit** "
 means the Deposit set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "**Digital Asset**" means any denomination of cryptocurrencies, virtual currencies or coins
 mined by Service Provider for or on behalf of Customer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** **RESERVED**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** **RESERVED.** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** **RESERVED**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.9.** "**Electricity Utility Costs**" means the cost of electricity used to Mine Digital Assets using
 the Mining Equipment. Electricity Utility Costs will be reflective of Customer's time-of-use
 and calculated based on (i) the product of (x) average operating efficiency of the Mining
 Equipment and (y) hashrate connected to Customer's pool verified against Service Provider's
 mining software (the "**Mining Equipment Draw** "), provided that if there
 is a variance greater than [\*\*\*], the lower estimate usage of power will prevail, plus (ii)
 actual power draw, i.e., electrical meters, in excess of the Mining Equipment Draw allocated
 pro rata based on consumption (e.g. kilowatt-hours) between the Customer's Mining Equipment
 and other equipment powered via the same metered power source ()"**Excess Metered Power Draw Allocation** "), provided that the Excess Metered Power Draw Allocation shall
 not exceed [\*\*\*] of the Mining Equipment Draw, and (iii) the energy charges for those specific
 intervals during which Customer's Mining Equipment was consuming electricity. Any non-energy
 electricity charges (e.g. transmission, distribution, taxes) shall reflect Customer's
 time-of-use to the extent applicable, and all others shall be allocated pro rata based on
 consumption (e.g. kilowatt-hours) between the Customer's Mining Equipment and other
 equipment operating at the Facility. Customer is entitled, at any time during the Term of
 this Agreement and at Customer's sole cost, to elect to have electrical meters installed
 solely for Customer's Mining Equipment independent from metered power source of other
 equipment in the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**1.10.** "**Expansion Costs**" shall have the meaning set forth in Section 2.1. 3.

&nbsp;&nbsp;&nbsp;&nbsp;**1.11.** "**Facility** "
 means the Service Provider facility described in **Exhibit C**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.12.** "**Facility Fee**" means the Facility Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.13.** "**Generated Digital Assets**" means, for any Payout Period, the Digital Assets Mined by the Third
 Party Mining Operator using the Mining Power *minus* the amount of Digital
 Assets retained by the Third Party Mining Operator as a fee for providing its Mining services.

&nbsp;&nbsp;&nbsp;&nbsp;**1.14.** "**Governmental Authority**" means any state, municipal, or other government, governmental department,
 quasi-governmental authority, commission, board, bureau, court, tribunal, or official, agency
 or instrumentality or political subdivision thereof or any entity or officer exercising executive,
 legislative, judicial, regulatory or administrative functions of or pertaining to any government
 or any court, in each case whether associated with a state of the United States or the United
 States

&nbsp;&nbsp;&nbsp;&nbsp;**1.15.** "**Intellectual Property**" means all forms of intellectual property rights and protections held
 by such Party and may include without limitation all right, title and interest arising under
 U.S. common and statutory law, and under the laws of other countries, in and to all (a) patents
 and all filed, pending or potential applications for patents, including any reissue, reexamination,
 division, continuation or continuation-in-part applications throughout the world now or hereafter
 filed; (b) trade secret rights and equivalent rights; (c) copyrights, other literary property
 or authors rights, whether or not protected by copyright or as a mask work; and (d) proprietary
 indicia, trademarks, trade names, symbols, domain names, URLs, logos and/or brand names.

&nbsp;&nbsp;&nbsp;&nbsp;**1.16.** "**Mining Equipment**" means the servers and power supplies/cables provided by the Customer
 to produce the Mining Power set forth in **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.17.** "**Maintenance** "
 means (i) any activity performed by Service Provider in order to maintain, upgrade or improve
 its services hereunder, including any modification, change, addition, or replacement of any
 Service Provider hardware, or any part of, or machinery or other components of the Facility
 and (ii) monitoring status (including monitoring software), basic diagnostic, power cycling,
 applying configurations and software upgrades, checking cable connections, and system access
 associated with the Mining Equipment as needed from time to time to host and operate the
 Mining Equipment in good working order.

&nbsp;&nbsp;&nbsp;&nbsp;**1.18.** "**Mine** "
 or "**Mining**" means the process in which transactions for various forms
 of Digital Assets are verified and added to a blockchain digital ledger.

&nbsp;&nbsp;&nbsp;&nbsp;**1.19.** "**Non-Routine Maintenance Costs**" means any direct and indirect maintenance costs associated with
 the Customer Equipment, or recurring issues related to the performance of the same Customer
 Equipment but not including the costs of Maintenance or Repairs.

&nbsp;&nbsp;&nbsp;&nbsp;**1.20.** "**Payout Period**" means each day during the Term (as defined below) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.21.** **RESERVED.** 

&nbsp;&nbsp;&nbsp;&nbsp;**1.22.** "**Remote Monitoring Services**" means monitoring services provided by Service Provider to
 Customer, which shall include, without limitation, access to Foreman (or any successor software
 system) and daily maintenance and monitoring report as set forth on **Exhibit E** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;**1.23.** "**Renewable Energy Credit**" means any rights, credits, tokens, revenues, offsets, tax benefits
 or values, greenhouse gas rights or similar rights related to carbon credits or sustainable
 mining tokens, whether created from or through a governmental authority, other person, or
 private contract, now or in the future, associated with the generation of Digital Assets
 at the Facility, and including such rights to sell or trade any of the aforementioned domestically
 or internationally, and including the right to count or claim any applicable benefits under
 any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**1.24.** "**Repairs** "
 means repairs or servicing needed to keep the Customer Equipment operational but excludes
 routine Maintenance tasks; provided that remediation of recurring issues with the Customer
 Equipment shall be considered to be Repairs.

&nbsp;&nbsp;&nbsp;&nbsp;**1.25.** "**Scheduled Start Date**" means the date of delivery of the first batch of Mining Equipment as
 set forth on **Exhibit C**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.26.** "**Set Up Fee**" means the Set Up Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.27.** "**Third Party Mining Operator**" means a third-party mining pool designated by the Customer
 and assigned the Mining Power to generate the Generated Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**1.28.** **RESERVED**.

**2.** **SERVICE PROVIDER OBLIGATIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** *Allocation of Capacity*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1.** From
 the Effective Date, Service Provider shall allocate to Customer the Initial Capacity described
 on the Cover Page (for a total of fifteen (15) MW of load power capacity provided to Customer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.** Service
 Provider shall install and energize the Containers (as defined below) at the Facility, such
 that the Containers are fully capable of housing and providing load power capacity for the
 Additional Capacity, including all necessary construction and infrastructure (collectively,
 the "**Expansion** "), upon the satisfaction of all of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.1.** (i)
 the appropriate Governmental Authority has approved Service Provider and the Facility to
 fully provide an aggregate of at least fifty (50) MW in load power capacity at the Facility,
 in addition to the load power capacity provided at the Facility as of the Effective Date,
 and (ii) the Facility is fully energized and capable of providing such additional fifteen
 (15) MW in load power capacity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.2.** Customer
 has purchased and delivered to the Facility fifteen (15) containers meeting the specification
 requirements as agreed to between Customer and Service Provider, for the purpose of housing
 and providing load power capacity for fifteen (15) MW of Mining Equipment (each a "**Container** "
 and together the "**Containers** "). Service Provider shall identify and source
 the supplier to fulfill the supply and delivery to the Facility of the Containers, and shall
 source Containers with a cumulative purchase price (inclusive of delivery fees, taxes and
 other expenses) no greater than $[\*\*\*] (such amount, the "**Container Costs** ").
 Customer shall be responsible for contracting with such supplier for the Containers and for
 paying the Container Costs, subject to Customer's satisfaction in its sole discretion
 of the terms of any such agreement for the purchase and delivery of the Containers and any
 of Customer's KYC, diligence or other vendor requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3.** Immediately
 upon satisfaction of Section 2.1.2.1 and the purchase of the Containers as described in Section
 2.1.2.2, Service Provider shall commence work to complete the Expansion. Service Provider
 shall be responsible for identifying, sourcing and contracting directly with all contractors,
 vendors, suppliers and other third parties necessary to complete the Expansion. At Customer's
 election, Customer shall either (i) prepay Service Provider or (ii) be invoiced directly
 by such third parties (subject Customer's satisfaction in its sole discretion of its
 KYC, diligence or other vendor requirements), in each case for the actual costs of labor
 and materials incurred to third parties (other than Service Provider or its affiliates) to
 complete the Expansion, up to a cumulative cost of $[\*\*\*] (such amount, the "**Expansion Costs** "). Upon Customer's request, Service Provider shall provide to Customer
 evidence, satisfactory to Customer, of all Expansion Costs incurred, prior to Customer prepaying
 or paying any Expansion Costs. Service Provider shall be responsible for any and all costs,
 fees or expenses in excess of or in addition to the Expansion Costs necessary to complete
 the Expansion. Service Provider shall be responsible for obtaining any and all necessary
 licenses and permits from any Governmental Authority or otherwise necessary to complete the
 Expansion, at Service Provider's sole expense. Service Provider shall be responsible
 for continuing maintenance and operations with respect to the Containers and the Expansion
 during the Term at its sole expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4.** Service
 Provider shall complete the Expansion within sixty (60) days following the delivery of the
 Containers to the Facility, or such later date as Service Provider and Customer shall mutually
 agree (such deadline, the "**Expansion Date Deadline**" and such date of completion,
 the "**Expansion Date** "). For each MW of Additional Capacity not energized
 within seventy-five (75) days of the Expansion Date Deadline, provided Customer has then
 satisfied and otherwise is in compliance with its obligations under Sections 2.1.2.2 and
 2.1.3, Customer will accrue a credit of $[\*\*\*] per day, up until such point as all MW of
 Additional Capacity are energized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.5.** Service
 Provider shall provide evidence reasonably satisfactory to Customer that the conditions and
 obligations set forth in subsections 2.1.2, 2.1.2.1, 2.1.2.2, 2.1.3, and 2.1.4 above have
 been satisfied, including allowing Customer or its agents to inspect the Facility, and Customer's
 review of any other evidence as Customer may request. For the avoidance of doubt, Customer
 shall maintain ownership and title to each Container until title to such Container passes
 to Service Provider as set forth under Section 4.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.6.** For
 the avoidance of doubt, Customer shall maintain full title and ownership over the Containers.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** *Services*.
 Subject to the terms and conditions of this Agreement (including Customer's payment
 obligations), Service Provider shall use commercially reasonable efforts to do the following
 (collectively, the "**Services** "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.1.** Provide
 physical and digital security and safety of the Facility and the Customer Equipment in accordance
 with standards and procedures that are not less protective than those customarily employed
 by industry leading providers of similar services. Further, Service Provider shall maintain
 a safe and clean environment in the Facility that permits the Mining Equipment to operate
 at commercially reasonable efficiency at all times during the Term of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.2.** Maintain
 access to the power supply, Internet connection and infrastructure of the Facility for the
 normal operation of the Mining Equipment. Service Provider represents and warrants as of
 the Scheduled Start Date (as set forth on the Cover Page) that the designated Facility, and
 Service Provider shall thereafter ensure that the Facility, is configured to provide sufficient
 power supply to operate the Mining Equipment on the terms set forth in this Agreement. Service
 Provider shall use reasonable efforts to avoid unscheduled network downtime that would adversely
 impact the profitable operation of the Mining Equipment and, in the event that any unscheduled
 downtime occurs, to restore operations as quickly as is practicable under the circumstances.
 Service Provider shall administer any such downtime affecting the Mining Equipment in a manner
 that is materially consistent with the administration of such downtime to other equipment
 at the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.3.** On
 or promptly following the Scheduled Start Date (as set forth on the Cover Page) and, as applicable,
 the Expansion Date, the Service Provider shall configure the Mining Equipment strictly in
 accordance with Customer's prior written authorization, including connection to the
 mining pools, setup of the miner's number and update of the version of the firmware.
 Service Provider shall cause the worker name for each mining server comprising the Mining
 Equipment to be labeled in such a manner that makes it identifiable as Mining Equipment subject
 to this Agreement or as Customer may otherwise instruct, and cause the hashpower from the
 Mining Equipment to be managed in a separate and distinctly identifiable mining pool subaccount,
 not commingled with hashpower contributed by any bitcoin mining hardware outside the scope
 of the Mining Equipment or as Customer may otherwise instruct. Within fifteen (15) Business
 Days following the later of the Scheduled Start Date or Expansion Date, as the case may be,
 and the date on which the applicable Mining Equipment is delivered to the Facility, or as
 adjusted in writing by mutual agreement of the Parties, Service Provider shall provide a
 report to Customer in substantially the form under "Inventory Feed" in **Exhibit D** showing worker name to serial number mapping of the Mining Equipment, and shall promptly
 inform Customer of any changes to this mapping as they are made. Service Provider shall not
 configure the Mining Equipment without prior written authorization from Customer; provided,
 however, that if Service Provider fails to provide an Uptime of [\*\*\*] or better, the Facility
 Fee shall be reduced as described in Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.4.** Immediately
 following the Scheduled Start Date, Service Provider will provide Remote Monitoring Services,
 including all necessary access to Customer to remotely monitor the metrics of the Mining
 Equipment as reasonably requested by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.5.** Service
 Provider shall install and configure the Mining Equipment at the Facility at Service Provider's
 sole cost and expense, except that Customer shall pay to Service Provider the Set Up Fee,
 set forth on the Cover Page, and within a reasonable period not to exceed 15 Business Days
 following the arrival of such Mining Equipment at the Facility. During such installation
 and configuration Service Provider may, with Customer's prior written consent, make
 reasonable modifications or adjustments to the Mining Equipment that service Provider determines
 are necessary to conform to requirements, specifications, and procedures that it recommends
 to operate the bitcoin mining hardware at the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.6.** Subject
 to Customer's responsibility to decide when to mine and when to curtail mining operations
 in Section 3.5, Service Provider shall monitor the real-time profitability of the Mining
 Equipment with respect to Electricity Utility Costs in the manner set forth on **Exhibit F** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.7.** Within
 10 Business Days following the end of each calendar month during the Term, Service Provider
 will deliver to Customer the reports as set forth on **Exhibit D** hereto. Should Customer
 reasonably request additional reports or information at any time, Service Provider will use
 commercially reasonable efforts to provide such reports or information in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.8.** Throughout
 the Term, subject to Section 3, Service Provider shall be responsible for the management
 and maintenance of the Mining Equipment. Service Provider's responsibilities will include
 (i) ongoing monitoring of performance metrics in an effort to maximize miner performance;
 (ii) Facility security; (iii) overall Facility maintenance; (iv) power and infrastructure
 maintenance; (v) Facility safety protocols; (vi) power procurement and billing; (vii) heat
 management; (viii) payment and management of employees and contractors performing services
 related to this Agreement; and (ix) all other such services as required for the Mining Equipment
 to achieve the operation requirements in Section 2.2. All such maintenance shall be performed
 in a diligent, competent and workmanlike manner.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** *Maintenance*.
 Service Provider shall provide technical support services, including Maintenance of the Mining
 Equipment, as needed from time to time or as directed in a commercially reasonable manner
 by Customer with respect to the Mining Equipment, in each case to host and operate the Mining
 Equipment in good working order. Customer shall be responsible for the costs, procurement
 and delivery of replacement parts to be installed in the Mining Equipment during any Maintenance
 required to service the Mining Equipment (unless such replacement parts are required in connection
 with Service Provider's breach of the Co-Location Mining Services Agreement), and Service
 Provider shall be responsible for any labor or other expenses required to perform such routine
 Maintenance. Customer agrees that Service Provider may undertake Maintenance with respect
 to the Facility and the Mining Equipment without requiring prior authorization, and Service
 Provider shall use reasonable efforts to minimize any adverse impact of such routine Maintenance
 on the operation of the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** *Repairs*.
 Service Provider, with the consent of Customer and at Customer's expense in respect
 of out-of-pocket and third-party expenses (including, but not limited to, packing and unpacking,
 installation and racking of repaired units), the incurrence of which shall be subject to
 prior consent of Customer, shall address and facilitate Repairs to Customer Equipment, payable
 within thirty (30) days by Customer upon receipt of evidence of such expenses paid by Service
 Provider. Notwithstanding the foregoing, the installation and racking of repaired units shall
 not be at Customer's expense unless greater than 5% of the units of Mining Equipment
 are required to be repaired and re-racked within a [60] day period, and further provided
 that the incurrence of any expense to Customer shall be subject to prior consent of Customer.
 For significant third-party Repair expenses, Service Provider reserves the right to request
 that Customer either advance funds for the expenses or pay the third party directly. In addition,
 Customer and/or its designated personnel is permitted access to the Facility in accordance
 with Section 7.1 to address and facilitate any Repairs to the Customer Equipment. Customers
 is entitled to, at its own discretion, elect to have the Customer Equipment repaired at locations
 other than the Facility, and in such case, Customer is entitled to require the Service Provider
 and Service Provider shall, as required by Customer and at Customer's sole cost and
 expense, ship the Customer Equipment in need of repair to address(es) designated by Customer.
 For the avoidance of doubt, advanced, in-warranty, or out-of-warranty Repairs, such as advanced
 diagnostics, miner consolidation, fan, control board, power supply, or hashboard replacements,
 can, at Customer's election, be managed in-house or by a designated third-party repair
 service chosen by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**2.5.** *Use of Third Parties*. Customer agrees that Service Provider may use its affiliates and any
 third-party contractors, vendors and/or service providers to provide the Services (in whole
 or in part), provided that, Service Provider shall make reasonable efforts in conducting
 due diligence of such third-party contractors, vendors and/or service providers and shall
 not be relieved of responsibility hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** *Licenses and Permits*. Service Provider shall be responsible for obtaining any licenses, permits,
 consents, or approvals from any federal, state or local government, which may be necessary
 to own and operate the Facility.

**3.** **CUSTOMER OBLIGATIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** *Delivery and Setup*. Customer shall (a) deliver substantially all Mining Equipment five (5) Business
 Days following the Effective Date or the Expansion Date, as applicable, or according
 to the Delivery Schedule set forth on **Exhibit C**; (b) on or before delivery of the
 Mining Equipment (and before any future installation of Mining Equipment), pay the Set Up
 Fee and fulfill Customer's obligations under Sections 4.1, 4.3, 4.4 and 5 below; and
 (c) provide Service Provider with view-only access to its mining pool along with the ability
 to connect Service Provider's remote monitoring software via the Third Party Mining
 Operator's API for the purposes of performing the Services. For the avoidance of doubt,
 all Mining Equipment shall remain the sole property of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** *Compliance with Laws*. Customer's use of the Facility and the Mining Equipment must at all
 times conform to all applicable laws, including the laws of the United States of America,
 the laws of the states in which Customer is doing business, and the laws of the state where
 the Facility is located.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** *Mining Equipment*. Customer shall ensure that substantially all Customer Equipment delivered
 by it to Service Provider is in good working order and suitable for use in the Facility.
 It is understood that Customer is responsible for any costs associated with repair of Customer
 Equipment received in non-working order including labor and parts, subject to Customer's
 prior written approval of any such costs. Service Provider is not responsible in any way
 for installation delays or loss of profits as a result of Customer Equipment that is not
 in good working order upon delivery to the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** *Modification and/or Overclocking of Mining Equipment*. Customer may at any time, without obligation
 to notify Service Provider, modify, instruct Service Provider to alter or adjust the power
 consumption of the Mining Equipment, provided that such modifications, alterations, or adjustments
 are within the range of standard or factory specifications of the Mining Equipment (the "**Nominal Power of the Mining Equipment** "). For any modifications, alterations, or adjustments
 that may result in overclocking (i.e., Mining Equipment operating at any level beyond Nominal
 Power of the Mining Equipment), Customer shall notify and obtain prior written approval from
 Service Provider before making such modifications, alternations, or firmware adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** *Responsibility for Mining Decisions*. Customer is undertaking cryptocurrency mining for Customer's
 benefit and at Customer's own risk. Customer is solely responsible for deciding when
 to mine and when to curtail mining operations. Service Provider will provide recommendations
 to Customer as to curtail, provided that Service Provider accepts no liability whatsoever
 for the consequences of curtailment decision by Customer, and all decisions, regardless of
 Service Provider's recommendations, shall be solely the responsibility of Customer.
 Customer will inform Service Provider of its decisions as to when to mine and when to curtail
 mining operations in writing in the manner agreed between the parties from time to time.
 In the event that Customer requests that Service Provider provide remote monitoring services,
 and Service Provider agrees to provide such additional services (for which the Parties will
 agree an additional fee) and subsequently Service Provider fails to implement Customer's
 curtailment directions in the manner then agreed by the Parties after a period of 30 minutes
 from the receipt of such notice, Service Provider shall be liable for the difference between
 any Electricity Utility Costs incurred as the result of a failure by Service Provider to
 follow Customer instructions to curtail mining operations and the market value of Digital
 Assets mined by the Mining Equipment during such period. For the avoidance of doubt, the
 Parties agree that Customer's curtailment directions are intended to be effectuated
 by an automatic process and as such shall not be deemed as requiring notice from Customer,
 nor subject to the aforementioned day and time considerations in this Section. With respect
 to any period occurring no less than seventy-two (72) hours following Customer having provided
 Service Provider with the required inputs and/or directives establishing the process for
 using information to set one or more automated levels at which the Mining Equipment is curtailed
 (such information, the "**Automation Protocol** "), and subject to the functionality
 to implement such Automation Protocol in the miner management software, Service Provider
 shall be liable for the difference between any Electricity Utility Costs incurred as the
 result of a failure by Service Provider to implement such Automation Protocol to curtail
 mining operations and the market value of Digital Assets mined by the Mining Equipment during
 such period.

**4.** **ALLOCATION OF COSTS AND SECURITY INTEREST.** 

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** Customer
 is solely responsible for all Costs associated with Generated Digital Assets for each Payout
 Period and Service Provider shall invoice Customer, and Customer shall pay the Costs for
 each month (each an "**Invoice** "), which invoice shall be due five (5) Business
 Days after invoicing. Invoices (other than the initial Invoice) shall include a copy of the
 power and other applicable invoices that Service Provider received, reflecting the actual
 costs paid by Service Provider and any detail breaking down Customer's allocation of
 such Electricity Utility Costs. If there is any dispute with regard to the invoiced amount,
 Customer may raise the dispute to Service Provider, and the Parties shall work in good faith
 to resolve such disputes within five (5) Business Days after Customer raises such objections
 and if they are unable to do so, the matter will become a Dispute under Section 17.1. Any
 adjustment of the invoiced amount for any given month shall be applied to the invoiced amount
 for the upcoming month.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** Service
 Provider shall be responsible for all costs of operations and maintenance with respect to
 the Containers throughout the Term, including but not limited to obtaining any and all necessary
 licenses and permits to install and operate the Containers.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** Within
 10 Business Days of the Effective Date, Customer shall deposit with Service Provider the
 Deposit in an amount of $[\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** Customer
 must, on or before the Expansion Date and thereafter at all times at all times during the
 Term, maintain at Customer's election, a cash deposit, surety bond, irrevocable standby
 letter of credit or other form of security (the "**Provider Security** "),
 with Service Provider's energy provider (as of the Effective Date, EnergyMark, LLC)
 (the "**Provider**") directly with the Provider, in form and substance satisfactory
 to the Provider, in such amount as Provider shall require from time to time, which such amount
 shall be limited to the lesser of (x) the sum total of (i) the total amount of Provider Security
 required by the Provider weighted by the pro rata share of the Additional Capacity relative
 to the total capacity of the Facility, plus (b) in the event that during the Term Provider
 requires additional Provider Security with respect to the Initial Capacity, the amount by
 which such adjusted Provider Security exceeds the amount of Provider Security required by
 the Provider for the Initial Capacity as of the Effective Date; or (c) three months of estimated
 invoice amounts for Electricity Utility Costs as calculated by the Provider with respect
 to the Facility, weighted by the pro rata share of the Additional Capacity provided to Customer
 relative to the total capacity of the Facility. In the case Provider requires Provider Security
 exceeding three months of estimated invoice amounts of Electricity Utility Costs with respect
 to the Facility, weighted by the pro rata share of the Initial Capacity and Additional Capacity
 provided to Customer relative to the total capacity of the Facility, such amount of Provider
 Security shall be funded in equal proportion by Customer and Service Provider, in the form
 and substance as herein described. Service Provider shall use commercially reasonable efforts
 to ensure that Provider's collateral requirements do not exceed the scope permitted
 in the governing agreements between Service Provider and Provider for the provision of energy
 at the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1.** In
 the case of termination of this Agreement for any reason, Service Provider shall use commercially
 reasonable efforts to ensure that the Provider shall return to Customer the full amount of
 any cash deposits provided to Provider pursuant to Section 4.4 (net of any deductions made
 by Provider to satisfy amounts that would be payable by Customer hereunder), and/or that
 Provider shall release any other surety bond, letter of credit or other form of security
 provided by Customer, in each case within ten (10) days of such termination. In the event
 Provider fails to return such cash deposit and/or release any other surety bond, letter of
 credit or other form of security provided by Customer to Provider, Service Provider shall
 return the full amount of such cash deposit (or the costs or expenses associated with any
 other surety bond, letter of credit or other form of security provided by Customer to Provider),
 net of any deductions made by Provider to satisfy amounts that would be payable by Customer
 hereunder, to Customer within ten (10) days of Provider's failure to return such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.** From
 the Effective Date and throughout the Term, Service Provider shall provide a monthly discount
 on the Facility Fee for the Initial Capacity in the amount of $[\*\*\*] per MW of allocated
 and available load power through the end of the Term (the "**Initial Capacity Fee Discount**") until such time as Initial Capacity Fee Discounts totaling the full
 amount of the Deposit ($[\*\*\*]) have been provided to Customer. For the avoidance of doubt,
 the Initial Capacity Fee Discount shall be applied to the initial payment of the Facility
 Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1.** Within
 ten (10) Business Days of the date that the remaining amount of Initial Capacity Fee Discounts
 to be provided to Customer pursuant to Section 4.5 is less than the sum total of (x) the
 average monthly Facility Fee for the Initial Capacity, plus (y) the average monthly Facility
 Fee for the Additional Capacity (such total, the "**ACA Deposit Amount** "),
 Customer shall (i) establish an account with U.S. Bank, or such other deposit bank in the
 United States as may be determined by Customer (such institution, the "**Bank** "),
 having the account name "[Customer] for the benefit of [Service Provider]" (such
 account, the "**Reserve Account**") and (ii) deposit into the Reserve Account
 assets equal to the ACA Deposit Amount (such assets, the "**ACA Deposit** ").
 From the date that such Reserve Account is established until the end of the Term, the Customer
 shall maintain the Reserve Account with a balance not less than the ACA Deposit Amount, and
 the Reserve Account shall be subject to the terms of an account control agreement, on terms
 reasonably acceptable to Service Provider, Customer, and Bank, in favor of and for the benefit
 of the Service Provider, in accordance with Section 6.1. Customer shall be entitled to all
 interest earned by the balance in the Reserve Account. Within ten (10) calendar days of termination
 of this Agreement, Service Provider shall take such steps and execute such documents as may
 be necessary to relinquish its rights with respect to the ACA Deposit and the Reserve Account.

&nbsp;&nbsp;&nbsp;&nbsp;**4.6.** From
 the Expansion Date and throughout the Term, Service Provider shall provide a monthly discount
 on the Facility Fee for the Additional Capacity in the amount of $[\*\*\*] per MW of allocated
 and available load power through the end of the Term (the "**Additional Capacity Fee Discount**" and together with the Initial Capacity Fee Discount, the "**Fee Discounts**") until such time as Additional Capacity Fee Discounts totaling the full
 amount of Expansion Costs have been provided to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**4.7.** In
 the event that this Agreement is terminated before such time as the total amount of Fee Discounts
 received by Customer total the full amount of the Deposit plus the full amount of the Expansion
 Costs, then Service Provider shall wire to Customer in immediately available funds an amount
 equal to: (x) the sum of the Deposit and the Expansion Costs, minus (y) the total amount
 of Fee Discounts provided to Customer as of the date of such termination as described in
 Section 13.4.

&nbsp;&nbsp;&nbsp;&nbsp;**4.8.** To
 secure Service Provider's obligations under Section 4.7 of this Agreement, Service
 Provider hereby grants and pledges to Customer a first priority continuing security interest
 in the 2.2 MW Crypto Condo Pod One purchased by Service Provider on or about January 21,
 2022 (the "**Collateral** ").

&nbsp;&nbsp;&nbsp;&nbsp;**4.9.** All
 terms in Sections 4.9, 4.10 and 4.11 have the meanings given to them in the New York Uniform
 Commercial Code, as amended or supplemented from time to time (the "**NYUCC** ");
 if a term is defined in Article 8 or Article 9 of the NYUCC and also in another Article of
 the NYUCC, unless otherwise specified such terms shall have the meaning given in Article
 8 or as applicable Article 9 of the NYUCC. Service Provider authorizes Customer to file financing
 statements, without notice to Service Provider, with all appropriate jurisdictions to perfect
 Customer's interest or rights hereunder in the Collateral. In addition, at the sole
 expense of Service Provider, Service Provider shall take all actions and deliver all such
 instruments, documents, filings and notices (and authorize Customer to take any such actions
 on its behalf) in order to perfect the security interest of Customer in such assets and obtain
 control within the meaning of the NYUCC over such assets. Once Customer confirms that either
 (i) Fee Discounts totaling the full amount of the Deposit and the full amount of the Expansion
 Costs have been provided to Customer pursuant to this Agreement or (ii) Service Provider
 has wired to Customer in immediately available funds an amount equal to (x) the full amount
 of the Deposit plus the full amount of the Expansion Costs minus (y) the total amount of
 Fee Discounts provided to Customer as of the date of such termination, Customer's first
 priority security interest shall be immediately and automatically be terminated, without
 a need for any further writing by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**4.10.** Upon
 the occurrence of Service Provider's failure to fulfill its obligations as set forth
 under Section 4.7 of this Agreement, Customer may sell all or any part of the Collateral,
 at public or private sales, to itself, a wholesaler, retailer or investor, for cash, upon
 credit or for future delivery, and at such price or prices as Customer may deem commercially
 reasonable. To the extent permitted by law, Service Provider hereby specifically waive all
 rights of redemption and any rights of stay or appraisal which it has or may have under any
 applicable law in effect from time to time. Any such public or private sales shall be held
 at such times and at such place(s) as Customer may determine. Customer may, instead of exercising
 its power of sale, proceed to enforce its security interest in the Collateral by seeking
 a judgment or decree of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**4.11.** For
 the avoidance of doubt, any and all Renewable Energy Credits generated shall be the sole
 property of Service Provider, provided that Service Provider shall permit and assist Customer
 to certify (and request that applicable third parties certify where possible) that Generated
 Digital Assets were mined using clean energy.

**5.** **FACILITY FEE.** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** Customer
 will pay the Facility Fee for each calendar month in advance (pro rata for partial months
 and subject to any applicable discounts as set forth in Sections 4.5 and 4.6 of this Agreement,
 also pro rata for partial months), with the first monthly payment (subject to any applicable
 discounts) due and payable in full within ten (10) Business Days following the Effective
 Date, and thereafter within five (5) Business Days after Customer receives the invoice from
 the Service Provider. The Facility Fee shall be reduced as determined in  **<u>Appendix A.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** The
 Facility Fee shall be payable with respect to the Initial Capacity from the Scheduled Start
 Date, and with respect to both the Initial Capacity and the Additional Capacity from the
 Expansion Date.

**6.** **PAYMENTS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** *Late Payments*. If Customer does not make any payment due hereunder within two (2) Business
 Days after the due date, Customer's account will be considered delinquent after written
 notice and a cure period of five (5) Business Days. Upon delinquency of the account, Service
 Provider may suspend the Services at any time. Customer is responsible for all charges Service
 Provider incurs because of Customer's delinquency, including collection charges and
 attorneys' fees. Delinquent payments are subject to default fees equal to the lesser
 of [\*\*\*]% per month and the maximum amount allowed by law. From the date that the Reserve
 Account is established, upon delinquency of the account as a result of a late payment (inclusive
 of any applicable cure period), if Customer has not cured such late payment within the applicable
 cure period, and Service Provider is not in material breach of this Agreement, Service Provider
 shall be entitled to the ACA Deposit, up to the amount of such delinquent payment.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** *Suspending the Services*. If Customer fails to pay Costs, Facility Fees, Set Up Fees, any non-recurring
 charges, any other amounts due to Service Provider, or applicable taxes when due, Service
 Provider may immediately suspend the Services.

**7.** **ACCESS**.

&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** *Access to Facility*. Customer shall have supervised access to the Facility at any reasonable
 times during the Term of this Agreement, provided that (i) Customer gives twenty-four (24)
 hour notice in advance; (ii) Customer provides the names, phone numbers, and expected times
 of arrival and departure of Customer personnel to Service Provider; and (iii) Service Provider
 personnel are present at all times. For avoidance of doubt, Customer may access the facility
 upon twenty-four (24) notice if Service Provider is in breach of this Agreement. Customer
 shall have access to view the camera footage of the Facility pertinent to the Customer Equipment
 at any time during the Term of this Agreement. Service Provider may not condition access
 to Facility based on any provisions, requirements, or stipulations not expressly stated in
 this Co-Location Mining Services Agreement. Customer may at any time during the term of any
 Co-Location Mining Services Agreement, not to exceed five (5) occasions per calendar year,
 inspect the Facility where the Services are provided to perform an inventory count of Customer
 Equipment that are hosted by Service Provider. Customer shall provide Service Provider with
 a notice of no less than 5 Business Days prior to the intended date of inspection. The inspection
 shall be scheduled during regular business hours, and at a mutually agreed-upon time between
 Service Provider and Customer to minimize disruption to the Services. Customer may be accompanied
 by third-party auditors or representatives during the inspection. Service Provider shall
 grant such auditors or representatives the same access rights as the Customer for the purposes
 of the inspection. Service Provider shall provide all necessary cooperation during the inspection,
 including but not limited to, facilitating access to relevant areas, providing necessary
 documentation, including reporting on the location of all Customer assets as of the date
 of the inspection, and answering any queries the Customer or the Customer's representatives
 might have. Any non-public information that the Customer or the Customer's auditors or representatives
 learn during the inspection shall be treated as Confidential Information in accordance with
 Section 17.8 of this Co-Location Mining Services Agreement. In the event that any discrepancies
 or inconsistencies are identified during the inspection, Service Provider shall take prompt
 remedial actions to rectify the same at its own cost, unless otherwise agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** *Hazardous Conditions*. If, in the discretion of Service Provider, its employees or agents, any hazardous
 conditions arise on, from, or affecting the Facility, Customer agrees and acknowledges that
 Service Provider is hereby authorized to suspend service under this Agreement without any
 liability, in such case, the Service Provider shall (i) give notice to Customer for suspension
 of Services at its earliest time of convenience; and (ii) provide reasonable evidence of
 the hazardous conditions; and (iii) make all reasonable efforts to resume Services as soon
 as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** *Intermittent Outages*. Customer acknowledges that Service Provider participates in various Demand Response
 / Load Resource Participation Program ()"**LRP Program**") at its Facilities,
 and that the LRP Program is designed to maintain the integrity of the local grid system and
 allows for cost savings that are passed on to Service Provider. Accordingly, the LRP Program
 provides the local grid operator with the capability to shut off the power load serving Service
 Provider customers in response to emergency load situations. Such occurrences shall be deemed
 to constitute Force Majeure events pursuant to Section 14. Customer agrees that the economic
 terms of this Agreement reflect Service Provider's participation in the LRP Program
 Service Provider shall have no liability to Customer for any actions or omissions due to
 or resulting from its participation in the LRP Program.

**8.** **REMOVAL AND RELOCATION OF MINING EQUIPMENT.** 

&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** *Emergency Relocation*. In the event of an emergency giving rise to material risk to the Facility,
 equipment or personnel located at the Facility, as determined in Service Provider's
 reasonable discretion, Service Provider may rearrange, remove, or relocate the Mining Equipment.
 Notwithstanding the foregoing, in the case of emergency, Service Provider shall provide Customer,
 to the extent practicable, reasonable notice prior to rearranging, removing, or relocating
 the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** *Equipment Removal*. Customer may request that Service Provider remove and deliver Customer Equipment
 to Customer, at Customer's sole cost upon not less than ten (10) Business Days'
 notice; provided that Customer shall be liable for outstanding fees and for any liability
 arising in connection with the termination of this Agreement. Customer's written notification
 shall request a date by which Customer wishes for the Customer Equipment to be packaged and
 shipped from the Facility. Before packaging and shipping the Customer Equipment, Service
 Provider will verify that Customer has no payments due, including, but not limited to any
 obligations relating to the termination of this Agreement, and that Customer has paid the
 costs of packaging, shipping and insuring such Customer Equipment from Service Provider's
 Facility. If a termination of this Agreement occurs a result of a breach of contract by the
 Service Provider, Service Provider, upon Customer's request, shall remove and deliver
 Customer Equipment to Customer, at Service Provider's sole cost upon not less than
 ten (10) Business Days' notice. If Customer uses an agent or other third party to remove
 the Customer Equipment, Customer shall be solely responsible for the acts of such party,
 and any injury, including death, and damages to the Customer Equipment, the Facility (or
 other site of relocation), or otherwise, caused by such party, whether directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** For
 any removal and/or relocation of Mining Equipment pursuant to this Article 8, Service Provider
 shall, to the extent practicable, employ the "hot swapping" equipment as specified
 in Article 9.2 or others mechanisms that minimizes the interruption to mining activities.

**9.** **TECHNOLOGY UPGRADES.** 

&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** *Software and Firmware*. The parties shall mutually agree in good faith whether to update or upgrade
 the software or firmware of Mining Equipment, including to replace the existing software
 or firmware of the Mining Equipment. Service Provider shall use commercially reasonable efforts
 to maintain the Mining Equipment provided by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** *Mining Equipment Upgrades*. Customer shall have the right on up to two (2) occasions during the
 Term to, at Customer's sole cost and expense, replace some or all of the Customer Equipment
 at the Facility with newer generation equipment. Customer shall provide Service Provider
 reasonable written notice of the proposed equipment upgrade, which notice shall include a
 new **Exhibit B** and **Exhibit C** hereto reflecting the revised set of Customer Equipment
 to be hosted at the Facility. Service Provider will, arrange for the deinstallation of old
 Customer Equipment and installation of the new Mining Equipment in a manner that to the extent
 practicable minimizes the interruption to mining activities (e.g., "hot swapping"
 equipment in real time). Uninstalled Customer Equipment will be made available to Customer
 in accordance with Section 8.2 above.

**10.** **DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.** 

&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** *Disclaimers*. the services and facility provided by Service Provider
 are provided "as is." Service Provider does not provide backup power and the
 facility is subject to swings in local temperature, wind, humidity, etc. Notwithstanding
 anything in this Section 10.1, Service Provider shall provide the services and the Facility
 in accordance with this Agreement in a professional and workmanlike manner consistent with
 the standards customarily employed by industry leading providers of similar services.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** *Limitation of Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1.** *Damages* **.** In no event shall either party be liable to the other party or any other person, firm,
 or entity in any respect, for any indirect, consequential, special, incidental or punitive
 damages, including loss of profits or revenue of any kind or nature whatsoever arising out
 of, negligence, accidents, errors, omissions, interruptions, or defects in transmission,
 or delays, including, but not limited to, those which may be caused by regulatory or judicial
 authorities or other circumstances not attributable to either party arising out of or relating
 to this agreement or the obligations of such party pursuant to this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2.** *Limitations on Liability*. In no event shall either party be
 liable to customer or any other person, firm, or entity in any respect, for any indirect,
 consequential, special, incidental or punitive damages including, but not limited to, damages
 for harm to business, lost revenues, lost sales, lost savings, lost profits or revenue (anticipated
 or actual), loss of use, loss of data, or downtime), arising out of, negligence, accidents,
 errors, omissions, interruptions, or defects in transmission, or delays, including, but not
 limited to, those which may be caused by regulatory or judicial authorities arising out of
 or relating to this agreement or the obligations of such party pursuant to this agreement,
 regardless of the form of action, whether in contract, warranty, strict liability or tort,
 or any other legal or equitable theory, even if such party has been advised that any such
 damages or losses are possible. Under no circumstances shall Customer's aggregate liability
 under this agreement, whether under contract law, tort law, warranty, or otherwise, exceed
 an amount equal to [\*\*\*] . Service Provider
 shall have no obligation, responsibility, and/or liability for the following: (a) a Force
 Majeure Event; or (B) damages resulting from any actions or inactions of customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3.** *Exclusions*.
 The exclusions and limitations in Section 10.2.1 and Section 10.2.2 shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3.1.** a
 Party's indemnification obligations under Section 12 (Indemnification);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3.2.** damages
 or other liabilities arising out of or relating to a party's gross negligence, willful
 misconduct, or intentional acts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3.3.** damages
 or liabilities to the extent covered by a Party's insurance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.3.4.** Service
 Provider's obligation to return any amounts owed to Customer pursuant to Section 4.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.4.** *Causes of Action*. Unless applicable law requires a longer period, any action against the other
 Party in connection with this Agreement must be commenced within one year after the affected
 Party was made aware of the circumstances given rise to the cause of the action.

**11.** **RISK** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** *Digital Asset Prices*. Customer understands that Service Provider is not liable for price fluctuations
 in any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** *Acknowledgements*.
 By entering into this Agreement Customer acknowledges and agrees that: (a) Service Provider
 is not responsible for the operation of any Digital Asset underlying protocols, and Service
 Provider makes no guarantee of their functionality, security, or availability; (b) Digital
 Asset underlying protocols are subject to sudden changes in operating rules (a/k/a "forks"),
 and such forks may materially affect the value, function, and/or even the name of the Digital
 Assets; and (c) Service Provider does not own or control the underlying software protocols
 which govern the operation of any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** *No Guarantee*. Customer understands that Mining is an everchanging and volatile endeavor
 and that there is no guarantee that the Services will generate any set amount of Digital
 Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** *Service Provider Not Liable*. Customer acknowledges that Service Provider shall have no responsibility
 or liability for: (a) Force Majeure; (b) any error by any Customer; (c) any error by any
 Third Party Mining Provider; (d) the insolvency of, or acts or omissions by, a Digital Asset
 trading platform or market or the issuer of any Digital Asset; (e) any error, or any loss,
 destruction, corruption or other inability to use or transfer any Digital Asset caused by
 the applicable blockchain or any other technology used to implement or operate any Digital
 Asset, or other circumstances beyond the reasonable control of Service Provider; (f) any
 delay or failure of any Digital Asset issuer, the developer or operator of any technology
 used to implement or operate any Digital Asset, or any broker, agent, intermediary, bank
 or other commercially prevalent Digital Asset payment or clearing system to provide any information
 or services required in order to enable Service Provider's performance hereunder; (g)
 delays or inability to perform its duties due to any disorder in market infrastructure with
 respect to any particular Digital Asset; (h) the effect of any provision of any law or regulation
 or order of the United States of America, or any state thereof, or any other country, or
 political subdivision thereof or of any court of competent jurisdiction, and (i) any other
 matters for which Service Provider is not responsible under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**11.5.** *Service Provider's Insurance*. It is understood that Service Provider is not an insurer
 and Customer's Customer Equipment is not covered by any insurance policy held by Service
 Provider. Service Provider shall while any Co-Location Mining Services Agreement is in effect,
 maintain adequate insurance for the Facility and, in any event, in such amounts as set forth
 in the Table 1 below. All such insurance must (a) for commercial general liability, umbrella/excess
 liability, all risk property, and auto liability policies, name Customer, its affiliates,
 and its and their respective officers, directors, members, managers, employees, successors,
 assigns, licensees, contractors, and agents as additional insureds; (b) for commercial general
 liability and umbrella/excess liability policies, provide for coverage on an "occurrence"
 basis; (c) waive any insurer right of subrogation against Customer, its affiliates, and its
 and their respective officers, directors, members, managers, employees, successors, assigns,
 licensees, contractors, and agents; (d) provide primary coverage, without any right of contribution
 from any other insurance that Customer may have; and (e) not be able to be canceled or have
 coverage reduced without at least 15 days' prior notice to Customer. Upon request by
 Customer and, in any event, at least annually upon the renewal of any such policy, Service
 Provider shall furnish Customer with documentation of the insurance coverage it maintains,
 including certificates of insurance that include the identity of the insurance carriers,
 coverage levels, deductible amounts, and otherwise demonstrate compliance with this <u>Section 11.5</u>.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 1: Service Provider Insurance Requirements:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 1: Service Provider Insurance Requirements:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Policies:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial general liability insurance (including contractual liability) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[\*\*\*] per occurrence; $[\*\*\*] general aggregate\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worker's compensation insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the law of the state in which the Facility is located, and Employer's Liability insurance with a limit not less than $[\*\*\*] Bodily Injury Each Accident; $[\*\*\*] Bodily Injury by Disease-Each Person; and $[\*\*\*] Bodily Injury By Disease-Policy Limit |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Some or all of which may be provided by "umbrella" or excess liability insurance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Some or all of which may be provided by "umbrella" or excess liability insurance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Requirements:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All insurance required of Service Provider under this Agreement shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the Facility is located. Service Provider's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad from property damage, independent contractor's coverage, cross liability and severance of interest clauses. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All insurance required of Service Provider under this Agreement shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the Facility is located. Service Provider's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad from property damage, independent contractor's coverage, cross liability and severance of interest clauses. |

---

 

&nbsp;&nbsp;&nbsp;&nbsp;**11.6.** *Customer's Insurance.* Customer shall, at Customer's expense, procure and maintain while any
 Co-Location Mining Services Agreement is in effect, a policy or policies of insurance in
 accordance with the terms and requirements as set forth in Table 2 below. All of Customer's
 insurance policies with respect to the Facility shall be endorsed so as to include a waiver
 of subrogation in accordance with and to the full extent of Customer's waiver of claims
 set forth in Table 2 below. The commercial general liability policies procured by Customer
 hereunder shall name Service Provider and any party designated by Service Provider as additional
 insureds. Prior to occupying the Facility, and prior to the expiration of such policy, Service
 Provider and Customer shall submit to one another certificates of insurance evidencing such
 policies (and the applicable renewals thereof) being in effect and that include the identity
 of the insurance carriers, coverage levels, deductible amounts, and otherwise demonstrate
 compliance with this <u>Section 11.6</u>. All insurance policies procured hereunder shall
 contain a provision stating that the insurer shall endeavor to provide at least fifteen (15)
 days' written notice to Service Provider and all others named as additional insureds
 prior to any cancellation or material modification of such policy.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 2: Customer Insurance Requirements:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 2: Customer Insurance Requirements:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Policies:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial general liability insurance (including contractual liability) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[\*\*\*] per occurrence; $[\*\*\*] general aggregate\* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"Special Peril Form" property insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full replacement value of Customer Equipment and personal property in the Host Facility. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Some or all of which may be provided by "umbrella" or excess liability insurance. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*Some or all of which may be provided by "umbrella" or excess liability insurance. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Requirements:* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All insurance required of Customer under this Agreement shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the \Facility is located. Customer's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad from property damage, independent contractor's coverage, cross liability and severance of interest clauses. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All insurance required of Customer under this Agreement shall be issued by insurers with a "General Policyholders Rating" of at least A-, VIII, as set forth in "Best's Insurance Guide." Such insurers shall be authorized to do business in the State in which the \Facility is located. Customer's commercial general liability policy shall be written to apply to all bodily injury (including death) and property damage losses, and shall include blanket contractual liability, broad from property damage, independent contractor's coverage, cross liability and severance of interest clauses. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waivers:*<br> Customer hereby waives its rights against Service Provider with respect to any claims or damages or losses for damage to any Customer Equipment, which are caused by or result from (i) risks insured against under any insurance policies which are required to be obtained and maintained by Customer under this Agreement, and were, in fact, carried by Customer at the time of such claim, damage, loss or injury, or (ii) risks which would have been covered under any insurance required to be obtained and maintained as required by this Agreement, including all such claims, damages, and losses, which were caused by or result from the negligence of any employee, agent, contractor, officer director of Customer or any other person acting or purporting to act on its behalf. The foregoing waivers shall be in addition to, and not a limitation of, any other waivers or releases contained in this Agreement. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Waivers:*<br> Customer hereby waives its rights against Service Provider with respect to any claims or damages or losses for damage to any Customer Equipment, which are caused by or result from (i) risks insured against under any insurance policies which are required to be obtained and maintained by Customer under this Agreement, and were, in fact, carried by Customer at the time of such claim, damage, loss or injury, or (ii) risks which would have been covered under any insurance required to be obtained and maintained as required by this Agreement, including all such claims, damages, and losses, which were caused by or result from the negligence of any employee, agent, contractor, officer director of Customer or any other person acting or purporting to act on its behalf. The foregoing waivers shall be in addition to, and not a limitation of, any other waivers or releases contained in this Agreement. |

---

**12.** INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;**12.1.** *Indemnity by Customer*. Customer will indemnify, hold harmless, and defend Service Provider, its
 subsidiaries, and their respective employees, agents, directors, owners, executives, representatives,
 and subcontractors from any third party claims arising from: (A) Customer's, or its
 representatives', actual or alleged breach of this Agreement or applicable law; (B)
 the Customer Equipment or Customer's use of the Customer Equipment; (C) Customer's
 entering into this Agreement; and (D) any injuries, including but not limited to death, or
 damages sustained by any person or property due to any direct or indirect act, omission,
 negligence or misconduct of Customer, its agents, representatives, employees, contractors
 and their employees and subcontractors and their employees.

&nbsp;&nbsp;&nbsp;&nbsp;**12.2.** *Indemnity by Service Provider*. Service Provider will indemnify, hold harmless, and defend Customer,
 its subsidiaries, and their respective employees, agents, directors, owners, executives,
 representatives, and subcontractors from any third party claims, including attorneys'
 fees and legal expenses arising from: (A) Service Provider's, or its representatives',
 actual or alleged breach of this Agreement or applicable law; (B) Service Provider's
 entering into this Agreement; (C) any injuries, including but not limited to death, or damages
 sustained by any person or property due to any direct or indirect act, omission, negligence
 or misconduct of Service Provider, its agents, representatives, employees, contractors and
 their employees and subcontractors and their employees.

&nbsp;&nbsp;&nbsp;&nbsp;**12.3.** *Limitation on Indemnity*. Notwithstanding anything to the contrary in this Agreement, the indemnifying
 party is not obligated to indemnify, hold harmless, or defend the indemnified party against
 any claim (whether direct or indirect) to the extent such claim or corresponding losses are
 covered by the insurance policies required under Section 11 or the extent that such claim
 is the result of a Force Majeure Event.

**13.** **TERM AND TERMINATION.** 

&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** *Term*.
 This Agreement shall commence on the Effective Date and will remain in effect for the term
 set forth on the Cover Page unless terminated in accordance with the terms set forth in this
 Agreement (the "**Term** "). This Agreement shall automatically renew for additional
 one-month terms unless a Party gives the other Party written notice of an intent not to renew
 the Agreement no later than sixty (60) days' (or thirty (30) days' in the case
 of an automatic renewal term) advance written notice that the Party does not intend to renew
 the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** *Termination in Bankruptcy, etc*. This Agreement will be terminated if the Parties mutually agree to
 writing to terminate the Agreement. Either Party may terminate this Agreement immediately
 upon written notice to the other Party in the event (i) such other Party (a) files any petition
 in bankruptcy; (b) has an involuntary petition in bankruptcy filed against it; (c) becomes
 insolvent; (d) makes a general assignment for the benefit of creditors; (e) admits in writing
 its inability to pay its debts as they mature; (f) has a receiver appointed for its assets;
 (g) ceases conducting business in the normal course; or (h) has any significant portion of
 its assets attached. Customer may terminate this Agreement if Service Provider undergoes
 a change of control.

&nbsp;&nbsp;&nbsp;&nbsp;**13.3.** *Breach and Cure*. Either Party may terminate this Agreement upon written notice to the other
 Party if such other Party breaches any material term or condition of this Agreement and fails
 to remedy the breach within ten (10) days after being given written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;**13.4.** *Effect of Termination*. Following the expiration or termination of this Agreement, provided no
 amounts remain payable by Customer to Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.1.** Customer
 shall be entitled to the immediate physical possession of all Customer Equipment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.2.** Service
 Provider shall take such steps and execute such documents as may be necessary to relinquish
 its rights with respect to the ACA Deposit and the Reserve Account within ten (10) calendar
 days, and Service Provider shall wire to Customer in immediately available funds an amount
 equal to: (x) the sum of the Deposit and the Expansion Costs, minus (y) the total amount
 of Fee Discounts provided to Customer as of the date of such termination within:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.2.1.** in
 the case of termination of this Agreement other than by reason of Customer's breach
 under Section 13.3, twenty (20) Business Days of the date of such termination; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.2.2.** in
 the case of termination of this Agreement by reason of Customer's breach under Section
 13.3, the later of forty (40) Business Days of the date of such termination, or ninety (90)
 days from the Effective Date.

**14.** **FORCE MAJEURE.** 

&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** *Force Majeure Event*. Notwithstanding anything to the contrary in this Agreement, and subject
 to the terms in this Section, either Party shall not be responsible for any failure to perform
 and will not be liable to the other Party for any damages to such Party, as a result of any
 Force Majeure Event. "**Force Majeure Event**" means an event that is beyond
 the applicable Party's reasonable control and is not attributable to the fault or negligence
 of such applicable Party and despite taking all reasonable technical and commercial precautions
 and measures to prevent, avoid, mitigate, or overcome such event or condition and the consequences
 thereof, the affected party has been unable to prevent, avoid, mitigate, or overcome such
 event, condition, or consequences, including, but not limited to, (a) acts of war; (b) issues
 with import/export restrictions, (c) unforeseeable lack of electricity supplies, blackouts,
 brownouts or power shortages; (d) Internet outages to the extent due to reasons not attributable
 to either Party; (e) any government action, order, law, regulation, moratorium or action
 that renders or purports to render the provision of the Services unlawful or that is so onerous
 it renders provision of the Services not commercially practicable; (f) fire, flood, earthquake,
 explosion or other natural disaster; or (g) disease, epidemic or pandemic (where an epidemic
 or pandemic has been declared at Service Provider's hosting site(s) by the Center for
 Disease Control or the World Health Organization), where such disease, epidemic, or pandemic
 causes a government-mandated shutdown of Service Provider or the hosting site(s) hosting
 the Customer Equipment. The Party affected by a Force Majeure Event shall use reasonable
 efforts to end the failure and/or delay caused by a Force Majeure Event and minimize its
 effects and shall notify the other Party as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** *Service Provider Actions*. Service Provider's limitation on responsibility due to a Force
 Majeure Event in Section 14.1 applies only if: (a) Service Provider takes such action as
 may be reasonably necessary to void, nullify, or mitigate, in all material respects, the
 effects of the Force Majeure Event; (b) Service Provider provides Customer with prompt and
 precise notice of (i) the identity of the specific Force Majeure Event; (ii) the details
 of Service Provider's attempts to void, nullify, or mitigate the effects of the Force
 Majeure Event; and (iii) an anticipated timeline of recovery to normal business operations
 from the Force Majeure Event.

 

&nbsp;&nbsp;&nbsp;&nbsp;**14.3.** *Effect of Force Majeure Event*. In the event the Facility cannot be used by Customer to Mine
 cryptocurrencies due to a Force Majeure Event then the Facility Fee shall be abated during
 the shutdown. If such shutdown:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.1.** Occurs
 during the first 90 days of the Term, then Customer shall be entitled to immediately terminate
 this Agreement. Service Provider shall bear the reasonable costs of unracking and packing
 the Customer Equipment ready for shipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.2.** Persists
 for 30 consecutive days, either Party shall be entitled to immediately terminate this Agreement.
 The Parties shall share equally the reasonable costs of unracking and packing the Customer
 Equipment ready for shipment.

**15.** **COMMUNICATIONS & NOTICES.** 

&nbsp;&nbsp;&nbsp;&nbsp;**15.1.** *Addresses for Notices*. All notices, requests, or other communications or documents to be given
 under this Agreement shall be in writing and addressed to the person(s), and at the addresses,
 set forth for each Party on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**15.2.** *Method*.
 Notices shall be deemed effective: (a) when delivered by hand; (b) one day after posting
 with a recognized express delivery service specifying priority overnight delivery with written
 verification of receipt (in the case of internal domestic U.S. deliveries); (c) five (5)
 days after posting with a recognized international express delivery service specifying priority
 international delivery with written verification of receipt (in the case of international
 deliveries); or (d) when sent by e-mail with confirmation of transmission by the transmitting
 equipment. Each Party may designate a different address or contact person by notice given
 in the manner provided in this Section.

**16.** **REPRESENTATIONS AND WARRANTIES.** 

&nbsp;&nbsp;&nbsp;&nbsp;**16.1.** *Each Party*. Each Party hereby represents, warrants and covenants to the other Party that:
 (a) it has full, right, power and authority to enter into this Agreement and to perform its
 obligations under this Agreement; and (b) the execution of this Agreement and the performance
 of its obligations hereunder do not and will not constitute any material breach of any agreement
 to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2.** *Service Provider*. Service Provider represents, warrants and covenants to Customer that Service
 Provider is, through its wholly-owned subsidiary North East Data, LLC, the sole owner of
 the Facility and that as of the date hereof Service Provider is not aware of any actual or
 potential third party claim to the contrary. Service Provider shall not create, make, file,
 pursue, allow, or suffer to exist any right of retention, lien, security interest, claim,
 or other encumbrance (a "**Lien**") against any of the Customer's Customer
 Equipment or the Containers, and (ii) irrevocably waives any such Lien and the right to claim
 any such Lien with respect to the Customer's Mining Equipment or the Containers. Service
 Provider shall defend and hold Client harmless from any claim of any such Lien, against Customer's
 Customer Equipment by any of its Affiliates, contractors, subcontractors (of any tier), vendors,
 service providers, or any other person or entity for whom Service Provider is responsible.
 Service Provider shall immediately notify Customer upon discovery of any such Lien related
 to the Customer's Customer Equipment. If any such Lien is placed against the Customer's
 Customer Equipment or any other property or assets of Customer in violation of this Agreement,
 Service Provider shall promptly and at its sole cost and expense, take such actions as are
 necessary to cause such Lien to be removed. If Service Provider fails to remove such Lien
 within 10 days, excluding Business Days following its discovery thereof, then Customer may,
 but is not obligated to, have such Lien removed at Service Provider's expense.

&nbsp;&nbsp;&nbsp;&nbsp;**16.3.** *Customer*.
 Customer represents, warrants and covenants that as between Service Provider and Customer,
 Customer will be the beneficial owner of the Digital Assets and there will be no third-party
 beneficiaries to the Agreement.

**17.** **GENERAL PROVISIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;**17.1.** *Disputes.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1.** The
 parties shall resolve any dispute, controversy, or claim arising out of or relating to this
 Agreement, or the breach, termination or invalidity hereof (each, a "**Dispute** "),
 under the provisions of Sections 17.1 through 17.3. The procedures set forth in Sections
 17.1 through 17.3 shall be the exclusive mechanism for resolving any Dispute that may arise
 from time to time and Sections 17.1 through 17.3 are express conditions precedent to litigation
 of the Dispute

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2.** A
 party shall send written notice to the other party of any Dispute ()"**Dispute Notice** ").
 The parties shall first attempt in good faith to resolve any Dispute set forth in the Dispute
 Notice by negotiation and consultation between themselves, including not fewer than three
 (3) negotiation sessions attended by senior executives of Service Provider and Customer.
 In the event that such Dispute is not resolved on an informal basis within 10 Business Days
 after one party delivers the Dispute Notice to the other party, whether the negotiation sessions
 take place or not, either party may, by written notice to the other party ()"**Escalation to Executive Notice** "), refer such Dispute to the chief executives of each party
 (the "**Executives** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.3.** If
 the Executives cannot resolve any Dispute during the time period ending 10 Business Days
 after the date of the Escalation to Executive Notice (the last day of such time period, the
 "**Escalation to Mediation Date** "), either party may initiate mediation under
 Section 17.2, subjection to Section 17.2.3.

&nbsp;&nbsp;&nbsp;&nbsp;**17.2.** *Mediation.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.1.** Subject
 to Section 17.1, the parties may, at any time after the Escalation to Mediation Date, submit
 the Dispute to any mutually agreed to mediation service for mediation by providing to the
 mediation service a joint, written request for mediation, setting forth the subject of the
 dispute and the relief requested. The parties shall cooperate with one another in selecting
 a mediation service, and shall cooperate with the mediation service and with one another
 in selecting a neutral mediator and in scheduling the mediation proceedings. The parties
 covenant that they will use commercially reasonable efforts in participating in the mediation.
 The parties agree that the mediator's fees and expenses and the costs incidental to
 the mediation will be shared equally between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.2.** The
 parties further agree that all offers, promises, conduct, and statements, whether oral or
 written, made in the course of the mediation by any of the parties, their agents, employees,
 experts, and attorneys, and by the mediator and any employees of the mediation service, are
 confidential, privileged, and inadmissible for any purpose, including impeachment, in any
 litigation, arbitration or other proceeding involving the parties, provided that evidence
 that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable
 as a result of its use in the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.3.** Notwithstanding
 anything to the contrary in Sections 17.1, 17.2, 17.3 or 17.5, in the event the dispute,
 controversy, or claim arising out of or relating to this Agreement, or the breach, termination
 or invalidity hereof is alleged to have damages of more than $200,000.00, then either party
 may elect to not initiate any mediation as set forth in this Section 17.2, and may immediately
 pursue arbitration in accordance with the provisions of Section 17.5.

&nbsp;&nbsp;&nbsp;&nbsp;**17.3.** *Arbitration as a Final Resort.* If the parties cannot resolve any Dispute for any reason, including,
 but not limited to, the failure of either party to agree to enter into mediation or agree
 to any settlement proposed by the mediator, within 20 Business Days after the Escalation
 to Mediation Date, or a party has elected to not initiate mediation in accordance with Section
 17.2.3, either party may pursue arbitration in accordance with the provisions of Section
 17.5.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.4.** *Governing Laws.* This Agreement will be construed in accordance with the laws of the State
 of Delaware as applied to contracts made and performed entirely therein, and without giving
 effect to any choice of law rule that would cause the application of the laws of any jurisdiction
 other than the internal laws of the State of Delaware to the rights and duties of the Parties.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.5.** *Arbitration.* Subject
 to Sections 17.1, 17.2 and 17.3, the Parties hereto agree that any Dispute or controversy
 arising out of, relating to, or in connection with this Agreement shall be arbitrated pursuant
 to the American Arbitration Association (the "**AAA**") and shall be finally
 and conclusively determined by the decision of a board of arbitration consisting of one (1)
 member selected according to the rules governing the AAA. Judgment on the award rendered
 by the arbitrator may be entered in any court having jurisdiction thereof. The language of
 the arbitration shall be in English.

&nbsp;&nbsp;&nbsp;&nbsp;**17.6.** *Assignment.* Except
 as expressly provided herein, neither Party may assign or transfer (collectively "assign")
 this Agreement, or any rights or obligations under this Agreement, without the prior written
 consent of the other, which consent may be withheld in the consenting Party's discretion;
 provided, however, that a Party may make such an assignment without the other Party's
 consent (i) to an affiliate, provided that such affiliate agrees in writing to be bound by
 the terms and conditions of this Agreement or (ii) to the surviving party in a merger of
 that Party into another entity or in an acquisition of all or substantially all its assets.
 Customer may terminate this Agreement immediately upon written notice to Host if (i) there
 is a transfer of control or sale of substantially all of the assets or fifty percent (50%)
 or more of the equity interests (in one or more transactions), of Service Provider from the
 person or persons that hold such control of such Service Provider on the Effective Date to
 another person or persons (a "Change in Control") and (ii) the successor or assignee
 is not a publicly traded company listed on the New York Stock Exchange or NASDAQ with a share
 price of $5 or higher and such successor or assignee does not, in NYDIG's commercially
 reasonable discretion, satisfy the Bank Secrecy Act, as amended by the USA PATRIOT Act, implementing
 anti-money laundering regulations, advisories and regulatory guidance and/or Executive Orders,
 regulations and advisories issued by the U.S. Treasury Department's Office of Foreign
 Assets Control. This Agreement shall be binding upon the successors and permitted assigns
 of the Parties. Any assignment or attempted assignment by either Party in violation of the
 terms of this Section 17.6 shall be null and void and of no legal effect.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.7.** *Entire Agreement; Amendment.* This Agreement, including any updates or amendments, constitutes
 the complete and exclusive agreement between the Parties with respect to the subject matter
 hereof, and supersedes and replaces all prior or contemporaneous discussions, negotiations,
 understandings and agreements, written and oral, regarding the same. This Agreement may only
 be modified by a written instrument properly executed by the Parties (and such written instrument
 shall explicitly say that it is an amendment hereto so that no informal amendment inadvertently
 occurs).

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.8.** *Confidentiality.* The
 terms and conditions of this Agreement, the Services, the Costs and the Facility Fees (and
 any other related materials or information provided by Service Provider to Customer) are
 Service Provider's confidential information, regardless of whether they are marked
 as confidential, proprietary or otherwise. The personal data provided by Customer in the
 context of this Agreement (and any other related materials or information provided by Customer
 to Service Provider) are Customer's confidential information, regardless of whether
 they are marked as confidential, proprietary or otherwise. During the Term, the Parties shall
 (a) keep such confidential information strictly confidential in a manner that each Party
 protects its own confidential or proprietary information of a similar nature (and with no
 less than reasonable care); and (b) not disclose such confidential information to any third
 party other than each Party's partners, vendors, assignees, purchasers, investors,
 lenders, lessors, and financial or legal consultants that have a need to know such information
 and have agreed in writing to keep such information confidential and not disclose such confidential
 information. consistent with the terms of this Agreement. Notwithstanding the foregoing,
 the either Party may disclose confidential information as required by law or by order of
 a court of competent jurisdiction, provided that, in such event, (i) such Party will provide
 the other Party with prompt notice of such obligation and permit the other Party an opportunity
 to take legal action to prevent or limit the scope of such disclosure; and (ii) such Party
 will furnish only that portion of the other Party's confidential information which
 the Party is advised by counsel is legally required and the Parties will exercise commercially
 reasonable efforts to obtain assurance that confidential treatment will be accorded to such
 confidential information.

&nbsp;&nbsp;&nbsp;&nbsp;**17.9.** *Non-solicitation*.
 From the Scheduled Start Date and for nine months thereafter, each Party agrees not to solicit
 the employees, contractors, or other affiliates of the other Party.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.10.** *Independent Contractors.* Service Provider and Customer are independent contractors, and nothing
 in the Agreement will create any partnership, joint venture, agency, franchise, sales representative,
 or employment relationship between the Parties. Neither Party is an agent or representative
 of the other or is authorized to make any warranties or assume or create any other obligations
 on behalf of the other.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.11.** *Compliance with Laws*. Service Provider shall use commercially reasonable efforts to remain in compliance
 with such laws (to the extent that it already is), or work towards compliance with such law
 (to the extent that it is not, whether due to changing laws or otherwise). Customer understands
 and agrees that Service Provider shall not be in violation of this Agreement, and shall have
 no liability, to the extent it uses, or has used commercially reasonable efforts to comply
 with applicable law.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.12.** *Intellectual Property*. Nothing in this Agreement shall be deemed to grant to either party any rights
 or licenses, by implication, estoppel or otherwise, to any of the other party's Intellectual
 Property. Neither party shall contest or challenge, or assist any third party in contesting
 or challenging, the validity or enforceability of any of the other party's Intellectual
 Property.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.13.** *Trademarks*.
 Each party is strictly prohibited from using any product or corporate name, designation,
 logo, trade name, trademark, service name or service mark associated with the other party
 in any marketing materials, regulatory filing, financial statements, offering circular, prospectus
 or otherwise, without the prior written consent of the first party, which may be withheld
 by the first party in its sole and absolute discretion.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.14.** *No Exclusivity*. This Agreement in no way establishes any exclusive arrangement between Customer
 and Service Provider. Each party acknowledges and agrees that the other party will be free
 to enter into agreements and other arrangements with any third parties, at any time, regarding
 any products or services.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.15.** *Parties Are Sophisticated and Represented.* No preference shall be given to one Party by
 virtue of the fact that such Party did not draft this Agreement. No bias shall be placed
 against the drafter. Each Party has been advised and offered the opportunity to seek legal
 counsel regarding this Agreement. To the extent they chose not to or to limit such, they
 hereby waive any later complaint that they lacked proper counsel or understanding. No failure
 by any Party to insist upon the strict performance of this Agreement shall constitute waiver
 of any breach, covenant, duty, or term herein.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.16.** *Counterparts / Execution.* The Agreement may be executed in counterparts, which together shall
 constitute a single instrument, and may also be executed by electronic signature, and the
 Parties agree that facsimile, digitally scanned or other electronic copies of signatures
 shall be valid and binding as originals.

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.17.** *Taxes.* The
 Costs and fees set forth herein do not include any tariffs, import or export duties, however
 designated, levied against the delivery or use of the components and products provided under
 the Agreement. Customer shall pay, or reimburse Service Provider for, all such taxes that
 Service Provider is required to collect; provided, however, that Customer shall not be liable
 for any taxes based on Service Providers' net income.

 

 

&nbsp;&nbsp;&nbsp;&nbsp;**17.18.** *Survival.* The
 provisions contained in Sections 1, 5, 6, 10, 11, 12, 13.4 and 17 shall survive the termination
 or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.19.** *Guarantee* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.19.1.** North
 East Data, LLC unconditionally guarantees to Customer (i) the prompt and unconditional payment
 of all payment obligations of Service Provider under this Agreement, including without limit
 with respect to the return of any Deposit, as the same shall become due and payable under
 this Agreement and any and all sums of money which, at the time, may have become or become
 due and payable under the provisions of this Agreement; and (iii) performance of all Service
 Provider's covenants and obligations contained herein and/or therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.19.2.** This
 Guaranty is an absolute, unconditional, present and continuing guaranty of payment and performance
 and not of collection and is in no way conditioned or contingent upon any attempt to enforce
 Customer's rights against Service Provider or to collect from Service Provider or upon
 any other condition or contingency; accordingly, Customer shall have the right to proceed
 against North East Data, LLC immediately upon any event of default or breach under this Agreement
 without taking any prior action or proceeding to enforce this Agreement or any of them or
 for the liquidation or foreclosure of any security Customer may at any time hold pursuant
 thereto.

**AMENDMENT NO. 1 TO THE CO-LOCATION MINING SERVICES AGREEMENT**

THIS AMENDMENT NO. 1 TO THE CO-LOCATION MINING SERVICES AGREEMENT (the "**First Amendment") is made February 7, 2024 (the "Amendment Effective Date"), by and between NY 3 Mining LLC ("Customer") and Blockfusion USA, Inc. ("Service Provider"). Customer and Service Provider may be referred to herein singularly as a "Party" and collectively, as the "Parties".**

WHEREAS, Customer and Service Provider entered into the Mining Services Agreement, dated as of December 15, 2023 (the "**Agreement**"); and

WHEREAS, Customer and Service Provider desire to amend the Agreement to amend certain fees and amounts payable therein.

NOW THEREFORE, in consideration of the mutual promises, covenants and representations contained in this First Amendment, the Parties herewith agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Recitals and Defined Terms</u>. The recitals set forth above and referred to herein are an integral
 part of this First Amendment and shall be construed as if fully restated and contained herein.
 All capitalized terms not otherwise defined in this First Amendment shall have the definitions
 contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to the Agreement Terms</u>. The Agreement is amended as follows as of the Amendment Effective

Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Expansion Costs</u>. The third sentence of Section 2.1.3 of the Agreement is hereby amended and modified
 as follows (new language underlined, deleted language shown in strikethrough text):

"At Customer's election, Customer shall either (i) prepay Service Provider or (ii) be invoiced directly by such third parties (subject Customer's satisfaction in its sole discretion of its KYC, diligence or other vendor requirements), in each case for the actual costs of labor and materials incurred to third parties (other than Service Provider or its affiliates) to complete the Expansion, up to a cumulative cost of [\*\*\*] (such amount, the "**Expansion Costs**")<u>, with such Expansion Costs to be paid to Service Provider or such third parties by Customer pursuant to the following payment schedule:</u>

&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;<u>(a)</u> <u>Expansion Costs in an amount up to</u> [\*\*\*] <u>, to be paid within two (2) Business Days of Customer's receipt of third-party invoices for work on the Expansion relating to such Expansion Costs (the "**Initial Expansion Cost Payments** "); and</u> 

&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;<u>(b)</u> <u>Following the Initial Expansion Cost Payments, Expansion Costs in an amount up to</u> 

[\*\*\*]<u>, to be paid within five (5) Business Days of Customer's receipt of third-party invoices for work on the Expansion relating to such Expansion Costs.</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Additional Capacity Fee Discount</u>. Section 4.6 of the Agreement is hereby amended and modified as
 follows (new language underlined, deleted language shown in strikethrough text):

"**4.6.** From the Expansion Date and throughout the Term, Service Provider shall provide a monthly discount on the Facility Fee for the Additional Capacity in the amount of [\*\*\*] per MW of allocated and available load power through the end of the Term (the "Additional Capacity Fee Discount" and together with the Initial Capacity Fee Discount, the "Fee Discounts") until such time as Additional Capacity Fee Discounts totaling the full amount of Expansion Costs [\*\*\*] have been provided to Customer."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 to the extent modified herein, the Agreement shall remain in full force and effect, unchanged
 and binding upon the Parties in all other material respects. In the event of any conflict
 between the Agreement and this First Amendment, this First Amendment shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This
 First Amendment may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which taken together, shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If
 this First Amendment is executed electronically, the Parties agree that the electronic signature
 will be legally binding. Neither Party will contest the enforceability of this First Amendment
 on the basis that it was executed electronically.

[Signature page follows]

IN WITNESS WHEREOF, the Parties hereto have executed this First Amendment by their duly authorized representatives as of the Amendment Effective Date hereof:

---

| | | | |
|:---|:---|:---|:---|
| **NY 3 MINING LLC** | **NY 3 MINING LLC** | **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Trevor Smyth | By: | /s/ Kant Trivedi |
| Name: | Trevor Smyth | Name: | Kant Trivedi |
| Title: | Authorized Person | Title: | Chief Operating Officer |

---

[Signature page to Amendment No. 1 to the Co-Location Mining Services Agreement]

**AMENDMENT NO. 2 TO THE CO-LOCATION MINING SERVICES AGREEMENT**

THIS AMENDMENT NO. 2 TO THE CO-LOCATION MINING SERVICES AGREEMENT (the "**Second Amendment") is made March 25, 2024 (the "Amendment Effective Date"), by and between NY 3 Mining LLC ("Customer") and Blockfusion USA, Inc. ("Service Provider"). Customer and Service Provider may be referred to herein singularly as a "Party" and collectively, as the "Parties".**

WHEREAS, Customer and Service Provider entered into the Mining Services Agreement, dated as of December 15, 2023, as amended by that Amendment No. 1 to the Co-Location Mining Services Agreement, dated as of February 7, 2024 (as amended, the "**Agreement**"); and

WHEREAS, Customer and Service Provider desire to amend the Agreement to amend certain terms relating to the Expansion.

NOW THEREFORE, in consideration of the mutual promises, covenants and representations contained in this Second Amendment, the Parties herewith agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Recitals and Defined Terms</u>. The recitals set forth above and referred to herein are an integral
 part of this Second Amendment and shall be construed as if fully restated and contained herein.
 All capitalized terms not otherwise defined in this Second Amendment shall have the definitions
 contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment to the Agreement Terms</u>. The Agreement is amended as follows as of the Amendment Effective

Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Expansion Costs</u>. The third sentence of Section 2.1.6 of the Agreement is hereby amended and modified
 as follows (new language underlined, deleted language shown in strikethrough text):

"<u>In addition to the foregoing, Service Provider acknowledges that Customer has purchased and will deliver to the Facility two (2) transformers (the "**Transformers**"). Service Provider shall install the Transformers at the Facility for purposes of providing the Additional Capacity as part of the Expansion (the "**Transformer Installation**") and Service Provider shall be responsible for any and all costs, fees or expenses incurred in connection with the Transformer Installation. Service Provider shall be responsible for continuing maintenance and operations with respect to the Transformers during the Term at its sole expense.</u> For the avoidance of doubt<u>, Service Provider agrees and acknowledges that</u> Customer shall maintain full title and ownership over the Containers <u>and the Transformers and that the Containers and Transformers shall not be considered or deemed or categorized as fixtures to any property or the Facility. Upon the end of the Term or other termination of the Agreement, Service Provider shall provide Customer with access to the Facility and provide reasonable cooperation to Customer to protect or remove the Containers and the Transformers from the Facility</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Representations and Warranties</u>. The second sentence of Section 16.2 of the Agreement is hereby amended
 and modified as follows (new language underlined):

"Service Provider shall not create, make, file, pursue, allow, or suffer to exist any right of retention, lien, security interest, claim, or other encumbrance (a "**Lien**") against any of the Customer's Customer Equipment<u>, the Transformers</u> or the Containers, and (ii) irrevocably waives any such Lien and the right to claim any such Lien with respect to the Customer's Mining Equipment<u>, the Transformers</u> or the Containers.

&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 to the extent modified herein, the Agreement shall remain in full force and effect, unchanged
 and binding upon the Parties in all other material respects. In the event of any conflict
 between the Agreement and this Second Amendment, this Second Amendment shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;4. This
 Second Amendment may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which taken together, shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;5. If
 this Second Amendment is executed electronically, the Parties agree that the electronic signature
 will be legally binding. Neither Party will contest the enforceability of this Second Amendment
 on the basis that it was executed electronically.

[Signature page follows]

IN WITNESS WHEREOF, the Parties hereto have executed this Second Amendment by their duly authorized representatives as of the Amendment Effective Date hereof:

---

| | | | |
|:---|:---|:---|:---|
| **NY 3 MINING LLC** | **NY 3 MINING LLC** | **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Trevor Smyth | By: | /s/ Alex Martini |
| Name: | Trevor Smyth | Name: | Alex Martini |
| Title: | Authorized Person | Title: | CEO |

---

[Signature page to Amendment No. 2 to the Co-Location Mining Services Agreement]

**AMENDMENT NO. 3 TO THE CO-LOCATION MINING SERVICES AGREEMENT**

THIS AMENDMENT NO. 3 TO THE CO-LOCATION MINING SERVICES AGREEMENT (the "**Third Amendment**") is entered into as of March 1, 2025, by and between NY 3 Mining LLC ("**Customer**") and Blockfusion USA, Inc. ("**Service Provider**") and made effective as of March 1, 2025 (the "**Amendment Effective Date**"). Customer and Service Provider may be referred to herein singularly as a "**Party**" and collectively, as the "**Parties**".

WHEREAS, Customer and Service Provider entered into the Mining Services Agreement, dated as of December 15, 2023, as amended by that Amendment No. 1 to the Co-Location Mining Services Agreement, dated as of February 7, 2024 and Amendment No. 2 to the Co-Location Mining Services Agreement, dated as of March 25, 2024 (as amended, the "**Agreement**"); and

WHEREAS, Customer and Service Provider desire to amend the Agreement to amend certain terms.

NOW THEREFORE, in consideration of the mutual promises, covenants and representations contained in this Third Amendment, the Parties herewith agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Recitals and Defined Terms</u>. The recitals set forth above and referred to herein are an integral
 part of this Third Amendment and shall be construed as if fully restated and contained herein.
 All capitalized terms not otherwise defined in this Third Amendment shall have the definitions
 contained in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Monthly Rebate</u>. Notwithstanding anything to the contrary set forth in the Agreement, the Parties
 agree that from and after the Amendment Effective Date the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Service
 Provider will for each calendar month during the Term starting with March 2025 pay to Customer,
 provided the Hash Price is below $[\*\*\*]/PH/day with respect to such calendar month, the Monthly
 Rebate Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For
 the avoidance of doubt, the Parties confirm that as between the Parties, Service Provider
 shall be entitled to any and all Program Revenue from DR Programs other than the Energy Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "[\*\*\*] **MSA**" means the [\*\*\*] Master Service Agreement dated as of March 18, 2020 between
 [\*\*\*] and North East Data, LLC, including each addendum and amendment thereto, each attached
 as **Exhibit A** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. "**DR Programs**" means each of the Applicable Programs described in the CPower MSA and
 any or similar program or successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. "**Hash Price**" means with respect to a given period of time, the average hash price reported
 at https://data.hashrateindex.com/network-data/bitcoin-hashprice-index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. "**Monthly Rebate Amount**" means with respect to any calendar month, $[\*\*\*] per contracted
 megawatt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. "**Program Revenue**" means revenue actually received by Service Provider in cash from a DR
 Program.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Energy Program Payment.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Following
 the launch of the Energy Program, Service Provider will for each calendar month during the
 Term starting with March 2025 pay to Customer all Program Revenue received in such calendar
 month from the Energy Program that is attributable to Customer's Mining Equipment Draw
 for such month (the "**Energy Program Payment** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Service
Provider will issue a credit in the amount of each Energy Program Payment at the time of and along with the Invoice for Costs issued
for the calendar month in which Service Provider received the Program Revenue from the Energy Program. If the amount of the Energy Program
Payment is greater than the amount of the applicable Invoice for Costs, Service Provider will pay any remaining amount to Customer by
wire transfer within 5 business days of receipt of invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. "**Energy Program**" means the "Energy" component of the DER Participation Model
 Program described in the Addendum for DER Participation Model Program dated as of October
 1, 2024 under the CPower MSA, attributable to Customer's offers into the day-ahead
 or real-time energy markets. For the avoidance of doubt, the Energy Program will not include
 any "energy" component resulting from compliance with the "Capacity"
 or "Ancillary Services" components of such DER Participation Model Program. Customer
 shall have full discretion with respect to daily bid and offer levels submitted in relation
 to the Energy Program, with respect to Customer's Capacity.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Maintenance of DR Programs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Parties shall cooperate in a commercially reasonable manner so as to maintain compliance
 with the terms of the DR Programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Service
 Provider shall not be obligated to implement curtailment directions from Customer to the
 extent such directions would lead to a violation of, or penalties under, the DR Programs;
 provided that, notwithstanding the foregoing and for the avoidance of doubt, the aforementioned
 shall not be construed as a limitation on Customer's ability to provide directions
 to Service Provider and Service Provider shall remain obligated to implement any such directions
 from Customer, in each case as set forth in the Agreement, as and when it is able to do so
 without incurring direct and actual penalties under the DR Programs.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Warrants</u>.
 Service Provider will issue to Customer a warrant, substantially in the form attached as **Exhibit B** hereto, exercisable for an aggregate of 417,550 shares of Service Provider's
 Series A Common Stock at a purchase price per share of $0.01. The warrants will be exercisable
 upon the expiration of the Term or the earlier termination of the Agreement other than by
 reason of Customer's breach.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Binding Agreement</u>. Except to the extent modified herein, the Agreement shall remain in full force
 and effect, unchanged and binding upon the Parties in all other material respects. In the
 event of any conflict between the Agreement and this Third Amendment, this Third Amendment
 shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Counterparts</u>.
 This Third Amendment may be executed in any number of counterparts, each of which shall be
 deemed an original, but all of which taken together, shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Electronic Signatures</u>. If this Third Amendment is executed electronically, the Parties agree that
 the electronic signature will be legally binding. Neither Party will contest the enforceability
 of this Third Amendment on the basis that it was executed electronically.

[Signature page follows]

IN WITNESS WHEREOF, the Parties hereto have executed this Third Amendment by their duly authorized representatives as of the Amendment Effective Date hereof:

---

| | | | |
|:---|:---|:---|:---|
| **NY 3 MINING LLC** | **NY 3 MINING LLC** | **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Trevor Smyth | By: | /s/ Alex Martini-Lo Manto |
| Name: | Trevor Smyth | Name: | Alex Martini-Lo Manto |
| Title: | Authorized Person | Title: | CEO |

---

## Exhibit 10.25

**Exhibit 10.25**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("**Agreement**"), dated as of February 9, 2021, is by and between Blockfusion USA, Inc., a Delaware corporation (the "**Company**"), and Emiliano Lo Manto aka Alex Martini (the "**Indemnitee**").

**WHEREAS**, Indemnitee is a director and officer of the Company;

**WHEREAS**, competent and experienced persons are reluctant to continue to serve corporations as in such other capacities unless they are provided with adequate indemnification against claims and actions against them arising out of their service to the corporation;

**WHEREAS**, the Board has determined that enhancing the ability of the Company to retain and attract the most capable persons as directors and officers is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's service as a director and officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined below) to, Indemnitee as set forth in this Agreement and to the extent such insurance is maintained for the coverage of Indemnitee under the Company's directors' and officers' liability insurance policies.

**NOW, THEREFORE**, in consideration of the foregoing and Indemnitee's agreement to provide services to the Company, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

"**Agreement**" shall have the meaning ascribed to it in the preamble.

"**Board**" shall mean the Board of Directors of the Company.

"**Claim**" means:

&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) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&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 inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

"**Company**" shall have the meaning ascribed to it in the preamble.

"**Constituent Documents**" means the Company's certificate of formation and bylaws.

"**D&O Insurance**" shall have the meaning ascribed to it in Section 14(a).

"**Delaware Court**" shall have the meaning ascribed to it in Section 9(e).

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" shall have the meaning ascribed to it in the definition of "Indemnifiable Event" in this Section 1.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

"**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (a) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and (b) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable shall be conclusively deemed to be reasonable.

"**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (each, an "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

"**Indemnitee**" shall have the meaning ascribed to it in the preamble.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (a) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (b) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

"**Notification Date**" has the meaning ascribed thereto in Section 9(c).

"**Other Indemnity Provision**" has the meaning ascribed thereto in Section 13.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to the Company</u>. Indemnitee agrees to serve as a director and officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment or other service agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her employment with or services to the Company or any of its subsidiaries or Enterprises is governed by a separate employment or service agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification</u>. Subject to Section 9 and Section 10, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including without limitation Claims brought by or in the right of the Company, Claims brought by third parties and Claims in which Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Advancement of Expenses</u>. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any written request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall (i) not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege and (ii) execute and deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances) to repay any amounts paid, advanced or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events and/or (b) recovery under any D&O Insurance policies maintained by the Company; *provided, however,* that in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 in respect of such action or proceeding shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notification and Defense of Claims</u>.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder. If at the time of the receipt of such notice, the Company has D&O Insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies and shall thereafter take all necessary or desirable action to cause them to pay, on behalf of Indemnitee, all amounts payable as a result of such Claims in accordance with the terms of such policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&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) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; *provided, however*, that if (i) Indemnitee's employment of his or her own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, and/or (iii) the Company shall not in fact have employed counsel to assume the defense of such Claim, then in any such event Indemnitee shall be entitled to retain his or her own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Procedure upon Application for Indemnification</u>. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim; *provided* that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Determination of Right to Indemnification</u>.

&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) <u>Mandatory Indemnification; Indemnification as a Witness</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law.

&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) <u>Standard of Conduct</u>. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there are no such Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; or

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person or Persons making such Standard of Conduct Determination.

&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) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the Person or Persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within forty-five (45) days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; *provided* that such forty-five (45)-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person or Persons making such determination in good faith require such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in Section 9(d)(i), Section 9(d)(ii) or Section 9(d)(iii) is satisfied, an amount equal to such Losses.

&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) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days after receiving written notice of selection from the Company, deliver to the Company a written objection to such selection; *provided, however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the Company may, at its option, select an alternative Independent Counsel and give written notice to Indemnitee advising him or her of the identity of such alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and Section 9(e)(i) shall apply to such subsequent selection and notice. If applicable, the provisions of Section 9(e)(ii) shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e), Indemnitee may petition the Court of Chancery of the State of Delaware ("**Delaware Court**") to resolve any objection which shall have been made by Indemnitee to the Company's selection of Independent Counsel and/or to appoint as Independent Counsel a Person to be selected by the Delaware Court or such other Person as the Delaware Court shall designate, and the Person with respect to whom all objections are so resolved or the Person so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with such Independent Counsel's determination pursuant to Section 9(b).

&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) <u>Presumptions and Defenses</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the Person or Persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including without limitation settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in Section 5 (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was frivolous or not made in good faith); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings.

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Settlement of Claims</u>. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee without Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duration</u>. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (a) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (b) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Exclusivity</u>. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (each, an "**Other Indemnity Provision**"); *provided, however,* that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>D&O Insurance</u>.

&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) <u>General</u>. For the duration of Indemnitee's service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any possible Claim relating to an Indemnifiable Event, the Company, subject to Section 14(c), shall use commercially reasonable efforts to obtain and maintain in effect policies of directors' and officers' liability insurance ("**D&O Insurance**") providing coverage in reasonable amounts from established and reputable insurers.

&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) <u>Coverage of Indemnitee</u>. In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors or officers.

&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) <u>Exceptions</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) Indemnitee is covered by similar insurance maintained by a subsidiary of the Company; (v) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by Indemnitee; or (vi) the Company is to be acquired and D&O Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by Indemnitee.

&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) <u>Provision of Information</u>. Upon request, the Company will provide to Indemnitee copies of all D&O Insurance applications, binders, policies, declarations, endorsements and other related materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Duplication of Payments</u>. Notwithstanding any provision to the contrary in this Agreement, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any D&O Insurance or other insurance policy, the Constituent Documents, any Other Indemnity Provision, from any subsidiary or Enterprise that Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Subrogation</u>. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents and take all action that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights (*provided* that the Company shall pay Indemnitee's costs and expenses of doing so), including without limitation by assigning all such rights to the extent of such indemnification or advancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendments</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

&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) if to Indemnitee, to the address set forth on the signature page hereto.

&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) if to the Company, to:

Blockfusion USA, Inc.

Attn: CEO

[\*\*\*]

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Dispute Resolution</u>. The Parties agree to arbitrate any and all disputes arising under or related to this Agreement ("**Arbitration**"), under the Delaware Rapid Arbitration Act, 10 Del.C. Section 5801, et. seq. ("**DRAA**"). Any disputes will be submitted to binding arbitration in Wilmington, Delaware. The Arbitration will be presided over by one arbitrator who will be a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. If the parties to this Agreement are unable to agree upon the identity of an arbitrator within twenty (20) calendar days of the commencement of the Arbitration, then either party may file a petition with the Court of Chancery under Section 5805 of the DRAA. The Arbitration will be conducted in accordance with the Delaware Rapid Arbitration Rules, as such Rules may be amended or changed from time to time; provided that the Parties may agree to depart from the Rules by (i) adopting new or different rules to govern the Arbitration or (ii) modifying or rejecting the application of certain of the Rules. To be effective, any departure from the Rules will require the written consent of the Arbitrator. Each of the parties shall, subject to such limitations as the Arbitrator may prescribe, have a right to collect documents and testimony from each other party, and the Arbitrator will have the power to administer oaths and compel the production of witnesses and documents. The Arbitrator will conduct the hearing, administer oaths, and make such rulings as are appropriate to the conduct of the proceedings. The Arbitrator will allow each of the parties an opportunity to present evidence and witnesses and to cross examine the witnesses presented by the opposing party. Any challenge to the final award of the Arbitrator will be made before a panel of three (3) arbitrators, each of whom will be either a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. The scope of appeal will not be limited to the scope of a challenge under the Federal Arbitration Act, but instead will be the same as any appeal from a judgment in a civil action filed in court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Choice of Law and Attorney's Fees</u>. This Agreement will be governed by, construed and enforced in accordance with the internal, substantive law, of the State of Delaware, without regard to its conflicts of law principles. In any action, suit or other proceeding to enforce any right or remedy under this Agreement or to interpret any provision of this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Headings; Section References</u>. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. Except as otherwise indicated, section references herein refer to sections of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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

---

| | | |
|:---|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By: | /s/ Kant Trivedi | /s/ Kant Trivedi |
| Name: | Kant Trivedi | Kant Trivedi |
| Title: | Chief Operating Officer | Chief Operating Officer |
| INDEMNITEE | INDEMNITEE | INDEMNITEE |
| /s/ Alex Martini | /s/ Alex Martini | /s/ Alex Martini |
| Name: | Alex Martini | Alex Martini |
| Address: | Address: | [\*\*\*] |

---

## Exhibit 10.26

**Exhibit 10.26**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("**Agreement**"), dated as of February 9, 2021, is by and between Blockfusion USA, Inc., a Delaware corporation (the "**Company**"), and Kant Trivedi (the "**Indemnitee**").

**WHEREAS**, Indemnitee is a director and officer of the Company;

**WHEREAS**, competent and experienced persons are reluctant to continue to serve corporations as in such other capacities unless they are provided with adequate indemnification against claims and actions against them arising out of their service to the corporation;

**WHEREAS**, the Board has determined that enhancing the ability of the Company to retain and attract the most capable persons as directors and officers is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's service as a director and officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined below) to, Indemnitee as set forth in this Agreement and to the extent such insurance is maintained for the coverage of Indemnitee under the Company's directors' and officers' liability insurance policies.

**NOW, THEREFORE**, in consideration of the foregoing and Indemnitee's agreement to provide services to the Company, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

"**Agreement**" shall have the meaning ascribed to it in the preamble.

"**Board**" shall mean the Board of Directors of the Company.

"**Claim**" means:

&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) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&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 inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

"**Company**" shall have the meaning ascribed to it in the preamble.

"**Constituent Documents**" means the Company's certificate of formation and bylaws.

"**D&O Insurance**" shall have the meaning ascribed to it in Section 14(a).

"**Delaware Court**" shall have the meaning ascribed to it in Section 9(e).

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" shall have the meaning ascribed to it in the definition of "Indemnifiable Event" in this Section 1.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

"**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (a) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and (b) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable shall be conclusively deemed to be reasonable.

"**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (each, an "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

"**Indemnitee**" shall have the meaning ascribed to it in the preamble.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (a) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (b) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

"**Notification Date**" has the meaning ascribed thereto in Section 9(c).

"**Other Indemnity Provision**" has the meaning ascribed thereto in Section 13.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to the Company</u>. Indemnitee agrees to serve as a director and officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment or other service agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her employment with or services to the Company or any of its subsidiaries or Enterprises is governed by a separate employment or service agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification</u>. Subject to Section 9 and Section 10, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including without limitation Claims brought by or in the right of the Company, Claims brought by third parties and Claims in which Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Advancement of Expenses</u>. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any written request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall (i) not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege and (ii) execute and deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances) to repay any amounts paid, advanced or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events and/or (b) recovery under any D&O Insurance policies maintained by the Company; *provided, however,* that in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 in respect of such action or proceeding shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notification and Defense of Claims</u>.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder. If at the time of the receipt of such notice, the Company has D&O Insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies and shall thereafter take all necessary or desirable action to cause them to pay, on behalf of Indemnitee, all amounts payable as a result of such Claims in accordance with the terms of such policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&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) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; *provided, however*, that if (i) Indemnitee's employment of his or her own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, and/or (iii) the Company shall not in fact have employed counsel to assume the defense of such Claim, then in any such event Indemnitee shall be entitled to retain his or her own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Procedure upon Application for Indemnification</u>. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim; *provided* that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Determination of Right to Indemnification</u>.

&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) <u>Mandatory Indemnification; Indemnification as a Witness</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law.

&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) <u>Standard of Conduct</u>. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there are no such Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; or

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person or Persons making such Standard of Conduct Determination.

&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) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the Person or Persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within forty-five (45) days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; *provided* that such forty-five (45)-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person or Persons making such determination in good faith require such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in Section 9(d)(i), Section 9(d)(ii) or Section 9(d)(iii) is satisfied, an amount equal to such Losses.

&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) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days after receiving written notice of selection from the Company, deliver to the Company a written objection to such selection; *provided, however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the Company may, at its option, select an alternative Independent Counsel and give written notice to Indemnitee advising him or her of the identity of such alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and Section 9(e)(i) shall apply to such subsequent selection and notice. If applicable, the provisions of Section 9(e)(ii) shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e), Indemnitee may petition the Court of Chancery of the State of Delaware ("**Delaware Court**") to resolve any objection which shall have been made by Indemnitee to the Company's selection of Independent Counsel and/or to appoint as Independent Counsel a Person to be selected by the Delaware Court or such other Person as the Delaware Court shall designate, and the Person with respect to whom all objections are so resolved or the Person so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with such Independent Counsel's determination pursuant to Section 9(b).

&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) <u>Presumptions and Defenses</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the Person or Persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including without limitation settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in Section 5 (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was frivolous or not made in good faith); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings.

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Settlement of Claims</u>. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee without Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duration</u>. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (a) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (b) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Exclusivity</u>. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (each, an "**Other Indemnity Provision**"); *provided, however,* that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>D&O Insurance</u>.

&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) <u>General</u>. For the duration of Indemnitee's service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any possible Claim relating to an Indemnifiable Event, the Company, subject to Section 14(c), shall use commercially reasonable efforts to obtain and maintain in effect policies of directors' and officers' liability insurance ("**D&O Insurance**") providing coverage in reasonable amounts from established and reputable insurers.

&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) <u>Coverage of Indemnitee</u>. In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors or officers.

&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) <u>Exceptions</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) Indemnitee is covered by similar insurance maintained by a subsidiary of the Company; (v) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by Indemnitee; or (vi) the Company is to be acquired and D&O Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by Indemnitee.

&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) <u>Provision of Information</u>. Upon request, the Company will provide to Indemnitee copies of all D&O Insurance applications, binders, policies, declarations, endorsements and other related materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Duplication of Payments</u>. Notwithstanding any provision to the contrary in this Agreement, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any D&O Insurance or other insurance policy, the Constituent Documents, any Other Indemnity Provision, from any subsidiary or Enterprise that Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16. Subrogation</u>. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents and take all action that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights (*provided* that the Company shall pay Indemnitee's costs and expenses of doing so), including without limitation by assigning all such rights to the extent of such indemnification or advancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendments</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

&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) if to Indemnitee, to the address set forth on the signature page hereto.

&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) if to the Company, to:

Blockfusion USA, Inc.

Attn: CEO

[\*\*\*]

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Dispute Resolution</u>. The Parties agree to arbitrate any and all disputes arising under or related to this Agreement ("**Arbitration**"), under the Delaware Rapid Arbitration Act, 10 Del.C. Section 5801, et. seq. ("**DRAA**"). Any disputes will be submitted to binding arbitration in Wilmington, Delaware. The Arbitration will be presided over by one arbitrator who will be a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. If the parties to this Agreement are unable to agree upon the identity of an arbitrator within twenty (20) calendar days of the commencement of the Arbitration, then either party may file a petition with the Court of Chancery under Section 5805 of the DRAA. The Arbitration will be conducted in accordance with the Delaware Rapid Arbitration Rules, as such Rules may be amended or changed from time to time; provided that the Parties may agree to depart from the Rules by (i) adopting new or different rules to govern the Arbitration or (ii) modifying or rejecting the application of certain of the Rules. To be effective, any departure from the Rules will require the written consent of the Arbitrator. Each of the parties shall, subject to such limitations as the Arbitrator may prescribe, have a right to collect documents and testimony from each other party, and the Arbitrator will have the power to administer oaths and compel the production of witnesses and documents. The Arbitrator will conduct the hearing, administer oaths, and make such rulings as are appropriate to the conduct of the proceedings. The Arbitrator will allow each of the parties an opportunity to present evidence and witnesses and to cross examine the witnesses presented by the opposing party. Any challenge to the final award of the Arbitrator will be made before a panel of three (3) arbitrators, each of whom will be either a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. The scope of appeal will not be limited to the scope of a challenge under the Federal Arbitration Act, but instead will be the same as any appeal from a judgment in a civil action filed in court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Choice of Law and Attorney's Fees</u>. This Agreement will be governed by, construed and enforced in accordance with the internal, substantive law, of the State of Delaware, without regard to its conflicts of law principles. In any action, suit or other proceeding to enforce any right or remedy under this Agreement or to interpret any provision of this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Headings; Section References</u>. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. Except as otherwise indicated, section references herein refer to sections of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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

---

| | | |
|:---|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini | /s/ Alex Martini |
| Name: | Alex Martini | Alex Martini |
| Title: | CEO | CEO |
| INDEMNITEE | INDEMNITEE | INDEMNITEE |
| /s/ Kant Trivedi | /s/ Kant Trivedi | /s/ Kant Trivedi |
| Name: | Kant Trivedi | Kant Trivedi |
| Address: | Address: | [\*\*\*] |

---

## Exhibit 10.27

**Exhibit 10.27**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("**Agreement**"), dated as of February 9, 2021, is by and between Blockfusion USA, Inc., a Delaware corporation (the "**Company**"), and Gustavo Mana (the "**Indemnitee**").

**WHEREAS**, Indemnitee is a director and officer of the Company;

**WHEREAS**, competent and experienced persons are reluctant to continue to serve corporations as in such other capacities unless they are provided with adequate indemnification against claims and actions against them arising out of their service to the corporation;

**WHEREAS**, the Board has determined that enhancing the ability of the Company to retain and attract the most capable persons as directors and officers is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's service as a director and officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined below) to, Indemnitee as set forth in this Agreement and to the extent such insurance is maintained for the coverage of Indemnitee under the Company's directors' and officers' liability insurance policies.

**NOW, THEREFORE**, in consideration of the foregoing and Indemnitee's agreement to provide services to the Company, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

"**Agreement**" shall have the meaning ascribed to it in the preamble.

"**Board**" shall mean the Board of Directors of the Company.

"**Claim**" means:

&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) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&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 inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

"**Company**" shall have the meaning ascribed to it in the preamble.

"**Constituent Documents**" means the Company's certificate of formation and bylaws.

"**D&O Insurance**" shall have the meaning ascribed to it in Section 14(a).

"**Delaware Court**" shall have the meaning ascribed to it in Section 9(e).

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" shall have the meaning ascribed to it in the definition of "Indemnifiable Event" in this Section 1.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

"**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (a) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and (b) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable shall be conclusively deemed to be reasonable.

"**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (each, an "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

"**Indemnitee**" shall have the meaning ascribed to it in the preamble.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (a) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (b) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

"**Notification Date**" has the meaning ascribed thereto in Section 9(c).

"**Other Indemnity Provision**" has the meaning ascribed thereto in Section 13.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to the Company</u>. Indemnitee agrees to serve as a director and officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment or other service agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her employment with or services to the Company or any of its subsidiaries or Enterprises is governed by a separate employment or service agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification</u>. Subject to Section 9 and Section 10, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including without limitation Claims brought by or in the right of the Company, Claims brought by third parties and Claims in which Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Advancement of Expenses</u>. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any written request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall (i) not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege and (ii) execute and deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances) to repay any amounts paid, advanced or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events and/or (b) recovery under any D&O Insurance policies maintained by the Company; *provided, however,* that in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 in respect of such action or proceeding shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notification and Defense of Claims</u>.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder. If at the time of the receipt of such notice, the Company has D&O Insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies and shall thereafter take all necessary or desirable action to cause them to pay, on behalf of Indemnitee, all amounts payable as a result of such Claims in accordance with the terms of such policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&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) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; *provided, however*, that if (i) Indemnitee's employment of his or her own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, and/or (iii) the Company shall not in fact have employed counsel to assume the defense of such Claim, then in any such event Indemnitee shall be entitled to retain his or her own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Procedure upon Application for Indemnification</u>. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim; *provided* that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Determination of Right to Indemnification</u>.

&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) <u>Mandatory Indemnification; Indemnification as a Witness</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law.

&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) <u>Standard of Conduct</u>. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there are no such Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; or

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person or Persons making such Standard of Conduct Determination.

&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) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the Person or Persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within forty-five (45) days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; *provided* that such forty-five (45)-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person or Persons making such determination in good faith require such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in Section 9(d)(i), Section 9(d)(ii) or Section 9(d)(iii) is satisfied, an amount equal to such Losses.

&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) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days after receiving written notice of selection from the Company, deliver to the Company a written objection to such selection; *provided, however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the Company may, at its option, select an alternative Independent Counsel and give written notice to Indemnitee advising him or her of the identity of such alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and Section 9(e)(i) shall apply to such subsequent selection and notice. If applicable, the provisions of Section 9(e)(ii) shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e), Indemnitee may petition the Court of Chancery of the State of Delaware ("**Delaware Court**") to resolve any objection which shall have been made by Indemnitee to the Company's selection of Independent Counsel and/or to appoint as Independent Counsel a Person to be selected by the Delaware Court or such other Person as the Delaware Court shall designate, and the Person with respect to whom all objections are so resolved or the Person so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with such Independent Counsel's determination pursuant to Section 9(b).

&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) <u>Presumptions and Defenses</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the Person or Persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including without limitation settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in Section 5 (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was frivolous or not made in good faith); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings.

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Settlement of Claims</u>. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee without Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duration</u>. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (a) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (b) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Exclusivity</u>. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (each, an "**Other Indemnity Provision**"); *provided, however,* that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>D&O Insurance</u>.

&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) <u>General</u>. For the duration of Indemnitee's service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any possible Claim relating to an Indemnifiable Event, the Company, subject to Section 14(c), shall use commercially reasonable efforts to obtain and maintain in effect policies of directors' and officers' liability insurance ("**D&O Insurance**") providing coverage in reasonable amounts from established and reputable insurers.

&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) <u>Coverage of Indemnitee</u>. In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors or officers.

&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) <u>Exceptions</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) Indemnitee is covered by similar insurance maintained by a subsidiary of the Company; (v) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by Indemnitee; or (vi) the Company is to be acquired and D&O Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by Indemnitee.

&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) <u>Provision of Information</u>. Upon request, the Company will provide to Indemnitee copies of all D&O Insurance applications, binders, policies, declarations, endorsements and other related materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Duplication of Payments</u>. Notwithstanding any provision to the contrary in this Agreement, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any D&O Insurance or other insurance policy, the Constituent Documents, any Other Indemnity Provision, from any subsidiary or Enterprise that Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16. Subrogation</u>. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents and take all action that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights (*provided* that the Company shall pay Indemnitee's costs and expenses of doing so), including without limitation by assigning all such rights to the extent of such indemnification or advancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendments</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

&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) if to Indemnitee, to the address set forth on the signature page hereto.

&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) if to the Company, to:

Blockfusion USA, Inc.

Attn: CEO

**[\*\*\*]**

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Dispute Resolution</u>. The Parties agree to arbitrate any and all disputes arising under or related to this Agreement ("**Arbitration**"), under the Delaware Rapid Arbitration Act, 10 Del.C. Section 5801, et. seq. ("**DRAA**"). Any disputes will be submitted to binding arbitration in Wilmington, Delaware. The Arbitration will be presided over by one arbitrator who will be a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. If the parties to this Agreement are unable to agree upon the identity of an arbitrator within twenty (20) calendar days of the commencement of the Arbitration, then either party may file a petition with the Court of Chancery under Section 5805 of the DRAA. The Arbitration will be conducted in accordance with the Delaware Rapid Arbitration Rules, as such Rules may be amended or changed from time to time; provided that the Parties may agree to depart from the Rules by (i) adopting new or different rules to govern the Arbitration or (ii) modifying or rejecting the application of certain of the Rules. To be effective, any departure from the Rules will require the written consent of the Arbitrator. Each of the parties shall, subject to such limitations as the Arbitrator may prescribe, have a right to collect documents and testimony from each other party, and the Arbitrator will have the power to administer oaths and compel the production of witnesses and documents. The Arbitrator will conduct the hearing, administer oaths, and make such rulings as are appropriate to the conduct of the proceedings. The Arbitrator will allow each of the parties an opportunity to present evidence and witnesses and to cross examine the witnesses presented by the opposing party. Any challenge to the final award of the Arbitrator will be made before a panel of three (3) arbitrators, each of whom will be either a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. The scope of appeal will not be limited to the scope of a challenge under the Federal Arbitration Act, but instead will be the same as any appeal from a judgment in a civil action filed in court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Choice of Law and Attorney's Fees</u>. This Agreement will be governed by, construed and enforced in accordance with the internal, substantive law, of the State of Delaware, without regard to its conflicts of law principles. In any action, suit or other proceeding to enforce any right or remedy under this Agreement or to interpret any provision of this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Headings; Section References</u>. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. Except as otherwise indicated, section references herein refer to sections of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini |
| Name: | Alex Martini |
| Title: | CEO |
| INDEMNITEE | INDEMNITEE |
| /s/ Gustavo Mana | /s/ Gustavo Mana |
| Name: | Gustavo Mana |
| Address: | [\*\*\*] |

---

## Exhibit 10.28

**Exhibit 10.28**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**INDEMNIFICATION AGREEMENT**

This Indemnification Agreement ("**Agreement**"), dated as of January 5, 2022, is by and between Blockfusion USA, Inc., a Delaware corporation (the "**Company**"), and Robert Scott (the "**Indemnitee**").

**WHEREAS**, Indemnitee is a director and officer of the Company;

**WHEREAS**, competent and experienced persons are reluctant to continue to serve corporations as in such other capacities unless they are provided with adequate indemnification against claims and actions against them arising out of their service to the corporation;

**WHEREAS**, the Board has determined that enhancing the ability of the Company to retain and attract the most capable persons as directors and officers is in the best interests of the Company and that the Company therefore should seek to assure such persons that indemnification and insurance coverage is available; and

**WHEREAS**, in recognition of the need to provide Indemnitee with substantial protection against personal liability, in order to procure Indemnitee's service as a director and officer of the Company and to enhance Indemnitee's ability to serve the Company in an effective manner, and in order to provide such protection pursuant to express contract rights, the Company wishes to provide in this Agreement for the indemnification of, and the advancement of Expenses (as defined below) to, Indemnitee as set forth in this Agreement and to the extent such insurance is maintained for the coverage of Indemnitee under the Company's directors' and officers' liability insurance policies.

**NOW, THEREFORE**, in consideration of the foregoing and Indemnitee's agreement to provide services to the Company, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. For purposes of this Agreement, the following terms shall have the following meanings:

"**Agreement**" shall have the meaning ascribed to it in the preamble.

"**Board**" shall mean the Board of Directors of the Company.

"**Claim**" means:

&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) any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, arbitrative, investigative or other, and whether made pursuant to federal, state or other law; or

&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 inquiry, hearing or investigation that Indemnitee determines might lead to the institution of any such action, suit, proceeding or alternative dispute resolution mechanism.

"**Company**" shall have the meaning ascribed to it in the preamble.

"**Constituent Documents**" means the Company's certificate of formation and bylaws.

"**D&O Insurance**" shall have the meaning ascribed to it in Section 14(a).

"**Delaware Court**" shall have the meaning ascribed to it in Section 9(e).

"**Disinterested Director**" means a director of the Company who is not and was not a party to the Claim in respect of which indemnification is sought by Indemnitee.

"**Enterprise**" shall have the meaning ascribed to it in the definition of "Indemnifiable Event" in this Section 1.

"**Exchange Act**" means the Securities Exchange Act of 1934, as amended.

"**Expense Advance**" means any payment of Expenses advanced to Indemnitee by the Company pursuant to Section 4 or Section 5.

"**Expenses**" means any and all expenses, including attorneys' and experts' fees, court costs, transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim. Expenses also shall include (a) Expenses incurred in connection with any appeal resulting from any Claim, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent and (b) for purposes of Section 5 only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable shall be conclusively deemed to be reasonable.

"**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (each, an "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

"**Indemnitee**" shall have the meaning ascribed to it in the preamble.

"**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently performs, nor in the past five (5) years has performed, services for either: (a) the Company or Indemnitee (other than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements) or (b) any other party to the Claim giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any Person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

"**Losses**" means any and all Expenses, damages, losses, liabilities, judgments, fines, penalties (whether civil, criminal or other), ERISA excise taxes, amounts paid or payable in settlement, including any interest, assessments, any federal, state, local or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement and all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing to defend, be a witness or participate in, any Claim.

"**Notification Date**" has the meaning ascribed thereto in Section 9(c).

"**Other Indemnity Provision**" has the meaning ascribed thereto in Section 13.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange Act.

"**Standard of Conduct Determination**" shall have the meaning ascribed to it in Section 9(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services to the Company</u>. Indemnitee agrees to serve as a director and officer of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is no longer serving in such capacity. This Agreement shall not be deemed an employment or other service agreement between the Company (or any of its subsidiaries or Enterprise) and Indemnitee. Indemnitee specifically acknowledges that his or her employment with or services to the Company or any of its subsidiaries or Enterprises is governed by a separate employment or service agreement between Indemnitee and the Company (or any of its subsidiaries or Enterprises).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Indemnification</u>. Subject to Section 9 and Section 10, the Company shall indemnify Indemnitee, to the fullest extent permitted by the laws of the State of Delaware in effect on the date hereof, or as such laws may from time to time hereafter be amended to increase the scope of such permitted indemnification, against any and all Losses if Indemnitee was or is or becomes a party to or participant in, or is threatened to be made a party to or participant in, any Claim by reason of or arising in part out of an Indemnifiable Event, including without limitation Claims brought by or in the right of the Company, Claims brought by third parties and Claims in which Indemnitee is solely a witness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Advancement of Expenses</u>. Indemnitee shall have the right to advancement by the Company, prior to the final disposition of any Claim by final adjudication to which there are no further rights of appeal, of any and all Expenses actually and reasonably paid or incurred by Indemnitee in connection with any Claim arising out of an Indemnifiable Event. Indemnitee's right to such advancement is not subject to the satisfaction of any standard of conduct. Without limiting the generality or effect of the foregoing, within 30 days after any written request by Indemnitee, the Company shall, in accordance with such request, (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee funds in an amount sufficient to pay such Expenses or (c) reimburse Indemnitee for such Expenses. In connection with any request for Expense Advances, Indemnitee shall (i) not be required to provide any documentation or information to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege and (ii) execute and deliver to the Company an undertaking (which shall be accepted without reference to Indemnitee's ability to repay the Expense Advances) to repay any amounts paid, advanced or reimbursed by the Company for such Expenses to the extent that it is ultimately determined, following the final disposition of such Claim, that Indemnitee is not entitled to indemnification hereunder. Indemnitee's obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification for Expenses in Enforcing Rights</u>. To the fullest extent allowable under applicable law, the Company shall also indemnify against, and, if requested by Indemnitee, shall advance to Indemnitee subject to and in accordance with Section 4, any Expenses actually and reasonably paid or incurred by Indemnitee in connection with any action or proceeding by Indemnitee for (a) indemnification or reimbursement or advance payment of Expenses by the Company under any provision of this Agreement, or under any other agreement or provision of the Constituent Documents now or hereafter in effect relating to Claims relating to Indemnifiable Events and/or (b) recovery under any D&O Insurance policies maintained by the Company; *provided, however,* that in the event that Indemnitee is ultimately determined not to be entitled to such indemnification or insurance recovery, as the case may be, then all amounts advanced under this Section 5 in respect of such action or proceeding shall be repaid. Indemnitee shall be required to reimburse the Company in the event that a final judicial determination is made that such action brought by Indemnitee was frivolous or not made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Partial Indemnity</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for a portion of any Losses in respect of a Claim related to an Indemnifiable Event but not for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Notification and Defense of Claims</u>.

&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) <u>Notification of Claims</u>. Indemnitee shall notify the Company in writing as soon as practicable of any Claim which could relate to an Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify the Company hereunder shall not relieve the Company from any liability hereunder. If at the time of the receipt of such notice, the Company has D&O Insurance in effect under which coverage for Claims related to Indemnifiable Events is potentially available, the Company shall give prompt written notice to the applicable insurers in accordance with the procedures set forth in the applicable policies and shall thereafter take all necessary or desirable action to cause them to pay, on behalf of Indemnitee, all amounts payable as a result of such Claims in accordance with the terms of such policies. The Company shall provide to Indemnitee a copy of such notice delivered to the applicable insurers, and copies of all subsequent correspondence between the Company and such insurers regarding the Claim, in each case substantially concurrently with the delivery or receipt thereof by the Company.

&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) <u>Defense of Claims</u>. The Company shall be entitled to participate in the defense of any Claim relating to an Indemnifiable Event at its own expense and, except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the Company to Indemnitee of its election to assume the defense of any such Claim, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee's defense of such Claim other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own legal counsel in such Claim, but all Expenses related to such counsel incurred after notice from the Company of its assumption of the defense shall be at Indemnitee's own expense; *provided, however*, that if (i) Indemnitee's employment of his or her own legal counsel has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of such Claim, and/or (iii) the Company shall not in fact have employed counsel to assume the defense of such Claim, then in any such event Indemnitee shall be entitled to retain his or her own separate counsel (but not more than one law firm plus, if applicable, local counsel in respect of any such Claim) and all Expenses related to such separate counsel shall be borne by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Procedure upon Application for Indemnification</u>. In order to obtain indemnification pursuant to this Agreement, Indemnitee shall submit to the Company a written request therefor, including in such request such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Claim; *provided* that documentation and information need not be so provided to the extent that the provision thereof would undermine or otherwise jeopardize attorney-client privilege. Indemnification shall be made insofar as the Company determines Indemnitee is entitled to indemnification in accordance with Section 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Determination of Right to Indemnification</u>.

&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) <u>Mandatory Indemnification; Indemnification as a Witness</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that Indemnitee shall have been successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event or any portion thereof or in defense of any issue or matter therein, including without limitation dismissal without prejudice, Indemnitee shall be indemnified against all Losses relating to such Claim in accordance with Section 3 to the fullest extent allowable by law.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that Indemnitee's involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve as a witness, and not as a party, Indemnitee shall be indemnified against all Losses incurred in connection therewith to the fullest extent allowable by law.

&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) <u>Standard of Conduct</u>. To the extent that the provisions of Section 9(a) are inapplicable to a Claim related to an Indemnifiable Event that shall have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of conduct under Delaware law that is a legally required condition to indemnification of Indemnitee hereunder against Losses relating to such Claim and any determination that Expense Advances must be repaid to the Company (a "**Standard of Conduct Determination**") shall be made as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board,

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if there are no such Disinterested Directors or if the Disinterested Directors so direct, by Independent Counsel in a written opinion addressed to the Board, a copy of which shall be delivered to Indemnitee; or

The Company shall indemnify and hold harmless Indemnitee against and, if requested by Indemnitee, shall reimburse Indemnitee for, or advance to Indemnitee, within thirty (30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person or Persons making such Standard of Conduct Determination.

&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) <u>Making the Standard of Conduct Determination</u>. The Company shall use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 9(b) to be made as promptly as practicable. If the Person or Persons designated to make the Standard of Conduct Determination under Section 9(b) shall not have made a determination within forty-five (45) days after the later of (A) receipt by the Company of a written request from Indemnitee for indemnification pursuant to Section 8 (the date of such receipt being the "**Notification Date**") and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel, then Indemnitee shall be deemed to have satisfied the applicable standard of conduct; *provided* that such forty-five (45)-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person or Persons making such determination in good faith require such additional time to obtain or evaluate information relating thereto. Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of any Claim.

&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) <u>Payment of Indemnification</u>. If, in regard to any Losses:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall be entitled to indemnification pursuant to Section 9(a);

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Standard of Conduct Determination is legally required as a condition to indemnification of Indemnitee hereunder; or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Indemnitee has been determined or deemed pursuant to Section 9(b) or Section 9(c) to have satisfied the Standard of Conduct Determination,

then the Company shall pay to Indemnitee, within five (5) days after the later of (A) the Notification Date or (B) the earliest date on which the applicable criterion specified in Section 9(d)(i), Section 9(d)(ii) or Section 9(d)(iii) is satisfied, an amount equal to such Losses.

&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) <u>Selection of Independent Counsel for Standard of Conduct Determination</u>. If a Standard of Conduct Determination is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (10) days after receiving written notice of selection from the Company, deliver to the Company a written objection to such selection; *provided, however*, that such objection may be asserted only on the ground that the Independent Counsel so selected does not satisfy the criteria set forth in the definition of "Independent Counsel" in Section 1, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the Person so selected shall act as Independent Counsel. If such written objection is properly and timely made and substantiated, (i) the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit; and (ii) the Company may, at its option, select an alternative Independent Counsel and give written notice to Indemnitee advising him or her of the identity of such alternative Independent Counsel so selected, in which case the provisions of the two immediately preceding sentences, the introductory clause of this sentence and Section 9(e)(i) shall apply to such subsequent selection and notice. If applicable, the provisions of Section 9(e)(ii) shall apply to successive alternative selections. If no Independent Counsel that is permitted under the foregoing provisions of this Section 9(e) to make the Standard of Conduct Determination shall have been selected within twenty (20) days after the Company gives its initial notice pursuant to the first sentence of this Section 9(e), Indemnitee may petition the Court of Chancery of the State of Delaware ("**Delaware Court**") to resolve any objection which shall have been made by Indemnitee to the Company's selection of Independent Counsel and/or to appoint as Independent Counsel a Person to be selected by the Delaware Court or such other Person as the Delaware Court shall designate, and the Person with respect to whom all objections are so resolved or the Person so appointed will act as Independent Counsel. In all events, the Company shall pay all of the reasonable fees and expenses of the Independent Counsel incurred in connection with such Independent Counsel's determination pursuant to Section 9(b).

&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) <u>Presumptions and Defenses</u>.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Indemnitee's Entitlement to Indemnification</u>. In making any Standard of Conduct Determination, the Person or Persons making such determination shall presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Company shall have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Delaware Court. No determination by the Company (including by its directors or any Independent Counsel) that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought by Indemnitee to secure indemnification or reimbursement or advance payment of Expenses by the Company hereunder or create a presumption that Indemnitee has not met any applicable standard of conduct.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Reliance as a Safe Harbor</u>. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following circumstances do not exist, Indemnitee shall be deemed to have acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company if Indemnitee's actions or omissions to act are taken in good faith reliance upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants and financial advisors) as to matters Indemnitee reasonably believes are within such other Person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnity hereunder.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>No Other Presumptions</u>. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, will not create a presumption that Indemnitee did not meet any applicable standard of conduct or have any particular belief, or that indemnification hereunder is otherwise not permitted.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Defense to Indemnification and Burden of Proof</u>. It shall be a defense to any action brought by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination, the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct shall be on the Company.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Resolution of Claims</u>. The Company acknowledges that a settlement or other disposition short of final judgment may be successful on the merits or otherwise for purposes of Section 9(a)(i) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that any Claim relating to an Indemnifiable Event to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including without limitation settlement of such action, claim or proceeding with or without payment of money or other consideration), it shall be presumed that Indemnitee has been successful on the merits or otherwise for purposes of Section 9(a)(i). The Company shall have the burden of proof to overcome this presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Exclusions</u>. Notwithstanding anything in this Agreement to the contrary, the Company shall not be obligated 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) indemnify or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings against the Company or its directors, officers, employees or other indemnitees and not by way of defense, except:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) proceedings referenced in Section 5 (unless a court of competent jurisdiction determines that each of the material assertions made by Indemnitee in such proceeding was frivolous or not made in good faith); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where the Company has joined in or the Board has consented to the initiation of such proceedings.

&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) indemnify Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable law.

&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) indemnify Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Company in violation of Section 16(b) of the Exchange Act, or any similar successor statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Settlement of Claims</u>. The Company shall not be liable to Indemnitee under this Agreement for any amounts paid in settlement of any threatened or pending Claim related to an Indemnifiable Event effected without the Company's prior written consent, which shall not be unreasonably withheld. The Company shall not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee without Indemnitee's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duration</u>. All agreements and obligations of the Company contained herein shall continue during the period that Indemnitee is a director or officer of the Company (or is serving at the request of the Company as a director, officer, employee, member, trustee or agent of another Enterprise) and shall continue thereafter (a) so long as Indemnitee may be subject to any possible Claim relating to an Indemnifiable Event (including any rights of appeal thereto) and (b) throughout the pendency of any proceeding (including any rights of appeal thereto) commenced by Indemnitee to enforce or interpret his or her rights under this Agreement, even if, in either case, he or she may have ceased to serve in such capacity at the time of any such Claim or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Exclusivity</u>. The rights of Indemnitee hereunder will be in addition to any other rights Indemnitee may have under the Constituent Documents, the General Corporation Law of the State of Delaware, any other contract or otherwise (each, an "**Other Indemnity Provision**"); *provided, however,* that (a) to the extent that Indemnitee otherwise would have any greater right to indemnification under any Other Indemnity Provision, Indemnitee will be deemed to have such greater right hereunder and (b) to the extent that any change is made to any Other Indemnity Provision which permits any greater right to indemnification than that provided under this Agreement as of the date hereof, Indemnitee will be deemed to have such greater right hereunder. The Company will not adopt any amendment to any of the Constituent Documents the effect of which would be to deny, diminish or encumber Indemnitee's right to indemnification under this Agreement or any Other Indemnity Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>D&O Insurance</u>.

&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) <u>General</u>. For the duration of Indemnitee's service as a director or officer of the Company, and thereafter for so long as Indemnitee shall be subject to any possible Claim relating to an Indemnifiable Event, the Company, subject to Section 14(c), shall use commercially reasonable efforts to obtain and maintain in effect policies of directors' and officers' liability insurance ("**D&O Insurance**") providing coverage in reasonable amounts from established and reputable insurers.

&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) <u>Coverage of Indemnitee</u>. In all policies of D&O Insurance, Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are provided to the most favorably insured of the Company's directors or officers.

&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) <u>Exceptions</u>. Notwithstanding the foregoing, the Company shall have no obligation to obtain or maintain D&O Insurance if the Company determines in good faith that (i) such insurance is not reasonably available; (ii) the premium costs for such insurance are disproportionate to the amount of coverage provided; (iii) the coverage provided by such insurance is limited by exclusions so as to provide an insufficient benefit; (iv) Indemnitee is covered by similar insurance maintained by a subsidiary of the Company; (v) the Company is to be acquired and a tail policy of reasonable terms and duration is purchased for pre-closing acts or omissions by Indemnitee; or (vi) the Company is to be acquired and D&O Insurance will be maintained by the acquirer that covers pre-closing acts and omissions by Indemnitee.

&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) <u>Provision of Information</u>. Upon request, the Company will provide to Indemnitee copies of all D&O Insurance applications, binders, policies, declarations, endorsements and other related materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>No Duplication of Payments</u>. Notwithstanding any provision to the contrary in this Agreement, the Company shall not be liable under this Agreement to make any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any D&O Insurance or other insurance policy, the Constituent Documents, any Other Indemnity Provision, from any subsidiary or Enterprise that Indemnitee is or was serving at the request of the Company as a director, officer, employee, member, manager, trustee or agent, or otherwise of the amounts otherwise indemnifiable by the Company hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Subrogation</u>. In the event of payment to Indemnitee under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee. Indemnitee shall execute all documents and take all action that may be necessary to secure such rights and to enable the Company to effectively bring suit to enforce such rights (*provided* that the Company shall pay Indemnitee's costs and expenses of doing so), including without limitation by assigning all such rights to the extent of such indemnification or advancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendments</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Severability</u>. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any portion thereof) are held by a court of competent jurisdiction to be invalid, illegal, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, by postage prepaid, certified or registered mail:

&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) if to Indemnitee, to the address set forth on the signature page hereto.

&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) if to the Company, to:

Blockfusion USA, Inc.

Attn: CEO

**[\*\*\*]**

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third business day after mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Dispute Resolution</u>. The Parties agree to arbitrate any and all disputes arising under or related to this Agreement ("**Arbitration**"), under the Delaware Rapid Arbitration Act, 10 Del.C. Section 5801, et. seq. ("**DRAA**"). Any disputes will be submitted to binding arbitration in Wilmington, Delaware. The Arbitration will be presided over by one arbitrator who will be a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. If the parties to this Agreement are unable to agree upon the identity of an arbitrator within twenty (20) calendar days of the commencement of the Arbitration, then either party may file a petition with the Court of Chancery under Section 5805 of the DRAA. The Arbitration will be conducted in accordance with the Delaware Rapid Arbitration Rules, as such Rules may be amended or changed from time to time; provided that the Parties may agree to depart from the Rules by (i) adopting new or different rules to govern the Arbitration or (ii) modifying or rejecting the application of certain of the Rules. To be effective, any departure from the Rules will require the written consent of the Arbitrator. Each of the parties shall, subject to such limitations as the Arbitrator may prescribe, have a right to collect documents and testimony from each other party, and the Arbitrator will have the power to administer oaths and compel the production of witnesses and documents. The Arbitrator will conduct the hearing, administer oaths, and make such rulings as are appropriate to the conduct of the proceedings. The Arbitrator will allow each of the parties an opportunity to present evidence and witnesses and to cross examine the witnesses presented by the opposing party. Any challenge to the final award of the Arbitrator will be made before a panel of three (3) arbitrators, each of whom will be either a retired judge from the Delaware Court of Chancery or Delaware Supreme Court, or a member of the Delaware Bar with more than twenty (20) years of experience. The scope of appeal will not be limited to the scope of a challenge under the Federal Arbitration Act, but instead will be the same as any appeal from a judgment in a civil action filed in court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Choice of Law and Attorney's Fees</u>. This Agreement will be governed by, construed and enforced in accordance with the internal, substantive law, of the State of Delaware, without regard to its conflicts of law principles. In any action, suit or other proceeding to enforce any right or remedy under this Agreement or to interpret any provision of this Agreement, the prevailing party shall be entitled to recover its costs, including reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Headings; Section References</u>. The headings of the sections and paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction or interpretation thereof. Except as otherwise indicated, section references herein refer to sections of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which together shall constitute one and the same Agreement.

[signature page follows]

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

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | Chief Executive Officer |
| INDEMNITEE | INDEMNITEE |
| /s/ Robert Scott | /s/ Robert Scott |
| Name: | /s/ Robert Scott |
| Address: | [\*\*\*] |

---

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**AMENDMENT NO. 1 TO INDEMNIFICATION AGREEMENT**

This Amendment No. 1 (this "**Amendment**") to the Indemnification Agreement dated as of January 5, 2022 (the "**Original Agreement**"), is made and entered into as of October 29, 2025, by and between Blockfusion USA, Inc., a Delaware corporation (the "**Company**"), and Robert Scott (the "**Indemnitee**").

RECITALS

**WHEREAS**, the Company and Indemnitee previously entered into the Original Agreement to provide indemnification protection to Indemnitee in connection with his service as an officer of the Company;

**WHEREAS**, Indemnitee currently serves as an officer and director of Atlas Pubco, Inc. ("**Pubco**"), a Delaware corporation formed for the purpose of effectuating the business combination described in that certain Business Combination Agreement to be entered into on or about the date hereof (the "**Business Combination Agreement**") among Blue Acquisition Corp., Pubco, Atlas I Merger Sub, Atlas Merger Sub, Inc., and the Company;

**WHEREAS**, in connection with such business combination, Pubco will file a registration statement on Form S-4 with the Securities and Exchange Commission (the "**Form S-4**"), and Indemnitee, in his capacity as an officer of Pubco, will be executing and signing such Form S-4 and the Business Combination Agreement;

**WHEREAS**, Indemnitee's execution and signing of the Form S-4 and Business Combination Agreement on behalf of Pubco creates potential personal liability exposure under federal securities laws, including potential liability under Sections 11 and 12(a)(2) of the Securities Act of 1933, and potential fiduciary duty claims;

**WHEREAS**, the Business Combination Agreement defines "D&O Indemnified Persons" as "current or former directors, managers and officers of each Target Company, SPAC and each Person who served as a director, officer, manager, member, trustee or fiduciary of another corporation, partnership, joint venture, trust, pension or other employee benefit plan or enterprise at the request of SPAC or the Company," which definition does not include officers or directors of Pubco; and

**WHEREAS**, the Company's board of directors has determined that extending indemnification protection to cover Indemnitee's current service as an officer and director of Pubco is necessary and advisable to retain Indemnitee's valuable services and is in the best interests of the Company.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Amendment to Definition of "Indemnifiable Event"** 

The definition of "Indemnifiable Event" in the Original Agreement is hereby amended and restated in its entirety as follows:

"**Indemnifiable Event**" means any event or occurrence, whether occurring before, on or after the date of this Agreement, related to the fact that Indemnitee is or was a director, officer, employee or agent of the Company or any subsidiary of the Company, or is or was serving as a director, officer, employee or agent of Atlas Pubco, Inc., a Delaware corporation ("**Atlas Pubco**"), Atlas I Merger Sub, a Cayman Islands exempted company ("**SPAC Merger Sub**"), or Atlas Merger Sub, Inc., a Delaware corporation ("**Company Merger Sub**"), or is or was serving at the request of the Company, Atlas Pubco, SPAC Merger Sub, or Company Merger Sub as a director, officer, employee, member, manager, trustee or agent of any other corporation, limited liability company, partnership, joint venture, trust or other entity or enterprise (each, an "**Enterprise**") or by reason of an action or inaction by Indemnitee in any such capacity (whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Securities Law and Business Combination Coverage** 

The Original Agreement is hereby amended by adding the following new Section 25:

**25. Securities Law and Business Combination Coverage.** The Company's indemnification obligations hereunder specifically include, without limitation, any liability, loss, or expense arising from or related to (a) Indemnitee's execution and signing, in his capacity as an officer or director of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub, of any registration statement filed with the Securities and Exchange Commission, including the Form S-4 registration statement filed in connection with the business combination transaction described in the Business Combination Agreement dated in or about October 2025, (b) any disclosure obligations or potential liability under Sections 11, 12(a)(2), or any other provision of the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, arising from Indemnitee's service as an officer of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub, (c) any fiduciary duty claims related to Indemnitee's service as an officer of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub, and (d) any claims arising from the execution and signing of the Business Combination Agreement or similar transaction documents in Indemnitee's capacity as an officer of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Extension of Company Obligations** 

The Original Agreement is hereby amended by adding the following sentence at the end of Section 2:

Indemnitee's current and future service as an officer and/or director of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub shall be deemed service to the Company for all purposes under this Agreement, and the Company's obligations hereunder shall extend to and cover such service, including specifically any liability arising from Indemnitee's execution and signing of registration statements, business combination agreements, or other documents in his capacity as an officer of Atlas Pubco, SPAC Merger Sub, or Company Merger Sub.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Immediate Effectiveness** 

This Amendment shall be effective immediately upon execution and shall apply to any actions taken by Indemnitee as director or officer of Pubco. from the date of his appointment to such position, including specifically his execution and signing of the Form S-4 and Business Combination Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Ratification** 

Except as specifically amended hereby, all terms and provisions of the Original Agreement remain in full force and effect and are hereby ratified and confirmed.

**IN WITNESS WHEREOF**, the parties have executed this Amendment as of the date first written above.

**BLOCKFUSION USA, INC.**

---

| | |
|:---|:---|
| By: | /s/ Alex Martinit-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | Chief Executive Officer |
| **INDEMNITEE:** | **INDEMNITEE:** |
| /s/ Robert Scott | /s/ Robert Scott |
| Robert Scott | Robert Scott |

---

## Exhibit 10.29

**Exhibit 10.29**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-29_001.jpg)

02/13/2025 revised 03/03/2025

Kant Trivedi

Chief Operations Officer

Blockfusion USA, LLC

**[\*\*\*]**

---

| | |
|:---|:---|
| Subject: | **Agreement for Architectural Services** |
|  | For: Niagara Data Center Expansion – Site Concept |
|  | 5380 Frontier Avenue |
|  | Niagara Falls, NY |

---

Dear Kant:

This Agreement is between Blockfusion USA, LLC ("Client") and Gensler Architecture, Design & Planning, P.C. ("Gensler"), located at 1700 Broadway, New York, New York, for architectural services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **PROJECT** 

A.1 <u>Project Description</u>. The project includes looking at the existing Blockfusion Niagara Data Center site to include new site master planning, concept planning, and concept building design effort of an approximately 5-acre existing brownfield site in Niagara Fall, NY. (the "Project").

A.2 <u>Project Budget</u>. Client will provide and Gensler will review Client's overall project and construction budget goals for the Project (the "Project Budget") prior to the commencement of services. The Project Budget will include appropriate amounts for design and construction contingencies, consistent with the nature of the Project. During design, Client (or Client's designated representative, including, e.g., a pre- construction contractor or cost estimator) will provide Gensler estimates of the Construction Cost 21 business days prior to the conclusion of a design phase if specified in Section B.1 below, including contingency amounts commensurate with the stage of design evolution and the nature of the Project. Client and Gensler will review such cost estimates and Client will adjust it to reflect changes in the program requirements, design, and level of design detail, or adjust the program, to the extent required for consistency with the Project Budget. Unless it would otherwise be an Optional/Additional Service (as defined in Section B.3 below). Gensler will incorporate any agreed upon changes in the subsequent design phase as part of its Basic Services (as defined in Section B.1 below).

A.3 <u>Project Schedule</u>. The project schedule of important milestones ("Schedule") is set forth below or in a schedule exhibit included in this Agreement. The Project will proceed in accordance with the Schedule. The parties will monitor the Project for conformance with the Schedule. If Client directs Gensler to provide Additional Services requiring additional time or the Project is not proceeding in accordance with the Schedule due to factors beyond Gensler's reasonable control, Gensler and Client will adjust the Schedule as appropriate, consistent with Section B.3, Optional/Additional Services. The Schedule will consist of the following presently projected milestones:

a) NTP/Commencement of Basic Services 03/10/2025 anticipated

b) Site Master Planning, Building Design, Concept planning up to 6 weeks from a

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **SCOPE OF SERVICES PROVIDED BY GENSLER** 

Client and Gensler will each provide the names of their key Project team members, including the primary contact person and the person authorized to make decisions. Meetings and Site Visits may be conducted by telephonic, videoconference, or other remote means.

B.1 <u>Gensler's Basic Services</u>

Gensler's Basic Services include site master planning support, Concept Building Design, Concept building planning and along with civil engineer and MEP Engineer on the existing 5-acre brownfield site in Niagara Falls, NY. Site currently accommodates 50MW total load, with option to increase to 100MW total load.

Unless Gensler and Client expressly agree otherwise, Gensler's Basic Services only include services with respect to improvements within Client's real estate designated for the Project.

Gensler's fee for Basic Services is based upon (among other things) the information in Section A, including the Project Budget and Schedule, and the scope of services in Section B. Changes in Project Budget, Schedule, or scope may result in Additional Services, consistent with Section B.3.

Gensler may engage sub-consultants to provide design services for the following building systems or components: None Anticipated. All consultants to be carried by Client.

**Client-Provided or Required Instruments of Service**

We anticipate to use the following instruments of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Weekly OAC meeting notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. An Activity Tracker spreadsheet for decisions required by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Weekly Schedule updates, based on the schedule indicated in this contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Bluebeam Studio Reviews and comment tracking spreadsheets for all reviews by the Client.

B.1.1 Phase One - Pre-Design

B.1.1.1 <u>Project Start-up/Kickoff</u>. Upon Client's authorization to proceed, key representatives of Client, Gensler, and appropriate consultants will meet to kick off the Project. The purpose of the meeting is to establish the parties' mutual understanding of the Project objectives, schedule, budget, and delivery process. The agenda may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Introduction of key team members, including each party's primary contact and the person authorized to make decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Discussion of Project performance targets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Discussion of Schedule milestones, including process and durations for Client's review and approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Discussion of programming information to be provided by Client and Client's process for providing such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Discussion of the process for refining the Project Budget and providing cost estimates prior to the conclusion of the phases identified below;

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Review and discussion of existing site conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Development of a BIM Execution Plan, if required for the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Discussion of communication protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Identification of key personnel and protocols for invoicing and payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Discussion of LEED or other sustainability objectives and any specialty consultants to be engaged to provide related services.

During each phase of the project, Gensler will attend virtual project meetings with Client to review Project design status as specified below with respect to each phase.

B.1.1.2 <u>Client-Provided Programming Information</u>. Client will provide and Gensler will review requested programming information (together with the Project description in this Agreement, the "Program"), which will include the following parameters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Site requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Space requirements, functional relationships, and adjacencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Building blocks for data center buildings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Technology requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Infrastructure requirements, including after-hours use, HVAC, and special security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Other applicable guidelines, policies, and procedures that may affect Project design.

If Client's programming information is incomplete or requires investigation or correction, Client will provide further information upon Gensler's reasonable request. To assist Client in providing adequate information, Gensler may recommend meetings, interviews, or other services as Additional Services.

B.1.1.3 <u>Data Collection</u>. Client understands and agrees that Gensler may gather statistical data, analytics, trends and other aggregated or otherwise de-identified data derived from Gensler's services to Client ("Aggregate Data"), and that Aggregate Data will be stored and processed by Gensler for general research purposes. Aggregate Data, as well as any resulting research, know-how, processes, algorithms or other methodology related to the Aggregate Data, shall remain Gensler's property and will be considered Confidential Information under the Standard Terms and Conditions attached to this Agreement.

B.1.1.4 <u>Site Master Planning</u>. Gensler will assist with the evaluation of, and assist with the development of a conceptual master site plan for the site, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Code and zoning review in conjunction with the civil engineer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Site circulation review in conjunction with the civil engineer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Overall site organization with concept level building and sub-station layouts based off of historic information on building and sub-station dimensions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. 2 site layouts planned. One option to utilize existing building, and Second option look at maximizing site MW infrastructure if new substation is able to be provide additional 50MW capacity to site.

B.1.1.5 <u>Building Design</u>. Gensler will assist with the building design to include the development of a façade design, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Develop a new building concept design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide up to 1 design options for building admin and data hall massing, materials, and glazing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. One interim presentation planned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Includes review/comment cycle to be included in final design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. One final design presentation.

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

B.1.1.6 <u>Building Planning</u>. Gensler will assist with the building concept planning to include the development of space planning, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Admin High level space planning and square footage requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Internal circulation and egress path analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Show prelim IT rack layout based on input from MEP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Help establish concept building structural grid.

B1.1.10 <u>Deliverables</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Building Elevations in .pdf format with proposed materiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Building Concept Plans in .pdf format – overall plans only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. One exterior building fly around – up to 15 seconds in length.

B.1.2 <u>Phase Two - Design</u>

B.1.2.1 <u>Intentionally omitted</u>.

B.1.2.2 <u>Intentionally omitted</u>.

B.1.2.3 <u>Intentionally omitted</u>.

B.1.2.4 <u>Intentionally omitted</u>.

B.1.2.5 <u>Product Design</u>. Gensler provides design services to manufacturers of certain products for which Gensler receives royalties. Gensler will endeavor to notify Client prior to recommending any such product for use on the Project. Gensler may design such custom products for use in this Project. In that event, Gensler will retain ownership of any such product designs and will execute a license agreement with a manufacturer or other contractor incorporating Gensler's standard product design terms and conditions. Client will procure the product from such entity at Client's option.

B.1.2.6 <u>Intentionally omitted</u>.

B.1.2.7 <u>Intentionally omitted</u>.

B.1.3 <u>Phase Three - Implementation</u>

B.1.3.1 <u>Intentionally omitted</u>.

B.1.3.1.1 Intentionally omitted.

B.1.3.2 <u>Intentionally omitted</u>.

B.1.3.3 <u>Intentionally omitted</u>.

B.1.3.3.1 Intentionally omitted.

B.1.3.3.2 Intentionally omitted.

B.1.3.3.3 Intentionally omitted.

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

B.1.3.3.4 Intentionally omitted.

B.1.3.3.5 Intentionally omitted.

B.1.3.3.6 Intentionally omitted.

B.1.3.3.7 Intentionally omitted.

B.1.3.3.8 Intentionally omitted.

B.1.3.3.9 Intentionally omitted.

B.1.3.3.10 Intentionally omitted.

B.2 <u>CAD Format and Standards</u>. Gensler and its consultants will use Revit and the Client's CAD Standards. At the completion of the Project, Gensler will deliver electronic as-designed record files, consisting of Gensler's Construction Documents and Bulletins, in PDF. Gensler will translate CAD files provided by Client and/or Client's consultants as an Additional Service. Preparation/review of as-built construction drawings, including incorporating Contractor's as-built record drawings into Gensler's as- designed record files, may be requested by Client as an Additional Service.

B.3 <u>Optional/Additional Services</u>. Gensler will provide services beyond the Basic Services described in Section B.1 ("Additional Services") if requested by Client and confirmed in writing by Gensler. Additional Services include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Services required due to accelerated deadlines, delays, untimely Client information, approvals, or instructions, out-of-sequence phasing, Project pauses or remobilization, or other schedule changes due to reasons beyond Gensler's reasonable control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Services required due to changes in: (i) the Program; (ii) previously provided Client information, approvals, or instructions; or (iii) federal, state, or local laws, or regulations (or their interpretation by the authority having jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Value engineering services required due to (i) absence of Project Budget at the commencement of Services; (ii) Project Budget changes after the Programming phase; (iii) new value engineering instructions after commencement of the Construction Documents phase; or (iv) inaccurate cost estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Changes to Construction Documents based on alternative, fast track, separate, or sequential bids, phasing, and swing space; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Services required due to performance failures by Client and Client's consultants/contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. LEED, WELL Building certification or management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Building Design, Building Planning, and Site Development Plan support to be provided on future proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Interior design and interior fly around.

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **SERVICES AND INFORMATION PROVIDED BY CLIENT** 

C.1 <u>Services Provided By Client or Others</u>. The following services may be required on the Project and will be provided by Client, Client's consultants or contractors, or others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Consulting services, including: civil, geotechnical, hazardous materials testing or abatement, environmental, survey, cost estimating, traffic, waterproofing, curtain wall, communications, security, AV, electronic/computer equipment, graphics/signage, expediting, sustainability/LEED, plus any additional Client provided consultants identified in section B.1 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Design-build or Design Assist services.

C.2 <u>Information Provided By Client or Others</u>. The following information may be required on the Project and will be provided by Client, Client's consultants or contractors, or others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Legal description of the property; the name/address of the property owner; and the name/address of any construction lender(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Existing or Base Building information, including drawings, specifications, and other documents that describe the existing utility services, site conditions, build out and base building construction, and any systems with which the Project is to be coordinated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Structural, mechanical, chemical, air, and water pollution and hazardous materials tests, and other laboratory and environmental tests, inspections, and reports required by law or by authorities having jurisdiction over the Project, or reasonably requested by Gensler.

C.3 <u>Client's Requirements of Contractor</u>. Client will, through the Construction Contract, require Contractor to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Provide access to the Work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide a Submittal Schedule for Gensler's approval and provide required Submittals in accordance with the Schedule;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Review Submittals, identifying any changes, and approve before submitting to Gensler;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Be responsible for the technical adequacy and accuracy, installation, and performance of any Project elements for which Gensler may specify performance requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Follow proper procedures for requests for substitutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maintain logs of all documents issued to and received from all other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Provide required certificates or statements of performance characteristics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Complete punch list items within thirty (30) days of Substantial Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Provide to Client as-constructed record drawings, maintenance manuals, written warranties, and related documents within thirty (30) days of Substantial Completion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Maintain job site safety on the Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Cause Gensler and Gensler's consultants to be named as Additional Insureds on any property insurance purchased for the period of construction of the Project and on Contractor's General Liability Policy (using form CG 2026, CG 2032, or equivalent); such insurance will be endorsed to provide a waiver of the insurers' rights of subrogation against Gensler and Gensler's consultants.

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **COMPENSATION** 

Compensation to Gensler for Basic Services, Additional Services, and Reimbursable Expenses will be as described below. When Gensler's compensation is based on hourly rates, the rates will be those set forth in Gensler's Standard Hourly Billing Rates.

D.1 <u>Basic Services</u>. Compensation for Basic Services will be as shown in the "Cost" section of this proposal.

---

| | |
|:---|:---|
| Note: Compensation shown is lump sum |  |
| Gensler | **[\*\*\*]** |
| Reimbursables estimate | **[\*\*\*]** |

---

D.1.1 <u>Initial Payment</u>. Not used.

D.2 <u>Additional Services</u>. Compensation for Additional Services (if not agreed upon as a lump sum amount) will be based on Gensler's Standard Hourly Billing Rates.

If project is on hold for more than **[\*\*\*]** days, fees for the current and/or subsequent cans be negotiated.

D.3 <u>Reimbursable Expenses</u>. Reimbursable Expenses are in addition to compensation for Basic and Additional Services and include expenses incurred by Gensler and Gensler's consultants in the interest of the Project, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Reproduction, shipping, handling, and delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Mileage, tolls, cab fares, and parking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Renderings, models, mock-ups, and photography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Sales taxes and other transactional taxes, and fees paid for securing approval of authorities having jurisdiction over the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Authorized out-of-town travel, including travel time and reasonable living expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Additional insurance coverage or limits requested by Client in excess of that normally provided by Gensler and Gensler's consultants.

Compensation for Reimbursable Expenses incurred by Gensler in connection with the Project, including without limitation, reproduction costs for providing copies of the deliverables described in Section B.1, will be based on amounts invoiced to Gensler plus **[\*\*\*]**%.

D.4 <u>Consultants</u>. If Client has directed Gensler to engage consultants in Section B.1, compensation for such consultants will be based on amounts invoiced to Gensler plus **[\*\*\*]**%.

D.5 <u>Progress Payments</u>. Progress payments will be made monthly. Where Gensler's fee is based on a lump sum, progress payments for Basic Services will be based on the percentage of services provided during the previous month.

D.6 <u>Photography</u>. Photography/Videography. Not anticipated for this project.

Agreement for Architectural Services

February 13, 2025 *revised* March 03, 2025

![](ex10-29_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **AGREEMENT AND ACCEPTANCE** 

E.1 <u>Agreement</u>. This Agreement is comprised of and incorporates the following documents, in order of precedence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Amendments and modifications signed by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Letter of Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The attached Standard Terms and Conditions dated January 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Exhibits referenced in this Letter of Agreement.

Where a portion of one document is amended by another of higher precedence, all unmodified portions will remain in effect. The terms and conditions of this Agreement, the STC and any Work Authorization hereunder, are integral parts of this Agreement and are fully incorporated herein by this reference. No conflicting or supplemental pre-printed provisions on Client forms (including, without limitation, terms on purchase orders) will be binding on the parties.

E.2 <u>Effective Date</u>. The effective date of this Agreement is March 3, 2025.

---

| | | | |
|:---|:---|:---|:---|
| By Gensler |  | By Client |  |
| Matthew Johnson, AIA, LEED AP BD+C |  | Kant Trivedi |  |
|  |  | (Printed Name of Signatory) |  |
| By /s/ Matthew Johnson |  | By /s/ Kant Trivedi |  |
| (Signature) |  | (Signature) |  |
| Principal | 3/10/2025 | Chief Operating Officer | 3/4/2025 |
| (Title) | (Date) | (Title) | (Date) |

---

cc: Michael Yeager <br> Rob LoBuono

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-29_001.jpg)

---

| | |
|:---|:---|
| **Standard Terms and Conditions of the <br> Agreement Between Client and Gensler ("STC")** | ![](ex10-29_001.jpg) |

---

**Article 1 - Definitions and General Provisions**

1.1 Parties. The terms "Client" and "Gensler" include each party's authorized representatives.

1.2 Days or Time. Time periods refer to calendar days, unless otherwise stated.

1.3 Services. "Services" means the professional services to be performed by Gensler, one or more of its affiliated entities and its consultants.

1.4 Project. "Project" means the project for which Client has retained Gensler.

1.5 Work. "Work" means the construction of the Project elements designed or specified by Gensler.

1.6 Contractor. "Contractor" means the contractor engaged by Client to perform the Work.

1.7 Project Budget. The "Project Budget" is the Client's budget for the Work. It is anticipated that the Client will include usual and customary allowances for design and construction contingencies in addition to the cost of the Work. Gensler cannot and does not warrant or represent that bids or negotiated prices will not vary from the Project Budget or from any cost estimate reviewed by Gensler.

**Article 2 - Gensler's Services**

2.1 Standard of Care. Gensler will perform the Services with the reasonable skill and care ordinarily provided by professionals practicing in the same discipline and locality under similar circumstances ("Standard of Care"). Gensler will perform the Services as expeditiously as is consistent with the Standard of Care and the orderly progress of the Project. Gensler will not be responsible for any delays due to factors beyond its reasonable control.

2.2 Limitation of Construction Responsibilities. Gensler will not have control over, or charge of, and will not be responsible for, construction means, methods, schedules, delays, or safety precautions and programs in connection with the Work, or Contractor's negligence or failure to perform the Work in accordance with the Construction Documents or any portion of the agreement between Client and Contractor.

**Article 3 - Client's Responsibilities**

3.1 Information. Client will provide full information regarding the requirements for the Project.

3.2 Client's Services and Information. Gensler will be entitled to rely upon the accuracy and completeness of the services, information, surveys, and reports provided by Client, Contractor, or any of their subcontractors or consultants. Gensler's coordination of the Services with the services of Client's consultants will be limited to that necessary for consistency of the Documents (as defined in section 4.1below) with those of such consultants.

**Article 4 - Use of Gensler's Documents and Data**

4.1 The drawings, specifications, surveys, reports, and other documents (collectively "Documents") and any computer tapes, disks, models, CAD files, research, analytics, processes, algorithms or other data, in any medium (collectively "Digital Media") prepared by Gensler are instruments of service and/or otherwise protected by U.S. copyrights laws, and will remain Gensler's property. Gensler grants Client a nonexclusive license to use the Documents and Digital Media, delivered or intended as deliverables, solely and exclusively in connection with Client's use and occupancy of the Project, provided that Client substantially performs its contract obligations, including prompt payment of all sums when due.

Gensler STC

February 2021

4.2 Client agrees to indemnify and hold Gensler harmless from and against any and all claims, liabilities, suits, demands, losses, damages, costs, and expenses (including reasonable legal fees and costs of defense), accruing or resulting to any persons, firms, or other legal entities, on account of any damages or losses to property or persons, including death or economic loss, arising out of the unlicensed use, or the transfer or modification of, the Documents and/or Digital Media.

**Article 5 - Claims and Disputes**

5.1 Mediation. The parties agree to mediate any dispute or claim, under the Construction Industry Mediation Procedures of the American Arbitration Association, prior to undertaking arbitration per Section 5.2. The cost of the mediation service will be borne equally by the parties.

5.2 Arbitration. In the event the parties are not able to resolve a dispute by mediation, the parties agree to submit the matter to confidential arbitration, in accordance with the Construction Industry Arbitration Rules of the American Arbitration Association in force at the time the claim is submitted to arbitration. The arbitration will be held in or near the city of Gensler's office providing the Services. The award rendered by the arbitrator(s) will be final, and judgment on the award may be entered in any court having jurisdiction.

5.3 Mutual Indemnification. Gensler agrees to indemnify Client from and against those damages that Client incurs, as a result of a third-party claim concerning the death or bodily injury to any person or the destruction or damage to any property, to the proportionate extent caused by the negligent act, error, or omission of Gensler or anyone for whom Gensler is legally liable. Client agrees to indemnify Gensler from and against those damages that Gensler incurs, as a result of a third-party claim concerning the death or bodily injury to any person or the destruction or damage to any property, to the proportionate extent caused by the negligent act, error, or omission of Client or anyone for whom Client is legally liable.

5.4 Limitation of Liability. Except for the indemnification obligations under Section 5.3, Client agrees that Gensler's total liability arising out of or related to the Project or this Agreement will not exceed the total compensation received by Gensler pursuant to this Agreement.

5.5 Mutual Waiver of Consequential Damages. Gensler and the Client hereby waive special, exemplary or consequential damages for claims or disputes arising out of or relating to this Agreement. The parties agree that this mutual waiver includes, but is not limited to, waiver of damages incurred by either party for loss of income, lost profit, financing costs, loss of business, or damage to reputation.

5.6 Governing Law. This Agreement will be governed by the law of the jurisdiction where the Project is located.

**Article 6 - Termination and Suspension**

6.1 Termination or Suspension by Either Party. This Agreement may be terminated or suspended by either party upon not less than seven days written notice should the other party fail substantially to perform in accordance with this Agreement, through no fault of the party initiating the termination or suspension, and such nonperformance is not remedied within the notice period.

6.2 Termination or Suspension by Gensler. Client's failure to make payments to Gensler in accordance with this Agreement, or the Client's violation of its obligations under section 8.6 of this Agreement, will constitute substantial nonperformance and cause for termination or, at Gensler's option, cause for suspension of performance of Services under this Agreement, and Gensler shall not be responsible for any claims or damages arising out of or related thereto.

6.3 Termination for Convenience. Client may terminate this Agreement for its convenience upon not less than seven days written notice to Gensler.

6.4 Compensation upon Termination. In the event of termination, Gensler will be compensated for Services performed prior to termination, together with reimbursable expenses then due.

**Article 7 - Payments to Gensler**

7.1 Progress Payments. Gensler will submit monthly invoices for Services performed and expenses incurred during the previous month, exclusive of any non-US withholding or value-added taxes. Payment will be due in US Dollars and payable upon receipt of Gensler's invoices. Client will notify Gensler of any disputes or questions regarding an invoice within 15 days of Client's receipt of the invoice in question. Client may withhold payment of any portion of an invoice only to the proportionate extent the invoice is compensation for any Services Gensler has provided in breach of this Agreement. Amounts unpaid 30 days after the issue date of Gensler's invoice will be assessed a service charge of 1.5% per month.

7.2 Hourly Rates. Where Services are to be compensated on an hourly basis, compensation will be based on the hourly rates set forth in Gensler's and Gensler's consultants' standard rate schedules.

7.3 Project Changes. Gensler's fee for Basic Services is based upon (among other things) the budget, schedule, and the scope of services. Gensler's compensation will be equitably adjusted if the Project's scope, schedule, or budget, or Client information, approvals, or instructions, are changed due to factors beyond Gensler's reasonable control. If portions of the Project do not proceed, compensation for those portions will be payable to the extent Services are performed on those portions.

7.4 Sales Tax. Gensler's compensation is exclusive of any applicable sales tax. If Gensler is required by applicable law to charge Client sales tax, the sales tax will be itemized on each invoice and will be due and payable to Gensler by Client upon receipt, unless the Client provides valid sales tax exemption documentation to Gensler issued by the relevant tax authority.

**Article 8 - Miscellaneous Provisions**

8.1 Assignment and Third Parties. Neither party will assign this Agreement, any right arising out of it, or the performance of obligations hereunder, without the written consent of the other. Nothing contained in this Agreement will create a contractual relationship with, or a cause of action in favor of, any third party.

8.2 Credits. Gensler may create and use representations of the Project's design (including photographs, videos, or other media) in Gensler's business and marketing activities, such as in marketing materials and competitive submissions. Unless otherwise directed by Gensler, Client will provide professional credit for Gensler in Client's promotional materials (except for materials used to solicit funding) for the Project.

8.3 Latent Conditions. In the event the Project includes any remodeling, alteration, or rehabilitation work, Client acknowledges that certain design and technical decisions will be made on assumptions based on available documents and visual observations of existing conditions.

8.4 Area Analysis. Unless this Section 8.4 is explicitly superseded by further agreed terms and conditions in the Letter of Agreement or applicable Work Authorization, area measurements and calculations provided by Gensler ("Measurements") are for use in designing and constructing the Project only. Measurements will not be used for any other purpose, including negotiating or determining rent, asset values, or legal obligations. Client will indemnify Gensler from third-party liabilities arising from unauthorized use of Measurements. Upon Client's request, and subject to further agreed terms and conditions, Gensler will provide Measurements suitable for purposes other than designing and constructing the Project as an Additional Service.

8.5 Hazardous Materials. Client acknowledges that Gensler has no expertise in, and is not being retained for the purposes of, investigating, detecting, abating, replacing, remediating, or removing any items, products, or materials containing hazardous substances.

8.6 Ethics. Client and Gensler acknowledge their responsibilities and commitment to abide by their respective ethical guidelines, to require that their employees, agents, consultants or contractors conduct themselves professionally and respectfully, and to comply with both domestic and international anti-slavery and anti-corruption laws, including but not limited to the United States Foreign Corrupt Practices Act, the United Kingdom Bribery Act and the Modern Slavery Act, and any amendments and related regulations. Either party may terminate this Agreement at any stage of the Project, if it reasonably believes that the other party has failed to comply with the provisions of this section, including any non-compliance prior to the effective date of this Agreement. A party exercising its right to terminate under this provision will not be liable for any claims or damages arising out of or related to the termination.

8.7 Confidentiality and Data Privacy. The terms and conditions of this Agreement, non-public information designated by either party as confidential, and proprietary information that is not known to the public respecting the business of either party will be considered "Confidential Information." Neither party will reveal Confidential Information to third parties, except to the extent necessary for the purpose of this Agreement or as required by law. Client will not provide Gensler information that is defined as personal information ("Personal Data") under applicable data privacy or protection laws ("Data Protection Laws") without written authorization from Gensler's legal counsel. Upon such authorization, Client will (a) enter into a data processing agreement with Gensler (if applicable), (b) notify and instruct Gensler with respect to the handling of such Personal Data consistent with Data Protection Laws, and (c) comply with such laws in connection with the collection, storage, and processing of Personal Data.

8.8 Entire Agreement, Waiver, and Severability. This Agreement is the entire, integrated agreement between Client and Gensler. This Agreement supersedes all prior related negotiations, representations, or agreements and Client and Gensler are not relying on any such matter. No failure to act by either Party hereto will be deemed to constitute a waiver of such Party's rights or remedies hereunder. If any part of this agreement is declared unenforceable or invalid, the remainder will continue to be valid and enforceable.

- End of Document -

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-29_001.jpg)

**Gensler New York**

The hourly rate ranges for each staff function are as follows.

---

| | |
|:---|:---|
| **Category of staff/function** | **Hourly rate** |
| Principals | **[\*\*\*]** |
| Design Managers | **[\*\*\*]** |
| Senior Designers | **[\*\*\*]** |
| Intermediate Designers | **[\*\*\*]** |
| Junior Designers | **[\*\*\*]** |
| Project Architects | **[\*\*\*]** |
| Job Captains | **[\*\*\*]** |
| Senior Strategists | **[\*\*\*]** |
| Strategists | **[\*\*\*]** |

---

Our hourly billing rates are published and apply to all of our projects. Our rates are reviewed annually based upon an assessment of the market value of the position/function.

![](ex10-29_002.jpg)

## Exhibit 10.30

**Exhibit 10.30**

 

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

---

| | | |
|:---|:---|:---|
| RE: | PROPOSAL FOR STRUCTURAL ENGINEERING SERVICES |  |
|  | June 12, 2025 | Page **1** of **3** |

---

*Via email*: [\*\*\*]

June 12, 2025

Mr. Kant Trivedi COO

**BLOCKFUSION USA, INC.**

447 Broadway 2nd Floor, #538<br> New York, NY 10013

---

| | |
|:---|:---|
| **RE:** | **PROPOSAL FOR STRUCTURAL ENGINEERING SERVICES<br> BLOCKFUSION DATA CENTER, NIAGARA, NY** |

---

Dear Mr. Trivedi,

Thornton Tomasetti is pleased to provide this proposal for the Blockfusion Niagara Data Center.

**I.** **Project Description** 

Based on discussions with Blockfusion USA, Inc. (the "Owner") during our site visit, Thornton Tomasetti, Inc. ("TT") understands the scope of the Project to consist of an initial feasibility study to support the site's long-term master plan. The master plan includes the rapid deployment of a 5MW-10MW data module within the existing power plant building, followed by the construction of a new four-story, 24MW facility adjacent to the current structure. Once the new 24MW facility is commissioned, the existing power plant building will be demolished and replaced with a new four-story, 24MW facility constructed on its original footprint.

**II.** **Capabilities and Services** 

Thornton Tomasetti works as an integrated firm in which expertise across all our offices and practices can be brought to bear on the evaluation, design and construction of a project of any type, scale or complexity. As illustrated in Exhibit D –Capabilities and Services, which summarizes our practices, Thornton Tomasetti is uniquely qualified to assist the Blockfusion team in achieving its goals.

As the scope of the Project evolves, we propose to meet with you to discuss what scope of integrated services might be appropriate for TT to provide for the Project including support of the demolition engineering efforts.

![](ex10-30_001.jpg)

101 Arch Street, Suite 1600 **\|** Boston **\|** MA 02210-1130<br> 617.250.4100 **\|**www.ThorntonTomasetti.com

**III.** **Scope of Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Our
 Scope of Services for Structural Engineering on this Project consists of providing high level
 guidance on design of the building structural system during the feasibility and early concept
 phase and production of a report documenting these recommendations. This includes but is
 not limited to development of conceptual alternatives of building structural systems and
 development of a basis of design narrative which may include concept level sketches of floor
 plan layout or sections. For the rapid deployment component, we will assist the team in locating
 the data center and infrastructure within the existing building based on existing capacity.
 We will also assist in providing information for structural scope as needed in an effort
 to establish early costs for rapid deployment.

**IV.** **Project Schedule** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Schedule
 This proposal is based on the following schedule assumed by TT.

Feasibility Study 2 months

**V.** **Project Team** 

Our Project team will consist of the following with additional engineering and BIM staff joining the team as required throughout the Project schedule:

[\*\*\*]

**VI.** **Fees** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Structural
 Engineering Services Fee Based on the above-assumed schedule and Project delivery method,
 we propose to provide the Scope of Services for the lump sum fee of [\*\*\*], plus [\*\*\*] in
 reimbursable expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. TT
 invoices for the Basic Fee will be invoiced proportional to the completion of TT's
 scope of work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses
 The following pre-approved and documented expenses are in addition to the Basic Fee and will
 be billed to the Client at our cost plus [\*\*\*] percent:

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Payment

TT will invoice the Client on a monthly cycle for fees and expenses. Payments will be due from the Client to TT within 30 days of the invoice date.

**VII.** **Additional Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Exhibit
 A – Client and Owner Responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Exhibit
 B – Thornton Tomasetti's Capabilities and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Exhibit
 C – Standard Terms and Conditions for Investigation and Design Services.

Page **2** of **3**

**VIII.** **Terms and Conditions** 

Thornton Tomasetti, Inc. Standard Conditions for Investigation and Design Services are attached hereto and made a part of this Proposal.

Upon authorization to proceed, unless notified otherwise in writing, we will provide our services under the terms of this Proposal.

If the above meets with your agreement, kindly sign and return one copy of this letter agreement, keeping one for your records.

Very truly yours,

---

| | | |
|:---|:---|:---|
| **THORNTON TOMASETTI, INC.** | **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| /s/ Stephen Szycher | By: | /s/ Kant Trivedi |
| Stephen Szycher, P.E. |  |  |
| Managing Principal | Date: | 8/28/2025 |
| /s/ Kara Raymond |  |  |
| Kara Raymond, P.E. |  |  |
| Senior Associate |  |  |

---

Project-Specific Conditions - Page **3** of **3**

## Exhibit 10.31

**Exhibit 10.31**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | WALTER J. MEHL, JR., PE, LEED AP<br> MANAGING PARTNER |

---

**MEP Design Services<br> Due Diligence for Niagara Data Center Expansion<br> Blockfusion<br> 5380 Frontier Avenue**<br> Niagara Falls, NY<br> Opp. No. 2024-10-11404

November 20, 2024<br> Revised January 27, 2025<br> **Revised February 4, 2025**

Kant Trivedi<br> Chief Operations Officer<br> Blockfusion<br> [\*\*\*]

Dear Kant:

In accordance with our conversation on January 24, 2025, we herewith submit our revised proposal for mechanical, electrical, plumbing and fire protection (MEP/FP) professional engineering services for the subject project.

**Section 1. PROJECT DESCRIPTION AND SCOPE**

A. Blockfusion
 will undertake a repositioning and potentially a further expansion of their existing Data
 Center at the subject location.

B. The
 existing Data Center currently has a capacity of 50 MW, of which 45 MW has been presently
 allocated to the present Tenant's Data Center pods, in varying Data Center formats
 throughout the site.

C. Blockfusion's
 goal for the site would be to reposition the initial 50 MW of service capacity for AI high-density
 Data Center delivery focusing on 136 or 200 kW GPU racks. The repositioning will include
 consideration of reusing existing structures as well as a new construction in order to best
 accommodate new AI Data Center pods with either 136 and/or 200 kW GPU racks in a timely and
 cost effective manner.

D. As
 part of the study to repurpose the existing 50 MW of capacity, Blockfusion will pursue an
 additional 50 MW, should the electrical utility be able to increase power to 100 MW in total
 for the site of neighboring parcels.

**[\*\*\*]**

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 2<br>|

---

E. The
 study will include the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. 115
 kV electrical service yard expansion.

&nbsp;&nbsp;&nbsp;&nbsp;2. Substation
 distribution down through 480 and 415 volts.

&nbsp;&nbsp;&nbsp;&nbsp;3. Generators.

&nbsp;&nbsp;&nbsp;&nbsp;4. Air
 cooled chillers.

&nbsp;&nbsp;&nbsp;&nbsp;5. UPS
 systems.

&nbsp;&nbsp;&nbsp;&nbsp;6. Miscellaneous
 MEP support infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;7. GPU
 Pods - 136 kW racking.

&nbsp;&nbsp;&nbsp;&nbsp;8. Network
 Pods - 34 kW Racking (5 to 2 ratio with GPU).

F. The
 goal of the high-level concept analysis is to establish a spatial understanding of the use
 of 50 kW and 100 MW capability, on the site.

G. The
 Architect for this study will be Gensler and JB&B will support Gensler's two (2)
 options for development (partial re-use of existing structures in conjunction with new facilities,
 or entirely new facilities).

**Section 2. SCHEDULE**

A. It
 is anticipated that the project scope of this proposal will commence with our review of existing
 documentation in conjunction with a site observation visit.

B. We
 anticipate being able to work in conjunction with Gensler in producing two (2) high-level
 site plans with accompanying written reports, which would conceptually outline the systems
 and space needs to realize both the initial 50 MW and the future electrical service increase
 to 100 MW for compute and MEP support.

C. It
 is anticipated that the high-level options will be developed in a three (3) to four (4) week
 period, with further refinement on a chosen option for marketing purposes, which will be
 an additional three (3) week effort. Accordingly, with a study commencement coinciding with
 the last week in January, we anticipate that the study and high-level architectural renderings
 will be completed by the middle of March 2025.

**Section 3. SCOPE OF ADDITIONAL SERVICES**

A. As
 authorized by you, we will perform the following Additional Services:

&nbsp;&nbsp;&nbsp;&nbsp;1. MEP
 design services beyond a high-level conceptual report and spatial/rendering support of Gensler.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 other services we mutually deem necessary.

---

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|:---|:---|
| ![](ex10-31_001.jpg) | Page 3<br>|

---

**Section 4. EXCLUDED SERVICES**

A. For
 this due diligence effort, there will not be any Structural, Acoustical, Expediting, etc.,
 Consultants. Our focus will be solely MEP/FP high-level concept design and space planning.

B. Zoning
 and environmental analysis to confirm the viability of the development would be performed
 by another firm as part of scope of work direct to Blockfusion.

C. Pricing
 of the high-level designs will be addressed by Blockfusion or an estimating firm of your
 choice.

**Section 5. FEES**

A. We
 will be compensated for our services on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;1. For
 the six (6)-week high-level conceptual analysis, we will be paid [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;2. Additional
 Services as described in Section 3 above will be billed on a mutually agreed lump sum fee
 basis or on a time basis in accordance with the following rate schedule:

---

| | | |
|:---|:---|:---|
| **Title** | **Billing Rate<br> Per Hour** | **Billing Rate<br> Per Hour** |
| Partners | $| [\*\*\*] |
| Associate Partners | $| [\*\*\*] |
| Directors | $| [\*\*\*] |
| Senior Associates | $| [\*\*\*] |
| Associates | $| [\*\*\*] |
| Senior TAB Specialists | $| [\*\*\*] |
| Senior Project Engineers | $| [\*\*\*] |
| Senior Project Managers | $| [\*\*\*] |
| Project Managers | $| [\*\*\*] |
| Project Engineers | $| [\*\*\*] |
| BIM Manager | $| [\*\*\*] |
| Senior Engineers | $| [\*\*\*] |
| Engineers | $| [\*\*\*] |
| BIM Specialists | $| [\*\*\*] |
| TAB Technicians | $| [\*\*\*] |
| Senior Designers | $| [\*\*\*] |
| Spec Writers | $| [\*\*\*] |
| Designers | $| [\*\*\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 above rate schedule will apply through [\*\*\*]. After this date, the rates used for all time-based
 services will be as per the current rate schedule in effect at the time the services are
 rendered.

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 4<br>|

---

B.  ***Reimbursables*** 

&nbsp;&nbsp;&nbsp;&nbsp;1. We
 will be paid for all reproductions at our standard billing rates for providing CAD plots,
 including all documents forwarded to us by electronic means (email, web server, FTP site,
 etc.), black-and-white prints, photocopies, printouts and the like, and for delivery services.

&nbsp;&nbsp;&nbsp;&nbsp;2. If
 requested, we will set up a hosted FTP site for the posting of read-only electronic copies
 of our Contract Documents. We will be paid at standard billing rates for monthly service
 charges associated with this site as well as for our time spent on administration of the
 site.

&nbsp;&nbsp;&nbsp;&nbsp;3. We
 will be paid our direct costs for the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any
 express delivery services (FedEx, D&M, DHL, USPS Express Mail, etc.) and outside delivery
 services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 special reproductions (color, photographic, etc.).

C.  ***Payment Schedule*** 

&nbsp;&nbsp;&nbsp;&nbsp;1. For
 the above lump sum fee work, we will be paid equal monthly payments prorated over the specific
 project phase in accordance with the actual schedule developed for the particular phase.

&nbsp;&nbsp;&nbsp;&nbsp;2. All
 bills shall be paid within thirty (30) days of mailing. Amounts unpaid thirty (30) days after
 the invoice date will bear interest at the rate of [\*\*\*] of the unpaid balance per month.

**Section 6. TERMS AND CONDITIONS OF AGREEMENT**

A. Our
 proposal is based upon the following conditions, or, if a Master Services Agreement will
 be required, having the following terms included in the Master Agreement and our Agreement
 for Engineering Services:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Standard of Care:* JB&B (the "Engineer") will perform the services set forth in
 this Proposal ("Services") consistent with the current, professional skill and
 care ordinarily practiced by firms providing similar services as the Engineer in the same
 or similar locality under the same or similar circumstances (the "Standard of Care").
 The Engineer will exercise the Standard of Care to perform services in accordance with local
 laws, and building codes and similar codes, rules, regulations and ordinances which are applicable
 to the Engineer's Services and in effect at the time the Engineer performs its Services
 (collectively, the "Legal Requirements"). Your firm (the "Client")
 acknowledges that the meaning of Legal Requirements is not always free from ambiguity. Accordingly,
 interpretations of the Legal Requirements which are consistent with the Standard of Care
 will satisfy the Engineer's obligations hereunder. Regardless of any other term or
 condition of this Proposal or otherwise, the Engineer makes no guarantee or warranty, express
 or implied, of any sort. Nothing contained in this Proposal or otherwise shall increase or
 require the Engineer to exceed the Standard of Care or establish a fiduciary relationship
 between the Client and the Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Schedule:* The Engineer will not be responsible for and will not have any liability for any delays caused
 by factors outside of the Engineer's reasonable control. If the Engineer's ability
 to meet any of the Engineer's specific milestone dates set forth in this Proposal or
 providing Construction Administration services is adversely affected by factors outside of
 the Engineer's reasonable control including, but not limited to, delays caused by the
 Client, others and any Force Majeure Events (as defined below), including accessibility limitations
 to the project site and/or requirements such as social distancing and other safety precautions,
 or by any government or other regulatory or quasi-governmental authority or agency having
 jurisdiction over the Engineer or the Project, then such milestone date will be extended
 to account for such delay and the Engineer's fee equitably adjusted. The foregoing
 is not an exhaustive list, and this provision is intended to excuse performance in the event
 the Engineer is unable to perform any material term(s) for reasons beyond its control. A
 Force Majeure Event shall include but shall not be limited to any cause or delay outside
 of the Engineer's control, including but not limited to, acts of nature (including
 without limitation fire, flood, earthquake, storm, hurricane or other similar occurrence),
 unusually severe weather, war, invasion, explosions, acts of foreign combatants, terrorists
 acts, military or other usurped political power or confiscation, nationalization, government
 sanction or embargo, labor disputes of third parties to this Proposal, strikes, riots, changes
 of applicable law, public health-related incidences (including without limitation serious
 illness, disease, virus, plague, epidemic, pandemic, contagion, quarantine restrictions,
 declaration or public health emergency or other similar occurrence), the prolonged failure
 of electricity or other vital utility service or any public enemy acts mandated by applicable
 laws, regulations or orders, whether valid or invalid, of any governmental body or agency.

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 5<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;3. *Client Representations:* The Client will provide full information regarding the requirements
 for the Project. The Engineer will be entitled to rely upon the accuracy and completeness
 of such information, including, without limitation, the information and services provided
 by, through and/or on behalf of the Client, the Client's other consultants and independent
 contractors. The Client or such authorized representative of the Client shall render decisions
 in a timely manner pertaining to information and documents submitted by the Engineer in order
 to avoid unreasonable delay in the orderly and sequential progress of the Engineer's
 services. The Client will comply with all applicable laws including, without limitation,
 laws pertaining to the privacy and security of information and data.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Liability for Consultants:* The Engineer will not be responsible to the Client or any third parties
 for errors, omissions or other defaults of any other design professional rendering any other
 services, including, without limitation, design, engineering, cost estimating or other services
 for the benefit of the Client or the Project, whether retained by the Engineer or by the
 Client. The Engineer's sole liability in connection with the services of Consultants
 will be to coordinate the Engineer's portion of the Instruments of Service consistent
 with the Standard of Care. The Client will require Consultants or Design-Build Contractors
 retained by the Client to coordinate their services and documents with the Engineer's
 Instruments of Service and those of any Consultants retained by the Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Site Conditions:* The Client shall provide a safe working environment for the Engineer's
 personnel performing services at the site referenced in this proposal. The Client shall fully
 disclose to the Engineer information pertaining to any existing conditions at the site or
 any conditions that may affect the Engineer's ability to perform the Engineer's
 services and the Client shall be responsible for all costs and/or expenses incurred by the
 Engineer because of such conditions. In the event the Client fails to provide a safe working
 environment, it hereby agrees, to the fullest extent permitted by law, to defend, indemnify,
 and hold the Engineer harmless and pay all legal and related costs and expenses of the Engineer
 in connection with any claims brought by any party against the Engineer arising from or out
 of the failure of the Client to provide a safe working environment. The Client further agrees
 to reimburse the Engineer for all costs, expenses and attorney's fees incurred in pursuing
 or enforcing this indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;6. *Existing Conditions:* Inasmuch as the remodeling and/or rehabilitation of an existing building
 requires that certain assumptions be made regarding existing conditions, and because some
 of these assumptions may not be verifiable without expending additional sums of money or
 destroying otherwise adequate or serviceable portions of the building, the Client agrees
 that, except for the Engineer's negligence, the Client will hold the Engineer harmless
 from any claims arising out of the assumptions made regarding existing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Asbestos and Hazardous Waste:* The Engineer shall have no responsibility for the discovery, presence,
 handling, removal, remediation, disinfection, or disposal of or exposure of persons to hazardous
 materials in any form in connection with the Project, including, but not limited to, asbestos,
 asbestos products, polychlorinated biphenyl (PBC), bacteria, virus, disease, undesirable
 organisms, environmental pollutants, mold, fungi, lead-based paints or other similar materials
 or other toxic substances, infectious materials or contaminants ("Hazardous Materials").
 To the fullest extent permitted by law, Client shall hold harmless, defend and indemnify
 the Engineer and its Consultants and each of their partners, officers, directors, shareholders,
 principals, members, employees, affiliates, heirs, successors and assigns from any and all
 liability, loss, damages, costs and expenses, including reasonable attorney's fees
 and disbursements, which any of them may at any time sustain or incur by reason of any demands,
 claims, causes of action, or legal proceedings arising out of or in connection with Hazardous
 Materials at the project site.

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 6<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;8. *Ownership of Documents:* All information including without limitation plans, drawings, specifications,
 sketches, reports and documents that the Engineer produces and/or prepares are instruments
 of service of the Engineer ("Instruments of Service") and will remain the Engineer's
 property and are to be used solely in connection with the Project for which such Instruments
 of Service were prepared.

The Project is the property of the Client, and the Engineer may not use the Instruments of Service for any purpose not relating to the Project without the Client's consent. Upon completion of the work or any earlier termination of the engagement the Engineer will provide to Client reproductions of the Instruments of Services. All such reproductions shall be the property of the Client, who may use them without the Engineer's permission for any proper purpose relating to the Project, including, but not limited to, additions to or completion of the Project, provided that the Instruments of Service and any reproductions thereof are to be used solely in connection with the Project for which they were prepared.

Notwithstanding any provision or term to the contrary, (i) the Client's rights in and the Engineer's obligations with respect to the Instruments of Service are conditioned on and subject to the Engineer's receipt of all undisputed amounts due to Engineer under this Agreement, and (ii) Engineer shall retain all statutory and reserved rights, title and interest, including copyright, to Engineer's typical or standard design details, depictions, processes, systems, instructions and specifications regularly issued by Engineer in the course of its engineering practice.

The Client agrees to hold harmless, defend and indemnify the Engineer and its Consultants from any and all liability, loss, damages, costs and expenses, including reasonable attorneys' fees, which any of them may at any time sustain or incur by reason of any demands, claims, causes of action, or legal proceedings arising out of or in connection with any use of the Engineer's Instruments of Service without the Engineer's participation and/or involvement in the Project. The Client agrees that all services that the Engineer furnishes to the Client that are not paid for will be returned and will not be used for any purpose.

&nbsp;&nbsp;&nbsp;&nbsp;9. Insurance:
 Upon the request of the Client, the Engineer shall supply Client with a certificate of insurance
 evidencing professional liability (errors and omissions) insurance with limits of Two Million
 Dollars ($2,000,000.00) per claim and in the aggregate; and commercial general liability
 insurance with limits of One Million Dollars ($1,000,000.00) per occurrence and Two Million
 Dollars ($2,000,000.00) in the aggregate. The Client will name the Engineer as an additional
 insured on the Client's general liability and excess/umbrella policies. No term or
 condition of this Proposal or otherwise shall be enforceable against the Engineer unless
 covered by the Engineer's professional liability insurance. The Client, on behalf of
 itself, its successors, assigns, insurers, sureties and any other person claiming by, for
 or through the Client by virtue of any payment made to or on behalf of the Client, hereby
 waives all rights of subrogation arising out of this Proposal or any services performed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;10. *Mutual Indemnification:* The Engineer agrees to indemnify and hold the Client harmless from and
 against direct damages, liabilities, losses, costs and expenses (including reasonable attorneys'
 fees) arising from third-party claims to the extent such claims are caused by the negligent
 acts, errors or omissions of the Engineer, its Consultants, or anyone for whose acts either
 of them may be legally liable. The Client agrees to indemnify and hold the Engineer harmless
 from and against direct damages, liabilities, losses, costs and expenses (including reasonable
 attorneys' fees) to the extent caused by the negligent acts, errors or omissions of
 the Client, its Contractors or Consultants, or anyone for whose acts any of them may be legally
 liable.

&nbsp;&nbsp;&nbsp;&nbsp;11. *Energy Performance Indemnification:* The Client, recognizing the unknown and uncontrollable factors
 and conditions that affect energy consumption agrees, to the fullest extent permitted by
 law, to release and defend, indemnify, and hold harmless the Engineer and its subconsultants,
 if any, from and against any and all claims, damages, disputes, losses, fines, penalties,
 assessments, costs and expenses (including reasonable attorney's fees and all other
 such costs, expenses and disbursements) arising from or resulting from the failure of the
 building, project, and/or systems to comply with any Laws or otherwise governing the emission
 requirements and/or limits of any building, project and/or systems.

&nbsp;&nbsp;&nbsp;&nbsp;12. *Client Certification:* The Client shall make no claim (directly, in the form of a third-party
 action or claim, or otherwise) against the Engineer, unless the Client has first provided
 the Engineer with a written certificate, executed by an independent engineer, licensed in
 the state in which the project is located, specifying and certifying each and every act or
 omission that the Engineer contends constitutes a violation of the Standard of Care. Such
 certification shall be provided to the Engineer thirty (30) calendar days prior to the presentation
 of any claim or the institution of any proceeding by the Client.

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 7<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;13. *Limitations on Liability* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Engineer's total aggregate liability for all damages in connection with the Project,
 the Services and/or this Proposal will not exceed the available proceeds of the Engineer's
 professional liability insurance required to be maintained by the Engineer under this Proposal
 in connection with this Project at the time any claim is finally adjudicated or otherwise
 settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. None
 of the Engineer's officers, shareholders, directors, members, managers, partners, principals
 or employees will have personal liability hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;14. *Waiver of Damages:* It is expressly agreed that both the Client and Engineer waive any and all
 incidental, indirect, special, exemplary, punitive or consequential damages for claims, disputes
 or other matters in question arising out of or relating to the Project and/or this Proposal
 including, without limitation, fines, penalties, assessments, wasted management time, loss
 of opportunity, loss of profit or financing, loss of investment, loss of product or production,
 cost of replacement, or business interruption even if advised of the possibility of such
 damages. In no event will the Engineer be liable for any impairment, inability to use or
 loss, damage corruption or recovery of data, or breach of data or systems security. This
 waiver is applicable, without limitation, to any and all consequential damages due to either
 the Client's or Engineer's termination of this Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;15. *Termination:* Either party may terminate this Proposal upon fourteen (14) days' written notice should
 the other party fail substantially to perform in accordance with the terms of this Proposal
 through no fault of the party initiating the termination with an opportunity to cure within
 such fourteen (14) day period. If the Engineer does not receive monthly payments in accordance
 with this Proposal, and such failure is not cured by the Client within such fourteen (14)
 day period, such failure will be considered substantial nonperformance and cause for termination
 or, at the Engineer's option, cause for suspension of performance of services under
 this Proposal. The Engineer will have no liability for any delay or damage caused to the
 Client because of such suspension or termination of services. In the event this Proposal
 is terminated for any reason, the Engineer shall be paid for all services performed and reimbursable
 expenses incurred (including demobilization fees) through the effective date of such termination.
 In the event of a suspension, if services are resumed, the Engineer will be paid all sums
 due prior to suspension, including any expenses incurred in the interruption and resumption
 of the Engineer's services and the Engineer's fees for the remaining services
 and the time schedules will be equitably adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;16. *Assignment; Subcontracting:* This Agreement will not be assigned by either party without the prior
 written consent of the other party, except that the Engineer may assign or transfer its interest
 in this Agreement to an affiliated, sister, related or other entity of the Engineer's
 group of companies, including, but not limited to, Jaros, Baum & Bolles, Inc., provided
 the Client is given prior notice of such assignment. Changes in the firm's membership
 of one or more Partners will not constitute an assignment. The Engineer will not subcontract
 its services without the prior written consent of the Client, which consent shall not be
 unreasonably withheld, except that the Engineer may subcontract its non-engineering services.

&nbsp;&nbsp;&nbsp;&nbsp;17. *Publicity:* The Client agrees to credit the Engineer by name in all publicity involving the Project.
 The Engineer reserves the right to use the Client's name and presentation drawings,
 models and images of the Project for the Engineer's marketing, promotional and business
 development purposes. The Engineer will, however, reveal specific project information to
 the public only with the Client's prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;18. *Material Terms:* The Client agrees that this Proposal contains all material and essential terms
 regarding this agreement with respect to the Project. If Client requires a different form
 of agreement, it is agreed by Client that this Proposal will control the agreement concerning
 the services being provided with respect to the Project until such time as a formal agreement
 is fully executed.

&nbsp;&nbsp;&nbsp;&nbsp;19. *Conflicts:* In the event of any conflicts or inconsistencies between the terms and conditions this Proposal
 and the terms and conditions of any other agreement, document, schedule, exhibit or otherwise,
 the terms and conditions of this Proposal shall govern.

&nbsp;&nbsp;&nbsp;&nbsp;20. *Governing Law and Venue:* This Proposal shall be governed by the laws of the State of New York.
 The venue of any disputes between the parties to this Proposal shall be in the state or federal
 courts located in the County of New York in the State of New York. The parties hereby waive
 any right each may have to assert the doctrine of forum non conveniens or similar doctrine
 or to object to venue with respect to any proceeding brought in the jurisdiction specified
 in this paragraph. Any dispute that cannot in good faith be resolved by a meeting between
 the authorized principals of the parties shall, at the request of the Engineer, be submitted
 to mediation as a condition precedent to litigation. The mediation shall be held in the State
 of New York, in the County of New York.

&nbsp;&nbsp;&nbsp;&nbsp;21. *Engineer's Testimony and/or Production of Records:* If the Engineer is called upon by the Client,
 or subpoenaed by any other person, to testify or produce records in an action at law, equity,
 arbitration, or in a pre-trial hearing or conference, as to any work performed by anyone
 in connection with the Project, the Engineer shall be paid by the Client for all time spent
 while testifying and preparing therefor and producing such records in accordance with the
 hourly rates set forth in this Proposal.

---

| | |
|:---|:---|
| ![](ex10-31_001.jpg) | Page 8<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;22. *Non-Solicitation:* The Client agrees that during the term of this engagement and for a period of one (1) year
 thereafter, it will not, without the prior written consent of Engineer, employ, engage, recruit,
 induce, solicit, or attempt to solicit, for employment or engagement, directly or indirectly
 any of the Engineer's employees or personnel (the "Covenant"). The Client
 acknowledges and agrees that it would be impossible for the Engineer to calculate at this
 time the damages that the Engineer would suffer in the event of a breach by the Client of
 the Covenant. Accordingly, the Client and the Engineer agree that, if the Client breaches
 the Covenant, the Client shall pay as liquidated damages to the Engineer an amount equal
 to [\*\*\*] of the total compensation paid by the Engineer to the employee for the previous
 12 months or employees of the Engineer hired in breach of this Covenant. The Client agrees
 that such amount is reasonable compensation to the Engineer for breach of the Covenant due
 to the time and money the Engineer has invested in the training and developing of such employee.
 Such liquidated damages are to be paid to the Engineer by the Client no later than the date
 on which the Engineer's former employee or employees commence employment or undertake
 consultation duties with the Client or with a third party. This Agreement with respect to
 liquidated damages shall in no way prevent the Engineer from obtaining injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;23. *Severability:* In the event that any term or provision, or part thereof, of this Proposal is held to be
 illegal, invalid or unenforceable under the law, regulations or ordinances of any federal,
 state or local governments to which this Proposal is subject, such term of provision, or
 part thereof, shall be deemed severed from this Proposal and the remaining term(s) and provision(s)
 shall remain unaffected thereby. No waiver or default hereunder shall be construed as a waiver
 of any subsequent breach. There shall be no waiver or modification of this Proposal except
 in writing and signed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;24. *Third-Party Beneficiaries:* Nothing contained in this Proposal or otherwise shall create a contractual
 relationship with or a cause of action in favor of a third party against either the Client
 or the Engineer.

We believe the above is consistent with your requirements as outlined in our conversation on November 14, 2024, in conjunction with the project. We appreciate your considering us for the work on this project and look forward to its successful completion.

Your written acceptance in the space provided below will constitute a Contract between us.

Very truly yours,

JAROS, BAUM & BOLLES<br> CONSULTING ENGINEERS, LLP<br>

/s/ Walter J. Mehl

<br> Walter J. Mehl, Jr., PE, LEED AP<br> Managing Partner<br> WJM:nr

---

| | |
|:---|:---|
| cc: | (1) R. Scott |
|  | (1) R. A. Downward |
|  | (1) M. Ali |
|  | (1) Accounting |

---

---

| | | | |
|:---|:---|:---|:---|
| ACCEPTED: | /s/ Kant Trivedi | DATE: | 2-06-2025 |

---

r:\projects\00007.0.bids and proposals\5380 frontier avenue (niagara falls_ny)\blockfusion\2025-02-04_blockfusion niagara due diligence_trivedi_rev2_wjm-nr.docx

## Exhibit 10.32

**Exhibit 10.32**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

---

| | |
|:---|:---|
| ![](ex10-32_001.jpg) | MOHAMMAD ALI., PE, LEED AP |
|  | ASSOCIATE PARTNER |

---

MEP Design Services<br> Continued Due Diligence for Niagara Data Center Expansion<br> Blockfusion<br> 5380 Frontier Avenue<br> Niagara Falls, NY<br> Opp. No. 2025-10-11051

September 25, 2025

Kant Trivedi<br> Chief Operations Officer<br> Blockfusion<br> [\*\*\*]

Dear Kant:

In accordance with your request, we herewith submit our proposal for mechanical, electrical, plumbing and fire protection (MEP/FP) professional engineering services for the subject project.

**Section 1. PROJECT DESCRIPTION AND SCOPE**

A. JB&B undertook an initial reposition and expansion effort for Blockfusion at their existing Data Center
at the subject location. Based on the results of this initial effort, Blockfusion has requested continued support from JB&B for the
following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Assisting Blockfusion and Gensler to prepare a Concept Design deck for use with potential investors.

&nbsp;&nbsp;&nbsp;&nbsp;2. Reviewing alternate schemes for expansion to adjacent properties (i.e., Blockfusion purchasing an adjacent
thirty-eight [38]-acre lot).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. As part of this effort, we will need to evaluate alternate locations for an electric service yard, generators,
air-cooled chillers, UPS systems, miscellaneous MEP support infrastructure, etc.

&nbsp;&nbsp;&nbsp;&nbsp;3. CFD modeling to validate the design of the air-cooled chillers based on site constraints.

&nbsp;&nbsp;&nbsp;&nbsp;4. Continue to provide support for the 115 kV service that is being requested to accommodate a 150 MW Data
Center with the utility company, inclusive of developing one-lines, load matrices, site plans, GIS substation layouts, etc.

**Section 2. SCHEDULE**

A. The project scope of this proposal commenced at the conclusion of the initial due diligence in April 2025,
and will continue to proceed until a design is selected or this timecard fee estimate has been exhausted.

---

| | |
|:---|:---|
| ![](ex10-32_001.jpg) | PAGE 2 |

---

**Section 3. SCOPE OF ADDITIONAL SERVICES**

A. As authorized by you, we will perform the following Additional Services:

&nbsp;&nbsp;&nbsp;&nbsp;1. MEP design services beyond a high-level conceptual report and spatial/rendering support of Gensler.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any other services we mutually deem necessary.

**Section 4. EXCLUDED SERVICES**

A. For this continued due diligence effort, there will not be any Structural, Acoustical, Expediting, etc.,
Consultants. Our focus will be solely MEP/FP high-level concept design, space planning and utility support as outlined above.

B. Zoning and environmental analysis to confirm the viability of the development would be performed by another
firm as part of scope of work direct to Blockfusion.

C. Pricing of the high-level designs will be addressed by Blockfusion or an estimating firm of your choice.

**Section 5. FEES**

A. We will be compensated for our services on the following basis:

&nbsp;&nbsp;&nbsp;&nbsp;1. For the scope of services outlined in Sections 1 and 2, we will be paid on a time basis per the rate schedule
hereinbelow against an agreed-upon, not-to-exceed fee of [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;2. Additional Services as described in Section 3 above will be billed on a mutually agreed lump sum fee basis
or on a time basis in accordance with the following rate schedule:

---

| | | |
|:---|:---|:---|
| **Title** | **Billing Rate<br> Per Hour** | **Billing Rate<br> Per Hour** |
| Partners | $| [\*\*\*] |
| Associate Partners | $| [\*\*\*] |
| Directors | $| [\*\*\*] |
| Senior Associates | $| [\*\*\*] |
| Associates | $| [\*\*\*] |
| Senior TAB Specialists | $| [\*\*\*] |
| Senior Project Engineers | $| [\*\*\*] |
| Senior Project Managers | $| [\*\*\*] |
| Project Managers | $| [\*\*\*] |
| Project Engineers | $| [\*\*\*] |
| BIM Manager | $| [\*\*\*] |
| Senior Engineers | $| [\*\*\*] |
| Engineers | $| [\*\*\*] |
| BIM Specialists | $| [\*\*\*] |
| TAB Technicians | $| [\*\*\*] |
| Senior Designers | $| [\*\*\*] |
| Spec Writers | $| [\*\*\*] |
| Designers | $| [\*\*\*] |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The above rate schedule will apply through [\*\*\*]. After this date, the rates used for all time-based services
will be as per the current rate schedule in effect at the time the services are rendered.

---

| | |
|:---|:---|
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B.  ***Reimbursables*** 

&nbsp;&nbsp;&nbsp;&nbsp;1. We will be paid for all reproductions at our standard billing rates for providing CAD plots, including
all documents forwarded to us by electronic means (email, web server, FTP site, etc.), black-and-white prints, photocopies, printouts
and the like, and for delivery services.

&nbsp;&nbsp;&nbsp;&nbsp;2. If requested, we will set up a hosted FTP site for the posting of read-only electronic copies of our Contract
Documents. We will be paid at standard billing rates for monthly service charges associated with this site as well as for our time spent
on administration of the site.

&nbsp;&nbsp;&nbsp;&nbsp;3. We will be paid our direct costs for the following expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any express delivery services (FedEx, D&M, DHL, USPS Express Mail, etc.) and outside delivery services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any special reproductions (color, photographic, etc.).

C.  ***Payment Schedule*** 

&nbsp;&nbsp;&nbsp;&nbsp;1. For the above lump sum fee work, we will be paid equal monthly payments prorated over the specific project
phase in accordance with the actual schedule developed for the particular phase.

&nbsp;&nbsp;&nbsp;&nbsp;2. All bills shall be paid within thirty (30) days of mailing. Amounts unpaid thirty (30) days after the
invoice date will bear interest at the rate of [\*\*\*] of the unpaid balance per month.

**Section 6. TERMS AND CONDITIONS OF AGREEMENT**

A. Our proposal is based upon the following conditions, or, if a Master Services Agreement will be required,
having the following terms included in the Master Agreement and our Agreement for Engineering Services:

&nbsp;&nbsp;&nbsp;&nbsp;1. *Standard of Care*: JB&B (the "Engineer") will perform the services set forth in
this Proposal ("Services") consistent with the current, professional skill and care ordinarily practiced by firms providing
similar services as the Engineer in the same or similar locality under the same or similar circumstances (the "Standard of Care").
The Engineer will exercise the Standard of Care to perform services in accordance with local laws, and building codes and similar codes,
rules, regulations and ordinances which are applicable to the Engineer's Services and in effect at the time the Engineer performs
its Services (collectively, the "Legal Requirements"). Your firm (the "Client") acknowledges that the meaning
of Legal Requirements is not always free from ambiguity. Accordingly, interpretations of the Legal Requirements which are consistent with
the Standard of Care will satisfy the Engineer's obligations hereunder. Regardless of any other term or condition of this Proposal
or otherwise, the Engineer makes no guarantee or warranty, express or implied, of any sort. Nothing contained in this Proposal or otherwise
shall increase or require the Engineer to exceed the Standard of Care or establish a fiduciary relationship between the Client and the
Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Schedule*: The Engineer will not be responsible for and will not have any liability for any delays
caused by factors outside of the Engineer's reasonable control. If the Engineer's ability to meet any of the Engineer's
specific milestone dates set forth in this Proposal or providing Construction Administration services is adversely affected by factors
outside of the Engineer's reasonable control including, but not limited to, delays caused by the Client, others and any Force Majeure
Events (as defined below), including accessibility limitations to the project site and/or requirements such as social distancing and other
safety precautions, or by any government or other regulatory or quasi-governmental authority or agency having jurisdiction over the Engineer
or the Project, then such milestone date will be extended to account for such delay and the Engineer's fee equitably adjusted. The
foregoing is not an exhaustive list, and this provision is intended to excuse performance in the event the Engineer is unable to perform
any material term(s) for reasons beyond its control. A Force Majeure Event shall include but shall not be limited to any cause or delay
outside of the Engineer's control, including but not limited to, acts of nature (including without limitation fire, flood, earthquake,
storm, hurricane or other similar occurrence), unusually severe weather, war, invasion, explosions, acts of foreign combatants, terrorists
acts, military or other usurped political power or confiscation, nationalization, government sanction or embargo, labor disputes of third
parties to this Proposal, strikes, riots, changes of applicable law, public health-related incidences (including without limitation serious
illness, disease, virus, plague, epidemic, pandemic, contagion, quarantine restrictions, declaration or public health emergency or other
similar occurrence), the prolonged failure of electricity or other vital utility service or any public enemy acts mandated by applicable
laws, regulations or orders, whether valid or invalid, of any governmental body or agency.

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&nbsp;&nbsp;&nbsp;&nbsp;3. *Client Representations*: The Client will provide full information regarding the requirements for
the Project. The Engineer will be entitled to rely upon the accuracy and completeness of such information, including, without limitation,
the information and services provided by, through and/or on behalf of the Client, the Client's other consultants and independent
contractors. The Client or such authorized representative of the Client shall render decisions in a timely manner pertaining to information
and documents submitted by the Engineer in order to avoid unreasonable delay in the orderly and sequential progress of the Engineer's
services. The Client will comply with all applicable laws including, without limitation, laws pertaining to the privacy and security of
information and data.

&nbsp;&nbsp;&nbsp;&nbsp;4. *Liability for Consultants*: The Engineer will not be responsible to the Client or any third parties
for errors, omissions or other defaults of any other design professional rendering any other services, including, without limitation,
design, engineering, cost estimating or other services for the benefit of the Client or the Project, whether retained by the Engineer
or by the Client. The Engineer's sole liability in connection with the services of Consultants will be to coordinate the Engineer's
portion of the Instruments of Service consistent with the Standard of Care. The Client will require Consultants or Design-Build Contractors
retained by the Client to coordinate their services and documents with the Engineer's Instruments of Service and those of any Consultants
retained by the Engineer.

&nbsp;&nbsp;&nbsp;&nbsp;5. *Site Conditions*: The Client shall provide a safe working environment for the Engineer's personnel
performing services at the site referenced in this proposal. The Client shall fully disclose to the Engineer information pertaining to
any existing conditions at the site or any conditions that may affect the Engineer's ability to perform the Engineer's services
and the Client shall be responsible for all costs and/or expenses incurred by the Engineer because of such conditions. In the event the
Client fails to provide a safe working environment, it hereby agrees, to the fullest extent permitted by law, to defend, indemnify, and
hold the Engineer harmless and pay all legal and related costs and expenses of the Engineer in connection with any claims brought by any
party against the Engineer arising from or out of the failure of the Client to provide a safe working environment. The Client further
agrees to reimburse the Engineer for all costs, expenses and attorney's fees incurred in pursuing or enforcing this indemnity.

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&nbsp;&nbsp;&nbsp;&nbsp;6. *Existing Conditions*: Inasmuch as the remodeling and/or rehabilitation of an existing building requires
that certain assumptions be made regarding existing conditions, and because some of these assumptions may not be verifiable without expending
additional sums of money or destroying otherwise adequate or serviceable portions of the building, the Client agrees that, except for
the Engineer's negligence, the Client will hold the Engineer harmless from any claims arising out of the assumptions made regarding
existing conditions.

&nbsp;&nbsp;&nbsp;&nbsp;7. *Asbestos and Hazardous Waste*: The Engineer shall have no responsibility for the discovery, presence,
handling, removal, remediation, disinfection, or disposal of or exposure of persons to hazardous materials in any form in connection with
the Project, including, but not limited to, asbestos, asbestos products, polychlorinated biphenyl (PBC), bacteria, virus, disease, undesirable
organisms, environmental pollutants, mold, fungi, lead-based paints or other similar materials or other toxic substances, infectious materials
or contaminants ("Hazardous Materials"). To the fullest extent permitted by law, Client shall hold harmless, defend and indemnify
the Engineer and its Consultants and each of their partners, officers, directors, shareholders, principals, members, employees, affiliates,
heirs, successors and assigns from any and all liability, loss, damages, costs and expenses, including reasonable attorney's fees
and disbursements, which any of them may at any time sustain or incur by reason of any demands, claims, causes of action, or legal proceedings
arising out of or in connection with Hazardous Materials at the project site.

&nbsp;&nbsp;&nbsp;&nbsp;8. *Ownership of Documents*: All information including without limitation plans, drawings, specifications,
sketches, reports and documents that the Engineer produces and/or prepares are instruments of service of the Engineer ("Instruments
of Service") and will remain the Engineer's property and are to be used solely in connection with the Project for which such
Instruments of Service were prepared.

The Project is the property of the Client, and the Engineer may not use the Instruments of Service for any purpose not relating to the Project without the Client's consent. Upon completion of the work or any earlier termination of the engagement the Engineer will provide to Client reproductions of the Instruments of Services. All such reproductions shall be the property of the Client, who may use them without the Engineer's permission for any proper purpose relating to the Project, including, but not limited to, additions to or completion of the Project, provided that the Instruments of Service and any reproductions thereof are to be used solely in connection with the Project for which they were prepared.

Notwithstanding any provision or term to the contrary, (i) the Client's rights in and the Engineer's obligations with respect to the Instruments of Service are conditioned on and subject to the Engineer's receipt of all undisputed amounts due to Engineer under this Agreement, and (ii) Engineer shall retain all statutory and reserved rights, title and interest, including copyright, to Engineer's typical or standard design details, depictions, processes, systems, instructions and specifications regularly issued by Engineer in the course of its engineering practice.

The Client agrees to hold harmless, defend and indemnify the Engineer and its Consultants from any and all liability, loss, damages, costs and expenses, including reasonable attorneys' fees, which any of them may at any time sustain or incur by reason of any demands, claims, causes of action, or legal proceedings arising out of or in connection with any use of the Engineer's Instruments of Service without the Engineer's participation and/or involvement in the Project. The Client agrees that all services that the Engineer furnishes to the Client that are not paid for will be returned and will not be used for any purpose.

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&nbsp;&nbsp;&nbsp;&nbsp;9. *Insurance*: Upon the request of the Client, the Engineer shall supply Client with a certificate
of insurance evidencing professional liability (errors and omissions) insurance with limits of Two Million Dollars ($2,000,000.00) per
claim and in the aggregate; and commercial general liability insurance with limits of One Million Dollars ($1,000,000.00) per occurrence
and Two Million Dollars ($2,000,000.00) in the aggregate. The Client will name the Engineer as an additional insured on the Client's
general liability and excess/umbrella policies. No term or condition of this Proposal or otherwise shall be enforceable against the Engineer
unless covered by the Engineer's professional liability insurance. The Client, on behalf of itself, its successors, assigns, insurers,
sureties and any other person claiming by, for or through the Client by virtue of any payment made to or on behalf of the Client, hereby
waives all rights of subrogation arising out of this Proposal or any services performed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;10. *Mutual Indemnification*: The Engineer agrees to indemnify and hold the Client harmless from and
against direct damages, liabilities, losses, costs and expenses (including reasonable attorneys' fees) arising from third-party
claims to the extent such claims are caused by the negligent acts, errors or omissions of the Engineer, its Consultants, or anyone for
whose acts either of them may be legally liable. The Client agrees to indemnify and hold the Engineer harmless from and against direct
damages, liabilities, losses, costs and expenses (including reasonable attorneys' fees) to the extent caused by the negligent acts,
errors or omissions of the Client, its Contractors or Consultants, or anyone for whose acts any of them may be legally liable.

&nbsp;&nbsp;&nbsp;&nbsp;11. *Energy Performance Indemnification*: The Client, recognizing the unknown and uncontrollable factors
and conditions that affect energy consumption agrees, to the fullest extent permitted by law, to release and defend, indemnify, and hold
harmless the Engineer and its subconsultants, if any, from and against any and all claims, damages, disputes, losses, fines, penalties,
assessments, costs and expenses (including reasonable attorney's fees and all other such costs, expenses and disbursements) arising
from or resulting from the failure of the building, project, and/or systems to comply with any Laws or otherwise governing the emission
requirements and/or limits of any building, project and/or systems.

&nbsp;&nbsp;&nbsp;&nbsp;12. *Client Certification*: The Client shall make no claim (directly, in the form of a third-party action
or claim, or otherwise) against the Engineer, unless the Client has first provided the Engineer with a written certificate, executed by
an independent engineer, licensed in the state in which the project is located, specifying and certifying each and every act or omission
that the Engineer contends constitutes a violation of the Standard of Care. Such certification shall be provided to the Engineer thirty
(30) calendar days prior to the presentation of any claim or the institution of any proceeding by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;13. *Limitations on Liability* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Engineer's total aggregate liability for all damages in connection with the Project, the Services
and/or this Proposal will not exceed the available proceeds of the Engineer's professional liability insurance required to be maintained
by the Engineer under this Proposal in connection with this Project at the time any claim is finally adjudicated or otherwise settled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. None of the Engineer's officers, shareholders, directors, members, managers, partners, principals
or employees will have personal liability hereunder.

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|:---|:---|
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&nbsp;&nbsp;&nbsp;&nbsp;14. *Waiver of Damages*: It is expressly agreed that both the Client and Engineer waive any and all incidental,
indirect, special, exemplary, punitive or consequential damages for claims, disputes or other matters in question arising out of or relating
to the Project and/or this Proposal including, without limitation, fines, penalties, assessments, wasted management time, loss of opportunity,
loss of profit or financing, loss of investment, loss of product or production, cost of replacement, or business interruption even if
advised of the possibility of such damages. In no event will the Engineer be liable for any impairment, inability to use or loss, damage
corruption or recovery of data, or breach of data or systems security. This waiver is applicable, without limitation, to any and all consequential
damages due to either the Client's or Engineer's termination of this Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;15. *Termination*: Either party may terminate this Proposal upon fourteen (14) days' written notice
should the other party fail substantially to perform in accordance with the terms of this Proposal through no fault of the party initiating
the termination with an opportunity to cure within such fourteen (14) day period. If the Engineer does not receive monthly payments in
accordance with this Proposal, and such failure is not cured by the Client within such fourteen (14) day period, such failure will be
considered substantial nonperformance and cause for termination or, at the Engineer's option, cause for suspension of performance
of services under this Proposal. The Engineer will have no liability for any delay or damage caused to the Client because of such suspension
or termination of services. In the event this Proposal is terminated for any reason, the Engineer shall be paid for all services performed
and reimbursable expenses incurred (including demobilization fees) through the effective date of such termination. In the event of a suspension,
if services are resumed, the Engineer will be paid all sums due prior to suspension, including any expenses incurred in the interruption
and resumption of the Engineer's services and the Engineer's fees for the remaining services and the time schedules will be
equitably adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;16. *Assignment*; Subcontracting: This Agreement will not be assigned by either party without the prior
written consent of the other party, except that the Engineer may assign or transfer its interest in this Agreement to an affiliated, sister,
related or other entity of the Engineer's group of companies, including, but not limited to, Jaros, Baum & Bolles, Inc., provided
the Client is given prior notice of such assignment. Changes in the firm's membership of one or more Partners will not constitute
an assignment. The Engineer will not subcontract its services without the prior written consent of the Client, which consent shall not
be unreasonably withheld, except that the Engineer may subcontract its non-engineering services.

&nbsp;&nbsp;&nbsp;&nbsp;17. *Publicity*: The Client agrees to credit the Engineer by name in all publicity involving the Project.
The Engineer reserves the right to use the Client's name and presentation drawings, models and images of the Project for the Engineer's
marketing, promotional and business development purposes. The Engineer will, however, reveal specific project information to the public
only with the Client's prior approval.

&nbsp;&nbsp;&nbsp;&nbsp;18. *Material Terms*: The Client agrees that this Proposal contains all material and essential terms
regarding this agreement with respect to the Project. If Client requires a different form of agreement, it is agreed by Client that this
Proposal will control the agreement concerning the services being provided with respect to the Project until such time as a formal agreement
is fully executed.

&nbsp;&nbsp;&nbsp;&nbsp;19. *Conflicts*: In the event of any conflicts or inconsistencies between the terms and conditions this
Proposal and the terms and conditions of any other agreement, document, schedule, exhibit or otherwise, the terms and conditions of this
Proposal shall govern.

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&nbsp;&nbsp;&nbsp;&nbsp;20. *Governing Law and Venue*: This Proposal shall be governed by the laws of the State of New York.
The venue of any disputes between the parties to this Proposal shall be in the state or federal courts located in the County of New York
in the State of New York. The parties hereby waive any right each may have to assert the doctrine of forum non conveniens or similar doctrine
or to object to venue with respect to any proceeding brought in the jurisdiction specified in this paragraph. Any dispute that cannot
in good faith be resolved by a meeting between the authorized principals of the parties shall, at the request of the Engineer, be submitted
to mediation as a condition precedent to litigation. The mediation shall be held in the State of New York, in the County of New York.

&nbsp;&nbsp;&nbsp;&nbsp;21. *Engineer's Testimony and/or Production of Records*: If the Engineer is called upon by the
Client, or subpoenaed by any other person, to testify or produce records in an action at law, equity, arbitration, or in a pre-trial hearing
or conference, as to any work performed by anyone in connection with the Project, the Engineer shall be paid by the Client for all time
spent while testifying and preparing therefor and producing such records in accordance with the hourly rates set forth in this Proposal.

&nbsp;&nbsp;&nbsp;&nbsp;22. *Non-Solicitation*: The Client agrees that during the term of this engagement and for a period of
one (1) year thereafter, it will not, without the prior written consent of Engineer, employ, engage, recruit, induce, solicit, or attempt
to solicit, for employment or engagement, directly or indirectly any of the Engineer's employees or personnel (the "Covenant").
The Client acknowledges and agrees that it would be impossible for the Engineer to calculate at this time the damages that the Engineer
would suffer in the event of a breach by the Client of the Covenant. Accordingly, the Client and the Engineer agree that, if the Client
breaches the Covenant, the Client shall pay as liquidated damages to the Engineer an amount equal to [\*\*\*] of the total compensation paid
by the Engineer to the employee for the previous 12 months or employees of the Engineer hired in breach of this Covenant. The Client agrees
that such amount is reasonable compensation to the Engineer for breach of the Covenant due to the time and money the Engineer has invested
in the training and developing of such employee. Such liquidated damages are to be paid to the Engineer by the Client no later than the
date on which the Engineer's former employee or employees commence employment or undertake consultation duties with the Client or
with a third party. This Agreement with respect to liquidated damages shall in no way prevent the Engineer from obtaining injunctive relief.

&nbsp;&nbsp;&nbsp;&nbsp;23. *Severability*: In the event that any term or provision, or part thereof, of this Proposal is held
to be illegal, invalid or unenforceable under the law, regulations or ordinances of any federal, state or local governments to which this
Proposal is subject, such term of provision, or part thereof, shall be deemed severed from this Proposal and the remaining term(s) and
provision(s) shall remain unaffected thereby. No waiver or default hereunder shall be construed as a waiver of any subsequent breach.
There shall be no waiver or modification of this Proposal except in writing and signed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;24. *Third-Party Beneficiaries*: Nothing contained in this Proposal or otherwise shall create a contractual
relationship with or a cause of action in favor of a third party against either the Client or the Engineer.

We believe the above is consistent with your requirements in conjunction with the project. We appreciate your considering us for the work on this project and look forward to its successful completion.

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Your written acceptance in the space provided below will constitute a Contract between us.

Very truly yours,

JAROS, BAUM & BOLLES

CONSULTING ENGINEERS, LLP

/s/ Mohammad Ali

Mohammad Ali, PE, LEED AP

Associate Partner

MA:nr

cc: (1) W. J. Mehl, Jr.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) R. A. Downward

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A. Popinara

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Accounting

---

| | | | |
|:---|:---|:---|:---|
| ACCEPTED: | /s/ Kant Trivedi | DATE: | October 17, 2025 |

---

r:\projects\00007.0.bids and proposals\5380 frontier avenue (niagara falls_ny)\blockfusion\2025-09-25_blockfusion niagara continued due diligence_trivedi_ma-nr.docx

## Exhibit 10.33

**Exhibit 10.33**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-33_001.jpg)

**Management Services Agreement**

This Management Services Agreement (this "**Agreement**"), dated as of June 1, 2022 (the "**Effective Date**"), is by and between Thunderra LLC, a Delaware limited liability company, with offices located at 2017 Greene Ave, Queens, NY, 11385 (the "**Service Provider**") and Blockfusion USA, Inc., a Delaware corporation, with offices located at **[\*\*\*]** (the "**Customer**").

WHEREAS, Customer desires to retain Service Provider to provide certain facility management and related services upon the terms and conditions hereinafter set forth, and Service Provider is willing to perform such services.

In consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>.

"**Action**" has the meaning set forth in Section 4.

**"Affiliate**" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. The term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

"**Authorized Service Recipients**" means the Persons identified as such in the Statement of Work.

"**BD USA**" has the meaning set forth in Section 3.6.

"**BD USA Agreement**" has the meaning set forth in Section 3.6.

"**Agreement**" has the meaning set forth in the preamble.

"**Change Order**" has the meaning set forth in Section 5.2.

"**Confidential Information**" means any information that is treated as confidential by a party, including but not limited to all non-public information about its business affairs, products or services, Intellectual Property Rights, trade secrets, third-party confidential information, and other sensitive or proprietary information, whether disclosed orally or in written, electronic, or other form or media, and whether or not marked, designated, or otherwise identified as "confidential". Confidential Information shall not include information that: (a) is already known to the Receiving Party without restriction on use or disclosure prior to receipt of such information from the Disclosing Party; (b) is or becomes generally known by the public other than by breach of this Agreement by, or other wrongful act of, the Receiving Party; (c) is developed by the Receiving Party independently of, and without reference to, any Confidential Information of the Disclosing Party; or (d) is received by the Receiving Party from a third party who is not under any obligation to the Disclosing Party to maintain the confidentiality of such information. For the avoidance of doubt, all information about the Customer Environment, including images of Customer's Equipment and the Customer's Environment, are Confidential Information of Customer.

"**Customer**" has the meaning set forth in the preamble.

"**Customer Contract Manager**" has the meaning set forth in Section 4.1(a).

"**Customer Environment**" means Customer's facility located at 5380 Frontier Ave., Niagara Falls, NY 14304 and/or such other facility or facilities as may be described in the Statement of Work.

"**Customer Equipment**" means any equipment, systems, cabling, or facilities provided by Customer and used directly or indirectly in the provision of the Services.

"**Customer Materials**" any documents, data, know-how, methodologies, software, and other materials provided to Service Provider by Customer, including computer programs, reports, and specifications.

"**Deliverables**" means all documents, work product, and other materials that are delivered to Customer hereunder or prepared by or on behalf of Service Provider in the course of performing the Services, including any items identified as such in the Statement of Work.

"**Disclosing Party**" means a party that discloses Confidential Information under this Agreement.

"**Dispute**" has the meaning set forth in Section 15.1.

"**Dispute Notice**" has the meaning set forth in Section 15.2.

"**Escalation to Executive Notice**" has the meaning set forth in Section 15.2.

"**Escalation to Mediation Date**" has the meaning set forth in Section 15.3.

"**Executives**" has the meaning set forth in Section 15.2.

"**Force Majeure Event**" has the meaning set forth in Section 14.

"**Initial Term**" has the meaning set forth in Section 6.1.

"**Intellectual Property Rights**" means all (a) patents, patent disclosures, and inventions (whether patentable or not), (b) trademarks, service marks, trade dress, trade names, logos, corporate names, and domain names, together with all of the goodwill associated therewith, (c) copyrights and copyrightable works (including computer programs), and rights in data and databases, (d) trade secrets, know-how, and other confidential information, and (e) all other intellectual property rights, in each case whether registered or unregistered and including all applications for, and renewals or extensions of, such rights, and all similar or equivalent rights or forms of protection in any part of the world.

"**Key Personnel**" means any Service Provider Personnel who is identified as being key in the Statement of Work.

"**Law**" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement, or rule of law of any federal, state, local, or foreign government or political subdivision thereof, or any arbitrator, court, or tribunal of competent jurisdiction.

"**Losses**" mean all losses, damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys' fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing any insurance providers.

"**Permitted Subcontractor**" has the meaning set forth in Section 3.1(h).

"**Person**" means an individual, corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust, association, or other entity.

"**Receiving Party**" means a party that receives or acquires Confidential Information directly or indirectly under this Agreement.

"**Renewal Term**" has the meaning set forth in Section 6.2.

"**Service Provider**" has the meaning set forth in the preamble.

"**Service Provider Contract Manager**" has the meaning set forth in Section 3.1(a)(i).

"**Service Provider Equipment**" means any equipment, systems, cabling, or facilities provided by or on behalf of Service Provider and used directly or indirectly in the provision of the Services.

"**Service Provider Personnel**" means all employees and Permitted Subcontractors, if any, engaged by Service Provider to perform the Services.

"**Services**" mean the professional and other services to be provided by Service Provider under this agreement, as described in more detail in the Statement of Work, and Service Provider's obligations under this Agreement.

"**Statement of Work**" or "**SOW**" means the Statement of Work entered into by the parties and attached to this Agreement.

"**Term**" has the meaning set forth in Section 6.

"**Third Party**" or "**Third Parties**" has the meaning set forth in Section 3.6.

"**Third Party Agreement**" has the meaning set forth in Section 3.6.

"**Third Party Equipment**" has the meaning set forth in Section 3.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services</u>. Service Provider shall provide the Services to Customer and the Authorized Service Recipients as described in more detail in the Statement of Work in accordance with the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Service Provider's Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Service Provider shall:

&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;(a) subject to the prior written approval of Customer, appoint:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Service Provider employee to serve as a primary contact with respect to this Agreement and who will have the authority to act on behalf of Service Provider in connection with matters pertaining to this Agreement (the "**Service Provider Contract Manager**") who shall initially be Kiryl Hnidash; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Service Provider Personnel, including any Key Personnel, who shall be suitably skilled, experienced, and qualified to perform the Services;

&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;(b) maintain the same Service Provider Contract Manager and other Key Personnel throughout the Term of this Agreement except for changes in such personnel due 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's request pursuant to Section 3.1(c); or

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the resignation or termination of such personnel or other circumstances outside of Service Provider's reasonable 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) upon the reasonable written request of Customer, promptly replace the Service Provider Contract Manager and any other Service Provider Personnel;

&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;(d) before the date on which the Services are to start, obtain, and at all times during the Term of this Agreement maintain, all necessary licenses and consents and comply with all relevant Laws applicable to the provision of the Services;

&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;(e) prior to any Service Provider Personnel performing any Services hereunder: (i) ensure that such Service Provider Personnel have the legal right to work in the United States; and (ii) at its sole cost and expense, conduct background checks on such Service Provider Personnel, which background checks shall comprise, at a minimum, a review of credit history, references, and criminal record, in accordance with state, federal, and local law;

&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;(f) comply with, and ensure that all Service Provider Personnel comply with, all rules, regulations, and policies of Customer that are communicated to Service Provider in writing, including security procedures concerning systems and data and remote access thereto, building security procedures, including the restriction of access by Customer to certain areas of its premises or systems for security reasons, and general health and safety practices and procedures;

&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;(g) maintain complete and accurate records relating to the provision of the Services under this Agreement, including records of the time spent and materials used by Service Provider in providing the Services in such form as Customer shall approve. During the Term and for a period of two years thereafter, upon Customer's written request, Service Provider shall allow Customer or Customer's representative to inspect and make copies of such records and interview Service Provider Personnel in connection with the provision of the Services;

&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;(h) obtain Customer's written approval prior to entering into agreements with or otherwise engaging any Person, including all subcontractors and Affiliates of Service Provider, other than Service Provider's employees, to provide any Services and Deliverables to Customer (each such approved subcontractor or other third party, a "**Permitted Subcontractor**"). Customer's approval shall not relieve Service Provider of its obligations under the Agreement, and Service Provider shall remain fully responsible for the performance of each such Permitted Subcontractor and its employees and for their compliance with all of the terms and conditions of this Agreement as if they were Service Provider's own employees. Nothing contained in this Agreement shall create any contractual relationship between Customer and any Service Provider subcontractor or supplier; 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;(i) require each Permitted Subcontractor to be bound in writing by the confidentiality and intellectual property assignment or license provisions of this Agreement, and, upon Customer's written request, to enter into a non-disclosure or intellectual property assignment or license agreement in a form that is reasonably satisfactory to Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Service Provider is responsible for all Service Provider Personnel and for the payment of their compensation, including, if applicable, withholding of income taxes, and the payment and withholding of social security and other payroll taxes, unemployment insurance, workers' compensation insurance payments, and disability benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Service Provider acknowledges that time is of the essence with respect to Service Provider's obligations hereunder and that prompt and timely performance of all such obligations is strictly required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 The obligations of Service Provider under this Agreement shall be performed fully within the United States, other than remote services which may be performed in Ukraine and/or Belarus, unless approved in writing in advance by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Service Provider shall not make any construction changes or material alterations to the interior or exterior portions of the Customer's premises without obtaining Customer's prior written approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 Service Provider and Customer recognize and acknowledge that Customer has obligations to third parties ("**Third Parties**") with respect to third party owned Mining Equipment ("**Third Party Equipment**") within the Customer Environment ("**Third Party Agreements**"), including to Bit Digital USA, Inc. ("**BD USA**") under a separate Mining Services Agreement made on or about August 25, 2021 (the "**BD USA Agreement**"). No such third party, including BD USA, is a named third-party beneficiary of this Agreement and as such no such third party has rights to or obligations under this Agreement. Service Provider acknowledges that Section 7 of the BD USA Agreement requires that prior to utilizing Service Provider's services as a "Contractor" to Customer, Customer must obtain "prior written consent" from BD USA and will cooperate with Customer as reasonably requested in obtaining such consent. Service Provider will make commercially reasonable efforts to the extent possible under the circumstances to provide management services hereunder in a manner that permits Customer to comply with its obligations under the BD USA Agreement and other Third Party Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Customer's Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Customer shall:

&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;(a) cooperate with Service Provider in all matters relating to the Services and appoint and, in its reasonable discretion, replace a Customer employee to serve as the primary contact with respect to this Agreement and who will have the authority to act on behalf of Customer with respect to matters pertaining to this Agreement, and who shall initially be Kant Trivedi (the "**Customer Contract Manager**");

&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;(b) provide, subject to Section 3.1(f), such access to Customer Environment and such other facilities as may reasonably be required by Service Provider and agreed with Customer in writing in advance, for the purposes of performing the Services;

&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;(c) respond promptly to any Service Provider request to provide direction, information, approvals, authorizations, or decisions that are reasonably necessary for Service Provider to perform Services in accordance with the requirements of this Agreement; 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;(d) provide such information as Service Provider may reasonably request in order to carry out the Services, in a timely manner, and ensure that it is complete and accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Service Provider shall promptly advise Customer if any of Service Provider's performance of its obligations under this Agreement is prevented or delayed by any act or omission of Customer, any Authorized Service Recipient, or their agents, subcontractors, consultants, or employees outside of Service Provider's reasonable control. In such cases, Service Provider shall not be deemed in breach of its obligations under this Agreement or otherwise liable for any costs, charges, or losses sustained or incurred by Customer, in each case, to the extent arising directly or indirectly from such prevention or delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Change Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 If either party wishes to change the scope or performance of the Services, it shall submit details of the requested change to the other party in writing. Service Provider shall, within a reasonable time (not to exceed ten (10) days) after receiving a Customer-initiated request, or at the same time that Service Provider initiates such a request, provide a written estimate to Customer of:

&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;(a) the likely time required to implement the change;

&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;(b) any necessary variations to the fees and other charges for the Services arising from the change;

&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;(c) the likely effect of the change on the Services;

&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;(d) any other impact the change might have on the performance of this Agreement; 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;(e) any other information reasonably requested by the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Promptly after receipt of the written estimate, the parties shall negotiate and agree in writing on the terms of such change (a "**Change Order**"). Neither party shall be bound by any Change Order unless mutually agreed upon in writing in accordance with Section 18.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Term</u>. This Agreement shall commence as of the Effective Date and shall continue thereafter until third anniversary of the Effective Date (the "**Initial Term**"), unless sooner terminated pursuant to this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Renewal</u>. Upon expiration of the Initial Term, this Agreement shall automatically renew for additional successive one-year terms unless either party provides written notice of nonrenewal at least 30 days prior to the end of the then-current term (each a "**Renewal Term**" and together with the Initial Term, the "**Term**"). If the Term is renewed for one or more Renewal Term, the terms and conditions of this Agreement during each Renewal Term shall be the same as the terms and conditions in effect immediately prior to such renewal. If either Party provides timely notice of nonrenewal, then this Agreement shall terminate on the expiration of the then-current Term, unless sooner terminated as provided in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Termination for Convenience</u>. Either party, in its sole discretion, may terminate this Agreement at any time without cause, by providing at least 60 days' prior written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Termination for Cause</u>. Either party may terminate this Agreement, effective upon written notice to the other party if that Party:

&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;(a) materially breaches this Agreement, and such breach is incapable of cure, or with respect to a material breach capable of cure, that Party does not cure such breach within 30 days after receipt of written notice of such breach; or

&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;(b) (i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not dismissed or vacated within 60 days after filing; (iii) is dissolved or liquidated or takes any corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v) has a receiver, trustee, custodian, or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Effects of Termination or Expiration</u>. Upon expiration or termination of this Agreement for any reason:

&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;(a) Service Provider shall (i) promptly deliver to Customer all Deliverables (whether complete or incomplete) for which Customer has paid, all Customer Equipment and all Customer Materials in its possession, (ii) promptly remove any Service Provider Equipment located at Customer's premises, (iii) provide reasonable cooperation and assistance to Customer in transitioning the Services to a different Service Provider, and (iv) on a pro rata basis, repay all fees and expenses paid in advance for any Services not performed or Deliverables not provided.

&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;(b) Each party shall (i) return to the other party all documents and tangible materials (and any copies) containing, reflecting, incorporating, or based on the other party's Confidential Information, (ii) permanently delete all of the other party's Confidential Information from its computer systems, and (iii) certify in writing to the other party that it has complied with the requirements of this clause; provided, however, that Customer may retain copies of any Confidential Information of Service Provider incorporated in the Deliverables or to the extent necessary to allow it to make full use of the Services and any Deliverables.

&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;(c) In no event shall Customer be liable for any Service Provider Personnel termination costs arising from the expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Survival</u>. The rights and obligations of the parties set forth in this Section 6.6 and Section 1, Section 8, Section 9, Section 10, Section 12, Section 6.5, Section 13 and Sections 15 through 18, and any right or obligation of the parties in this Agreement which, by its nature, should survive termination or expiration of this Agreement, will survive any such termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Fees and Expenses; Payment Terms</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 In consideration of the provision of the Services by the Service Provider and the rights granted to Customer under this Agreement, Customer shall pay the fees set forth in the Statement of Work. Payment to Service Provider of such fees and the reimbursement of expenses pursuant to this Section 7 shall constitute payment in full for the performance of the Services, and, Customer shall not be responsible for paying any other fees, costs, or expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Where the Services are provided on a time and materials basis:

&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;(a) the fees payable for the Services shall be calculated in accordance with Service Provider's fee rates set forth in the Statement of Work;

&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;(b) overtime will be payable by Customer only if specifically approved by Customer in writing; provided that up to 16 hours of overtime may be deemed approved by Customer in the case of urgent or emergency work; provided further that Service Provider provides Customer with prompt and timely written notice detailing the need and basis for such overtime.

&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;(c) Customer shall reimburse Service Provider, at Service Provider's actual cost without markup, for any materials, machinery, equipment, and third-party services (collectively, "**Materials**") reasonably necessary for the provision of the Services. Service Provider shall obtain Customer's written consent prior to the purchase of all Materials, which shall not be unreasonably withheld; 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;(d) Service Provider shall issue invoices to Customer monthly in arrears for its fees for time for the immediately preceding month, calculated as provided in this Section 7.2, together with a detailed breakdown of any expenses for such month incurred in accordance with Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 Where Services are provided for a fixed price, the total fees for the Services shall be the amount set out in the Statement of Work. The total price shall be paid to Service Provider in installments, as set out in the Statement of Work. At the end of a period specified in the Statement of Work in respect of which an installment is due, Service Provider shall issue invoices to Customer for the fees that are then payable, together with a detailed breakdown of any expenses incurred in accordance with Section 7.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 Customer agrees to reimburse Service Provider for all actual, documented, and reasonable out-of-pocket expenses incurred by Service Provider in connection with the performance of the Services; provided 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) any expense or series of related expenses in excess of $300 shall have been approved in advance in writing by Customer.

&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;(b) Customer shall not be responsible for the following costs and expenses:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Housing and accommodations for Service Provider Personnel; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transportation, including travel costs, gas costs and vehicle rental for Service Provider Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 Service Provider shall issue invoices to Customer only in accordance with the terms of this Section, and Customer shall pay all properly invoiced amounts due to Service Provider within 30 days after Customer's receipt of such invoice, except for any amounts disputed by Customer in good faith. All payments hereunder shall be in US dollars and made by check or wire transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 Customer shall be responsible for all sales, use, and excise taxes, and any other similar taxes, duties, and charges of any kind imposed by any federal, state, or local governmental entity on any amounts payable by Customer hereunder. Any such taxes, duties, and charges currently assessed or which may be assessed in the future, that are applicable to the Services are for the Customer's account, and Customer hereby agrees to pay such taxes; *provided, that*, in no event shall Customer pay or be responsible for any taxes imposed on, or with respect to, Service Provider's income, revenues, gross receipts, personnel, or real or personal property or other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 Without prejudice to any other right or remedy it may have, Customer reserves the right to set off at any time any amount owing to it by Service Provider against any amount payable by Customer to Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Intellectual Property Rights; Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Customer is, and shall be, the sole and exclusive owner of all right, title, and interest in and to the Deliverables, including all Intellectual Property Rights therein. Service Provider agrees, and will cause its Service Provider Personnel to agree, that with respect to any Deliverables that may qualify as "work made for hire" as defined in 17 U.S.C. §101, such Deliverables are hereby deemed a "work made for hire" for Customer. To the extent that any of the Deliverables do not constitute a "work made for hire", Service Provider hereby irrevocably assigns, and shall cause the Service Provider Personnel to irrevocably assign to Customer, in each case without additional consideration, all right, title, and interest throughout the world in and to the Deliverables, including all Intellectual Property Rights therein. The Service Provider shall cause the Service Provider Personnel to irrevocably waive, to the extent permitted by applicable Law, any and all claims such Service Provider Personnel may now or hereafter have in any jurisdiction to so-called "moral rights" or rights of droit moral with respect to the Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Upon the request of Customer, Service Provider shall, and shall cause the Service Provider Personnel to, promptly take such further actions, including execution and delivery of all appropriate instruments of conveyance, as may be necessary to assist Customer to prosecute, register, perfect, or record its rights in or to any Deliverables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Customer and its licensors are, and shall remain, the sole and exclusive owner of all right, title, and interest in and to the Customer Materials, including all Intellectual Property Rights therein. Service Provider shall have no right or license to use any Customer Materials except solely during the Term of the Agreement to the extent necessary to provide the Services to Customer. All other rights in and to the Customer Materials are expressly reserved by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Notwithstanding Section 8.3, from time to time during the term of this Agreement, Service Provider may request certain media assets, such as pictures and/or videos of the Facility, the Customer Equipment, and Service Provider Personnel at work (the "**Marketing Materials**"). Customer will promptly and in good faith provide Marketing Materials to Service Provider under a specific, limited, royalty-free, and revocable license on reasonable and customary terms, subject at all times to Customer's good-faith judgment of its imperative to protect proprietary and other sensitive information, at its discretion, not to be unreasonably withheld or delayed. For clarity, Marketing Materials are expressly excluded from the definition of Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Confidential Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Receiving Party agrees:

&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;(a) not to disclose or otherwise make available Confidential Information of the Disclosing Party to any third party without the prior written consent of the Disclosing Party; *provided, however*, that the Receiving Party may disclose the Confidential Information of the Disclosing Party to its and its Affiliates, and their officers, employees, consultants, and legal advisors who have a "need to know," who have been apprised of this restriction, and who are themselves bound by nondisclosure obligations at least as restrictive as those set forth in this Section 9;

&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;(b) to use the Confidential Information of the Disclosing Party only for the purposes of performing its obligations under the Agreement or, in the case of Customer, to make use of the Services and Deliverables; 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;(c) to promptly notify the Disclosing Party in the event it becomes aware of any loss or disclosure of any of the Confidential Information of Disclosing Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 If the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party shall provide:

&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;(a) prompt written notice of such requirement so that the Disclosing Party may seek, at its sole cost and expense, a protective order or other remedy; 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;(b) reasonable assistance, at the Disclosing Party's sole cost and expense, in opposing such disclosure or seeking a protective order or other limitations on disclosure.

If, after providing such notice and assistance as required herein, the Receiving Party remains required by Law to disclose any Confidential Information, the Receiving Party shall disclose no more than that portion of the Confidential Information which, on the advice of the Receiving Party's legal counsel, the Receiving Party is legally required to disclose and, upon the Disclosing Party's request, shall use commercially reasonable efforts to obtain assurances from the applicable court or agency that such Confidential Information will be afforded confidential treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Each party represents and warrants to the other party 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing as a corporation or other entity as represented herein under the laws and regulations of its jurisdiction of incorporation, organization, or chartering;

&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;(b) it has the full right, power, and authority to enter into this Agreement, to grant the rights and licenses granted hereunder, and to perform its obligations hereunder;

&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;(c) the execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate action of the party; 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;(d) when executed and delivered by such party, this Agreement will constitute the legal, valid, and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Service Provider represents and warrants to Customer 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall perform the Services using personnel of required skill, experience, and qualifications and in a professional and workmanlike manner in accordance with best industry standards for similar services and shall devote adequate resources to meet its obligations under 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is in compliance with, and shall perform the Services in compliance with, all applicable Laws;

&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;(c) Customer will receive good and valid title to all Deliverables, free and clear of all encumbrances and liens of any kind;

&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;(d) (i) none of the Services, Deliverables, and Customer's use thereof infringe or will infringe any Intellectual Property Right of any third party, and, (ii) as of the date hereof, there are no pending or, to Service Provider's knowledge, threatened claims, litigation, or other proceedings pending against Service Provider by any third party based on an alleged violation of such Intellectual Property Rights, in each case, excluding any infringement or claim, litigation or other proceedings to the extent arising out of (x) any Customer Materials or any instruction, information, designs, specifications, or other materials provided by Customer to Service Provider, (y) use of the Deliverables in combination with any materials or equipment not supplied or specified by Service Provider, if the infringement would have been avoided by the use of the Deliverables not so combined, and (z) any modifications or changes made to the Deliverables by or on behalf of any Person other than Service Provider;

&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;(e) the Services and Deliverables will be in conformity in all material respects with all requirements or specifications stated in this Agreement and the Statement of Work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 EXCEPT FOR THE EXPRESS WARRANTIES IN THIS AGREEMENT, (A) EACH PARTY HEREBY DISCLAIMS ALL WARRANTIES, EITHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE UNDER THIS AGREEMENT, AND (B) SERVICE PROVIDER SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Service Provider shall defend, indemnify, and hold harmless Customer and the Authorized Service Recipients and their officers, directors, employees, agents, successors, and permitted assigns (each, a "**Customer Indemnitee**") from and against all Losses arising out of or resulting from:

&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;(a) bodily injury, death of any person, or damage to real or tangible, personal property resulting from the willful, fraudulent, or negligent acts or omissions of Service Provider or Service Provider Personnel; 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;(b) Service Providers breach of any representation, warranty, or obligation of Service Provider set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Service Provider shall defend, indemnify, and hold harmless the Customer Indemnitees from and against all Losses based on a claim that any of the Services or Deliverables or Customer's receipt or use thereof infringes any Intellectual Property Right of a third party; *provided, however*, that Service Provider shall have no obligations under this Section 11.2 with respect to claims to the extent arising out of:

&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;(a) any Customer Materials or any instruction, information, designs, specifications, or other materials provided by Customer in writing to Service Provider;

&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;(b) use of the Deliverables in combination with any materials or equipment not supplied to Customer or specified by Service Provider in writing, if the infringement would have been avoided by the use of the Deliverables not so combined; or

&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;(c) any modifications or changes made to the Deliverables by or on behalf of any Person other than Service Provider or Service Provider Personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Customer shall defend, indemnify, and hold harmless Service Provider and Service Provider's Affiliates and their officers, directors, employees, agents, successors, and permitted assigns from and against all Losses arising out of or resulting from:

&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;(a) bodily injury, death of any person, or damage to real or tangible, personal property resulting from the negligent or willful acts or omissions of Customer; 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;(b) Customer's breach of any representation, warranty, or obligation of Customer in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The party seeking indemnification hereunder shall promptly notify the indemnifying party in writing of any third-party claim, suit, action, or proceeding (each, an "**Action**") arising and cooperate with the indemnifying party at the indemnifying party's sole cost and expense. The indemnifying party shall immediately take control of the defense and investigation of such Action and shall employ counsel of its choice to handle and defend the same, at the indemnifying party's sole cost and expense. The indemnifying party shall not settle any Action in a manner that adversely affects the rights of the indemnified party without the indemnified party's prior written consent, which shall not be unreasonably withheld or delayed. The indemnified party's failure to perform any obligations under this Section 11.4 shall not relieve the indemnifying party of its obligations under this Section 11.4 except to the extent that the indemnifying party can demonstrate that it has been materially prejudiced as a result of such failure. The indemnified party may participate in and observe the proceedings at its own cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 Notwithstanding anything to the contrary in this Agreement, the indemnifying party is not obligated to indemnify, hold harmless, or defend the indemnified party against any claim (whether direct or indirect) to the extent such claim or corresponding losses arise out of or result from the indemnified party's:

&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;(a) negligence or more culpable act or omission (including recklessness or willful misconduct); or

&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;(b) bad faith failure to materially comply with any of its material obligations set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Limitation of Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 EXCEPT AS OTHERWISE PROVIDED IN SECTION 12.2, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER OR TO ANY THIRD PARTY FOR ANY LOSS OF USE, REVENUE, OR PROFIT OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL, OR PUNITIVE DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE), OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE WAS FORESEEABLE AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 The exclusions and limitations in Section 12.1 shall not apply 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) damages or other liabilities arising out of or relating to a party's failure to comply with its obligations under Section 8 (Intellectual Property Rights; Ownership);

&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;(b) damages or other liabilities arising out of or relating to a party's failure to comply with its obligations under Section 9 (Confidentiality);

&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;(c) a party's indemnification obligations under Section 11 (Indemnification);

&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;(d) damages or other liabilities arising out of or relating to a party's gross negligence, willful misconduct, or intentional acts;

&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;(e) death or bodily injury or damage to real or tangible personal property resulting from a party's negligent acts or omissions;

&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;(f) damages or liabilities to the extent covered by a party's insurance; 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;(g) a party's obligation to pay attorneys' fees and court costs in accordance with Section 18.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 At all times during the Term of this Agreement and for a period of three years thereafter, Service Provider shall procure and maintain, at its sole cost and expense, at least the following types and amounts of insurance coverage:

&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;(a) Commercial General Liability with limits no less than $2,000,000 per occurrence and $2,000,000 in the aggregate (including products and completed operations, blanket or broad form contractual, personal injury liability and broad form property damage), which policy will include contractual liability coverage insuring the activities of Service Provider under 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) Worker's Compensation with limits no less than the greater of (i) $500,000, or (ii) the minimum amount required by applicable law;

&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;(c) Commercial Automobile Liability with limits no less than $1,000,000, combined single limit;

&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;(d) Employee Dishonesty (Fidelity) and Computer Crime coverage (for losses arising out of or in connection with any fraudulent or dishonest acts committed by employees of Service Provider, acting alone or in collusion with others) with a minimum limit of $5,000,000;

&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;(e) Errors & Omissions coverage in the amount of $2,000,000; 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;(f) Such other insurance as may be reasonably requested by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 All insurance policies required pursuant to this Section 13 shall:

&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;(a) be issued by insurance companies with a Best's Rating of no less than A-VII;

&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;(b) provide that such insurance carriers give Customer at least 30 days' prior written notice of cancellation or non-renewal of policy coverage; *provided that,* prior to such cancellation, the Service Provider shall have new insurance policies in place that meet the requirements of this Section 13;

&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;(c) waive any right of subrogation of the insurers against the Customer or any of its Affiliates;

&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;(d) provide that such insurance be primary insurance and any similar insurance in the name of and/or for the benefit of Customer shall be excess and non-contributory; 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;(e) name Customer and Customer's Affiliates, including, in each case, all successors and permitted assigns, as additional insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Upon the written request of Customer, Service Provider shall provide Customer with copies of the certificates of insurance and policy endorsements for all insurance coverage required by this Section 13, and shall not do anything to invalidate such insurance. This Section 13 shall not be construed in any manner as waiving, restricting, or limiting the liability of either party for any obligations imposed under this Agreement (including but not limited to, any provisions requiring a party hereto to indemnify, defend, and hold the other harmless under this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Force Majeure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 No party shall be liable or responsible to the other party, or be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent such failure or delay is caused by or results from acts beyond the impacted party's ("**Impacted Party**") reasonable control, including without limitation the following force majeure events ("**Force Majeure Events**"): (a) acts of God; (b) flood, fire, earthquake, pandemic, epidemic, or explosion; (c) war, invasion, hostilities (whether war is declared or not), terrorist threats or acts, riot, or other civil unrest; (d) government order, law, or actions; (e) embargoes or blockades in effect on or after the date of this Agreement; (f) national or regional emergency; (g) strikes, labor stoppages or slowdowns, or other industrial disturbances; or (h) telecommunication or Internet service breakdowns, power outages or shortages, lack of warehouse or storage space, inadequate transportation services, or inability or delay in obtaining supplies of adequate or suitable materials. The Impacted Party shall give notice within five (5) business days of the Force Majeure Event to the other party, stating the period of time the occurrence is expected to continue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 The affected party shall use diligent efforts to end the failure or delay and ensure the effects of such Force Majeure Event are minimized and shall resume performance of its obligations as soon as reasonably practicable after the removal of the cause. If the affected party's failure or delay remains uncured for a period of 30 days following written notice given by it under this Section 4, either party may thereafter terminate this Agreement upon 30 days' written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Disputes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 The parties shall resolve any dispute, controversy, or claim arising out of or relating to this Agreement, or the breach, termination or invalidity hereof (each, a "**Dispute**"), under the provisions of Sections 15 through 17. The procedures set forth in Sections 15 through 17 shall be the exclusive mechanism for resolving any Dispute that may arise from time to time and Sections 15 through 17 are express conditions precedent to litigation of the Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 A party shall send written notice to the other party of any Dispute ("**Dispute Notice**"). The parties shall first attempt in good faith to resolve any Dispute set forth in the Dispute Notice by negotiation and consultation between themselves, including not fewer than three (3) negotiation sessions attended by the Service Provider Contract Manager and by the Customer Contract Manager. In the event that such Dispute is not resolved on an informal basis within 10 Business Days after one party delivers the Dispute Notice to the other party, whether the negotiation sessions take place or not, either party may, by written notice to the other party ("**Escalation to Executive Notice**"), refer such Dispute to the chief executives of each party (the "**Executives**"). For purposes of clarification, the party sending the Dispute Notice and the Escalation to Executive Notice shall send such notices in compliance with this Agreement's notice provisions (Section 18.4), provided that the party sending an Escalation to Executive Notice shall also send a copy of such notice to the executives designated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3 If the Executives cannot resolve any Dispute during the time period ending 10 Business Days after the date of the Escalation to Executive Notice (the last day of such time period, the "**Escalation to Mediation Date**"), either party may initiate mediation under Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Mediation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 Subject to Section 15, the parties may, at any time after the Escalation to Mediation Date, submit the Dispute to any mutually agreed to mediation service for mediation by providing to the mediation service a joint, written request for mediation, setting forth the subject of the dispute and the relief requested. The parties shall cooperate with one another in selecting a mediation service, and shall cooperate with the mediation service and with one another in selecting a neutral mediator and in scheduling the mediation proceedings. The parties covenant that they will use commercially reasonable efforts in participating in the mediation. The parties agree that the mediator's fees and expenses and the costs incidental to the mediation will be shared equally between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 The parties further agree that all offers, promises, conduct, and statements, whether oral or written, made in the course of the mediation by any of the parties, their agents, employees, experts, and attorneys, and by the mediator and any employees of the mediation service, are confidential, privileged, and inadmissible for any purpose, including impeachment, in any litigation, arbitration or other proceeding involving the parties, provided that evidence that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Litigation as a Final Resort</u>. If the parties cannot resolve any Dispute for any reason, including, but not limited to, the failure of either party to agree to enter into mediation or agree to any settlement proposed by the mediator, within 20 Business Days after the Escalation to Mediation Date, either party may file suit in a court of competent jurisdiction in accordance with the provisions of Section 18.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 Each party shall, upon the reasonable request of the other party, promptly execute such documents and perform such acts as may be necessary to give full effect to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 The relationship between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture, or other form of joint enterprise, employment, or fiduciary relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 Neither party shall issue or release any announcement, statement, press release, or other publicity or marketing materials relating to this Agreement, or otherwise use the other party's trademarks, service marks, trade names, logos, symbols, or brand names, in each case, without the prior written consent of the other party, which shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 All notices, requests, consents, claims, demands, waivers, and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by email if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 18.4.

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| | |
|:---|:---|
| If to Service Provider: | Thunderra LLC<br> **[\*\*\*]**<br> Email:<br> Attention:<br>|
| If to Customer: | Blockfusion USA, Inc.<br> **[\*\*\*]**<br> Email: **[\*\*\*]**<br> Attention: **[\*\*\*]** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 For purposes of this Agreement, (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections, Schedules, Exhibits, and Statements of Work refer to the Sections of, and Schedules, Exhibits, and Statements of Work attached to this Agreement; (y) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Schedules, Exhibits, and Statements of Work referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 This Agreement, together with all Schedules, Exhibits, and Statements of Work and any other documents incorporated herein by reference, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any conflict between the terms and provisions of this Agreement and those of any Schedule, Exhibit or Statement of Work, the following order of precedence shall govern: (a) first, this Agreement, exclusive of its Exhibits and Schedules; (b) second, the Statement of Work; and (c) third, any Exhibits and Schedules to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7 Neither party may assign, transfer, or delegate any or all of its rights or obligations under this Agreement, without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed; provided, that, upon prior written notice to the other party, either party may assign the Agreement to an Affiliate of such party or to a successor of all or substantially all of the assets of such party through merger, reorganization, consolidation, or acquisition. No assignment shall relieve the assigning party of any of its obligations hereunder. Any attempted assignment, transfer, or other conveyance in violation of the foregoing shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8 This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit, or remedy of any nature whatsoever, under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9 The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 This Agreement may be amended, modified, or supplemented only by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power, or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12 This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of Laws of any jurisdiction other than those of the State of New York. Any legal suit, action, or proceeding arising out of this Agreement or the Services provided hereunder shall be instituted exclusively in the federal courts of the United States or the courts of the State of New York in each case located in the city of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action, or proceeding. Service of process, summons, notice, or other document by mail to such party's address set forth herein shall be effective service of process for any suit, action, or other proceeding brought in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 Each party acknowledges that a breach by a party of Section 8 (Intellectual Property Rights; Ownership), or Section 9 (Confidentiality) may cause the non-breaching party irreparable damages, for which an award of damages would not be adequate compensation and agrees that, in the event of such breach or threatened breach, the non-breaching party will be entitled to seek equitable relief, including a restraining order, injunctive relief, specific performance, and any other relief that may be available from any court, in addition to any other remedy to which the non-breaching party may be entitled at law or in equity. Such remedies shall not be deemed to be exclusive but shall be in addition to all other remedies available at law or in equity, subject to any express exclusions or limitations in this Agreement to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 If any action, suit, or other legal or administrative proceeding is instituted or commenced by either party hereto against the other party arising out of this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and court costs from the non-prevailing party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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

---

| | |
|:---|:---|
| THUNDERRA LLC | THUNDERRA LLC |
| By | /s/ Kiryl Hnidash |
| Name: | Kiryl Hnidash |
| Title: | Chief Executive Officer |
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By | /s/ Kant Trivedi |
| Name: | Kant Trivedi |
| Title: | Manager |

---

## Exhibit 10.34

**Exhibit 10.34**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**Statement of Work**

This Statement of Work ("**SOW**"), adopts and incorporates by reference the terms and conditions of the Management Services Agreement ("**Agreement**"), which was entered into on June 1, 2022, between Thunderra LLC, a Delaware limited liability company ("**Service Provider**") and Blockfusion USA, Inc., a Delaware corporation ("**Customer**," and together with Service Provider, the "**Parties**," and each, a "**Party**"), as it may be amended from time to time. This SOW is effective beginning on June 1, 2022 ("**Effective Date**") and will remain in effect until terminated in accordance with the Agreement. Transactions performed under this SOW will be conducted in accordance with and be subject to the terms and conditions of this SOW and the Agreement. Capitalized terms used but not defined in this SOW shall have the meanings set out in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Scope of Work</u>. Service Provider will provide management services set forth in **Schedule A** to this SOW in consideration of the fees set forth in **Schedule B** to this SOW, including on-site management of certain cryptocurrency-mining equipment owned by Customer or third parties ("**Mining Equipment**") within the Customer Environment. Customer desires to have managed certain Mining Equipment within the Customer Environment, on the terms and conditions set forth in the Agreement, this SOW and the schedules attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Authorized Service Recipients:</u> 

&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) Blockfusion USA, Inc.

&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) Blockfusion Canada Inc.

&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) North East Data, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Key Personnel:</u> 

**[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Permitted Subcontractors</u>. The following subcontractors are permitted subcontractors under Section 3.1(h) of the Agreement:

**[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Defined Terms</u>. For purposes of this SOW, the following terms shall have the following meanings:

"**Downtime**" means, for each calendar month, time that installed, non-defective Mining Equipment is not available to mine in accordance with this Agreement, excluding periods of time in which the Equipment has been delivered to Service Provider is not available. Downtime shall not include periods of outage or unavailability to the extent caused by an Outside Cause.

"**Digital Asset**" means any denomination of cryptocurrencies, virtual currencies or other digital assets.

"**Outside Cause**" means (a) necessary maintenance; (b) failure of Mining Equipment not attributable Service Provider's failure to maintain such Mining Equipment as required under this Agreement; or (c) a Force Majeure Event.

"**Uptime**" means, for each calendar month, the availability of the delivered Mining Equipment as a percentage equal to (a) the difference between the total number of minutes of Downtime in such month and the total number of minutes in such month divided by (b) the total number of minutes in such calendar month.

[signature page follows]

IN WITNESS WHEREOF, the Parties hereto have executed this SOW as of the date first above written.

---

| | |
|:---|:---|
| THUNDERRA LLC | THUNDERRA LLC |
| By | /s/ Kiryl Hnidash |
| Name: | Kiryl Hnidash |
| Title: | Chief Executive Officer |
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By | /s/ Kant Trivedi |
| Name: | Kant Trivedi |
| Title: | Manager |

---

**SCHEDULE A**

**SCOPE OF WORK**

&nbsp;&nbsp;&nbsp;&nbsp;1. Services . Service Provider shall receive, install, operate, manage,
and maintain Mining Equipment within the Customer Environment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Staffing . Service Provider will ensure sufficient Service Provider Personnel
staffed to Customer seven (7) days per week and for not less than eight (8) hours per day, plus as such additional available time as reasonably
necessary for the performance of the services hereunder, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. One Mining Specialist on site per [\*\*\*] ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. One Mining Specialist on site per [\*\*\*] ;
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;iii. Network surveillance 24 hours a day, seven (7) days a week.

Notwithstanding the foregoing, the parties acknowledge that as of the Effective Date the Customer Environment is under repair and not operational and until such a time as the Customer Environment is operational, the parties will agree on an appropriately reduced staffing level from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Initial Installation . Customer shall coordinate with Service Provider
regarding the anticipated arrival of additional Mining Equipment so that Service Provider may make commercially reasonable efforts to
install all newly arrived Mining Equipment as expeditiously as possible and not more than fifteen (15) days of arrival at the Customer
Environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Condition of Equipment . Service Provider shall inspect and test the
Mining Equipment upon initial arrival at the facility, to ensure that the Mining Equipment is safe, is in reasonable condition, and does
not require immediate service or repair. Service Provider's testing will also determine the Energy Consumption of the Equipment,
which shall be deemed as the base level for the "efficiency" of the Equipment during the term of the Agreement. Service Provider
shall promptly advise Customer if any Mining Equipment is received in subpar, poor, or condition needing repair, in which case any timelines
indicated in this Section 1 pertaining to such equipment may be delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitoring . Service Provider will make commercially reasonable efforts
to provide access to Customer for remote and in-person monitoring of any Mining Equipment installed within the Customer Environment within
five (5) days of installation. Customer shall be responsible for providing access to any other third parties with whom it has contracted
or agreed to provide such services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Operation . Service Provider will make commercially reasonable efforts
to make operational any Mining Equipment installed within the Customer Environment within five (5) days of installation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Mining . Service Provider shall use any Mining Equipment solely to mine
Bitcoin (" BTC ") on behalf of Customer or a Third Party identified by Customer in
writing, unless otherwise directed by Customer in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Digital Assets . Any Digital Assets generated by Mining Equipment shall
be disbursed to the wallets designated by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;2. Maintenance, Management, and Repair

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Responsibilities . Service Provider's management responsibilities
shall be to (a) provide ongoing monitoring of performance metrics in an effort to maximize Equipment performance, (b) provide network
security, (c) provide overall premise maintenance, (d) maintain the power and infrastructure, (e) comply with applicable safety protocols,
(f) provide heat management, (g) manage and pay its own employees and contractors for services rendered on behalf of Service Provider
under this Agreement, and (h) perform related services necessary to operate, monitor and maintain Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Software . Service Provider will make commercially reasonable efforts
to perform upgrades necessary to maximize Uptime to the Mining Equipment when available and necessary. In the event where Service Provider
receives a password, username, or other credentials (the " Credentials ") to access
Equipment, Customer will still retain ownership and access to all Credentials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Maintenance . Service Provider, at its expense, will make commercially
reasonable best efforts to perform all upgrades with a goal for the software or firmware of Customer Equipment to maximize Uptime and
generated Digital Assets. Service Provider, with the consent of Customer and at Customer's expense in respect of out-of-pocket and
third-party expenses, shall address and facilitate repairs to Customer Mining Equipment, payable within thirty (30) days by Customer upon
receipt of evidence of such expenses paid by Service Provider. For significant third-party repair expenses, Service Provider reserves
the right to request that Customer either advance funds for the expenses or pay the third party directly.

&nbsp;&nbsp;&nbsp;&nbsp;3. Energy Consumption . Service Provider has no obligation to replace, repair,
or fix any issues or defects in the Mining Equipment or the Customer Environment related to consumption of power (i.e., inefficient performance
of a particular piece of Customer Equipment) (" Energy Consumption "). Energy Consumption
is determined upon initial entry into the facility, as indicated in Section 1(c) of this Schedule A. Notwithstanding the foregoing, Customer
may notify Service Provider of a consumption issue in writing, and Service Provider will use good faith efforts to respond to such notice
with a reasonable offer to repair, replace, or attempt to repair or replace Mining Equipment or the Customer Environment, if necessary,
in order to remedy any consumption issues. In such event, Customer shall be liable for paying any costs, fees, taxies, levies, or any
other monetary charge related to such repair.

&nbsp;&nbsp;&nbsp;&nbsp;4. Scheduled Downtime . From time to time during the Term, Service Provider
may become aware of scheduled Downtime, which may be necessary for maintenance, repair, replacement, or any other reason. In the event
Service Provider becomes aware of Scheduled Downtime, Service Provider will provide written notice to Customer twenty-four (24) hours
prior to the same, if practicable. Such notification shall contain (a) a description of the purpose of the Downtime, if known, and (b)
the expected length of the Downtime, if known. Service Provider shall make commercially reasonable efforts to ensure that Scheduled Downtime
does not exceed [\*\*\*] hours in length at any one Schedule
Downtime period and that Schedule Downtime does not exceed more than [\*\*\*] total hours per machine during one calendar month. Although Service Provider will use commercially reasonable efforts to abide
by this provision, any alleged breach of this provision arising from matters outside Service Provider's reasonable control shall
be deemed an Outside Cause.

&nbsp;&nbsp;&nbsp;&nbsp;5. Power Guarantee . Service Provider shall use commercially reasonable
efforts to obtain uninterrupted power to Mining Equipment during the Term and will strive to obtain [\*\*\*] Uptime in any given month (" Power Guarantee "). In the event there is Downtime and
such Downtime lasts for a period of twenty-four (24) hours or more in a calendar month, Customer shall receive a credit equal to [\*\*\*] ,
which may be equitably reduced in accordance with the rest of this Section 5 (the " Credit ").
Customer shall not be entitled to the Credit to the extent such Downtime results from Customer's noncompliance with this Agreement
or from an Outside Cause.

&nbsp;&nbsp;&nbsp;&nbsp;6. Records . Service Provider will maintain records as indicated herein.
Such records will be available to Customer upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Power Reports . Service Provider shall maintain monthly reports that
indicate the estimated monthly costs of power to operate the Mining Equipment. The reports will be provided to Customer on the last calendar
day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Performance Reports . Service Provider shall maintain monthly reports
that indicate the total number of Mining Equipment managed by Service Provider under this Agreement, the Uptime and/or Downtime in the
given month, and any maintenance or repair conducted by Service Provider in the month.

&nbsp;&nbsp;&nbsp;&nbsp;7. Data Storage and Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Information Security Program . Service Provider has implemented and will
maintain information security measures (" ISM ") and protocols that utilize best practices
in the industry. In the event of a Data Security Incident, Service Provider shall immediately notify Customer. Such notice shall include
(a) the timing and nature of the Data Security Incident, (b) the information related to Customer that was compromised, (c) when the Data
Security Incident was discovered, and (d) remedial actions that have been taken or are proposed. " Data Security Incident "
means (i) unauthorized access or use of Customer information or accounts, assets, or computer systems; (ii) incidents whereby Customer's
Digital Assets are lost, stolen, or compromised; or (iii) incidents whereby Customer breached its data-security obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. BCDR Plan . Service Provider will establish and maintain a business-continuity
and disaster-recovery plan that is in accord with best practices in the industry. Service Provider shall provide a copy of this plan to
Customer upon request. Service Provider will test the BCDR at the request of Customer, but not more than [\*\*\*] per calendar year. The results of such testing shall be made available to Customer, promptly, upon written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Data Disclosure . Service Provider shall, upon written request from Customer,
disclose (a) what data, if any, it collects related to this Agreement; (b) how such data is utilized; and (c) how long such data is retained
and shall undertake to protect any such data with commercially reasonable efforts.

## Exhibit 10.35

**Exhibit 10.35**

**NON-RECOURSE PROMISSORY NOTE** 

Maker: Alex Martin-Lo Manto

Holder: Blockfusion USA, Inc., a Delaware corporation.

Dated: March 1, 2024

Place of Delivery: New York, NY

---

| | |
|:---|:---|
| Maturity Date: | The Principal Amount under this Non-Recourse Promissory Note and any interest thereon shall mature and be due and payable on the date which is one day following the 5<sup>th</sup> anniversary of the date hereof.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Promise to Repay; Interest; Prepayments; Application of Proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** FOR VALUE RECEIVED, Maker set forth above, hereby unconditionally agrees to pay to the order of Holder,
in lawful money of the United States of America in immediately available funds, at such location as Holder shall designate, the aggregate
principal amount of all unpaid advances made from time to time by Holder to Maker and to pay interest on the unpaid principal amount hereof,
in each case, on the terms and provisions set forth in this Non-Recourse Promissory Note (this "**Note** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Maker shall pay the aggregate unpaid principal amount of this Note, together with all accrued and unpaid
interest thereon and all other amounts payable thereunder on the Maturity Date, or on such earlier date as Holder completes a Change of
Control.

"**Change of Control**" means (1) a sale of all or substantially all of Holder's assets other than to an Excluded Entity, (2) a merger, consolidation or other capital reorganization or business combination transaction of Holder with or into another corporation, limited liability company or other entity other than an Excluded Entity, or (3) the consummation of a transaction, or series of related transactions, in which any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the "**Exchange Act**")) becomes the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of all of Holder's then outstanding voting securities. Notwithstanding the foregoing, a transaction shall not constitute a Change of Control if its purpose is to (A) change the jurisdiction of Holder's incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons who hold Holder's securities immediately before such transaction, or (C) obtain funding for Holder in a financing that is approved by Holder's board of directors.

An "**Excluded Entity**" means a corporation, limited liability company or other entity of which the holders of voting capital stock of Holder outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled to be cast by all of such corporation's, limited liability company's or other entity's voting securities outstanding immediately after such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Maker shall pay simple interest to Holder on each advance made under this Note at a rate per annum equal
to [MIN AFR]% from the date each advance was made until paid in full, whether at maturity, upon acceleration, by prepayment or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Interest on each advance made under this Note shall be payable on the Maturity Date or on the date of
any prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Any amount payable hereunder and not paid when due shall bear interest (whether before or after judgment)
at a rate per annum equal to 12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** Interest shall be calculated daily and payable in arrears. All computations of interest shall be made
on the basis of a year of 365 days, as the case may be, and the actual number of days elapsed. Interest shall accrue on each advance on
the day on which such advance is made, and shall not accrue on any advance for the day on which it is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** If at any time and for any reason whatsoever, the interest rate payable on any advance made under this
Note shall exceed the maximum rate of interest permitted to be charged by Holder to Maker under applicable law, such interest rate shall
be reduced automatically to the maximum rate of interest permitted to be charged under applicable law/that portion of each sum paid attributable
to that portion of such interest rate that exceeds the maximum rate of interest permitted by applicable law shall be deemed a voluntary
prepayment of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** Maker may prepay the principal amount of this Note in whole or in part at any time or from time to time
without premium or penalty; provided that each prepayment shall be accompanied by payment of accrued interest to the date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** The principal amount outstanding under this Note shall be recorded from time to time in the column headed
"Outstanding Principal Amount" on the record (the "**Grid**") attached hereto as **Annex A** and forming
part of this Note. Holder shall record on the Grid (i) the date and amount of each advance made hereunder, and the resulting increase
in the outstanding principal amount of this Note, (ii) the date and amount of any interest paid hereunder, and (iii) the date and amount
of each repayment or prepayment of the principal amount of this Note and the resulting decrease in such principal amount. Such recordation,
in the absence of manifest mathematical error, shall be *prima facie* evidence of such subsequent advances and of such repayments
or prepayments; provided that the failure of Holder to make such recordation shall not affect the obligation of Maker to repay the outstanding
principal amount of the advances hereunder, and accrued and unpaid interest thereon, in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** Maker waives presentment for payment, demand, protest and notice of dishonor.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Non-Recourse Obligations**. Notwithstanding anything to the contrary contained herein, the repayment
of the principal and interest on this Note and the costs of collection of this Note, including, without limitation, the reasonable attorney's
fees and expenses of collecting or attempting to collect this Note (such principal, interest and collection costs, collectively, the "**Obligations** ")
shall be recourse only to 50% of cash compensation, after deduction of taxes, then due to Maker pursuant to the Executive Employment Agreement
dated as of August 1, 2023 by and between Maker and Holder or any successor agreement thereto (the "**Net Wages Receivable** ").
Holder agrees that for payment of the Obligations, it will look solely to the Net Wages Receivable, and no other asset of Maker shall
be subject to levy, execution or other enforcement procedures for the satisfaction of remedies of Holder, or for any payment required
to be made under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law; Venue**. This Note shall be deemed to be a contract made under and governed by the
internal laws of the State of Delaware without regard to conflicts of law principles that would compel the application of the laws of
another jurisdiction. The parties agree that any action brought by either party under or in relation to this Note, including without limitation
to interpret or enforce any provision hereof, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction
and venue of, any state or federal court located in the State of Delaware. THE PARTIES AGREE THAT THEY WILL NOT RAISE ANY DEFENSE OR OBJECTION
OR FILE ANY MOTION BASED ON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, INCONVENIENCE OF THE FORUM OR THE LIKE IN ANY CASE FILED IN
A FEDERAL OR STATE COURT IN THE STATE OF DELAWARE.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Notices**. All notices, requests, and other communications provided for in this Note shall be given
or made in writing and delivered to the intended recipient at the address set forth on the signature pages to this Note, or to such other
address as shall be designated by either party to the other from time to time. All such notices, requests or other communications shall
be deemed to have been duly given when personally delivered, on the third calendar day following delivery by email (with confirmation
of delivery), or in the case of a notice delivered by a recognized priority carrier, on the third calendar day after being deposited with
such carrier.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **No Oral Amendments or Waivers; Delay in Enforcement of Rights Not a Waiver by Holder**. This Note
may not be amended, modified or waived except by writing executed by Maker and Holder. No failure on the part of Holder to exercise and
no delay in exercising and no course of dealing with respect to any right, power or privilege under this Note shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege under this Note preclude any other or further exercise
thereof or the exercise of any other right, power, or privilege. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Severability**. If any term or other provision of this Note is invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Note shall nevertheless remain in full force
and effect. No party hereto shall assert, and each party shall cause its respective affiliates not to assert, that this Note or any part
hereof is invalid, illegal or unenforceable. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Note so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Successors and Assigns**. This Note shall be binding upon the successors or assigns of Maker, provided
that (i) Maker agrees not to transfer, assign or delegate any of its rights or duties hereunder or any interest herein, and any purported
assignment or delegation in violation of the foregoing shall be void and (ii) Holder agrees not to transfer, assign or delegate any of
its rights or duties hereunder or any interest herein to any person, and any purported assignment or delegation in violation of the foregoing
shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Miscellaneous**. The descriptive headings herein are inserted for convenience of reference only and
are not intended to be part of or to affect the meaning or interpretation of this Note. All parties acknowledge that each party and its
counsel have reviewed this Note and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Note. This Note constitutes the entire agreement, and supersedes all other prior
agreements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof,
except for agreements referred to therein or contemplated thereby.

*[Signatures to appear on the following page.]*

IN WITNESS WHEREOF, Maker has executed this Non-Recourse Promissory Note as of the date set forth above.

---

| | |
|:---|:---|
| MAKER | MAKER |
| /s/ Alex Martini-Lo Manto | /s/ Alex Martini-Lo Manto |
| Alex Martini-Lo Manto | Alex Martini-Lo Manto |
| HOLDER | HOLDER |
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| /s/ Kant Trivedi | /s/ Kant Trivedi |
| Name: | Kant Trivedi |
| Title: | Chief Operating Officer |

---

**ANNEX A**

**GRID**

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal<br> Amount of<br> Advance** | **Amount of<br> Repayment** | **Outstanding<br> Principal<br> Amount** |
| March 1, 2024 | $15393.75 |  | $15393.75 |

---

## Exhibit 10.36

**Exhibit 10.36**

**NON-RECOURSE PROMISSORY NOTE** 

Maker: Kant Trivedi

Holder: Blockfusion USA, Inc., a Delaware corporation.

Dated: March 1, 2024

---

| |
|:---|
| Place of Delivery: |
| Maturity Date: The Principal Amount under this Non-Recourse Promissory Note and any interest thereon shall mature and be due and payable on the date which is one day following the 5<sup>th</sup> anniversary of the date hereof. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Promise to Repay; Interest; Prepayments; Application of Proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** FOR VALUE RECEIVED, Maker set forth above, hereby unconditionally agrees to pay to the order of Holder,
in lawful money of the United States of America in immediately available funds, at such location as Holder shall designate, the aggregate
principal amount of all unpaid advances made from time to time by Holder to Maker and to pay interest on the unpaid principal amount hereof,
in each case, on the terms and provisions set forth in this Non-Recourse Promissory Note (this "**Note** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Maker shall pay the aggregate unpaid principal amount of this Note, together with all accrued and unpaid
interest thereon and all other amounts payable thereunder on the Maturity Date, or on such earlier date as Holder completes a Change of
Control.

"**Change of Control**" means (1) a sale of all or substantially all of Holder's assets other than to an Excluded Entity, (2) a merger, consolidation or other capital reorganization or business combination transaction of Holder with or into another corporation, limited liability company or other entity other than an Excluded Entity, or (3) the consummation of a transaction, or series of related transactions, in which any "person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the "**Exchange Act**")) becomes the "beneficial owner" (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly, of all of Holder's then outstanding voting securities. Notwithstanding the foregoing, a transaction shall not constitute a Change of Control if its purpose is to (A) change the jurisdiction of Holder's incorporation, (B) create a holding company that will be owned in substantially the same proportions by the persons who hold Holder's securities immediately before such transaction, or (C) obtain funding for Holder in a financing that is approved by Holder's board of directors.

An "**Excluded Entity**" means a corporation, limited liability company or other entity of which the holders of voting capital stock of Holder outstanding immediately prior to such transaction are the direct or indirect holders of voting securities representing at least a majority of the votes entitled to be cast by all of such corporation's, limited liability company's or other entity's voting securities outstanding immediately after such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Maker shall pay simple interest to Holder on each advance made under this Note at a rate per annum equal
to [MIN AFR]% from the date each advance was made until paid in full, whether at maturity, upon acceleration, by prepayment or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Interest on each advance made under this Note shall be payable on the Maturity Date or on the date of
any prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Any amount payable hereunder and not paid when due shall bear interest (whether before or after judgment)
at a rate per annum equal to 12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** Interest shall be calculated daily and payable in arrears. All computations of interest shall be made
on the basis of a year of 365 days, as the case may be, and the actual number of days elapsed. Interest shall accrue on each advance on
the day on which such advance is made, and shall not accrue on any advance for the day on which it is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** If at any time and for any reason whatsoever, the interest rate payable on any advance made under this
Note shall exceed the maximum rate of interest permitted to be charged by Holder to Maker under applicable law, such interest rate shall
be reduced automatically to the maximum rate of interest permitted to be charged under applicable law/that portion of each sum paid attributable
to that portion of such interest rate that exceeds the maximum rate of interest permitted by applicable law shall be deemed a voluntary
prepayment of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** Maker may prepay the principal amount of this Note in whole or in part at any time or from time to time
without premium or penalty; provided that each prepayment shall be accompanied by payment of accrued interest to the date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** The principal amount outstanding under this Note shall be recorded from time to time in the column headed
"Outstanding Principal Amount" on the record (the "**Grid**") attached hereto as **Annex A** and forming
part of this Note. Holder shall record on the Grid (i) the date and amount of each advance made hereunder, and the resulting increase
in the outstanding principal amount of this Note, (ii) the date and amount of any interest paid hereunder, and (iii) the date and amount
of each repayment or prepayment of the principal amount of this Note and the resulting decrease in such principal amount. Such recordation,
in the absence of manifest mathematical error, shall be *prima facie* evidence of such subsequent advances and of such repayments
or prepayments; provided that the failure of Holder to make such recordation shall not affect the obligation of Maker to repay the outstanding
principal amount of the advances hereunder, and accrued and unpaid interest thereon, in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**j.** Maker waives presentment for payment, demand, protest and notice of dishonor.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Non-Recourse Obligations**. Notwithstanding anything to the contrary contained herein, the repayment
of the principal and interest on this Note and the costs of collection of this Note, including, without limitation, the reasonable attorney's
fees and expenses of collecting or attempting to collect this Note (such principal, interest and collection costs, collectively, the "**Obligations** ")
shall be recourse only to 50% of cash compensation, after deduction of taxes, then due to Maker pursuant to the Executive Employment Agreement
dated as of August 1, 2023 by and between Maker and Holder or any successor agreement thereto (the "**Net Wages Receivable** ").
Holder agrees that for payment of the Obligations, it will look solely to the Net Wages Receivable, and no other asset of Maker shall
be subject to levy, execution or other enforcement procedures for the satisfaction of remedies of Holder, or for any payment required
to be made under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Governing Law; Venue**. This Note shall be deemed to be a contract made under and governed by the
internal laws of the State of Delaware without regard to conflicts of law principles that would compel the application of the laws of
another jurisdiction. The parties agree that any action brought by either party under or in relation to this Note, including without limitation
to interpret or enforce any provision hereof, shall be brought in, and each party agrees to and does hereby submit to the jurisdiction
and venue of, any state or federal court located in the State of Delaware. THE PARTIES AGREE THAT THEY WILL NOT RAISE ANY DEFENSE OR OBJECTION
OR FILE ANY MOTION BASED ON LACK OF PERSONAL JURISDICTION, IMPROPER VENUE, INCONVENIENCE OF THE FORUM OR THE LIKE IN ANY CASE FILED IN
A FEDERAL OR STATE COURT IN THE STATE OF DELAWARE.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Notices**. All notices, requests, and other communications provided for in this Note shall be given
or made in writing and delivered to the intended recipient at the address set forth on the signature pages to this Note, or to such other
address as shall be designated by either party to the other from time to time. All such notices, requests or other communications shall
be deemed to have been duly given when personally delivered, on the third calendar day following delivery by email (with confirmation
of delivery), or in the case of a notice delivered by a recognized priority carrier, on the third calendar day after being deposited with
such carrier.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **No Oral Amendments or Waivers; Delay in Enforcement of Rights Not a Waiver by Holder**. This Note
may not be amended, modified or waived except by writing executed by Maker and Holder. No failure on the part of Holder to exercise and
no delay in exercising and no course of dealing with respect to any right, power or privilege under this Note shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege under this Note preclude any other or further exercise
thereof or the exercise of any other right, power, or privilege. The remedies provided herein are cumulative and not exclusive of any
remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Severability**. If any term or other provision of this Note is invalid, illegal or incapable of being
enforced by any rule of law, or public policy, all other conditions and provisions of this Note shall nevertheless remain in full force
and effect. No party hereto shall assert, and each party shall cause its respective affiliates not to assert, that this Note or any part
hereof is invalid, illegal or unenforceable. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the parties hereto shall negotiate in good faith to modify this Note so as to effect the original intent of the parties
as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Successors and Assigns**. This Note shall be binding upon the successors or assigns of Maker, provided
that (i) Maker agrees not to transfer, assign or delegate any of its rights or duties hereunder or any interest herein, and any purported
assignment or delegation in violation of the foregoing shall be void and (ii) Holder agrees not to transfer, assign or delegate any of
its rights or duties hereunder or any interest herein to any person, and any purported assignment or delegation in violation of the foregoing
shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Miscellaneous**. The descriptive headings herein are inserted for convenience of reference only and
are not intended to be part of or to affect the meaning or interpretation of this Note. All parties acknowledge that each party and its
counsel have reviewed this Note and that any rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Note. This Note constitutes the entire agreement, and supersedes all other prior
agreements and understandings, both written and oral, between the parties, or any of them, with respect to the subject matter hereof,
except for agreements referred to therein or contemplated thereby.

*[Signatures to appear on the following page.]*

IN WITNESS WHEREOF, Maker has executed this Non-Recourse Promissory Note as of the date set forth above.

---

| | |
|:---|:---|
| MAKER | MAKER |
| /s/ Kant Trivedi | /s/ Kant Trivedi |
| Kant Trivedi | Kant Trivedi |
| HOLDER | HOLDER |
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| /s/Alex Martini-Lo Manto | /s/Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |

---

**ANNEX A**

**GRID**

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Principal<br> Amount of<br> Advance** | **Amount of<br> Repayment** | **Outstanding<br> Principal<br> Amount** |
| March 1, 2024 | $15393.75 |  | $15393.75 |

---

## Exhibit 10.37

**Exhibit 10.37**

**Promissory Note**

---

| | |
|:---|:---|
| **Principal Amount:** $135,535.73 | **Date:** October 24, 2025 |

---

FOR VALUE RECEIVED, **Blockfusion USA, Inc.**, a Delaware corporation (the "**Company**"), promises to pay to Robert Scott (the "**Lender**"), the principal sum of One Hundred Thirty-Five Thousand Five Hundred Thirty-Five Dollars and Seventy-Three Cents ($135,535.73), together with interest thereon as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Interest Rate.** Interest shall accrue on the outstanding principal balance at a rate of twelve percent
(12%) per annum, calculated on a simple interest basis (not compounded).

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Payment Terms** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Maturity Date:** The entire unpaid principal balance, together with all accrued and unpaid interest,
shall be due and payable on October 24, 2026 (the "**Maturity Date** "), which is twelve (12) months from the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Interest Payments:** All accrued interest shall be payable together with the principal as a balloon
payment on the Maturity Date or upon any prepayment of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Application of Prepayments:** Any prepayment, whether mandatory or optional, shall be applied first
to accrued and unpaid interest, and then to outstanding principal.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Mandatory Prepayment.** Notwithstanding the Maturity Date set forth above, the Company shall prepay
this Note in full, including all outstanding principal and accrued interest, immediately upon the closing of the business combination
transaction with Blue Acquisition Corp. (the "**Merger** ").

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Optional Prepayment.** The Company may prepay this Note, in whole or in part, at any time without
penalty or premium.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Default.** If any payment required hereunder (including the mandatory prepayment required under Section
3) is not made when due, and such failure continues for fifteen (15) days after the due date (the "**Grace Period** "),
the entire unpaid principal balance and accrued interest shall, at the option of the Lender, become immediately due and payable. During
any period of default after the Grace Period, interest shall accrue on the outstanding principal balance at a rate of eighteen percent
(18%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Governing Law.** This Note shall be governed by and construed in accordance with the laws of the
State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Authorization.** The execution and delivery of this Note has been duly authorized by the Board of
Directors of the Company in accordance with Section 8.2 of the Company's Bylaws.

---

| | |
|:---|:---|
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |
| **LENDER:** | **LENDER:** |
| /s/ Robert Scott | /s/ Robert Scott |
| Robert Scott | Robert Scott |

---

## Exhibit 10.38

**Exhibit 10.38**

**<u>TRADEMARK LICENSE AGREEMENT</u>**

**THIS AGREEMENT** is entered into this 1<sup>st</sup> day of September, 2021 by and between Blockfusion Ventures, Inc., a Delaware corporation ("LICENSOR"), and Blockfusion USA, Inc., a Delaware corporation ("LICENSEE").

**<u>W I T N E S S E T H</u>:**

**WHEREAS**, LICENSOR is the sole and exclusive owner of the trademark identified more fully on Schedule A attached hereto (the "Trademark"), including all common-law rights and goodwill related thereto; and

**WHEREAS**, LICENSOR has the power and authority to grant to LICENSEE the right, privilege and license to use the Trademark on or in association with the services covered by the application as set forth on Schedule A (the "Licensed Services"); and

**WHEREAS**, LICENSEE has represented that it has the ability to market and distribute the Licensed Services in the Territory identified in Schedule A attached hereto (the "Territory") and to use the Trademark on or in association with the Licensed Services; and

**WHEREAS**, both LICENSEE and LICENSOR are in agreement with respect to the terms and conditions upon which LICENSEE shall use the Trademark;

**NOW, THEREFORE**, in consideration of the promises and agreements set forth herein, the parties, each intending to be legally bound hereby, do promise and agree as follows.

**<u>1. LICENSE GRANT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. LICENSOR hereby grants to LICENSEE, for the Term of this Agreement a fully paid up, royalty-free, perpetual and non-transferable license to use the Trademark on or in association with the Licensed Services in the Territory, as well as on promotional and advertising material associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. LICENSEE may not grant any sublicenses to any third party without the prior express written consent of the LICENSOR which may be withheld for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. LICENSOR reserves all rights not granted to LICENSEE herein.

**<u>2. TERM OF THE AGREEMENT</u>**

This Agreement and the provisions hereof, except as otherwise provided, shall be in full force and effect commencing on the date of execution by both parties and shall extend for a perpetual term unless and until terminated in accordance with this Agreement.

**<u>3. WARRANTIES & OBLIGATIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. LICENSOR represents and warrants that it has the right and power to grant the licenses granted herein and that there are no other agreements with any other party in conflict herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. LICENSEE represents and warrants that it will use its best efforts to promote, market, sell and distribute the Licensed Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. LICENSEE shall be solely responsible for the production, sale and distribution of the Licensed Services and will bear all related costs associated therewith.

**<u>4. NOTICES, QUALITY CONTROL & SAMPLES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The licenses granted hereunder are conditioned upon LICENSEE's full and complete compliance with the marking provisions of the trademark and copyright laws of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Licensed Services, as well as all promotional, packaging, and advertising material relative thereto, shall include all appropriate legal notices as required by LICENSOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Licensed Services shall be of a high quality which is at least equal to comparable services previously produced and marketed by LICENSEE under the Trademark and in conformity with a standard sample approved by LICENSOR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If the quality of the Licensed Services falls below a standard as previously approved by LICENSOR, LICENSEE shall use its best efforts to restore such quality. In the event that LICENSEE has not taken appropriate steps to restore such quality within thirty (30) days after notification by LICENSOR, LICENSOR shall have the right to terminate this Agreement and require that the LICENSEE cease using the Trademark.

**<u>5. PATENTS, TRADEMARKS & COPYRIGHTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. LICENSOR shall seek, obtain and, during the Term of this Agreement, maintain in its own name and at its own expense, appropriate protection for the Trademark at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. It is understood and agreed that LICENSOR shall retain all right, title and interest in the Trademark as well as any modifications made to the Trademarks by LICENSEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The parties agree to execute any documents reasonably requested by the other party to effect any of the above provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. LICENSEE acknowledges LICENSOR's exclusive rights in the Trademark and, further, acknowledges that the Trademarks are unique and original to LICENSOR and that LICENSOR is the owner thereof. LICENSEE shall not, at any time during or after the effective Term of the Agreement dispute or contest, directly or indirectly, LICENSOR's exclusive right and title to the Trademark or the validity thereof. LICENSOR, however, makes no representation or warranty with respect to the validity of any patent, trademark or copyright which may issue or be granted therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. LICENSEE acknowledges that the Trademark has acquired secondary meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. LICENSEE agrees that its use of the Trademarks inures to the benefit of LICENSOR and that the LICENSEE shall not acquire any rights in the Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. LICENSEE recognizes the value of the good will associated with the Trademarks and acknowledges that the Trademarks and all rights therein including the good will pertaining thereto, belong exclusively to LICENSOR.

**<u>6. TERMINATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Immediate Right of Termination</u>**.** LICENSOR shall have the right to immediately terminate this Agreement by giving written notice to LICENSEE in the event that LICENSEE does any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) files a petition in bankruptcy or is adjudicated bankrupt or insolvent, or makes an assignment for the benefit of creditors, or an arrangement pursuant to any bankruptcy law, or if the LICENSEE discontinues its business or a receiver is appointed for the LICENSEE or for LICENSEE's business and such receiver is not discharged within thirty (30) days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) breaches any of the provisions of this Agreement relating to the unauthorized assertion of rights in the Trademark; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Right to Terminate on Notice</u>. This Agreement may be terminated by LICENSOR upon thirty (30) days written notice to LICENSEE in the event of a breach of a material provision of this Agreement by LICENSEE, provided that, during the thirty (30) day period, the breaching party fails to cure such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. LICENSOR shall have the right to terminate this Agreement at any time on sixty (60) days written notice to LICENSEE.

**<u>7. INDEMNITY</u>**

LICENSEE agrees to defend and indemnify LICENSOR, its officers, directors, agents and employees, against all costs, expenses and losses (including reasonable attorneys' fees and costs) incurred through claims of third parties against LICENSOR based on the production, distribution or sale of the Licensed Services.

**<u>8. JURISDICTION & DISPUTES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall be governed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. All disputes under this Agreement shall be resolved by the courts of the State of Delaware, including the United States District Court for the District of Delaware and the parties all consent to the jurisdiction of such courts, agree to accept service of process by mail, and hereby waive any jurisdictional or venue defenses otherwise available to it.

**<u>9. AGREEMENT BINDING ON SUCCESSORS</u>** 

The provisions of this Agreement shall be binding on and shall inure to the benefit of the parties hereto, and their heirs, administrators, successors and assigns.

**<u>10. WAIVER</u>**

No waiver by either party of any default shall be deemed as a waiver of prior or subsequent default of the same or other provisions of this Agreement.

**<u>11. SEVERABILITY</u>**

If any term, clause, or provision hereof is held invalid or unenforceable by a court of competent jurisdiction, such invalidity shall not affect the validity or operation of any other term, clause or provision and such invalid term, clause or provision shall be deemed to be severed from the Agreement.

**<u>12. NO JOINT VENTURE</u>**

Nothing contained herein shall constitute this arrangement to be employment, a joint venture or a partnership.

**<u>13. ASSIGNABILITY</u>**

The license granted hereunder is personal to LICENSEE and shall not be assigned by any act of LICENSEE or by operation of law unless in connection with a transfer of substantially all of the assets of LICENSEE or with the consent of LICENSOR.

**<u>14. INTEGRATION</u>**

This Agreement constitutes the entire understanding of the parties, and revokes and supersedes all prior agreements between the parties, including any option agreements which may have been entered into between the parties, and is intended as a final expression of their Agreement. It shall not be modified or amended except in writing signed by the parties hereto and specifically referring to this Agreement. This Agreement shall take precedence over any other documents which may be in conflict with said Agreement.

**IN WITNESS WHEREOF**, the parties hereto, intending to be legally bound hereby, have each caused to be affixed hereto its or his/her hand and seal the day indicated.

---

| | | | |
|:---|:---|:---|:---|
| BLOCKFUSION VENTURES, INC. | BLOCKFUSION VENTURES, INC. | BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By:<u> </u> | /s/ Kant Trivedi | By: | /s/ Alex Martini-Lo Manto |
| Title: | Director | Title: | CEO |
| Date: | 10/3/2021 | Date: | 10/3/2021 |

---

## Exhibit 10.39

**Exhibit 10.39**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

![](ex10-39_001.jpg)

**CO-LOCATION MINING SERVICES AGREEMENT**

This Mining Services Agreement (this "**Agreement**") is made as of December 9, 2025 (the "**Effective Date**"), by and between Blockfusion USA, Inc. ("**Service Provider**"), a Delaware corporation, with an address at 447 Broadway 2nd Floor, #538, New York, NY 10013 and the customer identified below ("**Customer**"). Service Provider and Customer are each referred to as a "**Party**" and collectively as the "**Parties**."

<u>COVER PAGE</u>

---

| | |
|:---|:---|
| **CUSTOMER DETAILS** | **CUSTOMER DETAILS** |
| **Customer:** | &nbsp;&nbsp;&nbsp;&nbsp;Bitmine Immersion Technologies, Inc. |
| **Customer Address:** | &nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]** |
| **Customer Primary Contact:** | |
| **Customer Phone Number:** | &nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]** |
| **Customer Email Address:** | &nbsp;&nbsp;&nbsp;&nbsp;**[\*\*\*]** |

---

---

| | |
|:---|:---|
| **COMMERCIAL TERMS** | **COMMERCIAL TERMS** |
| **Mining Equipment:** | &nbsp;&nbsp;Nine (9) MW of allocated load power as per **Exhibits B** and **C**. |
| **Scheduled Start Date:** | Commencing on the January 1, 2025 (the "**Start Date**") and ending on December 31, 2026, automatically renewing for periods of one (1) month thereafter, unless terminated as provided in Section 13. |
| **Facility Fee:** | $**[\*\*\*]** per MW of allocated load power payable monthly in advance. For Nine (9) MW of allocated load power, this totals $**[\*\*\*]** per month. |
| **Optional Remote Monitoring Fee:** | $**[\*\*\*]** per miner per month. |
| **Deposit:** | $**[\*\*\*]** per MW of allocated load power, or $**[\*\*\*]** in the aggregate. |
| **Power:** | Variable rate, passed through to Customer without markup. |
| **Set Up Fee:** | $**[\*\*\*]** per miner each time a miner is added to the shelf. |
| **Payable at Signing:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $**[\*\*\*]** initial monthly Facility Fee<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· $**[\*\*\*]** Deposit<br> Total: $**[\*\*\*]** |

---

**WHEREAS**, Customer wishes Service Provider to allocate to Customer the facilities, resources, and services that enable the Customer to obtain mining power specified on this Cover Page (the "**Mining Power**").

**WHEREAS**, Service Provider wishes to allocate to Customer the facilities, resources and services to generate Mining Power, subject to the terms and conditions of this Agreement (the "**Services**").

**NOW, THEREFORE**, in consideration of the mutual promises and covenants exchanged herein, and for good and valuable consideration, the adequacy and receipt of which are hereby acknowledged, the Parties hereby agree to the terms and conditions set forth in this Agreement, including this Cover Page and the Mining Services Standard Terms and Conditions (attached hereto as **Exhibits A–C**): (A) Mining Services Standard Terms and Conditions; (B) Mining Equipment Description; and (C) Scheduled Delivery of Mining Access Equipment.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, the Parties have executed this Agreement through their duly authorized officers as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** | **BITMINE IMMERSION TECHNOLOGIES, INC.** | **BITMINE IMMERSION TECHNOLOGIES, INC.** |
| By: | /s/ Kant Trivedi | By: | /s/ Raymond Mow |
| Name: | Kant Trivedi | Name: | Raymond Mow |
| Title: | Chief Operating Officer | Title: | CFO |

---

**EXHIBIT A**

**MINING SERVICES STANDARD TERMS AND CONDITIONS**

This Exhibit A (the "**Standard Terms**") is made part of, and is hereby incorporated by reference into, the Agreement between the Parties. All capitalized terms not defined in these Standard Terms shall have the meanings given to such terms in the Agreement.

1. DEFINITIONS.

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** "**Costs**" means, collectively, the Electricity Utility Costs and Maintenance Costs.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** "**Deposit**" means the Deposit set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** "**Digital Asset**" means any denomination of cryptocurrencies, virtual currencies or coins
mined by Service Provider for or on behalf of Customer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**1.4.** "**Downtime**" means, for each calendar month, time that installed, non-defective Mining
Equipment is not available to Mine in accordance with this Agreement, excluding periods of time in which the Mining Equipment is not available
resulting from or relating to: (a) a Force Majeure Event (as defined below); (b) scheduled maintenance or emergency maintenance; provided
that Service Provider shall provide Customer with reasonable advanced notice of any such maintenance; (c) downtime resulting from Customer's
breach of this Agreement; (d) faults or errors in the Mining Equipment not resulting from Service Provider's breach of this Agreement;
(e) LRP Program or other power curtailment set forth by the power provider; (f) curtailment decisions made by Customer or (g) downtime
related to any other forces beyond the reasonable control of Service Provider or its agents or subcontractors and not avoidable by reasonable
due diligence.

&nbsp;&nbsp;&nbsp;&nbsp;**1.5.** "**Downtime Credit**" has the meaning in Section 5.1.

&nbsp;&nbsp;&nbsp;&nbsp;**1.6.** "**Downtime Percentage**" means, for each calendar month, the availability of the Mining
Equipment for Mining in accordance with this Agreement as a percentage equal to (a) the total number of minutes of Downtime in such month,
divided by (b) the total number of minutes in such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;**1.7.** "**Electricity Utility Costs**" means the electricity used to Mine Digital Assets using
the Mining Equipment. Electricity Utility Costs will be measured based on (i) hashrate connected to Customer's pool verified against
Service Provider's mining software (the "**Mining Equipment Draw** "), provided that if is a variance greater than **[\*\*\*]** %, the lower estimate usage of power will prevail, plus (ii) actual power draw, i.e., electrical meters, in excess of the
Mining Equipment Draw allocated equitably between the Customer's Mining Equipment and other equipment powered via the same metered
power source ()"**Excess Metered Power Draw Allocation** "), provided that the Excess Metered Power Draw Allocation shall
not exceed **[\*\*\*]** % of the Mining Equipment Draw. Customer is entitled, at any time during the Term of this Agreement and at Customer's
sole cost, to elect to have electrical meters installed solely for
Customer's Mining Equipment independent from metered power source of other equipment in the Facility.

&nbsp;&nbsp;&nbsp;&nbsp;**1.8.** "**Facility**" means the Service Provider facility described in **Exhibit C**.

&nbsp;&nbsp;&nbsp;&nbsp;**1.9.** "**Facility Fee**" means the Facility Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10.** "**Generated Digital Assets**" means, for any Payout Period, the Digital Assets Mined by
the Third-Party Mining Operator using the Mining Power *minus* the amount of Digital Assets retained by the Third-Party Mining Operator
as a fee for providing its Mining services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11.** "**Intellectual Property**" means all forms of intellectual property rights and protections
held by such Party and may include without limitation all right, title and interest arising under U.S. common and statutory law, and under
the laws of other countries, in and to all (a) patents and all filed, pending or potential applications for patents, including any reissue,
reexamination, division, continuation or continuation-in-part applications throughout the world now or hereafter filed; (b) trade secret
rights and equivalent rights; (c) copyrights, other literary property or authors rights, whether or not protected by copyright or as a
mask work; and (d) proprietary indicia, trademarks, trade names, symbols, domain names, URLs, logos and/or brand names.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12.** "**Mining Equipment**" means the servers and power supplies/cables provided by the Customer
to produce the Mining Power set forth in **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13.** "**Maintenance Costs**" means any direct and indirect maintenance costs associated with
the Mining Equipment not separately invoiced hereunder including the costs of monitoring software but *not* including the costs of
24/7 monitoring and routine maintenance by on-site technicians.

&nbsp;&nbsp;&nbsp;&nbsp;**1.14.** "**Mine**" or "**Mining**" means the process in which transactions for various
forms of Digital Assets are verified and added to a blockchain digital ledger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15.** "**Payout Period**" means each day during the Term (as defined below) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16.** **"Remote Monitoring Fee**" means the Optional Remote Monitoring Fee set forth on the Cover
Page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17.** "**Remote Monitoring Services**" means monitoring services provided by Service Provider
to Customer, which shall include, without limitation, access to Foreman (or any successor software system) and daily maintenance and monitoring
report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18.** "**Renewable Energy Credit**" means any rights, credits, tokens, revenues, offsets, tax
benefits or values, greenhouse gas rights or similar rights related to carbon credits or sustainable mining tokens, whether created from
or through a governmental authority, other person, or private contract,
now or in the future, associated with the generation of Digital Assets at the Facility, and including such rights to sell or trade any
of the aforementioned domestically or internationally, and including the right to count or claim any applicable benefits under any law
or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**1.19.** "**Set Up Fee**" means the Set Up Fee set forth on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**1.20.** "**Third-Party Mining Operator**" means a third-party mining pool designated by the Customer
and assigned the Mining Power to generate the Generated Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**1.21.** "**Uptime**" means, for each calendar month, the availability of the Mining Equipment as
a percentage equal to (a) the difference between the total number of minutes of Downtime in such month and the total number of minutes
in such month, divided by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the total number of minutes in such calendar month.

2. SERVICE PROVIDER OBLIGATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** *Services*. Subject to the terms and conditions of this Agreement (including Customer's payment
obligations), Service Provider shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.1.** Provide physical security and safety of the Facility and the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.2.** Maintain access to the power supply, Internet connection and infrastructure of the Facility for the normal
operation of the Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.3.** On or promptly following the Scheduled Start Date (as set forth on the Cover Page) the Service Provider
shall configure the Mining Equipment strictly in accordance with Customer's prior written authorization, including connection to
the mining pools, setup of the miner's number and update of the version of the firmware. Service Provider shall not configure the
Mining Equipment without prior written authorization from Customer; provided, however, that if Service Provider fails to provide an Uptime
of **[\*\*\*]** % or better, the Facility Fee shall be reduced as described in Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.4.** Within five (5) days following the Scheduled Start Date, Service Provider will provide all necessary access
to Customer to remotely monitor the metrics of the Mining Equipment as reasonably requested by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.5.** Throughout the Term, subject to Section 3, Service Provider shall be responsible for the management and
maintenance of the Mining Equipment. Service Provider's responsibilities will include (i) ongoing monitoring of performance metrics
in an effort to maximize miner performance; (ii) Facility security; (iii) overall Facility maintenance; (iv) power and infrastructure
maintenance; (v) Facility safety protocols; (vi) power procurement and billing; (vii) heat management; (viii) payment
and management of employees and contractors performing services related to this Agreement; and (ix) all other such services as required for the Mining
Equipment to achieve the operation requirements in Section 2.1. All such maintenance shall be performed in a diligent, competent and workmanlike
manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** *Maintenance & Repairs*. Service Provider, with the consent of Customer and at Customer's
expense in respect of out-of-pocket and third-party expenses, the occurrence of which shall be subject to prior consent of Customer, shall
address and facilitate repairs to Mining Equipment, payable within thirty (30) days by Customer upon receipt of evidence of such expenses
paid by Service Provider. For significant third-party repair expenses, Service Provider reserves the right to request that Customer either
advance funds for the expenses or pay the third party directly. In addition, Customer and/or its designated personnel is permitted access
to the Facility in accordance with Section 7.1 to address and facilitate any repairs to the Mining Equipment. Customers is entitled to,
at its own discretion, elects to have the Mining Equipment repaired at locations other than the Facility, and in such case, Customer is
entitled to require the Service Provider and Service Provider shall, as required by Customer and at Customer's sole cost and expense,
ship the Mining Equipment in need of repair to address(es) designated by Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** *Use of Third Parties*. Customer agrees that Service Provider may use its affiliates and any third-party
contractors, vendors and/or service providers to provide the Services (in whole or in part), provided that, Service Provider shall make
reasonable efforts in conducting due diligence of such third-party contractors, vendors and/or service providers and shall not be relieved
of responsibility hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** *Licenses and Permits*. Service Provider shall be responsible for obtaining any licenses, permits,
consents, or approvals from any federal, state or local government, which may be necessary to own and operate the Facility.

3. CUSTOMER OBLIGATIONS.

&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** *Delivery and Setup*. Customer shall (a) deliver substantially all Mining Equipment five

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) business days following the Start Date or according to the Delivery Schedule set forth on **Exhibit C**; (b) on or before delivery of the Mining Equipment (and before any future installation of Mining Equipment), pay the Set Up Fee and fulfill Customer's obligations under Sections 4.1, 4.2, 4.3 and 5 below; and (c) provide Service Provider with view-only access to its mining pool along with the ability to connect Service Provider's remote monitoring software via the Third Party Mining Operator's API for the purposes of performing the Services. For the avoidance of doubt, and subject to the terms of Section 6, all Mining Equipment shall remain the sole property of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.** *Compliance with Laws*. Customer's use of the Facility and the Mining Equipment must at all
times conform to all applicable laws, including the laws of the United States of America, the laws of the states in which Customer is
doing business, and the laws of the state where the Facility is located.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3.** *Mining Equipment*. Customer shall ensure that substantially all Mining Equipment delivered by it
to Service Provider is rated at **[\*\*\*]** terahash or above, is in good working order and suitable for use in the Facility. It is understood
that Customer is responsible for any costs associated with repair of Mining Equipment received in non-working order including labor and
parts. Service Provider is not responsible in any way for installation delays or loss of profits as a result of Mining Equipment Service
Provider deems not to be in good working order.

&nbsp;&nbsp;&nbsp;&nbsp;**3.4.** *Modification and/or Overclocking of Mining Equipment*. Customer may at any time, without obligation
to notify Service Provider, modify, instruct Service Provider to alter or adjust the power consumption of the Mining Equipment, provided
that such modifications, alterations, or adjustments are within the range of standard or factory specifications of the Mining Equipment
(the "**Nominal Power of the Mining Equipment** "). For any modifications, alterations, or adjustments that may result in
overclocking (i.e., Mining Equipment operating at any level beyond Nominal Power of the Mining Equipment), Customer shall notify and obtain
prior written approval from Service Provider before making such modifications, alternations, or firmware adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;**3.5.** *Responsibility for Mining Decisions*. Customer is undertaking cryptocurrency mining for Customer's
benefit and at Customer's own risk. Customer is solely responsible for deciding when to mine and when to curtail mining operations.
Service Provider will provide recommendations to Customer as to curtail, provided that Service Provider accepts no liability whatsoever
for the consequences of curtailment decision by Customer, and all decisions, regardless of Service Provider's recommendations, shall
be solely the responsibility of Customer.

4. ALLOCATION OF COSTS.

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** Customer is solely responsible for all Costs associated with Generated Digital Assets for each Payout
Period and Service Provider shall invoice Customer, and Customer shall pay the Costs for each month (each an "**Invoice** "),
which invoice shall be due five (5) business days after invoicing.
Invoices (other than the initial Invoice) shall include a copy of the power and other applicable invoices that Service Provider received,
reflecting the actual costs paid by Service Provider and any detail breaking down Customer's allocation of such power costs. If
there is any dispute with regard to the invoiced amount, Customer may raise the dispute to Service Provider, and the Parties shall work
in good faith to resolve such disputes within five (5) calendar days after Customer raises such objections and if they are unable to do
so, the matter will become a Dispute under Section 17.1. Any adjustment of the invoiced amount for any given month shall be applied to
the invoiced amount for the upcoming month.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2.** [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** Customer shall at all times during the Term maintain a deposit with Service Provider in an amount equal
to $**[\*\*\*]** per MW of allocated load power (the "**Deposit**") as set forth on the cover page, which Service Provider
may apply to the payment of Invoices (except to the extend any such invoice is the subject of a Dispute) that remain unpaid past their
respective due dates, and Customer shall immediately thereafter replenish the Deposit in full.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** For the avoidance of doubt, any and all Renewable Energy Credits generated shall be the sole property
of Service Provider, provided that Service Provider shall permit and assist Customer to certify (and request that applicable third parties
certify where possible) that Generated Digital Assets were mined using clean energy.

5. FACILITY FEE.

&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** Customer shall pay the Facility Fee monthly in advance, with the first payment due and payable in full
on the Start Date. Subsequent invoices shall be payable within five (5) business days of receipt. Facility Fees shall not be subject to
reduction or offset except as expressly stated herein. Downtime Credits, if any, shall be applied solely in accordance with the formula
set forth below. The Facility Fee shall be reduced by Downtime Credit for any applicable period. The Downtime Credit shall be calculated
in accordance with the formula set forth below:

Downtime Credit = **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;**5.2.** Should the Customer elect to have Service Provider provide Remote Monitoring Services, Customer will pay
the Remote Monitoring Fee monthly in advance, with the first monthly payment due and payable in full on the Start Date, and thereafter
within five (5) business days after invoicing.

6. Payments.

&nbsp;&nbsp;&nbsp;&nbsp;**6.1.** *Late Payments*. If Customer does not make any payment due hereunder within two (2) business days
after the due date, Customer's account will be considered delinquent after written notice and a cure period of five (5) business
days. Upon delinquency of the account, Service Provider may suspend the Services at any time. Customer is responsible for all charges
Service Provider incurs because of Customer's delinquency (including collection charges and reasonable attorneys' fees). Delinquent
payments are subject to default fees equal to the lesser of **[\*\*\*]** % per month and the maximum amount allowed by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.** *Suspending the Services*. If Customer fails to pay Costs, Facility Fees, Set Up Fees, any non-recurring
charges, any other amounts due to Service Provider, or applicable taxes when due, Service Provider may immediately suspend the Services
after written notice and a cure period of five (5) business days. During any period of suspension, Service Provider may allow Mining Equipment
to continue operating, in which case any Digital Assets mined becomes the property of
Service Provider only to the extent used to offset amounts owed and due Service Provider. Customer acknowledges that the retention said
cryptocurrency is not a penalty but is in the nature of liquidated damages.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3.** *Attorneys' Fees*. Legal costs associated with indemnification will be billed to Customer,
and Customer will remain responsible for all such legal costs.

7. ACCESS .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** *Access to Facility*. Customer shall have supervised access to the Facility during normal business
hours only, upon at least forty-eight (48) hours' prior written notice. Service Provider may deny access for reasonable operational,
safety, or regulatory reasons. All Customer access shall occur in the presence of Service Provider personnel, and any physical handling
or relocation of Mining Equipment shall require Service Provider's prior written consent. Customer shall have access to view the
camera footage of the Facility pertinent to the Mining Equipment at any time during the Term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2.** *Hazardous Conditions*. If, in the discretion of Service Provider, its employees or agents, any hazardous
conditions arise on, from, or affecting the Facility, Customer agrees and acknowledges that Service Provider is hereby authorized to suspend
service and payments due under this Agreement, in such case, the Service Provider shall (i) give notice to Customer for suspension of
Services at its earliest time of convenience; and (ii) provide reasonable evidence of the hazardous conditions; and (iii) make all reasonable
efforts to resume Services as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.** *Intermittent Outages*. Intermittent Outages. Customer acknowledges that Service Provider participates
in various Load Resource Participation Programs ()"**LRP Programs**") at its Facilities. LRP Programs are energy management
initiatives administered by system operators and utility distribution companies under which participants must commit to reducing or modifying
their electricity consumption during specified periods in response to grid conditions, market prices, or system reliability needs, and
to maintain the integrity of the local grid system. Accordingly, the LRP Programs provide the system operators and utility distribution
companies with the capability to shut off the power load serving Service Provider customers, including the Mining Equipment, in response
to applicable events. Such occurrences shall be deemed to constitute Force Majeure events pursuant to Section 15. Customer agrees that
the economic terms of this Agreement reflect Service Provider's entitlement to receive and retain all related fees and Service Provider
shall have no liability to Customer for any such amounts, or for actions or omissions due to or resulting from its participation in the
LRP Programs.

8. REMOVAL AND RELOCATION OF MINING EQUIPMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.** *Relocation by Service Provider*. Service Provider may, at any time and in its discretion, relocate
Customer's Mining Equipment within the Facility or to another facility operated by Service Provider upon ten
(10) days' written notice to Customer; provided, however, that Service Provider may only relocate Customer's Mining Equipment
if the Costs at the new location are equal to or lower than the Costs at the existing location.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2.** *Emergency Relocation*. In the event of an emergency giving rise to material risk to the Facility,
equipment or personnel located at the Facility, as determined in Service Provider's reasonable discretion, Service Provider may
rearrange, remove, or relocate the Mining Equipment without any liability to Customer. Notwithstanding the foregoing, in the case of emergency,
Service Provider shall provide Customer, to the extent practicable, reasonable notice prior to rearranging, removing, or relocating the
Mining Equipment.

&nbsp;&nbsp;&nbsp;&nbsp;**8.3.** *Equipment Removal*. Customer shall not be entitled to remove any Mining Equipment from the Facility
other than pursuant to a valid termination of this Agreement, at which time Customer may request that Service Provider remove and deliver
Mining Equipment to Customer, at Customer's sole cost upon not less than ten (10) business days' notice; provided that Customer
shall have paid in full any and all amounts owning to Service Provider hereunder, including in connection with such termination. Customer's
written notification shall request a date by Customer wishes for the Mining Equipment to be packaged and shipped from the Facility. Before
packaging and shipping the Mining Equipment, Service Provider will verify that Customer has no payments due, including, but not limited
to any obligations relating to the termination of this Agreement, and that Customer has paid the costs of packaging, shipping and insuring
such Mining Equipment from Service Provider's Facility. If Customer uses an agent or other third party to remove the Mining Equipment,
which it may only do with Service Provider's express written consent, Customer shall be solely responsible for the acts of such
party, and any injury, including death, and damages to the Mining Equipment, the Facility (or other site of relocation), or otherwise,
caused by such party, whether directly or indirectly.

9. TECHNOLOGY UPGRADES.

&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** *Software and Firmware*. The parties shall mutually agree in good faith whether to update or upgrade
the software or firmware of Mining Equipment, including to replace the existing software or firmware of the Mining Equipment. Any such
upgrades will be performed by Service Provider in a professional and workmanlike manner.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** *Mining Equipment Upgrades*. Customer shall have the right on up to two (2) occasions during the
Term to, at Customer's sole cost and expense, replace some or all of the Mining Equipment at the Facility with newer generation
equipment. Customer shall provide Service Provider reasonable written notice of the proposed equipment upgrade, which notice shall include
a new **Exhibit B** and **Exhibit C** hereto reflecting the revised set of Mining Equipment to be hosted at the Facility. Service
Provider will, at Customer's cost, arrange for the deinstallation of old Mining Equipment and installation of the new Mining Equipment
in a manner that to the extent practicable minimizes the interruption to mining activities (e.g., "hot swapping" equipment
in real time). Uninstalled Mining Equipment will be made available to Customer in accordance with Section 8.3 above.

10. DISCLAIMER OF WARRANTIES; LIMITATION OF LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** *Disclaimers*. The services and facility provided by
 Service Provider are provided "as is" and "as available" without warranty of any kind. Service Provider
 makes no warranties or guarantees related to (i) the availability of the Services; (ii) the operating temperature of the Facility;
 (iii) mechanical cooling or backup power (which Service Provider does not provide); (iv) internet access (which is not redundant or
 protected and is not guaranteed at all times); or (v) environmental conditions at the Facility (which is subject to swings in local
 temperature, wind, humidity, and other factors). Service Provider makes no warranty whatsoever, express or implied, including, but
 not limited to, any warranty (a) of merchantability; (b) of fitness for a particular purpose; (c) of non-infringement; (d) against interference; (e) that the Services shall be available 24/7 or free from interruptions; (f) that the Services shall meet Customer's requirements; or (g) that the Services shall provide any function not designated herein or in any other documentation provided by Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** *Limitation of Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1.** *Mutual Damages Exclusion*. Neither party shall be liable
to the other party for any indirect, consequential, special, incidental, or punitive damages, regardless of the theory of liability and
whether or not such party has been advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2.** Service Provider Liability Limitations. Under no circumstances
shall Service Provider's aggregate liability under this Agreement, whether under contract law, tort law, warranty, or otherwise,
exceed **[\*\*\*]**. Notwithstanding anything to the contrary herein, Customer understands
and acknowledges that, in some situations, equipment functionality may be unavailable due to factors outside of Service Provider's
control. This includes, but is not limited to network failures, pool operator failures, denial of service attacks, currency network outages,
hacking or malicious attacks on the crypto networks or exchanges, power outages, or acts of god. Service Provider shall have no obligation,
responsibility, and/or liability for the following: (a) any interruption or defects in equipment functionality caused by factors outside
of Service Provider's negligence or willful misconduct; (b) any internet failure or outage; (c) damages resulting from any actions
or inactions of Customer or any third party not under Service Provider's control; or (d) damages resulting from equipment or any
third-party equipment not under Service Provider's control.

11. RISK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** *Digital Asset Prices*. Customer understands that Service Provider is not liable for price fluctuations
in any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.** *Acknowledgements*. By entering into this Agreement Customer acknowledges and agrees that: (a) Service
Provider is not responsible for the operation of any Digital Asset underlying protocols, and Service Provider makes no guarantee of their
functionality, security, or availability; (b) Digital Asset underlying protocols are subject to sudden changes in operating rules (a/k/a
"forks"), and such forks may materially affect the value, function, and/or even the name of the Digital Assets; and (c) Service
Provider does not own or control the underlying software protocols which govern the operation of any Digital Asset.

&nbsp;&nbsp;&nbsp;&nbsp;**11.3.** *No Guarantee*. Customer understands that Mining is an everchanging and volatile endeavor and that
there is no guarantee that the Services will generate any set amount of Digital Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4.** *Service Provider Not Liable*. Customer acknowledges that Service Provider shall have no responsibility
or liability for: (a) Force Majeure; (b) any error by any Customer; (c) any error by any Third Party Mining Provider; (d) the insolvency
of, or acts or omissions by, a Digital Asset trading platform or market or the issuer of any Digital Asset; (e) any error, or any loss,
destruction, corruption or other inability to use or transfer any Digital Asset caused by the applicable blockchain or any other technology
used to implement or operate any Digital Asset, or other circumstances beyond the reasonable control of Service Provider; (f) any delay
or failure of any Digital Asset issuer, the developer or operator of any technology used to implement or operate any Digital Asset, or
any broker, agent, intermediary, bank or other commercially prevalent Digital Asset payment or clearing system to provide any information
or services required in order to enable Service Provider's performance hereunder; (g) delays or inability to perform its duties
due to any disorder in market infrastructure with respect to any particular Digital Asset; (h) the effect of any provision of any law
or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or
of any court of competent jurisdiction, and (i) any other matters for which Service Provider is not responsible under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.** *Insurance*. It is understood that Service Provider is not an insurer and Customer's Mining
Equipment is not covered by any insurance policy held by Service Provider. In addition to any other type of insurance and related policy
limits which are required by law, or customarily obtained by companies like Customer, or other companies in its industry, Customer is
responsible for obtaining insurance coverage for the Mining Equipment for up to the full replacement cost of such Mining Equipment. Customer
shall provide summary and/or copies of property insurance policies that it procured for the Mining Equipment issued by its insurance carrier
or broker and provide required endorsements to Service Provider upon request. Likewise, Service Provider
shall provide summary and/or copies of insurance policies it procured for the Facility and personnel.

**12.** INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1.** *Indemnity by Customer*. Customer will indemnify, hold harmless, and defend Service Provider, its
subsidiaries, and their respective employees, agents, directors, owners, executives, representatives, and subcontractors from any liability,
claim, judgment, loss, cost, expense or damage, including attorneys' fees and legal expenses arising from or relating to: (A) Customer's,
or its representatives', actual or alleged breach of this Agreement or applicable law; (B) the Mining Equipment or Customer's
use of the Mining Equipment; (C) Customer's entering into this Agreement; and (D) any injuries, including but not limited to death,
or damages sustained by any person or property due to any direct or indirect act, omission, negligence or misconduct of Customer, its
agents, representatives, employees, contractors and their employees and subcontractors and their employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.** *Indemnity by Service Provider*. Service Provider will indemnify, hold harmless, and defend Customer,
its subsidiaries, and their respective employees, agents, directors, owners, executives, representatives, and subcontractors from any
liability, claim, judgment, loss, cost, expense or damage, including attorneys' fees and legal expenses arising from or relating
to: (A) Service Provider's, or its representatives', actual or alleged breach of this Agreement or applicable law; (B) Service
Provider's entering into this Agreement; (C) any injuries, including but not limited to death, or damages sustained by any person
or property due to any direct or indirect act, omission, negligence or misconduct of Service Provider, its agents, representatives, employees,
contractors and their employees and subcontractors and their employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.** *Limitation on Indemnity*. Notwithstanding anything to the contrary in this Agreement, the indemnifying
party is not obligated to indemnify, hold harmless, or defend the indemnified party against any claim (whether direct or indirect) to
the extent such claim or corresponding losses are covered by the insurance policies required under Section 11.5 or the extent that such claim
is the result of a Force Majeure Event.

13. TERM AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** *Term*. This Agreement shall commence on the Effective Date and will remain in effect for the term
set forth on the Cover Page unless terminated in accordance with the terms set forth in this Agreement (the "**Term** ").
This Agreement shall automatically renew for additional one-month terms unless a Party gives the other Party written notice of an intent
not to renew the Agreement no later than thirty (30) days' advance written notice that the Party does not intend to renew the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2.** *Termination*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.1.** Either party may terminate this Agreement for convenience upon 120 days' written notice to the other
party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2.** This Agreement will be terminated if the Parties mutually agree in writing to terminate the Agreement.
Either Party may terminate this Agreement immediately upon written notice to the other Party in the event (i) such other Party (a) files
any petition in bankruptcy; (b) has an involuntary petition in bankruptcy filed against it; (c) becomes insolvent; (d) makes a
general assignment for the benefit of creditors; (e) admits in writing its inability to pay its debts as they mature; (f) has a receiver
appointed for its assets; (g) ceases conducting business in the normal course; (h) has any significant portion of its assets attached;
(i) is subject to investigation by a governmental authority relating to anti-money laundering, sanctions, or similar violations; (j) is
included on any sanctions list or designated as a blocked person by any governmental authority; (k) engages in any illegal activities
or activities that violate applicable law; or (l) engages in any activities that could reasonably be expected to damage the reputation
of the other Party; or (ii) either Party undergoes a change of control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.3.** If Customer terminates this Agreement for convenience prior to expiration of the Term, Customer shall
pay an early termination fee equal to **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3.** *Breach and Cure*. Either Party may terminate this Agreement upon written notice to the other Party
if such other Party breaches any material term or condition of this Agreement and fails to remedy the breach within thirty (30) days after
being given written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.** *Effect of Termination*. Except as provided in Section 17.14, following the expiration or termination
of this Agreement, all Customer's rights under this Agreement shall terminate (except those meant to survive termination of this
agreement) and (i) Customer shall be entitled to the immediate physical possession of all Mining Equipment and (ii) Service Provider shall
return to Customer any remaining Deposit (A) in the case of a termination pursuant
to Section 14.3.1, immediately and (B) otherwise, within 90 days. Service Provider shall have no obligation to return any Deposit until
(i) all outstanding fees, charges, and costs have been paid in full; (ii) the Facility has been inspected and cleared of Customer's
equipment; and (iii) no claims, disputes, or offsets remain outstanding.

14. FORCE MAJEURE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1.** *Force Majeure Event*. Notwithstanding anything to the contrary in this Agreement, and subject to
the terms in this Section, either Party shall not be responsible for any failure to perform and will not be liable to the other Party
for any damages to such Party, as a result of any Force Majeure Event. "**Force Majeure Event**" means any event that is
beyond the Parties' reasonable control, including, but not limited to, (a) unforeseeable disruption of cryptocurrency markets
that materially impacts the economics of cryptocurrency mining; (b) acts of war, terrorism, civil unrest, or similar events; (c) issues
with technology suppliers to the extent not attributable to either Party; (d) issues with import/export restrictions; (e) unforeseeable
lack of electricity supplies, blackouts, brownouts or power shortages; (f) Internet outages, cyber-attacks, or other network failures
to the extent due to reasons not attributable to either Party; (g) any government action, order, law, regulation, moratorium, shutdown,
grid directive, or action that renders or purports to render the provision of the Services unlawful or that is so onerous it renders provision
of the Services not commercially practicable; (h) fire, flood, earthquake, explosion, extreme weather conditions, or other natural disaster;
(i) disease, epidemic or pandemic (where an epidemic or pandemic has been declared at Service Provider's hosting site(s) by the
Center for Disease Control or the World Health Organization), where such disease, epidemic, or pandemic causes a government-mandated shutdown
of Service Provider or the hosting site(s) hosting the Mining Equipment; or (j) grid operator directives, market price events, or curtailments.

&nbsp;&nbsp;&nbsp;&nbsp;**14.2.** *Service Provider Actions*. Service Provider's limitation on responsibility due to a Force
Majeure Event in Section 14.1 applies only if: (a) Service Provider takes such action as may be reasonably necessary to void, nullify,
or mitigate, in all material respects, the effects of the Force Majeure Event; (b) Service Provider provides Customer with prompt and
precise notice of (i) the identity of the specific Force Majeure Event; (ii) the details of Service Provider's attempts to void,
nullify, or mitigate the effects of the Force Majeure Event; and (iii) an anticipated timeline of recovery to normal business operations
from the Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;**14.3.** *Effect of Force Majeure Event*. In the event the Facility cannot be used by Customer to Mine cryptocurrencies
due to a Force Majeure Event then the Facility Fee shall be abated during the shutdown. If such shutdown:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.1.** Occurs during the first 90 days of the Term, then Customer shall be entitled to immediately terminate
this Agreement. Service Provider shall bear the reasonable costs of unracking and packing the Mining Equipment ready for shipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3.2.** Persists for 30 consecutive days, either Party shall be entitled to immediately terminate this Agreement.

15. COMMUNICATIONS & NOTICES.

&nbsp;&nbsp;&nbsp;&nbsp;**15.1.** *Addresses for Notices*. All notices, requests, or other communications or documents to be given
under this Agreement shall be in writing and addressed to the person(s), and at the addresses, set forth for each Party on the Cover Page.

&nbsp;&nbsp;&nbsp;&nbsp;**15.2.** *Method*. Notices shall be deemed effective: (a) when delivered by hand; (b) one day after posting
with a recognized express delivery service specifying priority overnight delivery with written verification of receipt (in the case of
internal domestic U.S. deliveries); (c) five (5) days after posting with a recognized international express delivery service specifying priority
international delivery with written verification of receipt (in the case of international deliveries); or (d) when sent by e-mail with
confirmation of transmission by the transmitting equipment. Each Party may designate a different address or contact person by notice given
in the manner provided in this Section.

16. REPRESENTATIONS AND WARRANTIES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1.** *Each Party*. Each Party hereby represents, warrants and covenants to the other Party that: (a) it
has full, right, power and authority to enter into this Agreement and to perform its obligations under this Agreement; and (b) the execution
of this Agreement and the performance of its obligations hereunder do not and will not constitute any material breach of any agreement
to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2.** *Service Provider*. Service Provider represents, warrants and covenants to Customer that Service
Provider is, through its wholly-owned subsidiary North East Data, LLC, the sole owner of the Facility and that as of the date hereof Service
Provider is not aware of any actual or potential third-party claim to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;**16.3.** *Customer*. Customer represents, warrants and covenants to Service Provider that: (a) Customer has
full legal and beneficial ownership of all Mining Equipment and has the right to deliver such Mining Equipment to Service Provider for
the purposes contemplated by this Agreement; (b) Customer has full, right, power and authority to enter into this Agreement and to perform
its obligations under this Agreement, and all necessary corporate authorizations and consents have been obtained; (c) the execution of
this Agreement and the performance of its obligations hereunder do not and will not constitute any material breach of any agreement to
which Customer is a party or conflict with any applicable law or regulation; (d) Customer has the right to grant Service Provider any
security interest contemplated by this Agreement; (e) as between Service Provider and Customer, Customer will be the beneficial owner
of the Digital Assets and there will be no third-party beneficiaries to the Agreement; (f) Customer is not engaged in, and will not use
the Services in furtherance of, any illegal activities or activities that violate applicable law; (g) Customer is in compliance with all
applicable anti-money laundering, know-your-customer, and economic sanctions laws and regulations; (h) Customer is not included on any
sanctions list maintained by the Office of Foreign Assets Control (OFAC), the United Nations, the European Union, or any other governmental
authority, and is not otherwise a blocked person or designated national; (i) the funds used to pay for the Services are derived from legitimate
sources and are not the proceeds of any illegal activity; (j) Customer will promptly notify Service Provider if Customer becomes the subject
of any governmental investigation or inquiry relating to money laundering, terrorist financing, sanctions violations, or other financial
crimes; and (k) all information provided by Customer to Service Provider in connection with this Agreement is true, accurate, and complete
in all material respects.

17. GENERAL PROVISIONS.

&nbsp;&nbsp;&nbsp;&nbsp;**17.1.** *Disputes.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.1.** The parties shall resolve any dispute, controversy, or claim arising out of or relating to this Agreement,
or the breach, termination or invalidity hereof (each, a "**Dispute** "), under the provisions of Sections 17.1 through
17.3. The procedures set forth in Sections 17.1 through 17.3 shall be the exclusive mechanism for resolving any Dispute that may arise
from time to time and Sections 17.1 through 17.3 are express conditions precedent to litigation of the Dispute

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.2.** A party shall send written notice to the other party of any Dispute ()"**Dispute Notice** ").
The parties shall first attempt in good faith to resolve any Dispute set forth in the Dispute Notice by negotiation and consultation between
themselves, including not fewer than three (3) negotiation sessions attended by senior executives of Service Provider and Customer. In
the event that such Dispute is not resolved on an informal basis within 10 Business Days after one party delivers the Dispute Notice to
the other party, whether the negotiation sessions take place or not, either party may, by written notice to the other party ()"**Escalation to Executive Notice** "), refer such Dispute to the chief executives of each party (the "**Executives** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1.3.** If the Executives cannot resolve any Dispute during the time period ending 10 Business Days after the
date of the Escalation to Executive Notice (the last day of such time period, the "**Escalation to Mediation Date** "),
either party may initiate mediation under Section 17.2.

&nbsp;&nbsp;&nbsp;&nbsp;**17.2.** *Mediation.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.1.** Subject to Section 17.1, the parties may, at any time after the Escalation to Mediation Date, submit the
Dispute to any mutually agreed to mediation service for mediation by providing to the mediation service a joint, written request for mediation,
setting forth the subject of the dispute and the relief requested. The parties shall cooperate with one another in selecting a mediation
service, and shall cooperate with the mediation service and with one another in selecting a neutral mediator and in scheduling the mediation
proceedings. The parties covenant that they will use commercially reasonable efforts in participating in the mediation. The parties agree
that the mediator's fees and expenses and the costs incidental to the mediation will be shared equally between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2.2.** The parties further agree that all offers, promises, conduct, and statements, whether oral or
 written, made in the course of the mediation by any of the parties, their agents, employees, experts, and attorneys, and by the
 mediator and any employees of the mediation service, are confidential, privileged, and inadmissible for any purpose, including
 impeachment, in any litigation, arbitration or other proceeding involving the parties, provided that evidence that is otherwise
 admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result
of its use in the mediation.

&nbsp;&nbsp;&nbsp;&nbsp;**17.3.** *Arbitration as a Final Resort.* If the parties cannot resolve any Dispute for any reason, including,
but not limited to, the failure of either party to agree to enter into mediation or agree to any settlement proposed by the mediator,
within 20 Business Days after the Escalation to Mediation Date, either party may pursue arbitration in accordance with the provisions
of Section 17.5.

&nbsp;&nbsp;&nbsp;&nbsp;**17.4.** *Governing Laws.* This Agreement will be construed in accordance with the laws of the State of Delaware
as applied to contracts made and performed entirely therein, and without giving effect to any choice of law rule that would cause the
application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;**17.5.** *Arbitration.* Subject to Sections 17.1, 17.2 and 17.3, any dispute or controversy arising out of
or relating to this Agreement shall be finally settled by arbitration administered by the American Arbitration Association in Wilmington,
Delaware, in accordance with its Commercial Arbitration Rules. Judgment on the award rendered by the arbitrator may be entered in any
court having jurisdiction. Service Provider may seek temporary or permanent injunctive relief in a court of competent jurisdiction to
protect its equipment, intellectual property, or confidential information. The language of the arbitration shall be in English.

The prevailing party in any arbitration or litigation arising out of this Agreement shall be entitled to recover its reasonable attorneys' fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;**17.6.** *Assignment.* Except as expressly provided herein, neither Party may assign or transfer (collectively
"assign") this Agreement, or any rights or obligations under this Agreement, without the prior written consent of the other,
which consent may be withheld in the consenting Party's discretion; provided, however, that a Party may make such an assignment
without the other Party's consent (i) to an affiliate, provided that such affiliate agrees in writing to be bound by the terms and
conditions of this Agreement and the assigning Party remains liable for all obligations arising prior to the assignment; (ii) in conjunction
with a change of control of such Party; or (iii) in conjunction with the sale of a Party, or all or substantially all assets of such Party
related to the subject matter of this Agreement, to, or the merger of a Party with, any third party. This Agreement shall be binding upon
the successors and permitted assigns of the Parties. Any assignment or attempted assignment by either Party in violation of the terms
of this Section 17.6 shall be null and void and of no legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;**17.7.** *Entire Agreement; Amendment.* This Agreement, including any updates or amendments, constitutes the
complete and exclusive agreement between the Parties with respect to the subject matter hereof, and supersedes and replaces all prior
or contemporaneous discussions, negotiations, understandings and agreements, written and oral, regarding the same. This Agreement may
only be modified by a written instrument properly executed by the Parties (and such written instrument
shall explicitly say that it is an amendment hereto so that no informal amendment inadvertently occurs).

&nbsp;&nbsp;&nbsp;&nbsp;**17.8.** *Confidentiality.* The terms and conditions of this Agreement, the Services, the Costs and the Facility
Fees (and any other related materials or information provided by Service Provider to Customer) are Service Provider's confidential
information, regardless of whether they are marked as confidential, proprietary or otherwise. The personal data provided by Customer in
the context of this Agreement (and any other sensitive or proprietary materials or information provided by Customer to Service Provider)
are Customer's confidential information, regardless of whether they are marked as confidential, proprietary or otherwise. During
the Term, the Parties shall (a) keep such confidential information strictly confidential in a manner that each Party protects its own
confidential or proprietary information of a similar nature (and with no less than reasonable care); and (b) not disclose such confidential
information to any third party other than each Party's partners, vendors, assignees, purchasers, investors, lenders, lessors, and
financial or legal consultants that have a need to know such information and have agreed in writing to keep such information confidential
and not disclose such confidential information. consistent with the terms of this Agreement. Notwithstanding the foregoing, the either
Party may disclose confidential information as required by law or by order of a court of competent jurisdiction, provided that, in such
event, (i) such Party will provide the other Party with prompt notice of such obligation and permit the other Party an opportunity to
take legal action to prevent or limit the scope of such disclosure; and (ii) such Party will furnish only that portion of the other Party's
confidential information which the Party is advised by counsel is legally required and the Parties will exercise commercially reasonable
efforts to obtain assurance that confidential treatment will be accorded to such confidential information. Additionally, notwithstanding
the foregoing, Service Provider acknowledges and agrees that Customer is a U.S. publicly traded company and may be required to disclose
this Agreement and its related terms in order to comply with applicable securities laws, including its disclosure obligations under the
U.S. Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;**17.9.** *Non-solicitation*. From the Scheduled Start Date and for nine months thereafter, each Party agrees
not to directly or indirectly solicit, recruit, or hire any employees, contractors, or other service providers of the other Party who
are or were involved in the performance of services under this Agreement, where such solicitation or hiring would materially interfere
with the solicited Party's ability to perform its obligations under this Agreement or its ongoing business operations.

&nbsp;&nbsp;&nbsp;&nbsp;**17.10.** *Independent Contractors.* Service Provider and Customer are independent contractors, and nothing
in the Agreement will create any partnership, joint venture, agency, franchise, sales representative, or employment relationship between
the Parties. Neither Party is an agent or representative of the other or is authorized to make any warranties or assume or create any
other obligations on behalf of the other.

&nbsp;&nbsp;&nbsp;&nbsp;**17.11.** *Compliance with Laws*. Both parties shall comply with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**17.12.** *Intellectual Property*. Nothing in this Agreement shall be deemed to grant to either party any rights
or licenses, by implication, estoppel or otherwise, to any of the other party's Intellectual Property. Neither party shall contest
or challenge, or assist any third party in contesting or challenging, the validity or enforceability of any of the other party's
Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;**17.13.** *Trademarks*. Each party is strictly prohibited from using any product or corporate name, designation,
logo, trade name, trademark, service name or service mark associated with the other party in any marketing materials, regulatory filing,
financial statements, offering circular, prospectus or otherwise, without the prior written consent of the first party, which may be withheld
by the first party in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;**17.14.** *No Exclusivity*. This Agreement in no way establishes any exclusive arrangement between Customer
and Service Provider. Each party acknowledges and agrees that the other party will be free to enter into agreements and other arrangements
with any third parties, at any time, regarding any products or services.

&nbsp;&nbsp;&nbsp;&nbsp;**17.15.** *Parties Are Sophisticated and Represented.* No preference shall be given to one Party by virtue
of the fact that such Party did not draft this Agreement. No bias shall be placed against the drafter. Each Party has been advised and
offered the opportunity to seek legal counsel regarding this Agreement. To the extent they chose not to or to limit such, they hereby
waive any later complaint that they lacked proper counsel or understanding. No failure by any Party to insist upon the strict performance
of this Agreement shall constitute waiver of any breach, covenant, duty, or term herein.

&nbsp;&nbsp;&nbsp;&nbsp;**17.16.** *Counterparts / Execution.* The Agreement may be executed in counterparts, which together shall constitute
a single instrument, and may also be executed by electronic signature, and the Parties agree that facsimile, digitally scanned or other
electronic copies of signatures shall be valid and binding as originals.

&nbsp;&nbsp;&nbsp;&nbsp;**17.17.** *Taxes.* The Costs and fees set forth herein do not include any tariffs, import or export duties,
however designated, levied against the delivery or use of the components and products provided under the Agreement. Customer shall pay,
or reimburse Service Provider for, all such taxes; provided, however, that Customer shall not be liable for any taxes based on Service
Providers' net income.

&nbsp;&nbsp;&nbsp;&nbsp;**17.18.** *Survival.* The provisions contained in Sections 1, 5, 6, 12, 13, 14, 15.4 and 19 shall survive the
termination or expiration of this Agreement.

## Exhibit 10.41

**Exhibit 10.41**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**<u>NOTE AND LOAN AGREEMENT</u>**

This NOTE and LOAN AGREEMENT (the "**Note and Loan Agreement**"), dated as of August 5, 2024, by and between BLOCKFUSION USA, INC., a Delaware corporation, having its principal place of business at [\*\*\*] ("**Borrower**" or "**Blockfusion**"), NORTH EAST DATA, LLC, a Delaware limited liability company having an address at 5380 Frontier Avenue, Niagara Falls, New York 14304 ("**NED**"; together with Borrower, collectively, "**Obligors**" and each, an "**Obligor**") and XBTO TRADING, LLC, a Delaware limited liability company having its principal place of business at 2955 NE 7<sup>th</sup> Avenue, Miami, Florida 33137 ("**Lender**").

**WITNESSETH:**

WHEREAS, pursuant to a certain Note and Loan Agreement between Borrower and Lender dated as of April 1, 2022 and effective as of February 10, 2022 (as amended, modified, supplemented and/or restated from time to time, the "**Original Loan Agreement**"), Lender agreed to extend to Borrower a loan in the original principal amount of Seven Million Three Hundred Fifty-Five Thousand Seven Hundred Five Dollars ($7,355,705) (the "**Original Loan**");

WHEREAS, Lender instituted suit against Borrower and NED in the Supreme Court of the State of New York, County of Niagara, Index No. E179092/2023 (the "**Litigation**") in connection with Blockfusion's failure to pay amounts under the Original Loan, and Obligors asserted certain counterclaims and defenses against Lender;

WHEREAS, Borrower and Lender have agreed to settle the Litigation pursuant to that certain Settlement Agreement and Mutual Release dated the date hereof (the "**Settlement Agreement**");

WHEREAS, pursuant to the Settlement Agreement, Borrower has agreed to pay Lender the sum of $8,267,885.00 pursuant to and in accordance with the terms hereof.

NOW THEREFORE, in consideration of the promises and of the mutual covenants contained herein and other good and valuable consideration, the receipt of which is hereby acknowledge, the parties do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Definitions</u>**. Capitalized terms used herein and not otherwise defined shall have the meaning set forth in this **<u>Section 1</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Borrower**" shall have the meaning given such term in the preamble hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Change of Control**" means (i) if Alex Martini and Kant Trivedi (or entities controlled by each of them) cease to own, collectively, free and clear of all liens, security interests or other encumbrances at least 51% of the outstanding voting stock of Borrower; (ii) if Borrower fails to own 100% of the membership interests of NED; (iii) any pledge, assignment or hypothecation of or lien or encumbrance on Borrower's membership interest of NED (other than to Lender), (iv) if Alex Martini and Kant Trivedi, individually or collectively, cease to maintain, directly or indirectly, the ability to direct the management policies and decisions of Obligors; (v) any sale, transfer, lease (other than as approved by Lender in writing) of all or substantially all of an Obligor's assets; and (vi) if Alex Martini and Kant Trivedi fail to continue to exercise control over (A) the day to day management and operation of Borrower's business, and (B) all material business decisions (including a sale, financing or refinancing) for Borrower during the term of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Claim**" means **[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Claim Payment**" shall mean receipt by any Obligor of any payment of any amount on account of the Claim whether through settlement, adjustment, litigation or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the Claim on behalf of the of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Collateral**" shall have the meaning set forth in **<u>Section 12(a)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Confession of Judgment**" shall have the meaning set forth in **<u>Section 42</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Default Rate**" shall have the meaning set forth in **<u>Section 3</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Disputed Equipment**" means that certain equipment located in **[\*\*\*]** that is the subject of a dispute between Blockfusion and Bit Digital USA, Inc. currently pending in the Superior Court of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Dispute Payment**" means receipt by any Obligor of any payment of any amount on account of the National Grid Dispute, whether through settlement, adjustment, litigation, collections on any judgment, or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the National Grid Dispute on behalf of the of the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Guarantor Collateral**" means the "Collateral" as defined in the Guarantor Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Guarantor Confession of Judgment**" means the "Confession of Judgment" as defined in the Guaranty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Guarantor Security Agreement**" means that Security Agreement made by NED in favor of Lender as of the date hereof, as the same may be amended, modified, supplemented, assigned and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Guaranty**" means that certain Guaranty Agreement by NED in favor of Lender dated as of the date hereof, as the same may be amended, modified, supplemented, assigned and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Incident**" means the fire and subsequent damage, loss or destruction of Borrower's property that occurred at Borrower's facility at the Property on or about May 10, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Insight Equipment**" means the equipment that is the subject of the master lease agreement No. 9598 dated November 4, 2021, between Insight Investments, LLC (as lessor) and Blockfusion (as lessee or co-lessee) and NED (as lessee or co-lessee), as modified, supplemented or amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Lender Indebtedness**" means, all principal, interest and all other costs, fees and expenses payable under this Note and Loan Agreement, including without limitation, all obligations under the Loan Documents, together with all interest and other sums payable in connection with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Litigation**" shall have the meaning set forth in the recitals hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Loan**" shall have the meaning set forth in **<u>Section 2(a)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Loan Documents**" means this Note and Loan Agreement, the Security Agreement, the Guaranty, the Negative Pledge Agreement, the Guarantor Security Agreement, the Confession of Judgment, the Guarantor Confession of Judgment and all other documents, executed or delivered by Loan Parties or any other Person pursuant to this Agreement or in connection herewith, as they may be amended, modified or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**MAE**" shall have the meaning set forth in **<u>Section 13(a)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**Mandatory Claim Prepayment**" shall have the meaning set forth in **<u>Section 7(c)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Mandatory Dispute Prepayment**" shall have the meaning set forth in **<u>Section 7(d)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Mandatory Financing Prepayment**" shall have the meaning set forth in **<u>Section 7(b)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Mandatory Prepayment**" means a Mandatory Financing Prepayment, Mandatory Claim Prepayment, and/or a Mandatory National Grid Prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Maturity Date**" shall have the meaning set forth in **<u>Section 2(d)</u>** hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Mortgage**" means that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, made by NED in favor of Property Holdings Portfolio, LLC dated as of September 9, 2021 and recorded at the Niagara County Clerk, instrument number 2021-20950, as modified by that certain Modification Agreement to Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of August 28, 2023 and recorded at the Niagara County Clerk, instrument number 2023-13856.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**National Grid**" means Niagara Mohawk Power Corporation d/b/a National Grid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**National Grid Dispute**" shall mean the dispute among Borrower, NED and National Grid, arising from the Incident pursuant to which Borrower and NED filed an action against National Grid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**NED**" shall have the meaning given such term in the preamble hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Negative Pledge**" means that certain Negative Pledge Agreement dated as of the date hereof, as the same may be amended, modified, supplemented, assigned and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Niagara Settlement**" means that certain settlement agreement entered into in December 2023 by and between NED, Blockfusion and the City of Niagara Falls, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Obligor**" shall have the meaning given such term in the preamble hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**Original Loan**" shall have the meaning set forth in the recitals hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**Original Loan Agreement**" shall have the meaning set forth in the recitals hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Permitted Claim Encumbrance**" means that portion of the Obligors' interest in any Claim Payment and Dispute Payment that is not required to be paid to Lender as a Mandatory Claim Prepayment or a Mandatory Dispute Prepayment, which is currently assigned to Property Holdings Portfolio, LLC and which may, notwithstanding anything else herein, be assigned free and clear of Lender's lien to a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Person**" means an individual, a corporation, partnership, limited liability company, trust, unincorporated organization, association, joint stock company or joint venture or a government or any agency or subdivision thereof, or any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Property**" means NED's real property located at 5380 Frontier Avenue, Niagara Falls, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Qualifying Financing**" shall mean receipt by any Obligor of proceeds of any financing, whether as capital, debt and/or equity, whether secured or unsecured, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $**[\*\*\*]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Qualifying Refinancing**" shall mean receipt by any Obligor of the proceeds of any financing, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $**[\*\*\*]**, and pursuant to which the Mortgage is repaid in full and a new mortgage over the Property is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Security Agreement**" means that certain Security Agreement made by Borrower in favor of Lender as of the date hereof, as the same may be amended, modified, supplemented, assigned and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>The Loan</u>**.

&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) <u>Loan Amount</u>. This agreement sets for the terms pursuant to which Borrower shall repay to Lender the sum Eight Million Two Hundred Sixty Seven Thousand Eight Hundred Eighty Five and 00/100 Dollars ($8,267,885.00) (the "**Loan**"), and together with interest and other fees as set forth 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;(b) [Reserved].

&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) <u>Loan Advance</u>. Borrower acknowledges that it has received the Loan as of the date hereof.

&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) <u>Maturity Date</u>. The Loan shall be for a term commencing on the date hereof and ending on June 6, 2027 ("**Maturity Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. <u>Interest Rate and Default Rate</u>**. Interest on the unpaid principal balance hereof will accrue as follows (a) from the date hereof through and including June 6, 2025, 12.00% per annum, (b) from June 7, 2025 through and including June 6, 2026, 14.00% per annum, and (c) from June 7, 2026 through and including the Maturity Date, 16.00% per annum. Notwithstanding the foregoing, interest will accrue and be payable on the outstanding principal amount hereof and all other sums payable under the Loan Documents following the occurrence of an Event of Default or the final maturity date of this Note and Loan Agreement, until paid, at a rate per annum which is equal to eighteen percent (18%) (the "**Default Rate**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Post-Judgment Interest</u>**. Any judgment obtained for sums due hereunder or under the Loan Documents will accrue interest at the Default Rate until paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>Payments</u>**. Interest on the Loan shall be payable monthly, in arrears, on the first business day of each month. Interest accruing from the date hereof through and including August 30, 2024, shall be paid in kind, by adding such interest to the outstanding principal balance of the Loan on the last day of each calendar month. Beginning September 1, 2024, and continuing on the first day of each calendar month thereafter until the Loan is paid in full, Borrower shall make monthly payments of accrued interest (x) in immediately available funds in the amount of $60,000 (the "**Monthly Cash Payment**"), which shall be applied in accordance with **<u>Section 9</u>** hereof, and (y) in kind in the amount by which interest accrued in the relevant month exceeds the Monthly Cash Payment. All interest paid in kind shall be added to the outstanding principal balance of the Loan on the last day of each calendar month and capitalized as of the first day of each calendar month. One final payment in the amount of the outstanding principal balance of the Loan, together with all accrued and unpaid interest (including all interest paid in kind) thereon and all other fees, costs and expenses payable hereunder, shall be due on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. <u>Place of Payment</u>**. Principal and interest hereunder shall be payable to Lender, at such place as Lender, from time to time, may designate in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. <u>Prepayment</u>**.

&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) <u>Voluntary Prepayments</u>. Borrower may prepay all or any part of the principal balance of the Loan at any time, following delivery of not less than one (1) calendar months' prior written notice prior written notice to Lender.

&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) <u>Mandatory Prepayment Related to Refinancing</u>. Upon the receipt by any Obligor of a Qualifying Refinancing or Qualifying Financing, Obligors shall prepay, or cause to be prepaid, the Lender Indebtedness in an amount equal to the Mandatory Prepayment Amount listed across from the corresponding financing amount set forth in the schedule attached hereto as **<u>Exhibit "A"</u>** and incorporated herein by reference (such mandatory prepayment, a "**Mandatory Financing Prepayment**"). For the avoidance of doubt, absent payment in full of the Lender Indebtedness, Lender shall not be required to release or subordinate its security interests in the Collateral.

&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) <u>Mandatory Prepayment Related to Insurance Recovery</u>. Upon the receipt by any Obligor of a Claim Payment, such Obligor shall prepay, or cause to be prepaid, the Lender Indebtedness upon a Claim Payment in an amount equal to **[\*\*\*]** (such prepayment, a "**Mandatory Claim Prepayment**").

&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) <u>Mandatory Prepayment Related to National Grid Recovery</u>. Upon the receipt by any Obligor of a Dispute Payment, such Obligor shall prepay, or cause to be prepaid, the Lender Indebtedness in an amount equal to **[\*\*\*]** (such prepayment a "**Mandatory Dispute Prepayment**").

&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) <u>Mandatory Prepayment Related to Change of Control</u>. In the event of a Change of Control with respect to any Obligor, Obligors shall prepay, or cause to be prepaid, the Lender Indebtedness in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. <u>Payment Method</u>**. Borrower shall make all payments in immediately available funds. If Lender accepts payment in any other form, such payment shall not be deemed to have been made until the funds comprising such payment have been actually received or made available to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. <u>Application of Payments</u>**. Any and all payments on account of this Note and Loan Agreement shall be applied first to accrued and unpaid sums payable under this Note and Loan Agreement other than principal and interest, second to accrued and unpaid interest, and third to outstanding principal. Borrower agrees that, to the extent Borrower makes a payment or payments and such payment or payments, or any part thereof, are subsequently invalidated, declared to be fraudulent or preferential, set aside or are required to be repaid to a trustee, receiver, or any other party under any bankruptcy act, state or federal law, common law or equitable cause, then to the extent of such payment or payments, the obligations or part thereof hereunder intended to be satisfied shall be revived and continued in full force and effect as if said payment or payments had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. <u>Conditions to Effectiveness</u>**. The obligation of Lender to make available the Loan is subject to the performance by Borrower of all of its agreements to be performed hereunder and to the following further conditions (any of which may be waived by Lender):

&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) Obligors and all other required Persons will have executed and delivered to Lender the Loan Documents.

&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) Borrower shall have executed and delivered in escrow to Lender's counsel the Confession of Judgment.

&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) Guarantor shall have executed and delivered in escrow to Lender's counsel the Guarantor Confession of Judgment.

&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) Obligors shall have disclosed to Lender the terms of any contingency fee arrangement for professionals prosecuting the Claim and the National Grid Dispute.

&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) All representations and warranties of Obligors set forth in the Loan Documents will be true at and as of the date hereof.

&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) No condition or event shall exist or have occurred which would constitute a Default or Event of Default hereunder. "**Default**" means any event which with the giving of notice, passage of time or both, could constitute an Event of Default.

&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) Obligors shall have delivered to Lender a certificate of an authorized officer of each Obligor certifying and attaching true, accurate and complete versions of (i) its articles of incorporation, certificate of formation, by laws and operating agreement, as applicable; (ii) the resolutions authorizing its execution, delivery and performance of this Agreement and all other documents, certificates and actions required hereunder or in connection herewith, (iii) an incumbency certificate setting forth its officers (together with the corresponding signatures), and (iv) a good standing certificate with respect to the jurisdiction of formation for each Obligor, all in form and substance acceptable to Agent in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. <u>Loss of Margin</u>**. In the event that any present or future law, rule, regulation, treaty or official directive or the interpretation or application thereof by any central Lender, monetary authority or governmental authority, or the compliance with any guideline or request of any central Lender, monetary authority or governmental authority (whether or not having the force of law):

&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) subjects Lender to any tax with respect to any amounts payable under this Note and Loan Agreement or the other Loan Documents by Borrower or otherwise with respect to the transactions contemplated under this Note and Loan Agreement or the other Loan Documents (except for any of the following taxes imposed on or with respect to Lender or required to be withheld or deducted from a payment to Lender, (a) taxes imposed on or measured by net income (however denominated), franchise taxes, and branch profits taxes, in each case, (i) imposed as a result of Lender's being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such tax (or any political subdivision thereof) or (ii) that are imposed as a result of a present or former connection between Lender and the jurisdiction imposing such tax (other than connections arising from Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in the Loan or any Loan Document), (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of Lender with respect to an applicable interest in the Loan pursuant to a law in effect on the date on which (i) Lender acquires such interest in the Loan or (ii) Lender changes its lending office, except in each case to the extent that, pursuant to this Section, amounts with respect to such taxes were payable either to Lender's assignor immediately before such Lender became a party hereto or to Lender immediately before it changed its lending office, (c) taxes attributable to Lender's failure to provide to Borrower, on or before the date on which it becomes a party to this Note and Loan Agreement, a properly completed IRS Form W-9 or IRS Form W-8, as applicable, and (d) any withholding taxes imposed under Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended); or

&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) imposes, modifies or deems applicable any deposit insurance, reserve, special deposit, capital maintenance, capital adequacy, or similar requirement against assets held by, or deposits in or for the account of, or loans or advances or commitments to make loans or advances by Lender; or

&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) imposes upon Lender any other condition (other than taxes) with respect to advances or extensions of credit or the commitment to make advances or extensions of credit under this Note and Loan Agreement, and the result of any of the foregoing is to increase the costs of Lender, reduce the income receivable by or return on equity of Lender or impose any expense upon Lender with respect to any advances or extensions of credit or commitments to make advances or extensions of credit under this Note and Loan Agreement, Lender shall so notify Borrower in writing. Borrower agrees to pay Lender the amount of such increase in cost, reduction in income, reduced return on equity or capital, or additional expense within fifteen (15) business days after presentation by Lender of a statement concerning such increase in cost, reduction in income, reduced return on equity or capital, or additional expense; provided that Borrower shall not be treated less favorably with respect to such amounts than how other similarly situated borrowers of Lender are generally treated. Such statement shall set forth a brief explanation of the amount and Lender's calculation of the amount (in determining such amount Lender may use any reasonable averaging and attribution methods), which statement shall be conclusively deemed correct absent manifest error. If the amount set forth in such statement is not paid within ten (10) days after such presentation of such statement, interest will be payable on the unpaid amount at the Default Rate from the due date until paid, both before and after judgment.

&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) Failure or delay on the part of Lender to demand compensation pursuant to the foregoing provisions of this **<u>Section 11</u>** shall not constitute a waiver of Lender's right to demand such compensation, provided that Borrower shall not be required to compensate Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that Lender notifies Borrower of the change in law giving rise to such increased costs or reductions and of Lender's intention to claim compensation therefor.

&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) If Lender requests compensation under this **<u>Section 11</u>** or requires Borrower to pay any taxes or additional amounts to Lender or any governmental authority for the account of Lender, then at the request of Borrower, Lender shall, as applicable, use reasonable efforts to designate a different office for funding or booking the Loan hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to this **<u>Section 11</u>**, in the future, and (ii) would not subject Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. <u>Security; Loan Documents</u>**.

&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) As security for the full and timely payment of the Lender Indebtedness, Borrower shall grant, convey and assign to Lender a lien on, and security interest in, all existing and after-acquired assets and property of Borrower of any nature (collectively, the "**Borrower Collateral**") as further described in the Security 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) The Loan is further secured by the Guarantor Collateral (together with the Borrower Collateral, the "**Collateral**").

&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) This Note and Loan Agreement is further secured by and entitled to all rights and remedies provided in all other documents executed or delivered in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. <u>Representations and Warranties</u>**. Borrower represents and warrants as of the date hereof as follows:

&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) **<u>Valid Organization, Good Standing and Qualification</u>**. Borrower is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware, has full power and authority to execute, deliver and comply with the Loan Documents, and to carry on its business as it is now being conducted and is duly licensed or qualified as a foreign corporation in good standing under the laws of each jurisdiction in which the character or location of the properties owned by it or the business transacted by it requires such licensing or qualification except where the failure to be in good standing could not reasonably be expected to have a material adverse effect in the financial condition, assets or properties of Borrower (an "**MAE**").

&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) **<u>No Material Adverse Change in Financial Condition</u>**. There has been no MAE since the date of the most recent financial statements of Borrower delivered to Lender.

&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) **<u>Pending Litigation or Proceedings</u>**.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as set forth on <u>Schedule 13(c)(i)</u> attached hereto and incorporated herein by reference, there are no judgments outstanding or actions, suits or proceedings pending or, to the best of Borrower's knowledge, threatened against or affecting Borrower, at law or in equity or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign that could reasonably be expected to have an MAE.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Schedule 13(c)(ii)</u> contains a true and correct summary of the status of all actions set forth on <u>Schedule 13(c)(i)</u>, including without limitation the Claim and the National Grid Dispute.

&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) **<u>Due Authorization; No Legal Restrictions</u>**. The execution and delivery by Borrower of the Loan Documents, the consummation of the transactions contemplated by the Loan Documents and the fulfillment and compliance with the respective terms, conditions and provisions of the Loan Documents: (a) have been duly authorized by all requisite corporate action of Borrower, (b) will not conflict with or result in a breach of, or constitute a default (or might, upon the passage of time or the giving of notice or both, constitute a default) under, any of the terms, conditions or provisions of any applicable statute, law, rule, regulation or ordinance, or Borrower's certificate or articles of incorporation or by-laws or any indenture, mortgage, loan, credit agreement or other document or instrument to which Borrower is a party or by which Borrower may be bound or affected, or any judgment or order of any court or governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which, individually or in the aggregate, could reasonably be expected to have an MAE, and (c) will not result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the property or assets of Borrower under the terms or provisions of any such agreement or instrument, except liens in favor of Lender.

&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) **<u>Enforceability</u>**. The Loan Documents have been duly executed by Borrower and delivered to Lender and constitute legal, valid and binding obligations of Borrower, enforceable in accordance with their terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors' rights generally and (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&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) **<u>No Default Under Other Obligations, Orders or Governmental Regulations</u>**. (i) Borrower is not in violation of its certificates or articles of incorporation or by-laws, and (ii) Borrower is not in default in the performance or observance of any of its obligations, covenants or conditions contained in any indenture or other agreement creating, evidencing or securing any indebtedness or pursuant to which any such indebtedness is issued or in violation of or in default under any other agreement or instrument or any judgment, decree, order, statute, rule or governmental regulation, applicable to it or by which its properties may be bound or affected, which, individually or in the aggregate, could reasonably be expected to have an MAE.

&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) **<u>Governmental Consents</u>**. No consent, approval or authorization of or designation, declaration or filing with any governmental authority on the part of Borrower is required in connection with the execution, delivery or performance by Borrower of the Loan Documents or the consummation of the transactions contemplated thereby where the failure to obtain such consent, approval or authorization, or make such designation, declaration or filing, could reasonably be expected to have an MAE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>Solvency</u>**. Borrower is solvent, able to pay its debts as they mature, has capital sufficient to carry on its business and all businesses in which it is about to engage, and as of the date hereof, the fair present saleable value of its assets, calculated on a going concern basis, is in excess of the amount of its liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Accuracy of Representations and Warranties</u>**. No representation or warranty by Borrower contained herein or in any certificate or other document furnished by Borrower pursuant hereto or in connection herewith, fails to contain any statement of material fact necessary to make such representation or warranty is not misleading in any material respect in light of the circumstances under which it was made (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date is not misleading in any material respect as of such specific date). There is no fact which Borrower knows or should know and has not disclosed to Lender, which could reasonably be expected to have an MAE. To the extent such information, report, financial statement, or other factual information or data was based upon or constitutes a forecast or projection or other forward looking information, Borrower represents only that it acted in good faith and utilized assumptions believed by it to be reasonable at the time such forecasts, projections or information were made available to Lender, no assurance is given by Borrower that the results forecasted in any such projections will be realized, and that actual results covered by such forecasts, projections and other forward looking information may differ from the projected results and that such differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>OFAC Compliance</u>**. Neither Borrower nor any subsidiary of Borrower or affiliate of Borrower (i) is a "Sanctioned Person", (ii) has more than 15% of its assets in "Sanctioned Countries", or (iii) derives more than 15% of its operating income from investments in, or transactions with "Sanctioned Persons" or "Sanctioned Countries". The proceeds of the Loan will not be used and have not been used to fund any operations in, finance any investments or activities in or make any payments to, a "Sanctioned Person" or a "Sanctioned Country".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>[Reserved]</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Liens</u>**. Except as set forth on **<u>Schedule 13(l)</u>** attached hereto and incorporated herein by reference, the Collateral is free and clear of all liens and other encumbrances of any kind (including liens or other encumbrances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) **<u>Financial Information</u>**. Borrower has furnished to Lender the unaudited financial statements of Borrower for its fiscal year ended December 31, 2023. Such financial statements of Borrower (together with the related notes and comments), are correct and complete, fairly present the financial condition and the assets and liabilities of Borrower at such dates, and have been prepared in accordance with generally accepted accounting methods. With respect to the interim statements, such statements are subject to year-end adjustment and any accompanying footnotes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. <u>Covenants</u>**. Except with the prior written consent of Lender, Obligors will comply with the following:

&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) **<u>Payment of Principal, Interest and Other Amounts Due</u>**. Pursuant to **<u>Section 4</u>** hereof, Borrower will pay when due all Lender Indebtedness and all other amounts payable by it hereunder, including without limitation the Mandatory Prepayments set forth in **<u>Section 7</u>** hereof.

&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) **<u>Reporting Related to the Incident</u>**.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Within five business days of Lender's request, but no less frequently than on the first day of each calendar month, Obligors shall deliver to Lender a written update regarding the status of the Refinancing, the Claim and the National Grid Dispute, including, without limitation, a description of any offers to settle, discount or pay any of the same, any indications of interest, letters of intent, offers to refinance, commitment letters and any other documents, correspondence and/or information pertaining to the foregoing.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Within five business days of Lender's request, Obligors shall deliver to Lender any information or documentation requested by Lender, including without limitation, information and documentation related to Borrower, NED, each of their respective assets and liabilities, the Claim, the National Grid Dispute, and the Refinancing, except such information as may be protected by the attorney-client or work product privilege.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Neither Obligor shall, directly or indirectly, assign, encumber, dispose of or grant any interest in the Claim or the claim against National Grid, other than the Permitted Claim Encumbrance.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Obligors shall provide to Lender advance written notice of any settlement of the Claim or the National Grid litigation and shall provide to Lender true and correct copies of any settlement agreement entered in connection therewith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(v) Obligors shall provide to Lender a copy of any decision entered in any case concerning the Claim and the National Grid litigation.

&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) **<u>Limitation on Sale</u>**. Other than in the ordinary course of business or in relation to the Permitted Claim Encumbrance, the Disputed Equipment or the Insight Equipment, neither Obligor will enter into any arrangement whereby it will sell or transfer the Collateral owned by it, regardless of whether such Obligor will then or thereafter rent or lease as lessee such Collateral or any part thereof, unless such Obligor prepays the balance owned under this Note and Loan Agreement in an amount equal to 100% of the proceeds, net of all fees, expenses, and income, transfer or capital gains taxes, paid or payable, of such sale.

&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) **<u>Taxes; Claims for Labor and Materials</u>**. Borrower will pay or cause to be paid when due all taxes, assessments, governmental charges or levies imposed upon it or its income, profits, payroll or any property belonging to it, including without limitation all withholding taxes, and all claims for labor, materials and supplies which, if unpaid, might become a lien or charge upon any of its properties or assets, except for those that could not reasonably be expected to have an MAE or those being properly contested by appropriate proceedings and for which adequate reserves have been maintained in accordance with generally acceptable accounting principles. Borrower will not file or consent to the filing of, any consolidated income tax return with any Person other than a subsidiary or a parent 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) **<u>Existence; Approvals; Qualification; Business Operations; Compliance with Laws</u>**. Borrower will (a) obtain, preserve and keep in full force and effect its separate corporate existence and all rights, licenses, registrations and franchises necessary to the proper conduct of its business or affairs; (b) qualify and remain qualified as a foreign corporation in each jurisdiction in which the character or location of the properties owned by it or the business transacted by it requires such qualification, unless doing so could not reasonably be expected to have a MAE; and (c) continue to operate its business as presently operated and will not engage in any new businesses that could reasonably be expected to have a MAE to the business as presently operated. Borrower will comply with the requirements of all applicable laws and all rules, regulations (including environmental regulations) and orders of regulatory agencies and authorities having jurisdiction over it where noncompliance could reasonably be expected to have an MAE.

&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) **<u>Insurance</u>**. Borrower will carry adequate insurance issued by an insurer (i) that is reasonably acceptable to Lender, in amounts reasonably acceptable to Lender (at least adequate to comply with any co-insurance provisions) and against all such liability and hazards (including business interruption insurance) as are usually carried by entities engaged in the same or a similar business similarly situated or as may be reasonably required by Lender. In the case of insurance on any of the Collateral, Borrower shall carry insurance in amounts as set forth in those certain policies in force on the date hereof and cause Lender to be named as insured mortgagee with respect to all real property that constitutes Collateral, loss payee (with a lender's loss payable endorsement) with respect to all personal property that constitutes Collateral, and additional insured with respect to all liability insurance, as its interests may appear with thirty (30) days' notice to be given Lender by the insurance carrier prior to cancellation or material modification of such insurance coverage.

Borrower shall cause to be delivered to Lender the insurance policies therefor or, in the alternative, evidence of insurance required hereunder and at least thirty (30) business days prior to the expiration of any such insurance, additional policies or duplicates thereof or, in the alternative, evidence of insurance evidencing the renewal of such insurance and payment of the premiums therefor. Borrower shall direct all insurers that in the event of any loss thereunder covering the Collateral or the cancellation of any insurance policy, the insurers shall make payments for such loss and pay all returned or unearned premiums directly to Lender and not to Borrower and Lender jointly.

In the event of any loss of the Collateral, Borrower will give Lender immediate notice thereof and Lender may make proof of loss with respect thereto whether the same is done by Borrower. Lender is granted a power of attorney by Borrower with full power of substitution to file any proof of loss with respect to the Collateral in Borrower's or Lender's name, to endorse Borrower's name on any check, draft or other instrument evidencing insurance proceeds, and to take any action or sign any document to pursue any insurance loss claim. Such power being coupled with an interest is irrevocable.

In the event of any loss of the Collateral covered by insurance as to which Lender is the loss payee or lender loss payee, Lender, at its option, may (a) retain and apply all or any part of the insurance proceeds (net of any income, transfer or capital gains taxes) to reduce in the order described in **<u>Section 8</u>**, the Lender Indebtedness, or (b) disburse all or any part of such insurance proceeds to or for the benefit of Borrower for the purpose of repairing or replacing Collateral after receiving proof satisfactory to Lender of such repair or replacement, in either case without waiving or impairing the Lender Indebtedness or any provision of this Note and Loan Agreement. Any deficiency on the Lender Indebtedness remaining after the loss of all of the Collateral and the application of the insurance proceeds to the Lender Indebtedness pursuant to clause (a) above shall be paid by Borrower to Lender within fifteen (15) business days after demand. Borrower shall not take out any insurance against the Collateral without having Lender named as loss payee or additional insured thereon. Borrower shall bear the full risk of loss from any loss of any nature whatsoever with respect to the Collateral.

&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) **<u>Inspections; Examinations</u>**. Borrower hereby irrevocably authorizes and directs all accountants and auditors employed by Borrower at any time to exhibit and deliver to Lender copies of any and all of Borrower's financial statements, trial balances or other accounting records of any sort in the accountant's or auditor's possession and copies of all reports submitted to Borrower by such accountants or auditors, including management letters, "comment" letters and audit reports, and to disclose to Lender any information they may have concerning Borrower's financial status and business operations. Borrower further authorizes all federal, state and municipal authorities to furnish to Lender copies of reports or examinations relating to Borrower, whether made by Borrower or otherwise.

The officers of Lender, or such Persons as any of them may designate, may, at Borrower's sole cost and expense for one visit per year (unless an Event of Default has occurred and is continuing), during normal business hours and upon reasonable advance notice, visit and inspect any of the properties of Borrower, examine (either by Lender's employees or by independent accountants) any of the Collateral or other assets of Borrower, including the books of account of Borrower, and discuss the affairs, finances and accounts of Borrower with its officers and with its independent accountants, at such times as Lender may desire, except to the extent comprised of trade secrets under applicable law or prohibited by applicable law. Additionally, Lender may obtain updated appraisals of the Collateral once per year, which shall be at Lender's expense, unless after the occurrence of an Event of Default, whereupon all such appraisals shall be at Borrower's sole cost and expense.

Lender may conduct, upon prior written notice and during business hours, and Borrower will fully cooperate with, field examinations of the inventory, accounts receivable and business affairs of Borrower. After the occurrence of an Event of Default, Borrower will reimburse Lender for all costs, expenses and charges as may be required by Lender in connection with all field examinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) **<u>[Reserved]</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **<u>Name; Address or State of Organization Change</u>**. Borrower will not change its name or location (as defined under the Uniform Commercial Code) or its organization structure except upon thirty (30) days prior written notice to Lender and delivery to Lender of any items requested by Lender to maintain perfection and priority of Lender's security interests in and access to the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) **<u>Notices</u>**. Borrower will promptly notify Lender of (a) any action or proceeding brought against Borrower wherein such action or proceeding could reasonably be expected to have an MAE, or (b) the occurrence of any Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) **<u>Additional Documents and Future Actions</u>**. Borrower will, at its sole cost, take such actions and provide Lender from time to time with such agreements, financing statements and additional instruments, documents or information as may be necessary or Lender may reasonably deem advisable to perfect, protect, maintain or enforce the security interests in the Collateral, to permit Lender to protect or enforce its interest in the Collateral, or to carry out the terms of the Loan Documents. Borrower hereby authorizes and appoints Lender as its attorney-in-fact, with full power of substitution, to take such actions upon the occurrence and during the continuance of Event of Default as may be necessary or Lender may reasonably deem advisable to protect the Collateral and its interests thereon and its rights hereunder, to execute on Borrower's behalf and file at Borrower's expense financing statements, and amendments thereto, in those public offices necessary or Lender may reasonably deem appropriate to establish, maintain and protect a continuously perfected security interest in the Collateral, and to execute on Borrower's behalf such other documents and notices as Lender may reasonably deem advisable to protect the Collateral and its interests therein and its rights hereunder. Such power being coupled with an interest is irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **<u>Reporting</u>**. Borrower will maintain books of record and account in which full, correct and current entries in accordance with generally acceptable accounting principles will be made of all of Borrower's dealings, business and affairs, and Borrower shall deliver to Lender the following:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annually, within ninety (90) days of Borrower's fiscal year end, the internally prepared financial statements of Borrower and NED, each including a balance sheet, cash flow statement and income statement for the year ended; <u>provided</u>, <u>however</u>, that if Borrower's Board of Directors elects to obtain audited financial statements for any fiscal year end, Borrower shall deliver such audited financial statements within the period provided in this subsection; 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Quarterly, within thirty (30) days of Borrower's fiscal quarter end, internally prepared financial statements of Borrower and NED, each including a balance sheet, cash flow statement and income statement for the quarter ended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. <u>Events of Default</u>**. For purposes hereof, each of the following shall constitute an Event of Default ("**Event of Default**") hereunder:

&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) The failure of Borrower or NED to pay any Lender Indebtedness (including, without limitation any Mandatory Prepayment) within ten (10) business days after the date on which such payment is due, whether on demand, at the stated maturity or due date thereof or by reason of any requirement for the prepayment thereof, by acceleration or otherwise;

&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) The failure of Borrower or NED to duly perform or observe in all material respects any obligation, covenant or agreement on its part 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;(c) **<u>[Reserved];</u>**

&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) The failure of Borrower or NED to pay or perform any other obligation to Lender under any other agreement or note or otherwise arising, whether or not related to this Note and Loan Agreement, after the expiration of any notice and/or grace periods permitted in such documents that has resulted in the acceleration of the maturity of such other obligation;

&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) The adjudication of Borrower or NED as a bankrupt or insolvent, or the entry of an Order for Relief against Borrower or NED or the entry of an order appointing a receiver or trustee for Borrower or NED of any of their respective property or approving a petition seeking reorganization or other similar relief under the bankruptcy or other similar laws of the United States or any state or any other competent jurisdiction;

&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) A proceeding under any bankruptcy, reorganization, arrangement of debt, insolvency, readjustment of debt or receivership law is filed by or against Borrower or NED or Borrower or NED makes an assignment for the benefit of creditors or Borrower or NED takes any action to authorize any of the foregoing, which, in the case of a proceeding filed against Borrower or NED, is not stayed or lifted within sixty (60) days;

&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) The suspension of the operation of Borrower's or NED's present business for thirty (30) days, or Borrower or NED becoming generally unable to meet its material debts as they mature, or the admission in writing by Borrower or NED to such effect, or Borrower or NED calling any meeting of all or any material portion of its creditors for the purpose of debt restructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All or any material part of the assets of Borrower or NED are attached, seized, subjected to a writ or distress warrant, or levied upon, or come within the possession or control of any receiver, trustee, custodian or assignee for the benefit of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The entry of a final judgment for the payment of money against Borrower or NED of $**[\*\*\*]** or more which, within thirty (30) days after such entry, shall not have been discharged or execution thereof stayed pending appeal or shall not have been discharged within five (5) days after the expiration of any such stay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any representation or warranty of Borrower or NED in any of the Loan Documents is discovered to be untrue in any material respect or any statement, certificate or data furnished by Borrower or NED pursuant hereto or pursuant to the Guaranty is discovered to be untrue in any material respect as of the date as of which the facts therein set forth are stated or certified. However, Borrower and NED shall have ten (10) business days to cure such default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Borrower or NED voluntarily or involuntarily dissolves or is dissolved, terminates or is terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Borrower or NED is enjoined, restrained, or in any way prevented by the order of any court or any administrative or regulatory agency, the effect of which order creates an MAE, it being understood that so long as the Obligors may continue to operate in accordance with the terms of the Niagara Settlement notwithstanding any such order of any court or administrative or regulatory agency, such order shall not create an MAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty loss occurs resulting in the cessation or substantial curtailment of production or other revenue producing activities at any facility of Borrower for more than thirty (30) consecutive days and results in an MAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The loss, suspension, revocation or failure to renew any license or permit now held or hereafter acquired by Borrower, which loss, suspension, revocation or failure to renew has had an MAE, it being understood that so long as the Obligors may continue to operate in accordance with the terms of the Niagara Settlement, no such loss, suspension, revocation or failure to renew any license or permit shall have had an MAE;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Any breach by Borrower of its obligations under any subordination agreement now or hereafter executed in favor of Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The validity or enforceability of this Note and Loan Agreement or any of the Loan Documents is contested by Borrower or NED; or Borrower or NED denies that it has any or any further liability or obligation hereunder or thereunder; 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;(q) The occurrence of an Event of Default under any of the other Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. <u>Remedies</u>**. During the continuance of an Event of Default that has not been waived in writing by Lender, Lender, at its option and without notice to Borrower, may declare immediately due and payable the entire Lender Indebtedness, together with interest accrued thereon at the applicable rate specified herein to the date of the Event of Default and thereafter at the Default Rate. Payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies in this Note and Loan Agreement or in the Loan Documents, or as may be available to Lender at law or in equity. Further, Lender may, pursuant to **<u>Section 40</u>** hereof, file the Confession of Judgment (as hereinafter defined) without further notice and Lender shall be entitled to enforce such judgment against Borrower for the Default Amount (as hereinafter defined). In such instance, Borrower shall not seek to vacate the Confession of Judgment for any non-procedural issue, nor shall it plead or argue any substantive, non-procedural defense to any claim brought against it by Lender that relates to the amount owed pursuant to this Note and Loan Agreement or **<u>Section 40</u>** hereof. If Lender employs counsel to enforce this Note and Loan Agreement by suit or otherwise, Borrower will reimburse Lender for all actual costs of suit and other expenses in connection therewith, whether or not suit is actually instituted, together with Lender's reasonable and actual attorney's fees including, without limitation, attorney's fees incurred post judgment incurred for collection, together, to the extent permitted by applicable law, with interest on any judgment obtained by Lender at the Default Rate, including interest at the Default Rate from and after the date of execution, judicial or foreclosure sale until actual payment is made to Lender of the full amount due to Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. <u>Set-Off</u>**. Without limiting the rights of Lender under applicable law, during the continuance of an Event of Default that has not been waived in writing by Lender, Lender has and may exercise a right of set-off, a lien against and a security interest in all property of Borrower now or at any time in Lender's possession in any capacity whatsoever, including but not limited to any balance of any deposit, trust or agency account, as security for Lender Indebtedness. At any time and from time to time upon the occurrence of an Event of Default that has not been waived in writing by Lender, Lender may without notice or demand, set-off and apply any and all deposits or amounts (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Lender to or for the credit of Borrower against any or all of the Lender Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. <u>Delay or Omission Not Waiver</u>**. Neither the failure nor any delay on the part of Lender to exercise any right, remedy, power or privilege under the Loan Documents upon the occurrence of any Event of Default or otherwise shall operate as a waiver thereof or impair any such right, remedy, power or privilege. No waiver of any Event of Default shall affect any later Event of Default or shall impair any rights of Lender. No single, partial or full exercise of any rights, remedies, powers and privileges by Lender shall preclude further or other exercise thereof. No course of dealing between Lender and Borrower shall operate as or be deemed to constitute a waiver of Lender's rights under the Loan Documents or affect the duties or obligations of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. <u>Remedies Cumulative</u>**. The rights, remedies, powers and privileges provided for herein or under the Loan Documents shall not be deemed exclusive, but shall be cumulative and shall be in addition to all other rights, remedies, powers and privileges in Lender's favor at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. <u>Recovery of Judgments</u>**. The recovery of any judgment by Lender and/or the levy of execution under any judgment upon any Collateral shall not affect in any manner or to any extent the lien of any mortgage securing this Note and Loan Agreement upon, or any security interest in, such Collateral, or any rights, remedies or powers of Lender under any of the Loan Documents, but such liens, security interests, rights, remedies and powers of Lender shall continue unimpaired as before. The exercise by Lender of its rights and remedies and the entry of any judgment by Lender shall not adversely affect in any way the interest rates payable hereunder on any amounts due to Lender, but interest shall continue to accrue on such amounts at the Default Rate specified herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. <u>Releases</u>**. Obligors agree that (i) Lender may release, compromise, forbear with respect to, waive, suspend, extend or renew any of the terms of the Loan Documents, (ii) this Note and Loan Agreement may be amended, supplemented or modified by Lender and the other signatory parties (including Borrower) and (iii) Lender may resort to any guaranty or any Collateral in such order and manner as it may think fit, or accept the assignment, substitution, exchange or pledge of any other Collateral or guaranty in place of, or release for such consideration, or for no consideration, as it may require, without in any way affecting the validity of the lien over or other security interest in the remainder of any Collateral (or the priority thereof or the position of any subordinate holder of any security interest with respect thereto), or any rights that Lender may have with respect to any other guaranty. Any action taken by Lender pursuant to the foregoing shall in no way be construed as a waiver or release of any right or remedy of Lender, or of any Event of Default, or of any liability or obligation of Borrower hereunder or under any of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. <u>Submission to Jurisdiction</u>**. Borrower hereby consents to the exclusive jurisdiction of any state or federal court located within the State of New York, and irrevocably agrees that, subject to Lender's election, all actions or proceedings relating to the Note and Loan Agreement, the other Loan Documents or the transactions contemplated hereunder shall be litigated in such courts, and Borrower waives any objection which it may have based on lack of personal jurisdiction, improper venue or <u>forum non conveniens</u> to the conduct of any proceeding in any such court and waives personal service of any and all process upon it, and consents that all such service of process be made by mail or messenger directed to it at the address set forth in **<u>Section 26</u>**. Nothing contained in this **<u>Section 23</u>** shall affect the right of Lender to serve legal process in any other manner permitted by law or affect the right of Lender to bring any action or proceeding against Borrower or its property in the courts of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. <u>Waivers</u>**. **In connection with any proceedings under this Note and Loan Agreement, the Loan Documents, or in connection with any Lender Indebtedness, including without limitation any action by Lender in replevin, foreclosure or other court process or in connection with any other action related to this Note and Loan Agreement, the Loan Documents or the Lender Indebtedness, Borrower hereby waives and releases:**

&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) **<u>[reserved]</u>;**

&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) **all benefits under any present or future laws exempting any property, real or personal, or any part of any proceeds thereof from attachment, levy or sale under execution, or providing for any stay of execution to be issued on any judgment recovered hereunder or in any replevin or foreclosure proceeding, or otherwise providing for any valuation, appraisal or exemption;**

&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) **all rights to inquisition on any real estate, which real estate may be levied upon pursuant to a judgment obtained hereunder and sold upon any writ of execution issued thereon in whole or in part, in any order desired by Lender;**

&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) **presentment for payment, demand, notice of demand, notice of nonpayment or dishonor or acceleration, protest and notice of protest of this Note and Loan Agreement, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note and Loan Agreement or any other Lender Indebtedness;**

&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) **any requirement for bonds, security or sureties required by statute, court rule or otherwise;**

&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) **any demand for possession of the Collateral prior to commencement of any suit;**

&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) **[reserved]; 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;(h) **any right to subrogation, reimbursement, contribution or indemnity from any co-borrower in connection with any Lender Indebtedness.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. <u>Fees, Costs and Expenses</u>**. Borrower shall pay, within ten (10) business days of request by Lender, all reasonable and actual costs and expenses incurred by Lender after the date hereof in connection with this Note and Loan Agreement, the Loan Documents and the Lender Indebtedness, including, without limitation, the following:

&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) all reasonable and actual costs and expenses in connection with the preparation, review, negotiation, execution, delivery and administration of any amendments, extensions and increases related to this Note and Loan Agreement or the Loan Documents (including, without limitation, attorney's fees and expenses, and the cost of appraisals and reappraisals of the Collateral (no more than once a year except during the continuance of an Event of Default)), and the cost of periodic lien searches and tax clearance certificates, as Lender deems advisable;

&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) all reasonable and actual costs losses, costs and expenses in connection with the exercise, enforcement, protection and preservation of Lender's rights or remedies under this Note and Loan Agreement, or any other agreement relating to any Lender Indebtedness, or in connection with legal advice relating to the rights or responsibilities of Lender (including without limitation court costs, attorney's fees and expenses of accountants and appraisers); 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;(c) any and all stamp and other taxes payable or determined to be payable in connection with the execution and delivery of this Note and Loan Agreement or the Loan Documents (except any such taxes that are imposed with respect to an assignment by Lender), and all liabilities to which Lender may become subject as the result of delay in paying or omission to pay such taxes.

In the event Borrower shall fail to pay taxes, insurance, assessments, costs or expenses which it is required to pay hereunder or under any of the Loan Documents, or fails to keep the Collateral free from security interests or liens or to maintain or repair the Collateral, in each case to the extent required under this Note and Loan Agreement or the Loan Documents, Lender in its reasonable discretion, upon ten (10) business days' notice to Borrower (unless a lesser period of notice is required due to the exigencies of the situation) may make reasonable expenditures for such purposes and the amount so expended (including reasonable and actual attorney's fees and expenses, filing fees and other charges) shall be payable by Borrower within thirty (30) days after demand and shall constitute part of the Lender Indebtedness.

With respect to any amount required to be paid by Borrower under this **<u>Section 25</u>** in the event Borrower fails to pay such amount within thirty (30) days after demand, Borrower shall also pay to Lender interest thereon at the Default Rate. Borrower's obligations under this **<u>Section 25</u>** shall survive repayment of the principal amount of this Note and Loan Agreement.

Borrower agrees to indemnify and hold harmless Lender and Lender's officers, directors, shareholders, employees and agents, from and against any and all claims, liabilities, losses, damages, costs and expenses (whether or not such Person is a party to any litigation) and against any loss or expense which Lender sustains or incurs as a consequence of an Event of Default, including attorney's fees and costs and costs of investigation, document production, attendance at depositions or other discovery with respect to or arising out of this Note and Loan Agreement or any of the Loan Documents, including any breaches by Borrower of any of its obligations under the Loan Documents, the use of any proceeds advanced hereunder, the transactions contemplated hereunder, or any claim, demand, action or cause of action being asserted against Borrower relating to the Loan Documents.

Notwithstanding the foregoing, the obligations of Borrower under this **<u>Section 25</u>** shall not apply to claims resulting from the gross negligence or willful misconduct of Lender or any of Lender's officers, directors, shareholders, employees or agents), as finally determined by a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. <u>Communications and Notices</u>**. All notices, requests and other communications made or given in connection with this Note and Loan Agreement shall be in writing and, unless receipt is stated herein to be required, shall be deemed to have been validly given if delivered personally to the individual or division or department to whose attention notices to a party are to be addressed, or by private carrier, or registered or certified mail, return receipt requested, or by electronic mail; provided that if received after 5:00pm local time on a business day, then such communication shall be deemed received the following business day, in all cases, with charges prepaid, addressed as follows, until some other address (or individual or division or department for attention) shall have been designated by notice given by one party to the other:

To Borrower:

BLOCKFUSION USA, INC.

447 Broadway, 2<sup>nd</sup> Floor

No. 538

New York, New York 10013

Attention: Robert Scott

Email: **[\*\*\*]**

With a copy to:

Reed Smith LLP

599 Lexington Avenue, 22nd Floor

New York, NY 10022

Attention: **[\*\*\*]**

Email: **[\*\*\*]**

Phone: **[\*\*\*]**

To Lender:

XBTO TRADING, LLC

2955 NE 7<sup>th</sup> Avenue

Miami, Florida 33137

Attention: **[\*\*\*]**

Email: **[\*\*\*]**

**[\*\*\*]**

With a copy to:

Stradley Ronon Stevens & Young, LLP

457 Haddonfield Road, Suite 100

Cherry Hill, NJ 08002

Attention: **[\*\*\*]**

Email: **[\*\*\*]**

Phone: **[\*\*\*]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26. <u>Severability</u>**. The provisions of this Note and Loan Agreement and all other Loan Documents are deemed to be severable, and the invalidity or unenforceability of any provision shall not affect or impair the remaining provisions which shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27. <u>Limitation of Interest to Maximum Lawful Rate</u>**. In no event shall the rate of interest payable hereunder exceed the maximum rate of interest permitted to be charged by applicable law (including the choice of law rules) and any interest paid in excess of the permitted rate shall be refunded to Borrower. Such refund shall be made by application of the excessive amount of interest paid against any sums outstanding and shall be applied in such order as Lender may determine. If the excessive amount of interest paid exceeds the sums outstanding, the portion exceeding the said sums outstanding shall be refunded in cash by Lender. Any such crediting or refund shall not cure or waive any default by Borrower hereunder. Borrower agrees, however, that in determining whether or not any interest payable under this Note and Loan Agreement exceeds the highest rate permitted by law, any non-principal payment, including, without limitation, late charges, loan fees and expenses are and shall be deemed to the extent permitted by law to be late charges, loan fees or expenses, as applicable, and not interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28. <u>Law Governing</u>**. This Note and Loan Agreement has been made, executed and delivered in the State of New York and will be construed in accordance with and governed by the laws of such State without regard to conflict of law principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29. <u>No Joint Venture</u>**. Nothing contained herein is intended to permit or authorize Borrower to make any contract on behalf of Lender nor shall this Note and Loan Agreement be construed as creating a partnership or joint venture or making Lender an investor in Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30. <u>Headings</u>**. The headings of the sections, paragraphs and clauses of this Note and Loan Agreement are inserted for convenience only and shall not be deemed to constitute a part of this Note and Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31. <u>Construction</u>**. Whenever used, the singular number shall include the plural, the plural the singular and the use of any gender shall be applicable to all genders. The words "Lender" and "Borrower" shall be deemed to include the respective successors and assigns of Lender and Borrower. All exhibits attached hereto are made a part of this Note and Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**32. <u>Assignment or Sale by Lender</u>**. Lender may sell, assign or participate all or a portion of its interest in this Note and Loan Agreement and/or the other Loan Documents and in connection therewith may make available to any prospective purchaser, assignee or participant any information relative to Borrower in its possession. Lender shall, acting solely for this purpose as an agent of Borrower, maintain a register on which it enters the name and address of each assignee or participant and the principal amounts (and stated interest) of each assignee's or participant's interest in in this Note and Loan Agreement and/or the other Loan Documents, provided that Lender shall not be obligated to disclose all or any portion of such register to any Person except to the extent that such disclosure is necessary to establish the Loan is in registered form under Section 5f.103-1(c) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**33. <u>No Assignment by Borrower</u>**. Borrower may not assign any of its rights hereunder without the prior written consent of Lender, and Lender shall not be required to lend hereunder except to Borrower as it presently exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34. <u>Binding Effect</u>**. This Note and Loan Agreement and all rights and powers granted hereby will bind and inure to the benefit of the parties hereto and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35. <u>No Third Party Beneficiaries</u>**. The rights and benefits of this Note and Loan Agreement shall not inure to the benefit of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36. <u>Modifications</u>**. No modification of this Note and Loan Agreement shall be binding or enforceable unless in writing and signed by or on behalf of the party against whom enforcement is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37. <u>Integration</u>**. The Loan Documents shall be construed as integrated and complementary of each other, and as augmenting and not restricting Lender's rights, powers, remedies and security. This Note and Loan Agreement contains the entire understanding of the parties thereto with respect to the matters contained therein and supersede all prior agreements and understandings between the parties with respect to the subject matter thereof and do not require parol or extrinsic evidence in order to reflect the intent of the parties. In the event of any inconsistency between the terms of this Note and Loan Agreement, the terms of this Note and Loan Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**38. <u>Counterparts</u>**. This Note and Loan Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Note and Loan Agreement by signing any such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**39. <u>Holidays</u>**. If the day provided herein for the payment of any amount or the taking of any action falls on a Saturday, Sunday or public holiday at the place of payment or action, then the due date for such payment or action will be the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40. <u>Joint and Several Liability</u>**. If there is more than one Borrower executing this Note and Loan Agreement, all agreements, conditions, covenants and provisions of this Note and Loan Agreement shall be the joint and several obligation of each Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41. <u>CONFESSION OF JUDGMENT</u>**. **SIMULTANEOUSLY WITH THE EXECUTION OF THIS NOTE AND LOAN AGREEMENT, BORROWER SHALL EXECUTE IN WET INK AN AFFIDAVIT OF CONFESSION OF JUDGMENT IN THE FORM ATTACHED HERETO AS <u>EXHIBIT "B"</u> (THE "CONFESSION OF JUDGMENT"), AND HAVE THE SAME DULY ACKNOWLEDGED, IN THE SUM OF $8,267,885.00 (THE "DEFAULT AMOUNT"). BORROWER AND LENDER AGREE THAT THE AFORESAID CONFESSION OF JUDGMENT SHALL BE HELD IN ESCROW BY LENDER'S COUNSEL AND LENDER SHALL ONLY ENTER JUDGMENT AGAINST BORROWER FOR THE DEFAULT AMOUNT (LESS ANY PAYMENTS THERETOFORE MADE) UPON THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT UNDER THIS NOTE AND LOAN AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42. <u>JURY TRIAL WAIVER</u>**. **BORROWER AND LENDER BY ITS ACCEPTANCE HEREOF WAIVE ANY RIGHT TO TRIAL BY JURY ON ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (a) ARISING UNDER THIS NOTE AND LOAN AGREEMENT OR (b) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF BORROWER OR LENDER WITH RESPECT TO THIS NOTE AND LOAN AGREEMENT OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER AND LENDER AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS NOTE AND LOAN AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER AND LENDER TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS SECTION, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS SECTION.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43. <u>USA Patriot Act Notice</u>**. Lender hereby notifies Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**"), it is required to obtain, verify and record information that identifies Borrower, which information includes the name and address of Borrower and other information that will allow Lender to identify Borrower in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44. <u>Confidentiality</u>**. This Note and Loan Agreement and any related documents or communications are confidential.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

**IN WITNESS WHEREOF**, Obligors and Lender, intending to be legally bound hereby, have caused this Note and Loan Agreement to be duly executed the day and year first above written.

---

| | |
|:---|:---|
| **BLOCKFUSION USA, INC.** | **BLOCKFUSION USA, INC.** |
| By: | /s/ Robert Scott |

---

Name/Title: Robert Scott, Executive Vice President

---

| | |
|:---|:---|
| **NORTH EAST DATA, LLC** | **NORTH EAST DATA, LLC** |
| By: | /s/ Robert Scott |

---

Name/Title: Robert Scott, Authorized Signatory

[Signatures Continue on Following Page]

[Signature Page to Note and Loan Agreement]

---

| | |
|:---|:---|
| **XBTO TRADING, LLC** | **XBTO TRADING, LLC** |
| By: | /s/ Philippe Bekhazi |

---

Name/Title: Philippe Bekhazi, CEO

[Signature Page to Note and Loan Agreement]

## Exhibit 10.42

**Exhibit 10.42**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**SECURED PROMISSORY NOTE**

$6,000,000.00

FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Blockfusion USA, Inc., a Delaware corporation ("**Blockfusion**") and North East Data, LLC, a Delaware limited liability company ("**NED**"), jointly and severally (together, the "**Borrower**"), hereby unconditionally promise to pay to the order of Insight Investments, LLC, a Delaware limited liability company, or its assigns (the "**Noteholder**," and together with the Borrower, the "**Parties**"), the principal amount of Six Million Dollars ($6,000,000.00), together with all accrued interest thereon as provided in this Promissory Note (the "**Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions; Interpretation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Capitalized terms used herein shall have the meanings set forth in this Section 1.1.

"**Affiliate**" as to any Person, means any other Person that, directly or indirectly through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 50% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"**Applicable Rate**" means 1% per month.

"**Beneficial Ownership Regulation**" has the meaning set forth Section 10.10.

"**Borrower**" has the meaning set forth in the introductory paragraph.

"**Business Day**" means a day other than a Saturday, Sunday, or other day on which commercial banks in New York City are authorized or required by law to close.

"**Claim**" means **[\*\*\*]**.

"**Claim Payment**" shall mean receipt by Borrower of any payment of any amount on account of the Claim whether through settlement, adjustment, litigation or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the Claim on behalf of the of the Borrower.

"**Change of Control**" shall mean (i) if Alex Martini and Kant Trivedi (or entities controlled by each of them) cease to own, collectively, free and clear of all liens, security interests or other encumbrances at least 51% of the outstanding voting stock of Borrower; (ii) if Blockfusion fails to own 100% of the membership interests of NED; (iii) any pledge, assignment or hypothecation of or lien or encumbrance on Blockfusion's membership interest of NED (other than to Noteholder), (iv) if Alex Martini and Kant Trivedi, individually or collectively, cease to maintain, directly or indirectly, the ability to direct the management policies and decisions of Borrower; (v) any sale, transfer, lease (other than as approved by Lender in writing) of all or substantially all of a Borrower's assets; and (vi) if Alex Martini and Kant Trivedi fail to continue to exercise control over (A) the day to day management and operation of Borrower's business, and (B) all material business decisions (including a sale, financing or refinancing) for Borrower during the term of the Loan.

"**Default**" means any of the events specified in Section 8 which constitute an Event of Default or which, upon the giving of notice, the lapse of time, or both, pursuant to Section 10, would, unless cured or waived, become an Event of Default.

"**Default Rate**" means the Applicable Rate plus an annualized rate of 2%.

"**Dispute Payment**" means receipt by Borrower of any payment of any amount on account of the National Grid Dispute, whether through settlement, adjustment, litigation, collections on any judgment, or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the National Grid Dispute on behalf of the of Borrower.

"**Event of Default**" has the meaning set forth in Section 8.

"**GAAP**" means generally accepted accounting principles in the United States of America as in effect from time to time.

"**Governmental Authority**" means the government of the United States of America or any nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"**Incident**" means the fire and subsequent damage, loss or destruction of Borrower's property that occurred at Borrower's facility at the Property on or about May 10, 2022.

"**Law**" as to any Person, means the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree, judgment, writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"**Lien**" means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or other), charge, or other security interest.

"**Material Adverse Effect**" means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent), operations, or condition (financial or otherwise) of the Borrower; (b) the validity or enforceability of the Note or Security Agreement; (c) the perfection or priority of any Lien purported to be created under the Security Agreement; (d) the rights or remedies of the Noteholder hereunder or under the Security Agreement; or (e) the Borrower's ability to perform any of its material payment obligations hereunder or under the Security Agreement.

"**Maturity Date**" means the earlier of (a) September 1, 2027 and (b) the date on which all amounts under this Note shall become due and payable pursuant to Section 9.

"**Mortgage**" means that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, made by NED in favor of Property Holdings Portfolio, LLC dated as of September 9, 2021 and recorded at the Niagara County Clerk, instrument number 2021-20950, as modified by that certain Modification Agreement to Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as of August 28, 2023 and recorded at the Niagara County Clerk, instrument number 2023-13856.

"**National Grid**" means Niagara Mohawk Power Corporation d/b/a National Grid.

"**National Grid Dispute**" shall mean the dispute among Borrower and National Grid, arising from the Incident, pursuant to which Borrower filed an action against National Grid.

"**Note**" has the meaning set forth in the introductory paragraph.

"**Noteholder**" has the meaning set forth in the introductory paragraph.

"**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, Governmental Authority, or other entity.

"**Property**" means NED's real property located at 5380 Frontier Avenue, Niagara Falls, New York.

"**Qualifying Financing**" shall mean receipt by Borrower of proceeds of any financing, whether as capital, debt and/or equity, whether secured or unsecured, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $**[\*\*\*]**.

"**Qualifying Refinancing**" shall mean receipt by Borrower of the proceeds of any financing, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $**[\*\*\*]**, and pursuant to which the Mortgage is repaid in full and a new mortgage over the Property is granted.

"**Security Agreement**" means the Security Agreement, dated as of the date hereof, by and between the Borrower and Noteholder.

"**Settled Lease Balance**" means $6,000,000.00 as agreed under the Settlement Agreement.

**[\*\*\*]**

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, signed into law October 26, 2001).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Interpretation**. For purposes of this Note (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Note as a whole. The definitions given for any defined terms in this Note shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. Unless the context otherwise requires, references herein to: (x) Schedules, Exhibits, and Sections mean the Schedules, Exhibits, and Sections of this Note; (y) an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof; and (z) a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Note shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment Dates; Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Payment Dates**. Beginning October 1, 2024, and continuing on the first Business Day of each calendar month thereafter until the Settled Lease Balance is paid in full, the Borrower shall make monthly payments:

&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;(a) in immediately available funds in the following amounts (the "**Monthly Cash Payment**"), which shall be applied in accordance with Section 5.2 hereof:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From October 1, 2024 through and including September 1, 2025, $30,000;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) From October 1, 2025 through and including September 1, 2026, $50,000; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) From October 1, 2026 through and including the Maturity Date, $70,000.

&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;(b) in kind in the amount by which interest accrued in the relevant month exceeds the Monthly Cash Payment. All interest paid in kind shall be added to the outstanding principal balance of the Loan on the last day of each calendar month and capitalized as of the first day of each calendar month (each, an "**In Kind Payment**").

&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;(c) One final payment in the amount of the outstanding principal balance of the Loan, together with all accrued and unpaid interest (including all interest paid in kind) thereon and all other fees, costs and expenses payable hereunder, shall be due on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Mandatory Prepayments**.

&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;(a) Upon the receipt by Borrower of one or more Qualifying Financings and/or Qualifying Refinancings, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal, in the aggregate, to the Mandatory Prepayment Amount listed across from the corresponding aggregate financing amount set forth in the schedule attached hereto as **Exhibit B** and incorporated herein by reference (such mandatory prepayment, a "**Mandatory Financing Prepayment**"). By way of example, **[\*\*\*]**.

&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;(b) Following a Qualifying Refinancing:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) upon the receipt by Borrower of a Dispute Payment, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal to **[\*\*\*]** (such prepayment a "**Mandatory Dispute Prepayment**").

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon the receipt by Borrower of a Claim Payment, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal to **[\*\*\*]** (such prepayment a "**Mandatory Claim Prepayment**").

&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;(c) In the event that the Mortgage is released following the satisfaction of Borrower's underlying obligations to the mortgagee (the "**Mortgage Secured Obligations**") other than following a Qualifying Refinancing, then upon the receipt by Borrower of a Dispute Payment or a Claim Payment, including a Dispute Payment or Claim Payment from which Mortgage Secured Obligations are satisfied, and a portion of such Dispute Payment or a Claim Payment remains following the satisfaction of the Mortgage Secured Obligations (the "**Excess Payment**"), Noteholder will be deemed to have completed a Qualifying Refinancing in the amount of **[\*\*\*]** and Noteholder shall make a Mandatory Financing Prepayment accordingly.

&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;(d) In the event of a Change of Control with respect to Borrower, Borrower shall prepay, or cause to be prepaid, this Note in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Optional Prepayments**. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Agreement**. The Borrower's performance of its obligations hereunder is secured by a first priority security interest in the collateral specified in the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Interest Rate**. Except as otherwise provided herein, the outstanding principal amount of the Settled Lease Balance made hereunder shall bear interest at the Applicable Rate from the Effective Time as defined in the Settlement Agreement until this Note is paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Default Interest**. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Default Rate from the date of such non-payment until such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Computation of Interest**. All computations of interest shall be made on the basis of a 360-day year and 30-day months and the actual number of days elapsed. Interest shall accrue on the Loan on the day on which the Loan is made, and shall not accrue on the Loan for the day on which it is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Interest Rate Limitation**. If at any time and for any reason whatsoever, the interest rate payable on the Loan shall exceed the maximum rate of interest permitted to be charged by the Noteholder to the Borrower under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Payment Mechanics**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Manner of Payments**. All payments of interest and principal shall be made in lawful money of the United States of America no later than 12:00 PM on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder's account at a bank specified by the Noteholder in writing to the Borrower from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Application of Payments**. All payments made under this Note shall be applied *first* to the payment of any fees or charges outstanding hereunder, *second* to accrued interest, and *third* to the payment of the principal amount outstanding under the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Business Day Convention**. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest payable under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Evidence of Debt**. The Noteholder is authorized to record on the grid attached hereto as **Exhibit A** the Loan made to the Borrower and each payment (including each In Kind Payment) or prepayment thereof. The entries made by the Noteholder shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; *provided, however,* that the failure of the Noteholder to record such payments or prepayments, or any inaccuracy therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loan in accordance with the terms of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Rescission of Payments**. If at any time any payment made by the Borrower under this Note is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, the Borrower's obligation to make such payment shall be reinstated as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Representations and Warranties**. Each of Blockfusion and NED, jointly and severally, hereby represents and warrants to the Noteholder on the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Existence; Power and Authority; Compliance with Laws**. The Borrower (a) is a corporation or limited liability company, as the case may be, duly incorporated or organized, validly existing, and in good standing under the laws of the state of its jurisdiction of organization, (b) has the requisite power and authority, and the legal right, to own, lease, and operate its properties and assets and to conduct its business as it is now being conducted, to execute and deliver this Note and the Security Agreement, and to perform its obligations hereunder and thereunder, and (c) is in compliance with all Laws except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Authorization; Execution and Delivery**. The execution and delivery of this Note and the Security Agreement by the Borrower and the performance of its obligations hereunder and thereunder have been duly authorized by all necessary corporate and limited liability company action in accordance with all applicable Laws. The Borrower has duly executed and delivered this Note and the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **No Approvals**. No consent or authorization of, filing with, notice to, or other act by, or in respect of, any Governmental Authority or any other Person is required in order for the Borrower to execute, deliver, or perform any of its obligations under this Note or the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **No Violations**. The execution and delivery of this Note and the Security Agreement and the consummation by the Borrower of the transactions contemplated hereby and thereby do not and will not (a) violate any Law applicable to the Borrower or by which any of its properties or assets may be bound; or (b) constitute a default under any material agreement or contract by which the Borrower may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Enforceability**. Each of the Note and the Security Agreement is a valid, legal, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Covenants**. Until all amounts outstanding under this Note have been paid in full, Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Maintenance of Existence**. (a) Preserve, renew, and maintain in full force and effect its corporate or organizational existence and (b) take all reasonable action to maintain all rights, privileges, and franchises necessary or desirable in the normal conduct of its business, except, in each case, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Compliance**. Comply with all Laws applicable to it and its business and its obligations under its material contracts and agreements, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Notice of Events of Default**. As soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect to such Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Further Assurances**. Upon the request of the Noteholder, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be necessary or advisable to carry out the intent and purposes of this Note and the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Events of Default**. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Failure to Pay**. The Borrower fails to pay (a) any principal amount of the Loan when due or (b) interest or any other amount when due and such failure continues for five (5) Business Days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Breach of Representations and Warranties**. Any representation or warranty made by the Borrower to the Noteholder herein or in the Security Agreement is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Breach of Covenants**. The Borrower fails to observe or perform (a) any covenant, condition, or agreement contained in Section 7.3 or (b) any other material covenant, obligation, condition, or agreement contained in this Note or the Security Agreement, other than those specified in clause (a) and Section 8.1, and such failure continues for 10 Business Days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Bankruptcy**.

&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;(a) The Borrower commences any case, proceeding, or other action (i) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Borrower makes a general assignment for the benefit of its creditors;

&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;(b) There is commenced against the Borrower any case, proceeding, or other action of a nature referred to in Section 8.4(a) which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, or unbonded for a period of 45 days;

&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;(c) There is commenced against the Borrower any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 45 days from the entry thereof;

&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;(d) The Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 8.4(a), Section 8.4(b), or Section 8.4(c) above; or

&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;(e) The Borrower is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Remedies**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may, at its option, by written notice to the Borrower (a) declare the entire principal amount of the Settled Loan Balance , together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or (b) exercise any or all of its rights, powers or remedies under the Security Agreement or applicable Law; *provided, however*, that if an Event of Default described in Section 8.4 shall occur, the principal of and accrued interest on the Settled Loan Balance shall become immediately due and payable without any notice, declaration, or other act on the part of the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Notices**.

&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;(a) All notices, requests, or other communications required or permitted to be delivered hereunder shall be made in writing and mailed by certified or registered mail, delivered by hand or overnight courier service, or sent by facsimile or email as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Borrower:

447 Broadway 2<sup>nd</sup> Floor, #538

New York, NY 10013

Attention of: Alex Martini, CEO

Email: **[\*\*\*]**

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Noteholder:

**[\*\*\*]**

&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;(b) Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received; (ii) sent by facsimile during the recipient's normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient's business on the next business day); and (iii) sent by email shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return email, or other written acknowledgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Expenses**. The Borrower shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket costs, expenses, and fees (including reasonable expenses and fees of its external counsel) incurred by the Noteholder in connection with the transactions contemplated hereby including the negotiation, documentation, and execution of this Note and the Security Agreement and the enforcement of the Noteholder's rights hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Governing Law**. This Note, the Security Agreement, and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon, arising out of, or relating to this Note, the Security Agreement, and the transactions contemplated hereby and thereby shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Submission to Jurisdiction**.

&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;(a) The Borrower hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating to this Note or the Security Agreement may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment against the Borrower in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment.

&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;(b) Nothing in this Section 10.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue the Borrower in any other court having jurisdiction over the Borrower or (ii) serve process upon the Borrower in any manner authorized by the laws of any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Venue**. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note or the Security Agreement in any court referred to in Section 10.4 and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Waiver of Jury Trial**. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE, THE SECURITY AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **Integration**. The Settlement Agreement, this Note and the Security Agreement constitute the entire contract between the Parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 **Successors and Assigns**. This Note may be assigned or transferred by the Noteholder to any Person. The Borrower may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the Noteholder. This Note shall inure to the benefit of, and be binding upon, the Parties and their permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 **Waiver of Notice**. The Borrower hereby waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity, and diligence in taking any action to collect sums owing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 **USA PATRIOT Act**. The Noteholder hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and 31 C.F.R. § 1010.230 (the "**Beneficial Ownership Regulation**"), it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Noteholder to identify the Borrower in accordance with the USA PATRIOT Act and the Beneficial Ownership Regulation, and the Borrower agrees to provide such information from time to time to the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 **Amendments and Waivers**. No term of this Note may be waived, modified, or amended except by an instrument in writing signed by both of the Parties. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 **Headings**. The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand, or limit any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 **No Waiver; Cumulative Remedies**. No failure to exercise, and no delay in exercising on the part of the Noteholder, of any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 **Electronic Execution**. The words "execution," "signed," "signature," and words of similar import in the Note shall be deemed to include electronic or digital signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based record-keeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA, including the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301 to 309).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 **Severability**. If any term or provision of this Note or the Security Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Note or the Security Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Note so as to affect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

[signature page follows]

IN WITNESS WHEREOF, the Borrower has executed this Note as of September 1, 2024.

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |
| NORTH EAST DATA, LLC | NORTH EAST DATA, LLC |
| By | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |

---

---

| | |
|:---|:---|
| INSIGHT INVESTMENTS, LLC | INSIGHT INVESTMENTS, LLC |
| By | /s/ Chris Czaja |
| Name: | Chris Czaja |
| Title: | President |

---

## Exhibit 10.43

**Exhibit 10.43**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**SECURED PROMISSORY NOTE**

$4,000,000.00

FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Blockfusion USA, Inc., a Delaware corporation ("**Blockfusion**") and North East Data, LLC, a Delaware limited liability company ("**NED**"), jointly and severally (together, the "**Borrower**"), hereby unconditionally promise to pay to the order of Insight Investments, LLC, a Delaware limited liability company, or its assigns (the "**Noteholder**," and together with the Borrower, the "**Parties**"), the principal amount of Four Million Dollars ($4,000,000.00), together with all accrued interest thereon as provided in this Promissory Note (the "**Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions; Interpretation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Capitalized terms used herein shall have the meanings set forth in this Section 1.1.

"**2024 Note**" means the Secured Promissory Noted dated as of September 1, 2024 issued by the Borrower in favor of the Noteholder in an aggregate principal amount of $6 million plus capitalized interest thereunder.

"**Affiliate**" as to any Person, means any other Person that, directly or indirectly through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 50% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"**Applicable Rate**" means 1% per month.

"**Beneficial Ownership Regulation**" has the meaning set forth Section 10.10.

"**Borrower**" has the meaning set forth in the introductory paragraph.

"**Business Day**" means a day other than a Saturday, Sunday, or other day on which commercial banks in New York City are authorized or required by law to close.

"**Claim**" [\*\*\*].

"**Claim Payment**" shall mean receipt by Borrower of any payment of any amount on account of the Claim whether through settlement, adjustment, litigation or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the Claim on behalf of the of the Borrower.

"**Change of Control**" shall mean (i) if Alex Martini and Kant Trivedi (or entities controlled by each of them) cease to own, collectively, free and clear of all liens, security interests or other encumbrances at least 51% of the outstanding voting stock of Borrower; (ii) if Blockfusion fails to own 100% of the membership interests of NED; (iii) any pledge, assignment or hypothecation of or lien or encumbrance on Blockfusion's membership interest of NED (other than to Noteholder), (iv) if Alex Martini and Kant Trivedi, individually or collectively, cease to maintain, directly or indirectly, the ability to direct the management policies and decisions of Borrower; (v) any sale, transfer, lease (other than as approved by Lender in writing) of all or substantially all of a Borrower's assets; and (vi) if Alex Martini and Kant Trivedi fail to continue to exercise control over (A) the day to day management and operation of Borrower's business, and (B) all material business decisions (including a sale, financing or refinancing) for Borrower during the term of the Loan.

"**Default**" means any of the events specified in Section 8 which constitute an Event of Default or which, upon the giving of notice, the lapse of time, or both, pursuant to Section 10, would, unless cured or waived, become an Event of Default.

"**Default Rate**" means the Applicable Rate plus an annualized rate of 6%.

"**Dispute Payment**" means receipt by Borrower of any payment of any amount on account of the National Grid Dispute, whether through settlement, adjustment, litigation, collections on any judgment, or otherwise, excluding amounts paid to cover the actual and documented fees and expenses, including contingency fees, incurred by the professionals retained to prosecute the National Grid Dispute on behalf of the of Borrower.

"**Event of Default**" has the meaning set forth in Section 8.

"**GAAP**" means generally accepted accounting principles in the United States of America as in effect from time to time.

"**Governmental Authority**" means the government of the United States of America or any nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"**Incident**" means the fire and subsequent damage, loss or destruction of Borrower's property that occurred at Borrower's facility at the Property on or about May 10, 2022.

"**Law**" as to any Person, means the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree, judgment, writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"**Lien**" means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or other), charge, or other security interest.

"**Loan**" means $4,000,000.00.

"**Material Adverse Effect**" means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent), operations, or condition (financial or otherwise) of the Borrower; (b) the validity or enforceability of the Note or Security Agreement; (c) the perfection or priority of any Lien purported to be created under the Security Agreement; (d) the rights or remedies of the Noteholder hereunder or under the Security Agreement; or (e) the Borrower's ability to perform any of its material payment obligations hereunder or under the Security Agreement.

"**Maturity Date**" means the earlier of (a) September 1, 2027 and (b) the date on which all amounts under this Note shall become due and payable pursuant to Section 9.

"**National Grid**" means Niagara Mohawk Power Corporation d/b/a National Grid.

"**National Grid Dispute**" shall mean the dispute among Borrower and National Grid, arising from the Incident, pursuant to which Borrower filed an action against National Grid.

"**Note**" has the meaning set forth in the introductory paragraph.

"**Noteholder**" has the meaning set forth in the introductory paragraph.

"**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, Governmental Authority, or other entity.

"**Property**" means NED's real property located at 5380 Frontier Avenue, Niagara Falls, New York.

"**Security Agreement**" means Amended & Restated Security Agreement dated as of the date hereof by and between the Borrower and Noteholder.

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, signed into law October 26, 2001).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Interpretation**. For purposes of this Note (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Note as a whole. The definitions given for any defined terms in this Note shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. Unless the context otherwise requires, references herein to: (x) Schedules, Exhibits, and Sections mean the Schedules, Exhibits, and Sections of this Note; (y) an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof; and (z) a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Note shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment Dates; Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Payment Dates**. Beginning August 1, 2025, and continuing on the first Business Day of each calendar month thereafter until the Loan is paid in full, the Borrower shall make monthly payments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in immediately available funds in the following amounts, which shall be applied in accordance with Section 5.2 hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) From August 1, 2025 through and including January 1, 2026, an amount equal to accrued and unpaid interest on the outstanding principal amount of the Loan; 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;(ii) From February 1, 2026 through and including August 1, 2027, $132,857.24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) One final payment in the amount of the outstanding principal balance of the Loan, together with all accrued and unpaid interest (including all interest paid in kind) thereon and all other fees, costs and expenses payable hereunder, shall be due on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Mandatory Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the receipt by Borrower of a Dispute Payment, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal to [\*\*\*] (such prepayment a "**Mandatory Dispute Prepayment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the receipt by Borrower of a Claim Payment, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal to [\*\*\*] (such prepayment a "**Mandatory Claim Prepayment**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties agree 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;(i) The amount of the Loan hereunder shall not count towards the calculation of any Mandatory Financing Prepayment as defined in Section 2.2(a) of the 2024 Note; 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;(ii) the obligations under Section 2.2(b) of the 2024 Note shall be subordinated to this Note, such that any Mandatory Dispute Prepayment or Mandatory Claim Prepayment will be applied first to this Note until this Note is paid in full, and thereafter to prepayment of the 2024 Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a Change of Control with respect to Borrower, Borrower shall prepay, or cause to be prepaid, this Note in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Optional Prepayments**. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Security Agreement**. The Borrower's performance of its obligations hereunder is secured by a first priority security interest in the collateral specified in the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Interest Rate**. Except as otherwise provided herein, the outstanding principal amount of the Loan made hereunder shall bear interest at the Applicable Rate from the Effective Time as defined in the Settlement Agreement until this Note is paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Default Interest**. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Default Rate from the date of such non-payment until such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Computation of Interest**. All computations of interest shall be made on the basis of a 360-day year and 30-day months and the actual number of days elapsed. Interest shall accrue on the Loan on the day on which the Loan is made, and shall not accrue on the Loan for the day on which it is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Interest Rate Limitation**. If at any time and for any reason whatsoever, the interest rate payable on the Loan shall exceed the maximum rate of interest permitted to be charged by the Noteholder to the Borrower under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Payment Mechanics**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Manner of Payments**. All payments of interest and principal shall be made in lawful money of the United States of America no later than 12:00 PM on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder's account at a bank specified by the Noteholder in writing to the Borrower from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Application of Payments**. All payments made under this Note shall be applied *first* to the payment of any fees or charges outstanding hereunder, *second* to accrued interest, and *third* to the payment of the principal amount outstanding under the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Business Day Convention**. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest payable under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Rescission of Payments**. If at any time any payment made by the Borrower under this Note is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, the Borrower's obligation to make such payment shall be reinstated as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Representations and Warranties**. Each of Blockfusion and NED, jointly and severally, hereby represents and warrants to the Noteholder on the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Existence; Power and Authority; Compliance with Laws**. The Borrower (a) is a corporation or limited liability company, as the case may be, duly incorporated or organized, validly existing, and in good standing under the laws of the state of its jurisdiction of organization, (b) has the requisite power and authority, and the legal right, to own, lease, and operate its properties and assets and to conduct its business as it is now being conducted, to execute and deliver this Note and the Security Agreement, and to perform its obligations hereunder and thereunder, and (c) is in compliance with all Laws except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Authorization; Execution and Delivery**. The execution and delivery of this Note and the Security Agreement by the Borrower and the performance of its obligations hereunder and thereunder have been duly authorized by all necessary corporate and limited liability company action in accordance with all applicable Laws. The Borrower has duly executed and delivered this Note and the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **No Approvals**. No consent or authorization of, filing with, notice to, or other act by, or in respect of, any Governmental Authority or any other Person is required in order for the Borrower to execute, deliver, or perform any of its obligations under this Note or the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **No Violations**. The execution and delivery of this Note and the Security Agreement and the consummation by the Borrower of the transactions contemplated hereby and thereby do not and will not (a) violate any Law applicable to the Borrower or by which any of its properties or assets may be bound; or (b) constitute a default under any material agreement or contract by which the Borrower may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Enforceability**. Each of the Note and the Security Agreement is a valid, legal, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Covenants**. Until all amounts outstanding under this Note have been paid in full, Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Maintenance of Existence**. (a) Preserve, renew, and maintain in full force and effect its corporate or organizational existence and (b) take all reasonable action to maintain all rights, privileges, and franchises necessary or desirable in the normal conduct of its business, except, in each case, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Compliance**. Comply with all Laws applicable to it and its business and its obligations under its material contracts and agreements, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Notice of Events of Default**. As soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect to such Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Further Assurances**. Upon the request of the Noteholder, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be necessary or advisable to carry out the intent and purposes of this Note and the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Events of Default**. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Failure to Pay**. The Borrower fails to pay (a) any principal amount of or interest under the Loan or the 2024 Note when due and such failure continues for ten (10) Business Days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Breach of Representations and Warranties**. Any representation or warranty made by the Borrower to the Noteholder herein or in the Security Agreement is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 **Breach of Covenants**. The Borrower fails to observe or perform (a) any covenant, condition, or agreement contained in Section 7.3 or (b) any other material covenant, obligation, condition, or agreement contained in this Note, the 2024 Note or the Security Agreement, other than those specified in clause (a) and Section 8.1, and such failure continues for 10 Business Days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 **Cross Default**. The failure of Borrower to pay any indebtedness for borrowed money of $500,000 or more due to any third person or entity at final maturity or the existence of any other event of default under any loan, security agreement, mortgage or other agreement pertaining thereto binding Borrower, after the expiration of any notice and/or grace periods permitted in such documents that has resulted in the acceleration of the maturity of such indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 **Second Mortgage**. Any default or event of default under that certain Second Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Financing Statement, dated of even date herewith, made by Mortgagor in favor of XBTO Services, LLC, formerly known as XBTO Trading, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 **Bankruptcy**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower commences any case, proceeding, or other action (i) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Borrower makes a general assignment for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There is commenced against the Borrower any case, proceeding, or other action of a nature referred to in Section 8.4(a) which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, or unbonded for a period of 45 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There is commenced against the Borrower any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 45 days from the entry thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 8.4(a), Section 8.4(b), or Section 8.4(c) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Remedies**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may, at its option, by written notice to the Borrower (a) declare the entire principal amount of the Loan, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or (b) exercise any or all of its rights, powers or remedies under the Security Agreement or applicable Law; *providedINS, however*, that if an Event of Default described in Section 8.4 shall occur, the principal of and accrued interest on the Loan shall become immediately due and payable without any notice, declaration, or other act on the part of the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices, requests, or other communications required or permitted to be delivered hereunder shall be made in writing and mailed by certified or registered mail, delivered by hand or overnight courier service, or sent by facsimile or email as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Borrower:

447 Broadway 2<sup>nd</sup> Floor, #538<br> New York, NY 10013<br> Attention of: Alex Martini, CEO<br> Email: [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Noteholder:

[\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received; (ii) sent by facsimile during the recipient's normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient's business on the next business day); and (iii) sent by email shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return email, or other written acknowledgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Expenses**. The Borrower shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket costs, expenses, and fees (including reasonable expenses and fees of its external counsel) incurred by the Noteholder in connection with the transactions contemplated hereby including the negotiation, documentation, and execution of this Note and the Security Agreement and the enforcement of the Noteholder's rights hereunder and thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Governing Law**. This Note, the Security Agreement, and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon, arising out of, or relating to this Note, the Security Agreement, and the transactions contemplated hereby and thereby shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Submission to Jurisdiction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating to this Note or the Security Agreement may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment against the Borrower in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Section 10.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue the Borrower in any other court having jurisdiction over the Borrower or (ii) serve process upon the Borrower in any manner authorized by the laws of any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Venue**. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note or the Security Agreement in any court referred to in Section 10.4 and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Waiver of Jury Trial**. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE, THE SECURITY AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **Integration**. The Settlement Agreement, this Note and the Security Agreement constitute the entire contract between the Parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 **Successors and Assigns**. This Note may be assigned or transferred by the Noteholder to any Person. The Borrower may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the Noteholder. This Note shall inure to the benefit of, and be binding upon, the Parties and their permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 **Waiver of Notice**. The Borrower hereby waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity, and diligence in taking any action to collect sums owing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 **USA PATRIOT Act**. The Noteholder hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and 31 C.F.R. § 1010.230 (the "**Beneficial Ownership Regulation**"), it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Noteholder to identify the Borrower in accordance with the USA PATRIOT Act and the Beneficial Ownership Regulation, and the Borrower agrees to provide such information from time to time to the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 **Amendments and Waivers**. No term of this Note may be waived, modified, or amended except by an instrument in writing signed by both of the Parties. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 **Headings**. The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand, or limit any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 **No Waiver; Cumulative Remedies**. No failure to exercise, and no delay in exercising on the part of the Noteholder, of any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 **Electronic Execution**. The words "execution," "signed," "signature," and words of similar import in the Note shall be deemed to include electronic or digital signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based record-keeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA, including the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301 to 309).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 **Severability**. If any term or provision of this Note or the Security Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Note or the Security Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Note so as to affect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

[signature page follows]

IN WITNESS WHEREOF, the Borrower has executed this Note as of July 21, 2025.

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By | /s/ Robert Scott |
| Name: | Robert Scott |
| Title: | Executive Vice President |
| NORTH EAST DATA, LLC | NORTH EAST DATA, LLC |
| By | /s/ Robert Scott |
| Name: | Robert Scott |
| Title: | Authorized Signatory |

---

## Exhibit 10.44

**Exhibit 10.44**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**PROMISSORY NOTE**

$1,186,518.22

FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Blockfusion USA, Inc., a Delaware corporation (the "**Borrower**"), hereby unconditionally promise to pay to the order of Brady Electric, Inc., a New York corporation, or its assigns (the "**Noteholder**," and together with the Borrower, the "**Parties**"), the principal amount of One Million One Hundred Eighty-Six Thousand Five Hundred Eighteen Dollars and Twenty-Two Cents ($1,186,518.22) together with all accrued interest thereon as provided in this Promissory Note (the "**Note**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Definitions; Interpretation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Capitalized terms used herein shall have the meanings set forth in this Section 1.1.

"**Affiliate**" as to any Person, means any other Person that, directly or indirectly through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person. For purposes of this definition, "control" of a Person means the power, directly or indirectly, either to (a) vote 50% or more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the management and policies of such Person, whether by contract or otherwise.

"**Applicable Rate**" means 7.5% per annum.

"**Beneficial Ownership Regulation**" has the meaning set forth Section 10.10.

"**Borrower**" has the meaning set forth in the introductory paragraph.

"**Business Day**" means a day other than a Saturday, Sunday, or other day on which commercial banks in New York City are authorized or required by law to close.

"**Change of Control**" shall mean (i) if Alex Martini and Kant Trivedi (or entities controlled by each of them) cease to own, collectively, free and clear of all liens, security interests or other encumbrances at least 51% of the outstanding voting stock of Borrower; (ii) if Blockfusion fails to own 100% of the membership interests of NED; (iii) any pledge, assignment or hypothecation of or lien or encumbrance on Blockfusion's membership interest of NED (other than to Noteholder), (iv) if Alex Martini and Kant Trivedi, individually or collectively, cease to maintain, directly or indirectly, the ability to direct the management policies and decisions of Borrower; (v) any sale, transfer, lease (other than as approved by Lender in writing) of all or substantially all of a Borrower's assets; and (vi) if Alex Martini and Kant Trivedi fail to continue to exercise control over (A) the day to day management and operation of Borrower's business, and (B) all material business decisions (including a sale, financing or refinancing) for Borrower during the term of the Loan.

"**Default**" means any of the events specified in Section 8 which constitute an Event of Default or which, upon the giving of notice, the lapse of time, or both, pursuant to Section 10, would, unless cured or waived, become an Event of Default.

"**Default Rate**" means the Applicable Rate plus an annualized rate of 2%.

"**Event of Default**" has the meaning set forth in Section 8.

"**GAAP**" means generally accepted accounting principles in the United States of America as in effect from time to time.

"**Governmental Authority**" means the government of the United States of America or any nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"**Law**" as to any Person, means the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law (including common law), statute, ordinance, treaty, rule, regulation, order, decree, judgment, writ, injunction, settlement agreement, requirement or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"**Lien**" means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or other), charge, or other security interest.

"**Loan**" means $1,186,518.22.

"**Material Adverse Effect**" means a material adverse effect on (a) the business, assets, properties, liabilities (actual or contingent), operations, or condition (financial or otherwise) of the Borrower; (b) the validity or enforceability of the Note or Security Agreement; (c) the perfection or priority of any Lien purported to be created under the Security Agreement; (d) the rights or remedies of the Noteholder hereunder or under the Security Agreement; or (e) the Borrower's ability to perform any of its material payment obligations hereunder or under the Security Agreement.

"**Maturity Date**" means the earlier of (a) January 13, 2028 and (b) the date on which all amounts under this Note shall become due and payable pursuant to Section 9.

"**Note**" has the meaning set forth in the introductory paragraph.

"**Noteholder**" has the meaning set forth in the introductory paragraph.

"**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" means any individual, corporation, limited liability company, trust, joint venture, association, company, limited or general partnership, unincorporated organization, Governmental Authority, or other entity.

"**Property**" means Borrower's real property located at 5380 Frontier Avenue, Niagara Falls, New York.

"**Qualifying Financing**" shall mean receipt by Borrower of proceeds of any financing, whether as capital, debt and/or equity, whether secured or unsecured, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $[\*\*\*].

[\*\*\*]

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56, signed into law October 26, 2001).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Interpretation**. For purposes of this Note (a) the words "include," "includes," and "including" shall be deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Note as a whole. The definitions given for any defined terms in this Note shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine, and neuter forms. Unless the context otherwise requires, references herein to: (x) Schedules, Exhibits, and Sections mean the Schedules, Exhibits, and Sections of this Note; (y) an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented, and modified from time to time to the extent permitted by the provisions thereof; and (z) a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Note shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment Dates; Prepayments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Payment Dates**. Beginning February 1, 2025, and continuing on the first Business Day of each calendar month thereafter until the Loan is paid in full, the Borrower shall make monthly payments:

&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;(a) Not less than $30,000 in immediately available funds in the following amounts (the "**Monthly Cash Payment**"), which shall be applied in accordance with Section 5.2 hereof.

&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;(b) One final payment in the amount of the outstanding principal balance of the Loan, together with all accrued and unpaid interest thereon and all other fees, costs and expenses payable hereunder, shall be due on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Mandatory Prepayments**.

&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;(a) Upon the receipt by Borrower of a Qualifying Financing, Borrower shall prepay, or cause to be prepaid, this Note in an amount equal to the Mandatory Prepayment Amount listed across from the corresponding financing amount set forth in the schedule attached hereto as **Exhibit B** and incorporated herein by reference (such mandatory prepayment, a "**Mandatory Financing Prepayment**").

&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;(b) In the event of a Change of Control with respect to Borrower, Borrower shall prepay, or cause to be prepaid, this Note in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Optional Prepayments**. The Borrower may prepay the Loan in whole or in part at any time or from time to time without penalty or premium by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment. No prepaid amount may be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Interest Rate**. Except as otherwise provided herein, the outstanding principal amount of the Loan made hereunder shall bear interest at the Applicable Rate from the date the Loan was made until the Loan is paid in full, whether at maturity, upon acceleration, by prepayment, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Default Interest**. If any amount payable hereunder is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration, or otherwise, such overdue amount shall bear interest at the Default Rate from the date of such non-payment until such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Computation of Interest**. All computations of interest shall be made on the basis of 365 or 366 days, as the case may be, and the actual number of days elapsed. Interest shall accrue on the Loan on the day on which the Loan is made, and shall not accrue on the Loan for the day on which it is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Interest Rate Limitation**. If at any time and for any reason whatsoever, the interest rate payable on the Loan shall exceed the maximum rate of interest permitted to be charged by the Noteholder to the Borrower under applicable Law, such interest rate shall be reduced automatically to the maximum rate of interest permitted to be charged under applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Payment Mechanics**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Manner of Payments**. All payments of interest and principal shall be made in lawful money of the United States of America no later than 12:00 PM on the date on which such payment is due by wire transfer of immediately available funds to the Noteholder's account at a bank specified by the Noteholder in writing to the Borrower from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Application of Payments**. All payments made under this Note shall be applied *first* to the payment of any fees or charges outstanding hereunder, *second* to accrued interest, and *third* to the payment of the principal amount outstanding under the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Business Day Convention**. Whenever any payment to be made hereunder shall be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension will be taken into account in calculating the amount of interest payable under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Evidence of Debt**. The Noteholder is authorized to record on the grid attached hereto as **Exhibit A** the Loan made to the Borrower and each payment or prepayment thereof. The entries made by the Noteholder shall, to the extent permitted by applicable Law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; *provided, however,* that the failure of the Noteholder to record such payments or prepayments, or any inaccuracy therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loan in accordance with the terms of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Rescission of Payments**. If at any time any payment made by the Borrower under this Note is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, the Borrower's obligation to make such payment shall be reinstated as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Representations and Warranties**. Blockfusion hereby represents and warrants to the Noteholder on the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Existence; Power and Authority; Compliance with Laws**. The Borrower (a) is a corporation duly incorporated or organized, validly existing, and in good standing under the laws of the state of its jurisdiction of organization, (b) has the requisite power and authority, and the legal right, to own, lease, and operate its properties and assets and to conduct its business as it is now being conducted, to execute and deliver this Note, and to perform its obligations hereunder, and (c) is in compliance with all Laws except to the extent that the failure to comply therewith would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Authorization; Execution and Delivery**. The execution and delivery of this Note by the Borrower and the performance of its obligations hereunder and thereunder have been duly authorized by all necessary corporate and limited liability company action in accordance with all applicable Laws. The Borrower has duly executed and delivered this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **No Approvals**. No consent or authorization of, filing with, notice to, or other act by, or in respect of, any Governmental Authority or any other Person is required in order for the Borrower to execute, deliver, or perform any of its obligations under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **No Violations**. The execution and delivery of this Note and the consummation by the Borrower of the transactions contemplated hereby and thereby do not and will not (a) violate any Law applicable to the Borrower or by which any of its properties or assets may be bound; or (b) constitute a default under any material agreement or contract by which the Borrower may be bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 **Enforceability**. The Note is a valid, legal, and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Covenants**. Until all amounts outstanding under this Note have been paid in full, Borrower shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Maintenance of Existence**. (a) Preserve, renew, and maintain in full force and effect its corporate or organizational existence and (b) take all reasonable action to maintain all rights, privileges, and franchises necessary or desirable in the normal conduct of its business, except, in each case, where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Compliance**. Comply with all Laws applicable to it and its business and its obligations under its material contracts and agreements, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Notice of Events of Default**. As soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify the Noteholder in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect to such Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Further Assurances**. Upon the request of the Noteholder, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be necessary or advisable to carry out the intent and purposes of this Note and the Security Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Events of Default**. The occurrence and continuance of any of the following shall constitute an Event of Default hereunder:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Failure to Pay**. The Borrower fails to pay (a) any principal amount of the Loan when due or (b) interest or any other amount when due and such failure continues for five (5) Business Days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Breach of Representations and Warranties**. Any representation or warranty made by the Borrower to the Noteholder herein is incorrect in any material respect on the date as of which such representation or warranty was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Breach of Covenants**. The Borrower fails to observe or perform (a) any covenant, condition, or agreement contained in Section 7.3 or (b) any other material covenant, obligation, condition, or agreement contained in this Note, other than those specified in clause (a) and Section 7.1, and such failure continues for 30 days after written notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Bankruptcy**.

&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;(a) The Borrower commences any case, proceeding, or other action (i) under any existing or future Law relating to bankruptcy, insolvency, reorganization, or other relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it as bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition, or other relief with respect to it or its debts or (ii) seeking appointment of a receiver, trustee, custodian, conservator, or other similar official for it or for all or any substantial part of its assets, or the Borrower makes a general assignment for the benefit of its creditors;

&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;(b) There is commenced against the Borrower any case, proceeding, or other action of a nature referred to in Section 8.4(a) which (i) results in the entry of an order for relief or any such adjudication or appointment or (ii) remains undismissed, undischarged, or unbonded for a period of 45 days;

&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;(c) There is commenced against the Borrower any case, proceeding, or other action seeking issuance of a warrant of attachment, execution, or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which has not been vacated, discharged, or stayed or bonded pending appeal within 45 days from the entry thereof;

&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;(d) The Borrower takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in Section 7.4(a), Section 7.4(b), or Section 7.4(c) above; or

&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;(e) The Borrower is generally not, or shall be unable to, or admits in writing its inability to, pay its debts as they become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Remedies**. Upon the occurrence of any Event of Default and at any time thereafter during the continuance of such Event of Default, the Noteholder may, at its option, by written notice to the Borrower (a) declare the entire principal amount of the Loan, together with all accrued interest thereon and all other amounts payable under this Note, immediately due and payable; and/or (b) exercise any or all of its rights, powers or remedies under the Security Agreement or applicable Law; *provided, however*, that if an Event of Default described in Section 8.4 shall occur, the principal of and accrued interest on the Loan shall become immediately due and payable without any notice, declaration, or other act on the part of the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Notices**.

&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;(a) All notices, requests, or other communications required or permitted to be delivered hereunder shall be made in writing and mailed by certified or registered mail, delivered by hand or overnight courier service, or sent by facsimile or email as follows:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If to the Borrower:

447 Broadway 2<sup>nd</sup> Floor, #538

New York, NY 10013

Attention of: Alex Martini, CEO

Email: [\*\*\*]

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If to the Noteholder:

[\*\*\*]

&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;(b) Notices if (i) mailed by certified or registered mail or sent by hand or overnight courier service shall be deemed to have been given when received; (ii) sent by facsimile during the recipient's normal business hours shall be deemed to have been given when sent (and if sent after normal business hours shall be deemed to have been given at the opening of the recipient's business on the next business day); and (iii) sent by email shall be deemed received upon the sender's receipt of an acknowledgment from the intended recipient (such as by the "return receipt requested" function, as available, return email, or other written acknowledgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Expenses**. The Borrower shall reimburse the Noteholder on demand for all reasonable and documented out-of-pocket costs, expenses, and fees (including reasonable expenses and fees of its external counsel) incurred by the Noteholder in connection with the transactions contemplated hereby including the negotiation, documentation, and execution of this Note and the enforcement of the Noteholder's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Governing Law**. This Note and any claim, controversy, dispute, or cause of action (whether in contract or tort or otherwise) based upon, arising out of, or relating to this Note and the transactions contemplated hereby shall be governed by the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 **Submission to Jurisdiction**.

&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;(a) The Borrower hereby irrevocably and unconditionally (i) agrees that any legal action, suit, or proceeding arising out of or relating to this Note or the Security Agreement may be brought in the courts of the State of New York or of the United States of America for the Southern District of New York and (ii) submits to the exclusive jurisdiction of any such court in any such action, suit, or proceeding. Final judgment against the Borrower in any action, suit, or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment.

&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;(b) Nothing in this Section 10.4 shall affect the right of the Noteholder to (i) commence legal proceedings or otherwise sue the Borrower in any other court having jurisdiction over the Borrower or (ii) serve process upon the Borrower in any manner authorized by the laws of any such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 **Venue**. The Borrower irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Note or the Security Agreement in any court referred to in Section 10.4 and the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 **Waiver of Jury Trial**. THE BORROWER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE, THE SECURITY AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 **Integration**. [\*\*\*], this Note and the Security Agreement constitute the entire contract between the Parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 **Successors and Assigns**. This Note may be assigned or transferred by the Noteholder to any Person. The Borrower may not assign or transfer this Note or any of its rights hereunder without the prior written consent of the Noteholder. This Note shall inure to the benefit of, and be binding upon, the Parties and their permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 **Waiver of Notice**. The Borrower hereby waives demand for payment, presentment for payment, protest, notice of payment, notice of dishonor, notice of nonpayment, notice of acceleration of maturity, and diligence in taking any action to collect sums owing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 **USA PATRIOT Act**. The Noteholder hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act and 31 C.F.R. § 1010.230 (the "**Beneficial Ownership Regulation**"), it is required to obtain, verify, and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow the Noteholder to identify the Borrower in accordance with the USA PATRIOT Act and the Beneficial Ownership Regulation, and the Borrower agrees to provide such information from time to time to the Noteholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 **Amendments and Waivers**. No term of this Note may be waived, modified, or amended except by an instrument in writing signed by both of the Parties. Any waiver of the terms hereof shall be effective only in the specific instance and for the specific purpose given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 **Headings**. The headings of the various Sections and subsections herein are for reference only and shall not define, modify, expand, or limit any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 **No Waiver; Cumulative Remedies**. No failure to exercise, and no delay in exercising on the part of the Noteholder, of any right, remedy, power, or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power, or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The rights, remedies, powers, and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 **Electronic Execution**. The words "execution," "signed," "signature," and words of similar import in the Note shall be deemed to include electronic or digital signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based record-keeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act of 2000 (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA, including the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301 to 309).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 **Severability**. If any term or provision of this Note or the Security Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Note or the Security Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties shall negotiate in good faith to modify this Note so as to affect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

[signature page follows]

IN WITNESS WHEREOF, the Borrower has executed this Note as of January 13, 2025

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |

---

---

| | |
|:---|:---|
| BRADY ELECTRIC, INC. | BRADY ELECTRIC, INC. |
| By | /s/ Thomas Brady |
| Name: | Thomas Brady |
| Title: | President |

---

## Exhibit 10.45

**Exhibit 10.45**

**CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [\*\*\*], HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT THE REGISTRANT TREATS AS PRIVATE OR CONFIDENTIAL**

**SETTLEMENT AGREEMENT AND MUTUAL RELEASE**

This Settlement Agreement and Mutual Release (this "**Settlement Agreement**") is entered into as of March 31, 2025 (the "**Effective Date**") by and between (a) Blockfusion USA, Inc., a Delaware corporation ("**Blockfusion**") and North East Data, LLC, a Delaware limited liability company ("**NED**" and, collectively with Blockfusion, the "**Blockfusion Parties**"), on the one hand, and (b) Thunderra LLC, a Delaware limited liability company ("**Thunderra**"), on the other hand. The Blockfusion Parties and Thunderra may be referred to herein collectively as the "**Parties**" and individually as a "**Party**."

I. RECITALS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. WHEREAS, Blockfusion and Thunderra are party to a Management Services Agreement and the related Statement of Work each dated as of June 1, 2022 (collectively the "**MSA**") pursuant to which Thunderra provides services to Blockfusion (the "**Services**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. WHEREAS, as of the Effective Date, the Blockfusion Parties owed an aggregate amount of $822,523.35 to Thunderra with respect to the Services (the "**Thunderra Balance**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. WHEREAS, after engaging in good faith negotiations, the Parties have agreed to resolve all disputes and issues between them relating to the Thunderra Balance and the Services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions set forth herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:

II. SETTLEMENT AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Defined Terms**. Capitalized terms used but not otherwise defined herein shall have the meanings given to such terms in the MSA.

"**Qualifying Financing**" means shall mean receipt by the Blockfusion Parties of proceeds of any financing, whether as capital, debt and/or equity, whether secured or unsecured, whether received in a lump sum, multiple draws or otherwise, whether from a single source or multiple sources, in the aggregate principal amount equal to or greater than $**[\*\*\*]**.

"**Change of Control**" means any transaction in which Alex Martini and Kant Trivedi (or entities controlled by each of them) cease to own, collectively, security interests or other encumbrances at least 51% of the outstanding voting stock of Blockfusion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Settlement Terms**. The Parties have agreed to settle the issues and disputes between them on the following terms:

&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) Upon the closing from time to time of Qualifying Financings, Blockfusion shall makes payments in reduction of the Thunderra Balance in amounts equal to the Mandatory Payment Amount listed across from the corresponding cumulative financing amount set forth in the schedule attached hereto as Exhibit A and incorporated herein by reference (such mandatory prepayment, a "**Mandatory Financing Payment**").

&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) In the event of a Change of Control with respect to Blockfusion, Blockfusion shall pay, or cause to be paid, the then outstanding balance of the Thunderra Balance.

&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) Blockfusion may pay down the Thunderra Balance in whole or in part at any time without penalty.

&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) Blockfusion will issue to Thunderra or its nominee(s) one or more warrants, substantially in the form attached as **Exhibit B** hereto, exercisable for an aggregate of 35,000 shares of the Series A Common Stock of Blockfusion (the "**Warrant**").

&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) Thunderra shall grant the release as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Amendment of MSA**. The MSA is hereby amended as of the Effective Date as follows:

&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) The aggregate monthly service fees payable by Blockfusion to Thunderra shall be capped at $**[\*\*\*]** based on **[\*\*\*]** MW of committed capacity, which amount will be reduced pro rata in the event that the committed capacity is reduced below **[\*\*\*]** MW.

&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) Thunderra will maintain at least **[\*\*\*]** team members, in addition to remote staff and a network specialist, including the manager and shall maintain the uptime requirements in effect immediately prior to the Effective Date.

&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) The terms of the MSA will be renegotiated upon the full payment of the Thunderra Balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Thunderra Release**. Thunderra, on behalf of itself, as well as its agents, administrators, predecessors, successors, assigns, assignees, officers, directors, owners, partners, partnerships, shareholders, members, employees, representatives, affiliates, divisions, associations, corporate parents and subsidiaries, and all persons acting by or through them or on their behalf or in concert with them, individually or collectively (the "**Thunderra Parties**"), hereby release and forever discharge each of the Blockfusion Parties, and all of their respective agents, administrators, predecessors, successors, assigns, assignees, officers, directors, owners, partners, partnerships, shareholders, members, employees, representatives, affiliates, divisions, associations, corporate parents and subsidiaries, attorneys, and all persons acting by or through them or on their behalf or in concert with them, individually or collectively (collectively, "**Blockfusion Released Parties**"), from any and all claims, demands, liens, agreements, contracts, covenants, rights, actions, causes of action, suits, obligations, debts, expenses, attorneys' fees, damages, judgments, orders and liabilities of any kind or nature, in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, anticipated or unanticipated, and whether concealed or hidden, arising against any of the Blockfusion Released Parties on or before the Effective Time, including but not limited to claims that were or could have been asserted in connection with the Services and/or the Thunderra Balance (the "**Thunderra Released Claims**"). Notwithstanding anything in this Settlement Agreement to the contrary, nothing in this paragraph is intended to affect the Blockfusion Parties' obligations under this Settlement Agreement, all of which obligations shall remain in full force and effect following the occurrence of the Effective Date, and none of which obligations are being released.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **No Outstanding or Known Future Claims/Causes of Action**. Each Party affirms that it currently knows of no existing act or omission by the other Party that may constitute a claim or liability excluded from the Thunderra Released Claims. The Parties further agree that no suit in law or in equity and no other action or proceeding shall be commenced or prosecuted based upon, arising out of, or related to any of the Thunderra Released Claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Representations**. Each of the Blockfusion Parties represents and warrants to Thunderra, and Thunderra represents and warrants to the Blockfusion Parties, that it has full power and authority to enter into this Settlement Agreement and carry out its obligations and that (i) all necessary corporate or other action has been duly taken to authorize the execution and delivery of this Settlement Agreement, and (ii) this Settlement Agreement has been duly executed. Each of the Blockfusion Parties further represents, warrants and agrees to Thunderra, and Thunderra further represents, warrants and agrees to the Blockfusion Parties, that it has not assigned, granted, transferred, alienated or pledged, in whole or in part, any interest in the Thunderra Balance, to any other person or entity, and that no other person or entity retains any right, title or interest in the Thunderra Balance other than the Parties to this Settlement Agreement. Each of the Parties acknowledges and agrees that this Settlement Agreement shall be binding on its agents, administrators, predecessors, successors, assigns, assignees, officers, directors, owners, partners, partnerships, shareholders, employees, representatives, affiliates, divisions, associations, related persons and entities, corporate parents and subsidiaries, attorneys, insurance carriers, and all persons acting by or through them or on their behalf or in concert with them, individually or collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Attorneys' Fees; Tax Consequences; Costs**. Any attorneys' fees, taxes or costs, penalties or interest incurred or assessed to each Party are its sole responsibility, except as otherwise provided in this Settlement Agreement. No Party makes any warranty as to any tax consequences of this Settlement Agreement or any of the payments contemplated herein to any other Party. The determination of the tax consequences, if any, of this Settlement Agreement is the sole responsibility of each Party hereto with respect to itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Confidentiality of Settlement Agreement**. The Parties agree to keep confidential and not to disclose to any person or entity the terms or conditions of this Settlement Agreement ("**Confidential Information**") without the prior written consent of the each of the Blockfusion Parties or Thunderra, as applicable; provided, however, that each Party shall be permitted to disclose the Confidential Information: (a) to officers, directors, employees, attorneys, accountants, financial advisors, insurers, tax professionals retained by them, any federal, state, or local governmental taxing or regulatory authority and representatives of its respective companies (and its affiliates) who have a bona fide need to know; and/or (b) as required by law, including any lawful discovery request or subpoena, if ordered by a court of competent jurisdiction; and/or (c) to enforce this Settlement Agreement or the Warrant. Any person identified in the preceding sentence to whom Confidential Information is disclosed is bound by this confidentiality provision and the disclosing Party shall be liable for any breaches of confidentiality by persons to whom they have disclosed Confidential Information in accordance with this paragraph. Notwithstanding the foregoing, the Parties may disclose the fact that the Thuderra Balance has been settled, but without disclosing the terms and conditions of the settlement.

In the event any Party believes it is required by law to disclose the Confidential Information, before making such disclosure that Party shall provide the Blockfusion Parties or Thunderra, as applicable, with ten (10) business days' written notice of the intended disclosure so long as such written notice is permitted by applicable law. In the event any Party is ordered by a court of competent jurisdiction in the United States of America to disclose the Confidential Information without the availability to give written notice as provided herein, such Party shall use its best efforts to disclose the Confidential Information in camera with the court and thereafter notify the other remaining Parties in writing of such disclosure as soon as is practical.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Acknowledgement**. Each Party acknowledges that no promise, inducement or agreement not herein expressed has been made in connection with this Settlement Agreement, and that this Settlement Agreement is intended as a final and complete expression of the Parties' agreement and understanding with respect to the subject matter hereof. This Settlement Agreement supersedes all prior agreements, if any, whether written or oral, pertaining to all or any portions of the terms the Settlement Agreement. The terms of this Settlement Agreement are contractual and not a mere recital. This Settlement Agreement may not be changed, modified, altered or amended except by written instrument executed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Third Party Beneficiaries**. Each Party acknowledges and agrees that each person and entity referred to in paragraph 3 above that is not a Party hereto, is a third-party beneficiary of the releases contained in paragraph 3 of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **New or Different Facts: No Effect**. Except as provided herein, this Settlement Agreement shall be, and remain, in effect despite any alleged breach of this Settlement Agreement or the discovery or existence of any new or additional fact, or any fact different from that which either Parties now knows or believes to be true. Notwithstanding the foregoing, nothing in this Settlement Agreement shall be construed as, or constitute, a release of any Parties' rights to enforce the terms of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Choice of Law**. This Settlement Agreement shall be construed, interpreted and enforced in accordance with the laws of the State of New York without consideration of New York choice of law rules and is not to be construed or interpreted against any Party. Regardless of which Party actually prepared this Settlement Agreement, no Party is deemed the drafter of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Dispute Resolution**. In the event that any dispute arises between the Parties regarding this Settlement Agreement, including its validity, enforceability, or interpretation, the Parties consent to the exclusive jurisdiction of, and agree to bring any such dispute exclusively in the state or federal courts of New York located in New York County. The Parties further agree that New York law shall apply to any such dispute. The prevailing Party or Parties in any such dispute shall be entitled to recover such Party's or Parties' reasonable attorneys' fees and costs from the adverse Party or Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Validity of Settlement Agreement**. The Parties intend this Settlement Agreement to be legally binding upon and shall inure to the benefit of each of them and their respective successors, assigns, executors, administrators, heirs, and estates. Should any provision of this Settlement Agreement be declared or be determined by any court having proper jurisdiction to be illegal or invalid, the validity of the remaining parts, terms, or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Headings**. The headings of this Settlement Agreement are for convenience or reference only, and shall not limit, expand, modify or otherwise affect the meaning of any provision of this Settlement Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Reliance on Own Counsel**. In entering into this Settlement Agreement, the Parties acknowledge that they have relied upon the legal advice of their respective attorneys, who are the attorneys of their own choosing, that such terms are fully understood and voluntarily accepted by them, and that, other than the consideration set forth herein, no promises or representations of any kind have been made to them by the other Party. The Parties represent and acknowledge that in executing this Settlement Agreement they did not rely, and have not relied, upon any representation or statement, whether oral or written, made by the other Parties or by that other Parties' agents, representatives, or attorneys with regard to the subject matter, basis, or effect of this Settlement Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **Counterparts**. This Settlement Agreement may be executed by the Parties in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **Non-Disparagement**. No Party shall at any time (a) disparage any other Party or any other Party's officers, directors, employees, agents, representatives, managers, members, parents, affiliates, successors, or assigns, either orally or in writing, or (b) take any action that is intended to, or that reasonably may be expected to, cause harm or damage to the commercial interests or financial condition of any other Party or of any other Party's officers, directors, employees, agents, representatives, managers, members, parents, affiliates, successors, or assigns (except for any action to enforce this Settlement Agreement or the Warrant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **Computation of Time Periods**. When computing any time period specified in this Settlement Agreement, if the last day is a Saturday, Sunday, or legal holiday, the time period continues to run until the end of the next day that is not a Saturday, Sunday, or legal holiday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Amendments**. This Settlement Agreement may not be changed, amended, modified, or altered except by written agreement signed by each of the Parties.

**IN WITNESS WHEREOF**, and intending to be legally bound, each of the Parties hereto has caused this Settlement Agreement to be duly executed the day and year first above written.

---

| | |
|:---|:---|
| BLOCKFUSION USA, INC. | BLOCKFUSION USA, INC. |
| By: | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |
| NORTH EAST DATA, LLC | NORTH EAST DATA, LLC |
| By: | /s/ Alex Martini-Lo Manto |
| Name: | Alex Martini-Lo Manto |
| Title: | CEO |

---

[Signatures Continue on the Following Page]

---

| | |
|:---|:---|
| THUNDERRA LLC | THUNDERRA LLC |
| By: | /s/ Kiryl Hnidash |
| Name/Title: Kiryl Hnidash/CEO | Name/Title: Kiryl Hnidash/CEO |

---

## Exhibit 21.1

**Exhibit 21.1**

---

| | |
|:---|:---|
| **List of Subsidiaries of Blockfusion Data Centers, Inc.** | **List of Subsidiaries of Blockfusion Data Centers, Inc.** |
| **Subsidiary** | **Jurisdiction of Incorporation or Organization** |
| Atlas I Merger Sub | Cayman Islands |
| Atlas Merger Sub, Inc. | Delaware |
| Blockfusion USA, Inc. | Delaware |
| North East Data, LLC | Delaware |
| Blockfusion Canada Inc. | Canada |
| Blockfusion Italia S.R.L. | Italy |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Amendment No. 1 to the Registration Statement No. 333-291994 on Form S-4 filed on the date herewith of Blockfusion Data Centers, Inc. of our report dated February 9, 2026, relating to the consolidated financial statements of Blockfusion USA, Inc. for the years ended December 31, 2024 and 2023, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in such Prospectus.

/s/ Elliott Davis, PLLC

Charlotte, North Carolina

February 9, 2026

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Amendment No. 1 to the Registration Statement No. 333-291994 on Form S-4 filed on the date herewith of Blockfusion Data Centers, Inc. of our report dated June 2, 2025, relating to the financial statements of Blue Acquisition Corp. as of February 28, 2025 and for the period from February 10, 2025 (inception) through February 28, 2025, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in such Prospectus.

/s/ Elliott Davis, PLLC

Charlotte, North Carolina

February 9, 2026

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in this Amendment No. 1 to the Registration Statement No. 333-291994 on Form S-4 filed on the date herewith of Blockfusion Data Centers, Inc. of our report dated December 5, 2025, except for Notes 2 and 7 as to which the date is February 9, 2026, relating to the consolidated financial statements of Blockfusion Data Centers, Inc. as of November 3, 2025 and for the period from September 29, 2025 (inception) through November 3, 2025, appearing in the Prospectus, which is part of this Registration Statement.

We also consent to the reference to our firm under the heading "Experts" in such Prospectus.

/s/ Elliott Davis, PLLC

Charlotte, North Carolina

February 9, 2026

## Exhibit 99.6

**Exhibit 99.6**

**Consent to be Named as a Director Nominee** 

In connection with the filing by Blockfusion USA, Inc. (the "Company") of the Registration Statement on Form S-4 with the US Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the Board of Directors of the Company in the Registration Statement and any and all amendments and supplements thereto.

I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| /s/ Gustavo Mana |
| Gustavo Mana |

---

Dated: February 2, 2026

## Exhibit 99.7

**Exhibit 99.7**

**Consent to be Named as a Director Nominee** 

In connection with the filing by Blockfusion USA, Inc. (the "Company") of the Registration Statement on Form S-4 with the US Securities and Exchange Commission under the Securities Act of 1933, as amended (the "Securities Act"), I hereby consent, pursuant to Rule 438 of the Securities Act, to being named as a nominee to the Board of Directors of the Company in the Registration Statement and any and all amendments and supplements thereto.

I also consent to the filing of this consent as an exhibit to such Registration Statement and any amendments thereto.

---

| |
|:---|
| /s/ Paul Fiore |
| Paul Fiore |

---

Dated: February 4, 2026