# EDGAR Filing Document

**Accession Number:** 0001036848
**File Stem:** 0001213900-23-018271
**Filing Date:** 2023-3
**Character Count:** 55202
**Document Hash:** ed04103924149b6531f176ae6f761e0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-018271.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0001213900-23-018271

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230301

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mega Matrix Corp.
- **CENTRAL INDEX KEY:** 0001036848
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
- **IRS NUMBER:** 943263974
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13387
- **FILM NUMBER:** 23713199

**BUSINESS ADDRESS:**
- **STREET 1:** 1440 CHAPIN AVE STE 310
- **CITY:** BURLINGAME
- **STATE:** CA
- **ZIP:** 94010
- **BUSINESS PHONE:** 6503401888

**MAIL ADDRESS:**
- **STREET 1:** 1440 CHAPIN AVENUE SUITE 310
- **CITY:** BURLINGAME
- **STATE:** CA
- **ZIP:** 94010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEROCENTURY CORP
- **DATE OF NAME CHANGE:** 19970610

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AEROMAX INC
- **DATE OF NAME CHANGE:** 19970331

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

Date of Report (Date of earliest event reported): March 1, 2023

**<u>MEGA MATRIX CORP.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-13387** | **94-3263974** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (IRS Employer <br> Identification No.) |

---

---

| | |
|:---|:---|
| **3000 El Camino Real,** <br> **Bldg. 4, Suite 200, Palo Alto, CA** | **94306** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>650-340-1888</u>**

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

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

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

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

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

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, $0.001 par value | MPU | NYSE American Exchange LLC |

---

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

Emerging growth company ☐

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

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

On March 1, 2023, in connection with a newly formed joint venture, Saving Digital Pte. Ltd. ("Saving"), a wholly-owned subsidiary of Mega Matrix Corp. (the "Company"), and Bit Digital Singapore Pte. Ltd. ("Bit Digital" and together with Saving Digital, the "Shareholders"), entered into a shareholders' agreement (the "Shareholders Agreement") with Marsprotocol Technologies Pte. Ltd. (the "JV Company"), to provide staking technology tools in digital assets through the staking platform "MarsProtocol," an individual and institutional grade designed staking platform (the "Joint Venture"). Under the Shareholders Agreement, Saving will invest 180,000 Singapore Dollars, which represents 60% of the registered capital of the JV Company, and Bit Digital will invest 120,000 Singapore Dollars, which represents 40% of the registered capital of the JV Company.

Under the Shareholders Agreement, Saving, as holder of 60% of the outstanding shares of the JV Company, will be entitled to appoint two (2) out of the three (3) directors to the board of directors of the JV Company ("JV Board"), and the right to appoint the chairman of the JV Board. In addition, the Shareholders Agreement imposes certain restrictions in the dealing and transfer of the shares held by the Shareholders unless prior approval and consent of the JV Company has been obtained, as well as a right of first refusal to other Shareholders, and customary tag-along and drag-along rights. The Shareholders Agreement also includes customary restrictive covenants, intellectual property rights and confidentiality clauses.

The foregoing description of the Shareholders Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Stockholders Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 **Item 7.01 Regulation FD Disclosure.**

On March 7, 2023, the Company issued a press release announcing the establishment of the joint venture with Bit Digital, Inc. (NASDAQ: BTBT) to jointly provide staking technology tools in digital assets. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

*The information in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.*

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Shareholders Agreement dated March 1, 2023](ea174699ex10-1_megamatrix.htm) |
| 99.1 | [Press release dated March 7, 2023](ea174699ex99-1_megamatrix.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | Mega Matrix Corp. | Mega Matrix Corp. |
|  | a Delaware corporation | a Delaware corporation |
|  | By: | /s/ Yucheng Hu |
|  |  | Yucheng Hu,<br> Chief Executive Officer |
| Dated: March 7, 2023 |  |  |

---

## Exhibit 10.1

**Exhibit 10.1**

**Dated the 1st day of March 2023**

**SHAREHOLDERS' AGREEMENT**

**relating to**

**MARSPROTOCOL TECHNOLOGIES PTE LTD**

THIS **SHAREHOLDERS' AGREEMENT** ("**Agreement**") is made on the 1st day of March 2023,

**AMONG:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **BIT DIGITAL SINGAPORE PTE LTD** (Singapore Unique Entity No. 202122810K), a company incorporated in Singapore with its registered
address at 120 Robinson Road, #13-01, Singapore 068913 ()"**Bit Digital** ");

**AND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **SAVING DIGITAL PTE LTD** (Singapore Unique Entity No. 202122238R), a company incorporated in Singapore with its registered address
at 103 Tampines Street 86, #03-06, The Alps Residences, Singapore 528576 ()"**Saving Digital** ");

**AND:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **MARSPROTOCOL TECHNOLOGIES PTE LTD** (Singapore Unique Entity No. 202303146Z), a company incorporated in Singapore with its registered
address at 987 Serangoon Road, Singapore 328147 ()"**Company** ")

(individually a "**Party**", and collectively the "**Parties**")

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company is a private company limited by shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) As of the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company issued and allotted 300,000 shares at SGD 1 each;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Bit Digital holds 120,000 shares **,** or 40%, of the capital of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Saving Digital holds 180,000 shares, or 60%, of the capital of the Company;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Parties have agreed to regulate the affairs of the Company and the respective rights and obligations
of Bit Digital and Saving Digital (collectively, the "**Shareholders**") on the one hand, and the Company on the other
hand, on the terms and subject to the conditions of this Agreement,

**NOW IT IS HEREBY AGREED as follows:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>PURPOSE/BUSINESS OF THE COMPANY</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The primary activities of the Company shall be in the Staking
as a Service business ()"**StaaS** "), or as may from time to time be determined by the unanimous consent of all shareholders
in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>SHARE CAPITAL</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Each Shareholder shall pay to the Company the full amount
of their subscribed and allotted shares within one month from the date of a written notice from the Company to pay the said amount(s).
Bit Digital shall pay SGD 120,000 and Saving Digital shall pay SGD 180,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. If a Shareholder (the "**Defaulting Shareholder** ")
fails to pay the full amount of their subscribed and allotted shares as set forth in the preceding clause within the timeframe specified
in the preceding clause, the Company shall have the right to impose interest against the Defaulting Shareholder on the unpaid amount at
a rate of [0.5%] above daily prime rate of any local bank from the date on which such payment is due or extension thereof, until the Directors
by a resolution serve a notice of forfeiture of shares of the Defaulting Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. Such forfeiture in the preceding clause shall include all
dividends declared in respect of the forfeited shares and not actually paid before the forfeited share could be sold or otherwise disposed
of. Such disposition or sale shall be on such terms and in such manner as the Directors think fit, and at any time before a sale or disposition,
the forfeiture may be cancelled on such terms as the Directors think fit, provided that the foregoing shall be without prejudice to any
other rights of the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. For the avoidance of doubt, the Company shall be entitled
to use all monies paid by a Shareholder and all subsequent shareholders as working capital of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>MANAGEMENT OF THE COMPANY</u> 

<u>Management</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. The Company shall be managed by its Board of Directors ()"**Board** "),
including but not limited to the business of the Company as set out in Clause 1 as well as decisions and/or policies relating to key management
personnel and/or employees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>BOARD OF DIRECTORS</u> 

<u>Number</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Unless otherwise agreed upon by the Shareholders in writing,
the Board shall consist of not more than 3 directors (individually a "**Director** ", and collectively the "**Directors** ").

<u>Composition</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. The Board shall consist of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one Director appointed by Bit Digital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one Director appointed by Saving Digital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) one Director who is ordinarily resident in Singapore, who shall be appointed by shareholder(s) holding a simple majority of shares
of the Company for the time being; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Director more than a third person shall require mutual approval of the Shareholders.

<u>Right of Appointment and Remova</u>l

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. The right of appointment conferred on a Shareholder under
Clause 4.2 shall include the right of that Shareholder, upon written notice to the other Shareholders, to remove at any time from office
such person appointed by that Shareholder as a Director and the right of that Shareholder to determine the period during which such person
shall hold office as a Director of the Company.

<u>Notice in Writing</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. Each appointment or removal of a Director pursuant to the
preceding Clause 4.3 shall be in writing and signed by or on behalf of the Shareholder concerned and shall be delivered to the registered
office of the Company.

<u>Further Director</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. Whenever and for any reason a person appointed by a Shareholder
ceases to be a Director, that Shareholder shall be entitled to appoint forthwith another Director.

<u>Chairman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. The Chairman of the Board shall be appointed by shareholder(s)
holding a simple majority of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. The Chairman shall not be entitled to a second or casting
vote at any meeting of the Board or at any general meeting of the Company.

<u>Meetings of Directors</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. The Directors shall hold meetings of the Directors at such
time, place and frequency as the Board may decide from time to time. Any Director may call a meeting of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. Each of the Directors shall be entitled to receive not less
than seven (7) days' written notice of all meetings of the Directors (or such shorter period of notice in respect of any particular meeting
as may be agreed jointly by all the Directors) specifying the date, time and place of the meeting and the business to be transacted thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. The quorum at a meeting or adjourned meeting of Directors
necessary for the transaction of any business of the Company shall be two (2) Directors. In the event that a meeting of Directors duly
convened cannot be held for lack of quorum, the meeting shall be adjourned to the same time and day of the following week and at the same
place and at least three (3) days' notice shall be given to the Directors in relation to such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. Subject to any matters stated in this clause, all resolutions
of the Directors at a meeting or adjourned meeting of the Directors shall be adopted by a simple majority vote of the Directors present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. A resolution in writing signed by all of the Directors for
the time being or their alternates shall be as valid and effectual as if it had been passed at a meeting of Directors duly called and
constituted. Any such resolution may consist of several documents in like form, each signed by one or more of the Directors. The expressions
"in writing" and "signed" include approval by email, cable, normal mail, wireless or facsimile transmission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. The Directors may participate in a meeting of the Directors
by means of a conference telephone or a video conference telephone or similar communications equipment by which all persons participating
in the meeting are able to hear and be heard by all other participants without the need for a Director to be in the physical presence
of another Director(s) and participation in the meeting in this manner shall be deemed to constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14. The Directors participating in any such meeting shall be
counted in the quorum for such meeting and subject to there being a requisite quorum as stated in this clause at all times during such
meeting, all resolutions agreed by the Directors in such meeting shall be deemed to be as effective as a resolution passed at a meeting
in person of the Directors duly convened and held. A meeting conducted by means of a conference telephone or a video conference telephone
or similar communications equipment as aforesaid is deemed to be held at the place agreed upon by the Directors attending the meeting,
provided that at least one of the Directors present at the meeting was at that place for the duration of the meeting.

<u>Reserved matters</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15. The following matters shall require the prior consent of
the simple majority of the Shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.1. Dealings in (sale, lease, transfer, purchase, mortgaging
or charging) land, building and/or other assets by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.2. Giving of guarantees by the Company of any amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.3. Acquisition of shares in other companies or participation
in any joint ventures by or on behalf of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.4. Creation of any indebtedness for or on behalf of the Company
in excess of US$100,000 **,** 000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.5. Creation of security over any assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.6. Appointment or removal, and determining the scope of the
authority, of any chief executive or managing director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.7. Appointment or removal of auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15.8. All and any borrowings or loans by the Company from any
bank or financial institution.

<u>Deadlock</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16. In the event that the Board is unable to make a decision
and/or pass a resolution due to a deadlock, the deadlock shall be resolved by convening a meeting of the Shareholders or by passing a
shareholders' resolution by written means to resolve the deadlock by a simple majority vote If there still remains a deadlock thereafter,
the deadlock shall be resolved in accordance with Clause 24 of this Agreement.

5. <u>GENERAL MEETINGS</u> 

<u>Quorum</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Unless longer notice is required by law, each Shareholder
shall be entitled to receive not less than 14 days' written notice of all general meetings (or such shorter period of notice in
respect of any particular meeting as may be agreed jointly by the Shareholders) specifying the date, time and place of the meeting and
the business to be transacted thereat.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The quorum at a general meeting, or adjourned meeting, of
the Company necessary for the transaction of any business of the Company shall be one or more shareholders of the Company holding no less
than 50% of the Company's outstanding shares for the time being, present in person or by proxy. In the event that a general meeting
of the Company duly convened cannot be held for lack of a quorum, the meeting shall be adjourned to the same place and at least three
days' notice shall be given to the Shareholders in relation to such adjourned meeting.

<u>Voting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Subject to any additional requirements specified by the
Act and matters stated in clause 5.5, all resolutions of the Shareholders shall be adopted by a simple majority vote of the shareholders
present and voting.

<u>Chairman</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. The chairman of the board shall preside as chairman at every
general meeting, but if there be no such chairman, or if at any meeting he shall not be present within fifteen (15) minutes after the
time appointed for holding the meeting, or shall be unwilling to act as chairman, the members present shall choose a chairman from among
those directors present and willing to act, and otherwise they shall choose some member present to be chairman of the meeting.

<u>Unanimous consent of the Shareholders</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. Subject to provisions of the Companies Act and as otherwise
set forth in this Agreement, the following matters shall be unanimously approved by the Shareholders in a general meeting or by resolution
of written means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.1. Increase or reduction in the registered or issued capital
of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.2. Issuance and allotment of new shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.3. Changes in the nature or scope of the business of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.4. Amalgamation or merger with another company or other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.5. Changes to the Memorandum and Articles of Association of
the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>DIVIDENDS</u> 

Each shareholder of the Company shall be entitled to receive dividends and distributions payable on the Ordinary Shares on an as-converted basis as and when declared by the Board. For this purpose, the Board shall convene a meeting on a yearly basis to declare any dividends and distributions payable on such annual profits (if any) accrued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>DEALING AND TRANSFER OF SHARES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. No Shareholder shall transfer all or any part of the shares
held by it in the capital of the Company or otherwise sell, dispose of or deal with all or any part of its interest in such shares unless
prior approval and consent of the Company has been obtained. Such approval and consent shall not be unreasonably withheld by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. No Shareholder shall, without the prior written consent
of the Company in a general meeting or by resolution of written means, create or have outstanding any pledge, lien, charge or other encumbrance
or security interest on or over any shares in the capital of the Company or any part of its interest in such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. Every Shareholder who desires to transfer any share or all
of its shares ()"**Transferring Shareholder**") shall give to the Company and the Shareholders other than the Transferring
Shareholder, notice in writing of such desire, and such notice ()"**Transfer Notice**") shall specify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.1. the number of shares (individually a "**Sale Share** ",
and collectively the "**Sale Shares**") proposed to be sold and transferred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.2. the price fixed by the Transferring Shareholder for the
sale of each such Sale Share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.3. the other terms and conditions of such sale (if any); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.4. the identity of the person to whom the Transferor proposes
to transfer such Sale Shares.

Right of first refusal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. No Transferring Shareholder shall sell or transfer any Sale
Shares to any third party unless the Sale Shares are first offered to the other shareholders of the Company ()"**Other Shareholders** ")
on a pro rata basis at a price and on terms no less favorable than those offered to any third party. The Other Shareholders of the Company
to whom the Sale Shares are offered shall have the right to purchase such Sale Shares or part thereof within 14 days of receipt of the
offer. If the Other Shareholders do not exercise their right of first refusal in accordance with this clause, the Transferring Shareholder
may then sell the Sale Shares to a third party.

<u>Tag-along rights</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. After the right of first refusal process as set out in Clause
7.4 above, the Other Shareholders shall, in the event of a sale by the Transferring Shareholder (the "**Selling Shareholder** ")
to a third party ()"**Tag-Along Purchaser** "), have the right ()"**Tag-Along Right** "), within a period of
30 days after receipt of the Transfer Notice, to require the Selling Shareholder to include their shares (the "**Tag-Along Shares** ")
in the sale to the Tag-Along Purchaser on the same terms and conditions as the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. Following the expiry of the period as set out in the preceding
clause in respect of the Tag-Along Right, the Selling Shareholder shall be entitled to sell to the Tag-Along Purchaser on the terms notified
to the Other Shareholders a number of shares not exceeding the number specified in the Transfer Notice less any shares which the Other
Shareholders have indicated they wish to sell, provided that at the same time the Tag-Along Purchaser (or another person) purchasers from
the Other Shareholders the number of shares they have respectively indicated they wish to sell on terms no less favourable than those
obtained by the Selling Shareholder to the Tag-Along Purchaser.

<u>Drag-along rights</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. In the event that the shareholders of the Company holding
no less than 50% of the Company's shares (the "**Majority Shareholder(s)**") desire to sell the Company and have
entered into a binding agreement with a third party (the "**Drag Purchaser**") to sell all of the Company's outstanding
shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7.1. The Majority Shareholder(s) shall have the right to require
the other shareholders (the "**Dragged Shareholders**") to participate in such sale ()"**Drag Sale**") by
selling their shares to the Drag-Along Purchaser on the same terms and conditions as set forth in the agreement between the Majority Shareholder(s)
and the Drag-Along Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7.2. The Dragged Shareholders shall use all efforts and cooperate
to facilitate such sale and to transfer their shares in the Company to the Drag-Along Purchaser in accordance with the terms of the agreement
between the Majority Shareholder(s) and the Drag-Along Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. Within 5 days of the Company sending a notice (the "**Drag-Along Notice**") to the Dragged Shareholders requiring them to participate in the Drag Sale, each Dragged Shareholder shall deliver
to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.1. duly executed share transfer form(s) for its shares in favour
of the Drag Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.2. the relevant share certificate(s) (or a duly executed indemnity
for lost certificate in a form acceptable to the Board); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.3. duly executed sale agreement, if applicable, in the form
specified in the Drag-Along Notice or as otherwise specified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. On completion of the Drag Sale, the Company shall pay or
transfer to each Dragged Shareholder, on behalf of the Drag Purchaser, the consideration due to each Dragged Shareholder to the extent
that the Drag Purchaser has paid, allotted or transferred such consideration to the Company pursuant to the Drag Sale.

<u>Deed of ratification and accession</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. Notwithstanding anything contained in this clause, it shall
be a condition precedent to the right of the Transferor to transfer shares in the capital of the Company to any person (including a Shareholder)
(the "**Transferee**") that the Transferee (if not already bound by the provisions of this Agreement) executes, in such
form as may be reasonably required by and agreed with the other Shareholders, a deed of ratification and accession under which the Transferee
shall agree to be bound by and shall be entitled to the benefit of this Agreement as if an original party hereto in place of, or in addition
to, the Transferor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>RESTRICTIVE COVENANTS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. For the purpose of this clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.1. "**Relevant Capacity**" means a Shareholder's
own account or for that of any person, firm or company and whether through the medium of any company controlled by the person or as principal,
partner, director, employee, consultant or agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.2. "**Relevant Period**" means, in relation
to each Shareholder, the period during which such Shareholder is and remains a Shareholder and for a period of 3 years after such Relevant
Person ceases to be a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.3. "**Relevant Territories**" means Asia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. Each Shareholder hereby severally undertakes and covenants
with the other Shareholder that the Shareholder shall not, in any Relevant Capacity, directly or indirectly, during the Relevant Period,
carry on, be engaged in or be economically interested in any business in any of the Relevant Territories, which is of the same as or a
similar type of, or which is in competition with, the business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. The Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1. cooperate with Saving Digital to provide its audited financial
statements within 120 days from the end of its financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2. also cooperate as reasonably required by Saving Digital
for the consolidation and delivery of its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INTELLECTUAL PROPERTY RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. All intellectual property rights developed by or on behalf of the Company shall be the property of the
Company, except for any intellectual property rights specifically contributed by a shareholder which shall remain the property of that
shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Each shareholder shall inform the Company of any intellectual property rights contributed by such shareholder
and the Company shall not assert any ownership or control over such intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. The Company shall have the right to use such intellectual
property rights contributed by a shareholder only for the purpose of conducting the business of the Company and shall not have the right
to sub-license or transfer such rights without the express written consent of the shareholder to whom such intellectual property rights
belong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Each Party represents and warrants to the other Parties that as at the date of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.1. each Party has the full legal right and power and all authority
and approvals required to execute and deliver this Agreement and to perform fully its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.2. this Agreement has been duly authorized, executed and delivered
by each Party and constitutes valid and binding obligations of each Party enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.3. the execution, delivery and performance of this Agreement
by each Party and the consummation of any contemplated transactions hereunder does not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) require the approval, permit or consent of any governmental body, or required by any applicable law, or the approval or consent of
any other person, or if such approval or consent is required, it has already been obtained as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with or result in any breach or violation of any of the terms and conditions of, or constitute a default under any applicable
law, regulation or court order or any contract to which it is a party or by or to which it is bound or subject; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) violate any law, regulation or court order against, or binding upon, it or upon its securities, properties or business;

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.4. there are no litigation, arbitration or administrative proceedings
current or pending or, to the best of knowledge of that Party, threatened which:

&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) would restrict that Party's entry into, exercise of its rights under, performance or enforcement of, or compliance with, its
obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has or could have a material adverse effect on the condition (financial or otherwise) of the business, assets, results or prospects
of that Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Each of the warranties given in Clause 11.1 (individually a "**Warranty** ", and collectively
the "**Warranties**") shall be true and correct as at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **NO OTHER REPRESENTATIONS OR WARRANTIES; NON-RELIANCE**. EXCEPT FOR THE EXPRESS REPRESENTATIONS
 AND WARRANTIES CONTAINED IN THIS SECTION 11, (A) NEITHER PARTY TO THIS AGREEMENT, NOR ANY OTHER PERSON ON SUCH PARTY'S BEHALF, HAS
 MADE OR MAKES ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY, EITHER ORAL OR WRITTEN, WHETHER ARISING BY LAW, COURSE OF
 PERFORMANCE, OR OTHERWISE, ALL OF WHICH ARE EXPRESSLY DISCLAIMED, AND (B) EACH PARTY ACKNOWLEDGES THAT IT HAS NOT RELIED UPON ANY
 REPRESENTATION OR WARRANTY MADE BY THE OTHER PARTY, OR ANY OTHER PERSON ON SUCH PARTY'S BEHALF, EXCEPT AS SPECIFICALLY PROVIDED IN THIS SECTION 11 OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. INDEMNITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. Without prejudice to any other rights, claims and remedies available, each Party shall, subject to Clause
12.2, fully indemnify each other Party on demand against any and all losses, liabilities, fees and costs (including reasonable legal fees
and experts' and consultants' fees), charges, expenses, actions, proceedings, claims and demands which any Party may at any
time and from time to time sustain, incur or suffer as a result of or arising out of any breach by a Party of any of its or his / her
Warranties, covenants or other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. The indemnities in Clause 12.1 shall not apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.1. in the event that a claim arises out of or in connection
with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the enactment or amendment of any legislation, statute, directive, judgement, decree or such other law or regulation after the date
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the judicial or administrative interpretation of any legislation, statute, directive, judgement, decree or such other
law or regulation after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a change in, or the withdrawal of, the practice or policy of any governmental authority (including the taxing practice(s) of any taxing
authority), introduced or having effect after the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.2. to the extent that a claim arises from any act or omission
that was made with the approval or direction of the Party who wishes to be indemnified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.3. to the extent that a claim arises from any act or omission
that is expressly permitted by this Agreement or any other document contemplated by it; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.4. to the extent that the claim is for indirect, special, punitive,
consequential, incidental or exemplary damages, save in relation to those which are within the reasonable contemplation of the Parties
as at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. For the avoidance of doubt, nothing in this Agreement shall
prejudice a Party's common law duty to mitigate any loss suffered by it as a result of or arising out of any
breach by a Party of any of its or his / her Warranties, covenants or other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>CONFIDENTIALITY</u> 

Each Party hereto undertakes and agrees with every other Party both for the duration of this Agreement and for a two-year period after its termination to keep confidential and take such steps as lie within its powers to procure that all its respective employees and associated companies and all other persons under its control or performing services to the Company to whom confidential information is disclosed to keep confidential all matters pertaining to the activities of the Company or proprietary information or other information of the Company of a confidential nature, unless such disclosure is required by law, investigation authorities or order of the court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>ACCOUNTS</u> 

The Directors shall cause to be kept full and proper books of account and record relating to the Company and such books and all documents of records shall be available at all times with prior appointment for inspection by the duly appointed persons of the Shareholders at the registered office of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>SUPREMACY OF THIS AGREEMENT</u> 

In the event that there is any conflict between the provisions of the Constitution of the Company and the provisions of this Agreement, the provisions of this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>REMEDIES</u> 

No remedy conferred by any of the provisions of this Agreement is intended to be exclusive of any other remedy which is otherwise available at law, in equity, by statute or otherwise, and each and every other remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity, by statute or otherwise. The election of any one or more of such remedies by any of the Parties shall not constitute a waiver by such Party of the right to pursue any other available remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>SEVERANCE</u> 

If any provision of this Agreement or part thereof is rendered void, illegal or unenforceable for any reason, it shall be rendered void, illegal or unenforceable to that extent and it shall in no way affect or prejudice the enforceability of the remainder of such provision or the other provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>COUNTERPARTS</u> 

This Agreement may be signed in any number of counterparts and by the parties hereto on separate counterparts, each of which, when so executed, shall be an original, but all counterparts shall together constitute one and the same document. Signatures may be in wet ink or via secure electronic signatures in accordance with the *Electronic Transactions Act 2010*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>COSTS</u> 

Each of the Parties shall bear its own legal and other professional costs and expenses incurred by it in the negotiation and preparation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>NO PARTNERSHIP</u> 

The relationship between the Shareholders shall not constitute a partnership.

No Shareholder has the power or the right to bind, commit or pledge the credit of the other Shareholders or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>INDULGENCE, WAIVER ETC</u> 

No failure on the part of any Party to exercise and no delay on the part of any Party in exercising any right hereunder will operate as a release or waiver thereof, nor will any single or partial exercise of any right under this Agreement preclude any other or further exercise of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>TERMINATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1. This Agreement may be amended or terminated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.1. by written instrument signed by all the Parties hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.2. via 1 month's notice by the Company in writing to
all other Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.3. upon the filing of a winding-up application or similar proceedings
by or against one of the Shareholders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.1.4. a material breach by one Party of its obligations under
this Agreement which cannot be remedied or is not remedied within sixty (60) days from the date of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.2. In the event a notice of termination is sent by a Shareholder
(the "**Terminating Shareholder**") in accordance with Clause 22.1.2, the Terminating Shareholder shall be required to
offer its shares to the other shareholders of the Company and those other shareholders may purchase such shares from the Terminating Shareholder
at fair value. The fair value of such shares to be offered shall be determined by an expert appointed by the Board, if not agreed between
the Terminating Shareholder and the shareholder to whom the shares are to be sold, and all fees payable for such a valuation shall be
borne by the Terminating Shareholder.

In the event that the other shareholders of the Company do not wish to purchase the shares of the Terminating Shareholder in accordance with Clause 22.2, the Company shall proceed to wind up its affairs, and the shareholders and the Directors shall cooperate with the Company to take all necessary steps and pass all necessary resolutions to wind up the Company. The grounds and mode for the winding up of the Company in accordance with this clause shall be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>GOVERNING LAW</u> 

This Agreement shall be governed by Singapore and construed in accordance with the laws of Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>DISPUTE RESOLUTION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.1. All disputes, controversies or differences ()"**Dispute** ")
arising out of or in connection with this Agreement, including any questions regarding its existence, validity or termination, shall first
be referred to mediation in Singapore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.2. In the event that the Dispute cannot
be resolved in mediation within the time agreed by the Parties, the Dispute shall be referred to and finally resolved by the Singapore
International Arbitration Centre ()"**SIAC**") in accordance with the Arbitration Rules of the Singapore International Arbitration
Centre ()"**SIAC Rules**") for the time being in force, which rules are deemed to be incorporated by reference in this clause.
The seat of the arbitration shall be Singapore. The Tribunal shall consist of [1] arbitrator. The language of the arbitration shall be
English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>NO THIRD-PARTY RIGHTS</u> 

A person who is not a party to this Agreement has no rights under the *Contracts (Rights of Third Parties) Act 2001*.

IN WITNESS WHEREOF this Agreement has been executed the day above written.

---

| |
|:---|
| **BIT DIGITAL SINGAPORE PTE LTD** |
| /s/ [ILLEGIBLE] |
| Name: Yang Hao |
| Designation: Director |
| **SAVING DIGITAL PTE LTD** |
| /s/ Yucheng Hu |
| Name: Yucheng Hu |
| Designation: Yucheng Hu |
| **MARSPROTOCOL TECHNOLOGIES PTE LTD** |
| /s/ Yucheng Hu |
| Name: Yucheng Hu |
| Designation: Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**FOR IMMEDIATE RELEASE** 

**MEGA MATRIX CORP. ANNOUNCES ESTABLISHMENT OF A JOINT VENTURE WITH BIT DIGITAL, INC. TO JOINTLY PROVIDE DIGITAL ASSETS STAKING SERVICES**

PALO ALTO, CALIFORNIA, March 7, 2023 /GlobeNewswire/ -- Mega Matrix Corp. ("MTMT" or the "Company") (NYSE American: MPU), today announced that its wholly-owned Singapore subsidiary, Saving Digital Pte. Ltd. ("Saving") has formed a joint venture with Bit Digital, Inc. (NASDAQ: BTBT) ("Bit Digital") by entering into a shareholders' agreement (the "Agreement") with MarsProtocol Technologies Pte. Ltd., the joint venture company (the "JV Company"), to jointly provide proof-of-stake technology tools for digital assets through the staking platform "MarsProtocol", an institutional grade non-custodial staking technology (the "Joint Venture"). The JV Company will be domiciled in Singapore. Before offering any services, the JV Company will undertake a regulatory review to ensure that its services are fully compliant with the laws of Singapore and any other nation in which it seeks to conduct business. Pursuant to the Agreement, Saving will control 60% of the Joint Venture.

Bit Digital is a sustainability-focused generator of digital assets with large-scale bitcoin mining operations. Bit Digital is headquartered in New York with operations throughout North America. As of December 20, Bit Digital had 7,904 ETH and 2,004 sETH-h with a combined worth of approximately $12.1 million. 2,164 ETH were actively staked as of that date, using either native staking or liquid staking protocols. Bit Digital intends to continue accumulating Ethereum and stake substantially all of its ETH position over time.

Following the transition by Ethereum on September 15, 2022 from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism (the "Merge"), Ethereum shifted to a PoS validation system where validators stake their ETH into a smart contract on Ethereum to serve as collateral that can be destroyed if the validator behaves dishonestly or lazily. The validator (selected randomly) is then responsible for processing the blockchain transactions, storing data and adding new blocks to the blockchain. To become a validator on Ethereum, a participant must stake 32 ETH. Through MarsProtocol, the Joint Venture will seek to provide non-custodial staking tools whereby users' private keys are not stored in its database to ensure the safety of its users' digital assets. For more information, please visit http://www.marsprotocol.com.

![](ex99-1_002.jpg)

"We are very excited to cooperate with BTBT to jointly explore the digital assets staking business, and we are looking forward to providing proof-of-stake technology tools for digital assets through the Joint Venture, which will enable users to earn ETH rewards through an easy-to-use and non-custodial staking platform," said Mr. Yucheng Hu, CEO of Mega Matrix Corp.

**About Mega Matrix:** Mega Matrix Corp. (the "Company") is a holding company located in Palo Alto, California with four subsidiaries: Saving Digital Pte. Ltd., a Singapore corporation ("Saving"), MarsProtocol Inc., an exempted company incorporated under the laws of the Cayman Islands, Mega Metaverse Corp., a California corporation ("Mega") and JetFleet Management Corp. a California corporation ("JetFleet"). The Company focuses on crypto-related business and will continue to focus on third-party management service contracts for aircraft operations through its majority owned subsidiary JetFleet, which was part of the Company's legacy business. For more information, please contact info@mtmtgroup.com or visit: http://www.megamatrix.io.

**About Bit Digital**

Bit Digital, Inc. is a bitcoin mining company headquartered in New York City. Bit Digital's mining operations are located in North America. For additional information, please contact ir@bit-digital.com or visit our website at www.bit-digital.com.

**Forward-Looking Statements** 

 

*This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements that are purely historical are forward-looking statements. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees for future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability to continue successful development of its digital assets staking business model; the possibility that the Company may not succeed in developing its new lines of businesses due to, among other things, changes in the business environment, competition, changes in regulation, or other economic and policy factors; the possibility that the Company's new lines of business may be adversely affected by other economic, business, and/or competitive factors; and the possibility that the Joint Venture does not perform or operate as anticipated. The forward looking statements in this press release and the Company's future results of operations are subject to additional risks and uncertainties set forth in in documents filed by the Company with the Securities and Exchange Commission, including the Company's quarterly reports on Form 10-Q and the Company's latest annual report on Form 10-K, and are based on information available to the Company on the date hereof. In addition, such risks and uncertainties include uncertainties surrounding the ability to generate cash proceeds through the sale or other monetization of the Company's assets. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release.*