# EDGAR Filing Document

**Accession Number:** 0002126182
**File Stem:** 0001213900-26-041089
**Filing Date:** 2026-4
**Character Count:** 173223
**Document Hash:** 16d391a441aed030813d1264ff6d972c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-041089.hdr.sgml**: 20260407

**ACCESSION NUMBER**: 0001213900-26-041089

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 7

**FILED AS OF DATE**: 20260407

**DATE AS OF CHANGE**: 20260407

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CoinShares PLC
- **CENTRAL INDEX KEY:** 0002087587
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** Y9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95603
- **FILM NUMBER:** 26845451

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2 HILL STREET
- **CITY:** ST. HELIER
- **PROVINCE COUNTRY:** Y9
- **ZIP:** JE2-4UA
- **BUSINESS PHONE:** 44 1534 513168

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2 HILL STREET
- **STREET 2:** 2ND FLOOR
- **CITY:** ST. HELIER
- **PROVINCE COUNTRY:** Y9
- **ZIP:** JE2-4UA

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Odysseus Holdings Ltd
- **DATE OF NAME CHANGE:** 20250922
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Masters Daniel
- **CENTRAL INDEX KEY:** 0002126182

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2 HILL STREET
- **CITY:** ST HELIER
- **PROVINCE COUNTRY:** Y9
- **ZIP:** JE2 4UA

## Exhibit 99.1

**Exhibit 1**

**<u>MASTER SECURITIES LOAN AGREEMENT</u>**

This Master Securities Loan Agreement (the "Agreement") is by and between Daniel Masters having an address of [Address] (the **"Seller")** and Equities First Holdings, LLC, a Delaware limited liability company having a place of business at 10 West Market Street, Suite 3050, Indianapolis, IN 46204 (the **"EFH").**

**WITNESSETH**

**WHEREAS,** the Seller has agreed to sell to EFH securities or stock of Coinshares International Ltd (CS.SS) in return for the payment of the purchase price by EFH to the Seller, with a simultaneous agreement and obligation by the Seller to repurchase equivalent securities or stock at a date certain against the payment of the repurchase price by Seller to EFH;

**WHEREAS,** EFH is willing to purchase the securities or stock, but only upon the terms and conditions contained herein, including, without limitation, the execution and delivery of certain agreements;

**WHEREAS,** the Seller is the sole legal and beneficial owner of the Securities; and

**ACCORDINGLY,** in consideration of and in order to induce EFH to execute and deliver the Master Securities Loan Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

**SECTION 1**

**<u>DEFINITIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>**Defined Terms.**</u> As used in this Agreement, the following terms shall have the following meanings:

**"Advanced Funds"** shall have the meaning given to it in Section 2.6.

**"Agreement"** shall mean this Master Securities Loan Agreement, including any Exhibits or Schedules hereto and as amended or supplemented from time-to-time.

**"Closing"** shall have the meaning given to it in Section 2.1.

**"Closing Statement"** shall mean a statement in the form attached to this Agreement as <u>Exhibit 1,</u> which Closing Statement shall be delivered by EFH to the Seller in accordance with Section 2.6.

**"Consultation Period"** shall have the meaning given to it in Section 12.1.

**"Currency"** the parties agree that all loans shall be priced, closed, and funded in United States of American Dollars ("USD''). If the Pledged Collateral is a security or instrument which is priced and traded in a market and currency other than USD, the parties agree to convert to USD for all purposes and calculate the currency exchange rate to USD from the currency of the market in which the security or instrument is traded as set forth herein.

**"Currency Exchange Rate"** the parties agree that to calculate the currency exchange rate from any currency other than USD into USD equivalent they will utilize and rely upon the Wall Street Journal ("WSJ") U.S. Dollar foreign exchange rate daily closing price for the same three consecutive Exchange Business Days as utilized to establish the "Fair Market Value" ("FMV") as defined herein and average the daily converted closing price for those same three days to establish the FMV.

**"Default Early Termination Date"** shall have the meaning given to it in Section 9.2.

**"Default Floor"** is initially, eighty percent (80%) of the FMP of the Securities used to determine the Purchase Amount at closing multiplied by the agreed upon percentage used to calculate the Purchase Price. Following the cure of a Valuation Event, the Default Floor is the FMP of the Securities used to calculate the deficit that resulted in the Valuation Event.

**"Default Notice"** shall have the meaning given to it in Section 9.2.

**"Dispute"** shall have the meaning given to it in Section 12.1.

**"Event of Default"** shall mean any of the events specified in Section 9 hereof.

**"Exchange Business Day"** shall mean any day that is a trading day on the national or international securities exchange for the Securities.

**"Fair Market Price (FMP)"** shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for purposes of the Closing Statement and Section 2.1, the average of the last sale
price of the securities provided as Securities on three consecutive Exchange Business Days as reported on Bloomberg. For purposes of determining
the Purchase Amount prior to Closing, the first day of pricing shall be the Verification Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of a Valuation Event, the average of the last sale prices of the
securities provided as Securities on any three consecutive Exchange Business Days as reported by Bloomberg after the Closing Date and
before the Repurchase Date.

**"Fair Market Value (FMV)"** shall mean the amount equating to the Fair Market Price multiplied by the number of Purchased Securities.

**"HMRC"** shall have the meaning given to it in Section 2.11.

**"Interest Payment Date"** shall have the meaning given to it in Section 2.2.

**"Lien"** shall mean, with respect to any asset, any mortgage, lien, charge, security interest or encumbrance of any kind in respect of such asset.

**"Obligations"** shall mean all obligations and liabilities of the Seller to EFH of every kind, nature and description, arising out of the Master Securities Loan Agreement or any documents delivered pursuant to it including, without limitation, (i) the payment in full when due of the Purchase Price and all interest thereon, the payment of all amounts payable by the Seller to EFH under the terms of the Master Securities Loan Agreement.

**"Person"** shall mean any individual, corporation, partnership, trust or other duly formed business entity.

**"Purchase Amount"** shall mean the amount equal to 63% of the Fair Market Value of the Securities, as defined in Section 1.1.

**"Purchase Price"** shall mean the price equating to 63% of the Fair Market Price of the Securities.

**"Purchased Securities"** shall mean the number of Securities sold or to be sold by Seller in accordance with Section 2.1.

**"Repurchase Amount"** shall mean the Repurchase Price multiplied by the number of Purchased Securities;

**"Repurchase Date"** or **"Repurchase"** shall mean the date specified in Section 2.5;

**"Repurchase Price"** shall mean the price equating to 63% of the Fair Market Price of the Securities.

**"Securities"** shall mean securities or stock sold as specified in Section 2.1 and any securities resulting from a split up, revision, reclassification of rights or warrant issue, or other like change of the Securities.

**"Tax Deduction"** shall have the meaning given to it Section 2.11.

**"Term"** shall have the meaning given to it in Section 2.5.

**"Transaction Documents"** shall mean collectively, this Agreement, the Closing Statement, the signed Term Sheet, and the Application and any supporting information provided by the Seller.

**"Valuation Event"** shall mean that the Fair Market Price of the Securities has fallen below the Default Floor.

**"Verification Day"** shall mean the Exchange Business Day after the Securities have been received and posted to EFH's account prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>**Use of Defined Terms.**</u> Unless otherwise expressly specified herein, defined terms denoting the singular number shall, when in the plural form, denote the plural number of the matter or item to which such defined terms refer, and vice-versa. The Section, Schedule and Exhibit headings used in this Agreement are descriptive only and shall not affect the construction or meaning of any provision of this Master Securities Loan Agreement. Unless otherwise specified, the words "hereof," "herein," "hereunder" and other similar words refer to this Master Securities Loan Agreement as a whole and not just to the Section, subsection or clause in which they are used; and the words "this Agreement" refer to this Master Securities Loan Agreement. Unless otherwise specified, references to Sections, Recitals, Schedules and Exhibits are references to Sections of, and Recitals, Schedules and Exhibits to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>**Discretion.**</u> EFH and the Seller each have the discretion and right to elect to not proceed with the Agreement at any time up until the closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>**Statements as to Knowledge.**</u> Any statements, representations or warranties which are based upon the knowledge of the Seller shall be deemed to have been made after due inquiry with respect to the matter in question but without Seller being required to seek an opinion of counsel with respect thereto.

**SECTION 2**

**<u>AMOUNT AND TERMS OF AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.1 <u>Purchase Amount.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to all of the terms and conditions of this Agreement, the Seller agrees
to sell and EFH agrees to purchase the 100,000 of shares of Coinshares International Ltd. (CS.SS) (the **"Securities").** EFH
agrees to pay to the Seller the Purchase Amount. The Purchase Amount shall be paid by EFH in the Contractual Currency no later than the
Closing Date (the **"Closing").** The Purchase Amount shall be funded no later than the Closing Date and shall be memorialized
in a Closing Statement in the form of <u>Exhibit 1</u> hereto, which is hereby incorporated
by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller and Lender have discussed that they each may elect to enter into additional
transactions collateralized by additional tranches of this same security. The Lender agrees to make its best efforts to fund additional
transactions on additional tranches of up to 300,000 shares in the aggregate contingent upon market conditions such as the share price,
trading volume, number of shares issued and outstanding, and number of shares in the float, for example. Any subsequent additional transactions
collateralized by additional shares of this same security, will be subject to the same terms and conditions as set forth in this Agreement
except that the percentage of the Fair Market Value offered on the Securities and the number of shares shall be mutually agreed on by
the parties on each and every subsequent tranche and the new starting date for the new loan shall be memorialized
in the Tranche Loan Agreement form attached hereto as <u>Exhibit 2.</u> The Lender has
the discretion and right to elect to not proceed with any loan transaction with the Seller up until the completion of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Interest Rate.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller shall pay to EFH simple interest on the Purchase Amount for the term
of the Agreement at a fixed interest rate of 3.75%, per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Amount shall bear interest for each day from the Closing Date until
the Repurchase Date. Interest on the Purchase Amount shall be computed on the basis of a 360-day year for the actual number of days elapsed
and shall be due and payable every ninety (90) days from the Closing Date (each such date being an **"Interest Payment Date")** for the preceding ninety (90) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The payment of interest will be overdue if not received by EFH
within ten (10) calendar days of the due date. Any overdue interest payment shall incur a penalty of seven percent (7%) of the amount
of interest due. If the overdue interest payment is not received by EFH within thirty (30) days of the original due date EFH will send
a notice to the Seller advising the Seller that the Agreement will terminate under the default provisions of this Agreement if the payments
due are not received by EFH within five (5) days from the date such final notice was sent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At any time during the term of the Agreement, EFH, in its sole discretion, shall
have the option to accept the dividends paid out on the Securities in lieu of collection Interest in the manner prescribed by this Section
2.2 (a)-(c). EFH may only exercise this option of the dividend is more than the per annum Interest. If EFH elects this option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it shall send a notice to the Seller that it is invoking this Section 2.2(d) of
the Agreement to retain the dividends issued on the Securities in lieu of accepting any further Interest payments (the "Interest
Conversion Notice");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Seller shall pay a maintenance fee of 1% of the Purchase Amount (the "Maintenance
Fee"), computed on the basis of a 360-day year for the actual number of days elapsed and due and payable quarterly, which Maintenance
Fee shall be due and payable in the same manner prescribed by this Section 2.2(b) and (c) as though it were the Interest payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no further Interest payments shall be due and payable once EFH sends the Interest
Conversion Notice, and EFH shall retain as Interest all dividends issued for the Securities, if any, until

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. the Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. EFH revokes the Interest Conversion Notice in writing, in which case the procedures
outlined in Sections 2.2(a)-(c) shall be reinstated, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Agreement is terminated under Section 9 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>**Prepayment.**</u> There is no prepayment of the Purchase Amount or of any interest due under this Agreement permitted during the Term except any payments to be received pursuant to a Change in Securities (as defined in Section 14.2) event. Seller acknowledges that if the Purchase Amount or any interest due under this Agreement are paid for any reason prior to the Repurchase Date, EFH will incur losses and damages and will be deprived the benefit of its bargain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>**Placement Fee.**</u> Contemporaneous with the payment of the Purchase Price by EFH on the Closing Date, the Seller shall pay to EFH an agreed upon placement fee of 2% of the Purchase Amount. EFH is authorized to deduct the placement fee from the Purchase amount being borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>**Term of the Agreement.**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Purchase Amount together with all accrued interest thereon shall be due and
payable three (3) years subsequent to the occurrence of the Closing Date (the "Maturity Date" or "Maturity").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For each successive tranche, the Maturity Date will be three (3) years subsequent
to the Closing Date, unless the tranches will mature less than thirty (30) days apart, in which case the Maturity Date will be three (3)
years from the Closing Date plus thirty (30) days subsequent to the Maturity Date of the previous tranche.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Maturity Date may be extended by EFH if mutually agreed upon in writing. A fee
in the amount of 1% of the Purchase Amount (the "Extension Fee") shall be due and payable within sixty (60) calendar days of
the original Maturity Date. If EFH has not received the Extension Fee by no later than fifty-eight (58) calendar days prior to the original
Maturity Date, this shall be an Event of Default under Section 9, which shall lead to termination and forfeiture of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term of the Agreement shall begin on the Closing Date and end on the Maturity
Date (the "Agreement Tenn"). The Closing Date shall be set in accordance with Section 2.6 of this Agreement and the Closing
Statement shall identify the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No later than ninety (90) calendar days prior to the Maturity Date, the Seller
shall communicate to EFH in writing whether it intends to repay the Purchase Amount on the Maturity Date. No later than sixty (60) calendar
days prior to the Maturity Date, the Seller shall provide proof of funds to repay the Purchase Amount plus any other Obligations due to
EFH (as detailed in Section 2.10) on the Maturity Date (the "Proof of Funds"). If EFH has not received the Proof of Funds by no
later than fifty-eight (58) calendar days prior to the Maturity Date, this shall be an Event of Default under Section 9, which shall lead
to termination and forfeiture of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>**Closing.**</u> On the same day that the Securities are delivered to EFH's account, a portion of the Purchase Amount, One Hundred Fifty Thousand Dollars ($150,000.00 USD) ("**Advanced Funds**") will be settled (paid) to the Seller's account:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Bank/Institution Name | &nbsp;&nbsp;[Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Bank SWIFT Code] |
| &nbsp;&nbsp;Account Number | &nbsp;&nbsp;[Account Number] |
| &nbsp;&nbsp;Account Name | &nbsp;&nbsp;Mr. D L Masters |
| &nbsp;&nbsp;Correspondent Bank | &nbsp;&nbsp;[Correspondent Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Correspondent Bank SWIFT Code] |

---

No later than three (3) Exchange Business Days after the Verification Day, assuming the conditions to EFH's obligations set forth in Section 8 herein are satisfied, the remaining balance of the Purchase Amount shall be paid, the date of such payment being the "Closing Date". EFH shall provide the Closing Statement to the Seller prior to the closing. **On the Closing Date, the remaining balance of the Purchase Amount minus (less) the previously paid Advanced Funds, and any placement fee, shall be wired to the Seller's account per the following instructions:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Bank/Institution Name | &nbsp;&nbsp;[Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Bank SWIFT Code] |
| &nbsp;&nbsp;Account Number | &nbsp;&nbsp;[Account Number] |
| &nbsp;&nbsp;Account Name | &nbsp;&nbsp;Mr. D L Masters |
| &nbsp;&nbsp;Correspondent Bank | &nbsp;&nbsp;[Correspondent Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Correspondent Bank SWIFT Code] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>**Application of Payments.**</u> Any funds received as payment from or on behalf of the Seller (whether pursuant to any of the terms and provisions of the Transaction Documents or otherwise) shall be applied by EFH to the following items in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, if applicable, to the payment to or reimbursement of EFH for any reasonable
fees and expenses for which it is entitled to be paid or reimbursed pursuant to the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to the payment of any accrued and unpaid interest due under the Agreement
(after taking into account any dividend or other distributions received with respect to the Securities); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) third, if such sums are paid at Repurchase to repay the Purchase Amount and any
other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Rights In the Securities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller acknowledges and agrees that EFH may take any and all actions with respect to the Securities as it, in its sole and absolute discretion, may deemed to be advisable, including, without limitation, selling and buying some or all of the Securities within or among one or more depositary accounts, and creating and trading derivative instruments that are backed, in whole or in part, by the Securities. Any such sale or other disposition of any Securities shall be deemed to be fully authorized and approved by the Seller pursuant to this Agreement, and otherwise proper in all respects. EFH is under no obligation to sequester, hold, retain, or escrow the Securities in any manner, nor keep it apart from any other assets of EFH, and EFH may combine the Securities, in whole or in part, with any other assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Seller acknowledges that EFH has all rights associated with the Securities, including, without limitation, any rights offerings, options, warrants, or other distributions associated with the Securities, during the Term, starting when the Securities is received by EFH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>**Payment of Repurchase Amount and Interest on Repurchase Date.**</u> The Seller agrees to pay to EFH the Repurchase Amount plus any other Obligations due to EFH, including without limitation, interest due on the Purchase Amount, shall be made on the Repurchase Date. If EFH has not received the full Repurchase Amount and all other Obligations due to EFH in immediately available funds before the close of business within ten (10) calendar days after the Repurchase Date, then subject to Section 3 below, the Seller shall pay to EFH a late charge equal to the five percent (5%) of the amount of the Repurchase Amount that is then due. Such late charges shall be assessed only once but shall be in addition to and cumulative with all other interest charges, rights, benefits and remedies available to EFH under any of the Transaction Documents on account of any default by Seller. If the overdue Repurchase Amount and other Obligations are not received by EFH within thirty (30) days of the original due date, EFH will send a notice to the Seller advising the Seller that the Agreement will terminate under the default provisions of this Agreement if the payments due are not received by EFH within five (5) days from the date such final notice was sent.

EFH is not required to apply the proceeds of the sale of any Securities that may occur during the Term to reduce the Repurchase Amount or any other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>**Termination of the Agreement and Redelivery of the Securities.**</u> This Agreement shall terminate when all of the Seller's Obligations have been paid in full. EFH confirms and will maintain its full ability to return the Securities (or their equivalent in accordance with this Section 2.10) at Repurchase. Within five business days of the Seller's satisfaction of the Obligations, EFH shall reassign all right, title, ownership, and interest in Coinshares International Ltd. (CS.SS) shares of an identical class of securities, which Securities are equal to the number of shares which Seller would have owned as of the date of the repurchase. Provided, however, that this Agreement shall be reinstated if any payment in respect of the Obligations is rescinded, invalidated, declared to be fraudulent or preferential or otherwise required to be restored or returned by EFH for any reason. For the purpose of this Agreement a return of identical securities means a return of the Securities as modified as a result of any split-up, revision, reclassification, or other like change of the Securities. Any Securities tendered to cure a Valuation Event become part of the Securities and such Securities or cash payment are subject to redelivery at Repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Unless otherwise agreed, all money payable by one party to the other under this Agreement shall be paid without any withholding or deduction for or on account of any taxes or duties (a **"Tax Deduction")** imposed, levied, or assessed by any tax authority, unless a Tax Deduction is required by law. If the Seller is required to make a Tax Deduction, the Seller shall make that Tax Deduction and any payment required in connection with that Tax Deduction to HM Revenue & Customs **("HMRC")** or any other relevant tax authority within the time allowed and in the minimum amount required by law and shall promptly deliver to EFH a receipt or other evidence issued by HMRC or the other relevant tax authority confirming that the Tax Deduction has been made or any appropriate payment has been paid to HMRC or that other tax authority. Seller shall cooperate with EFH in completing any procedural formalities required by EFH to receive any payment without, or to claim the refund of, any such Tax Deduction.

**SECTION 3**

**<u>SCOPE OF TRANSFER AND REDELIVERY OF THE SECURITIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>**Transfer Absolute.**</u> The Seller hereby agrees that this Agreement shall be binding upon the Seller and any representatives, heirs, successors and assigns and that the transfer of the Securities to EFH hereunder shall be irrevocable and unconditional, subject to the Seller's right to have the Securities redelivered pursuant to this Agreement. EFH may take any actions with respect to the Securities as EFH, in its sole and absolute discretion, may deem to be advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>**Termination and Redelivery of the Securities.**</u> These agreements shall terminate, and redelivery shall occur in accordance with Section 2.10 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>**Risk of Loss.**</u> This Agreement and the Transaction Documents are not intended to, nor do they, reduce the risk of loss or opportunity for gain for the Seller. The Seller retains all opportunity for gain or loss on the Securities over the Term.

**SECTION 4**

**<u>REPRESENTATIONS AND WARRANTIES OF SELLER</u>**

Seller represents and warrants to EFH that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>**No Liens or Restrictions.**</u> As of the date of this Agreement, the securities constituting the Securities are owned by the Seller free and clear of any Liens, and said Securities are free of any restriction, are freely tradable and transferable securities and do not have any restrictive legend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>**Consents.**</u> This Agreement and all the other Transaction Documents executed by and to be executed by Seller constitute valid and binding obligations of Seller enforceable in accordance with its respective terms and are to be construed and interpreted as a whole, the same being part of an integrated transaction. To the Seller's knowledge, no consent of any other party, and no consent, license, approval, or authorization of any governmental authority is required in connection with the borrowing by Seller hereunder, the execution, delivery, and performance of this Agreement, and any of the other Transaction Documents executed or to be executed in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>**No Conflicts.**</u> The sale and repurchase of the Securities by the Seller hereunder and the execution and delivery by the Seller of this Agreement and any other Agreement Documents executed and to be executed by Seller, do not conflict with or result in the breach of any agreement, mortgage or similar instrument under which Seller is bound, or, to Seller's knowledge, any law, rule, or regulation of any governmental agency applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>**Representations and Warranties.**</u> The Seller hereby represents and warrants as follows to the best of its knowledge and belief:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Seller has legal title to the Securities and is the sole record and beneficial owner of the Securities. The Seller has good and lawful authority to transfer all of the Securities in the manner hereby done or contemplated. The Securities are not now subject to any Liens, security interests, charges or encumbrances of any kind or nature. The Securities are not subject to any contractual, statutory, regulatory, or other restriction upon the transfer thereof, and no right, warrant or option to acquire any of the Securities exists in favor of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Securities are freely tradable and transferable securities and do not bear any restrictive legend. No authorizations, approvals and consents, and no filings or registrations with any governmental or regulatory authority or agency or any other Person are necessary for the execution, delivery, or performance by the Seller of this Agreement or for the validity or enforceability hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any information furnished by the Seller to EFH in connection with the negotiation and preparation of the Agreement Documents consists only of information in the public domain and does not contain any omissions or misstatements of fact which would make the statements contained therein misleading or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>**No Additional Liens.**</u> Seller covenants that so long as the Agreement or any Obligations to EFH remain outstanding and unpaid, the Seller shall not create, assume or suffer to exist any Lien of any kind upon any of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>**No Advice.**</u> Seller represents that it has not been advised by EFH or its affiliates or representatives (including but not limited to Equities First London) in any way with respect to this Agreement and has placed no reliance on any statement from EFH or its affiliates or representatives concerning the legal, tax, financial, or other consequences of entering into this Agreement. Seller acknowledges that Equities First London acts solely as an introducer and representative of EFH in this Agreement and not as an advisor or representative of Seller. Seller understands and acknowledges that it should consult its own advisors and representatives to the extent that it has any questions concerning the legal, tax, financial, or other consequences of entering into this Agreement.

**SECTION 5**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

EFH represents and warrants to Seller that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>**Margin Stock.**</u> EFH is not engaged, directly or indirectly, in the business of providing credit for the purpose of purchasing or carrying any margin stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>**Short Selling.**</u> EFH is not engaged, directly or indirectly, in short selling any security by borrowing the shares from any entity or person and later buying shares in the same security, then returning the borrowed shares in an effort to make a profit and will not do so in respect of the Securities. EFH does and will not lend the Securities out to third parties for their use.

**SECTION 6**

**<u>APPOINTMENT OF AGENTS AND ACTIONS BY EFH</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>**EFH's Appointment of Agent and EFH's Rights.**</u> EFH shall have the right to appoint one or more agents for the purpose of receiving possession of the Securities, which may be held in the name of EFH or any nominee of EFH or any agent appointed by EFH. EFH may combine the Securities with other assets and is under no obligation to sequester or escrow the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>**No Obligation to Apply Money or Funds Received Resulting from the Use of Securities.**</u> During the Term, and in the absence of an Event of Default, EFH has no obligation to apply money or funds resulting from the use, trading investment, or other disposition of any Securities to reduce the Repurchase Amount or another Obligation under the Master Securities Loan Agreement.

**SECTION 7**

**<u>DIVIDENDS AND VOTING RIGHTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>**Dividends.**</u> The Seller shall receive from EFH a credit for all cash dividends, against any interest which is due on or before the date the dividend is paid. To the extent the cash dividend amount exceeds the interest then due and unpaid, after first crediting the cash dividend amount against such interest due and unpaid in the quarter in which the dividend amount is actually paid out to shareholders, EFH shall apply the excess dividend toward the next interest payment when due. Any excess remaining at Maturity shall be applied toward the Repurchase Amount then due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>**Voting Rights and Powers.**</u> All voting or other such consensual rights and powers transfer to EFH. EFH will not exercise any voting or other such consensual rights or powers under the terms of this Agreement

**SECTION 8**

**<u>CONDITIONS TO EFH'S OBLIGATIONS</u>**

The obligation of EFH under this Agreement is subject to the satisfaction of the following conditions precedent (to the satisfaction of EFH):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>**Pre-Closing Deliveries.**</u> The Seller shall have delivered to EFH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Master Securities Loan Agreement duly executed by the Seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the stock in electronic form representing the Securities. Instructions for electronic transfer of stock
to EFH are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Sub Custodian | &nbsp;&nbsp;[Sub Custodian Name] |
| &nbsp;&nbsp;Custodian BIC | &nbsp;&nbsp;[Custodian BIC] |
| &nbsp;&nbsp;Account Number | &nbsp;&nbsp;[Account Number] |
| &nbsp;&nbsp;Global Custodian BIC | &nbsp;&nbsp;[Global Custodian BIC] |
| &nbsp;&nbsp;Account Name | &nbsp;&nbsp;Equities First Holdings, LLC |
| &nbsp;&nbsp;Account Number | &nbsp;&nbsp;[Account Number] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>**Legal Matters.**</u> All matters and all documentation and other instruments prior to the date of this Agreement in connection with the Agreement shall be satisfactory in form and substance to EFH and its counsel, and counsel to EFH shall have received copies of all documents which it may reasonably request prior to the date of this Agreement in connection with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>**Regulations.**</u> The making of the Agreement by EFH to Seller and the execution, delivery and performance of any documents or agreements shall be in compliance with any applicable laws and government regulations imposed upon EFH and the Seller.

**SECTION 9**

**<u>EVENTS OF DEFAULT AND REMEDIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>**Events of Default.**</u> An "Event of Default" shall exist if any one or more of the following shall occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Failure by Seller to pay the Interest, Repurchase Amount, or any other Obligations
when due whether on the interest due date, the Repurchase Date or any earlier date resulting from acceleration subject to the additional
time provided in Section 2.2 (c) and Section 2.9 of the Agreement to cure the late payment; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any representation or warranty made by Seller in this Agreement or in any statement
furnished at or in contemplation of the Closing Date or pursuant to this Agreement or any other Transaction Document shall prove to have
been knowingly untrue or misleading, in each case, in any material respect at the time made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Default by Seller in the performance of or observance of any covenant or agreement
contained in this Agreement or default in any other Transaction Document which is not cured within a reasonable time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the class of securities provided as Securities is delisted or otherwise removed
from a national or international securities exchange, or trading is halted for more than three (3) Exchange Business Days by a regulatory
agency, except at the request of the issuer of the Securities or as required by law due to a material transaction or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Seller shall make a general assignment for the benefit of creditors or consent to the appointment
 of a receiver, liquidator, custodian, or similar official of all or substantially all of its properties, or any such official is
 placed in control of such properties, or Seller admits in writing its inability to pay its debts as they mature; or (t) If the
Transaction Documents shall at any time after their execution and delivery for any reason cease to be in full force and effect or shall
be declared null or void, or the validity or enforceability thereof shall be contested by Seller; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a Valuation Event occurs and Seller fails to cure such Valuation Event as provided
herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A Valuation Event occurs when the Fair Market Price ("FMP") (the average
of the last sale price on three (3) consecutive Exchange Business Days) of the Securities has fallen below the Default Floor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If a Valuation Event occurs, EFH shall provide written notice of such event to
the Seller and, upon receipt of such written notice, Seller shall have five (5) Exchange Business Days commencing on the date the written
notice is received to top up the securities and cure the deficiency in value in cash or stock equivalent. Within such cure period, the
Seller must cure this default by the delivery to the EFH of additional cash or shares of Coinshares International Ltd. (CS.SS) in the
amount equal to such deficiency. EFH shall have the right to demand the payment of cash and shall have no obligation to accept shares
of Coinshares International Ltd. (CS.SS) if EFH elects to demand a cure in the form of cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The provision of additional cash or shares serves to reduce, or buy down, the Default
Floor to a new lower Default Floor for the Securities. Any additional shares or cash tendered to cure the Valuation Event are subject
to redelivery at Maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If EFH does not receive the Seller's written Proof of Funds under Section 2.5(e)
no later than fifty-eight (58) calendar days prior to the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If EFH has not received the Extension Fee under Section 2.5 (c) within fifty-eight
(58) calendar days prior to the original Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>**EFH's Rights Upon an Uncured Event of Default.**</u> If at any time an Event of Default has occurred and is continuing beyond any applicable cure period, the non-Defaulting Party shall issue a written notice to the Defaulting Party specifying the relevant Event of Default (a **"Default Notice")** and designate a day not earlier than the day such notice is effective as an early termination date due to default **("Default Early Termination Date").**

This Agreement and all obligations of EFH and the Seller hereunder shall terminate on the Default Early Termination Date.

In the event of any claim whatsoever or howsoever made by EFH against the Seller under or in connection with this Agreement, other than resulting from fraud or from willful breach or misrepresentation, EFH releases and discharges the Seller from any such claim and EFH will have recourse only to the Securities, any proceeds derived therefrom, from time to time, and the aggregate amount realized from any liquidation of or enforcement against the Securities.

**SECTION 10**

**<u>APPLICATION OF PROCEEDS OF SECURITIES IN EVENT OF DEFAULT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>**Application of Proceeds of Securities Upon Sale.**</u> If the Agreement terminates due to an Event of Default in accordance with Section 9.2 above, the EFH shall apply the proceeds of the sale of any Securities held by EFH at the time that EFH chooses to so exercise its rights in an Event of Default as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, to the payment of any amounts due and unpaid under the Master Securities
Loan Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) second, to satisfy the Obligations and to such other use as EFH may elect.

This section does not require that EFH apply the proceeds of the sale of any Securities that may occur during the Term to reduce the Repurchase Amount or any other Obligations in the absence of an Event of Default.

**SECTION 11**

**<u>TRANSFER TAXES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 If any and if applicable, Seller shall promptly pay and account for transfer or similar duties or taxes chargeable in connection with the transfer of Purchased Securities and any equivalent Securities in respect thereof and shall promptly reimburse to EFH the amount of any liability incurred by it as a result of the Seller's failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Where additional Securities or any other securities are transferred by the Seller to EFH, or by EFH to the Seller, including in accordance with Section 0 or otherwise, the Seller shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with such transfer and shall promptly reimburse to EFH the amount of any liability incurred by EFH as result of the Seller's failure to do so.

**SECTION 12**

**<u>ARBITRATION IN THE EVENT OF DISPUTE</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>**Arbitration of Claims, Disputes, or Controversies.**</u> The parties shall endeavor to settle any dispute, controversy or claim arising out of or relating to this Master Securities Loan Agreement including the existence, validity, interpretation, performance, breach or termination thereof, or any dispute regarding non-contractual obligations arising out of or relating to it **("Dispute")** first by direct negotiation between the Seller and the managing directors or similar senior executives of EFH within 30 days after written notice has been sent by one party to the other party (the **"Consultation Period").** However, if direct negotiation does not result in a resolution of the Dispute within the Consultation Period, either Party may require that the Dispute be referred to arbitration administered by The London Court of International Arbitration (LCIA) with a single arbitrator appointed pursuant to the applicable LCIA Arbitration Rules. The place of arbitration shall be in London, England. The award shall be final and legally binding on the Parties and shall be subject to enforcement in any courts having jurisdiction over the Parties.

**SECTION 13**

<u>**INDEMNITY AND LIMITATION OF LIABILITY**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Either party shall indemnify and hold the other party harmless against any and all claims, demands, proceedings, suits, actions, damages, liabilities, losses, expenses, and costs (which shall include, without limitation all costs of defense, investigation and accounting and legal fees) to which the other party may become subject as a result of the defaulting party's fraud, negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Neither party shall be liable for any indirect, incidental, or consequential loss or damages, including loss revenue or profits or losses arising from its normal course of business, even if a party has been advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 If applicable, Seller shall promptly pay and account for any transfer or similar duties or taxes chargeable in connection with the transfer of any shares or securities in respect thereof and shall promptly reimburse to EFH the amount of any liability incurred by it as a result of the Seller's failure to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Each provision of this Section operates independently and survives the termination of this Agreement.

**SECTION 14**

**<u>MISCELLANEOUS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 <u>**Notices**</u>**.** All notices, requests or other communications to either of the parties by the other shall be in writing, sent by overnight mail by a reputable commercial carrier, or by electronic mail and shall be deemed duly given on the earlier of the date the same is delivered in person or when deposited in the mail, postage prepaid, to the following addresses, or to such other addresses as the addressee has by prior notice to the sender specified for the purpose in writing:

If to EFH:

Equities First Holdings, LLC

10 West Market Street

Suite 3050

Indianapolis, IN 46204

[Email]

If to the Seller:

Daniel Masters<br> [Address]<br> [Email]

Either party may designate by notice in writing to the other a new address to which notices, requests and other communications hereunder shall be given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 <u>**Acceleration of Repurchase Due to Change in Securities.**</u> **"Change in Securities"** shall mean and have occurred if substantially all of the stock or securities of the company which issued the Securities is acquired in a cash or stock and cash transaction and the stock or security representing the Securities ceases to be listed or traded on a national or international securities exchange or the OTC Bulletin Board Services, the National Quotation Bureau, Incorporated or a comparable service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that a Change in Securities does occur, and the stock or securities of the company which issued the Securities is acquired in a cash or stock and cash transaction then the Repurchase Date for this Master Securities Loan Agreement is automatically accelerated so that the Obligations become payable 45 days after the actual acquisition and closing date of the Change in Securities event. Under those circumstances the Seller and the EFH agree to and shall proceed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In the event that a Change in Securities does occur, the Securities will be valued by utilizing the final takeover price or acquisition price at the time of the Change in Securities closing date multiplied by the total number of shares which constituted Securities which were subject to such Change in Securities. This sum of the number of shares of Securities multiplied by the per share acquisition price, be it cash or cash plus stock valued as of the closing date of the Change in Securities event, shall represent the sole and only purchase price value of the Securities resulting from the Change in Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Seller remains obligated under Section 2.9 (but subject to Section 3) herein to repay the Repurchase Amount plus any accrued or unpaid interest on the Repurchase Amount to the date that the Obligations become payable but said amounts will be subtracted by EFH from the purchase price value of the Securities as calculated in Section 14.2(a) above and deemed paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Seller is hereby additionally obligated to pay an Early Termination Fee, as calculated in Section 14.2(a)(4) below, as a result of this acceleration of Repurchase due to this change in Securities which deprives EFH of the essential benefits of its bargain rate but said amount will be subtracted by EFH from the purchase price value of the Securities as calculated in Section 14.2(a) above. Seller acknowledges that acceleration of Repurchase due to Change in Securities deprives EFH of the benefit of its negotiated bargain rate because EFH will forgo its expectation of earnings from the proceeds of rehypothecation or sale of the Securities and will be exposed to certain risks that Seller has agreed to bear under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Early Termination Fee shall be calculated and assessed using the following defined terms and formula:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **"FMV"** is defined as the Fair Market Value of the Securities as
defined in this Agreement and reflected on the Closing Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the formula for calculating the Early Termination Fee is as follows:

FMV multiplied by 3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In each event the Master Securities Loan Agreement is terminated at Repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Change in Securities occurs which results from the stock or securities of the company which issued the Securities being acquired in an all-stock transaction where substantially all of the stock or securities of the company which issued the Securities is acquired in a stock transaction and the new stock is traded on a national or international securities exchange and the stock or security representing the Securities ceases to be listed or traded on a national or international securities exchange or the OTC Bulletin Board Services, the National Quotation Bureau, Incorporated or a comparable service, then that new security, stock or share instrument is substituted for and becomes the Securities and there is no acceleration of the Repurchase date for the Master Securities Loan Agreement. The Master Securities Loan Agreement remains intact because there has been a substitution of Securities. At Repurchase the Seller remains obligated under the terms of the Master Securities Loan Agreement and EFH will be obligated to redeliver the Securities pursuant to Section 2.10 recognizing that the new security, stock or share instrument is substituted for and becomes the Securities. The number of shares to be redelivered shall be determined by multiplying the number of shares of the original Securities at the time of the Change in Securities by the number of shares of the acquiring stock tendered for each share of the Securities which would reflect the final buyout ratio of acquiring stock to the acquired stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 <u>**Governing Law.**</u> This Agreement and all instruments delivered hereunder shall (including any non-contractual obligations arising out of or in connection with the same) be governed by and construed in accordance with the laws of England.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 <u>**Further Assurances.**</u> Seller hereby agrees to execute and deliver such further instruments and documents as may be reasonably requested by EFH in order to carry out the transactions referred to herein. Seller agrees to take any action which EFH may reasonably request in order to obtain and enjoy the full rights and benefits granted to EFH by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 <u>**Survival of Agreements.**</u> Except as herein provided, all agreements, representations and warranties made herein and in any certificate delivered pursuant hereto, shall survive the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 <u>**Waivers**</u>**.** No failure to exercise and no delay in exercising, any right, power or privilege under this Agreement or any agreement or instrument delivered to either party hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. No waiver of any provision of this Agreement shall be effective unless agreed to in writing by the parties and any such waiver shall not constitute a waiver in the future of any of the provisions of any of the foregoing documents, except as may be specifically provided in any such waiver. No course of dealing between Seller and EFH shall operate as a waiver of any of the rights of the parties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 <u>**Gender and Number.**</u> Unless the context otherwise requires, when used herein, the singular includes the plural, and vice-versa, and the masculine includes the feminine and neuter, and vice-versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 <u>**Captions.**</u> Captions used herein are inserted for convenience only and shall not be given any legal effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 <u>**Counterparts.**</u> This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 <u>**Successors and Assigns.**</u> This Agreement shall be binding upon and inure to the benefit of EFH and the Seller and its respective successors and assigns. Upon a written request by the Seller to assign this Agreement to a third party, and after an acceptable standard due diligence review of the Assignee by EFH, EFH will allow the transfer and assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is to be kept confidential and is not to be reproduced in any manner whosoever for persons other than the parties hereto. Each party agrees not to circumvent the legitimate interests of the other party and to maintain this transaction in strict confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party *(Receiving Party)* agrees that in the course of performance of this Agreement it may obtain or otherwise become aware of information of a confidential nature pertaining to the business, finances, trade, operations, or other information *(Confidential Information)* belonging to or pertaining to the other party *(Disclosing Party).* The Receiving Party shall not disclose any part of the Confidential Information to any person other than its advisors, or any person whose knowledge is essential for the performance of this Agreement, who in each case will also be directed to keep the information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligations specified in this Section 14.11 do not apply to any Confidential Information to the extent that it is now or subsequently becomes publicly available through no fault of the Receiving Party or which the Receiving Party can demonstrate was known to it before receipt from the Disclosing Party, or which is or has been received from another source without obligation as to confidentiality, or which is required to be disclosed by law or regulating authority, or which is or has been independently developed by the Receiving Party without reference to the information disclosed to it by the Disclosing Party. The provisions of this Section 14.11 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 <u>Force Majeure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any provision of this Agreement, neither party shall be liable for its inability in performing any of its obligations hereunder (other than an obligation to make payment or to redeliver the Securities) if such inability is caused by or arises as a result of a Force Majeure Event. For the purposes of this Section 14.12 a Force Majeure Event means any circumstances beyond the reasonable control of the relevant party including, without limitation, inability or delay caused through acts of God, fire, flood, riot, industrial dispute of any kind (other than disputes involving that party's own employees or the employees of an affiliate of that party), lightning, explosion, civil commotion, malicious damage, storm, tempest, acts or omissions of communications carriers or any third party, act of government or other regulatory authority, acts or omissions of persons or bodies for whom the party affected thereby is not responsible, and any other circumstances beyond the reasonable control of the relevant Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Party affected by the Force Majeure Event shall promptly notify the other of the estimated extent and duration of such inability to perform its obligations hereunder and in the event that this Agreement cannot be performed according to its terms for a continuous period of one (1) month by reason of such Force Majeure Event, the other Party shall be entitled to terminate this Agreement forthwith without any liability whatsoever to the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 <u>**Entire Agreement.**</u> This Agreement, including all annexures, exhibits, schedules, and amendments, contains the entire agreement between the parties as to the issues addressed herein and supersedes all previous understandings and agreements between the parties, whether oral or written, as to the same issues. The parties hereby acknowledge and represent that they have not relied on any representation, assertion, guarantee, explanation, warranty, collateral contract, or other assurance, except those set out in this agreement, made by or on behalf of any other party or any other person or entity whatsoever, prior to the execution of this agreement. The parties hereby waive all rights and remedies, at law or in equity, arising or which may arise as the result of a party's reliance on such representation, assertion, guarantee, explanation, warranty, collateral contract, or other assurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 <u>**Amendments.**</u> Amendments to this Agreement (including the adding or updating of any Annex, appendices, annexures, or schedule) shall not be effective unless in writing and signed by authorized signatories on behalf of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15 <u>**Third Party Rights.**</u> No person shall have any right to enforce any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999.

**IN WITNESS WHEREOF,** the parties hereto have caused this Master Securities Loan Agreement to be duly executed as of the day and year written below. It is specifically agreed and understood that this Agreement shall not be binding upon the parties until the date it is actually signed by both parties, and the effective date of the Agreement shall be the date when it is last signed.

---

| |
|:---|
| **<u>SELLER:</u>** |
| **DANIEL MASTERS** |
| /s/ Daniel Masters |
| Signature |
| Daniel Masters |
| Printed Name |
| 28/08/2023 |
| Date |

---

---

| |
|:---|
| **<u>EFH:</u>** |
| **EQUITIES FIRST HOLDINGS, LLC** |
| Signature |
| Printed Name |
| Title |
| Date |

---

![](ea028527701_ex1img1.jpg)

**<u>Closing Statement [Date]</u>**

Re: Master Securities Loan Agreement (the "Agreement") by and between Daniel Masters ("Seller") and Equities First Holdings, LLC ("EFH")

To: Daniel Masters <br> [Address] <br> [Email]

This comprises the Closing Statement referred to in the Agreement. Capitalized terms used but not defined herein shall have the meanings given to such terms in the Agreement. No further or additional Closing Statement shall be provided with respect to the Agreement set forth in the Agreement. The Closing Date of the Agreement shall be [Closing Date].

On [Date], you delivered [●] Securities of Coinshares International Ltd. (CS.SS) to EFH's Account pursuant to the Share Possession Agreement dated [●], 2023. The average of the last sale price of [●] Coinshares International Ltd. (CS.SS) on three consecutive Exchange Business Days starting on [Date] ([●] SEK, [●] WSJ, $[●] USD; [●] SEK, [●] WSJ, $[●] USD; and [●] SEK, [●] WSJ, and $[●] USD) is $[●] USD. Accordingly, and calculated based upon a 63% of the Fair Market Value, the Purchase Amount to be paid to Seller on the Closing Date under the Agreement will be as follows:

---

| | | |
|:---|:---|:---|
| Purchase Amount of the Agreement | $_________ | USD |
| Placement Fee (2%) | $_________ | USD |
| Less Advanced Funds | $(_________) | USD |
| Net Purchase Amount payable to Seller | $_________ | USD |

---

The transaction shall mature, and the Purchase Amount together with all accrued interest thereon shall be due and payable three (3) years subsequent to the Closing Date in accordance with Section 2.5.

The Net Purchase Price will be transmitted to you on the Closing Date in accordance with the payment instructions provided in Section 2.6 of the Agreement. Specifically, to the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Bank/Institution Name | &nbsp;&nbsp;[Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Bank SWIFT Code] |
| &nbsp;&nbsp;Account Number | &nbsp;&nbsp;[Account Number] |
| &nbsp;&nbsp;Account Name | &nbsp;&nbsp;Mr. D L Masters |
| &nbsp;&nbsp;Correspondent Bank | &nbsp;&nbsp;[Correspondent Bank Name] |
| &nbsp;&nbsp;SWIFT Code | &nbsp;&nbsp;[Correspondent Bank SWIFT Code] |

---

The first quarterly interest payment due under the Agreement will be due on [Date]. Please ensure timely payment of this interest payment.

Equities First Holdings LLC appreciates your business and please do not hesitate to contact us at any time should you have any questions or concerns.

## Exhibit 99.2

**Exhibit 2**

![](ea028527701_ex2img1.jpg)

Mr D L Masters

[Address]

12 January 2026

Dear Mr Masters

We are pleased to offer you a loan facility on the terms set out in this facility letter.

This offer is valid for 30 days from the date above. You can accept the offer within this 30 day period by signing and returning this offer. After the 30 day period has expired, this offer will no longer be open for acceptance and you will have to contact us to confirm whether we are still willing to contract with you on the terms of the offer. If you do contact us after the 30 day period has expired, we may change the terms on which we are willing to enter into a contract with you (or may decide that we are no longer willing to enter into any contract with you).

Once we have told you we have everything we need under this offer document, this loan facility will replace your existing loan facility with us dated 16 October 2024.

1. Facility Amount, Interest, Term

---

| | |
|:---|:---|
| **Facility amount** | a maximum of £5,000,000 outstanding at any one time. |
| **Annual interest rate** | 1.5% over Central Bank Base Rate (the "**reference rate**") giving a current rate of 5.25% variable.<br>If the reference rate goes lower than 0%, we will treat the reference rate as being 0%. |
|  | Interest will be calculated daily on the Outstanding Balance (including any unpaid interest) and charged to your account quarterly 23 days after quarters ending March, June, September and December. Therefore the actual charge will be on either the 22nd or on the 23rd calendar day following the 30th of March, June, September and December each year. We will require repayment on the same day (or the next Working Day if that date falls on a non-Working Day). If you repay the loan in full and close your account before the date interest is charged, interest will be charged on the date you close the account. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest will continue to be charged if we withdraw your loan until you repay the full amount outstanding.<br>We will continue to charge you interest on everything you owe us under the loan until you have repaid us in full. If you do not repay everything you owe us by the end of the term we may charge you default interest at a rate of 7% over the Central Bank Base Rate. |

---

Union Bancaire Privée (UK) Limited**,** Jersey Branch

PO Box 78 · 38 Esplanade · St Helier · Jersey JE4 8PR

T +44 (0)1534 815555

Union Bancaire Privée (UK) Limited, Jersey Branch is regulated by the Jersey Financial Services Commission and the Financial Conduct Authority. The bank's principal address in Jersey is PO Box 78, 38 Esplanade, St Helier, Jersey JE4 8PR. Services provided by Union Bancaire Privée (UK) Limited, Jersey Branch will be subject to the regulatory regime applicable in Jersey, which differs in some or all respects from that of the UK. For UK-resident clients certain FCA protections may apply in addition to those available under the Jersey regime in certain specific circumstances. Union Bancaire Privée (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK. The company is incorporated in England & Wales under number 964058 with registered office at One Bank Street, London E14 4SG. Telephone calls may be monitored or recorded

![](ea028527701_ex2img1.jpg)

---

| | |
|:---|:---|
| **Review Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This facility has no fixed end date but is due for review every 2 years. If we decide to renew your facility on review we shall inform you.<br>This facility is repayable on demand which means we can terminate this facility and ask you to pay the full amount outstanding, plus interest and fees, at any time. |
| **Purpose** | Renewal of your existing facility with us. |

---

2. Your facility

Once we have told you we have everything we need under this offer document, this agreement will replace our existing agreement with you dated 16 October 2024 and your facility with us will be governed by the terms and conditions set out in this agreement.

If you have not fulfilled the conditions set out in this offer document within three months from the date of this offer document, the terms of this agreement will not come into effect.

&nbsp;&nbsp;&nbsp;&nbsp;3. Security

By agreeing to use the assets detailed below as security you agree that we may, in the circumstances set out below, sell (or instruct the sale of) all or part of those assets not held as cash (and to use any cash held as security) to protect or reduce our exposure under this agreement. You should carefully consider the risks before signing this agreement and you may wish to seek independent legal advice. If a guarantor has provided us with any security this section will apply equally to them and references to "you" and "your" will also be read as references to them.

This facility is secured as follows:

● A Jersey law security interest agreement, in our standard form, over the investment portfolio held by Union Bancaire Privée (UK) Limited Jersey Branch in your name from time to time including (but not limited to) structured products, cash balances, mutual funds, bonds and equities.

The security is a continuing security for your obligations under this facility letter, including your obligation to repay the facility and other amounts you owe us. Until the facility and those amounts have been repaid in full, we have the right to keep as security any items or property which we may hold as security for the facility.

&nbsp;&nbsp;&nbsp;&nbsp;4. Monitoring and Lending Value

We take security to protect our exposure when we lend you money. To do this, we work out a maximum loan amount for the value of the assets you provide as security, or where you provide an assignment of a life policy, the value of the assets held under that policy (the **"lending value**") as well as a top up level and a sell out level at which we have the right to take the further steps set out below.

![](ea028527701_ex2img1.jpg)

Each of these levels is worked out by applying defined loan to value ("**LTV**") percentages (respectively called the lending LTV, top up LTV, sell out LTV) that apply to different classes of assets, to the specific assets that make up your security and adding the different amounts for each asset class together.

We work out each of these values on a daily basis and they will fluctuate over the term of the loan depending upon the type, quality and diversity of assets that make up the security. Indicative LTV percentages are available on request and will change from time to time. You can find out the levels that apply to your facility at a particular point in time by calling your private banker.

As the value of the security may fluctuate, we will monitor the lending value against the amount owed to us under this facility (our "**exposure**"). In working out our exposure, we also add any cross currency exposure where the security is in a different currency to the money owed to us.

If we reasonably believe that our exposure or the value of the security you have provided has fluctuated in such a way that our exposure reaches a level that is unacceptable to us (the "**top up level**") we may request that you either provide further security or reduce the overdrawn amount of this facility so that our exposure reduces to within the lending value. If you have not done so within 2 days of our request, we may immediately sell, or instruct the sale of, all or part of your assets (that are not already held in cash) and hold the sale proceeds as security or use them and/or existing cash held as security to repay or reduce the outstanding balance.

In addition, if we reasonably believe, before we give you notice or you take the action set out above, that our exposure or the value of the security you have provided has fluctuated in such a way that our exposure reaches a further level that we set (the **"sell out level"**) you must immediately reduce the amount of the facility so that our exposure reduces to within the lending value and if you do not do so we may immediately sell, or instruct the sale of, all or part of your assets (that are not already held in cash) and hold the sale proceeds as security or use them and/or existing cash held as security to repay or reduce the outstanding balance.

If we have to sell your assets, we will try to obtain the best execution price available for them at that time and will act reasonably in choosing the assets to be sold. If by selling part of your assets we can bring our exposure within the lending value, we may sell, or instruct the sale of, only part of your assets.

If we reasonably believe that the composition of the investments we hold as security is inadequate for that purpose, we may require you to provide additional security that is reasonably acceptable to us or reduce the outstanding amount of the facility to a level that we reasonably require.

For example, if the value of your security is £1,000,000 and the LTV is 80% it means you can borrow £800,000. If the value of your security falls by £100,000 to £900,000, we may ask you to either provide alternative security to the value of £100,000 or reduce the amount borrowed to

£720,000 (80% of £900,000) by repaying £80,000 (£800,000 less £80,000 = £720,000).

5. Conditions to access your facility

Before the terms of this document come into effect you must:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Provide the security set out above.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This must be provided, in a form reasonably acceptable to us before you draw down.

![](ea028527701_ex2img1.jpg)

6. Our exposure under other facilities

If you have other facilities with us or an third party has a facility with us which is secured by the same security as we have taken in relation to this or your other facilities, references above to "our exposure" for the purposes of considering the value of the security that has been provided will include, as well as this facility, the amounts we have lent you or them under any other facilities.

7. Repayments

Interest will be calculated daily on the Outstanding Balance (including any unpaid interest) and charged to your account quarterly on the 23rd of January, April, July and October each year. We will require repayment on the same day (or the next working day if that date falls on a non-working day). If you repay the loan in full and close your account before the date interest is charged, interest will be charged on the date you close the account. Interest will continue to be charged if we withdraw your loan until you repay the full amount outstanding.

Your first payment will be due on the next interest charging date on which it would have been due under your existing facility with us, dated 16 October 2024. With your first payment, we will also collect any interest that has accrued and remains unpaid under your existing facility with us, dated 16 October 2024.

Your interest payments will not include any payments that you may need to make into a separate repayment vehicle, to build up a lump sum to repay the amount borrowed which is due at the end of the term. You should regularly check the performance of any investment used as a repayment vehicle, to see whether it is likely to be adequate to repay the capital at the end of the term.

If you repay all or part of the principal amount, you can later redraw that amount during this agreement.

If you wish to close your account, you must let us know and we will send you a closing statement, which will contain the outstanding balance, including all interest accrued up until the date you tell us you want to close the account.

&nbsp;&nbsp;&nbsp;&nbsp;8. Ending the agreement

You have a right to withdraw from this agreement within 14 days, starting on the day after you accept it, but you can end it at any other time as well. In either case, you will need to notify your private banker in person, by phone or by email and repay the facility. If you cancel within the first 14 days, we will charge interest for the use of the facility until you cancel and you will also pay the arrangement fee which relates to the setting up of the facility.

9. When we can change your interest rate

Your interest rate will track changes in the reference rate. Any change will apply immediately following a change in the reference rate. You can find out the current reference rate that applies to your loan by contacting your private banker and you can find out the current Central Bank Base Rate by looking on our website.

![](ea028527701_ex2img1.jpg)

We may replace the reference rate with a different reference rate of our choice if the reference rate is no longer available or is otherwise not capable of being ascertained by us for any reason beyond our control. We will tell you before we do so.

In addition to the changes in your interest rate as a result of changes in the reference rate, we can increase or decrease your interest rate for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if our cost of funding your loan changes we can change your interest rate in proportion to the change
in our cost of funding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if there is a change to applicable law or regulation which impacts our costs we can change your interest
rate in proportion to the change in our costs.

Any change to your interest rate that we make for one of the reasons set out above will be a reasonably proportionate response to a change that is affecting us, or that we reasonably think will affect us.

We will tell you about any increase to your interest rate (other than as a result of changes in the reference rate) at least 30 days before we implement the change. If we decrease your interest rate we may not give you advance notice but we will tell you as soon as possible after the change has been implemented. Any change to your interest rate will affect the amount of your payments.

10. When we can make other changes to this agreement

We can change any aspect of this agreement if we reasonably think the change will be as favourable or more favourable to you. We can also make changes to any other aspect of this agreement for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to comply with a change in any applicable laws or regulations or how applicable laws or regulations
are applied or interpreted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if we introduce a new service or facility or we improve an existing service or facility in connection
with this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if we need to change the way we run your facility as a result of changes in the banking or financial
system.

We will give you at least 30 days' written notice before we make such a change.

11. Changes to fees

We can decrease an existing fee at any time for any reason. We can also increase an existing fee, introduce a new fee or remove an existing fee but we can only do so for any of the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to respond proportionately to a change in our costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if we have been providing a service to you at a fee that is lower than the cost to us we can increase
the fee so we pass on our full cost to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if we have been providing a service to you for free, we can introduce a fee that responds proportionately
to our cost of providing the service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if we start providing a new service we can introduce a fee for it that responds proportionately to
our cost of providing the service.

We will tell you in writing one calendar month before we change an existing fee or introduce a new fee.

![](ea028527701_ex2img1.jpg)

12. Failure to pay and breach of this agreement

If you fail to pay any material amount under this agreement within 30 days of the date we ask you to or if there is a serious failure by you to comply with any other term of this agreement (unless the failure can be and is remedied within 30 days) you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay any reasonable costs we incur as a result, for example our legal costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) we may also charge you any reasonable administration costs we incur as a result.

13. Joint and Several Liability

If more than one of you is entering into this agreement with us the terms of this facility apply to all of you.

You are jointly and severally liable. This means you are each individually responsible for keeping the terms of this agreement and we can take action against one or all of you if you do not keep to the terms of this facility.

You each irrevocably waive and abandon any and all rights under the laws of Jersey whether by virtue of the "droit de division" or otherwise, to require that any liability under this Agreement be divided or apportioned with any other person or reduced in any manner whatsoever and, whether by virtue of the "droit de discussion" or otherwise, to require that recourse be had to the assets of any other person before any claim is enforced against you under this Agreement.

You agree we only need to send information to one of you (you must tell us who this will be) and we will do this unless we are required by law or regulation to send the information to all of you.

Any of you can give us instructions independently of the rest of you and we do not need to check with the rest of you before acting on those instructions but we may choose to do so.

14. Set Off

All payments to us must be made without set-off and without any deduction on account of any tax, duty or other charge, unless a deduction is required by law. If a deduction is required by law, you will increase the payment so that we receive the amount due to us before the deduction.

We may set off any outstanding balance under this facility whether in sterling or any other currency against any amount we owe you (including any deposit you hold with us or any investment assets we manage for you). We may exercise this right after giving you any notice required by law or by any industry code to which we subscribe or, where no such notice is required, without prior notice.

15. Tax gross-up

This clause applies if you are or become resident in a jurisdiction where we are required to pay a tax under the law of that jurisdiction on the income we receive from you by way of interest payments. You must increase the amount of the payment due to an amount which leaves an amount equal to the payment which would have been due if no tax payment had been required. If you fail to pay the additional amount we will still pay the tax and inform you of the amount paid. If you fail to reimburse us we will treat the tax paid as an expense.

![](ea028527701_ex2img1.jpg)

16. Expenses

You agree to reimburse us for all expenses we incur in connection with this facility including our reasonable administrative costs and the costs of the completion, registration, protection and enforcement of the security provided in connection with this facility. This will include but is not limited to legal expenses and document duty and includes any VAT or goods and services tax payable in relation to those expenses.

You must pay any expenses we incur in connection with this facility when we ask you to. If you do not pay them within 30 days from the date we ask you to, we can debit them from any account you hold with us. If you have insufficient funds in your accounts, we will start charging interest on the outstanding amount at the same rate as your facility, from 30 days after we demand payment.

17. Governing Law

This agreement is in English and is governed by Jersey law.

The Royal Courts of Jersey have jurisdiction to settle any dispute arising out of or in connection with this agreement.

We may also elect to have recourse to the courts of any other appropriate jurisdiction, including the jurisdiction where we provided the facility, where you are resident, or where any security is held.

If you are an individual you can bring a claim against us in the Jersey courts or, if you were resident in another jurisdiction in the UK, the Channel Islands or Gibraltar when you entered into the facility, you can bring a claim against us in the courts of that jurisdiction.

18. Counterparts

This agreement may be executed in any number of counterparts, each of which constitutes a duplicate original, but all the counterparts together constitute the one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;19. Assignment and Transfer

You may not allow any person to take over any of your rights and duties under this agreement.

We may assign or transfer all or any part of our rights and/or duties under this Agreement to any person (a "**third party transferee**") without your consent. We will only transfer our duties in this way if, in our reasonable opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the third party transferee to whom we make the transfer is capable of performing our duties under this
agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the way in which you are treated under this agreement will not be affected in an important way by, or
following, that transfer.

We may share information about you with a prospective third party transferee or its agent, or person providing funding (to us or to the prospective third party transferee), regardless of whether we actually assign or transfer all or any part of our rights and/or duties to such transferee or the funding is actually provided.

![](ea028527701_ex2img1.jpg)

Where we assign or transfer (including by declaration of trust) all or any part of our rights and/or duties under this agreement to a third party transferee, references in this agreement to "**we**", "**us**" and "**our**" shall be references to that third party transferee (for all or the relevant part, as applicable).

20. Waivers

A waiver of any right or remedy under the Facility or by law, or any consent given under the Facility, is only effective if given in writing by the waiving or consenting party and only applies to the circumstances in relation to which it is given. If we choose not to enforce all or part of this agreement or we delay enforcing it this does not mean we cannot enforce it at a later date.

21. Partial Invalidity

If we cannot enforce part of this agreement that will not affect our right to enforce any other part of it.

There may be other taxes or costs that are not paid via us or imposed by us.

22. Liability

We will not be liable to you for any of the following if we are unable to provide any service or fulfil any obligation under this agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any loss of business, loss of goodwill, loss of opportunity or loss of profit in any circumstances;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any loss to you or we could not have reasonably anticipated.

Nothing in this agreement will stop us being liable if we act fraudulently, with gross negligence or we are at fault and the law does not permit us to limit or exclude liability.

If we get a court order against you to force you to pay us what you owe under this agreement, you will continue to pay interest on the outstanding balance at the interest rate which applied to your loan before the court order.

&nbsp;&nbsp;&nbsp;&nbsp;23. Preservation of Security

You agree to sign any document we need in order to safeguard the security or our other security or to protect our interests in the assets and you agree to pay the reasonable costs for any such documents to be prepared.

&nbsp;&nbsp;&nbsp;&nbsp;24. Contacting Each Other and Notices

<u>Contacting Each Other</u>

You can contact us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by telephone using your private banker's number(s) or on 01534 815555 between the hours of 9am
and 5pm on Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by writing to us at Union Bancaire Privée (UK) Limited, Jersey Branch, PO Box 78, 38 Esplanade,
St Helier, Jersey JE4 8PR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) through our website – https://www.ubp.com/uk; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by any other method we approve from time to time.

![](ea028527701_ex2img1.jpg)

Alternatively, you can contact your private banker on the usual telephone number or email address that you have been given for them between the hours of 9am – 5pm on Business Days. You acknowledge and accept that any means of communication (including email, telephone, facsimile, post, SMS) are not secure or reliable and that, if you choose to communicate with us, or request us to communicate with you, it shall be at your own risk and you accept that communication may not be received or actioned in a timely manner and that there is a risk of technical malfunction, computer viruses, unauthorised interference, misdelivery or delay of communications.

We can contact you using the most recent email address, postal address or phone number you have given us. You must tell us if your contact details change.

Telephone calls with you may be monitored and recorded so we can check instructions you give us, train our staff and for quality monitoring purposes.

We will communicate with you in English.<u> </u>

<u> </u>

<u>Notices</u>

You must send any notice to us by pre-paid first class post to your private banker at the address specified above under "Notices".

Where we say we will tell you before we do something or give you notice of something we will do so in writing. In a notice we may tell you we will do something, for example make a change to these conditions, or that you must do something by a future date. Where we do not specify a future date then the date the notice takes effect will be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the second day after the date on the notice unless it is to an address outside Jersey in which case
it will be from the seventh day after we post it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the day we email you.

&nbsp;&nbsp;&nbsp;&nbsp;25. Complaints

If you have a complaint about any of our services, please telephone us and ask to speak to your private banker. Alternatively, you may write to us and address your letter to the Head of Private Banking, at the address listed under "Notices" above.

We will promptly acknowledge receipt of your complaint by letter and we will endeavour to resolve your complaint as quickly as possible. Our letter will include a full copy of our internal complaints handling procedures. You can also find details of our complaints handling procedure at the Important Information section of Https://www.ubp.com/uk. At the end of the process, we will send you a final response letter setting out how we propose to resolve the complaint and any applicable remedy.

If for any reason you are not satisfied that your complaint has been resolved fairly, you may be able to refer the matter to the Channel Islands Financial Ombudsman (CIFO) under which certain disputes may be resolved quickly and with minimum formality by an independent person.

You can contact CIFO by writing to them at The Channel Islands Financial Ombudsman, PO Box 114, Jersey JE4 9QC, emailing them at complaints@ci-fo.org and you can find out more information on their website at www.ci-fo.org. The CIFO may be available to consider complaints which are not resolved through our complaints resolution procedure.

![](ea028527701_ex2img1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;26. How we are authorised

Union Bancaire Privée (UK) Limited, Jersey Branch is regulated by the Jersey Financial Services Commission. Union Bancaire Privée (UK) Limited is also authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK. The bank's principal address in Jersey is PO Box 78, 38 Esplanade, St Helier, Jersey JE4 8PR. The company is incorporated in England & Wales under number 964058 with registered office at One Bank Street, Canary Wharf, London E14 4SG. Services provided by Union Bancaire Privée (UK) Limited, Jersey Branch will be subject to the regulatory regime applicable in Jersey, which differs in some or all respects from that of the UK. For UK-resident clients certain FCA protections may apply in addition to those available under the Jersey regime in certain specific circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;27. Privacy and Data Protection

Our Privacy Notice for Banking and Investment Service explains how we collect, use, disclose, transfer, and store your information. This Privacy Notice is available at https://www.https://www.ubp.com/uk/en/tools/data-policy or you can request a copy from your Private Banker.

This document may be executed by electronic signature. Such electronic signatures are intended to authenticate this document and shall be considered as an original signature for all purposes and shall further have the same force and effect as an original signature. Without limitation, "electronic signatures" shall include electronically scanned and transmitted versions of an original signature.

For and on behalf of

UNION BANCAIRE PRIVÉE (UK) LIMITED

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| | |
|:---|:---|
| /s/ Allison Humphreys | /s/ Philip Meeks |
| AUTHORISED SIGNATORY | AUTHORISED SIGNATORY |

---

I accept the terms and conditions contained in the facility letter of which this is a duplicate

---

| | | | |
|:---|:---|:---|:---|
| Signed | /s/ Daniel Masters | Date | 16/01/2026 |

---

**Mr Daniel Leonard Masters**

![](ea028527701_ex2img1.jpg)

**Declaration by high net worth borrower or hirer**

**(articles 60H(1) and 60Q of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001)**

I confirm that I have received a copy of the statement of high net worth made in relation to me for the purposes of article 60H(1)(d) or article 60Q(c) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

I understand that by making this declaration I will not have the benefit of the protection and remedies that would be available to me under the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974 if this agreement were a regulated agreement under those Acts.

I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the lender and the borrower is unfair to the borrower.

I am aware that if I am in any doubt as to the consequences of making this declaration then I should seek independent legal advice.

---

| | | | |
|:---|:---|:---|:---|
| Signed | /s/ Daniel Masters | Date | 16/01/2026 |

---

**Mr Daniel Leonard Masters**

![](ea028527701_ex2img1.jpg)

Appendix

## Exhibit 99.3

**Exhibit 3**

**Dated 14 Jan 2026**

**UNION BANCAIRE PRIVÉE (UK) LIMITED**

**SECURITY INTEREST AGREEMENT**

**(Collateral with Union Bancaire Privée (UK) Limited, Jersey Branch)**

**Security Interests (Jersey) Law 2012**

This Agreement is an important legal document. The Bank strongly recommends that you seek the advice of your legal adviser before signing this Agreement.

**THIS AGREEMENT** is made this 14 day of January 2026

**BETWEEN:**

MR DANIEL MASTERS LEONARD of [Address] ("**you**"); and

(1) the Bank (as defined below)

**IT IS AGREED AS FOLLOWS:**

---

| | |
|:---|:---|
| 1 | **Meaning of certain words and Interpretation** |

---

1.1 Words
 and phrases used in this Agreement shall have the meanings and uses given or prescribed to
 them in Schedule 2 hereto and this Agreement shall be interpreted in accordance with the
 provisions of Schedule 2 hereto.

**The Main Subject Matter of this Agreement**

---

| | |
|:---|:---|
| 2 | **Creation and registration of security interest** |

---

2.1 As
 continuing security for the payment, performance and/or discharge of the Debt, so that the
 Bank have a first priority security interest in the Collateral pursuant to the Law, you hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) grant
 a security interest in the Collateral to the Bank: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) agree
 that the Bank shall have control (as defined in the Law) of the Bank Accounts and the Securities
 Accounts.

2.2 Subject
 to clause 2.5, the Bank may in its sole discretion (but shall not be obliged to) at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) register

 statement for any period determined by the Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) register
 a financing change statement under the Law in respect of any change to the details in the
 financing statement (including, without limitation, any amendment, renewal or discharge of
 the financing statement) for any period determined by the Bank.

2.3 You
 shall, promptly following written request from the Bank, deliver to the Bank such information
 and/or certified copy documents as the Bank may reasonably require for the purposes of the
 registration contemplated by this clause including, without limitation, a certified copy
 of your constitutional documents or your identity documents.

2.4 You
 hereby consent to the registration contemplated by this Clause and waive your right to receive
 a copy of any verification statement in respect of such registration.

2.5 Clause
 2.2 shall not apply where you are the trustee(s) of a trust (other than a prescribed unit
 trust) granting a security interest over trust property under this agreement.

2.6 Upon
 the expiry of the Security Period, the Bank shall, at your request and expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enter
 into a security release agreement with you (in such form as the Bank shall determine) providing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) register
 a financing change statement for the discharge of any financing statement registered in respect

---

| | |
|:---|:---|
| 3 | **The secured obligations** |

---

3.1 You
 hereby covenant with the Bank on demand to pay, perform and/or discharge the Debt in the
 manner and at the time provided for in the document under which liability for such Debt arises.

3.2 The
 grant of the security interests set out in Clause 2 shall secure as a continuing security
 the payment, performance and/or discharge on demand of all monies, obligations and liabilities
 due by you to the Bank which shall for the time being (and whether on or at any time after
 such demand) be due owing or incurred to the Bank by you whether present or future, actually
 or contingently, in respect of current advances or further advances, whether solely or jointly
 with any other person and whether as principal or surety (together the "**Debt** ").

The Debt includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) overdrafts,
 personal and other loans or facilities and further advances of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 monies, obligations and liabilities of you to the Bank under the Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantees
 and indemnities to the Bank and any of your other contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) discounts,
 commissions and other lawful charges and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) interest
 in accordance with any agreement between you and the Bank and, if there is no agreement,
 interest on any money and liabilities due from you at the Interest Rate computed and compounded
 monthly and/or according to the Bank's then current practice. Interest
as above applies before and after any demand or judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) money
 agreed to be paid by you under Clause 17 below.

3.3 You
 acknowledge and agree that none of your obligations and liabilities created pursuant to this
 Agreement, shall be reduced, discharged or otherwise adversely affected by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 variation, extension, discharge, compromise, dealing with, exchange or renewal of any right
 or remedy which the Bank may now or hereafter have from or against you or any other person
 in respect of any of the obligations and liabilities of you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 act or omission by the Bank or any other person in taking up, perfecting or enforcing any
 security, indemnity or guarantee from or against you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 termination, amendment, variation, novation or supplement of or to any document (including
 the Facility Agreement) pursuant to which obligations and liabilities are due by you or any
 other person to the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 grant of time, indulgence, waiver or concession to you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 of the insolvency, bankruptcy, liquidation, administration, winding-up, incapacity, limitation,
 disability, the discharge by operation of law, and any change in the constitution, name and
 style of you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 invalidity, illegality, unenforceability, irregularity or frustration of any actual or purported
 obligation of you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 claim or enforcement of payment from you or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 act or omission which would have discharged or affected your liability had it been as principal
 debtor instead of guarantor or indemnitor or by anything done or omitted by any person which
 but for this provision might operate to exonerate or discharge you or otherwise reduce or
 extinguish your liability under this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 non-presentation or non-observance of any formality or other requirement in respect of any
 instrument or any failure to realise the full value of any security.

3.4 You
 irrevocably waive and abandon any and all rights under the laws of Jersey, whether by virtue
 of the droit de division or otherwise, to require that any liability under this Agreement
 be divided or apportioned with any other person or reduced in any manner whatsoever and whether
 by virtue of the droit de discussion or otherwise to require that recourse be had to the
 assets of any other person before any claim is enforced against you in respect of the obligations
 and liabilities assumed by you under this Agreement.

**What you agree in relation to the Collateral**

---

| | |
|:---|:---|
| 4 | **Undertaking to maintain the Bank Accounts and Securities Accounts and restriction on withdrawals** |

---

Without affecting and in addition to the grant of the security interests and the other rights of the Bank under or pursuant to this Agreement, you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hereby
 undertake and agree to maintain and not close any Bank Accounts or Securities Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hereby
 agree that repayment of any Account Balances to you or utilisation of any Account Balances
 by you is, unless otherwise agreed by the Bank in writing, conditional upon you having first
 discharged the Debt in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) hereby
 agree that the transfer of any Securities from any Securities Account to you or utilisation
 of any Securities in any Securities Account by you is, unless otherwise agreed by the Bank
 in writing, conditional upon you having first discharged the Debt in full.

5 Without affecting and in addition to the grant of the security interests and the other rights of the Bank under or pursuant to this Agreement, you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hereby
 undertake and agree to procure that the proceeds of sale of any part of any Securities and
 any dividend, interest or other income or other asset derived from any Securities shall only
 be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) deposited
 in any Bank Accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) invested
 in further Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) transferred
 to the Bank to meet payments in respect of the Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hereby
 undertake and agree to procure that any further Securities purchased, acquired or invested
 in pursuant to Clause 5(a)(ii) or otherwise shall be immediately delivered to the Bank to
 be held under the Securities Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 give, and shall procure that there is given, promptly to the Bank copies of any report, accounts,
 circular, offer or notice received by it in respect of, or which may affect, any part of
 the Collateral.

---

| | |
|:---|:---|
| 6 | **Set-off** |

---

The Bank may at any time set-off any Account Balances in or towards the discharge of the Debt and such right of set-off may be exercised by the Bank without prior notice to you whether or not any monies in any Bank Account may be in a currency different from that of the Debt or that any Bank Account contains a deposit which has not matured.

**Safeguarding the Bank's Security**

---

| | |
|:---|:---|
| 7 | **Representations and Warranties** |

---

You hereby represent and warrant to the Bank on the date hereof and on each and every day until the discharge of the security interest created hereby that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 Agreement constitutes your legal, valid and binding obligations enforceable against you in
 accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 event has occurred or circumstance exists which constitutes or with the giving of notice
 or lapse of time would constitute an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) you
 are the sole legal and beneficial owner of and have good title to the Collateral subject
 only to the rights granted in favour of the Bank by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this
 Agreement creates a first priority security interest in the Collateral under the Law in favour
 of the Bank which has attached and is perfected under the Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) value
 has been given in respect of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 of the Collateral is and will throughout the continuance of this Agreement be free from all
 Encumbrances, registrations of any security interests over the Collateral under the Law and
 rights of set-off other than those created under this Agreement in favour of the Bank.

---

| | |
|:---|:---|
| 8 | **Restrictions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You
 must not, save with the prior written consent of the Bank:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 any way, except as set out in this Agreement, sell or otherwise dispose of or create any
 Encumbrance over the Collateral or any part thereof or agree to any extent to sell, dispose
 of or encumber the Collateral or any part thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) create
 or permit to subsist any registration of a security interest in respect of the Collateral

 in favour of the Bank).

For the purposes of Article 24 of the Law, except as expressly provided in this Agreement, the Bank does not authorise you or any other person to deal with the Securities Accounts, the Contract Rights or the Bank Accounts and any such dealing is prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You
 must not, without the Bank's prior written consent, negotiate, settle or waive any
 claim for loss, damage or other compensation affecting the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You
 shall do everything in your power to prevent any person from becoming entitled to claim any
 right over any part of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You
 shall notify the Bank of any registration of a security interest in respect of the Collateral

 in favour of the Bank) or other interest of a third party in the Collateral immediately upon
 becoming aware of its occurrence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You
 shall do everything necessary to help the Bank to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm
 or protect its interest in the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercise
 any of its rights under this Agreement.

This includes immediately signing and delivering documents or doing anything else the Bank reasonably requires to create, attach, perfect, protect, maintain or enforce the security interest created hereunder, whether or not the rights of the Bank under this Agreement have become exercisable in part or in full.

---

| | |
|:---|:---|
| 9 | **Authority** |

---

9.1 Notwithstanding
 and without prejudice to the provisions of Clause 2 and subject to Clause 5, until the earlier
 of the occurrence of an Event of Default or the delivery by the Bank of written notice to
 you revoking such authority, you (or your agent) are hereby authorised by the Bank to exercise
 and be entitled to any and all rights in relation to any part of any Collateral (including,
 without limitation any rights to dividends or income from such Collateral) provided that
 you shall not, pursuant to such authorisation, take or permit any action:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that
 does not comply with the Custodian Agreement and, where you are a company, your memorandum
 and articles of association; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that
 jeopardises, impairs or prejudices the rights of the Bank or any security created hereunder.

9.2 At
 any time following the earlier of the delivery by the Bank to you of written notice revoking
 the authority in Clause 9.1 or the occurrence of an Event of Default, when the authority
 granted pursuant to Clause 9.1 shall automatically terminate, you shall not be authorised
 to, and shall not, give instructions or exercise any rights in respect of any part of any
 Collateral (including, without limitation any rights to dividends or income from such Collateral).

**When the rights of the Bank become exercisable**

10 You agree that all and any of the Debt is due and payable to the Bank on demand, unless the Bank has expressly agreed with you to the contrary.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Debt, or any part of it, is not paid or discharged when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 of the Debt becomes invalid ineffective or unenforceable or you repudiate any of the Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) you
 fail to perform or comply with or you are in breach of any term of any agreement relating
 to the Debt or any part of it or repudiate any such agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) you
 fail to perform or comply with or you are in breach of any term of this Agreement or repudiate
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) you
 (or any of you) become insolvent or unable to pay your debts as they fall due or commence
 negotiations with one or more of your creditors with a view to the general re-adjustment
 or re-scheduling of indebtedness or make a general assignment of your assets for the benefit
 of your creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 distress or execution or other legal process is levied or enforced upon any of your property
 or you take any action or any legal proceedings are started or other steps are taken for
 you or your property to be adjudicated or found en désastre, or you become "**bankrupt** "
 within the meaning of Article 8 of the Interpretation (Jersey) Law 1954;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) you
 (or any of you) enter into any composition or arrangement with creditors or, where appropriate,
 any steps are taken for your administration, receivership, winding-up (except with the Bank's
 prior written consent for the purpose of reconstruction or amalgamation only) or dissolution
 or similar proceedings are taken against any of you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 representation or warranty made or deemed to be made or repeated by or in respect of you
 in or pursuant to this Agreement or the Debt or in any notice, certificate or statement referred
to in or delivered under this Agreement or the Debt is or proves to have been incorrect in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 other event occurs that makes any rights of the Bank under this Agreement (or any other security
 for the Debt) exercisable or the Debt becomes due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an
 "Event of Default" as defined in the Facility Agreement occurs, as if each such
 "Event of Default" were set out herein.

**The Bank's Powers**

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| | |
|:---|:---|
| 12 | **Enforcement by the Bank** |

---

12.1 The

 become exercisable when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an
 Event of Default has occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Bank has served on you written notice specifying the Event of Default.

12.2 The

 this Agreement by doing any one or more of the following (to the extent that they are not
 in conflict) in relation to the Collateral:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) appropriating
 the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) selling
 the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) taking
 any of the following ancillary actions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) taking
 control or possession of the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising
 any rights you have in relation to the Collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) instructing
 any person who has an obligation in relation to the Collateral to carry out the obligation
 for the benefit of the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) applying
 any other remedy that this Agreement provides for as a remedy that is exercisable pursuant
 to the power of enforcement, to the extent that such remedy is not in conflict with the Law.

12.3 Subject
 to Part 7 of the Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 power of enforcement may be exercised as determined by the Bank in its absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 power of enforcement may be exercised by the Bank in respect of all or any part of the Collateral;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 exercise or non-exercise of the power of enforcement by the Bank shall not constitute a waiver
 of any rights or remedies, and all rights and remedies of the Bank are reserved and may be
 exercised without notice.

12.4 Subject
 to Article 44(3) and (4) of the Law, not less than 14 days before appropriating or selling
 the Collateral, the Bank shall give written notice to the following persons (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 person who, 21 days before the appropriation or sale, has a registered security interest
 in the Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person other than yourself who has an interest in the Collateral and has, not less than 21
 days before the appropriation or sale, given the Bank notice of that interest.

12.4 You
 acknowledge and agree that no notice of appropriation or sale of the Collateral needs to
 be given by the Bank to you under Article 44 of the Law.

12.5 The
 Bank shall apply the proceeds of sale of the Collateral (or the value of any Collateral which
 has been appropriated) in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 payment of the Bank's reasonable costs incurred in, and incidental to, exercise of
 the power of enforcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in
 or towards payment and discharge of the Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in
 payment of the amount of any resulting surplus to you (or any other person entitled to receive
 it under Article 49 of the Law) or into the Royal Court of Jersey.

12.6 Within
 14 days after any appropriation or sale of the Collateral by the Bank, the Bank shall give
 you a written statement of account and any other person entitled to receive it under Article
 48 of the Law.

12.7 Save
 with the prior written consent of the Bank, you shall not be entitled to reinstate this Agreement
 (as defined in Article 54 of the Law) during the Security Period.

12.8 To
 the extent permitted by the laws of Jersey:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Bank shall have no duty to preserve or enhance the Collateral or its value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Bank shall have no liability for any loss arising out of (1) the exercise or non-exercise
 of the power of enforcement or any other rights under this Agreement, or (2) the taking of
 any other action in respect of the Collateral as is permitted by this Agreement, whether
 before or after the power of enforcement becomes exercisable.

---

| | |
|:---|:---|
| 13 | **Further Assurance and Power of Attorney** |

---

13.1 You
 agree that you shall from time to time upon the written request of the Bank promptly do all
 such things and execute and deliver all such instruments and any documents (including, without
 limitation, any replacement or supplemental security agreements) as the Bank may consider
 necessary or desirable for creating, attaching, perfecting, maintaining, enhancing or enforcing
 its security or rights hereunder or the Law.

13.2 In
 accordance with Article 5(2)(a) of the Powers of Attorney (Jersey) Law, 1995 (the "**Powers of Attorney Law**") and for the purpose of facilitating the exercise of the powers
 of the Bank under the Law and the powers given pursuant to this Agreement, you hereby irrevocably
 and by way of security appoint the Bank as your attorney (with full power of substitution
 in accordance with Article 8 of the Powers of Attorney Law) in your name and on your behalf
 to sign, execute, seal, deliver, acknowledge, file, register and perfect any and all documents,
 instruments, agreements, transfers and consents whatsoever and to do any and all such acts
 and things in relation to any matters dealt with in this Agreement and which the Bank may
 deem necessary or advisable for the purposes of or to give full effect to this Agreement
 or for securing or protecting the rights of the Bank hereunder. You further covenant with
 the Bank to ratify and confirm any lawful exercise or purported exercise of this power of
 attorney.

---

| | |
|:---|:---|
| 14 | **The Bank's powers to deal with any Bank Accounts and Money received** |

---

14.1 In
 the event of the commencement of any form of bankruptcy or insolvency proceedings affecting
 you or all or any part of this Agreement ceasing for any reason to be binding on you or if
 the Bank receives notice (actual or otherwise) of any subsequent Encumbrance affecting any
 Bank Account or Account Balances, the Bank may open a new account or accounts for you.

14.2 If
 the Bank has more than one account for you, and the rights of the Bank pursuant to Clause
 12 of this Agreement have become exercisable or the Bank has received notice mentioned in
 Clause 14.1 above, the Bank may at any time, without prior notice, transfer any credit balance
 in or towards discharge of any debit balance on any of the accounts. The Bank will notify
 you of any transfer.

14.3 If
 the Bank has any other Encumbrance over any Bank Account, the Bank shall have an absolute
 discretion in the appropriation of any money received under this Agreement or under the other
 Encumbrance.

---

| | |
|:---|:---|
| 15 | All money received by the Bank under this Agreement may, in the Bank's discretion, be credited to, and held in, a separate suspense account for so long as the Bank may think fit until the money, and any interest on it, is used by the Bank in, or towards, discharge of the Debt without any intermediate obligation of the Bank to apply the same in or towards payment and discharge of the Debt. |

---

Any money credited to a suspense account shall be deemed to carry interest from the date of payment into the suspense account at the following rate or rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 and to the extent that the money is used in or towards discharge of the Debt, at the rate
 or rates applicable from time to time to the Debt which it discharges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 and to the extent that the money is not used in or towards discharge of the Debt, and is
 later returned to you, simple interest at a rate to be notified to you by the Bank.

16 You waive any right of set-off you may have now or at any time in the future in respect of the Debt.

---

| | |
|:---|:---|
| 17 | **Indemnity** |

---

You agree to indemnify and keep indemnified the Bank on demand against each and every loss, action, claim, expense, cost and/or liability which may be incurred by the Bank in connection with or relating to the creation, preservation and/or enforcement of any of the Bank's rights under this Agreement, the exercise or purported exercise of any of the Bank's powers pursuant to this Agreement or any breach by you of your obligations hereunder, in each case save where such loss, action, claim, expense, cost or liability arises as the result of the fraud, gross negligence or wilful misconduct of the Bank.

---

| | |
|:---|:---|
| 18 | **Ruling Off** |

---

In the event of the commencement of any form of bankruptcy or insolvency proceeding affecting you or of all or any part of this Agreement ceasing for any reason to be binding on you if the Bank receives notice (actual or otherwise) of any other or subsequent Encumbrance affecting any part of Collateral, the Bank may at any time rule off your obligations and then subsisting account with the Bank and open a new account or accounts in your name. No monies paid into such new account or accounts shall thereby discharge or reduce the amount secured by this Agreement. If the Bank in any of the above cases does not rule off your obligations or open any new account or accounts, it shall nevertheless be treated as if it had done so at the time when it first had notice (actual or otherwise) of the event in question and all payments made by you or on your behalf to the Bank shall be treated as having been credited to the new account or accounts and shall not operate to reduce the amount secured by this Agreement.

---

| | |
|:---|:---|
| 19 | **Certificate of Bank** |

---

Any certificate submitted by the Bank to you as to (a) the amount of the Debt or any part of it or (b) the amount of its costs and expenses incurred in enforcing this Agreement (or any rights hereunder) for the purposes of Article 54 of the Law, shall in the absence of manifest error, be conclusive and binding on you.

---

| | |
|:---|:---|
| 20 | **Amalgamation and Consolidation** |

---

The rights, benefits, powers, discretion, authorities and remedies of the Bank under this Agreement shall remain valid and binding for all purposes notwithstanding any change, amalgamation, consolidation or otherwise which may be made in the constitution of the Bank and shall be available to such entity as shall carry on the business of the Bank for the time being.

---

| | |
|:---|:---|
| 21 | **Payment of the Bank's Fees, Expenses and Costs** |

---

21.1 You
 agree that you will pay on a full indemnity basis all fees, expenses, liabilities, legal
 fees, security registration fees and other costs (the "**Liabilities**") incurred
 or charged by the Bank in, or incidental to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 preparation, completion, registration, administration, protection, attachment, perfection
 and enforcement (including the costs of any proceedings) of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Bank's compliance with any demand for registration of a financing change statement
 served by you on the Bank under Article 75 of the Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 exercise by the Bank of its rights and powers under this Agreement.

21.2 Any
 Liabilities incurred under Clause 21.1 above (whether demanded or not) will be debited to
 an account in your name with the Bank and, once debited, will carry interest at the Interest
 Rate computed and compounded monthly and/or according to the Bank's then current practice
 and shall be payable on demand.

---

| | |
|:---|:---|
| 22 | **Independence and duration of this Agreement** |

---

Each security interest constituted by this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall
 not be discharged by any partial or intermediate payment or performance of the Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall
 take effect as a security for the whole and every part of the payment or performance of the
 Debt and shall be independent of and in addition to and shall not be prejudiced or be affected
 by and shall not affect or prejudice any other security now or hereafter held by the Bank
 in respect of the payment or performance of the Debt; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall
 not be in any way discharged, impaired or otherwise affected by reason of any of the Debt
 becoming illegal, void, voidable, invalid or unenforceable or by reason of any other act,
 circumstance or omission which might but for the provisions of this Clause constitute a discharge
 of such security interest.

---

| | |
|:---|:---|
| 23 | **Currency Conversion** |

---

The Bank may convert any money received under this Agreement from the currency in which it is received into any other currency that the Bank requires for the purpose of, or pending, the discharge of the Debt. Any conversion will be effected at the Bank's then prevailing spot selling rate of exchange.

---

| | |
|:---|:---|
| 24 | **Dealings with you and the Third Parties** |

---

The Bank may in its discretion make any arrangement (whether by way of giving time or other indulgence, variation, exchange, release, modification, refraining from perfection, enforcement or otherwise) with you, or any of you, or with any other person, in respect of the Debt, or of any other security for it, without affecting this Agreement or the liability for the Debt.

---

| | |
|:---|:---|
| 25 | **Redesignation of Accounts** |

---

You agree that, if for any reason any Bank Account or Securities Account is re-designated or renumbered, all of the terms of this Agreement shall apply to the re-designated or renumbered account as if all sums at any time standing to the credit of the re-designated or renumbered account form part of any Account Balances or to the Securities standing from time to time to the credit of any Securities Accounts as the case may be.

---

| | |
|:---|:---|
| 26 | **Notices** |

---

Any demand, notice or proceeding under this Agreement may be served by letter, sent by first class post to, or left at, your last known address or registered office or other electronic means to your last known electronic mail address. If posted, it will be deemed to have been served at the time it would, in the ordinary course of post, be delivered. If sent by electronic means, the demand, notice or proceeding will be deemed to have been served at the time of transmission. Service on any one of you is deemed to be served on all of you. Any demand or notice may be served by any Bank manager or officer.

---

| | |
|:---|:---|
| 27 | **Disclosure of Information** |

---

You consent to the disclosure by the Bank of any information about you, this Agreement, the Collateral or the Debt to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 person to whom the Bank proposes to sell, assign or transfer or has sold, assigned or transferred,
 all or any of its rights, benefits and obligations under this Agreement or the Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 person with whom the Bank proposes to enter, or has entered into, any arrangements in respect
 of this Agreement or the Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 company within the Union Bancaire Privée (UK) Limited group being the Bank and its
 associated holding and subsidiary companies from time to time or any of its or their agents;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 other person, if required or permitted by law to do so.

---

| | |
|:---|:---|
| 28 | **Transfer of Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Bank may sell, assign, or transfer or grant a participation in any of its rights, benefits
 and obligations under this Agreement and the Debt to anyone at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Bank sells, assigns, transfers or grants a participation in any or all of its rights,
 benefits and obligations, your own rights, benefits and obligations under this Agreement
 will stay exactly the same but you will be bound to any person or organisation to whom the
 Bank sells, assigns, transfers or grants a participation. That person or organisation will
 have the Bank's powers and rights, benefits and obligations so far as these are sold,
 assigned or transferred. The Bank will be released automatically from its obligations to
 you so far as the Bank's obligations are assumed by that person or organisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You
 shall not assign or transfer all or any part of your rights, benefits and/or obligations
 under this Agreement.

---

| | |
|:---|:---|
| 29 | **Severance and Modification of Clauses** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 any of the Clauses (or part of a Clause) of this Agreement is or becomes unenforceable, invalid
 or unenforceable in any way under any law, the validity of the remaining Clauses (or part
 of a Clause) will not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 any invalid or unenforceable Clause (or part of a Clause) would not be invalid or unenforceable
 if its form or effect were modified in any way, it shall be deemed to have the modified form
 or effect so long as the Bank consents in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 this Agreement is unenforceable or otherwise ineffective against any one or more of you,
 none of the rest of you will be released from your obligations under this Agreement.

---

| | |
|:---|:---|
| 30 | **Remedies and Waiver** |

---

Time shall be of the essence of this Agreement but no failure by the Bank to exercise, nor any delay by the Bank in exercising, any right or remedy hereunder shall operate as a waiver hereof nor shall any single or partial exercise prevent any further or other exercise thereof or the exercise of any other right or remedy. The rights and remedies provided herein are cumulative and not exclusive of any rights or remedies provided by law.

---

| | |
|:---|:---|
| 31 | **General Provisions** |

---

31.1 Where
 you comprise more than one person the liability of each of you shall be joint and several
 and every agreement, covenant and undertaking herein shall be construed accordingly.

31.2 No
 variation or amendment of this Agreement shall be valid unless in writing and signed by you
 or on your behalf and by the Bank.

31.3 Every
 power and remedy given to the Bank under this Agreement shall be in addition to, and not
 in limitation of, any and every other power and remedy vested in the Bank hereunder (or available
 to the Bank by law or otherwise) and all the powers so vested in the Bank may be exercised
 from time to time and so often as the Bank may deem expedient. The Bank shall, without prejudice
 to its other rights and powers under this Agreement, be entitled (but not bound) at any time
 and as often as may be necessary to take any such action as it may in its discretion think
 fit for the purpose of protecting the security interests constituted by this Agreement.

31.4 This
 Agreement may be executed in any number of counterparts each of which shall be an original
 but which shall together constitute one and the same instrument.

31.5 No
 person (including a purchaser) dealing with the Bank or a representative of the Bank shall
 be concerned to enquire (whether upon the exercise of any power granted by Clause 13.2 or
 otherwise):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether
 or not an Event of Default is outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether
 the Debt has become due or payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether
 any power which any of them is purporting to exercise has become exercisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as
 to the propriety or regularity of any action of any of them; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) how
 any money paid to the Bank is to be applied.

---

| | |
|:---|:---|
| 32 | **Governing law and jurisdiction** |

---

32.1 This
 Agreement shall be governed by and construed in accordance with the laws of the Island of
 Jersey and the parties hereby irrevocably agree for the exclusive benefit of the Bank that
 the courts of the Island of Jersey are to have jurisdiction to settle any disputes which
 arise out of or in connection with this Agreement and that accordingly any suit, action or
 proceeding arising out of or in connection with this Agreement (in this Clause referred to
 as "**Proceedings**") may be brought in any such court.

32.2 Nothing
 contained in this Clause shall limit the right of the Bank to take Proceedings against you
 in any other court of competent jurisdiction nor shall the taking of proceedings in one or
 more jurisdiction(s) preclude the taking of Proceedings in any other jurisdiction, whether
 concurrently or not.

32.3 You
 irrevocably waive (and irrevocably agree not to raise) any objection which you may have now
 or hereafter to laying of the venue of any Proceedings in any such court as referred to in
 this Clause and any claim that any such Proceedings have been brought in an inconvenient
 forum and further irrevocably agree that a judgment in any Proceedings brought in any such
 court as is referred to in this Clause shall be conclusive and binding upon you and may be
 enforced in the court of any other jurisdiction.

**IN WITNESS WHEREOF** you have caused this Agreement to be duly executed the day and year first above written.

**SCHEDULE 1**

**PART A**

**Bank Accounts with the Bank**

**(cash deposits)**

---

| | |
|:---|:---|
| **Account Number** | **Name/Designation** |
| [Account Number] | Mr Daniel Leonard Masters |
| [Account Number] | Mr Daniel Leonard Masters |
| [Account Number] | Mr Daniel Leonard Masters |

---

**PART B**

**Securities Accounts with the Bank**

**(under which any Securities are held by the Bank of behalf of the debtor)**

---

| | |
|:---|:---|
| **Account Number** | **Name/Designation** |
| [Account Number] | Mr Daniel Leonard Masters |
| [Account Number] | Mr Daniel Leonard Masters |
| [Account Number] | Mr Daniel Leonard Masters |

---

**SCHEDULE 2**

**Definitions and Interpretations**

1.1 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**Agreement** "
 means this security interest agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Bank** "
 means Union Bancaire Privée (UK) Limited acting through its Jersey branch, its successors
 and assigns and any person who is entitled at any future date to exercise all or any of the
 Bank's rights under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Account Balances**" means all sums at any time and from time to time standing to the credit
 of any Bank Accounts and includes all interest accrued or accruing in the future thereon
 and any monies of yours (however described, designated or numbered) which derive in whole
 or in part from any Bank Accounts or from any sum at any time standing to the credit of any
 Bank Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Bank Accounts**" means any deposit accounts (as defined in the Law) of yours with the
 Bank into which money has been or will be deposited, short details of which are set out in
 Schedule 1 Part A and any sub account or any substituted account (including, without limitation,
 the Account Balances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Collateral** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Bank Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any
 Securities Accounts and Contract Rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 Proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Contract Rights**" means all rights, title and interest, present and future, of yourself in
 or pursuant to the Custodian Agreement, including, without limitation, all and any right
 or power of yours to require the Bank to deliver or redeliver (or procure delivery or redelivery)
 to yourself title to and possession of the Securities credited to the Securities Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Custodian Agreement**" means the custodian agreement entered into between you and the Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Debt** "
 has the meaning given to it in Clause 3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Encumbrance** "
 means any mortgage, charge, pledge, lien, assignment, hypothecation, title retention, security
 interest, trust arrangement or any other agreement or arrangement which has the effect of
 creating security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Events of Default**" means any of the events or circumstances specified in Clause 11;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Facility Agreement**" means any facility agreement entered into from time to time between
 you and the Bank, including without limitation any forward foreign exchange facility agreement
 entered into between you and the Bank from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Interest Rate**" means such rate as may be notified to you by the Bank from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Law** "
 means the Security Interests (Jersey) Law 2012;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Proceeds** "
 means any proceeds (as defined in the Law) derived directly or indirectly from a dealing
 with the Securities Accounts, the Contract Rights or the Bank Accounts or from a dealing
 with the proceeds of the Securities Accounts, the Contract Rights or the Bank Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Securities** "
 means any investment securities (as defined in the Law) which are held from time to time
 by the Bank or its agents or nominees for you and on your behalf under the Securities Account
 and all your rights, title, benefit and interest present and future therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Securities Accounts**" means any securities accounts (as defined in the Law) of yours with the
 Bank under which any Securities are held; short details of which are set out in Schedule
 1 Part B and any sub account or any substituted account (including, without limitation, the
 Securities held in such accounts); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Security Period**" means the period commencing on the date hereof and ending on the date upon
 which the Bank shall have determined that all of the Debt has been irrevocably paid, performed
 and/or discharged in full.

1.2 "**You** "
 means the person named as "you" above, and words such as "**your** ",
 "**yours** ", etc should be read in this way. If there is more than one of
 you, your obligations under this Agreement are several as well as joint. References to you
 include your successors, heirs, estates and permitted assigns, if any.

1.3 For
 the purposes of the Law, the Bank shall be the "**secured party**" and the
 "**intermediary** ", you shall be the "**grantor** ", the Collateral
 (including, without limitation, any after-acquired property) shall be the "**collateral** ",
 this Agreement shall be the "**security agreement**" and the Events of Default
 shall be the "**events of default**" for the purposes of the Law.

1.4 "**control** ",
 "**deposit account** ", "**investment security** ", "**securities account**" and "**proceeds**" shall have the meanings given to them
 in the Law.

1.5 "**prescribed unit trust**" shall have the meaning given to it in Article 2(2) of the Order.

1.6 References
 to "**constitutional documents**" of an entity shall include, without limitation,
 the certificate(s) of incorporation or establishment, the memorandum and articles of association
 and, where the entity is the trustee of a trust, the trust instrument constituting the relevant
 trust.

1.7 References
 to "**identity documents**" of a natural person shall include, without limitation,
 a passport (or national identity document) or driver's licence.

1.8 Words
 and expressions not otherwise defined in this Agreement shall be construed in accordance
 with the Law.

1.9 Except
 where the context otherwise requires, words denoting the singular include the plural and
 vice versa, words denoting a gender include every gender and references to persons include
 bodies corporate and unincorporate.

1.10 References
 to Recitals, Clauses and Schedules are, unless the context otherwise requires, references
 to recitals and Clauses hereof and schedules hereto and references to sub-Clauses are, unless
 otherwise stated, references to the sub-Clause of the Clause in which the reference appears.

1.11 The
 Recitals and Schedules form part of this Agreement and shall have the same force and effect
 as if they were expressly set out in the body of this Agreement and any reference to this
 Agreement shall include the Recitals and Schedules.

1.12 Any
 reference to this Agreement or to any agreement or document referred to in this Agreement
 shall be construed as a reference to such agreement or document as amended, varied, modified,
 supplemented, restated, novated or replaced from time to time.

1.13 Any
 reference to any statute or statutory provision shall, unless the context otherwise requires,
 be construed as a reference to such statute or statutory provision as the same may have been
 or may be amended, modified, extended, consolidated, re-enacted or replaced from time to
 time.

1.14 Clause
 headings are inserted for convenience only and shall not affect the construction of this
 Agreement.

**THE PARTIES** have duly executed this agreement on the date set out at the beginning of this Agreement.

<u>Individual</u>

---

| | |
|:---|:---|
| **SIGNED** by | **SIGNED** by |
| **DANIEL LEONARD MASTERS** | **DANIEL LEONARD MASTERS** |
|  | /s/ Daniel Masters |
| Name: | **Daniel Masters** |
| Title: | Chairman |

---

In the presence of:

---

| | |
|:---|:---|
| Signature of witness: | /s/ Beatriz Abella |
| Name of witness: | **Beatriz Abella** |
| Address of witness: | [Address] |

---

---

| | |
|:---|:---|
| **SIGNED** by | **SIGNED** by |
| for and on behalf of | for and on behalf of |
| **UNION BANCAIRE PRIVÉE (UK) LIMITED, JERSEY BRANCH** | **UNION BANCAIRE PRIVÉE (UK) LIMITED, JERSEY BRANCH** |
|  | /s/ Allison Humphreys |
| Name: | **Alison Humphreys** |
| Title: | Senior Credit Executive |

---

---

| | |
|:---|:---|
| **SIGNED** by | **SIGNED** by |
| for and on behalf of | for and on behalf of |
| **UNION BANCAIRE PRIVÉE (UK) LIMITED, JERSEY BRANCH** | **UNION BANCAIRE PRIVÉE (UK) LIMITED, JERSEY BRANCH** |
|  | /s/ Philip Meeks |
| Name: | **Philip Meeks** |
| Title: | Senior Credit Manager |

---

## Exhibit 99.5

**Exhibit 5**

**POWER OF ATTORNEY**

The undersigned hereby makes, constitutes and appoints each of Sey-Hyo Lee, Beth Kramer, Jenna Smith, and Roman Koidl, or any of them acting singly, and with full power of substitution, re-substitution and delegation, the undersigned's true and lawful attorney in fact (each of such persons and their substitutes and delegees being referred to herein as the "Attorney-in-Fact"), with full power to act for the undersigned and in the undersigned's name, place and stead, in the undersigned's capacity as an officer or director of CoinShares PLC (the "Company"), to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare and execute any and all forms, schedules and other documents (including any amendments thereto) the undersigned is required
to file with the U.S. Securities and Exchange Commission (the "SEC"), or which the Attorney-in-Fact considers it advisable
for the undersigned to file with the SEC, under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 or any rule or regulation
thereunder ("Section 13(d)" and "Section 13(g)", respectively), or under Rule 144 under the Securities Act of
1933 ("Rule 144"), including Schedules 13D and 13G and Form 144 (all such forms, schedules and other documents being referred
to herein as "SEC Filings");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Submit and file SEC Filings with the SEC utilizing the SEC's Electronic Data Gathering, Analysis and Retrieval ("EDGAR")
system or cause them to be submitted and filed by a person appointed as the account administrator or delegated administrator for the undersigned's
EDGAR Next account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. File, submit or otherwise deliver SEC Filings to any U.S. national securities exchange on which the Company's securities may
be listed or traded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Act as an account administrator for the undersigned's EDGAR Next account, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. add or remove, for and on behalf of the undersigned, any third party to the undersigned's EDGAR Next account as account administrators,
account users, technical administrators and delegated entities, as necessary, for such third party, for and on the undersigned's
behalf, to prepare, execute or submit any reports the undersigned is required to file with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. maintain the security of the undersigned's EDGAR Next account, including modification of access codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. maintain and modify the information on the undersigned's EDGAR Next account dashboard and submit, for and on behalf of the undersigned,
an annual confirmation to the SEC through the undersigned's EDGAR Next account that the undersigned's information and third
party authorized roles displayed on the undersigned's EDGAR Next account dashboard are accurate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. act as the EDGAR point of contact with respect to the undersigned's EDGAR Next account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. any other actions contemplated by Rule 10 of Regulation S-T with respect to account administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Cause the Company to accept a delegation of authority from any of the undersigned's EDGAR Next account administrators and, pursuant
to that delegation, authorize the Company's EDGAR Next account administrators to appoint, remove or replace users for the undersigned's
EDGAR Next account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Obtain, as the undersigned's representative and on the undersigned's behalf, information regarding transactions in the
Company's equity securities from any third party, including the Company and any brokers, dealers, employee benefit plan administrators
and trustees, and the undersigned hereby authorizes any such third party to release any such information to the Attorney-in-Fact; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such Attorney-in-Fact, may
be of benefit to, in the best interest of or legally required by the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The undersigned acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Power of Attorney authorizes, but does not require, the Attorney-in-Fact to act in his or her discretion on information provided
to such Attorney-in-Fact without independent verification of such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any documents prepared or executed by the Attorney-in-Fact on behalf of the undersigned pursuant to this Power of Attorney will be
in such form and will contain such information as the Attorney-in-Fact, in his or her discretion, deems necessary or desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The foregoing Attorneys-in-Fact, in serving in such capacity at the request of the undersigned are not assuming, nor is the Company
assuming, any of the undersigned's responsibilities to comply with Section 13(d), Section 13(g) or Rule 144 or any liability of
the undersigned for any failure to comply with such requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Power of Attorney does not relieve the undersigned from responsibility for compliance with the undersigned's obligations
under Section 13(d) or Section 13(g), including, without limitation, the reporting requirements under Section 13(d) or Section 13(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The undersigned hereby grants to each such Attorney-in-Fact full power and authority to do and perform each and every act and thing
requisite, necessary, advisable or proper to be done in connection with the foregoing, as fully, to all intents and purposes, as the undersigned
might or could do in person, hereby ratifying and confirming all that the Attorney-in-Fact, or his or her substitute or substitutes, shall
lawfully do or cause to be done by authority of this Power of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file Schedules 13D or
13G under Section 13(d) or 13(g) or Forms 144 under Rule 144 with respect to the undersigned's holdings of and transactions in securities
of the Company, unless earlier revoked by the undersigned in a signed writing delivered to the Attorney-in-Fact. This Power of Attorney
revokes all previous powers of attorney with respect to the subject matter of this Power of Attorney.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney as of April 6, 2026.

---

| |
|:---|
| Signature |
| /s/ Daniel Masters |
| Print Name: DANIEL MASTERS |

---

[Signature Page to Power of Attorney]

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**CoinShares PLC**

*(Name of Issuer)*

**Ordinary Shares, no par value**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Daniel Masters**<br>c/o CoinShares PLC<br>2 Hill Street<br>St. Helier, Channel Islands Y9 JE2-4UA<br>44 1534 513100

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**03/31/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Daniel Masters** | Name of reporting person<br>**Daniel Masters** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**21605661.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**21605661.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**21605661.00** | Aggregate amount beneficially owned by each reporting person<br>**21605661.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**16.3%** | Percent of class represented by amount in Row (11)<br>**16.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** (1) Consists entirely of ordinary shares, no par value, (the "Ordinary Shares") of the Issuer, which were acquired in connection with the Business Combination (as defined below).

(2) Excludes 3,282,696 Ordinary Shares issuable to the Reporting Person upon the exercise of 13 European-style call options held by the Reporting Person pursuant to the Master Securities Loan Agreement described under Item 4 of this Schedule 13D. None of the options are exercisable within 60 days of the date hereof.

(3) Based on an aggregate of 132,257,329 Ordinary Shares outstanding as of March 31, 2026, as reported by the Issuer on its Shell Company Report on Form 20-F filed with the U.S. Securities and Exchange Commission on March 31, 2026.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Ordinary Shares, no par value

**(b) Name of Issuer:**
CoinShares PLC

**(c) Address of Issuer's Principal Executive Offices:**
2 Hill Street, St. Helier, Channel Islands, Y9, JE2-4UA

This statement on Schedule 13D (this "Schedule 13D") relates to the Ordinary Shares, no par value (the "Ordinary Shares"), of CoinShares PLC, a public company limited by shares organized under the laws of Jersey (the "Issuer"). The principal executive offices of the Issuer are located at 2 Hill Street, St. Helier, Jersey JE2-4UA, Channel Islands.

**Item 4. Purpose of Transaction**

The Reporting Person acquired the Ordinary Shares reported herein in the Business Combination for investment purposes. To the extent required by Item 4, the information contained in Item 3 and Item 6 is incorporated herein by reference. The Reporting Person is the founder of CSIL (through its predecessor, Global Advisors (Jersey) Limited, which he co-founded in 1999) and served as Non-Executive Chairman of the Board of Directors of CSIL and as Chair of the Remuneration Committee from December 2021 until the closing of the Business Combination on March 31, 2026. The Reporting Person serves as a member of the Issuer's Board of Directors and, in such capacity, may have influence over the corporate activities of the Issuer, including activities that may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Subject to the Lock-Up Agreement described in Item 6 of this Schedule 13D and the Issuer's Insider Trading Policy (the "Insider Trading Policy"), the Reporting Person may from time to time buy or sell securities of the Issuer as appropriate for his personal circumstances. Except as described herein, the Reporting Person does not have any present plans or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. However, the Reporting Person reserves the right to formulate in the future plans or proposals that may relate to or result in the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Person may, from time to time, purchase additional securities of the Issuer either in the open market or in privately negotiated transactions, depending upon the Reporting Person's evaluation of the Issuer's business, prospects and financial condition, the market for such securities, other opportunities available to the Reporting Person, general economic conditions, stock market conditions and other factors. Depending upon the factors noted above, the Reporting Person may also decide to hold or dispose of all or part of his investments in securities of the Issuer and/or enter into derivative transactions with institutional counterparties with respect to the Issuer's securities, subject to the limitations under the Lock-Up Agreement, the Insider Trading Policy and applicable securities law.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information contained on the cover pages to this Schedule 13D and set forth in Item 4 hereof is incorporated herein by reference.

**(b)**
The information contained on the cover pages to this Schedule 13D and set forth in Item 4 hereof is incorporated herein by reference.

**(c)**
On March 31, 2026, the Reporting Person acquired 21,605,661 Ordinary Shares in connection with the Business Combination.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Item 4 hereof is hereby incorporated by reference into this Item 6, as applicable.

Master Securities Loan Agreement

Prior to the Business Combination, the Reporting Person had entered into a Master Securities Loan Agreement, dated as of August 28, 2023 (the "Master Securities Loan Agreement"), with Equities First Holdings, LLC ("EFH"), pursuant to which the Reporting Person sold an aggregate of 1,800,000 shares of CSIL in a series of 13 separate tranches.  Under the Master Securities Loan Agreement, the Reporting Person holds a European-style call option (right to repurchase) with respect to each tranche, exercisable only on the applicable maturity date (the "Maturity Date") for the number of shares sold to EFH, as set forth in the applicable closing statement for each tranche.  Under the Master Securities Loan Agreement, the call options automatically substituted the Ordinary Shares of the Issuer issued in the Business Combination in exchange for the CSIL shares subject to the call options.  During the term of the options, the Reporting Person pays EFH interest.  The Maturity Date for each tranche is three years subsequent to the applicable closing date of the tranche; provided, however, that for each successive tranche, if the resulting Maturity Date would fall less than thirty (30) days after the Maturity Date of the immediately preceding tranche, the Maturity Date is instead thirty (30) days after the Maturity Date of such preceding tranche.

The 13 call options cover an aggregate of 3,282,696 Ordinary Shares as follows:

Tranche #     Maturity Date                         Ordinary Shares Underlying Call Option
1                   September 12, 2026                182,372
2                   October 12, 2026                     182,372
3                   November 11, 2026                 182,372
4                   December 11, 2026                 182,372
5                   January 10, 2027                     182,372
6                   February 9, 2027                      182,372
7                   March 11, 2027                        182,372
8                   April 10, 2027                          182,372
9                   May 10, 2027                           182,372
10                June 9, 2027                             182,372
11                July 9, 2027                               547,116
12                October 14, 2027                      547,116
13                November 13, 2027                  364,744

The foregoing description of the Master Securities Loan Agreement does not purport to be complete and is qualified in its entirety by the full text of the Master Securities Loan Agreement, a copy of which is filed as Exhibit 1 to this Schedule 13D and is incorporated herein by reference.

Union Bancaire Privee Line of Credit

On January 12, 2026, the Reporting Person, as borrower, entered into a Facility Agreement (the "Facility Agreement") with Union Bancaire Privee (UK) Limited, Jersey Branch ("UBP") pursuant to which the Reporting Person could borrow up to (pound)5 million on a revolving basis for a two-year term, subject to renewal. On January 14, 2026, the Reporting Person entered into a Security Interest Agreement (the "Security Interest Agreement") with UBP pursuant to which the Reporting Person granted UBP a first priority security interest in certain collateral held with UBP, including the Reporting Person's bank accounts and securities accounts maintained with UBP (together, the "UBP Collateral"), as continuing security for the payment, performance and discharge of all monies, obligations and liabilities due by the Reporting Person to UBP, whether present or future, actually or contingently, including overdrafts, loans, facilities and further advances of money under the Facility Agreement. The Reporting Person holds 21,091,085 of the Ordinary Shares reported herein in securities accounts maintained with UBP and subject to the Security Interest Agreement. Under the Security Interest Agreement, UBP has control of the Reporting Person's bank accounts and securities accounts that constitute the UBP Collateral, and the Reporting Person has agreed not to sell, dispose of or create any encumbrance over the UBP Collateral without UBP's prior written consent.

The loans under the Facility Agreement are due upon demand by UBP. Upon the occurrence of certain events that are customary for this type of loan, UBP may exercise its rights to foreclose on, and dispose of, the UBP Collateral, including the Reporting Persons's Ordinary Shares held as collateral in the securities accounts constituting the UBP Collateral. Other than upon the occurrence, if any, of these customary types of default, under the Security Interest Agreement, the Reporting Person remains the beneficial owner of the Ordinary Shares pledged as UBP Collateral and retains voting rights with respect thereto. The foregoing descriptions of the Facility Agreement and the Security Interest Agreement do not purport to be complete and are qualified in their entirety by the full text of the Facility Agreement and the Security Interest Agreement, copies of which are filed as Exhibits 2 and 3 to this Schedule 13D, respectively, and incorporated herein by reference.

Lock-Up Agreement

In connection with the Business Combination, the Reporting Person entered into a Lock-Up Agreement, dated as of September 8, 2025 (the "Lock-Up Agreement"), pursuant to which the Reporting Person agreed not to Transfer (as defined in the Lock-Up Agreement) any of his Lock-up Shares (as defined in the Lock-Up Agreement), which include the Reporting Person's Ordinary Shares reported herein, until the end of the lock-up period, beginning on the closing date of the Business Combination (March 31, 2026) and ending six months thereafter.

The Lock-Up Agreement provides for certain exceptions to the lock-up restrictions, including Transfers (i) to affiliates, (ii) by gift to charitable organizations, (iii) by gift to members of the Reporting Person's immediate family or to trusts for their benefit, (iv) by will or laws of descent and distribution, (v) pursuant to a qualified domestic relations order, (vi) with the prior written consent of Holdco, (vii) in connection with certain business combination transactions, or (viii) as required by any legal or regulatory order.

In addition, notwithstanding the lock-up restrictions, the Reporting Person may Transfer all of his Lock-up Shares at any time so long as the closing sales price of the Ordinary Shares equals or exceeds $22.00 per share (as adjusted for any stock splits, stock dividends, reorganizations, recapitalizations and similar events) for at least 20 trading days within any 30 consecutive trading day period commencing any time following the closing date of the Business Combination.

Notwithstanding the lock-up restrictions, any Lock-up Shares may be pledged or otherwise encumbered as security for bona fide indebtedness, provided that the Reporting Person shall at all times remain the beneficial owner of such Lock-up Shares and shall retain and exercise all voting rights with respect to such Lock-up Shares during the duration of such pledge or encumbrance.

The foregoing description of the Lock-Up Agreement does not purport to be complete and is qualified in its entirety by the full text of the Lock-Up Agreement, a copy of which is filed as Exhibit 4 to this Schedule 13D and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Daniel Masters

**Signature:** /s/ Daniel Masters

**Name/Title:** Daniel Masters

**Date:** 04/07/2026