# EDGAR Filing Document

**Accession Number:** 0001829311
**File Stem:** 0001641172-25-026481
**Filing Date:** 2025-9
**Character Count:** 146467
**Document Hash:** 5ed1344ce4adda47106c0bb03a1166d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-026481.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001641172-25-026481

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250901

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BITMINE IMMERSION TECHNOLOGIES, INC.
- **CENTRAL INDEX KEY:** 0001829311
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 843986354
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42675
- **FILM NUMBER:** 251291545

**BUSINESS ADDRESS:**
- **STREET 1:** 10845 GRIFFITH PEAK DR. #2
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89135
- **BUSINESS PHONE:** 562-310-0160

**MAIL ADDRESS:**
- **STREET 1:** 10845 GRIFFITH PEAK DR. #2
- **CITY:** LAS VEGAS
- **STATE:** NV
- **ZIP:** 89135

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Sandy Springs Holdings, Inc.
- **DATE OF NAME CHANGE:** 20201021

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 1, 2025

**BITMINE IMMERSION TECHNOLOGIES, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42675** | **84-3986354** |
| (State or other jurisdiction<br> of incorporation or organization) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**10845 Griffith Peak Dr. #2**

**Las Vegas, NV 89135**

(Address of principal executive office) (Zip Code)

**(404) 816-8240**

(Registrants' telephone number, including area code)

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Stock, par value $0.0001** | **BMNR** | **NYSE American LLC** |

---

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

Emerging Growth Company ☒

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

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On September 1, 2025, BitMine Immersion Technologies, Inc. (the "***Company***"), entered into Executive Employment Agreements (each, an "***Agreement***," and collectively, the "***Agreements***") with Jonathan Bates, Raymond Mow, and Erik Nelson (each, an "***Executive***," and collectively, the "***Executives***"). Pursuant to the respective Agreements, the Company and the Executives agreed as follows:

Position and Term

Pursuant to the terms of the Agreements, Jonathan Bates will continue to serve as the Company's Chief Executive Officer, Raymond Mow will continue to serve as the Company's Chief Financial Officer, and Erik Nelson will continue to serve as the Company's President. The term of each of the Executives' employment commenced on September 1, 2025, and shall be of an indefinite duration unless terminated by the Company for Cause (as defined in the Agreements), or by the Executive voluntarily with or without Good Reason (as defined in the Agreements), or upon the Executives' death or Disability (as defined in the Agreements).

Compensation

Jonathan Bates' total annual compensation under his Agreement is $3,037,000, consisting of: (i) an annual base salary of $750,000; (ii) a minimum annual cash bonus of $375,000, payable in equal quarterly installments of $93,750; (iii) performance-based compensation of $787,500, subject to achievement of performance metrics to be determined and communicated by the Company's board of directors (the "***Board***"); and (iv) an annual equity award with a grant-date fair value of $1,125,000, granted in the form of restricted stock units ("***RSUs***"), subject to the Company's Compensation Committee approval each quarter and which vest in four equal installments of 25% each on November 30, February 28 (or February 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date is not a business day, on the next business day), provided that Executive remains continuously employed by the Company through the applicable vesting date and in accordance with his Agreement.

Raymond Mow's total annual compensation under his Agreement is $1,023,750, consisting of: (i) an annual base salary of $350,000; (ii) a minimum annual cash bonus of $105,000, payable in equal quarterly installments of $26,250; (iii) performance-based compensation of $113,750, subject to achievement of performance metrics to be determined and communicated by the Board; and (iv) an annual equity award with a grant-date fair value of $455,000, granted in the form of RSUs, subject to the Company's Compensation Committee approval each quarter and which vest in four equal installments of 25% each on November 30, February 28 (or February 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date is not a business day, on the next business day), provided that Executive remains continuously employed by the Company through the applicable vesting date and in accordance with his Agreement.

Erik Nelson's total annual compensation under his Agreement is $406,250, consisting of: (i) an annual base salary of $240,000; (ii) a minimum annual cash bonus of $52,500, payable in equal quarterly installments of $13,125; and (iii) an annual equity award with a grant-date fair value of $113,750, granted in the form of RSUs, and subject to the Company's Compensation Committee approval each quarter and which vest in four equal installments of 25% each on November 30, February 28 (or February 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date is not a business day, on the next business day), provided that Executive remains continuously employed by the Company through the applicable vesting date and in accordance with his Agreement.

Each of Messrs. Bates, Mow, and Nelson are entitled to participate in the Company's employee benefits and perquisites for executives, including health and group insurance, pension plans, and other benefit plans, programs, and arrangements as are made generally available from time to time to senior executives of the Company. The Company shall also reimburse each of Messrs. Bates, Mow, and Nelson for all reasonable and documented business and travel expenses incurred in the performance of their respective job duties and the promotion of the Company's business as well as $10,000 for each Executive's reasonably attorneys' fees incurred in connection with the negotiation and execution of their respective Agreements.

Payment in Connection with Termination

Where an Executive's employment is terminated by the Company for Cause (as defined in the Agreements), or by the Executive voluntarily without Good Reason (as defined in the Agreements), the Company shall pay to the terminating Executive, in a lump sum within 30 days following the effective date of termination, $1,912,500 for Jonathan Bates, $568,750 for Raymond Mow, and $292,500 for Erik Nelson, representing one year of total cash compensation (excluding the value of equity awards), together with all Accrued Benefits (as defined in the Agreements).

However, if an Executive's employment is terminated by the Company without Cause, or by the Executive for Good Reason, the Company shall pay to the terminating Executive, in a lump sum within 30 days following the effective date of termination, $3,037,500 for Jonathan Bates, $1,137,500 for Raymond Mow, and $585,000 for Erik Nelson, representing two years of total cash compensation (excluding the value of equity awards), together with all Accrued Benefits. The Executives shall also be entitled to this payment for termination in connection with a Change in Control (as defined in the Agreements), or due to death or disability.

The foregoing description is only a summary of the Executive Employment Agreements and is qualified in its entirety by reference to the copies of the Executive Employment Agreements attached as Exhibits 10.1, 10.2, and 10.3 to this Current Report and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit<br> No. | Description |
| 10.1 | [Executive Employment Agreement between BitMine Immersion Technologies, Inc. and Jonathan Bates, dated September 1, 2025.](ex10-1.htm) |
| 10.2 | [Executive Employment Agreement between BitMine Immersion Technologies, Inc. and Raymond Mow, dated September 1, 2025.](ex10-2.htm) |
| 10.3 | [Executive Employment Agreement between BitMine Immersion Technologies, Inc. and Erik Nelson, dated September 1, 2025.](ex10-3.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **BitMine Immersion Technologies, Inc.** | **BitMine Immersion Technologies, Inc.** |
| Dated: September 3, 2025 | By: | */s/ Jonathan Bates* |
|  | Name: | Jonathan Bates |
|  | Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**Executive Employment Agreement**

This EXECUTIVE EMPLOYMENT AGREEMENT (this "**Agreement**") is made as of September 1, 2025 (the "**Effective Date**"), by and between BitMine Immersion Technologies, Inc., a Delaware corporation (together with its successors and assigns, the "**Company**"), and Jonathan Bates ("**Executive**").

**RECITALS**

WHEREAS, the Company desires to employ Executive as its Chief Executive Officer and to ensure Executive's commitment to the long-term growth and success of the Company;

WHEREAS, Executive has the skills, experience, and leadership qualities necessary to serve in such capacity and is willing to accept such employment on the terms and conditions set forth herein;

WHEREAS, the Board of Directors of the Company (the "**Board**") has approved the appointment of Executive as Chief Executive Officer, subject to the execution of this Agreement; and

WHEREAS, the parties desire to enter into this Agreement to set forth the terms and conditions of Executive's employment with the Company.

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

**AGREEMENT**

**1.** **Employment and Term**. The Company hereby agrees to employ Executive, and Executive hereby accepts
 employment by the Company, on the terms and conditions hereinafter set forth. Executive's
 employment under this Agreement (the "**Term**") shall commence on the Effective
 Date and shall continue until terminated in accordance with Section 5. For the avoidance
 of doubt, there shall be no fixed expiration date or automatic renewal, and Executive's
 employment shall be of indefinite duration subject to the termination provisions of this
 Agreement.

**2.** **Position, Duties, and Responsibilities**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Position and Duties**. Executive shall have such duties, powers, and authority as are customary
 for the Chief Executive Officer of a public company, including but not limited to: (i) establishing
 and overseeing a corporate governance program; (ii) oversight of risk management and treasury
 functions; (iii) establishment and leadership of a staking committee, including internal
 operational goals and vendor/partner accountability; and (iv) ensuring the Company's
 compliance with the Sarbanes-Oxley Act and related regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Exclusive Services and Efforts**. Executive agrees to devote his efforts, energies, and skill to
 the discharge of the duties and responsibilities attributable to his position and, except
 as set forth herein, agrees to devote substantially all of his professional time and attention
 to the business and affairs of the Company. Notwithstanding the foregoing, Executive shall
 be entitled to engage in (i) service on the board of directors of two for-profit companies,
 businesses or trade organizations at any time during the Term; provided that he shall not
 serve on the board of any entity that materially competes with the Company, (ii) service
 on the board of directors of not-for-profit organizations, (iii) other charitable activities
 and community affairs, and (iv) management of his personal and family investments and affairs,
 in each case to the extent such activities do not, either individually or in the aggregate,
 materially interfere with the performance of his duties and responsibilities to the Company.

**(c)** **Compliance with Company Policies**. To the extent not inconsistent with the terms and conditions of
 this Agreement and with due regard for his position, Executive shall be subject to the Bylaws,
 policies, practices, procedures, and rules of the Company, including those policies and procedures
 set forth in the Company's Code of Conduct and Ethics, but in no event shall anything
 in such documents be construed to expand the definition of Cause hereunder.

**(d)** **Confidential Information and Trade Secrets**. Executive acknowledges that, during employment, Executive
 will access confidential and proprietary information of the Company and its affiliates, including
 trade secrets, business plans, financial data, customer and vendor information, software,
 intellectual property, and other information not generally known to the public ()"**Confidential Information** "). Executive agrees that, both during and after employment, Executive
 will not use or disclose Confidential Information except as required in the proper performance
 of duties, authorized in writing by the Board, or as required by law. All Confidential Information
 remains Company property, and upon termination Executive shall promptly return all Company
 property and materials containing Confidential Information.

**(e)** **Defend Trade Secrets Act**. In accordance with 18 U.S.C. § 1833(b), Executive shall not be
 held criminally or civilly liable under federal or state trade secret law for disclosure
 of a trade secret: (i) in confidence to a government official or attorney solely for reporting
 or investigating a suspected legal violation, or (ii) in a complaint or filing made under
 seal. Executive may also disclose trade secrets to an attorney in a lawsuit for retaliation,
 provided such filings are made under seal and disclosure is limited to court order.

**(f)** **Work Product and Intellectual Property**. Executive agrees that all inventions, discoveries,
 developments, designs, processes, writings, software, trade secrets, and other works of authorship
 or ideas ()"**Work Product** "), whether or not patentable or copyrightable,
 that are conceived, created, or developed by Executive, alone or with others, during employment
 and relating to the business of the Company shall be the sole and exclusive property of the
 Company. To the extent any Work Product may not be deemed "work made for hire"
 under applicable law, Executive hereby irrevocably assigns to the Company all right, title,
 and interest in and to such Work Product, including all intellectual property rights therein.
 Executive agrees to promptly disclose all such Work Product to the Company and to execute
 any documents and take all actions reasonably requested by the Company to secure, maintain,
 and enforce its ownership rights, both during and after employment. The Company shall reimburse
 Executive for reasonable out-of-pocket expenses incurred in connection with such cooperation.
 Executive retains no rights in any Work Product created during employment, except as expressly
 approved in writing by the Company.

**3.** **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Base Salary**. The Company shall pay Executive an annual base salary of $750,000, payable in
 equal monthly installments on the last business day of each calendar month, subject to applicable
 withholdings and deductions.

**(b)** **Annual Cash Bonus**. Executive shall receive a minimum annual bonus of $375,000, payable in equal
 quarterly installments of $93,750, with each installment to be paid on the Company's
 final regularly scheduled payroll date of the applicable fiscal quarter. This minimum bonus
 shall be payable regardless of performance.

**(c)** **Performance Compensation**. Executive shall be entitled to additional performance-based compensation
 of $787,500, with the applicable performance metrics to be determined and communicated by
 the Board during the first fiscal quarter of FY 2026. Such performance compensation shall
 be payable in quarterly installments upon achievement of the performance conditions established
 by the Board.

**(d)** **Equity Awards**. Executive shall be granted on September 1 of each fiscal year during the Term,
 an annual award of restricted stock units ("RSUs") of Company common stock with
 a grant-date fair value of $1,125,000, as determined in accordance with ASC 718 (or any successor
 standard) under the Company's equity incentive plan. The number of RSUs granted shall
 be determined by dividing $1,125,000 by the closing price of the Company's common stock
 on the exchange on which the common stock is then listed on the last business day of the
 preceding fiscal year; if no closing sale is reported on that date, the last reported sale
 price on the nearest preceding trading day shall be used, and no fractional shares shall
 be issued. Such RSUs shall vest in four equal installments of 25% each on November 30, February
 28 (or 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date
 is not a business day, on the next business day), subject to the Company's Compensation
 Committee approval each quarter, provided that Executive remains continuously employed by
 the Company through the applicable vesting date. If Executive's employment terminates
 before a vesting date, unvested restricted shares shall be immediately forfeited unless otherwise
 provided in Section 5 of this Agreement.

**(e)** **Total Compensation.** For clarity, the parties acknowledge and agree that Executive's total
 annual compensation under this Agreement is $3,037,000, consisting of: (i) an annual base
 salary of $750,000; (ii) a minimum annual cash bonus of $375,000; (iii) performance-based
 compensation of $787,500, subject to achievement of performance metrics to be determined
 and communicated by the Board; and (iv) an annual equity award with a grant-date fair value
 of $1,125,000, granted in the form of RSUs in accordance with Section 3(d) above. The parties
 further acknowledge that this total compensation structure reflects the recommendations of
 the Company's Compensation Committee as approved by the Board.

**(f)** **Compensation Committee Annual Review**. Executive's compensation shall be reviewed annually by
 the Compensation Committee of the Board in light of Company performance and peer group benchmarking,
 and may be adjusted consistent with the Company's executive compensation program.

**4.** **Employee Benefits and Perquisites**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Benefits**.
 Executive shall be entitled to participate in such health, group insurance, welfare, pension,
 and other employee benefit plans, programs, and arrangements as are made generally available
 from time to time to senior executives of the Company (which shall include customary health,
 life insurance, and disability plans), such participation in each case to be on terms and
 conditions no less favorable to Executive than to other senior executives of the Company
 generally.

**(b)** **Fringe Benefits, Perquisites, and Paid Time Off**. During the Term, Executive shall be entitled
 to participate in all fringe benefits and perquisites made available to other senior executives
 of the Company, such participation to be at levels, and on terms and conditions, that are
 commensurate with his position and responsibilities at the Company and that are no less favorable
 than those applicable to other senior executives of the Company. In addition, Executive shall
 be eligible for paid time off ()"**PTO**") per each calendar year in accordance
 with the Company's vacation and PTO policy, inclusive of vacation days and sick days
 and excluding standard paid Company holidays, in the same manner as PTO days for employees
 of the Company generally accrue.

**(c)** **Reimbursement of Expenses**. The Company shall reimburse Executive for all reasonable business and travel
 expenses incurred in the performance of his job duties and the promotion of the Company's
 business, promptly upon presentation of appropriate supporting documentation and otherwise
 in accordance with the expense reimbursement policy of the Company.

**(d)** **Attorneys' Fees**. The Company shall reimburse Executive, promptly upon presentation of appropriate
 supporting documentation, for all reasonable attorneys' fees incurred by Executive
 in connection with the negotiation and execution of this Agreement, but in no event shall
 such reimbursement exceed $10,000.

**5.** **Termination; Change in Control**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **General**.
 The Company may terminate Executive's employment for Cause. Executive may terminate
 his employment at any time for any reason other than Good Reason. The Company may terminate
 Executive's employment without Cause, or Executive may terminate Executive's
 employment with Good Reason, in each case, upon providing the other party at least 30 days'
 written notice thereof. Upon termination of Executive's employment, Executive shall
 be entitled to the compensation and benefits described in this Section 5 to the extent applicable
 and shall have no further rights to any compensation or benefits from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Accrued Benefits**" shall mean: (i) accrued but unpaid Base Salary through the Termination
 Date, payable within 30 days following the Termination Date; (ii) any annual cash bonus earned
 but unpaid with respect to the year preceding the year in which the Termination Date occurs;
 (iii) any long-term incentive award earned but unpaid with respect to performance periods
 that ended in the year preceding the year in which Termination Date occurs; (iv) reimbursement
 for any unreimbursed business expenses incurred through the Termination Date, payable within
 30 days; (v) accrued but unused PTO days; and (vi) all other payments, benefits, or fringe
 benefits to which Executive shall be entitled under any applicable compensation arrangement
 or plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Cause** "
 shall mean: (i) Executive's refusal to perform, or repeated failure to undertake good
 faith efforts to perform, the duties or responsibilities reasonably assigned to Executive
 by the Board, which, if curable, is not cured within 30 days after Executive's written
 receipt of notice thereof from the Company; (ii) Executive's engagement in willful
 gross misconduct or willful gross negligence in the course of carrying out his duties that
 results in material economic or reputational harm to the Company; (iii) Executive's
 conviction of or plea of guilty or nolo contendere to a felony; or (iv) a material breach
 by Executive of Section 2(b) of this Agreement, which, if curable, is not cured within 30
 days after Executive's receipt of written notice thereof from the Company. Termination
 of Executive's employment shall not be deemed to be for Cause unless Executive has
 had a reasonable opportunity, together with counsel, to respond to all relevant allegations
 upon which a contemplated termination for Cause is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Good Reason**" shall mean any of the following circumstances that, if curable, has not
 been cured by the Company within 30 days of receiving written notice from Executive, which
 notice must be provided within 90 days of the initial occurrence: (i) a material reduction
 in Executive's Base Salary; (ii) a material diminution of Executive's titles,
 duties, responsibilities, or authorities as set forth in this Agreement, or being required
 to report to anyone other than the Board; (iii) a material diminution in the budget over
 which Executive retains authority; (iv) relocation of the Company's principal executive
 offices more than 50 miles from their current location without Executive's consent;
 or (v) a material breach by the Company of this Agreement. Executive's resignation
 shall not constitute Good Reason unless employment actually terminates within six months
 of the event giving rise to Good Reason and after expiration of the cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Change in Control**" shall mean a liquidation, merger, acquisition, sale of voting control,
 or sale of substantially all of the assets of the Company in which the shareholders of the
 Company do not own a majority of the outstanding shares of the surviving corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Severance Entitlements**. Notwithstanding any provision of this Agreement to the contrary, upon termination
 of Executive's employment, Executive shall be entitled to the following payments, in
 each case subject to Executive's timely execution and non-revocation of a general release
 of claims in favor of the Company and continued compliance with Sections 2(d)–2(e)
 and Section 6 of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Termination
 for Cause or Voluntary Resignation Without Good Reason. In the event Executive's employment
 is terminated by the Company for Cause, or by Executive voluntarily without Good Reason,
 the Company shall pay to Executive, in a lump sum within 30 days following the effective
 date of termination, $1,912,500, representing one year of total cash compensation (Base Salary,
 Annual Bonus, and Performance Compensation, but excluding the value of equity awards), together
 with all Accrued Benefits.

(ii) Termination
 Without Cause or Resignation for Good Reason. In the event Executive's employment is
 terminated by the Company without Cause, or by Executive for Good Reason, the Company shall
 pay to Executive, in a lump sum within 30 days following the effective date of termination,
 $3,037,500, representing two years of total cash compensation (Base Salary, Annual Bonus,
 and Performance Compensation, but excluding the value of equity awards), together with all
 Accrued Benefits.

(iii) Termination
 in Connection with a Change in Control. In the event Executive's employment is terminated
 by the Company without Cause, or by Executive for Good Reason, within 24 months following
 a Change in Control, Executive shall be entitled to the amounts set forth in subsection (ii)
 above.

(iv) Death
 or Disability. In the event Executive's employment terminates due to death or Disability,
 Executive (or Executive's estate, as applicable) shall be entitled to the amounts set
 forth in subsection (ii) above.

(v) Exclusivity.
 The severance entitlements described in this Section 5 are intended to supersede and replace
 any other severance or termination payments or benefits otherwise described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Return of Company Property**. Upon termination of Executive's employment for any reason
 or under any circumstances, Executive shall promptly return any and all of the property of
 the Company and any Affiliates (including, without limitation, all computers, keys, credit
 cards, identification tags, documents, data, confidential information, work product, and
 other proprietary materials), and other materials. Executive may retain Executive's
 list of professional contacts and similar address books provided that such items only include
 contact information.

**(e)** **Post-Termination Reasonable Cooperation**. Executive agrees and covenants that, following the Term, he shall,
 to the extent reasonably requested by the Company, cooperate in good faith with the Company
 to assist the Company in the pursuit or defense of (except if Executive is adverse with respect
 to) any claim, administrative charge, or cause of action by or against the Company as to
 which Executive, by virtue of his employment with the Company or any other position that
 Executive holds that is affiliated with or was held at the request of the Company or its
 Affiliates, has relevant knowledge or information, including by acting as the Company's
 representative in any such proceeding and, without the necessity of a subpoena, providing
 truthful testimony in any jurisdiction or forum. The Company shall reimburse Executive for
 his reasonable out-of-pocket expenses incurred in compliance with this Section 5(h), including
 any reasonable travel expenses and reasonable attorneys' fees incurred by Executive
 and, in the event that Executive is required to spend substantial time on such matters, the
 Company shall compensate Executive at an hourly rate of $250 per hour. The Company shall
 use reasonable business efforts to provide Executive with reasonable advance written notice
 of its need for Executive's reasonable cooperation and shall attempt to coordinate
 with Executive the time and place at which Executive's reasonable cooperation shall
 be provided with the goal of minimizing the impact of such reasonable cooperation on any
 other material pre-scheduled business commitment that Executive may have. Executive's
 cooperation described in this Section 5(h) shall be subject to the maintenance of the indemnification
 and D&O insurance policy provided under Sections 8(a) and 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Compensation Committee Approval**. The severance benefits described in this Section 5 shall be subject
 to, and interpreted in a manner consistent with, the recommendations of the Company's
 Compensation Committee as approved by the Board.

**(g)** **Conditions of Severance Payment. Any severance payments or benefits under this Agreement shall be conditioned upon Executive** ' **s timely execution and non** -revocation of a general release of claims in favor of the Company. All incentive-based
 compensation and severance shall be subject to the Company's clawback and recoupment
 policies, as in effect from time to time, and any applicable laws or stock exchange listing
 standards.

**(h)** **Information Technology, Security, and Data Return**. Executive agrees to comply at all times with all
 Company security, information technology, and data protection policies, including those relating
 to computer systems, networks, email, mobile devices, software, cloud storage, and document
 retention. Executive shall not use any personal devices, accounts, or storage services to
 conduct Company business, except as expressly permitted under Company policy. Upon termination
 of employment for any reason, or upon the Company's request at any time, Executive
 shall promptly return to the Company all Company property and materials in any form (including
 hardware, equipment, documents, data, passwords, records, and electronic files). Executive
 shall also permanently delete or destroy any copies of Company information or data stored
 on any personal devices, accounts, or media, and upon request shall certify in writing compliance
 with this Section. Executive further agrees not to access, use, or attempt to access or use
 the Company's computer systems, networks, email, or other IT resources after the termination
 of employment, and acknowledges that unauthorized access may constitute a violation of federal
 and state law.

**6.** **Restrictive Covenants.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Non-Competition.** During Executive's employment and for six months following termination of employment
 for any reason, Executive shall not, directly or indirectly, engage in or provide services
 in any capacity (including as an employee, consultant, advisor, officer, director, partner,
 or investor) to any business that is materially competitive with the Company's principal
 business as of the Termination Date; provided that Executive may own up to two percent of
 the outstanding securities of any publicly traded company as a passive investment. The Company's
 remedies for breach of this covenant shall be limited to the prorated amount of severance
 remaining at the time Executive commences new employment. Further, if the Company fails to
 deliver required waiver documentation and/or make the severance payment described in Section
 5 within 30 days of the Termination Date, this covenant shall be null and void, and Executive
 shall remain entitled to all payments and benefits under Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Non-Solicitation of Employees.** During Executive's employment and for 12 months following termination,
 Executive shall not, directly or indirectly, solicit, recruit, or induce any employee, consultant,
 or contractor of the Company to terminate or alter their relationship with the Company.

**(c)** **Non-Solicitation of Customers and Business Partners.** During Executive's employment and for 12 months
 following termination, Executive shall not, directly or indirectly, solicit or attempt to
 solicit any customer, supplier, vendor, or business partner of the Company with whom Executive
 had material contact during the 24 months preceding termination, for the purpose of providing
 products or services competitive with those offered by the Company.

**(d)** **Non-Disparagement.** During Executive's employment and at all times thereafter, neither Executive nor
 the Company (including its directors, officers, and senior management acting in their capacity
 as such) shall make any disparaging or defamatory statements about the other party, or, in
 the case of the Company, about Executive, and in the case of Executive, about the Company,
 its affiliates, officers, directors, employees, or business practices. Nothing herein shall
 prohibit either party from providing truthful information as required by law, regulation,
 or valid legal process.

**(e)** **Reasonableness.** Executive acknowledges that the restrictions in this Section 6 are reasonable in scope,
 duration, and geography, and necessary to protect the Company's legitimate business
 interests, including its Confidential Information, goodwill, and customer relationships.

**7.** **Notification to Subsequent Employers.** Executive agrees that, upon termination of employment for any
 reason, Executive will promptly notify any subsequent employer of the restrictive covenants
 contained in this Agreement, including but not limited to obligations regarding confidentiality,
 non-competition, and non-solicitation. Executive shall provide a copy of such notice to the
 Company before commencing employment with any subsequent employer. Executive further authorizes
 the Company to provide a copy of the restrictive covenant provisions of this Agreement to
 any subsequent, anticipated, or potential employer of Executive.

**8.** **Indemnification; D&O Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Indemnification**.
 The Company shall indemnify and hold Executive harmless to the fullest extent permitted by
 the California Corporations Code, the Company's Bylaws (as in effect on the Effective
 Date and as amended from time to time), and any other applicable law, but in no event less
 favorable than the protections afforded to any other current or former director, officer,
 or executive of the Company. This protection covers any and all Claims or Proceedings (as
 defined below) arising out of or relating to Executive's service to the Company or
 any Affiliate, whether commenced during or after Executive's employment. The Company
 shall advance all costs, fees, and expenses (including attorneys' fees, expert fees,
 judgments, fines, penalties, settlements, and amounts paid in connection with investigations
 or inquiries) incurred by Executive in connection with any such Claim or Proceeding, within
 ten business days of receipt of reasonably detailed invoices, without requiring any prior
 determination of entitlement to indemnification. Reimbursement after-the-fact shall be avoided
 whenever possible. These obligations shall continue after Executive's employment ends,
 shall not be conditioned on Executive's continued service, and shall inure to the benefit
 of Executive's heirs, executors, administrators, and legal representatives. This indemnification
 is in addition to, and not in limitation of, any rights Executive may have under law, the
 Company's governing documents, insurance policies, or other agreements.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **D&O Insurance**. A directors' and officers' liability insurance policy (or policies)
 shall be kept in place, during the Term and thereafter until the sixth anniversary of the
 Termination Date, providing coverage to Executive that is no less favorable to him in any
 respect than the coverage then being provided to any other current or former director or
 officer of the Company.

**(c)** **Definitions**.
 For purposes of this Agreement, the following terms shall have the following meanings: "**Affiliate** "
 of a Person shall mean any Person that directly or indirectly controls, is controlled by,
 or is under common control with, such Person; "**Claim**" shall mean any claim,
 demand, request, investigation, dispute, controversy, threat, discovery request, or request
 for testimony or information; "**Person**" shall mean any individual, corporation,
 partnership, limited liability company, joint venture, trust, estate, board, committee, agency,
 body, employee benefit plan, or other person or entity; and "**Proceeding** "
 means any threatened, pending, or completed action, suit, arbitration, mediation, inquiry,
 investigation, audit, hearing, charge, complaint, notice, appeal, or other proceeding of
 any kind, whether civil, criminal, administrative, regulatory, legislative, investigative,
 disciplinary, appellate, formal, informal, or otherwise, in any jurisdiction, forum, or venue,
 and whether initiated by or before a governmental, regulatory, self-regulatory, or private
 body.

**9.** **Other Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Withholding**.
 The Company shall withhold all applicable federal, state, and local taxes, social security,
 and workers' compensation contributions and other amounts as may be required by law
 with respect to compensation payable to Executive pursuant to this Agreement.

**(b)** **Section 409A**. Notwithstanding anything herein to the contrary, this Agreement is intended to
 be interpreted and applied so that the payment of the benefits set forth herein shall either
 be exempt from, or in the alternative, comply with, the requirements of Section 409A of the
 Internal Revenue Code of 1986, as amended (the "**Code** "), and the published
 guidance thereunder ()"**Section 409A** "). A termination of employment shall
 not be deemed to have occurred for purposes of any provision of this Agreement providing
 for the payment of any amounts or benefits upon or following a termination of employment
 that are considered "nonqualified deferred compensation" under Section 409A unless
 such termination is also a "separation from service" within the meaning of Section
 409A. It is intended that all payments and benefits under this Agreement comply with or are
 exempt from Section 409A, and this Agreement shall be interpreted and administered accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Separation from Service**. After any Termination Date, Executive shall have no duties or responsibilities
 that are inconsistent with having a "separation from service" within the meaning
 of Section 409A as of the Termination Date. All distributions upon termination of employment
 of nonqualified deferred compensation may only be made upon a "separation from service"
 as determined under Section 409A. Each payment under this Agreement shall be treated as a
 separate payment for purposes of Section 409A.

**(d)** **Reimbursements**.
 All reimbursements and in-kind benefits provided under this Agreement shall be made or provided
 in accordance with the requirements of Section 409A. To the extent that any reimbursements
 are taxable to Executive, such reimbursements shall be paid to Executive on or before the
 last day of Executive's taxable year following the taxable year in which the related
 expense was incurred.

**(e)** **Parachute Provisions (Best Net Benefit).** In the event that any payments or benefits to be provided
 to Executive under this Agreement or otherwise would constitute "parachute payments"
 within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
 "**Code** "), and would, but for this provision, subject Executive to the excise
 tax imposed under Section 4999 of the Code, then such payments shall be reduced (but not
 below zero) so that no portion is subject to the excise tax; provided, however, that such
 reduction shall be made only if it results in a greater after-tax benefit to Executive, taking
 into account all applicable taxes, including the excise tax under Section 4999, income taxes,
 and employment taxes. The reduction of payments or benefits, if applicable, shall be made
 in a manner determined by the Company consistent with the requirements of Section 409A of
 the Code. Unless Executive and the Company otherwise agree in writing, the accounting firm
 engaged by the Company for general tax purposes shall perform the determinations required
 under this Section, and its determinations shall be final, binding, and conclusive.

**10.** **Notices**.
 Except as otherwise specifically provided herein, any notice, consent, demand, or other communication
 to be given under or in connection with this Agreement shall be in writing and shall be deemed
 duly given when delivered personally, when transmitted by facsimile transmission, one day
 after being deposited with Federal Express or other nationally recognized overnight delivery
 service, or five days after being mailed by first class mail, charges or postage prepaid,
 properly addressed, if to the Company, at its principal office, and, if to Executive, at
 his address set forth following his signature below. Either party may change such address
 from time to time by notice to the other.

**11.** **Governing Law**. This Agreement shall be governed by and construed and interpreted in accordance
 with the laws of California, without giving effect to any choice of law rules or other conflicting
 provision or rule that would cause the laws of any jurisdiction to be applied.

**12.** **Resolution of Disputes through Arbitration**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Agreement to Arbitrate**. Except as otherwise expressly provided in this Agreement, any controversy,
 claim, or dispute arising out of or relating to Executive's employment, the termination
 of employment, this Agreement, or the enforcement or interpretation of this Agreement (including
 without limitation any claim for wages, benefits, discrimination, harassment, retaliation,
 or any other statutory, tort, or contractual claim) shall be resolved exclusively by binding
 arbitration in Los Angeles County, California. The arbitration shall be administered by Judicial
 Arbitration and Mediation Services ()"**JAMS** "), or if JAMS is unavailable,
 by the American Arbitration Association ()"**AAA** "), in accordance with its
 employment arbitration rules then in effect, except as modified herein.

**(b)** **Arbitrator; Remedies**. The arbitration shall be conducted before a single neutral arbitrator who shall
 be a retired judge or experienced employment law attorney. The arbitrator shall have the
 authority to award any remedy or relief that a court of competent jurisdiction could award,
 including damages, injunctive relief, attorneys' fees, and costs, and shall issue a
 written decision stating the essential findings and conclusions.

**(c)** **Discovery and Procedures**. The parties shall be entitled to conduct reasonable discovery, including
 depositions, requests for documents, and interrogatories, consistent with the California
 Rules of Civil Procedure. The arbitrator shall resolve any discovery disputes. There shall
 be no limitations on discovery beyond those that would apply in court.

**(d)** **Costs and Fees**. The Company shall bear the forum costs of the arbitration, including the arbitrator's
 fees. The prevailing party shall be entitled to recover its reasonable attorneys' fees
 and costs, except that Executive shall not be required to pay the Company's attorneys'
 fees or costs unless the arbitrator determines that Executive's claims were frivolous
 or brought in bad faith.

**(e)** **Interim Relief**. Either party may seek provisional injunctive relief in a court of competent jurisdiction
 in Los Angeles County, California, to preserve the status quo pending arbitration. Any provisional
 relief shall remain effective until the arbitrator's final award.

**(f)** **Finality and Enforcement**. The arbitration award shall be final and binding upon the parties and
 may be confirmed and enforced by any court of competent jurisdiction.

**(g)** **Waiver of Jury Trial**. The parties acknowledge and agree that, by entering into this arbitration
 agreement, they are waiving any right to a jury trial in any action or proceeding covered
 by this Section 12.

**(h)** **Opt-Out Option**. Executive may opt out of this arbitration provision by providing written notice
 to the Company within 30 days of the Effective Date of this Agreement. If Executive opts
 out, disputes shall be resolved in the state or federal courts located in Los Angeles County,
 California, and the parties consent to exclusive jurisdiction and venue in such courts.

**13.** **Arbitration Opt-Out Forum; Attorneys' Fees and Costs**. In the event Executive elects to opt
 out of the arbitration provision in Section 12 above, the parties each submit to the exclusive
 jurisdiction of the federal courts (or state courts if federal jurisdiction is lacking) located
 within Los Angeles County, California. In the event of a lawsuit or other legal proceeding
 arising out of or related to this Agreement in which Executive prevails (as determined by
 the deciding court), the Company shall reimburse Executive for his reasonable attorneys'
 fees and costs incurred in connection with such lawsuit or legal proceeding, in addition
 to any other relief to which Executive may be entitled.

**14.** **Amendments; Waivers**. This Agreement may not be modified or amended or terminated except by an instrument
 in writing, signed by Executive and a duly authorized officer of the Company (other than
 Executive). By an instrument in writing similarly executed (and not by any other means),
 either party may waive compliance by the other party with any provision of this Agreement
 that such other party was or is obligated to comply with or perform; provided, however, that
 such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent
 failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder
 shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
 remedy, or power hereunder preclude any other or further exercise thereof or the exercise
 of any other right, remedy, or power provided herein or by law or in equity. To be effective,
 any written waiver must specifically refer to the condition(s) or provision(s) of this Agreement
 being waived.

**15.** **Inconsistencies**.
 In the event of any inconsistency between any provision of this Agreement and any provision
 of any Company arrangement, the provisions of this Agreement shall control, unless Executive
 and the Company otherwise agree in a writing that expressly refers to the provision of this
 Agreement that is being waived.

**16.** **Assignment**.
 Except as otherwise specifically provided herein, neither party shall assign or transfer
 this Agreement nor any rights hereunder without the consent of the other party, and any attempted
 or purported assignment without such consent shall be void; provided, however, that any assignment
 or transfer pursuant to a merger or consolidation, or the sale or liquidation of all or substantially
 all of the business and assets of the Company shall be valid, so long as the assignee or
 transferee (a) is the successor to all or substantially all of the business and assets of
 the Company, and (b) assumes the liabilities, obligations and duties of the Company, as contained
 in this Agreement, either contractually or as a matter of law. Executive's consent
 shall not be required for any such transaction. This Agreement shall otherwise bind and inure
 to the benefit of the parties hereto and their respective successors, permitted assigns,
 heirs, legatees, devisees, executors, administrators, and legal representatives.

**17.** **Voluntary Execution; Representations**. Executive acknowledges that (a) he has consulted with or
 has had the opportunity to consult with independent counsel of his own choosing concerning
 this Agreement and has been advised to do so by the Company, and (b) he has read and understands
 this Agreement, is competent and of sound mind to execute this Agreement, is fully aware
 of the legal effect of this Agreement, and has entered into it freely based on his own judgment
 and without duress. The Company represents and warrants that it is fully authorized, by any
 person or body whose authorization is required, to enter into this Agreement and to perform
 its obligations hereunder.

**18.** **Headings**.
 The headings of the Sections and subsections contained in this Agreement are for convenience
 only and shall not be deemed to control or affect the meaning or construction of any provision
 of this Agreement.

**19.** **Construction**.
 The language used in this Agreement shall be deemed to be the language chosen by the parties
 to express their mutual intent, and no rule of strict construction shall be applied against
 any party. The Recitals to this Agreement are incorporated herein and shall be deemed part
 of the operative provisions.

**20.** **Beneficiaries/References**.
 Executive shall be entitled, to the extent permitted under applicable law, to select and
 change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following
 Executive's death by giving written notice thereof. In the event of Executive's
 death or a judicial determination of his incompetence, references in this Agreement to Executive
 shall be deemed, where appropriate, to refer to his beneficiary, estate, or other legal representative.

**21.** **Survivorship**.
 Except as otherwise set forth in this Agreement, the respective rights and obligations of
 the parties shall survive any termination of Executive's employment.

**22.** **Severability**.
 It is the desire and intent of the parties hereto that the provisions of this Agreement be
 enforced to the fullest extent permissible under the laws and public policies applied in
 each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
 of this Agreement shall be adjudicated by a court of competent jurisdiction or arbitrator
 to be invalid, prohibited, or unenforceable for any reason, such provision, as to such jurisdiction,
 shall be ineffective, without invalidating the remaining provisions of this Agreement or
 affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
 the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited,
 or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly
 drawn, without invalidating the remaining provisions of this Agreement or affecting the validity
 or enforceability of such provision in any other jurisdiction.

**23.** **No Mitigation/No Offset**. Executive shall be under no obligation to seek other employment
 or to otherwise mitigate the obligations of the Company under this Agreement, and there shall
 be no offset against amounts or benefits due to Executive under this Agreement or otherwise
 on account of any claim (other than any preexisting debts then due in accordance with their
 terms) the Company may have against his or any remuneration or other benefit earned or received
 by Executive after such termination.

**24.** **Counterparts**.
 This Agreement may be executed in any number of counterparts, each of which shall be deemed
 an original, but all such counterparts shall together constitute one and the same instrument.
 Signatures delivered by facsimile or PDF shall be effective for all purposes.

**25.** **Entire Agreement**. This Agreement contains the entire agreement of the parties and supersedes
 all prior or contemporaneous negotiations, correspondence, understandings, and agreements
 between the parties, regarding the subject matter of this Agreement.

**[SIGNATURE PAGE TO FOLLOW]**

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| BitMine Immersion Technologies, Inc., | BitMine Immersion Technologies, Inc., |
| <br> a Delaware corporation | <br> a Delaware corporation |
| By: | */s/ Erik Nelson* |
| Name: | Erik Nelson |
| Title: | President |

---

---

| | |
|:---|:---|
| **EXECUTIVE** | **EXECUTIVE** |
| By: | */s/ Jonathan Bates* |
| Name: | Jonathan Bates |

---

## Exhibit 10.2

**Exhibit 10.2**

**Executive Employment Agreement**

This EXECUTIVE EMPLOYMENT AGREEMENT (this "**Agreement**") is made as of September 1, 2025 (the "**Effective Date**"), by and between BitMine Immersion Technologies, Inc., a Delaware corporation (together with its successors and assigns, the "**Company**"), and Raymond Mow ("**Executive**").

**RECITALS**

WHEREAS, the Company desires to employ Executive as its Chief Financial Officer and to ensure Executive's commitment to the long-term growth and success of the Company;

WHEREAS, Executive has the skills, experience, and leadership qualities necessary to serve in such capacity and is willing to accept such employment on the terms and conditions set forth herein;

WHEREAS, the Board of Directors of the Company (the "**Board**") has approved the appointment of Executive as Chief Financial Officer, subject to the execution of this Agreement; and

WHEREAS, the parties desire to enter into this Agreement to set forth the terms and conditions of Executive's employment with the Company.

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

**AGREEMENT**

**1.** **Employment and Term**. The Company hereby agrees to employ Executive, and Executive hereby accepts
 employment by the Company, on the terms and conditions hereinafter set forth. Executive's
 employment under this Agreement (the "**Term**") shall commence on the Effective
 Date and shall continue until terminated in accordance with Section 5. For the avoidance
 of doubt, there shall be no fixed expiration date or automatic renewal, and Executive's
 employment shall be of indefinite duration subject to the termination provisions of this
 Agreement.

**2.** **Position, Duties, and Responsibilities**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Position and Duties**. Executive shall serve as Chief Financial Officer of the Company and shall
 have such duties, powers, and authority as are customary for the Chief Financial Officer
 of a public company, subject to the authority of the Chief Executive Officer and the Board.
 Executive shall also serve as the Company's principal financial officer for purposes
 of all filings and reports with the Securities and Exchange Commission. Without limiting
 the generality of the foregoing, Executive's responsibilities shall include: (i) oversight
 of all financial and accounting functions of the Company, including financial planning, budgeting,
 treasury, capital structure, and investor relations; (ii) leadership of the Company's
 Finance Organization Transformation, including the implementation of an accounting system
 capable of supporting the Company's growth and reporting requirements; (iii) establishment
 and maintenance of real-time financial dashboarding and reporting tools to provide the Board
 and management with timely and accurate financial information; (iv) development and oversight
 of internal controls and procedures to ensure compliance with the Sarbanes-Oxley Act and
 all other applicable laws, rules, and regulations; and (v) ensuring timely preparation and
 filing of all periodic reports required by the Securities and Exchange Commission, including
 Forms 10-K and 10-Q.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Exclusive Services and Efforts**. Executive agrees to devote his efforts, energies, and skill to
 the discharge of the duties and responsibilities attributable to his position and, except
 as set forth herein, agrees to devote substantially all of his professional time and attention
 to the business and affairs of the Company. Notwithstanding the foregoing, Executive shall
 be entitled to engage in (i) service on the board of directors of two for-profit companies,
 businesses or trade organizations at any time during the Term; provided that he shall not
 serve on the board of any entity that materially competes with the Company, (ii) service
 on the board of directors of not-for-profit organizations, (iii) other charitable activities
 and community affairs, and (iv) management of his personal and family investments and affairs,
 in each case to the extent such activities do not, either individually or in the aggregate,
 materially interfere with the performance of his duties and responsibilities to the Company.

**(c)** **Compliance with Company Policies**. To the extent not inconsistent with the terms and conditions of
 this Agreement and with due regard for his position, Executive shall be subject to the Bylaws,
 policies, practices, procedures, and rules of the Company, including those policies and procedures
 set forth in the Company's Code of Conduct and Ethics, but in no event shall anything
 in such documents be construed to expand the definition of Cause hereunder.

**(d)** **Confidential Information and Trade Secrets**. Executive acknowledges that, during employment, Executive
 will access confidential and proprietary information of the Company and its affiliates, including
 trade secrets, business plans, financial data, customer and vendor information, software,
 intellectual property, and other information not generally known to the public ()"**Confidential Information** "). Executive agrees that, both during and after employment, Executive
 will not use or disclose Confidential Information except as required in the proper performance
 of duties, authorized in writing by the Board, or as required by law. All Confidential Information
 remains Company property, and upon termination Executive shall promptly return all Company
 property and materials containing Confidential Information.

**(e)** **Defend Trade Secrets Act**. In accordance with 18 U.S.C. § 1833(b), Executive shall not be
 held criminally or civilly liable under federal or state trade secret law for disclosure
 of a trade secret: (i) in confidence to a government official or attorney solely for reporting
 or investigating a suspected legal violation, or (ii) in a complaint or filing made under
 seal. Executive may also disclose trade secrets to an attorney in a lawsuit for retaliation,
 provided such filings are made under seal and disclosure is limited to court order.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Work Product and Intellectual Property**. Executive agrees that all inventions, discoveries,
 developments, designs, processes, writings, software, trade secrets, and other works of authorship
 or ideas ()"**Work Product** "), whether or not patentable or copyrightable,
 that are conceived, created, or developed by Executive, alone or with others, during employment
 and relating to the business of the Company shall be the sole and exclusive property of the
 Company. To the extent any Work Product may not be deemed "work made for hire"
 under applicable law, Executive hereby irrevocably assigns to the Company all right, title,
 and interest in and to such Work Product, including all intellectual property rights therein.
 Executive agrees to promptly disclose all such Work Product to the Company and to execute
 any documents and take all actions reasonably requested by the Company to secure, maintain,
 and enforce its ownership rights, both during and after employment. The Company shall reimburse
 Executive for reasonable out-of-pocket expenses incurred in connection with such cooperation.
 Executive retains no rights in any Work Product created during employment, except as expressly
 approved in writing by the Company.

**3.** **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Base Salary**. The Company shall pay Executive an annual base salary of $350,000, payable in
 equal monthly installments on the last business day of each calendar month, subject to applicable
 withholdings and deductions.

**(b)** **Annual Cash Bonus**. Executive shall receive a minimum annual bonus of $105,000, payable in equal
 quarterly installments of $26,250, with each installment to be paid on the Company's
 final regularly scheduled payroll date of the applicable fiscal quarter. This minimum bonus
 shall be payable regardless of performance.

**(c)** **Performance Compensation**. Executive shall be entitled to additional performance-based compensation
 of $113,750, with the applicable performance metrics to be determined and communicated by
 the Board during the first fiscal quarter of FY 2026. Such performance compensation shall
 be payable in quarterly installments upon achievement of the performance conditions established
 by the Board.

**(d)** **Equity Awards**. Executive shall be granted on September 1 of each fiscal year during the Term,
 an annual award of restricted stock units ("RSUs") of Company common stock with
 a grant-date fair value of $455,000, as determined in accordance with ASC 718 (or any successor
 standard) under the Company's equity incentive plan. The number of RSUs granted shall
 be determined by dividing $455,000 by the closing price of the Company's common stock
 on the exchange on which the common stock is then listed on the last business day of the
 preceding fiscal year; if no closing sale is reported on that date, the last reported sale
 price on the nearest preceding trading day shall be used, and no fractional shares shall
 be issued. Such RSUs shall vest in four equal installments of 25% each on November 30, February
 28 (or 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date
 is not a business day, on the next business day), subject to the Company's Compensation
 Committee approval each quarter, provided that Executive remains continuously employed by
 the Company through the applicable vesting date. If Executive's employment terminates
 before a vesting date, unvested restricted shares shall be immediately forfeited unless otherwise
 provided in Section 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Total Compensation.** For clarity, the parties acknowledge and agree that Executive's total
 annual compensation under this Agreement is $1,023,750, consisting of: (i) an annual base
 salary of $350,000; (ii) a minimum annual cash bonus of $105,000; (iii) performance-based
 compensation of $113,750, subject to achievement of performance metrics to be determined
 and communicated by the Board; and (iv) an annual equity award with a grant-date fair value
 of $455,000, granted in the form of RSUsin accordance with Section 3(d) above. The parties
 further acknowledge that this total compensation structure reflects the recommendations of
 the Company's Compensation Committee as approved by the Board.

**(f)** **Compensation Committee Annual Review**. Executive's compensation shall be reviewed annually by
 the Compensation Committee of the Board in light of Company performance and peer group benchmarking,
 and may be adjusted consistent with the Company's executive compensation program.

**4.** **Employee Benefits and Perquisites**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Benefits**.
 Executive shall be entitled to participate in such health, group insurance, welfare, pension,
 and other employee benefit plans, programs, and arrangements as are made generally available
 from time to time to senior executives of the Company (which shall include customary health,
 life insurance, and disability plans), such participation in each case to be on terms and
 conditions no less favorable to Executive than to other senior executives of the Company
 generally.

**(b)** **Fringe Benefits, Perquisites, and Paid Time Off**. During the Term, Executive shall be entitled
 to participate in all fringe benefits and perquisites made available to other senior executives
 of the Company, such participation to be at levels, and on terms and conditions, that are
 commensurate with his position and responsibilities at the Company and that are no less favorable
 than those applicable to other senior executives of the Company. In addition, Executive shall
 be eligible for paid time off ()"**PTO**") per each calendar year in accordance
 with the Company's vacation and PTO policy, inclusive of vacation days and sick days
 and excluding standard paid Company holidays, in the same manner as PTO days for employees
 of the Company generally accrue.

**(c)** **Reimbursement of Expenses**. The Company shall reimburse Executive for all reasonable business and travel
 expenses incurred in the performance of his job duties and the promotion of the Company's
 business, promptly upon presentation of appropriate supporting documentation and otherwise
 in accordance with the expense reimbursement policy of the Company.

**(d)** **Attorneys' Fees**. The Company shall reimburse Executive, promptly upon presentation of appropriate
 supporting documentation, for all reasonable attorneys' fees incurred by Executive
 in connection with the negotiation and execution of this Agreement, but in no event shall
 such reimbursement exceed $10,000.

**5.** **Termination; Change in Control**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **General**.
 The Company may terminate Executive's employment for Cause. Executive may terminate
 his employment at any time for any reason other than Good Reason. The Company may terminate
 Executive's employment without Cause, or Executive may terminate Executive's
 employment with Good Reason, in each case, upon providing the other party at least 30 days'
 written notice thereof. Upon termination of Executive's employment, Executive shall
 be entitled to the compensation and benefits described in this Section 5 to the extent applicable
 and shall have no further rights to any compensation or benefits from the Company.

**(b)** **Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Accrued Benefits**" shall mean: (i) accrued but unpaid Base Salary through the Termination
 Date, payable within 30 days following the Termination Date; (ii) any annual cash bonus earned
 but unpaid with respect to the year preceding the year in which the Termination Date occurs;
 (iii) any long-term incentive award earned but unpaid with respect to performance periods
 that ended in the year preceding the year in which Termination Date occurs; (iv) reimbursement
 for any unreimbursed business expenses incurred through the Termination Date, payable within
 30 days; (v) accrued but unused PTO days; and (vi) all other payments, benefits, or fringe
 benefits to which Executive shall be entitled under any applicable compensation arrangement
 or plan.

(ii) "**Cause** "
 shall mean: (i) Executive's refusal to perform, or repeated failure to undertake good
 faith efforts to perform, the duties or responsibilities reasonably assigned to Executive
 by the Board, which, if curable, is not cured within 30 days after Executive's written
 receipt of notice thereof from the Company; (ii) Executive's engagement in willful
 gross misconduct or willful gross negligence in the course of carrying out his duties that
 results in material economic or reputational harm to the Company; (iii) Executive's
 conviction of or plea of guilty or nolo contendere to a felony; or (iv) a material breach
 by Executive of Section 2(b) of this Agreement, which, if curable, is not cured within 30
 days after Executive's receipt of written notice thereof from the Company. Termination
 of Executive's employment shall not be deemed to be for Cause unless Executive has
 had a reasonable opportunity, together with counsel, to respond to all relevant allegations
 upon which a contemplated termination for Cause is based.

(iii) "**Good Reason**" shall mean any of the following circumstances that, if curable, has not
 been cured by the Company within 30 days of receiving written notice from Executive, which
 notice must be provided within 90 days of the initial occurrence: (i) a material reduction
 in Executive's Base Salary; (ii) a material diminution of Executive's titles,
 duties, responsibilities, or authorities as set forth in this Agreement, or being required
 to report to anyone other than the Board; (iii) a material diminution in the budget over
 which Executive retains authority; (iv) relocation of the Company's principal executive
 offices more than 50 miles from their current location without Executive's consent;
 or (v) a material breach by the Company of this Agreement. Executive's resignation
 shall not constitute Good Reason unless employment actually terminates within six months
 of the event giving rise to Good Reason and after expiration of the cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Change in Control**" shall mean a liquidation, merger, acquisition, sale of voting control,
 or sale of substantially all of the assets of the Company in which the shareholders of the
 Company do not own a majority of the outstanding shares of the surviving corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Severance Entitlements**. Notwithstanding any provision of this Agreement to the contrary, upon termination
 of Executive's employment, Executive shall be entitled to the following payments, in
 each case subject to Executive's timely execution and non-revocation of a general release
 of claims in favor of the Company and continued compliance with Sections 2(d)–2(e)
 and Section 6 of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Termination
 for Cause or Voluntary Resignation Without Good Reason. In the event Executive's employment
 is terminated by the Company for Cause, or by Executive voluntarily without Good Reason,
 the Company shall pay to Executive, in a lump sum within 30 days following the effective
 date of termination, $568,750, representing one year of total cash compensation (Base Salary,
 Annual Bonus, and Performance Compensation, but excluding the value of equity awards), together
 with all Accrued Benefits.

(ii) Termination
 Without Cause or Resignation for Good Reason. In the event Executive's employment is
 terminated by the Company without Cause, or by Executive for Good Reason, the Company shall
 pay to Executive, in a lump sum within 30 days following the effective date of termination,
 $1,137,500, representing two years of total cash compensation (Base Salary, Annual Bonus,
 and Performance Compensation, but excluding the value of equity awards), together with all
 Accrued Benefits.

(iii) Termination
 in Connection with a Change in Control. In the event Executive's employment is terminated
 by the Company without Cause, or by Executive for Good Reason, within 24 months following
 a Change in Control, Executive shall be entitled to the amounts set forth in subsection (ii)
 above.

(iv) Death
 or Disability. In the event Executive's employment terminates due to death or Disability,
 Executive (or Executive's estate, as applicable) shall be entitled to the amounts set
 forth in subsection (ii) above.

(v) Exclusivity.
 The severance entitlements described in this Section 5 are intended to supersede and replace
 any other severance or termination payments or benefits otherwise described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Return of Company Property**. Upon termination of Executive's employment for any reason
 or under any circumstances, Executive shall promptly return any and all of the property of
 the Company and any Affiliates (including, without limitation, all computers, keys, credit
 cards, identification tags, documents, data, confidential information, work product, and
 other proprietary materials), and other materials. Executive may retain Executive's
 list of professional contacts and similar address books provided that such items only include
 contact information.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Post-Termination Reasonable Cooperation**. Executive agrees and covenants that, following the Term, he shall,
 to the extent reasonably requested by the Company, cooperate in good faith with the Company
 to assist the Company in the pursuit or defense of (except if Executive is adverse with respect
 to) any claim, administrative charge, or cause of action by or against the Company as to
 which Executive, by virtue of his employment with the Company or any other position that
 Executive holds that is affiliated with or was held at the request of the Company or its
 Affiliates, has relevant knowledge or information, including by acting as the Company's
 representative in any such proceeding and, without the necessity of a subpoena, providing
 truthful testimony in any jurisdiction or forum. The Company shall reimburse Executive for
 his reasonable out-of-pocket expenses incurred in compliance with this Section 5(h), including
 any reasonable travel expenses and reasonable attorneys' fees incurred by Executive
 and, in the event that Executive is required to spend substantial time on such matters, the
 Company shall compensate Executive at an hourly rate of $250 per hour. The Company shall
 use reasonable business efforts to provide Executive with reasonable advance written notice
 of its need for Executive's reasonable cooperation and shall attempt to coordinate
 with Executive the time and place at which Executive's reasonable cooperation shall
 be provided with the goal of minimizing the impact of such reasonable cooperation on any
 other material pre-scheduled business commitment that Executive may have. Executive's
 cooperation described in this Section 5(h) shall be subject to the maintenance of the indemnification
 and D&O insurance policy provided under Sections 8(a) and 8(b) hereof.

**(f)** **Compensation Committee Approval**. The severance benefits described in this Section 5 shall be subject
 to, and interpreted in a manner consistent with, the recommendations of the Company's
 Compensation Committee as approved by the Board.

**(g)** **Conditions of Severance Payment. Any severance payments or benefits under this Agreement shall be conditioned upon Executive** ' **s timely execution and non** -revocation of a general release of claims in favor of the Company. All incentive-based
 compensation and severance shall be subject to the Company's clawback and recoupment
 policies, as in effect from time to time, and any applicable laws or stock exchange listing
 standards.

**(h)** **Information Technology, Security, and Data Return**. Executive agrees to comply at all times with all
 Company security, information technology, and data protection policies, including those relating
 to computer systems, networks, email, mobile devices, software, cloud storage, and document
 retention. Executive shall not use any personal devices, accounts, or storage services to
 conduct Company business, except as expressly permitted under Company policy. Upon termination
 of employment for any reason, or upon the Company's request at any time, Executive
 shall promptly return to the Company all Company property and materials in any form (including
 hardware, equipment, documents, data, passwords, records, and electronic files). Executive
 shall also permanently delete or destroy any copies of Company information or data stored
 on any personal devices, accounts, or media, and upon request shall certify in writing compliance
 with this Section. Executive further agrees not to access, use, or attempt to access or use
 the Company's computer systems, networks, email, or other IT resources after the termination
 of employment, and acknowledges that unauthorized access may constitute a violation of federal
 and state law.

**6.** **Restrictive Covenants.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Non-Competition.** During Executive's employment and for six months following termination of employment
 for any reason, Executive shall not, directly or indirectly, engage in or provide services
 in any capacity (including as an employee, consultant, advisor, officer, director, partner,
 or investor) to any business that is materially competitive with the Company's principal
 business as of the Termination Date; provided that Executive may own up to two percent of
 the outstanding securities of any publicly traded company as a passive investment. The Company's
 remedies for breach of this covenant shall be limited to the prorated amount of severance
 remaining at the time Executive commences new employment. Further, if the Company fails to
 deliver required waiver documentation and/or make the severance payment described in Section
 5 within 30 days of the Termination Date, this covenant shall be null and void, and Executive
 shall remain entitled to all payments and benefits under Section 5.

**(b)** **Non-Solicitation of Employees.** During Executive's employment and for 12 months following termination,
 Executive shall not, directly or indirectly, solicit, recruit, or induce any employee, consultant,
 or contractor of the Company to terminate or alter their relationship with the Company.

**(c)** **Non-Solicitation of Customers and Business Partners.** During Executive's employment and for 12 months
 following termination, Executive shall not, directly or indirectly, solicit or attempt to
 solicit any customer, supplier, vendor, or business partner of the Company with whom Executive
 had material contact during the 24 months preceding termination, for the purpose of providing
 products or services competitive with those offered by the Company.

**(d)** **Non-Disparagement.** During Executive's employment and at all times thereafter, neither Executive nor
 the Company (including its directors, officers, and senior management acting in their capacity
 as such) shall make any disparaging or defamatory statements about the other party, or, in
 the case of the Company, about Executive, and in the case of Executive, about the Company,
 its affiliates, officers, directors, employees, or business practices. Nothing herein shall
 prohibit either party from providing truthful information as required by law, regulation,
 or valid legal process.

**(e)** **Reasonableness.** Executive acknowledges that the restrictions in this Section 6 are reasonable in scope,
 duration, and geography, and necessary to protect the Company's legitimate business
 interests, including its Confidential Information, goodwill, and customer relationships.

**7.** **Notification to Subsequent Employers.** Executive agrees that, upon termination of employment for any
 reason, Executive will promptly notify any subsequent employer of the restrictive covenants
 contained in this Agreement, including but not limited to obligations regarding confidentiality,
 non-competition, and non-solicitation. Executive shall provide a copy of such notice to the
 Company before commencing employment with any subsequent employer. Executive further authorizes
 the Company to provide a copy of the restrictive covenant provisions of this Agreement to
 any subsequent, anticipated, or potential employer of Executive.

**8.** **Indemnification; D&O Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Indemnification**.
 The Company shall indemnify and hold Executive harmless to the fullest extent permitted by
 the California Corporations Code, the Company's Bylaws (as in effect on the Effective
 Date and as amended from time to time), and any other applicable law, but in no event less
 favorable than the protections afforded to any other current or former director, officer,
 or executive of the Company. This protection covers any and all Claims or Proceedings (as
 defined below) arising out of or relating to Executive's service to the Company or
 any Affiliate, whether commenced during or after Executive's employment. The Company
 shall advance all costs, fees, and expenses (including attorneys' fees, expert fees,
 judgments, fines, penalties, settlements, and amounts paid in connection with investigations
 or inquiries) incurred by Executive in connection with any such Claim or Proceeding, within
 ten business days of receipt of reasonably detailed invoices, without requiring any prior
 determination of entitlement to indemnification. Reimbursement after-the-fact shall be avoided
 whenever possible. These obligations shall continue after Executive's employment ends,
 shall not be conditioned on Executive's continued service, and shall inure to the benefit
 of Executive's heirs, executors, administrators, and legal representatives. This indemnification
 is in addition to, and not in limitation of, any rights Executive may have under law, the
 Company's governing documents, insurance policies, or other agreements.

**(b)** **D&O Insurance**. A directors' and officers' liability insurance policy (or policies)
 shall be kept in place, during the Term and thereafter until the sixth anniversary of the
 Termination Date, providing coverage to Executive that is no less favorable to his in any
 respect than the coverage then being provided to any other current or former director or
 officer of the Company.

**(c)** **Definitions**.
 For purposes of this Agreement, the following terms shall have the following meanings: "**Affiliate** "
 of a Person shall mean any Person that directly or indirectly controls, is controlled by,
 or is under common control with, such Person; "**Claim**" shall mean any claim,
 demand, request, investigation, dispute, controversy, threat, discovery request, or request
 for testimony or information; "**Person**" shall mean any individual, corporation,
 partnership, limited liability company, joint venture, trust, estate, board, committee, agency,
 body, employee benefit plan, or other person or entity; and "**Proceeding** "
 means any threatened, pending, or completed action, suit, arbitration, mediation, inquiry,
 investigation, audit, hearing, charge, complaint, notice, appeal, or other proceeding of
 any kind, whether civil, criminal, administrative, regulatory, legislative, investigative,
 disciplinary, appellate, formal, informal, or otherwise, in any jurisdiction, forum, or venue,
 and whether initiated by or before a governmental, regulatory, self-regulatory, or private
 body.

**9.** **Other Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Withholding**.
 The Company shall withhold all applicable federal, state, and local taxes, social security,
 and workers' compensation contributions and other amounts as may be required by law
 with respect to compensation payable to Executive pursuant to this Agreement.

**(b)** **Section 409A**. Notwithstanding anything herein to the contrary, this Agreement is intended to
 be interpreted and applied so that the payment of the benefits set forth herein shall either
 be exempt from, or in the alternative, comply with, the requirements of Section 409A of the
 Internal Revenue Code of 1986, as amended (the "**Code** "), and the published
 guidance thereunder ()"**Section 409A** "). A termination of employment shall
 not be deemed to have occurred for purposes of any provision of this Agreement providing
 for the payment of any amounts or benefits upon or following a termination of employment
 that are considered "nonqualified deferred compensation" under Section 409A unless
 such termination is also a "separation from service" within the meaning of Section
 409A. It is intended that all payments and benefits under this Agreement comply with or are
 exempt from Section 409A, and this Agreement shall be interpreted and administered accordingly.

**(c)** **Separation from Service**. After any Termination Date, Executive shall have no duties or responsibilities
 that are inconsistent with having a "separation from service" within the meaning
 of Section 409A as of the Termination Date. All distributions upon termination of employment
 of nonqualified deferred compensation may only be made upon a "separation from service"
 as determined under Section 409A. Each payment under this Agreement shall be treated as a
 separate payment for purposes of Section 409A.

**(d)** **Reimbursements**.
 All reimbursements and in-kind benefits provided under this Agreement shall be made or provided
 in accordance with the requirements of Section 409A. To the extent that any reimbursements
 are taxable to Executive, such reimbursements shall be paid to Executive on or before the
 last day of Executive's taxable year following the taxable year in which the related
 expense was incurred.

**(e)** **Parachute Provisions (Best Net Benefit).** In the event that any payments or benefits to be provided
 to Executive under this Agreement or otherwise would constitute "parachute payments"
 within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
 "**Code** "), and would, but for this provision, subject Executive to the excise
 tax imposed under Section 4999 of the Code, then such payments shall be reduced (but not
 below zero) so that no portion is subject to the excise tax; provided, however, that such
 reduction shall be made only if it results in a greater after-tax benefit to Executive, taking
 into account all applicable taxes, including the excise tax under Section 4999, income taxes,
 and employment taxes. The reduction of payments or benefits, if applicable, shall be made
 in a manner determined by the Company consistent with the requirements of Section 409A of
 the Code. Unless Executive and the Company otherwise agree in writing, the accounting firm
 engaged by the Company for general tax purposes shall perform the determinations required
 under this Section, and its determinations shall be final, binding, and conclusive.

**10.** **Notices**.
 Except as otherwise specifically provided herein, any notice, consent, demand, or other communication
 to be given under or in connection with this Agreement shall be in writing and shall be deemed
 duly given when delivered personally, when transmitted by facsimile transmission, one day
 after being deposited with Federal Express or other nationally recognized overnight delivery
 service, or five days after being mailed by first class mail, charges or postage prepaid,
 properly addressed, if to the Company, at its principal office, and, if to Executive, at
 his address set forth following his signature below. Either party may change such address
 from time to time by notice to the other.

**11.** **Governing Law**. This Agreement shall be governed by and construed and interpreted in accordance
 with the laws of California, without giving effect to any choice of law rules or other conflicting
 provision or rule that would cause the laws of any jurisdiction to be applied.

**12.** **Resolution of Disputes through Arbitration**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Agreement to Arbitrate**. Except as otherwise expressly provided in this Agreement, any controversy,
 claim, or dispute arising out of or relating to Executive's employment, the termination
 of employment, this Agreement, or the enforcement or interpretation of this Agreement (including
 without limitation any claim for wages, benefits, discrimination, harassment, retaliation,
 or any other statutory, tort, or contractual claim) shall be resolved exclusively by binding
 arbitration in Los Angeles County, California. The arbitration shall be administered by Judicial
 Arbitration and Mediation Services ()"**JAMS** "), or if JAMS is unavailable,
 by the American Arbitration Association ()"**AAA** "), in accordance with its
 employment arbitration rules then in effect, except as modified herein.

**(b)** **Arbitrator; Remedies**. The arbitration shall be conducted before a single neutral arbitrator who shall
 be a retired judge or experienced employment law attorney. The arbitrator shall have the
 authority to award any remedy or relief that a court of competent jurisdiction could award,
 including damages, injunctive relief, attorneys' fees, and costs, and shall issue a
 written decision stating the essential findings and conclusions.

**(c)** **Discovery and Procedures**. The parties shall be entitled to conduct reasonable discovery, including
 depositions, requests for documents, and interrogatories, consistent with the California
 Rules of Civil Procedure. The arbitrator shall resolve any discovery disputes. There shall
 be no limitations on discovery beyond those that would apply in court.

**(d)** **Costs and Fees**. The Company shall bear the forum costs of the arbitration, including the arbitrator's
 fees. The prevailing party shall be entitled to recover its reasonable attorneys' fees
 and costs, except that Executive shall not be required to pay the Company's attorneys'
 fees or costs unless the arbitrator determines that Executive's claims were frivolous
 or brought in bad faith.

**(e)** **Interim Relief**. Either party may seek provisional injunctive relief in a court of competent jurisdiction
 in Los Angeles County, California, to preserve the status quo pending arbitration. Any provisional
 relief shall remain effective until the arbitrator's final award.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Finality and Enforcement**. The arbitration award shall be final and binding upon the parties and
 may be confirmed and enforced by any court of competent jurisdiction.

**(g)** **Waiver of Jury Trial**. The parties acknowledge and agree that, by entering into this arbitration
 agreement, they are waiving any right to a jury trial in any action or proceeding covered
 by this Section 12.

**(h)** **Opt-Out Option**. Executive may opt out of this arbitration provision by providing written notice
 to the Company within 30 days of the Effective Date of this Agreement. If Executive opts
 out, disputes shall be resolved in the state or federal courts located in Los Angeles County,
 California, and the parties consent to exclusive jurisdiction and venue in such courts.

**13.** **Arbitration Opt-Out Forum; Attorneys' Fees and Costs**. In the event Executive elects to opt
 out of the arbitration provision in Section 12 above, the parties each submit to the exclusive
 jurisdiction of the federal courts (or state courts if federal jurisdiction is lacking) located
 within Los Angeles County, California. In the event of a lawsuit or other legal proceeding
 arising out of or related to this Agreement in which Executive prevails (as determined by
 the deciding court), the Company shall reimburse Executive for his reasonable attorneys'
 fees and costs incurred in connection with such lawsuit or legal proceeding, in addition
 to any other relief to which Executive may be entitled.

**14.** **Amendments; Waivers**. This Agreement may not be modified or amended or terminated except by an instrument
 in writing, signed by Executive and a duly authorized officer of the Company (other than
 Executive). By an instrument in writing similarly executed (and not by any other means),
 either party may waive compliance by the other party with any provision of this Agreement
 that such other party was or is obligated to comply with or perform; provided, however, that
 such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent
 failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder
 shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
 remedy, or power hereunder preclude any other or further exercise thereof or the exercise
 of any other right, remedy, or power provided herein or by law or in equity. To be effective,
 any written waiver must specifically refer to the condition(s) or provision(s) of this Agreement
 being waived.

**15.** **Inconsistencies**.
 In the event of any inconsistency between any provision of this Agreement and any provision
 of any Company arrangement, the provisions of this Agreement shall control, unless Executive
 and the Company otherwise agree in a writing that expressly refers to the provision of this
 Agreement that is being waived.

**16.** **Assignment**.
 Except as otherwise specifically provided herein, neither party shall assign or transfer
 this Agreement nor any rights hereunder without the consent of the other party, and any attempted
 or purported assignment without such consent shall be void; provided, however, that any assignment
 or transfer pursuant to a merger or consolidation, or the sale or liquidation of all or substantially
 all of the business and assets of the Company shall be valid, so long as the assignee or
 transferee (a) is the successor to all or substantially all of the business and assets of
 the Company, and (b) assumes the liabilities, obligations and duties of the Company, as contained
 in this Agreement, either contractually or as a matter of law. Executive's consent
 shall not be required for any such transaction. This Agreement shall otherwise bind and inure
 to the benefit of the parties hereto and their respective successors, permitted assigns,
 heirs, legatees, devisees, executors, administrators, and legal representatives.

**17.** **Voluntary Execution; Representations**. Executive acknowledges that (a) he has consulted with or
 has had the opportunity to consult with independent counsel of his own choosing concerning
 this Agreement and has been advised to do so by the Company, and (b) he has read and understands
 this Agreement, is competent and of sound mind to execute this Agreement, is fully aware
 of the legal effect of this Agreement, and has entered into it freely based on his own judgment
 and without duress. The Company represents and warrants that it is fully authorized, by any
 person or body whose authorization is required, to enter into this Agreement and to perform
 its obligations hereunder.

**18.** **Headings**.
 The headings of the Sections and subsections contained in this Agreement are for convenience
 only and shall not be deemed to control or affect the meaning or construction of any provision
 of this Agreement.

**19.** **Construction**.
 The language used in this Agreement shall be deemed to be the language chosen by the parties
 to express their mutual intent, and no rule of strict construction shall be applied against
 any party. The Recitals to this Agreement are incorporated herein and shall be deemed part
 of the operative provisions.

**20.** **Beneficiaries/References**.
 Executive shall be entitled, to the extent permitted under applicable law, to select and
 change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following
 Executive's death by giving written notice thereof. In the event of Executive's
 death or a judicial determination of his incompetence, references in this Agreement to Executive
 shall be deemed, where appropriate, to refer to his beneficiary, estate, or other legal representative.

**21.** **Survivorship**.
 Except as otherwise set forth in this Agreement, the respective rights and obligations of
 the parties shall survive any termination of Executive's employment.

**22.** **Severability**.
 It is the desire and intent of the parties hereto that the provisions of this Agreement be
 enforced to the fullest extent permissible under the laws and public policies applied in
 each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
 of this Agreement shall be adjudicated by a court of competent jurisdiction or arbitrator
 to be invalid, prohibited, or unenforceable for any reason, such provision, as to such jurisdiction,
 shall be ineffective, without invalidating the remaining provisions of this Agreement or
 affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
 the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited,
 or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly
 drawn, without invalidating the remaining provisions of this Agreement or affecting the validity
 or enforceability of such provision in any other jurisdiction.

**23.** **No Mitigation/No Offset**. Executive shall be under no obligation to seek other employment
 or to otherwise mitigate the obligations of the Company under this Agreement, and there shall
 be no offset against amounts or benefits due to Executive under this Agreement or otherwise
 on account of any claim (other than any preexisting debts then due in accordance with their
 terms) the Company may have against his or any remuneration or other benefit earned or received
 by Executive after such termination.

**24.** **Counterparts**.
 This Agreement may be executed in any number of counterparts, each of which shall be deemed
 an original, but all such counterparts shall together constitute one and the same instrument.
 Signatures delivered by facsimile or PDF shall be effective for all purposes.

**25.** **Entire Agreement**. This Agreement contains the entire agreement of the parties and supersedes
 all prior or contemporaneous negotiations, correspondence, understandings, and agreements
 between the parties, regarding the subject matter of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| BitMine Immersion Technologies, Inc., | BitMine Immersion Technologies, Inc., |
| a Delaware corporation | a Delaware corporation |
| By: | */s/ Jonathan Bates* |
| Name: | Jonathan Bates |
| Title: | CEO |

---

---

| | |
|:---|:---|
| **EXECUTIVE** | **EXECUTIVE** |
| By: | /*s/ Raymond Mow* |
| Name: | Raymond Mow |

---

## Exhibit 10.3

**Exhibit 10.3**

**Executive Employment Agreement**

This EXECUTIVE EMPLOYMENT AGREEMENT (this "**Agreement**") is made as of September 1, 2025 (the "**Effective Date**"), by and between BitMine Immersion Technologies, Inc., a Delaware corporation (together with its successors and assigns, the "**Company**"), and Erik Nelson ("**Executive**").

**RECITALS**

WHEREAS, the Company desires to employ Executive as its President and to ensure Executive's commitment to the long-term growth and success of the Company;

WHEREAS, Executive has the skills, experience, and leadership qualities necessary to serve in such capacity and is willing to accept such employment on the terms and conditions set forth herein;

WHEREAS, the Board of Directors of the Company (the "**Board**") has approved the appointment of Executive as President, subject to the execution of this Agreement; and

WHEREAS, the parties desire to enter into this Agreement to set forth the terms and conditions of Executive's employment with the Company.

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

**AGREEMENT**

**1.** **Employment and Term**. The Company hereby agrees to employ Executive, and Executive hereby accepts
 employment by the Company, on the terms and conditions hereinafter set forth. Executive's
 employment under this Agreement (the "**Term**") shall commence on the Effective
 Date and shall continue until terminated in accordance with Section 5. For the avoidance
 of doubt, there shall be no fixed expiration date or automatic renewal, and Executive's
 employment shall be of indefinite duration subject to the termination provisions of this
 Agreement.

**2.** **Position, Duties, and Responsibilities**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Position and Duties**. Executive shall serve as President of the Company and shall have such duties,
 powers, and authority as are customary for the President of a public company, subject to
 the authority of the Chief Executive Officer and the Board. Without limiting the generality
 of the foregoing, Executive's responsibilities shall include: (i) establishing and
 overseeing the Company's corporate governance program, including board processes, compliance
 practices, and internal reporting protocols; (ii) establishing and overseeing the Company's
 risk management and treasury management functions, including the development of policies
 and controls to ensure financial strength, liquidity, and prudent risk oversight; and (iii)
 establishing and leading the Company's staking committee, including setting goals and
 expectations for internal operations, ensuring accountability of vendors and partners, and
 monitoring performance against established benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Exclusive Services and Efforts**. Executive's position shall be on a part-time basis. Executive
 shall not be required to devote full business time and attention exclusively to the business
 and affairs of the Company, and may engage in other business activities, board service, investments,
 or professional endeavors, provided that such activities do not materially interfere with
 the performance of Executive's duties under this Agreement or materially conflict with
 the interests of the Company. The parties acknowledge and agree that the compensation set
 forth in Section 3 reflects the part-time nature of Executive's role.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Compliance with Company Policies**. To the extent not inconsistent with the terms and conditions of
 this Agreement and with due regard for his position, Executive shall be subject to the Bylaws,
 policies, practices, procedures, and rules of the Company, including those policies and procedures
 set forth in the Company's Code of Conduct and Ethics, but in no event shall anything
 in such documents be construed to expand the definition of Cause hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Confidential Information and Trade Secrets**. Executive acknowledges that, during employment, Executive
 will access confidential and proprietary information of the Company and its affiliates, including
 trade secrets, business plans, financial data, customer and vendor information, software,
 intellectual property, and other information not generally known to the public ()"**Confidential Information** "). Executive agrees that, both during and after employment, Executive
 will not use or disclose Confidential Information except as required in the proper performance
 of duties, authorized in writing by the Board, or as required by law. All Confidential Information
 remains Company property, and upon termination Executive shall promptly return all Company
 property and materials containing Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Defend Trade Secrets Act**. In accordance with 18 U.S.C. § 1833(b), Executive shall not be
 held criminally or civilly liable under federal or state trade secret law for disclosure
 of a trade secret: (i) in confidence to a government official or attorney solely for reporting
 or investigating a suspected legal violation, or (ii) in a complaint or filing made under
 seal. Executive may also disclose trade secrets to an attorney in a lawsuit for retaliation,
 provided such filings are made under seal and disclosure is limited to court order.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Work Product and Intellectual Property**. Executive agrees that all inventions, discoveries,
 developments, designs, processes, writings, software, trade secrets, and other works of authorship
 or ideas ()"**Work Product** "), whether or not patentable or copyrightable,
 that are conceived, created, or developed by Executive, alone or with others, during employment
 and relating to the business of the Company shall be the sole and exclusive property of the
 Company. To the extent any Work Product may not be deemed "work made for hire"
 under applicable law, Executive hereby irrevocably assigns to the Company all right, title,
 and interest in and to such Work Product, including all intellectual property rights therein.
 Executive agrees to promptly disclose all such Work Product to the Company and to execute
 any documents and take all actions reasonably requested by the Company to secure, maintain,
 and enforce its ownership rights, both during and after employment. The Company shall reimburse
 Executive for reasonable out-of-pocket expenses incurred in connection with such cooperation.
 Executive retains no rights in any Work Product created during employment, except as expressly
 approved in writing by the Company.

**3.** **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Base Salary**. The Company shall pay Executive an annual base salary of $240,000, payable in
 equal monthly installments on the last business day of each calendar month, subject to applicable
 withholdings and deductions.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Annual Cash Bonus**. Executive shall receive a minimum annual bonus of $52,500, payable in equal
 quarterly installments of $13,125, with each installment to be paid on the Company's
 final regularly scheduled payroll date of the applicable fiscal quarter. This minimum bonus
 shall be payable regardless of performance.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Equity Awards**. Executive shall be granted on September 1 of each fiscal year during the Term,
 an annual award of restricted stock units ("RSUs") of Company common stock with
 a grant-date fair value of $113,750, as determined in accordance with ASC 718 (or any successor
 standard) under the Company's equity incentive plan. The number of RSUs granted shall
 be determined by dividing $113,750 by the closing price of the Company's common stock
 on the exchange on which the common stock is then listed on the last business day of the
 preceding fiscal year; if no closing sale is reported on that date, the last reported sale
 price on the nearest preceding trading day shall be used, and no fractional shares shall
 be issued. Such RSUs shall vest in four equal installments of 25% each on November 30, February
 28 (or 29 in a leap year), May 31, and August 31 of each fiscal year (or, if any such date
 is not a business day, on the next business day), subject to the Company's Compensation
 Committee approval each quarter, provided that Executive remains continuously employed by
 the Company through the applicable vesting date. If Executive's employment terminates
 before a vesting date, unvested restricted shares shall be immediately forfeited unless otherwise
 provided in Section 5 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Total Compensation.** For clarity, the parties acknowledge and agree that Executive's total
 annual compensation under this Agreement is $406,250, consisting of: (i) an annual base salary
 of $240,000; (ii) a minimum annual cash bonus of $52,500; and (iii) an annual equity award
 with a grant-date fair value of $113,750, granted in the form of RSUs in accordance with
 Section 3(c) above. The parties further acknowledge that this total compensation structure
 reflects the recommendations of the Company's Compensation Committee as approved by
 the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Compensation Committee Annual Review**. Executive's compensation shall be reviewed annually by
 the Compensation Committee of the Board in light of Company performance and peer group benchmarking,
 and may be adjusted consistent with the Company's executive compensation program.

**4.** **Employee Benefits and Perquisites**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Benefits**.
 Executive shall be entitled to participate in such health, group insurance, welfare, pension,
 and other employee benefit plans, programs, and arrangements as are made generally available
 from time to time to senior executives of the Company (which shall include customary health,
 life insurance, and disability plans), such participation in each case to be on terms and
 conditions no less favorable to Executive than to other senior executives of the Company
 generally.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Fringe Benefits, Perquisites, and Paid Time Off**. During the Term, Executive shall be entitled
 to participate in all fringe benefits and perquisites made available to other senior executives
 of the Company, such participation to be at levels, and on terms and conditions, that are
 commensurate with his position and responsibilities at the Company and that are no less favorable
 than those applicable to other senior executives of the Company. In addition, Executive shall
 be eligible for paid time off ()"**PTO**") per each calendar year in accordance
 with the Company's vacation and PTO policy, inclusive of vacation days and sick days
 and excluding standard paid Company holidays, in the same manner as PTO days for employees
 of the Company generally accrue.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Reimbursement of Expenses**. The Company shall reimburse Executive for all reasonable business and travel
 expenses incurred in the performance of his job duties and the promotion of the Company's
 business, promptly upon presentation of appropriate supporting documentation and otherwise
 in accordance with the expense reimbursement policy of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Attorneys' Fees**. The Company shall reimburse Executive, promptly upon presentation of appropriate
 supporting documentation, for all reasonable attorneys' fees incurred by Executive
 in connection with the negotiation and execution of this Agreement, but in no event shall
 such reimbursement exceed $10,000.

**5.** **Termination; Change in Control**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **General**.
 The Company may terminate Executive's employment for Cause. Executive may terminate
 his employment at any time for any reason other than Good Reason. The Company may terminate
 Executive's employment without Cause, or Executive may terminate Executive's
 employment with Good Reason, in each case, upon providing the other party at least 30 days'
 written notice thereof. Upon termination of Executive's employment, Executive shall
 be entitled to the compensation and benefits described in this Section 5 to the extent applicable
 and shall have no further rights to any compensation or benefits from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Accrued Benefits**" shall mean: (i) accrued but unpaid Base Salary through the Termination
 Date, payable within 30 days following the Termination Date; (ii) any annual cash bonus earned
 but unpaid with respect to the year preceding the year in which the Termination Date occurs;
 (iii) any long-term incentive award earned but unpaid with respect to performance periods
 that ended in the year preceding the year in which Termination Date occurs; (iv) reimbursement
 for any unreimbursed business expenses incurred through the Termination Date, payable within
 30 days; (v) accrued but unused PTO days; and (vi) all other payments, benefits, or fringe
 benefits to which Executive shall be entitled under any applicable compensation arrangement
 or plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Cause** "
 shall mean: (i) Executive's refusal to perform, or repeated failure to undertake good
 faith efforts to perform, the duties or responsibilities reasonably assigned to Executive
 by the Board, which, if curable, is not cured within 30 days after Executive's written
 receipt of notice thereof from the Company; (ii) Executive's engagement in willful
 gross misconduct or willful gross negligence in the course of carrying out his duties that
 results in material economic or reputational harm to the Company; (iii) Executive's
 conviction of or plea of guilty or nolo contendere to a felony; or (iv) a material breach
 by Executive of Section 2(b) of this Agreement, which, if curable, is not cured within 30
 days after Executive's receipt of written notice thereof from the Company. Termination
 of Executive's employment shall not be deemed to be for Cause unless Executive has
 had a reasonable opportunity, together with counsel, to respond to all relevant allegations
 upon which a contemplated termination for Cause is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Good Reason**" shall mean any of the following circumstances that, if curable, has not
 been cured by the Company within 30 days of receiving written notice from Executive, which
 notice must be provided within 90 days of the initial occurrence: (i) a material reduction
 in Executive's Base Salary; (ii) a material diminution of Executive's titles,
 duties, responsibilities, or authorities as set forth in this Agreement, or being required
 to report to anyone other than the Board; (iii) a material diminution in the budget over
 which Executive retains authority; (iv) relocation of the Company's principal executive
 offices more than 50 miles from their current location without Executive's consent;
 or (v) a material breach by the Company of this Agreement. Executive's resignation
 shall not constitute Good Reason unless employment actually terminates within six months
 of the event giving rise to Good Reason and after expiration of the cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Change in Control**" shall mean a liquidation, merger, acquisition, sale of voting control,
 or sale of substantially all of the assets of the Company in which the shareholders of the
 Company do not own a majority of the outstanding shares of the surviving corporation.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Severance Entitlements**. Notwithstanding any provision of this Agreement to the contrary, upon termination
 of Executive's employment, Executive shall be entitled to the following payments, in
 each case subject to Executive's timely execution and non-revocation of a general release
 of claims in favor of the Company and continued compliance with Sections 2(d)–2(e)
 and Section 6 of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Termination
 for Cause or Voluntary Resignation Without Good Reason. In the event Executive's employment
 is terminated by the Company for Cause, or by Executive voluntarily without Good Reason,
 the Company shall pay to Executive, in a lump sum within 30 days following the effective
 date of termination, $292,500 representing one year of total cash compensation (Base Salary
 and Annual Bonus, but excluding the value of equity awards), together with all Accrued Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Termination
 Without Cause or Resignation for Good Reason. In the event Executive's employment is
 terminated by the Company without Cause, or by Executive for Good Reason, the Company shall
 pay to Executive, in a lump sum within 30 days following the effective date of termination,
 $585,000, representing two years of total cash compensation (Base Salary and Annual Bonus,
 but excluding the value of equity awards), together with all Accrued Benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Termination
 in Connection with a Change in Control. In the event Executive's employment is terminated
 by the Company without Cause, or by Executive for Good Reason, within 24 months following
 a Change in Control, Executive shall be entitled to the amounts set forth in subsection (ii)
 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Death
 or Disability. In the event Executive's employment terminates due to death or Disability,
 Executive (or Executive's estate, as applicable) shall be entitled to the amounts set
 forth in subsection (ii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Exclusivity.
 The severance entitlements described in this Section 5 are intended to supersede and replace
 any other severance or termination payments or benefits otherwise described in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Return of Company Property**. Upon termination of Executive's employment for any reason
 or under any circumstances, Executive shall promptly return any and all of the property of
 the Company and any Affiliates (including, without limitation, all computers, keys, credit
 cards, identification tags, documents, data, confidential information, work product, and
 other proprietary materials), and other materials. Executive may retain Executive's
 list of professional contacts and similar address books provided that such items only include
 contact information.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Post-Termination Reasonable Cooperation**. Executive agrees and covenants that, following the Term, he shall,
 to the extent reasonably requested by the Company, cooperate in good faith with the Company
 to assist the Company in the pursuit or defense of (except if Executive is adverse with respect
 to) any claim, administrative charge, or cause of action by or against the Company as to
 which Executive, by virtue of his employment with the Company or any other position that
 Executive holds that is affiliated with or was held at the request of the Company or its
 Affiliates, has relevant knowledge or information, including by acting as the Company's
 representative in any such proceeding and, without the necessity of a subpoena, providing
 truthful testimony in any jurisdiction or forum. The Company shall reimburse Executive for
 his reasonable out-of-pocket expenses incurred in compliance with this Section 5(h), including
 any reasonable travel expenses and reasonable attorneys' fees incurred by Executive
 and, in the event that Executive is required to spend substantial time on such matters, the
 Company shall compensate Executive at an hourly rate of $250 per hour. The Company shall
 use reasonable business efforts to provide Executive with reasonable advance written notice
 of its need for Executive's reasonable cooperation and shall attempt to coordinate
 with Executive the time and place at which Executive's reasonable cooperation shall
 be provided with the goal of minimizing the impact of such reasonable cooperation on any
 other material pre-scheduled business commitment that Executive may have. Executive's
 cooperation described in this Section 5(h) shall be subject to the maintenance of the indemnification
 and D&O insurance policy provided under Sections 8(a) and 8(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Compensation Committee Approval**. The severance benefits described in this Section 5 shall be subject
 to, and interpreted in a manner consistent with, the recommendations of the Company's
 Compensation Committee as approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Conditions of Severance Payment. Any severance payments or benefits under this Agreement shall be conditioned upon Executive** ' **s timely execution and non** -revocation of a general release of claims in favor of the Company. All incentive-based
 compensation and severance shall be subject to the Company's clawback and recoupment
 policies, as in effect from time to time, and any applicable laws or stock exchange listing
 standards.

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Information Technology, Security, and Data Return**. Executive agrees to comply at all times with all
 Company security, information technology, and data protection policies, including those relating
 to computer systems, networks, email, mobile devices, software, cloud storage, and document
 retention. Executive shall not use any personal devices, accounts, or storage services to
 conduct Company business, except as expressly permitted under Company policy. Upon termination
 of employment for any reason, or upon the Company's request at any time, Executive
 shall promptly return to the Company all Company property and materials in any form (including
 hardware, equipment, documents, data, passwords, records, and electronic files). Executive
 shall also permanently delete or destroy any copies of Company information or data stored
 on any personal devices, accounts, or media, and upon request shall certify in writing compliance
 with this Section. Executive further agrees not to access, use, or attempt to access or use
 the Company's computer systems, networks, email, or other IT resources after the termination
 of employment, and acknowledges that unauthorized access may constitute a violation of federal
 and state law.

**6.** **Restrictive Covenants.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Non-Competition.** During Executive's employment and for six months following termination of employment
 for any reason, Executive shall not, directly or indirectly, engage in or provide services
 in any capacity (including as an employee, consultant, advisor, officer, director, partner,
 or investor) to any business that is materially competitive with the Company's principal
 business as of the Termination Date; provided that Executive may own up to two percent of
 the outstanding securities of any publicly traded company as a passive investment. The Company's
 remedies for breach of this covenant shall be limited to the prorated amount of severance
 remaining at the time Executive commences new employment. Further, if the Company fails to
 deliver required waiver documentation and/or make the severance payment described in Section
 5 within 30 days of the Termination Date, this covenant shall be null and void, and Executive
 shall remain entitled to all payments and benefits under Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Non-Solicitation of Employees.** During Executive's employment and for 12 months following termination,
 Executive shall not, directly or indirectly, solicit, recruit, or induce any employee, consultant,
 or contractor of the Company to terminate or alter their relationship with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Non-Solicitation of Customers and Business Partners.** During Executive's employment and for 12 months
 following termination, Executive shall not, directly or indirectly, solicit or attempt to
 solicit any customer, supplier, vendor, or business partner of the Company with whom Executive
 had material contact during the 24 months preceding termination, for the purpose of providing
 products or services competitive with those offered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Non-Disparagement.** During Executive's employment and at all times thereafter, neither Executive nor
 the Company (including its directors, officers, and senior management acting in their capacity
 as such) shall make any disparaging or defamatory statements about the other party, or, in
 the case of the Company, about Executive, and in the case of Executive, about the Company,
 its affiliates, officers, directors, employees, or business practices. Nothing herein shall
 prohibit either party from providing truthful information as required by law, regulation,
 or valid legal process.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Reasonableness.** Executive acknowledges that the restrictions in this Section 6 are reasonable in scope,
 duration, and geography, and necessary to protect the Company's legitimate business
 interests, including its Confidential Information, goodwill, and customer relationships.

**7.** **Notification to Subsequent Employers.** Executive agrees that, upon termination of employment for any
 reason, Executive will promptly notify any subsequent employer of the restrictive covenants
 contained in this Agreement, including but not limited to obligations regarding confidentiality,
 non-competition, and non-solicitation. Executive shall provide a copy of such notice to the
 Company before commencing employment with any subsequent employer. Executive further authorizes
 the Company to provide a copy of the restrictive covenant provisions of this Agreement to
 any subsequent, anticipated, or potential employer of Executive.

**8.** **Indemnification; D&O Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Indemnification**.
 The Company shall indemnify and hold Executive harmless to the fullest extent permitted by
 the California Corporations Code, the Company's Bylaws (as in effect on the Effective
 Date and as amended from time to time), and any other applicable law, but in no event less
 favorable than the protections afforded to any other current or former director, officer,
 or executive of the Company. This protection covers any and all Claims or Proceedings (as
 defined below) arising out of or relating to Executive's service to the Company or
 any Affiliate, whether commenced during or after Executive's employment. The Company
 shall advance all costs, fees, and expenses (including attorneys' fees, expert fees,
 judgments, fines, penalties, settlements, and amounts paid in connection with investigations
 or inquiries) incurred by Executive in connection with any such Claim or Proceeding, within
 ten business days of receipt of reasonably detailed invoices, without requiring any prior
 determination of entitlement to indemnification. Reimbursement after-the-fact shall be avoided
 whenever possible. These obligations shall continue after Executive's employment ends,
 shall not be conditioned on Executive's continued service, and shall inure to the benefit
 of Executive's heirs, executors, administrators, and legal representatives. This indemnification
 is in addition to, and not in limitation of, any rights Executive may have under law, the
 Company's governing documents, insurance policies, or other agreements.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **D&O Insurance**. A directors' and officers' liability insurance policy (or policies)
 shall be kept in place, during the Term and thereafter until the sixth anniversary of the
 Termination Date, providing coverage to Executive that is no less favorable to him in any
 respect than the coverage then being provided to any other current or former director or
 officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Definitions**.
 For purposes of this Agreement, the following terms shall have the following meanings: "**Affiliate** "
 of a Person shall mean any Person that directly or indirectly controls, is controlled by,
 or is under common control with, such Person; "**Claim**" shall mean any claim,
 demand, request, investigation, dispute, controversy, threat, discovery request, or request
 for testimony or information; "**Person**" shall mean any individual, corporation,
 partnership, limited liability company, joint venture, trust, estate, board, committee, agency,
 body, employee benefit plan, or other person or entity; and "**Proceeding** "
 means any threatened, pending, or completed action, suit, arbitration, mediation, inquiry,
 investigation, audit, hearing, charge, complaint, notice, appeal, or other proceeding of
 any kind, whether civil, criminal, administrative, regulatory, legislative, investigative,
 disciplinary, appellate, formal, informal, or otherwise, in any jurisdiction, forum, or venue,
 and whether initiated by or before a governmental, regulatory, self-regulatory, or private
 body.

**9.** **Other Tax Matters**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Withholding**.
 The Company shall withhold all applicable federal, state, and local taxes, social security,
 and workers' compensation contributions and other amounts as may be required by law
 with respect to compensation payable to Executive pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Section 409A**. Notwithstanding anything herein to the contrary, this Agreement is intended to
 be interpreted and applied so that the payment of the benefits set forth herein shall either
 be exempt from, or in the alternative, comply with, the requirements of Section 409A of the
 Internal Revenue Code of 1986, as amended (the "**Code** "), and the published
 guidance thereunder ()"**Section 409A** "). A termination of employment shall
 not be deemed to have occurred for purposes of any provision of this Agreement providing
 for the payment of any amounts or benefits upon or following a termination of employment
 that are considered "nonqualified deferred compensation" under Section 409A unless
 such termination is also a "separation from service" within the meaning of Section
 409A. It is intended that all payments and benefits under this Agreement comply with or are
 exempt from Section 409A, and this Agreement shall be interpreted and administered accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Separation from Service**. After any Termination Date, Executive shall have no duties or responsibilities
 that are inconsistent with having a "separation from service" within the meaning
 of Section 409A as of the Termination Date. All distributions upon termination of employment
 of nonqualified deferred compensation may only be made upon a "separation from service"
 as determined under Section 409A. Each payment under this Agreement shall be treated as a
 separate payment for purposes of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Reimbursements**.
 All reimbursements and in-kind benefits provided under this Agreement shall be made or provided
 in accordance with the requirements of Section 409A. To the extent that any reimbursements
 are taxable to Executive, such reimbursements shall be paid to Executive on or before the
 last day of Executive's taxable year following the taxable year in which the related
 expense was incurred.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Parachute Provisions (Best Net Benefit).** In the event that any payments or benefits to be provided
 to Executive under this Agreement or otherwise would constitute "parachute payments"
 within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
 "**Code** "), and would, but for this provision, subject Executive to the excise
 tax imposed under Section 4999 of the Code, then such payments shall be reduced (but not
 below zero) so that no portion is subject to the excise tax; provided, however, that such
 reduction shall be made only if it results in a greater after-tax benefit to Executive, taking
 into account all applicable taxes, including the excise tax under Section 4999, income taxes,
 and employment taxes. The reduction of payments or benefits, if applicable, shall be made
 in a manner determined by the Company consistent with the requirements of Section 409A of
 the Code. Unless Executive and the Company otherwise agree in writing, the accounting firm
 engaged by the Company for general tax purposes shall perform the determinations required
 under this Section, and its determinations shall be final, binding, and conclusive.

**10.** **Notices**.
 Except as otherwise specifically provided herein, any notice, consent, demand, or other communication
 to be given under or in connection with this Agreement shall be in writing and shall be deemed
 duly given when delivered personally, when transmitted by facsimile transmission, one day
 after being deposited with Federal Express or other nationally recognized overnight delivery
 service, or five days after being mailed by first class mail, charges or postage prepaid,
 properly addressed, if to the Company, at its principal office, and, if to Executive, at
 his address set forth following his signature below. Either party may change such address
 from time to time by notice to the other.

**11.** **Governing Law**. This Agreement shall be governed by and construed and interpreted in accordance
 with the laws of California, without giving effect to any choice of law rules or other conflicting
 provision or rule that would cause the laws of any jurisdiction to be applied.

**12.** **Resolution of Disputes through Arbitration**.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Agreement to Arbitrate**. Except as otherwise expressly provided in this Agreement, any controversy,
 claim, or dispute arising out of or relating to Executive's employment, the termination
 of employment, this Agreement, or the enforcement or interpretation of this Agreement (including
 without limitation any claim for wages, benefits, discrimination, harassment, retaliation,
 or any other statutory, tort, or contractual claim) shall be resolved exclusively by binding
 arbitration in Los Angeles County, California. The arbitration shall be administered by Judicial
 Arbitration and Mediation Services ()"**JAMS** "), or if JAMS is unavailable,
 by the American Arbitration Association ()"**AAA** "), in accordance with its
 employment arbitration rules then in effect, except as modified herein.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Arbitrator; Remedies**. The arbitration shall be conducted before a single neutral arbitrator who shall
 be a retired judge or experienced employment law attorney. The arbitrator shall have the
 authority to award any remedy or relief that a court of competent jurisdiction could award,
 including damages, injunctive relief, attorneys' fees, and costs, and shall issue a
 written decision stating the essential findings and conclusions.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Discovery and Procedures**. The parties shall be entitled to conduct reasonable discovery, including
 depositions, requests for documents, and interrogatories, consistent with the California
 Rules of Civil Procedure. The arbitrator shall resolve any discovery disputes. There shall
 be no limitations on discovery beyond those that would apply in court.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Costs and Fees**. The Company shall bear the forum costs of the arbitration, including the arbitrator's
 fees. The prevailing party shall be entitled to recover its reasonable attorneys' fees
 and costs, except that Executive shall not be required to pay the Company's attorneys'
 fees or costs unless the arbitrator determines that Executive's claims were frivolous
 or brought in bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Interim Relief**. Either party may seek provisional injunctive relief in a court of competent jurisdiction
 in Los Angeles County, California, to preserve the status quo pending arbitration. Any provisional
 relief shall remain effective until the arbitrator's final award.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Finality and Enforcement**. The arbitration award shall be final and binding upon the parties and
 may be confirmed and enforced by any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Waiver of Jury Trial**. The parties acknowledge and agree that, by entering into this arbitration
 agreement, they are waiving any right to a jury trial in any action or proceeding covered
 by this Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Opt-Out Option**. Executive may opt out of this arbitration provision by providing written notice
 to the Company within 30 days of the Effective Date of this Agreement. If Executive opts
 out, disputes shall be resolved in the state or federal courts located in Los Angeles County,
 California, and the parties consent to exclusive jurisdiction and venue in such courts.

**13.** **Arbitration Opt-Out Forum; Attorneys' Fees and Costs**. In the event Executive elects to opt
 out of the arbitration provision in Section 12 above, the parties each submit to the exclusive
 jurisdiction of the federal courts (or state courts if federal jurisdiction is lacking) located
 within Los Angeles County, California. In the event of a lawsuit or other legal proceeding
 arising out of or related to this Agreement in which Executive prevails (as determined by
 the deciding court), the Company shall reimburse Executive for his reasonable attorneys'
 fees and costs incurred in connection with such lawsuit or legal proceeding, in addition
 to any other relief to which Executive may be entitled.

**14.** **Amendments; Waivers**. This Agreement may not be modified or amended or terminated except by an instrument
 in writing, signed by Executive and a duly authorized officer of the Company (other than
 Executive). By an instrument in writing similarly executed (and not by any other means),
 either party may waive compliance by the other party with any provision of this Agreement
 that such other party was or is obligated to comply with or perform; provided, however, that
 such waiver shall not operate as a waiver of, or estoppel with respect to, any other or subsequent
 failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder
 shall operate as a waiver thereof, nor shall any single or partial exercise of any right,
 remedy, or power hereunder preclude any other or further exercise thereof or the exercise
 of any other right, remedy, or power provided herein or by law or in equity. To be effective,
 any written waiver must specifically refer to the condition(s) or provision(s) of this Agreement
 being waived.

**15.** **Inconsistencies**.
 In the event of any inconsistency between any provision of this Agreement and any provision
 of any Company arrangement, the provisions of this Agreement shall control, unless Executive
 and the Company otherwise agree in a writing that expressly refers to the provision of this
 Agreement that is being waived.

**16.** **Assignment**.
 Except as otherwise specifically provided herein, neither party shall assign or transfer
 this Agreement nor any rights hereunder without the consent of the other party, and any attempted
 or purported assignment without such consent shall be void; provided, however, that any assignment
 or transfer pursuant to a merger or consolidation, or the sale or liquidation of all or substantially
 all of the business and assets of the Company shall be valid, so long as the assignee or
 transferee (a) is the successor to all or substantially all of the business and assets of
 the Company, and (b) assumes the liabilities, obligations and duties of the Company, as contained
 in this Agreement, either contractually or as a matter of law. Executive's consent
 shall not be required for any such transaction. This Agreement shall otherwise bind and inure
 to the benefit of the parties hereto and their respective successors, permitted assigns,
 heirs, legatees, devisees, executors, administrators, and legal representatives.

**17.** **Voluntary Execution; Representations**. Executive acknowledges that (a) he has consulted with or
 has had the opportunity to consult with independent counsel of his own choosing concerning
 this Agreement and has been advised to do so by the Company, and (b) he has read and understands
 this Agreement, is competent and of sound mind to execute this Agreement, is fully aware
 of the legal effect of this Agreement, and has entered into it freely based on his own judgment
 and without duress. The Company represents and warrants that it is fully authorized, by any
 person or body whose authorization is required, to enter into this Agreement and to perform
 its obligations hereunder.

**18.** **Headings**.
 The headings of the Sections and subsections contained in this Agreement are for convenience
 only and shall not be deemed to control or affect the meaning or construction of any provision
 of this Agreement.

**19.** **Construction**.
 The language used in this Agreement shall be deemed to be the language chosen by the parties
 to express their mutual intent, and no rule of strict construction shall be applied against
 any party. The Recitals to this Agreement are incorporated herein and shall be deemed part
 of the operative provisions.

**20.** **Beneficiaries/References**.
 Executive shall be entitled, to the extent permitted under applicable law, to select and
 change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following
 Executive's death by giving written notice thereof. In the event of Executive's
 death or a judicial determination of his incompetence, references in this Agreement to Executive
 shall be deemed, where appropriate, to refer to his beneficiary, estate, or other legal representative.

**21.** **Survivorship**.
 Except as otherwise set forth in this Agreement, the respective rights and obligations of
 the parties shall survive any termination of Executive's employment.

**22.** **Severability**.
 It is the desire and intent of the parties hereto that the provisions of this Agreement be
 enforced to the fullest extent permissible under the laws and public policies applied in
 each jurisdiction in which enforcement is sought. Accordingly, if any particular provision
 of this Agreement shall be adjudicated by a court of competent jurisdiction or arbitrator
 to be invalid, prohibited, or unenforceable for any reason, such provision, as to such jurisdiction,
 shall be ineffective, without invalidating the remaining provisions of this Agreement or
 affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding
 the foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited,
 or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly
 drawn, without invalidating the remaining provisions of this Agreement or affecting the validity
 or enforceability of such provision in any other jurisdiction.

**23.** **No Mitigation/No Offset**. Executive shall be under no obligation to seek other employment
 or to otherwise mitigate the obligations of the Company under this Agreement, and there shall
 be no offset against amounts or benefits due to Executive under this Agreement or otherwise
 on account of any claim (other than any preexisting debts then due in accordance with their
 terms) the Company may have against his or any remuneration or other benefit earned or received
 by Executive after such termination.

**24.** **Counterparts**.
 This Agreement may be executed in any number of counterparts, each of which shall be deemed
 an original, but all such counterparts shall together constitute one and the same instrument.
 Signatures delivered by facsimile or PDF shall be effective for all purposes.

**25.** **Entire Agreement**. This Agreement contains the entire agreement of the parties and supersedes
 all prior or contemporaneous negotiations, correspondence, understandings, and agreements
 between the parties, regarding the subject matter of this Agreement.

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **COMPANY** | **COMPANY** |
| BitMine Immersion Technologies, Inc., | BitMine Immersion Technologies, Inc., |
| a Delaware corporation | a Delaware corporation |
| By: | */s/ Jonathan Bates* |
| Name: | Jonathan Bates |
| Title: | CEO |
| **EXECUTIVE** | **EXECUTIVE** |
| By: | */s/ Erik Nelson* |
| Name: | Erik Nelson |

---