# EDGAR Filing Document

**Accession Number:** 0001946573
**File Stem:** 0001213900-25-077579
**Filing Date:** 2025-8
**Character Count:** 975468
**Document Hash:** 274a7b0a262e3e2d9afc73402d512000
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-077579.hdr.sgml**: 20250815

**ACCESSION NUMBER**: 0001213900-25-077579

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 35

**CONFORMED PERIOD OF REPORT**: 20250811

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

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

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

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

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

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250815

**DATE AS OF CHANGE**: 20250815

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kindly MD, Inc.
- **CENTRAL INDEX KEY:** 0001946573
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-HEALTH SERVICES [8000]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 843829824
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42103
- **FILM NUMBER:** 251225643

**BUSINESS ADDRESS:**
- **STREET 1:** 5097 SOUTH 900 EAST
- **STREET 2:** SUITE 100
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84117
- **BUSINESS PHONE:** (385) 388-8220

**MAIL ADDRESS:**
- **STREET 1:** 5097 SOUTH 900 EAST
- **STREET 2:** SUITE 100
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84117

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C.**

**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): **<u>August 11, 2025</u>**

**Kindly MD, Inc.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **001-42103** | **84-3829824** |
| (Commission File Number) | (IRS Employer Identification Number) |
| **5097 South 900 East, Suite 100, Salt Lake City, UT** | **84117** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**(385) 388-8220** (Registrant's telephone number, including area code)

**<u>N/A</u>** (Former name or former address, if changed since last report)

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

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

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

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common Stock, par value $0.001 | NAKA | The Nasdaq Stock Market LLC |
| Tradeable Warrants to purchase shares of Common Stock, par value $0.001 per share | NAKAW | OTC Pink Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ☐

**Explanatory Note**

On August 14, 2025, Kindly MD, Inc. ("***Kindly***" or the "***Company***") completed its previously announced merger (the "***Closing***" and such date, the "***Closing Date***"), pursuant to the Agreement and Plan of Merger, dated as of May 12, 2025 (the "***Merger Agreement***"), by and among Kindly, Kindly Holdco Corp, a Delaware corporation and a direct, and wholly owned subsidiary of Kindly ("***Merger Sub***"), Nakamoto Holdings Inc., a Delaware corporation ("***Nakamoto***"), and Wade Rivers, LLC, a Wyoming limited liability company ("***Wade Rivers***"). The Merger Agreement, among other things, provided for the merger of Merger Sub with and into Nakamoto, with Nakamoto surviving as a wholly owned subsidiary of Kindly (such transaction, the "***Merger***"). Capitalized terms used in this Current Report on Form 8-K ("Current Report") but not otherwise defined herein have the meanings given to them in the Merger Agreement. See Item 2.01 for additional information regarding completion of the Merger.

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

 ****

*Registration Rights Agreement*

On the Closing Date, the Company entered into that certain Registration Rights Agreement (the "***RRA***") with the stockholders of Nakamoto (the "***Nakamoto Stockholders***") pursuant to which, among other things, and subject to certain limitations set forth therein, certain holders of common stock, par value $0.001 per share (the "***Company Common Stock***"), of the Company have customary demand registration rights and the Company is obligated to prepare and file a registration statement registering the offer and sale of all of their Company Common Stock.

In addition, Mr. David Bailey, the Chief Executive Officer and director of the Company, has the right to require the Company pursuant to the RRA, subject to certain limitations set forth therein, to effect a distribution of any or all of their shares of Company Common Stock by means of an underwritten offering. The Company is not obligated to effect any underwritten offering unless the dollar amount of Mr. Bailey's registrable securities is reasonably likely to result in gross sale proceeds of at least $25 million. The RRA also provides the Nakamoto Stockholders with certain customary piggyback registration rights.

These registration rights are subject to certain conditions and limitations, including the right of the underwriters to limit the number of shares to be included in a registration or offering and the Company's right to delay or withdraw a registration statement under certain circumstances.

The RRA is filed as Exhibit 10.1 to this Current Report, and the foregoing description thereof is qualified in its entirety by reference to the full text of the RRA and the terms of which are incorporated by reference herein.

*Assignment and Assumption Agreement*

Concurrently with the Closing, each of Kindly, Nakamoto, and BTC Inc. entered into that certain Assignment and Assumption Agreement with Novation (the "***Assignment and Assumption Agreement***"). Pursuant to the Assignment and Assumption Agreement, Nakamoto assigned to Kindly all of its rights and delegated all of its obligations under that certain Marketing Services Agreement, dated May 12, 2025, by and between Nakamoto and BTC Inc. (the "***Assigned Contract***"). Kindly accepted the assignment and agreed to assume and perform all obligations of Nakamoto under the Assigned Contract from and after the effective date of the Assignment and Assumption Agreement.

Under the Assigned Contract, BTC Inc. provides comprehensive advertising and marketing services to Nakamoto and includes certain put and call rights for the parties. As part of the novation, BTC Inc. released Nakamoto from all further obligations under the Assigned Contract arising on or after the effective date and agreed to substitute Kindly as a party to the Assigned Contract in place of Nakamoto. The Assignment and Assumption Agreement provides that the per share price for any equity consideration to be issued under the Assigned Contract will be equal to the price per share of Company Common Stock issued in the PIPE Financings (as defined below) (the "***PIPE Price Per Share***"). The aggregate consideration to be received by the stockholders of BTC Inc. upon exercise of any call or put rights under the Assigned Contract (i) will not exceed 600.0 million shares of Company Common Stock and (ii) will be calculated based on an industry standard multiple, not to be less than ten (10), of the earnings before interest, taxes, depreciation, and amortization ("***EBITDA***") of BTC Inc. and its subsidiaries, with such EBITDA to equal or exceed $4.5 million, divided by the PIPE Price Per Share, as determined by a mutually agreed upon investment bank.

The Assignment and Assumption Agreement includes customary representations and warranties from each of Nakamoto and Kindly regarding their authority and capacity to enter into the agreement, the status of the Assigned Contract, and the absence of outstanding liabilities as of the effective date. The parties also agreed to mutual indemnification for breaches of the agreement, subject to customary exceptions and limitations.

The Assignment and Assumption Agreement is filed as Exhibit 10.2 to this Current Report, and the Assigned Contract is filed as Exhibit 10.3 to this Current Report, and the foregoing descriptions thereof are each qualified in its entirety by reference to the full text of the Assignment and Assumption Agreement and Assigned Contract, respectively, the terms of which are incorporated by reference herein.

*Convertible Debenture* 

As previously disclosed, on May 12, 2025, Kindly entered into a Secured Convertible Debenture Purchase Agreement (the "***Debenture Purchase Agreement***") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors (the "***Investor***"), under which the Company agreed to sell and issue to the Investor a secured convertible debenture (the "***Convertible Debenture***") in aggregate principal amount of $200.0 million (the "***Principal Amount***") in exchange for cash or bitcoin equal to 96% of the Principal Amount (the "***Debt Financing***"). On August 15, 2025, pursuant to the terms of the Debenture Purchase Agreement, the Company closed the issuance of the Convertible Debenture in connection with the Merger by entering into the Convertible Debenture. The Convertible Debenture was issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) promulgated by the Securities and Exchange Commission (the "***SEC***") under the Securities Act of 1933, as amended (the "***Securities Act***").

The Convertible Debenture bears interest at a rate of 0.00% per annum for the first two years, and 6.00% per annum for the third year and is payable on the third-year anniversary of the issuance date of the Convertible Debenture (the "***Maturity Date***") or earlier redemption date. The interest rate will increase to a rate of 18.0% per annum upon the occurrence and during the continuance of an event of default under the Convertible Debenture. The Convertible Debenture will be secured by Bitcoin having a value of not less the $400 million within 10 Business Days following the funding of the Debt Financing; provided, that a portion of the Bitcoin constituting collateral securing the obligations under the Convertible Debenture shall be released back to the Company and its subsidiaries to the extent the principal amounts of the Debt Financing is reduced below certain dollar amount thresholds. At no time shall the Bitcoin securing the obligations under the Convertible Debenture be less than 2x the principal amount of the Debt Financing. The Bitcoin serving as collateral for the obligations under the Convertible Debenture shall at all times be held by a special purpose "digital asset subsidiary" that fully guarantees the obligations of the Company under the Convertible Debenture.

The Convertible Debenture provides that the Investor may convert all or any portion of the principal amount of the Convertible Debenture, together with any accrued and unpaid interest thereon, at an initial conversion price of $2.80 (the "***Fixed Price***"), which is subject to a one-time, downward only reset equal to 130% of the volume weighted average price reported by Bloomberg as of the last trading day prior to the date of effectiveness of the registration statement with respect to the resale of the Company Common Stock issuable upon conversion of the Convertible Debenture or, if the Company has an effective shelf registration statement on Form S-3, on the Closing Date, subject to a $2.00 floor price (the "***Convertible Shares***"). The Investor is not permitted to convert the Convertible Debenture to the extent that the Convertible Shares deliverable upon conversion thereof would exceed 19.99% of the Company's outstanding shares immediately prior to executing the Debenture Purchase Agreement (the "***Exchange Cap***") without prior stockholder approval.

The Company has the right to redeem the Convertible Debenture if (i) the volume-weighted average price of the Company Common Stock is less than the Fixed Price and it provides the Investor at least ten (10) trading days' notice, or (ii) the volume-weighted average price of the Company Common Stock is equal to or greater than $4.50 and it provides the Investor at least thirty (30) trading days' notice, and in each case, at a redemption price equal to 101.5% of the principal amount redeemed plus accrued and unpaid interest thereon if redeemed within the first twelve (12) months, 103.0% if redeemed between twelve (12) and twenty-four (24) months, and 105.0% if redeemed between twenty-four (24) and third-six (36) months (the "***Payment Premium***"). Following such notice and prior to the respective redemption, the Investor shall have the right to elect to convert all or any portion of the outstanding principal plus all accrued and unpaid interest, plus the Payment Premium.

In connection with the issuance of the Convertible Debenture, a subsidiary of Kindly entered into (i) a Guaranty and Security Agreement, in favor of the Investor in its capacity as collateral agent, pursuant to which the Convertible Debenture is secured by a first priority lien on certain of the Company's assets (the "***Security Agreement***"), (ii) a Registration Rights Agreement, pursuant to which the Company is obligated to prepare and file a registration statement registering the offer and sale of certain of the Investor's Company Common Stock (the "***Investor RRA***") and (iii) account control agreements with the Investor and the custodian for such accounts. In addition, Kindly issued 3.0 million unregistered shares of the Company Common Stock to the Investor as fee shares (the "***Convert Fee Shares***"), paid a one-time due diligence and structuring fee, and reimbursed the Investor for certain legal expenses. The Convert Fee Shares were issued in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act.

Under the Investor RRA, Kindly has agreed to use commercially reasonable efforts to file with the SEC, within thirty (30) calendar days after the Closing, a registration statement registering the resale of the Convertible Shares and the Convert Fee Shares. Kindly shall use its commercially reasonable efforts to have such registration statement declared effective as soon as practicable after filing, but no later than the 60th calendar day (or 90th calendar day if the SEC notifies Kindly that it will review the registration statement) following the Closing.

The Convertible Debenture is filed as Exhibit 4.1 to this Current Report, the Security Agreement is filed as Exhibit 10.4 to this Current Report, the Debenture Purchase Agreement is filed as Exhibit 10.5 to this Current Report, and the Investor RRA is filed as Exhibit 10.6 to this Current Report The foregoing descriptions of the Convertible Debenture, the Security Agreement, the Debenture Purchase Agreement, and the Investor RRA are qualified in their entirety by reference to the full text of the respective forms of these agreements and the terms thereof which are incorporated by reference herein.

*Administrative Services Agreement*

Concurrently with the Closing, each of Kindly, certain of Kindly's subsidiaries, and BTC Inc. entered into that certain Administrative Services Agreement (the "***Administrative Services Agreement***"). Pursuant to the Administrative Services Agreement, BTC Inc. shall provide certain administrative support services as set forth in the Administrative Services Agreement to Kindly and certain of Kindly's subsidiaries.

The Administrative Services Agreement is filed as Exhibit 10.7 to this Current Report, and the foregoing description thereof is qualified in its entirety by reference to the full text of the Administrative Services Agreement and the terms of which are incorporated by reference herein.

*Lock-Up Agreement*

Prior to Closing, each of the directors, officers, and certain shareholders of Kindly and Nakamoto entered into a Lock-Up Agreement (collectively, the "***Lock-Up Agreements***") with Kindly. Pursuant to the Lock-Up Agreements, each such party agreed that the shares of Company Common Stock (including securities convertible into or exercisable or exchangeable for Company Common Stock) held by them or received in connection with the Merger are subject to transfer restrictions (i) for 90 days with respect to 100% of the securities acquired through the Closing and (ii) 180 days with respect to 50% of the securities acquired through the Closing, in each case subject to certain exceptions.

The form of Lock-Up Agreement is filed as Exhibit 10.8 to this Current Report, and the foregoing description thereof is qualified in its entirety by reference to the full text of the form of Lock-Up Agreement and the terms of which are incorporated by reference herein.

**Item 2.01 Completion of Acquisition or Disposition of Assets**

The disclosure set forth in the "Explanatory Note" and the information contained in response to Item 1.01 of this Current Report is incorporated by reference into this Item 2.01.

 

 

*The Merger*

On August 14, 2025, the Company, Nakamoto, Merger Sub and Wade Rivers consummated the transactions contemplated by the Merger Agreement, including the merger of Merger Sub with and into Nakamoto, with Nakamoto surviving as a wholly owned subsidiary of the Company (the "***Surviving Corporation***").

Under the terms of the Merger Agreement, at the effective time of the Merger (the "***Effective Time***"), solely by virtue of the Merger and without any action by any stockholder of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;(i) each share of common stock, $0.001 par value per share, of
Merger Sub issued and outstanding immediately prior to the Effective Time was converted into and became one (1) fully paid and nonassessable
share of common stock, $0.001 par value per share, of the Surviving Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) all shares of Class A common stock, par value $0.01
per share of Nakamoto ("  ***Merger Partner Class A Common Stock*** "), and Class B common stock, par value
$0.01 per share of Nakamoto ("  ***Merger Partner Class B Common Stock***" and, together with Merger Partner Class A
Common Stock, "  ***Merger Partner Common Stock***") held in treasury immediately prior to the Effective Time were
cancelled and ceased to exist, and no stock of the Company or other consideration was delivered in exchange therefor;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) each share of Merger Partner Class A Common Stock (other
than shares cancelled in accordance with the preceding clause (ii) and any Dissenting Shares) issued and outstanding immediately
prior to the Effective Time were automatically converted into the right to receive from the Company the number of validly issued, fully
paid and nonassessable shares of the Company Common Stock equal to the Class A Exchange Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) each share of Merger Partner Class B Common Stock (other
than shares to be cancelled in accordance with the preceding clause (ii) and any Dissenting Shares) issued and outstanding immediately
prior to the Effective Time were automatically converted into the right to receive from the Company the number of validly issued, fully
paid and nonassessable shares of the Company Common Stock equal to the Class B Exchange Ratio.

The holders of Merger Partner Common Stock (other than shares held in treasury and the Dissenting Shares) accordingly received an aggregate 22.3 million shares of Company Common Stock (the "***Merger Shares***"). The Merger Shares were issued in reliance upon the exemption provided in Section 4(a)(2) of the Securities Act.

Immediately after the Effective Time and the issuance of the PIPE Shares (as defined below), the Company had the following outstanding securities:

● 376,119,714 shares of Company Common Stock; and

● 133,800,773 Pre-Funded Warrants (as defined below), each exercisable for one share of Company Common Stock.

The foregoing description of the Merger and the Merger Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is attached hereto as Exhibit 2.1 and incorporated herein by reference.

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

The information set forth above in Item 1.01 of this Current Report with respect to the Debenture Purchase Agreement and the Convertible Debenture is hereby incorporated by reference into this Item 2.03.

**Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing**

On August 14, 2025, the Company received a written notice (the "***Notice***") from Listing Qualifications Department of The Nasdaq Stock Market LLC ("***Nasdaq***") indicating that the Company has not complied with the requirements of IM-5101-2 of the listing rules of Nasdaq (the "***Listing Rules***") with respect to its tradeable warrants (the "***Warrants***") since it has not provided evidence that its Warrants have at least 100 round lot holders as required by Listing Rule 5515(a)(4) following the completion of its previously announced merger with Nakamoto Holdings, Inc. which was completed on August 14, 2025. The Company's Warrants were removed from listing and registration on the Nasdaq Stock Market and will be quoted on the over-the-counter markets operated by OTC Markets Group as of August 15, 2025.

The terms of the Warrants are not affected by the delisting, and the Warrants may still be exercised in accordance with their terms to purchase shares of Company Common Stock.

The listing of the Company's shares of Common Stock, which are traded on the Nasdaq Global Market under the symbol "NAKA," is not affected by the delisting of the Warrants.

**Item 3.02 Unregistered Sales of Equity Securities.**

The information contained in response to (i) Item 1.01 of this Current Report with respect to the Debt Financing and Convert Fee Shares and (ii) Item 2.01 of this Current Report with respect to the Merger Shares is incorporated herein by reference into this Item 3.02.

*PIPE Financings*

On August 14, 2025, the Company completed its previously announced transactions in connection with its entry into subscription agreements, dated as of May 12, 2025 (the "***Initial Subscription Agreements***") and as of June 19, 2025 (the "***Additional Subscription Agreements***" and, together with the Initial Subscription Agreements, the "***Subscription Agreements***"), as applicable, with certain institutional investors (the "***PIPE Subscribers***") for the issuance of an aggregate of 322,979,583 shares of the Company Common Stock (the "***PIPE Shares***") at a price per share of $1.12 and 5,682,586 PIPE Shares at a price per share of $5.00, and 133,800,773 pre-funded warrants to purchase shares of Common Stock ("***Pre-Funded Warrants***", together with Common Stock, the "***Acquired Securities***") pursuant to the issuance of pre-funded common stock purchase warrant agreements (the "***Pre-Funded Warrant Agreement***") to certain institutional investors, and gross proceeds of approximately $540.0 million (collectively, the "***PIPE Financings***"). The Acquired Securities were issued in a private placement in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended ("***Securities Act***") and/or Regulation D promulgated thereunder and in reliance on similar exemptions under applicable state laws.

The net proceeds from the PIPE Financings are intended to be used by the Company to purchase Bitcoin and for working capital and general corporate purposes.

Pursuant to the Subscription Agreements, the Company has agreed to use commercially reasonable efforts to file with the SEC, within thirty (30) calendar days after the consummation of the PIPE Financings, a registration statement registering the resale of the shares of Company Common Stock and any shares issuable upon exercise of the Pre-Funded Warrants (the "***Registrable Securities***"). The Company shall use its commercially reasonable efforts to have such registration statement declared effective as soon as practicable after filing, but no later than the 60th calendar day (or 90th calendar day if the SEC notifies Kindly that it will review the registration statement) following the Closing. The Company is also obligated to maintain the effectiveness of the registration statement for a period ending on the earlier of (A) the date a Subscriber ceases to hold any Registrable Securities, (B) the date all Registrable Securities held by a Subscriber may be sold without restriction under Rule 144, or (C) three years from the effective date of the registration statement.

The form of Initial Subscription Agreement is filed as Exhibit 10.9 to this Current Report, the form of Additional Subscription Agreement is filed as Exhibit 10.10 to this Current Report, and the form of Pre-Funded Warrant Agreement is filed as Exhibit 10.11 to this Current Report. The foregoing descriptions of the Initial Subscription Agreements, the Additional Subscription Agreements, and the Pre-Funded Warrant Agreements are qualified in their entirety by reference to the full text of the respective forms of these agreements and the terms thereof which are incorporated by reference herein.

**Item 3.03 Material Modification to Rights of Security Holders.**

The information contained in response to Item 5.03 is incorporated herein by reference.

**Item 5.01 Changes in Control of Registrant.**

The information contained in response to (i) Item 2.01 of this Current Report on Form 8-K regarding the Merger and (ii) Item 5.02 of this Current Report on Form 8-K regarding the Company's board of directors and executive officers following the Merger are incorporated by reference into this Item 5.01.

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

*Director Resignations*

Effective as of August 14, 2025, Adam Cox, Gary Seelhorst, Christian Robinson and Amy Powell resigned from the Board and, to the extent applicable, all committees thereof (collectively, the "***Resignations***"). The Resignations were not related to any disagreement with the Company. At the time of the Resignations: Mr. Seelhorst served on the Audit Committee ("***Audit Committee***") of the Board, the Compensation Committee (the "***Compensation Committee***") (Chair) and the Nominating and Corporate Governance Committee (the "***Nominating and Corporate Governance Committee***") (Chair) of the Board; Mr. Robinson served on the Audit Committee (Chair), the Compensation Committee, and the Nominating and Corporate Governance Committee; and Ms. Powell served on the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.

*Director Appointments*

Immediately following the Resignations, also on August 14, 2025, the then-current Board elected each of David Bailey, Charles (Chad) Blackburn (independent), Perianne Boring (independent), Eric Weiss (independent), Greg Xethalis (independent) and Mark Yusko (independent) as directors of the Company (the "***New Directors***," together with Tim Pickett, the "***New Board***") to fill the newly created vacancies on the Board. Messrs. Weiss (Chair) and Yusko were each appointed to serve on the Nominating and Corporate Governance Committee of the New Board, Ms. Boring, Mr. Xethalis and Mr. Blackburn (Chair) were each appointed to serve on the Audit Committee of the New Board and Messrs. Xethalis (Chair) and Blackburn were each appointed to serve on the Compensation Committee of the New Board (the "***New Board Compensation Committee***"). In recognition of their service on the New Board, the New Board Compensation Committee approved the following compensation arrangements: Mr. Blackburn, Ms. Boring, Mr. Weiss, Mr. Xethalis and Mr. Yusko will receive an annual $100,000 cash fee, an additional cash fee of $25,000 for service as a committee Chair and eligibility to receive an annual grant of restricted stock units valued at 150,000 ; an annual $100,000 cash fee and eligibility to receive an annual grant of restricted stock units valued at $150,000; an annual $100,000 cash fee, an additional cash fee of $25,000 for service as a committee Chair and eligibility to receive an annual grant of restricted stock units valued at $150,000; an annual $100,000 cash fee, an additional cash fee of $25,000 for service as a committee Chair and eligibility to receive an annual grant of restricted stock units valued at $150,000; and an annual $100,000 cash fee and eligibility to receive an annual grant of restricted stock units valued at $150,000, respectively. The bios for each of the New Directors are included below.

*Director Bios*

 

*Charles (Chad) P. Blackburn*, 44, brings extensive experience in capital formation and corporate development. Since 2014, Mr. Blackburn has been an investor partner at NueCura Partners, a Nashville-based angel investment firm focused on early-stage healthcare companies. Since November 2019, he has been a director at Cherry Bekaert Advisory, a national accounting firm. Mr. Blackburn is also currently a board advisor at Spintel, a music-focused technology company where he has served as an advisor since May 2022, and at Monarrch, an AI company focused on royalties, where he has been an advisor since March 2025. Mr. Blackburn holds a Bachelor's degree in Management Information Systems from the University of Mississippi and a Master's in Business Administration from Western Governors University. Mr. Blackburn's extensive financial experience qualifies him to serve on our board of directors.

*Perianne Boring*, 37, brings extensive leadership and operational experience in the Bitcoin and digital asset industries. Since May 2025, she has served as the Founder and the President of The Digital Future Foundation 501(c)(4), a nonprofit established to support the crypto ecosystem. She has also been the owner of Parallel Tech, LLC since 2020, which provides strategic advisory services to digital asset companies and funds, including marketing, growth strategy, and policy insights. Ms. Boring served as chief executive officer and founder of The Digital Chamber 501(c)(6) Trade Association, a blockchain trade association, from May 2014 to May 2025, and now serves as the chair of its board since May 2025. Ms. Boring has also served as a director of The Digital Chamber 501(c)(3) and of The Digital Chamber PAC since 2015. Ms. Boring holds a Bachelor's degree in Economics from the University of Florida. Ms. Boring's extensive leadership and policy experience qualifies her to serve on our board of directors.

*Eric Weiss*, 54, brings extensive experience in blockchain and digital asset investing, including through his role as Founder of Blockchain Investment Group LP, a hedge fund of funds investing exclusively in blockchain assets, a role he has held since 2018. Mr. Weiss has also served on the board of directors of Core Scientific, Inc. since January 2024. Mr. Weiss holds a Master of Business Administration from Columbia Business School and a Bachelor of Science from the University of Maryland. We believe Mr. Weiss is well qualified to serve on our board of directors due to his public company board experience and his knowledge of blockchain and digital asset investing and trading markets.

*Greg Xethalis*, 48, brings two decades of experience as a corporate and regulatory attorney, including through his role as general counsel of SEC-registered investment advisor Multicoin Capital Management, LLC since 2021, and his twelve years as an attorney in the bitcoin and digital assets spaces. Prior to joining Multicoin Capital Management, Mr. Xethalis was a partner in the investment management and fintech practices at Chapman and Cutler LLP from May 2019 to July 2021. Mr. Xethalis also has served as a director of the Blockchain Association, Inc. since January 2025, as a director of the DeFi Education Foundation since May 2024, and as a Senior Lecturing Fellow for Duke University School of Law, where he teaches FinTech and Blockchain Law and Policy, since January 2022. Mr. Xethalis holds a Juris Doctor from Fordham University School of Law and a Bachelor's degree in American Studies from Vanderbilt University. We believe Mr. Xethalis is well qualified to serve on our board of directors due to his extensive legal experience in the bitcoin and digital asset industries and his experience serving as a director for other companies.

 

 

*Mark W. Yusko*, 62, brings over two decades of experience in providing investment management services to institutional and qualifying clients, including through his roles as Chief Executive Officer, Chief Investment Officer and Managing Partner of Morgan Creek Capital Management, LLC, an SEC-registered investment adviser, roles he has held since July 2004. Mr. Yusko holds a Master of Business Administration from the University of Chicago, and a Bachelor of Science from the University of Notre Dame. We believe Mr. Yusko is well qualified to serve on our board of directors due to his extensive investment management experience in the blockchain technology, digital currency and digital asset spaces.

In connection with the closing of the Merger, Mr. Yusko participated in the PIPE Financings. Pursuant to the PIPE Financings, Mr. Yusko has agreed to purchase, and has received, 2,100,000 shares of the Company's Common Stock upon closing of the Merger. The issuance of these shares to Mr. Yusko is being made in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act.

*Indemnification Agreements*

 

The Company plans to enter into a standard form of Indemnification Agreement (the "***Indemnification Agreements***") with each of the directors of the New Board in connection with their appointments to the Board. The Indemnification Agreement will provide, among other things, that the Company will indemnify each of the directors of the New Board under the circumstances and to the extent provided for therein, for certain expenses they may be required to pay in connection with certain claims to which they may be made a party by reason of their position as a director of the Company, and otherwise to the fullest extent permitted under Utah law and the Company's governing documents. The foregoing is only a brief description of the Indemnification Agreements, does not purport to be complete and is qualified in its entirety by the Company's standard form of indemnification agreement incorporated by reference herein as Exhibit 10.12. The Indemnification Agreement is identical in all material respects to the indemnification agreements entered into with other Company directors.

In connection with the closing of the Merger, Mr. Yusko participated in the PIPE Financings. Pursuant to the PIPE Financings, Mr. Yusko has agreed to purchase, and has received, 2,100,000 shares of the Company's Common Stock upon closing of the Merger. The issuance of these shares to Mr. Yusko is being made in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act.

*Resignation of Mr. Pickett and Mr. Cox as Chief Executive Officer and Chief Operating Officer*

In connection with the Merger, Tim Pickett and Adam Cox stepped down as the Chief Executive Officer and Chief Operating Officer of the Company, respectively. Each of Mr. Pickett's and Mr. Cox's decision to resign is not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices.

Mr. Pickett will remain a director and an employee of the Company, serving as the Chief Medical Officer of the Company.

Mr. Pickett's employment agreement was amended to (i) change his title; (ii) reflect that he will remain as a director of the Company following the closing of the Merger; (iii) provide for eligibility to receive a grant of performance-based restricted stock units valued at $50,000, subject to performance milestones established by the Board, vesting and other customary terms; (iv) provide for eligibility to participate in equity compensation programs generally available to similarly-situated employees of the Company; and (v) provide for eligibility to participate in employee benefit plans generally available to similarly-situated employees of the Company.

Jared Barrera's employment agreement was amended to provide that he will remain in his position as Chief Financial Officer of the Company following the Merger until the Company retains a new Chief Financial Officer.

*Appointment of Chief Executive Officer*

 

On August 14, 2025, the Company appointed David Bailey, age 34, as Chief Executive Officer and director, effective immediately. Mr. Bailey brings over a decade of experience in finance and entrepreneurship, currently serving as CEO and Co-Founder of BTC Inc and as a General Partner at UTXO Management. He also holds board positions at Moon Inc (HK Asia Holdings Limited), the Bitcoin Policy Institute, and BTC Inc. Mr. Bailey holds a Bachelor of Arts in Finance and Entrepreneurship from the University of Alabama Honors College. Other than his mother's participation in the PIPE Financings, there are no related party transactions requiring disclosure under Item 404(a) of Regulation S-K. Mr. Bailey's family members, Calli Bailey and Emily Bailey, are affiliated with BTC Inc. As of August 14, 2025, he beneficially owns 11,160,572 shares of Company Common Stock.

In connection with Mr. Bailey's appointment, the Company entered into a consulting agreement with BTC Consulting, LLC, an entity controlled by Mr. Bailey (the "***BTC Consulting Agreement***"), pursuant to which Mr. Bailey will serve as Chief Executive Officer and provide strategic leadership services to the Company. Under the terms of the agreement, BTC Consulting, LLC will receive a monthly consulting fee of $58,333.33, be eligible for an annual cash-based incentive bonus with a target of up to $2,100,000, subject to performance metrics established by the Board, and will receive an initial grant of 5,000,000 stock options. BTC Consulting, LLC will also be eligible to receive an initial grant of restricted stock units valued at $1,000,000 and performance-based annual grants of restricted stock with a target of up to $1,000,000, subject to performance metrics established by the Board, and both subject to vesting and other customary terms. BTC Consulting, LLC is also eligible for a $250,000 signing bonus. The consulting agreement contains customary confidentiality, intellectual property, and indemnification provisions, and may be terminated by either party in accordance with its terms.

The foregoing description of the BTC Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the BTC Consulting Agreement, which is filed as Exhibit 10.15 hereto.

There are no arrangements or understandings between Mr. Bailey and any other person pursuant to which he was appointed to serve as Chief Executive Officer of the Company. There are no family relationships between Mr. Bailey and any director or executive officer of the Company, and Mr. Bailey does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

*Appointment of Chief Investment Officer*

On August 14, 2025, the Company appointed Tyler Evans, age 33, as Chief Investment Officer of the Company, effective immediately. Mr. Evans brings extensive executive and technology leadership experience, including his current role as a director and co-founder of BTC Inc. since August 2014 and managing partner and Chief Investment Officer of UTXO Management since September 2019. Mr. Evans holds board positions at Metaplanet Inc., Smarter Web Company PLC, Matador Inc., and BTC Inc. Mr. Evans holds a Bachelor of Science in Chemical Engineering from the University of Alabama. Mr. Evans is a party to a marketing agreement between BTC Inc. and Nakamoto Holdings Inc., under which BTC Inc. is owed a monthly retainer of $80,000, but he reports no other related party transactions with Kindly exceeding $120,000. As of August 14, 2025, he beneficially owns 2,410,685 shares of Company Common Stock.

In connection with the closing of the Merger, Mr. Evans participated in the PIPE Financings. Pursuant to the PIPE Financings, Mr. Evans has agreed to purchase, and has received, 178,571 shares of the Company's Common Stock upon closing of the Merger. The issuance of these shares to Mr. Evans is being made in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act.

In connection with his appointment as Chief Investment Officer, the Company entered into an employment agreement with Mr. Evans (the "***Evans Employment Agreement***"). Under the terms of the agreement, Mr. Evans will receive an annual base salary of $500,000, a one-time sign-on bonus of $250,000 (payable in two equal installments, subject to clawback under certain circumstances), and will be eligible for annual incentive compensation with a target of up to $1,500,000, subject to performance metrics established by the Board. Mr. Evans will be eligible to receive an initial grant of 10,000,000 stock options and annual performance-based restricted stock units valued at $800,000, subject to performance metrics established by the Board, both subject to vesting and other customary terms. The agreement contains customary confidentiality, non-compete, non-solicitation, and intellectual property provisions, and may be terminated by either party in accordance with its terms.

The foregoing description of the Evans Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Evans Employment Agreement, which is filed as Exhibit 10.16 hereto.

There are no arrangements or understandings between Mr. Evans and any other person pursuant to which he was appointed to serve as Chief Investment Officer of the Company. There are no family relationships between Mr. Evans and any director or executive officer of the Company, and Mr. Evans does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

*Appointment of Chief Commercial Officer*

 

On August 14, 2025, the Company appointed Andrew Creighton, age 53, as Chief Commercial Officer of the Company, effective immediately. Mr. Creighton brings over two decades of executive leadership and experience, including recent service as Secretary of Nakamoto Holdings Inc. since March 2025 and as Interim Chief Commercial Officer/Corporate Development at BTC Inc since April 2024. He is also the owner of Advice by AC, LLC, a consulting firm, and has held advisory roles with several companies, including Seed Health LLC, Commune Media LLC, FoundryWorks Inc., VICE Holdings Inc., and NeuBio LLC. Mr. Creighton has served as a board member of The Michael J. Fox Foundation for Parkinson's Research since January 2016. He holds a B.Sc. Honors in Physics from Manchester University, UK. As of August 14, 2025, he beneficially owns 3,124,971 shares of Company Common Stock.

In connection with the closing of the Merger, Mr. Creighton participated in the PIPE Financings. Pursuant to the PIPE Financings, Mr. Creighton has agreed to purchase, and has received, 892,857 shares of the Company's Common Stock upon closing of the Merger. The issuance of these shares to Mr. Creighton is being made in reliance upon an exemption from registration provided by Section 4(a)(2) of the Securities Act.

In connection with his appointment as Chief Commercial Officer, the Company entered into an employment agreement with Mr. Creighton (the "***Creighton Employment Agreement***"). Under the terms of the agreement, Mr. Creighton will receive an annual base salary of $600,000, a signing bonus of $250,000, and will be eligible for annual incentive compensation with a target of up to $200,000, subject to performance metrics established by the Board. Mr. Creighton will be eligible to receive an initial grant of 500,000 stock options and annual performance-based restricted stock units valued at $800,000, subject to performance metrics established by the Board, both subject to vesting and other customary terms. The agreement contains customary confidentiality, non-compete, non-solicitation, and intellectual property provisions, and may be terminated by either party in accordance with its terms.

The foregoing description of the Creighton Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Creighton Employment Agreement, which is filed as Exhibit 10.17 hereto.

There are no arrangements or understandings between Mr. Creighton and any other person pursuant to which he was appointed to serve as Chief Investment Officer of the Company. There are no family relationships between Mr. Creighton and any director or executive officer of the Company, and Mr. Creighton does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

*Appointment of Chief Operating Officer*

On August 14, 2025, the Company appointed Amanda Fabiano, age 38, as Chief Operating Officer of the Company, effective immediately. Mrs. Fabiano brings extensive leadership and operational experience in the Bitcoin industry. She is the co-founder of Second Gate Advisory, where she advises Bitcoin and Bitcoin mining companies. She previously held roles as the Head of Mining at Galaxy Digital from 2020 to 2023 and Director of Bitcoin Mining at Fidelity Investments from 2013 to 2020. She serves as a Board Member of Terawulf Inc. (NASDAQ: WULF). Mrs. Fabiano holds a Bachelor's degree in Sociology with a concentration in Criminal Justice from the University of Massachusetts Dartmouth.

In connection with her appointment as Chief Operating Officer, the Company entered into a consulting agreement with Second Gate Advisory LLC, an entity controlled by Mrs. Fabiano (the "***Second Gate Consulting Agreement***"). Under the terms of the agreement, Second Gate Advisory LLC will receive a monthly consulting fee of $37,500, be eligible for an annual cash-based incentive bonus with a target of up to 150% of the consulting fee, be eligible to receive an initial grant of restricted stock units valued at $1,000,000 and annual grants of performance-based restricted stock units with a target up to $1,000,000, subject to vesting and performance metrics established by the Board. Second Gate Advisory LLC is also eligible for a signing bonus valued at $5,000,000, consisting of $500,000 in cash and $4,500,000 in Company Common Stock, subject to Second Gate Advisory LLC transitioning the revenue from Second Gate Advisory LLC to the Company, vesting and other conditions. The agreement also contains customary confidentiality, intellectual property, and indemnification provisions, and may be terminated by either party in accordance with its terms.

The foregoing description of the Second Gate Consulting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Gate Consulting Agreement, which is filed as Exhibit 10.18 hereto.

There are no arrangements or understandings between Ms. Fabiano and any other person pursuant to which she was appointed to serve as Chief Operating Officer of the Company. There are no family relationships between Ms. Fabiano and any director or executive officer of the Company, and Mrs. Fabiano does not have a direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

*2025 Equity Incentive Plan*

 

On May 18, 2025, the Board approved the Company's 2025 Equity Incentive Plan (the "***New Equity Incentive Plan***"), effective upon closing of the Merger. The New Equity Incentive Plan was also approved by a majority of the Company's stockholders on May 18, 2025, in accordance with the requirements of The Nasdaq Stock Market Listing Rules. Additionally, the grant of incentive stock options under the New Equity Incentive Plan is subject to approval by a majority of the Company's stockholders.

The New Equity Incentive Plan provides for the grant of incentive stock options (to eligible employees only), nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock, performance stock units, other stock- or cash-based awards, and dividend equivalents, subject to the terms and conditions of the New Equity Incentive Plan and any applicable award agreements. Incentive stock options granted under the New Equity Incentive Plan are intended to qualify as "incentive stock options" within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "***IRS Code***"). Nonqualified stock options and other awards granted under the New Equity Incentive Plan are not intended to qualify as incentive stock options under the IRS Code.

A total of 37,611,971 shares of Company Common Stock are reserved for awards under the New Equity Incentive Plan.

The foregoing description of the New Equity Incentive Plan does not purport to be complete and is qualified in its entirety by reference to the full text of the New Equity Incentive Plan, which is filed as Exhibit 10.19 hereto.

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

As previously reported on May 20, 2025, the Board and the shareholders of the Company approved the Second and Amended and Restated Articles of Incorporation (the "***Amended Articles***"), which became effective upon filing with the Utah Division of Corporations on August 11, 2025. The Amended Articles include the following material changes:

● *Increase in Authorized Shares:* An increase in authorized shares from 110,000,000 shares to 10,010,000,000 shares, consisting of 10,000,000,000 shares of Company Common Stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share;

● *Shareholder Action by Meeting Only:* The addition of a provision stating that any action required or permitted to be taken by the shareholders of the Company may only be effected at a duly called annual or special meeting of shareholders and may not be effected by written consent;

● *Exclusive Forum Provision:* The addition of a provision stating that all actions should be brought exclusively in the United States District Court for the District of Utah and Utah State court in Salt Lake County, Utah; and

● *Severability and Deemed Consent:* The inclusion of severability language providing that if any provision of the exclusive forum provision is held to be invalid, illegal, or unenforceable, the remaining provisions will continue in effect. In addition, any person or entity acquiring shares of the Company is deemed to have notice of and consented to the exclusive forum and severability provisions.

The foregoing description of the Amended Articles does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amended and Restated Articles of Incorporation, which is filed as Exhibit 3.1 to this Current Report on Form 8-K.

As previously reported on May 20, 2025, the shareholders of the Company approved the Company's Second Amended and Restated Bylaws (the "***Amended Bylaws***"). On May 18, 2025, the Board of the Company approved and adopted the Amended Bylaws, which became effective upon filing with the Utah Division of Corporations. The Amended Bylaws were filed to, among other things, (i) remove the provisions prohibiting classes of directors with staggered terms, (ii) state that directors will be elected to serve three-year terms, (iii) impose a minimum and maximum number of directors who may serve on the Board, (iv) establish advance notice requirements relating to business to be brought before the annual meeting of the shareholders of the Company, including director nominees, (v) establish requirements relating to calling special meetings and the conduct at such special meetings by the shareholders of the Company, and (vi) prohibit actions by written consent of the shareholders of the Company.

The foregoing description of the Amended Bylaws does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Amended and Restated Bylaws, which is filed as Exhibit 3.2 to this Current Report on Form 8-K.

**Item 5.05 Amendments to the Registrant's Code of Ethics, or Waiver of a Provision of the Code of Ethics.**

Effective August 14, 2025, the Board approved an amendment and restatement of the Company's Code of Ethics and Business Conduct (as amended and restated, the "***Amended and Restated Code of Ethics***," or the "***Code***"). The revised Code includes the following material changes:

● *Broadened Applicability:* The Code has been expanded to expressly cover consultants and contractors, in addition to directors, officers, and employees;

● *Managerial Responsibility:* The Code places increased responsibility on managers to ensure that all employees, consultants, and contractors reporting to them comply with the Code, and to instill a commitment to both the spirit and the letter of the Code;

● *Conflicts of Interest:* The Code now provides additional examples of situations that could present a potential conflict of interest for persons subject to the Code, and clarifies the procedures for seeking guidance and approval in such situations;

● *Protection and Proper Use of Company Assets:* The Code requires all covered persons to protect Company assets and ensure their efficient and legitimate use, and prohibits theft, carelessness, and waste;

● *Corporate Opportunities*: The Code prohibits the use of corporate opportunities for personal advantage and requires that any such opportunities be presented to the Company;

● *Confidentiality:* The Code imposes obligations of confidentiality on directors, officers, employees, consultants, and contractors, requiring the protection of nonpublic information entrusted to them by the Company or its business partners; and

● *Fair Dealing:* The Code requires all covered persons to deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees, and others encountered in the course of their work, and prohibits taking unfair advantage through manipulation, concealment, abuse of privileged information, or misrepresentation.

The foregoing summary of the Amended and Restated Code of Ethics and Business Conduct does not purport to be complete and is qualified in its entirety by reference to the full text of the Code, which is filed as Exhibit 14.1 to this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On August 14, 2025, the Company issued a press release announcing the closing of the Merger. A copy of the press release is attached as Exhibit 99.1 hereto. On August 15, 2025, the Company issued press releases announcing the uplist to Nasdaq Global Market LLC and the closing of the Debt Financings. Copies of the press releases are attached as Exhibit 99.2 and 99.5, respectively.

*Total Shares Outstanding*

As of the date of this Current Report on Form 8-K the Company has 376,119,714 shares of Company Common Stock issued and outstanding

The information in this Item 7.01 to this Current Report on Form 8-K, and in Exhibits 99.1, 99.2 and 99.5 furnished herewith, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***"), or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 8.01 Other Events.**

In connection with the announcement of the PIPE Financings, the Company announced the launch of its digital asset treasury strategy, pursuant to which the Company plans to pursue a number of strategic initiatives to acquire Bitcoin and leverage its holdings as a primary treasury reserve asset.

In connection with the Merger, the PIPE Financings and related transactions described herein, the Company is filing certain updated risk factors disclosure applicable to its business for the purpose of supplementing and updating disclosures contained in the Company's prior public filings, including those discussed under the heading "Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 5, 2025 and the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 28, 2025 (as amended). The supplemental risk factors were included in the Company's Definitive Information Statement filed on July 22, 2025, and are filed herewith as Exhibit 99.3 and are incorporated herein by reference.

On August 14, 2025, the Board of the Company approved and adopted amended and restated versions of the Company's Clawback Policy and Insider Trading Policy, each of which became effective immediately upon adoption. The principal changes to each policy are summarized below.

*Clawback Policy*

The amended and restated Clawback Policy was updated to reflect recent regulatory developments and to enhance the Company's compliance with Section 10D of the Securities Exchange Act of 1934, as amended, and applicable listing standards. Key changes include:

● *Expansion of Covered Executives:* The definition of "Covered Executives" has been expanded to explicitly include current and former executive officers as defined by Section 10D of the Exchange Act, Rule 10D-1, and the applicable national securities exchange listing standards. The policy also clarifies that "executive officers" include those defined under Rule 16a-1(f) of the Exchange Act.

● *Scope of Incentive Compensation:* The policy now specifies that it applies to all incentive compensation received by a Covered Executive after beginning service as an executive officer, who served as an executive officer during the relevant performance period, and while the Company has a listed class of securities.

● *Calculation and Recovery of Excess Incentive Compensation:* The Board is required to determine the amount of excess incentive compensation subject to recovery without regard to any taxes paid by the executive. The policy also provides specific procedures for determining the amount of excess compensation when such compensation is based on stock price or total shareholder return, including the use of reasonable estimates and documentation requirements.

● *Indemnification and Insurance*: The Company is explicitly prohibited from indemnifying or reimbursing Covered Executives for the loss of any incorrectly awarded incentive compensation or for purchasing insurance to cover such losses. The policy also provides for indemnification of Board members and delegates for actions taken in connection with the administration of the policy.

● *Governing Law*: The policy is now governed by the laws of the State of Delaware.

● *Impracticability:* The policy specifies that recovery of excess incentive compensation is not required if it would be impracticable for either of the following reasons: (i) the direct expense of enforcement would exceed the amount to be recovered, provided that reasonable attempts to recover are made and documented for Nasdaq; or (ii) recovery would violate applicable law.

*Insider Trading Policy*

The amended and restated Insider Trading Policy was updated to reflect current best practices and recent regulatory changes, including the SEC's new requirements under Item 408(a) of Regulation S-K. Key changes include:

● *Expanded Scope and Applicability:* The policy now explicitly covers trading in securities of other companies if such trades are based on material, nonpublic information obtained through the Company. The policy applies to directors, officers, employees, consultants, independent contractors, and their respective family members, household members, and controlled entities. The definitions of "Family Members" and "Controlled Entities" have been clarified and expanded.

● *Compliance Officer Role:* The designated Compliance Officer has been updated from the Chief Financial Officer to the General Counsel. The policy now specifies the duties of the Compliance Officer, including implementation, enforcement, policy updates, preclearance of trades, approval of Rule 10b5-1 plans, and administration of whistleblower protections.

● *Blackout Periods and Trading Windows:* The policy clarifies that event-specific blackout periods may be imposed in connection with events such as cybersecurity incidents and new product developments. The policy also clarifies that even during open trading windows, any person in possession of material nonpublic information may not trade in Company securities.

● *Exceptions to Trading Restrictions:* The policy now details exceptions for transactions under 401(k) plans and employee stock purchase plans (ESPP), specifying which actions are and are not subject to trading restrictions. The policy also clarifies that the exercise of stock options and the vesting of restricted stock awards are generally exempt from trading restrictions, but sales of resulting shares are not.

● *Rule 10b5-1 Plans:* The policy incorporates new SEC disclosure requirements under Item 408(a) of Regulation S-K, requiring quarterly disclosure of the adoption or termination of Rule 10b5-1 trading plans and a description of their material terms (other than price).

● *Administrative and Procedural Updates:* The policy now requires all covered persons to sign an acknowledgment and certification of receipt and understanding of the policy.

The foregoing descriptions of the amended and restated Clawback Policy and Insider Trading Policy are qualified in their entirety by reference to the full text of each policy, copies of which are attached as Exhibits 99.4 and 19.1, respectively, to this Current Report on Form 8-K and incorporated herein by reference.

*WKSI Status*

 

The Company is a "well-known seasoned issuer" ("***WKSI***") as defined in Rule 405 under the Securities Act. As a WKSI, the Company is eligible to utilize certain streamlined and flexible registration procedures, including the filing of automatic shelf registration statements on Form S-3, which become effective upon filing and permit the Company to offer and sell securities on a delayed or continuous basis. The Company's status as a WKSI allows for greater flexibility in accessing the capital markets and responding to financing opportunities as they arise.

**Item 9.01 Financial Statements and Exhibits.**

(a) Financial Statements of Business Acquired.

The financial statements of Nakamoto Holdings, Inc. required by Item 9.01(a) if Form 8-K will be filed by an amendment to this Form 8-K no later than 71 calendar days after the date of this initial report.

(b) Pro Forma Financial Information.

The unaudited pro forma financial information required by Item 9.01(b) of Form 8-K will be filed by amendment to this Form 8-K no later than 71 calendar days after the date of this initial report.

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| 2.1\*\*† | [Merger Agreement, dated as of May 12, 2025 (incorporated by reference to Annex A filed with Kindly MD, Inc.'s Information Statement on Schedule 14C filed on July 22, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025066333/ea0245596-07.htm#T701) |
| 3.1\*\* | [Second Amended and Restated Articles of Incorporation of Kindly MD, Inc. (incorporated by reference to Exhibit 3.1 filed with Kindly MD, Inc.'s Current Report on Form 8-K filed on May 20, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025045969/ea024266401ex3-1_kindly.htm) |
| 3.2**\*\*** | [Second Amended and Restated Bylaws of Kindly MD, Inc. (incorporated by reference to Exhibit 3.2 filed with Kindly MD, Inc.'s Current Report on Form 8-K filed on May 20, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025045969/ea024266401ex3-2_kindly.htm) |
| 4.1\*† | [Secured Convertible Debenture, dated as of August 15, 2025, by Kindly MD, Inc.](ea025298001ex4-1_kindly.htm) |
| 10.1\*† | [Registration Rights Agreement, dated as of August 14, 2025, by and among Kindly MD, Inc. and the stockholders of Nakamoto Holdings, Inc.](ea025298001ex10-1_kindly.htm) |
| 10.2\*† | [Assignment and Assumption Agreement, dated as of August 14, 2025, by and among Kindly MD, Inc., Nakamoto Holdings, Inc. and BTC Inc.](ea025298001ex10-2_kindly.htm) |
| 10.3\*\*†+ | [Marketing Services Agreement, dated May 12, 2025, by and between Nakamoto Holdings, Inc. and BTC Inc. (incorporated by reference to Exhibit 10.7 filed with Kindly MD, Inc's Current Report on Form 8-K filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025041722/ea024162001ex10-7_kindly.htm) |
| 10.4\*‡ | [Guaranty and Security Agreement, dated as of August 15, 2025, by and between Naka SPV 2, LLC and YA II PN, Ltd.](ea025298001ex10-4_kindly.htm) |
| 10.5\*\*† | [Secured Convertible Debenture Purchase Agreement, dated as of May 12, 2025, by and between Kindly and YA II PN, Ltd. (incorporated by reference to Exhibit 10.4 filed with Kindly MD, Inc's Current Report on Form 8-K filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025041722/ea024162001ex10-4_kindly.htm) |
| 10.6\*† | [Registration Rights Agreement, dated as of August 15, 2025, by and among Kindly MD, Inc. and YA II PN, Ltd.](ea025298001ex10-6_kindly.htm) |
| 10.7\*† | [Administrative Services Agreement, dated as of August 14, 2025, by and between Kindly MD, Inc., BTC Inc. and certain subsidiaries of Kindly MD, Inc.](ea025298001ex10-7_kindly.htm) |
| 10.8\*\* | [Form of Lock-up Agreement (incorporated by reference to Exhibit 10.2 filed with Kindly MD, Inc.'s Current Report on Form 8-K filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025041722/ea024162001ex10-2_kindly.htm) |
| 10.9\*\*† | [Form of Equity PIPE Subscription Agreement, dated as of May 12, 2025, by and between Kindly and certain investors party thereto (incorporated by reference to Exhibit 10.3 filed with Kindly MD, Inc.'s Current Report on Form 8-K filed on May 12, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025041722/ea024162001ex10-3_kindly.htm) |
| 10.10\*\* | [Form of Equity PIPE Subscription Agreement, dated as of June 19, 2025, by and between Kindly MD, Inc. and certain investors party thereto (incorporated by reference to Exhibit 10.1 filed with Kindly MD, Inc.'s Current Report on Form 8-K filed on June 20, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000164117225015752/ex10-1.htm) |
| 10.11\*† | [Form of Pre-Funded Common Stock Purchase Warrant of Kindly MD, Inc., issued as of August 14, 2025.](ea025298001ex10-11_kindly.htm) |
| 10.12\* | [Form of Kindly MD Inc.'s Indemnification Agreement.](ea025298001ex10-12_kindly.htm) |
| 10.13\* | [Addendum to Executive Employment Agreement with Tim Pickett, dated August 14, 2025.](ea025298001ex10-13_kindly.htm) |
| 10.14\* | [Addendum to Executive Employment Agreement with Jared Barrera, dated August 14, 2025.](ea025298001ex10-14_kindly.htm) |
| 10.15\*† | [Consulting Agreement, by and between BTC Consulting, LLC and Kindly MD, Inc., dated August 14, 2025](ea025298001ex10-15_kindly.htm) |
| 10.16\* | [Employment Agreement, by and between Tyler Evans and Kindly MD, Inc., dated August 14, 2025](ea025298001ex10-16_kindly.htm) |
| 10.17\* | [Employment Agreement, by and between Andrew Creighton and Kindly MD, Inc., dated August 14, 2025.](ea025298001ex10-17_kindly.htm) |
| 10.18\*† | [Consulting Agreement, by and between Second Gate Advisory LLC and Kindly MD, Inc. dated August 14, 2025.](ea025298001ex10-18_kindly.htm) |
| 10.19\*\* | [Form of Kindly MD Inc.'s 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 filed with Kindly MD Inc.'s Current Report on Form 8-K filed on May 20, 2025).](http://www.sec.gov/Archives/edgar/data/1946573/000121390025045969/ea024266401ex10-2_kindly.htm) |
| 14.1\* | [Amended and Restated Code of Ethics and Business Conduct of Kindly MD, Inc.](ea025298001ex14-1_kindly.htm) |
| 19.1\*†‡ | [Amended and Restated Insider Trading Policy of Kindly MD, Inc.](ea025298001ex19-1_kindly.htm) |
| 99.1\* | [Press Release, dated as of August 14, 2025.](ea025298001ex99-1_kindly.htm) |
| 99.2\* | [Press Release, dated as of August 15, 2025.](ea025298001ex99-2_kindly.htm) |
| 99.3\* | [Supplemental Risk Factors.](ea025298001ex99-3_kindly.htm) |
| 99.4\* | [Amended and Restated Clawback Policy of Kindly MD, Inc.](ea025298001ex99-4_kindly.htm) |
| 99.5\* | [Press release, dated as of August 15, 2025.](ea025298001ex99-5_kindly.htm) |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. |

---

---

| | |
|:---|:---|
| \* | Filed herewith |
| \*\* | Previously filed. |
| # | Indicates a management contract or any compensatory plan, contract or arrangement. |
| † | Certain portions of this exhibit (indicated by asterisks) have been omitted because they are not material and are the type of information that the Company treats as private or confidential. |
| + | The annexes, schedules, and certain exhibits to this agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant hereby agrees to furnish supplementally a copy of any omitted annex, schedule or exhibit to the Commission upon request. |
| ‡ | Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC. |

---

**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, hereunder duly authorized.

---

| | | |
|:---|:---|:---|
|  | KINDLY MD, INC. | KINDLY MD, INC. |
| Dated: August 15, 2025 | By*:* | */s/ David Bailey* |
|  |  | David Bailey |
|  |  | Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of Regulation S-K. [\*\*\*] indicates that information has been redacted**

**NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "<u>SECURITIES ACT</u>"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.**

**FOR PURPOSES OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "<u>CODE</u>"), THIS DEBENTURE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER (AS DEFINED BELOW) MAY CONTACT KYLE SIMON AT LEGAL@KINDLYMD.COM, WHO WILL, NOT LATER THAN TEN DAYS AFTER THE DATE HEREOF, PROMPTLY MAKE AVAILABLE TO THE HOLDER, UPON REQUEST, THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THIS DEBENTURE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS DEBENTURE, AND (3) THE YIELD TO MATURITY OF THIS DEBENTURE.**

**KINDLY MD, INC.**

**Secured Convertible Debenture**

**Principal Amount: $200,000,000**

**Debenture Issuance Date: August 14, 2025**

**Debenture Number: KDLY-1**

**FOR VALUE RECEIVED,** Kindly MD, Inc., an entity organized under the laws of the state of Utah (the "<u>Company</u>"), hereby promises to pay to the order of YA II PN, Ltd., or its registered assigns (the "<u>Holder</u>") the amount set out above as the principal amount (as reduced or increased pursuant to the terms hereof pursuant to redemption, conversion or otherwise, the "<u>Principal</u>") when due, whether upon the Maturity Date (as defined below), acceleration, or redemption (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Debenture Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof). This Secured Convertible Debenture (including all debentures issued in exchange, transfer or replacement hereof, this "<u>Debenture</u>") was originally issued pursuant to the Secured Convertible Debenture Purchase Agreement dated as of May 11, 2025, as it may be amended from time to time (the "<u>Purchase Agreement</u>") between the Company and the Buyers listed on the Schedule of Buyers attached thereto. Certain capitalized terms used herein are defined in Section (15). All Obligations owed by the Company to the Holder under this Debenture and each other Transaction Document are guaranteed by the Guarantors, if any, pursuant to the Guaranty (if applicable) and secured by the Company and the Guarantors, if any, pursuant to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>GENERAL TERMS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Maturity Date</u>. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest, and any other amounts outstanding pursuant to the terms of this Debenture. The "<u>Maturity Date</u>" shall be August 14, 2028. Other than as specifically permitted by this Debenture, the Company may not prepay or redeem any portion of the outstanding Principal and accrued and unpaid Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interest Rate and Payment of Interest</u>. From and after the second anniversary date of this Debenture, interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 6.00% ("<u>Interest Rate</u>"), which Interest Rate shall, at the election of a majority of the Holders, increase to an annual rate of 18.00% upon the occurrence of an Event of Default (for so long as such event remains uncured). Interest shall be calculated based on a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law. Interest shall accrue during the term of this Debenture and shall be due and payable on the Maturity Date, acceleration, redemption or conversion of the outstanding Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Payment Dates</u>. Whenever any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Withholding</u>. Notwithstanding anything in this Debenture to the contrary, the Company is entitled to deduct and withhold, or cause to be deducted and withheld (in-kind or otherwise) from any amounts payable pursuant to this Debenture (including in connection with any conversion described in Section 4), such amounts as the Company determines it is required under applicable law to deduct and withhold with respect to the making of any such payment. To the extent that amounts are so deducted and withheld, such deducted and withheld amounts are to be treated for all purposes of this Debenture as having been paid to the Holder. The Company shall provide the Holder with written notice of its intent to withhold at least five (5) days prior to such withholding, and the parties shall use commercially reasonable efforts to cooperate to mitigate or eliminate any such withholding to the maximum extent permitted by law. If the Holder determines that applicable law permits any such payment to be made without withholding or at a reduced rate of withholding, the Holder shall deliver such properly completed and executed documentation (including, but not limited to, applicable Internal Revenue Service Forms W-8 and/or W-9) as will (to the Company's satisfaction and in accordance with applicable law) permit such payment to be made without withholding or at a reduced rate of withholding. In addition, the Holder shall deliver all such other documentation prescribed by applicable law or reasonably requested by the Company as will enable the Company to determine whether the Company is subject to any withholding or information reporting requirements and to comply therewith. The Holder agrees that if any documentation it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Tax Treatment</u>. The parties hereto shall treat this Debenture as debt for U.S. federal (and applicable state and local) income tax purposes and shall prepare and file all tax returns consistent with, and not otherwise take any position inconsistent with, such treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>PAYMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall have the right, but not the obligation, to redeem ("Optional Redemption") early in cash a portion or all amounts outstanding under this Debenture at the Redemption Amount (as defined below) as described in this Section 2(a); provided, that (i) (a) the Company provides the Holder with at least 10 Business Days' prior written notice of its desire to exercise an Optional Redemption (each, a "Redemption Notice"), (b) such Redemption Notice is delivered to the Holder after the closing of regular trading hours on a Trading Day and (c) such Redemption Notice may only be given if the WVAP on the date such Redemption Notice is delivered is less than the Conversion Price or (ii) (a) the Company delivers a Redemption Notice to the Holder at least 30 Trading Days' prior to such Optional Redemption, (b) such Redemption Notice is delivered to the Holder after the closing of regular trading hours on a Trading Day and (c) such Redemption Notice may only be given if the VWAP on the date such Redemption Notice is delivered is equal to or greater than $4.50 per Common Share. Each Redemption Notice shall be irrevocable and shall specify the outstanding balance of the Debentures to be redeemed and the Redemption Amount. The "Redemption Amount" shall be an amount equal to the outstanding Principal balance being redeemed by the Company, plus the Payment Premium in respect of such Principal amount, plus all accrued and unpaid interest hereunder as of such redemption date. After receipt of a Redemption Notice, the Holder shall have either ten (10) or thirty (30) Trading Days, as applicable (in either case, beginning with the Trading Day immediately following the date of such Redemption Notice), to elect to convert all or any portion of the outstanding Principal of this Debenture plus all accrued and unpaid Interest, if any, plus the Payment Premium, if any, in respect of such Principal. On the eleventh (11th) or thirty-first (31st) Trading Day after the applicable Redemption Notice, as applicable, the Company shall deliver to the Holder the Redemption Amount with respect to the Principal amount redeemed to the extent not converted and otherwise after giving effect to conversions or other payments made during the preceding ten (10) or thirty (30) Trading Day period, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as specifically set forth in clause (a) above, the Company shall not have the ability to make any early repayments without the consent or at the request of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>EVENTS OF DEFAULT</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) An "<u>Event of Default</u>", wherever used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company's or any Guarantor's failure to pay to the Holder any amount of Principal after such payment is due, or any Redemption Amount, Payment Premium, Interest, or other amounts when and as due under this Debenture or any other Transaction Document and such failure continues for a period of five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (A) The Company or any Significant Subsidiary of the Company shall commence, or there shall be commenced against the Company or any Significant Subsidiary of the Company, any proceeding under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any Significant Subsidiary of the Company commences, or there shall be commenced against the Company or any Significant Subsidiary of the Company, any other proceeding under any bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, liquidation or similar law of any jurisdiction whether now or hereafter in effect, which remains undismissed for a period of sixty one (61) days; (B) the Company or any Significant Subsidiary of the Company is adjudicated insolvent or bankrupt; (C) any order of relief or other order approving any such case or proceeding is entered; (D) the Company or any Significant Subsidiary of the Company suffers any appointment of any custodian, private or court appointed receiver or the like for it or all or substantially all of its property which continues undischarged or unstayed for a period of sixty one (61) days; (E) the Company or any Significant Subsidiary of the Company makes a general assignment of all or substantially all of its assets for the benefit of creditors; (F) the Company or any Significant Subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; (G) the Company or any Significant Subsidiary of the Company shall call a meeting of its creditors with a view to restructuring its debts; or (H) the Company or any Significant Subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company or any Significant Subsidiary of the Company shall default in any of its obligations under any note, debenture, or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any Significant Subsidiary of the Company in an amount exceeding $5,000,000, whether such indebtedness now exists or shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to its stated maturity and such default is not thereafter cured within ten (10) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a final judgment or judgments for the payment of money aggregating in excess of $5,000,000 are rendered against the Company and/or any of its Subsidiaries and which judgments are not, within thirty (30) days after the entry thereof, bonded, discharged, settled or stayed pending appeal, or are not discharged within thirty (30) days after the expiration of such stay; provided, however, any judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $5,000,000 amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider to the effect that such judgment is covered by insurance or an indemnity and the applicable insurance or indemnity coverage has not been denied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Common Shares shall cease to be quoted or listed for trading, as applicable, on any Principal Market for a period of ten (10) consecutive Trading Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company or any Subsidiary of the Company shall be a party to any Change of Control Transaction (as defined in Section (15)) unless in connection with such Change of Control Transaction this Debenture is redeemed under Section (2)(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Company's (A) failure to deliver the required number of shares of Common Shares to the Holder within one (1) Trading Day after the applicable Share Delivery Date or (B) notice, written or oral, to any Holder, including by way of public announcement, at any time, of its intention not to comply with a request for conversion of any Debenture into Common Shares that tendered for conversion in accordance with the provisions of the Debenture, other than pursuant to Section (4)(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Company shall fail for any reason to deliver the payment in cash pursuant to a Buy-In (as defined herein) within five (5) Business Days after such payment is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Company's failure to timely file with the Commission any Periodic Report that would cause the Company to lose its eligibility to register securities on Form S-3, on or before the due date of such filing as established by the Commission, it being understood, for the avoidance of doubt, that such due date includes any permitted filing deadline extension under Rule 12b-25 under the Exchange Act, if such failure is not cured within five (5) Business Days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Any representation or warranty made or deemed to be made by or on behalf of the Company or any Guarantor in or in connection with any Transaction Document, or any waiver hereunder or thereunder, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with any Transaction Document, shall prove to have been incorrect in any material respect when made or deemed made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) (A) Any material provision of any Transaction Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder, ceases to be in full force and effect; (B) the Company or any Guarantor contests in writing the validity or enforceability of any provision of any Transaction Document; or (C) the Company or any Guarantor denies in writing that it has any or further liability or obligation under any Transaction Document, or purports in writing to revoke, terminate (other than in line with the relevant termination provisions) or rescind any Transaction Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Company uses the proceeds of the issuance of this Debenture, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulations T, U and X of the Federal Reserve Board, as in effect from time to time and all official rulings and interpretations thereunder or thereof), or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Any breach of a material term set forth in (A) any other debenture, note, or instrument held by the Holder in the Company or (B) any written agreement between or among the Company and the Holder, in each case, beyond all applicable notice and cure periods set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Registration Statement (as defined in the Registration Rights Agreement) shall not have been filed, declared effective or remained in effect, in each case, as required by the Registration Rights 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;(xv) any material provision of any Security Document shall at any time for any reason (other than pursuant to the express terms thereof or (other than action or inaction on the part of the Holder, the Collateral Agent or any of their respective agents)) cease to be valid and binding on or enforceable against the Company or any Guarantor, or the validity or enforceability thereof shall be contested by any party thereto or any other Person, or a proceeding shall be commenced by the Company, any Guarantor or any Subsidiary or any Governmental Entity having jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Company, any Guarantor or any Subsidiary shall deny in writing that it has any liability or obligation purported to be created under any Security Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any Security Document shall for any reason fail or cease to create a valid and perfected and first priority Lien in favor of the Collateral Agent for the benefit of the holders of the Debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) The Company or any Guarantor shall fail to observe or perform any covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of this Debenture (except as may be covered by Section (3)(a)(i) through (3)(a)(xiv) hereof) or any other Transaction Document which is not cured or remedied within the time prescribed or if no time is prescribed within ten (10) Business Days after receiving written notice thereof from a Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) No later than ten (10) Business Days from the Closing Date there shall be no less than $400,000,000 of Bitcoin deposited pursuant to the Bitcoin Escrow Agreement, subject to a first priority perfected security interest in favor of the Collateral Agent for the benefit of the holders of the Secured Convertible Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the time that any portion of this Debenture is outstanding, if any Event of Default has occurred and is continuing (other than an event with respect to the Company described in Section (3)(a)(ii)), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall become at the Holder's election given by notice pursuant to Section (8), (at which point the underlying Event of Default may not be cured), immediately due and payable in cash; provided that, in the case of any event with respect to the Company described in Section (3)(a)(ii), the full unpaid Principal amount of this Debenture, together with accrued and unpaid interest and other amounts owing in respect thereof and other Obligations accrued hereunder and under the other Transaction Documents, to the date of acceleration, shall automatically become due and payable, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. Furthermore, in addition to any other remedies, the Holder shall have the right (but not the obligation) to convert, at the Conversion Price, on one or more occasions all or part of the Conversion Amount in accordance with Section (4) and subject to the limitations in Section (4)(c) at any time after (x) an Event of Default has occurred and is continuing; provided that, upon receipt of a Conversion Notice arising after the occurrence and during the continuance of an Event of Default, the underlying Event of Default may not be cured, or (y) the Maturity Date, provided that this Debenture remains outstanding, at the Conversion Price. The Holder need not provide and the Company hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately enforce any and all of its rights and remedies hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by the Holder in writing at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or impair any right consequent thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>CONVERSION OF DEBENTURE</u>. This Debenture shall be convertible into Common Shares, on the terms and conditions set forth in this Section (4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Conversion Right</u>. Subject to the limitations of Section (4)(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable Common Shares in accordance with Section (4)(b), at the Conversion Price (as defined below). The number of Common Shares issuable upon conversion of any Conversion Amount pursuant to this Section (4)(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price. The Company shall not issue any fraction of a Common Shares upon any conversion. All calculations under this Section (4) shall be rounded to the nearest $0.0001. If the issuance would result in the issuance of a fraction of a Common Shares, the Company shall round such fraction of a Common Shares up to the nearest whole share. The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of Common Shares upon conversion of any Conversion Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Conversion Amount</u>" means the portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Conversion Price</u>" means, as of any Conversion Date (as defined below) $2.80 per Common Share, subject to a one-time, downward only reset equal to 130% of the VWAP (but not below $2.00 per Common Share) as of the last Trading Day prior to the date of effectiveness of the registration statement with respect to the resale of the Conversion Shares or, if the Company has an effective shelf registration statement on Form S-3 on the Closing Date, the date of the filing of a prospectus supplement with respect to the resale of the Conversion Shares. The Conversion Price shall be adjusted from time to time pursuant to the other terms and conditions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Optional Conversion</u>. To convert any Conversion Amount into Common Shares on any date (a "<u>Conversion Date</u>"), the Holder shall (A) transmit by email (or otherwise deliver), for receipt on or prior to 3:00 p.m., New York time, on such date, a copy of an executed notice of conversion in the form attached hereto as <u>Exhibit I</u> (the "<u>Conversion Notice</u>") to the Company and (B) if required by Section (4)(b)(iii), surrender this Debenture to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction). On or before the first (1<sup>st</sup>) Trading Day following the date of receipt of a Conversion Notice (or such earlier date as required pursuant to the Exchange Act or other applicable law, rule or regulation for the settlement of a trade initiated on the applicable Conversion Date of such Common Shares issuable pursuant to such Conversion Notice) (the "<u>Share Delivery Date</u>"), the Company shall (X) if legends are not required to be placed on certificates or the book-entry position of the Common Shares and provided that the Company's transfer agent is participating in the Depository Trust Company's ("<u>DTC</u>") Fast Automated Securities Transfer Program, instruct such transfer agent to credit such aggregate number of Common Shares to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Company's transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, or if restrictive legends are required to be placed on certificates or book-entry positions of the Common Shares, issue and deliver to the address as specified in the Conversion Notice, a certificate or book-entry position, registered in the name of the Holder or its designee, for the number of Common Shares to which the Holder shall be entitled. If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall as soon as practicable and in no event later than five (5) Business Days after receipt of this Debenture and at its own expense, issue and deliver to the Holder a new Debenture representing the outstanding Principal not converted. The Person or Persons entitled to receive the Common Shares issuable upon a conversion of this Debenture shall be treated for all purposes as the record holder or holders of such Common Shares upon the transmission of a 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Company's Failure to Timely Convert</u>. If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share Delivery Date to issue and deliver a certificate to the Holder or credit the Holder's balance account with DTC for the number of Common Shares to which the Holder is entitled upon such Holder's conversion of any Conversion Amount (a "<u>Conversion Failure</u>"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Common Shares to deliver in satisfaction of a sale by the Holder of Common Shares issuable upon such conversion that the Holder anticipated receiving from the Company (a "<u>Buy-In</u>"), then the Company shall, within three (3) Business Days after the Holder's request and in the Holder's discretion, either (i) pay cash to the Holder in an amount equal to the Holder's total purchase price (including reasonable and documented brokerage commissions and other reasonable and documented out of pocket expenses, if any) for the Common Shares so purchased (the "<u>Buy-In Price</u>"), at which point the Company's obligation to deliver such certificate (and to issue such Common Shares) shall terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or certificates representing such Common Shares and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of Common Shares *multiplied by* (B) the Closing Price on the Conversion 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;(iii) <u>Book-Entry</u>. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of this Debenture. The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Debenture upon any partial conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limitations on Conversions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Beneficial Ownership</u>. The Holder shall not have the right to convert any portion of this Debenture to the extent that after giving effect to such conversion, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of Common Shares outstanding immediately after giving effect to such conversion. The Holder shall have the authority and obligation to determine whether the restriction contained in this Section (4)(c)(i) will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained in this Section (4)(c)(i) applies, the determination of which portion of the Principal amount of this Debenture is convertible shall be the responsibility and obligation of the Holder. The provisions of this Section (4)(c)(i) may be waived by a holder (but only as to itself and not to any other holder) upon not less than 65 days prior notice to the Company. Other holders shall be unaffected by any such waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Principal Market Limitation</u>. Notwithstanding anything in this Debenture to the contrary, the Company shall not issue any Common Shares pursuant to the terms of this Debenture if the issuance of such Common Shares would exceed the aggregate number of Common Shares that the Company may issue upon conversion of this Debenture and under the other Transaction Documents in compliance with the Company's obligations under the rules or regulations of the Principal Market (the number of shares which may be issued without violating such rules and regulations is 1,203,827 and shall be referred to as the "<u>Exchange Cap</u>"), except that such limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the Principal Market for issuances of Common Shares in excess of such amount or (B) as advised by outside counsel to the Company that such approval is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Notwithstanding anything to the contrary contained in this Debenture or in any other Transaction Document, there shall be no limitations, including with respect to timing or amount, on conversions of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Other Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All calculations under this Section (4) shall be rounded to the nearest $0.0001 or whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Shares such number of Common Shares not less than the maximum number of Common Shares issuable upon conversion of this Debenture (assuming for purposes hereof that (x) this Debenture is convertible at the Conversion Price as of the date of determination and (y) any such conversion shall not take into account any limitations on the conversion of the Debenture set forth herein or therein (the "<u>Required Reserve Amount</u>"), provided that at no time shall the number of Common Shares reserved pursuant to this Section (4)(d)(ii) be reduced other than proportionally with respect to all Common Shares in connection with any conversion (other than pursuant to the conversion of this Debenture in accordance with its terms) and/or cancellation of this Debenture, or a reverse stock split undertaken by the Company. If at any time the number of Common Shares reserved pursuant to this Section (4)(d)(ii) becomes less than the Required Reserve Amount, the Company will promptly take all corporate action necessary to promptly propose at a meeting of its shareholders an increase of its authorized share capital necessary to meet the Company's obligations pursuant to this Debenture, and the Company's Board of Directors will recommend that the Company's shareholders vote in favor of such increase. The Company covenants that, upon issuance in accordance with conversion of this Debenture in accordance with its terms, the Common Shares, when issued, will be validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Nothing herein shall limit a Holder's right to pursue actual damages or declare an Event of Default pursuant to Section (3) herein for the Company's failure to deliver Common Shares upon conversion in the manner and within the time period specified herein and such Holder shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Legal Opinions</u>. The Company is obligated, upon reasonable notice, to use its commercially reasonable efforts to cause its legal counsel to deliver legal opinions to the Company's transfer agent in connection with any legend removal upon the expiration of any holding period or other requirement for which the Underlying Shares may bear legends restricting the transfer thereof; *provided, however*, that such Holder has delivered such reasonably requested representations to such transfer agent, the Company and the Company's legal counsel in connection with the request for such opinion. To the extent such opinions are not provided (either timely or at all other than because of an action or inaction of Holder, including the reasonably requested representations of Holder), then, in addition to being an Event of Default in accordance with Section (3)(a)(xv), the Company agrees to reimburse the Holder for all reasonable and documented costs incurred by the Holder in connection with any legal opinions paid for by the Holder in connection with sale or transfer of Underlying Shares. To the extent such opinions are not provided (either timely or at all), the Holder shall notify the Company of any such costs and expenses it incurs that are referred to in this section from time to time and all reasonable amounts owed hereunder shall be paid by the Company with reasonable promptness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company hereby expressly acknowledges and agrees that (i) the Purchase Agreement and all Transaction Documents to which it is a party are ratified and confirmed and shall remain in full force and effect, (ii) it has no set off, counterclaim, defense or other claim or dispute with respect to any Transaction Document, (iii) notwithstanding anything to the contrary in any Transaction Document, the term "Obligations" as used and defined in the Guaranty (if applicable) and any Security Document shall include all Obligations under this Agreement and the other Transaction Documents, and (iv) all Obligations under this Debenture are duly secured by the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company hereby covenants and agrees that, upon the reasonable request of the Holder, the Company shall take all necessary action, at the Company's sole expense, to ensure the prompt registration of the securities associated with this Debenture, in accordance with applicable securities laws and regulations and the Registration Rights Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Adjustments to Conversion Price</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustment of Conversion Price upon Subdivision or Combination of Common Shares</u>. If the Company, at any time while this Debenture is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares, (b) subdivide outstanding Common Shares into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (d) issue by reclassification of shares of the Common Shares any shares of capital stock of the Company, then the Conversion Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of Common Shares outstanding after such event. Any adjustment made pursuant to this Section (5)(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Corporate Events</u>. In addition to and not in substitution for any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of Common Shares are entitled to receive securities or other assets with respect to or in exchange for Common Shares (a "<u>Corporate Event</u>"), the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon a conversion of this Debenture, at the Holder's option, (i) in addition to the Common Shares receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such Common Shares had such Common Shares been held by the Holder upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Debenture) or (ii) in lieu of the Common Shares otherwise receivable upon such conversion, such securities or other assets received by the holders of Common Shares in connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled to receive had this Debenture initially been issued with conversion rights for the form of such consideration (as opposed to Common Shares) at a conversion rate for such consideration commensurate with the Conversion Price. Provision made pursuant to the preceding sentence shall be in a form and substance satisfactory to the Required Holders. The provisions of this Section (5)(d) shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Conversion Price is adjusted pursuant to this Section (5), the Company shall promptly provide the Holder with a written notice setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In case of any (1) merger or consolidation of the Company or any Subsidiary of the Company with or into another Person, or (2) sale by the Company or any Subsidiary of the Company of more than one-half of the assets of the Company in one or a series of related transactions, a Holder shall have the right to (A) exercise any rights under any other provision of this Section (5), if applicable, (B) convert the aggregate amount of this Debenture then outstanding into the shares of stock and other securities, cash and property receivable upon or deemed to be held by holders of Common Shares following such merger, consolidation or sale, and such Holder shall be entitled upon such event or series of related events to receive such amount of securities, cash and property as the Common Shares into which such aggregate Principal amount of this Debenture could have been converted immediately prior to such merger, consolidation or sales would have been entitled, or (C) in the case of a merger or consolidation, require the surviving entity to issue to the Holder a convertible debenture with a Principal amount equal to the aggregate Principal amount of this Debenture then held by such Holder, plus all accrued and unpaid Interest and other amounts owing thereon, which such newly issued convertible debenture shall have terms identical (including with respect to conversion) to the terms of this Debenture, and shall be entitled to all of the rights and privileges of the Holder of this Debenture set forth herein and the agreements pursuant to which this Debenture was issued. In the case of clause (C), the conversion price applicable for the newly issued convertible debentures shall be based upon the amount of securities, cash and property that each Common Shares would receive in such transaction and the Conversion Price in effect immediately prior to the effectiveness or closing date for such transaction. The terms of any such merger, sale or consolidation shall include such terms so as to continue to give the Holder the right to receive the securities, cash and property set forth in this Section (5)(e) upon any conversion or redemption following such event. This provision shall similarly apply to successive such events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>INDEMNIFICATION</u>. With respect to the Company's obligations under this Debenture and the other Transaction Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company shall, and hereby does, indemnify, hold harmless and defend the Holder, its investment manager and their respective directors, officers, partners, employees, agents, representatives, and successors and assigns of, and each Person, if any, who controls Holder within the meaning of the Securities Act or the Exchange Act (each, an "<u>Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable and documented attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Claims</u>") incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, whether pending or threatened, whether or not an Indemnified Person is or may be a party thereto ("<u>Indemnified Damages</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in any filing made in any public filing (including, without limitation, any Periodic Reports) made by the Company with the Commission, or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; or (ii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law (the matters in the foregoing clauses (i) through (iii) being, collectively, "<u>Violations</u>") except to the extent that such untrue statements, alleged untrue statements, omissions or alleged omissions are (1) based upon information regarding Holder furnished in writing to Company by or on behalf of Holder expressly for use therein or Holder has omitted a material fact from such information or (2) directly result from any breach by Holder of the Transaction Documents. The Company shall reimburse the Indemnified Persons and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable expenses incurred by them in connection with investigating or defending any such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Promptly after receipt by an Indemnified Person under this Section (6) of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section (6), deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person; provided, however, that an Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person and any other party represented by such counsel in such proceeding. The Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Person of a release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person under this Section (6), except solely to the extent that the indemnifying party is actually prejudiced in its ability to defend such action.

&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 indemnification required by this Section (6) shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>REISSUANCE OF THIS DEBENTURE</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Transfer</u>. If this Debenture is to be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new Debenture (in accordance with Section (7)(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder (along with any accrued and unpaid Interest thereof) and, if less than the entire outstanding Principal is being transferred, a new Debenture (in accordance with Section (7)(d)) to the Holder representing the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of the provisions of Section (4)(b)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture. This Debenture is intended to be in "registered form" within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lost, Stolen or Mutilated Debenture</u>. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section (7)(d)) representing the outstanding Principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Debenture Exchangeable for Different Denominations</u>. This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Debenture or Debentures (in accordance with Section (7)(d)) representing in the aggregate the outstanding Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of New Debentures</u>. Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section (7)(a) or Section (7)(c), the Principal designated by the Holder which, when added to the Principal represented by the other new Debentures issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>NOTICES</u>. Any notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail. The addresses and e-mail addresses for such communications shall be:

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| | |
|:---|:---|
| If to the Company, to: | Kindly MD, Inc. <br> 5097 South 900 East |
|  | STE #100 |
|  | SLC, Utah 84117<br> Attention: Tim Pickett, CEO<br> Email: [\*\*\*] |
| with a copy (which shall not constitute notice) to:<br>| Brunson Chandler & Jones, PLLC<br> 175 South Main Street<br> Suite 1410<br> Salt Lake City, UT 84111<br> callie@bcjlaw.com |
| If to the Holder: | YA II PN, Ltd |
|  | c/o Yorkville Advisors Global, LLC<br> 1012 Springfield Avenue |
|  | Mountainside, NJ 07092 |
|  | Attention: Mark Angelo |
|  | Telephone: (201) 985-8300 |
|  | Email: Legal@yorkvilleadvisors.com |

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or at such other address and/or email and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three (3) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>NO IMPAIRMENT</u>. Except as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the Principal of, Interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, (i) amend its certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder; (ii) repay, repurchase or offer to repay, repurchase or otherwise acquire Common Shares or other equity securities; (iii) enter into any agreement with respect to any of the foregoing; or (iv) enter into any agreement, arrangement or transaction in or of which the terms thereof would restrict, materially delay, conflict with or impair the ability of the Company to perform its obligations under the this Debenture, including, without limitation, the obligation of the Company to make cash payments hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) This Debenture shall not entitle the Holder to any of the rights of a stockholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders or any other proceedings of the Company, unless and to the extent converted into Common Shares in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>CHOICE OF LAW; VENUE; WAIVER OF JURY TRIAL</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. This Debenture and the rights and obligations of the Parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (the "<u>Governing Jurisdiction</u>") (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Jurisdiction; Venue; Service.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the Governing Jurisdiction and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of any United States District Court for the Governing Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Holder or, if a basis for federal jurisdiction exists, in any United States District Court in the Governing Jurisdiction. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the Holder in any suit, claim, action, litigation or proceeding brought by the Holder against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which the Holder brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by the Holder against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against the Holder in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Holder arising out of or based upon this Debenture or any matter relating to this Debenture, or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Holder agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company and the Holder irrevocably consent to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding by the mailing of copies thereof by registered or certified mail postage prepaid, to it at the address provided for notices in this Debenture, such service to become effective thirty (30) days after the date of mailing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Nothing herein shall affect the right of the Holder to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE PARTIES MUTUALLY WAIVE ALL RIGHT TO TRIAL BY JURY OF ALL CLAIMS OF ANY KIND ARISING OUT OF OR BASED UPON THIS DEBENTURE OR ANY MATTER RELATING TO THIS DEBENTURE, OR ANY OTHER TRANSACTION DOCUMENT, OR ANY CONTEMPLATED TRANSACTION. THE PARTIES ACKNOWLEDGE THAT THIS IS A WAIVER OF A LEGAL RIGHT AND THAT THE PARTIES EACH MAKE THIS WAIVER VOLUNTARILY AND KNOWINGLY AFTER CONSULTATION WITH COUNSEL OF THEIR RESPECTIVE CHOICE. THE PARTIES AGREE THAT ALL SUCH CLAIMS SHALL BE TRIED BEFORE A JUDGE OF A COURT HAVING JURISDICTION, WITHOUT A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) If the Company fails to strictly comply with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys' fees and expenses incurred by the Holder in any action in connection with this Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder's rights, remedies and obligations, (ii) collecting any sums which become due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Any waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) If any provision of this Debenture is invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall be found that any Interest or other amount deemed Interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the Principal of or Interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Debenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>CERTAIN DEFINITIONS.</u> For purposes of this Debenture, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Approved Stock Plan</u>" means any employee benefit plan or share incentive plan which has been approved by the Board of Directors of the Company, pursuant to which the Company's securities may be issued to any employee, officer or director for services provided to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Bloomberg</u>" means Bloomberg Financial Markets (or if not available, a similar service provider of national recognized standing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Business Day</u>" means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions in the State of New York are authorized or required by law or other government action to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Buy-In</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Buy-In Price</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Change of Control Transaction</u>" means the occurrence of (a) an acquisition after the date hereof by an individual or legal entity or "group" (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership of capital stock of the Company, by contract or otherwise) of in excess of fifty percent (50%) of the voting securities of the Company (except that the acquisition of voting securities by the Holder shall not constitute a Change of Control Transaction for purposes hereof), (b) any transaction or event (whether by means of (A) a share exchange or tender offer applicable to the Common Shares, (B) a liquidation, consolidation, recapitalization, reclassification, combination or merger of the Company or (C) a sale, lease or other transfer of all or substantially all of the consolidated assets of the Company) or a series of related transactions or related events pursuant to which all or a portion of the outstanding Common Shares of the Company are exchanged for, converted into or constitute solely the right to receive cash, securities or other property, and after giving effect to such transaction or event, the Persons who held such Common Shares immediately prior to such transaction or event cease to hold a majority of the voting power of the acquirer or successor immediately following such transaction or event, (c) a consolidation or merger in which the Company is not the surviving entity and, after giving effect to such consolidation or merger, the Persons who held such Common Shares immediately prior to such consolidation or merger cease to hold a majority of the voting power of the acquirer or successor immediately following such consolidation or merger, (d) a sale, assignment, transfer, conveyance or other disposal of all or substantially all of the properties and/or other assets of the Company and its Subsidiaries on a consolidated basis, to another person or entity, or (e) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth above in subclauses (a) through (d), unless, in connection with the occurrence of any of the events, transactions or other actions described in the foregoing subclauses (a) through (e), all amounts due under this Note are paid in full or the Holder consents to such Change of Control Transaction. Notwithstanding the foregoing, a Change of Control Transaction shall not include any merger, acquisition or similar transaction in which the Company acquires or combines with BTC Inc. and/or UTXO, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Claims</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Closing Date</u>" has the meaning given such term in the Purchase 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;(j) "<u>Closing Price</u>" means the price per share in the last reported trade of the Common Shares on a Principal Market or on the exchange which the Common Shares is then listed as quoted by Bloomberg.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Commission</u>" means the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Common Shares</u>" means the common stock, par value $0.01, of the Company and stock of any other class into which such shares may hereafter be changed or reclassified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Company</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Conversion Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Conversion Failure</u>" shall have the meaning set forth in Section (4)(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Conversion Notice</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Convertible Securities</u>" means any stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Corporate Event</u>" shall have the meaning set forth in Section (5)(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Debenture</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>DTC</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Exchange Cap</u>" shall have the meaning set forth in Section (4)(c)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Fundamental Transaction</u>**"** means any of the following: (1) the Company effects any merger or consolidation of the Company with or into another Person and the Company is the non-surviving company (other than a merger or consolidation with a wholly owned Subsidiary of the Company for the purpose of redomiciling the Company), (2) the Company effects any sale of all or substantially all of its assets (which include the Company and its Subsidiaries on a consolidated basis) in one or a series of related transactions, (3) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to tender or exchange their shares for other securities, cash or property, (4) the Company effects a "spin-off," "spin-out" or "split-off" transaction of all or a material portion of its assets (which include the Company and its Subsidiaries on a consolidated basis) or (5) the Company effects any reclassification of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property. Notwithstanding the foregoing, a Fundamental Transaction shall not include any reclassification of the Common Stock or any compulsory share exchange in connection with any future acquisition of BTC Inc. and/or UTXO, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Governing Jurisdiction</u>" shall have the meaning set forth in Section (11)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Guarantors</u>" means each of the guarantors from time to time party to the Guaranty, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Guaranty</u>" means, to the extent there are Guarantors, that certain Guaranty Agreement, dated on or about the Issuance Date, made by each of the Guarantors party thereto from time to time in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Holder</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Indemnified Damages</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Indemnified Person</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Issuance Date</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Interest Rate</u>" shall have the meaning set forth in Section (1)(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Material Adverse Effect</u>" has the meaning given such term in the Purchase 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;(hh) "<u>Maturity Date</u>" shall have the meaning set forth in Section (1)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Obligations</u>" means all of the Company's and each Guarantor's now existing and hereafter created or arising obligations, indebtedness and liabilities of any kind (whether primary or secondary, conditional or unconditional, contingent or noncontingent, joint or several) owed to the Holder, whether existing, created, incurred or arising in the Company's or such Guarantor's capacity as a borrower, guarantor, indemnitor, customer, purchaser, lessee, licensee, applicant, counterparty, debtor or other obligor, including (a) any loan amount, principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), fee, charge, indemnification obligation, reimbursement obligation, royalty, premium, cost, expense, price, rent or other amount owed by the Company or such Guarantor to the Holder at any time, including future advances, protective advances and other financial accommodations, (b) any obligations, indebtedness or liabilities of the Company and the Guarantors to the Holder under any Transaction Document at any time, and (c) any of the foregoing that may have been, or that may be, acquired by the Holder from any third party, the Company or any Guarantor at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Optional Redemption</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Options</u>" means any rights, warrants or options to subscribe for or purchase Common Shares or Convertible 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;(ll) "<u>Other Debentures</u>" means any other debentures issued pursuant to the Purchase Agreement and any other debentures, notes, or other instruments issued in exchange, replacement, or modification of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Payment Premium</u>" means for payments made (i) within twelve (12) months of the date of this Debenture, 1.5%, (ii) between twelve (12) months and twenty-four (24) months of the date of this Debenture, 3.0%, and (iii) from and after twenty-four months of the date of this Debenture until thirty-six (36) months of the date of this Debenture, 5.0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>Periodic Reports</u>" shall mean all of the Company's reports (in form and substance as required by the Commission under applicable laws and regulations) required to be filed by the Company with the Commission under applicable laws and regulations (including, without limitation, Regulation S-K), including annual reports (on Form 10-K), quarterly reports (on Form 10-Q), and current reports (on Form 8-K), for so long as any amounts are outstanding under this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Person</u>" means a corporation, an association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "<u>Pledge Agreement</u>" means that certain Pledge Agreement, dated as of the Issuance Date, by the Company and the Guarantors from time to time party thereto in favor of the Holder, as may be amended, restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Principal</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Principal Market</u>" means the Nasdaq Capital Market; provided however, that in the event the Company's Common Shares are ever listed or traded on any of the New York Stock Exchange, the NYSE American, the Nasdaq Global Market, or the Nasdaq Global Select Market, or such successor thereto, the "Principal Market" shall mean that market on which the Common Shares are then listed or traded

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Purchase Agreement</u>" shall have the meaning set forth in the preamble of this Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "<u>Redemption Amount</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "<u>Redemption Notice</u>" shall have the meaning set forth in Section (2)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>Registration Rights Agreement</u>" has the meaning given such term in the Purchase 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;(ww) "<u>Required Holders</u>" has the meaning given such term in the Purchase 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;(xx) "<u>Required Reserve Amount</u>" shall have the meaning set forth in Section (4)(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "<u>Security Agreement</u>" has the meaning given such term in the Purchase 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;(aaa) "<u>Security Documents</u>" means, collectively, the Security Agreement, the Pledge Agreement, the Bitcoin Escrow Agreement, any other security agreements, pledge agreements or other similar agreements delivered to the Holder, the Guaranty (if applicable) and each of the other agreements, instruments or documents that creates a lien or guaranty in favor of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "<u>Share Delivery Date</u>" shall have the meaning set forth in Section (4)(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "<u>Significant Subsidiary</u>" of any Person means any Subsidiary of that Person that constitutes a "significant subsidiary" (as defined in Rule 1-02(w) of Regulation S-X under the Exchange Act) of that 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;(ddd) "<u>Subsidiary</u>" means, with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "<u>Trading Day</u>" means a day on which the Common Shares are quoted or traded on a Principal Market on which the Common Shares are then quoted or listed; provided, that in the event that the Common Shares are not listed or quoted, then Trading Day shall mean a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "<u>Transaction Document</u>" has the meaning given such term in the Purchase 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;(ggg) "<u>Underlying Shares</u>" means the Fee Shares and the Common Shares issuable upon conversion of this Debenture in accordance with the terms 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;(hhh) "<u>Violations</u>" shall have the meaning set forth in Section (6)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>VWAP</u>" means, for any security as of any date, the daily dollar volume-weighted average price for such security on the Principal Market during regular trading hours as reported by Bloomberg through its "Historical Prices – Px Table with Average Daily Volume" function.

**[Signature Page Follows]**

**IN WITNESS WHEREOF**, the Company has caused this Convertible Secured Debenture to be duly executed by a duly authorized officer as of the date set forth above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **KINDLY MD, INC.** | **KINDLY MD, INC.** |
| By: | <u>/s/ David Bailey</u> |
| Name: | David Bailey |
| Title: | Chief Executive Officer |

---

**EXHIBIT I<br> <u>CONVERSION NOTICE</u>**

**(To be executed by the Holder in order to Convert the Secured Convertible Debenture)**

**TO: KINDLY MD, INC.**

**Via Email:** 

The undersigned hereby irrevocably elects to convert a portion of the outstanding and unpaid Conversion Amount of Secured Convertible Debenture No. KDLY-1 into Common Shares of KINDLY MD, INC., according to the conditions stated therein, as of the Conversion Date written below.

---

| |
|:---|
| **Conversion Date:** |
| **Principal Amount to be Converted:** |
| **Accrued Interest to be Converted:**<br> **Payment Premium to be Converted** |
| **Total Conversion Amount to be converted:** |
| **Conversion Price:** |
| **Number of Common Shares to be issued:** |

---

**Please issue the Common Shares in the following name and deliver them to the following account:**

---

| |
|:---|
| **Issue to:** |
| **Broker DTC Participant Code:** |
| **Account Number:** |

---

---

| |
|:---|
| **Authorized Signature:** |
| **Name:** |
| **Title:** |

---

## Exhibit 10.1

**Exhibit 10.1**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of<br> Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**REGISTRATION RIGHTS AGREEMENT** 

This **REGISTRATION RIGHTS AGREEMENT** (this "**<u>Agreement</u>**"), dated as August 14, 2025, is entered into by and among Kindly MD, Inc., a Utah corporation (the "**<u>Company</u>**"), Nakamoto Holdings Inc., a Delaware corporation ("**<u>NewCo</u>**"), each of the Existing NewCo Holders (as defined below) and the Private Placement Investors (the "**<u>Investors</u>**" together with the Company and Existing NewCo Holders, the "**<u>Parties</u>**").

**DEFINITIONS**

1. **<u>Certain Definitions</u>**. As used in this Agreement, the following terms have the meanings indicated:

"**<u>Affiliate</u>**" means, with respect to any specified Person, a Person that directly or indirectly Controls or is Controlled by, or is under common Control with, such specified Person.

"**<u>Blackout Period</u>**" has the meaning given to such term in <u>Section 3(o)</u>.

"**<u>Board</u>**" means the board of directors of the Company.

"**<u>Business Day</u>**" means any day other than a Saturday, Sunday, any federal holiday or any other day on which banking institutions in the State of New York are authorized or required to be closed by law or governmental action.

"**<u>Commission</u>**" means the Securities and Exchange Commission or any other federal agency then administering the Securities Act or Exchange Act.

"**<u>Common Stock</u>**" means the common stock, par value $0.001 per share, of the Company.

"**<u>Company Securities</u>**" means any equity interest of any class or series in the Company.

"**<u>Control</u>**" (including the terms "**<u>Controls</u>**," "**<u>Controlled by</u>**" and "**<u>under common Control with</u>**") means the possession, direct or indirect, of the power to (a) direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise or (b) vote 10% or more of the securities having ordinary voting power for the election of directors of a Person.

"**<u>Closing Date</u>**" the closing date of the merger between Kindly MD, Inc. and Nakamoto Holdings Inc.

"**<u>Demand Notice</u>**" has the meaning given to such term in <u>Section 2(b)(i)</u>.

"**<u>Effective Date</u>**" means the time and date that a Registration Statement is first declared effective by the Commission or otherwise becomes effective.

"**<u>Effectiveness Deadline</u>**" has the meaning given to such term in Section 2(a).

"**<u>Exchange Act</u>**" means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations of the Commission promulgated thereunder.

"**<u>Existing NewCo Holders</u>**" means each of the Persons listed on <u>Schedule I</u> hereto.

"**<u>Holder</u>**" means, unless and until such Person ceases to hold any Registrable Securities, each of the Existing NewCo Holders, Investors, and any holder of Registrable Securities to whom registration rights conferred by this Agreement have been Transferred in compliance with <u>Section 10(e)</u> hereof; *provided*, that such transferee shall be a Holder only if such Person agrees in writing to be bound by and subject to the terms set forth in this Agreement.

"**<u>Initiating Holder</u>**" means the Holder delivering the Demand Notice or the Underwritten Offering Notice, as applicable.

"**<u>Lockup Period</u>**" means the period of time beginning on the date hereof and ending 180 days after the Closing Date.

"**<u>Material Adverse Change</u>**" means (a) any general suspension of trading in, or limitation on prices for, securities on any national securities exchange or in the over-the-counter market in the United States, (b) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States, (c) a material outbreak or escalation of armed hostilities or other international or national calamity involving the United States or the declaration by the United States of a national emergency or war or a change in national or international financial, political or economic conditions, or (d) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities, condition (financial or otherwise), operations, results of operations or prospects of the Company and its subsidiaries taken as a whole.

"**<u>Person</u>**" means an individual, corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, estate, trust, government (or an agency or subdivision thereof) or other entity of any kind.

"**<u>Proceeding</u>**" means any action, claim, suit, proceeding or investigation (including a preliminary investigation or partial proceeding, such as a deposition) pending or, to the knowledge of the Company, to be threatened.

"**<u>Prospectus</u>**" means the prospectus included in a Registration Statement (including a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A, Rule 430B or Rule 430C promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

"**<u>Registrable Securities</u>**" means the Shares; *provided, however*, that Registrable Securities shall not include: (a) any Shares that have been registered under the Securities Act and disposed of pursuant to an effective Registration Statement or otherwise transferred to a Person who is not entitled to the registration and other rights hereunder; (b) any Shares that have been sold or transferred by the Holder thereof pursuant to Rule 144 (or any similar provision then in force under the Securities Act) and the transferee thereof does not receive "restricted securities" as defined in Rule 144; and (c) any Shares that cease to be outstanding (whether as a result of repurchase and cancellation, conversion or otherwise).

"**<u>Registration Statement</u>**" means a registration statement of the Company in the form required to register under the Securities Act and other applicable law for the resale of the Registrable Securities in accordance with the intended plan of distribution of each Holder included therein, and including any Prospectus, amendments and supplements to each such registration statement or Prospectus, including pre- and post-effective amendments (including a shelf takedown prospectus to the extent requested by an Existing NewCo Holder in connection with a Demand Request at a time that a Shelf Registration Statement, or other Registration Statement pursuant to which the applicable Registrable Securities may be offered on a continuous or delayed basis, is effective), all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

"**<u>Requested Underwritten Offering</u>**" has the meaning given to such term in <u>Section 2(c)</u>.

"**<u>Rule 144</u>**" means Rule 144 promulgated by the Commission pursuant to the Securities Act.

"**<u>Rule 405</u>**" means Rule 405 promulgated by the Commission pursuant to the Securities Act.

"**<u>Rule 415</u>**" means Rule 415 promulgated by the Commission pursuant to the Securities Act.

"**<u>Rule 424</u>**" means Rule 424 promulgated by the Commission pursuant to the Securities Act.

"**<u>Securities Act</u>**" means the Securities Act of 1933, as amended.

"**<u>Selling Expenses</u>**" means all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and fees and disbursements of counsel for any Holder.

"**<u>Shares</u>**" means the shares of Common Stock held by the Existing NewCo Holders and Investors as of the date hereof, and any other equity interests of the Company or equity interests in any successor of the Company issued in respect of such shares by reason of or in connection with any stock dividend, stock split, combination, reorganization, recapitalization, conversion to another type of entity or similar event involving a change in the capital structure of the Company.

"**<u>Shelf Registration Statement</u>**" means a Registration Statement of the Company filed with the Commission on Form S-3, or Form S-1 if Form S-3 is not available for use by the Company at such time (or any successor form or other appropriate form under the Securities Act) for an offering to be made on a continuous or delayed basis pursuant to Rule 415 (or any similar rule that may be adopted by the Commission) covering the Registrable Securities, as applicable.

"**<u>Suspension Period</u>**" has the meaning given to such term in Section 10(b).

"**<u>Trading Market</u>**" means the principal national securities exchange on which Registrable Securities are listed.

"**<u>Transfer</u>**" means any direct or indirect transfer, assignment, sale, gift, pledge, hypothecation or other encumbrance, or any other disposition (whether voluntary or involuntary or by operation of law), of Registrable Securities (or any interest (pecuniary or otherwise) therein or right thereto), including derivative or similar transactions or arrangements whereby a portion or all of the economic interest in, or risk of loss or opportunity for gain with respect to, Registrable Securities are transferred or shifted to another Person.

"**<u>Underwritten Offering</u>**" means an underwritten offering of Common Stock for cash (whether a Requested Underwritten Offering or in connection with a public offering of Common Stock by the Company, stockholders or both), excluding an offering relating solely to an employee benefit plan, an offering relating to a transaction on Form S-4 or S-8 or an offering on any registration statement form that does not permit secondary sales.

"**<u>Underwritten Offering Notice</u>**" has the meaning given to such term in Section 2(c).

"**<u>VWAP</u>**" means, as of a specified date and in respect of Registrable Securities, the volume weighted average price for such security on the Trading Market for the five trading days immediately preceding, but excluding, such date.

Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms; (b) references to Sections refer to sections of this Agreement; (c) the terms "include," "includes," "including" and words of like import shall be deemed to be followed by the words "without limitation"; (d) the terms "hereof," "hereto," "herein" or "hereunder" refer to this Agreement as a whole and not to any particular provision of this Agreement; (e) unless the context otherwise requires, the term "or" is not exclusive and shall have the inclusive meaning of "and/or"; (f) defined terms herein will apply equally to both the singular and plural forms and derivative forms of defined terms will have correlative meanings; (g) references to any law or statute shall include all rules and regulations promulgated thereunder, and references to any law or statute shall be construed as including any legal and statutory provisions consolidating, amending, succeeding or replacing the applicable law or statute; (h) references to any Person include such Person's successors and permitted assigns; and (i) references to "days" are to calendar days unless otherwise indicated.

2. **<u>Registration</u>**.

(a) <u>Initial Registration</u>

(i) At the expiration of the Lockup Period, the Company shall use its reasonable best efforts to file with the Commission a Registration Statement registering the offering and the sale of all the Registrable Securities held from time to time as permitted by Rule 415 on the terms and conditions specified in this <u>Section 2(a)</u> and shall use its reasonable best efforts to cause such Registration Statement to be declared effective as promptly as reasonably practicable after the initial filing thereof, but in no event later than 20 days following the filing deadline (the "**<u>Effectiveness Deadline</u>**"), *further provided*, that the Effectiveness Deadline shall be extended to 60 days after the filing deadline if the Registration Statement is reviewed by and receives comments from, the Commission and 90 days after the filing deadline if the Company is not then eligible to register for resale the Registrable Securities on Form S-3. The Registration Statement filed with the Commission pursuant to this <u>Section 2(a)(i)</u> shall be a shelf registration statement on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of such Registrable Securities, covering such Registrable Securities, and shall contain a Prospectus in such form as to permit the Holders to sell such Registrable Securities pursuant to Rule 415 at any time beginning on the effective date for such Registration Statement. A Registration Statement filed pursuant to this <u>Section 2(a)(i)</u> shall provide for the resale pursuant to any method or combination of methods legally available to, and reasonably requested prior to effectiveness by, the Parties. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to this <u>Section 2(a)(i)</u> to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable Securities held by the Parties until all such Registrable Securities have ceased to be Registrable Securities. When effective, a Registration Statement filed pursuant to this <u>Section 2(a)(i)</u> (including the documents incorporated therein by reference) will comply as to form in all material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus contained in such Registration Statement, in the light of the circumstances under which such statement is made) other than any untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement in reliance upon and in conformity with written information furnished to the Company by or on behalf of any Party specifically for use in the preparation thereof.

(b) <u>Demand Registration</u>.

(i) The Existing NewCo Holders shall have the option and right, exercisable by delivering a written notice to the Company (a "**<u>Demand Notice</u>**"), to require the Company to, pursuant to the terms of and subject to the limitations contained in this Agreement, prepare and file with the Commission a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Notice, which may include sales on a delayed or continuous basis pursuant to Rule 415 pursuant to a Shelf Registration Statement (a "**<u>Demand Registration</u>**"). The Demand Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Demand Registration and the intended methods of disposition thereof. Notwithstanding anything to the contrary herein, in no event shall the Company be required to effectuate a Demand Registration unless the dollar amount of the Registrable Securities of the Initiating Holder to be included therein is reasonably likely to result in gross sale proceeds of at least $25 million based on the VWAP (the "**<u>Minimum Amount</u>**") as of the date of the Demand Notice.

(ii) Within five Business Days (or if the Registration Statement will be a Shelf Registration Statement, within two Business Days) after the receipt of the Demand Notice, the Company shall give written notice of such Demand Notice to all Existing NewCo Holders and, within 30 days after receipt of the Demand Notice (except if the Company is not then eligible to register for resale the Registrable Securities on Form S-3, in which case, within 90 days thereof), shall, subject to the limitations of this <u>Section 2(a)</u>, file a Registration Statement in accordance with the terms and conditions of the Demand Notice, which Registration Statement shall cover all of the Registrable Securities that the Existing NewCo Holders shall in writing request to be included in the Demand Registration (such request to be given to the Company within three Business Days (or if the Registration Statement will be a Shelf Registration Statement, within one Business Day) after receipt of notice of the Demand Notice given by the Company pursuant to this <u>Section 2(b)(ii)</u>). The Company shall use reasonable best efforts to cause such Registration Statement to become and remain effective under the Securities Act until the earlier of (A) 180 days (or two years if a Shelf Registration Statement is requested) after the Effective Date or (B) the date on which all Registrable Securities covered by such Registration Statement have been sold (the "**<u>Effectiveness Period</u>**"); *provided*, *however*, that such period shall be extended for a period of time equal to the period the Holders refrain from selling any securities included in such Registration Statement at the request of an underwriter of the Company or the Company pursuant to this Agreement.

(iii) Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to effect (A) a Demand Registration within 90 days after the closing of any Underwritten Offering, and (B) a subsequent Demand Registration pursuant to a Demand Notice if a Registration Statement covering all securities held by Existing NewCo Holders shall have become and remains effective under the Securities Act and is sufficient to permit offers and sales of the number and type of shares of Common Stock held by Existing NewCo Holders on the terms and conditions specified in the Demand Notice in accordance with the intended timing and method or methods of distribution thereof specified in the Demand Notice. Subject to the foregoing sentence, following the date of this Agreement, the Existing NewCo Holders shall each be permitted to be the Initiating Holder for an unlimited number of Demand Registrations (including any demands for registration of the offer and sale of shares of Common Stock held by Existing NewCo Holders on Form S-3 (so long as the Company is eligible to use Form S-3)). No Demand Registration shall be deemed to have occurred for purposes of this <u>Section 2(b)(iii)</u> if the Registration Statement relating thereto does not become effective or is not maintained effective for its entire Effectiveness Period, in which case the Initiating Holder shall be entitled to an additional Demand Registration in lieu thereof. Further, a Demand Registration shall not constitute a Demand Registration of the Initiating Holder for purposes of this <u>Section 2(b)(iii)</u> if, as a result of <u>Section 2(b)(vi)(A)</u>, there is included in the Demand Registration less than the lesser of (i) the shares of Common Stock of the Existing NewCo Holders having a VWAP measured on the effective date of the related Registration Statement of $25 million and (ii) two-thirds of the number of Common Stock of the Existing NewCo Holder set forth in the applicable Demand Notice.

(iv) An Existing NewCo Holder may withdraw all or any portion of its Registrable Securities included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Registration Statement. Upon receipt of a notice from the Initiating Holder that the Initiating Holder is withdrawing an amount of its Registrable Securities from the Demand Registration such that the remaining amount of Registrable Securities of the Initiating Holder to be included in the Demand Registration is reasonably likely to result in gross sale proceeds below the Minimum Amount, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement. Such registration nonetheless shall be deemed a Demand Registration with respect to the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> unless (A) the Initiating Holder shall have paid or reimbursed the Company for its pro rata share of all reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with the withdrawn registration of such Registrable Securities (based on the number of securities the Initiating Holder sought to register, as compared to the total number of securities included in such Demand Registration) or (B) the withdrawal is made following the occurrence of a Material Adverse Change or pursuant to the Company's request for suspension pursuant to <u>Section 3(o)</u>.

(v) The Company may include in any such Demand Registration other Company Securities for sale for its own account or for the account of any other Person, subject to <u>Section 2(b)(vi)</u> and <u>Section 2(d)(iii)</u>.

(vi) In the case of a Demand Registration not being underwritten, if the Initiating Holder advises the Company that in its reasonable opinion the aggregate number of securities requested to be included exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Demand Registration only that number of securities that in the reasonable opinion of the Initiating Holder will not have such adverse effect, with such number to be allocated as follows: (A) first, pro-rata among all Holders (including the Initiating Holder) that have requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each such Holder; (B) second, if there remains availability for additional securities to be included in such Demand Registration, the Company; and (C) third, if there remains availability for additional securities to be included in such Demand Registration, any other holders entitled to participate in such Demand Registration, if applicable, based on the relative number of securities such holder is entitled to include in such Demand Registration.

(vii) The Company shall use its reasonable best efforts to qualify for registration on Form S-3. The Company shall use commercially reasonable efforts to refile the Shelf Registration Statement on Form S-3 and, if such form is not available, Form S-1 and keep such registration statement effective during the period during which such registration statement is required to be kept effective. Subject to the limitations contained in this Agreement, the Company shall effect any Demand Registration on such appropriate registration form of the Commission (A) as shall be selected by the Company and (B) as shall permit the disposition of the Registrable Securities in accordance with the intended method or methods of disposition specified in the Demand Notice. If at any time a Registration Statement on Form S-3 is effective and a Holder provides written notice to the Company that it intends to effect an offering of all or part of the Registrable Securities included on such Registration Statement, the Company will amend or supplement such Registration Statement as may be necessary in order to enable such offering to take place.

(viii) Without limiting <u>Section 3</u>, in connection with any Demand Registration pursuant to and in accordance with this <u>Section 2(a)</u>, the Company shall (A) promptly prepare and file or cause to be prepared and filed (1) such additional forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents, as may be necessary or advisable to register or qualify the securities subject to such Demand Registration, including under the securities laws of such jurisdictions as the Existing NewCo Holders shall reasonably request; *provided*, *however*, that no such qualification shall be required in any jurisdiction where, as a result thereof, the Company would become subject to general service of process or to taxation or qualification to do business in such jurisdiction solely as a result of registration and (2) such forms, amendments, supplements, prospectuses, certificates, letters, opinions and other documents as may be necessary to apply for listing or to list the Registrable Securities subject to such Demand Registration on the Trading Market and (B) do any and all other acts and things that may be reasonably necessary or appropriate or reasonably requested by the Existing NewCo Holders to enable the Existing NewCo Holders to consummate a public sale of such Registrable Securities in accordance with the intended timing and method or methods of distribution thereof.

(ix) In the event a Holder Transfers Registrable Securities included on a Registration Statement and such Registrable Securities remain Registrable Securities following such Transfer, at the request of such Holder, the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such transferee to offer and sell such Registrable Securities pursuant to such Registration Statement; *provided,* that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (A) such Registration Statement includes only Registrable Securities held by the Holder, Affiliates of the Holder or transferees of the Holder or (B) the Company has received written consent therefor from each Person for whom Registrable Securities have been registered on (but not yet sold under) such Registration Statement, other than the Holder, Affiliates of the Holder or transferees of the Holder.

(c) <u>Requested Underwritten Offering</u>. Any Existing NewCo Holder then able to effectuate a Demand Registration pursuant to the terms of <u>Section 2(a)</u> (or who has previously effectuated a Demand Registration pursuant to <u>Section 2(a)</u> but has not engaged in an Underwritten Offering in respect of such Demand Registration) shall have the option and right, exercisable by delivering written notice to the Company of its intention to distribute Registrable Securities by means of an Underwritten Offering (an "**<u>Underwritten Offering Notice</u>**"), to require the Company, pursuant to the terms of and subject to the limitations of this Agreement, to effectuate a distribution of any or all of its Registrable Securities by means of an Underwritten Offering pursuant to a new Demand Registration or pursuant to an effective Registration Statement covering such Registrable Securities (a "**<u>Requested Underwritten Offering</u>**"); *provided*, that the dollar amount of the Registrable Securities of such Initiating Holder requested to be included in such Requested Underwritten Offering is reasonably likely to result in gross sale proceeds at least equal to the Minimum Amount as of the date of such Underwritten Offering Notice. The Underwritten Offering Notice must set forth the number of Registrable Securities that the Initiating Holder intends to include in such Requested Underwritten Offering. The managing underwriter or managing underwriters of a Requested Underwritten Offering shall be designated by the Company; *provided*, *however*, that such designated managing underwriter or managing underwriters shall be reasonably acceptable to the Initiating Holder. Notwithstanding the foregoing, the Company is not obligated to effect a Requested Underwritten Offering within 90 days after the closing of an Underwritten Offering. Any Requested Underwritten Offering (other than the first Requested Underwritten Offering made in respect of a prior Demand Registration) shall constitute a Demand Registration of the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> (it being understood that if requested concurrently with a Demand Registration then, together, such Demand Registration and Requested Underwritten Offering shall count as one Demand Registration); *provided*, *however*, that a Requested Underwritten Offering shall not constitute a Demand Registration of the Initiating Holder for purposes of <u>Section 2(b)(iii)</u> if, as a result of <u>Section 2(d)(iii)(A)</u>, the Requested Underwritten Offering include less than the lesser of (i) Registrable Securities of the Initiating Holder having a VWAP measured on the effective date of the related Registration Statement of $10 million and (ii) two-thirds of the number of Registrable Securities the Initiating Holder set forth in the applicable Underwritten Offering Notice.

(d) <u>Piggyback Registration and Piggyback Underwritten Offering</u>.

(i) If the Company shall at any time propose to file a registration statement under the Securities Act with respect to an offering of Common Stock (other than a registration statement on Form S-4, Form S-8 or any successor forms thereto or filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan and other than a Demand Registration), whether or not for its own account, then the Company shall promptly notify all Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the registration statement will be a Shelf Registration Statement, at least two Business Days, before) the anticipated filing date (the "**<u>Piggyback Registration Notice</u>**"). The Piggyback Registration Notice shall offer Existing NewCo Holders the opportunity to include for registration in such registration statement the number of Registrable Securities as they may request in writing (a "**<u>Piggyback Registration</u>**"). The Company shall use commercially reasonable efforts to include in each such Piggyback Registration such Registrable Securities for which the Company has received written requests for inclusion therein ("**<u>Piggyback Registration Request</u>**") within three Business Days or, if the Piggyback Registration will be on a Shelf Registration Statement, within one Business Day, after sending the Piggyback Registration Notice. For the avoidance of doubt, the failure to receive such notice within the aforementioned timeframes shall result in a waiver of such Existing NewCo Holder's participation right. Each Existing NewCo Holder shall be permitted to withdraw all or part of such Holder's Registrable Securities from a Piggyback Registration by giving written notice to the Company of its request to withdraw; *provided*, that (A) such request must be made in writing prior to the effectiveness of such registration statement and (B) such withdrawal shall be irrevocable and, after making such withdrawal, a Holder shall no longer have any right to include Registrable Securities in the Piggyback Registration as to which such withdrawal was made. Any withdrawing Holder shall continue to have the right to include any Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of Common Stock, all upon the terms and conditions set forth herein.

(ii) If the Company shall at any time propose to conduct an Underwritten Offering (including a Requested Underwritten Offering), whether or not for its own account, then the Company shall promptly notify all Existing NewCo Holders of such proposal reasonably in advance of (and in any event at least five Business Days, except if the Underwritten Offering will be made pursuant to a Shelf Registration Statement, at least two Business Days, before) the commencement of the offering, which notice shall set forth the principal terms and conditions of the issuance, including the proposed offering price or range of offering prices (if known), the anticipated filing date of the related registration statement (if applicable) and the number of shares of Common Stock that are proposed to be registered (the "**<u>Underwritten Offering Piggyback Notice</u>**"). The Underwritten Offering Piggyback Notice shall offer Existing NewCo Holders the opportunity to include in such Underwritten Offering (and any related registration, if applicable) the number of Registrable Securities as they may request in writing (an "**<u>Underwritten Piggyback Offering</u>**"); *provided*, *however*, that in the event that the Company proposes to effectuate the subject Underwritten Offering pursuant to an effective Shelf Registration Statement other than an Automatic Shelf Registration Statement, only Registrable Securities of Existing NewCo Holders which are subject to an effective Shelf Registration Statement may be included in such Underwritten Piggyback Offering. The Company shall use commercially reasonable efforts to include in each such Underwritten Piggyback Offering such Registrable Securities for which the Company has received written requests for inclusion therein within three Business Days or, if such Underwritten Piggyback Offering will be made pursuant to a Shelf Registration Statement, within one Business Day after sending the Underwritten Offering Piggyback Notice. Each Existing NewCo Holder shall be permitted to withdraw all or part of such Existing NewCo Holder's Registrable Securities from an Underwritten Piggyback Offering at any time prior to the effectiveness of the applicable registration statement, and such Existing NewCo Holder shall continue to have the right to include any Registrable Securities in any subsequent Underwritten Offerings, all upon the terms and conditions set forth herein.

(iii) If the managing underwriter or managing underwriters of an Underwritten Offering advise the Company and the Existing NewCo Holders that in their reasonable opinion that the inclusion of all of the Existing NewCo Holders' Registrable Securities requested for inclusion in the subject Underwritten Offering (and any related registration, if applicable) (and any other Common Stock proposed to be included in such offering) exceeds the number that can be included without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the Company shall include in such Underwritten Offering (and any related registration, if applicable) only that number of shares of Common Stock proposed to be included in such Underwritten Offering (and any related registration, if applicable) that, in the reasonable opinion of the managing underwriter or managing underwriters, will not have such adverse effect, with such number to be allocated as follows: (A) in the case of a Requested Underwritten Offering, (1) first, pro-rata among all Existing NewCo Holders (including the Initiating Holder) that have requested to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Existing NewCo Holder, (2) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, the Company, and (3) third, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder; and (B) in the case of any other Underwritten Offerings, (x) first, to the Company, (y) second, if there remains availability for additional shares of Common Stock to be included in such Underwritten Offering, pro-rata among all Existing NewCo Holders desiring to include Registrable Securities in such Underwritten Offering based on the relative number of Registrable Securities then held by each such Existing NewCo Holder, and (z) third, if there remains availability for additional shares of Common Stock to be included in such registration, pro-rata among any other holders entitled to participate in such Underwritten Offering, if applicable, based on the relative number of shares of Common Stock then held by each such holder. If any Existing NewCo Holder disapproves of the terms of any such Underwritten Offering, such Existing NewCo Holder may elect to withdraw therefrom by written notice to the Company and the managing underwriter(s) delivered on or prior to the time of the pricing of such offering. Any Registrable Securities withdrawn from such underwriting shall be excluded and withdrawn from the registration.

(iv) The Company shall have the right to terminate or withdraw any registration initiated by it under this <u>Section 2(d)</u> at any time in its sole discretion whether or not any Existing NewCo Holder has elected to include Registrable Securities in such Registration Statement. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with <u>Section 7</u> hereof.

3. **<u>Registration and Underwritten Offering Procedures</u>**. The procedures to be followed by the Company and each Existing NewCo Holder electing to sell Registrable Securities in a Registration Statement pursuant to this Agreement, and the respective rights and obligations of the Company and such Existing NewCo Holders, with respect to the preparation, filing and effectiveness of such Registration Statement and the effectuation of any Underwritten Offering, are as follows:

(a) In connection with a Demand Registration, the Company will, at least three Business Days prior to the anticipated filing of the Registration Statement and any related Prospectus or any amendment or supplement thereto (other than, after effectiveness of the Registration Statement, any filing made under the Exchange Act that is incorporated by reference into the Registration Statement), (i) furnish to such Existing NewCo Holders copies of all such documents prior to filing and (ii) use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Existing NewCo Holders reasonably shall propose prior to the filing thereof.

(b) In connection with a Piggyback Registration, Underwritten Piggyback Offering or a Requested Underwritten Offering, the Company will, at least three Business Days (or in the case of a Shelf Registration Statement or an offering that will be made pursuant to a Shelf Registration Statement, at least one Business Day) prior to the anticipated filing of any initial Registration Statement that identifies the Existing NewCo Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Existing NewCo Holders and provide information with respect thereto), as applicable, furnish to such Existing NewCo Holders copies of any such Registration Statement or related Prospectus or amendment or supplement thereto that identify the Existing NewCo Holders and any related Prospectus or any amendment or supplement thereto (other than amendments and supplements that do not materially alter the previous disclosure or do nothing more than name Existing NewCo Holders and provide information with respect thereto). The Company will also use commercially reasonable efforts to address in each such document when so filed with the Commission such comments as such Existing NewCo Holders reasonably shall propose prior to the filing thereof.

(c) The Company will use commercially reasonable efforts to, as promptly as reasonably practicable, (i) prepare and file with the Commission such amendments (including post-effective amendments, and supplements to each Registration Statement and the Prospectus used in connection therewith) as may be necessary under applicable law to keep such Registration Statement continuously effective with respect to the disposition of all Registrable Securities covered thereby for its Effectiveness Period and, subject to the limitations contained in this Agreement, prepare and file with the Commission such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities held by the Existing NewCo Holders, (ii) cause the related Prospectus to be amended or supplemented by any required prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424, and (iii) respond to any comments received from the Commission with respect to each Registration Statement or any amendment thereto and, as promptly as reasonably practicable, provide such Existing NewCo Holders true and complete copies of all correspondence from and to the Commission relating to such Registration Statement that pertains to such Existing NewCo Holders as selling stockholders but not any comments that would result in the disclosure to such Existing NewCo Holders of material and non-public information concerning the Company.

(d) The Company will comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the Registration Statements and the disposition of all Registrable Securities covered by each Registration Statement.

(e) The Company will notify such Existing NewCo Holders who are included in a Registration Statement as promptly as reasonably practicable: (i)(A) when a Prospectus or any prospectus supplement or post-effective amendment to a Registration Statement in which such Existing NewCo Holder is included has been filed; (B) when the Commission notifies the Company whether there will be a "review" of the applicable Registration Statement and whenever the Commission comments in writing on such Registration Statement (in which case the Company shall provide true and complete copies thereof and all written responses thereto to each of such Existing NewCo Holders that pertain to such Existing NewCo Holders as selling stockholders); and (C) with respect to each applicable Registration Statement or any post-effective amendment thereto, when the same has been declared effective; (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to such Registration Statement or Prospectus or for additional information that pertains to such Existing NewCo Holders as sellers of Registrable Securities; (iii) of the issuance by the Commission of any stop order suspending the effectiveness of such Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any Proceeding for such purpose; and (v) of the occurrence of any event or passage of time that makes any statement made in such Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to such Registration Statement, Prospectus or other documents so that, in the case of such Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, that no notice by the Company shall be required pursuant to this <u>clause (v)</u> in the event that the Company either promptly files a prospectus supplement to update the Prospectus or a Current Report on Form 8-K or other appropriate Exchange Act report that is incorporated by reference into the Registration Statement, which, in either case, contains the requisite information that results in such Registration Statement no longer containing any untrue statement of material fact or omitting to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(f) The Company will use commercially reasonable efforts to avoid the issuance of or, if issued, obtain the withdrawal of (i) any order suspending the effectiveness of a Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction, as promptly as reasonably practicable, or if any such order or suspension is made effective during any Blackout Period or Suspension Period, as promptly as reasonably practicable after such Blackout Period or Suspension Period is over.

(g) During the Effectiveness Period, the Company will furnish to each such Existing NewCo Holder, without charge, at least one conformed copy of each Registration Statement and each amendment thereto and all exhibits to the extent requested by such Existing NewCo Holder (including those incorporated by reference) promptly after the filing of such documents with the Commission; *provided*, that the Company will not have any obligation to provide any document pursuant to this <u>clause (g)</u> that is available on the Commission's EDGAR system.

(h) The Company will promptly deliver to each Holder, without charge, as many copies of each Prospectus or Prospectuses (including each form of prospectus) authorized by the Company for use and each amendment or supplement thereto as such Existing NewCo Holder may reasonably request during the Effectiveness Period. Subject to the terms of this Agreement, including <u>Section 10(b)</u>, the Company consents to the use of such Prospectus and each amendment or supplement thereto by each of the selling Existing NewCo Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto.

(i) The Company will cooperate with such Existing NewCo Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free of all restrictive legends indicating that the Registrable Securities are unregistered or unqualified for resale under the Securities Act, Exchange Act or other applicable securities laws, and to enable such Registrable Securities to be in such denominations and registered in such names as any such Holder may request in writing. In connection therewith, if required by the Company's transfer agent, the Company will promptly, after the Effective Date of the Registration Statement, cause an opinion of counsel as to the effectiveness of the Registration Statement to be delivered to and maintained with its transfer agent, together with any other authorizations, certificates and directions required by the transfer agent which authorize and direct the transfer agent to issue such Registrable Securities without any such legend upon sale by the Holder of such Registrable Securities under the Registration Statement.

(j) Upon the occurrence of any event contemplated by <u>Section 3(e)(v)</u>, as promptly as reasonably practicable, the Company will prepare a supplement or amendment, including a post-effective amendment, if required by applicable law, to the affected Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, no Registration Statement nor any Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(k) With respect to Underwritten Offerings, (i) the right of any Holder to include such Holder's Registrable Securities in an Underwritten Offering shall be conditioned upon such Holder's participation in such underwriting and the inclusion of such Holder's Registrable Securities in the underwriting to the extent provided herein, (ii) each Holder participating in such Underwritten Offering agrees to enter into an underwriting agreement in customary form and sell such Holder's Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled to select the managing underwriter or managing underwriters hereunder and (iii) each Holder participating in such Underwritten Offering agrees to complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents customarily and reasonably required under the terms of such underwriting arrangements. The Company hereby agrees with each Holder that, in connection with any Underwritten Offering in accordance with the terms hereof, it will negotiate in good faith and execute all indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements, including using all commercially reasonable efforts to procure customary legal opinions, auditor "comfort" letters and reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company included in the Registration Statement if the Company has had its reserves prepared, audited or reviewed by an independent petroleum engineer.

(l) For a reasonable period prior to the filing of any Registration Statement and throughout the Effectiveness Period, the Company will make available, upon reasonable notice at the Company's principal place of business or such other reasonable place, for inspection during normal business hours by a representative or representatives of the selling Holders, the managing underwriter or managing underwriters and any attorneys or accountants retained by such selling Holders or underwriters, all such financial and other information and books and records of the Company, and cause the officers, employees, counsel and independent certified public accountants of the Company to respond to such inquiries, as shall be reasonably necessary (and in the case of counsel, not violate an attorney-client privilege in such counsel's reasonable belief) to conduct a reasonable investigation within the meaning of Section 11 of the Securities Act; *provided*, *however*, that any information that is not generally publicly available at the time of delivery of such information shall be kept confidential by such Persons unless disclosure of such information is required by court or administrative order or, in the opinion of counsel to such Person, law, in which case, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and, if requested by the Company, assist the Company in seeking to prevent or limit the proposed disclosure.

(m) In connection with any Requested Underwritten Offering, the Company will use commercially reasonable efforts to cause appropriate officers and employees to be available, on a customary basis and upon reasonable notice, to meet with prospective investors in presentations, meetings and road shows.

(n) Each Holder agrees to furnish to the Company any other information regarding the Holder and the distribution of such securities as the Company reasonably determines is required to be included in any Registration Statement or any Prospectus or prospectus supplement relating to an Underwritten Offering.

(o) Notwithstanding any other provision of this Agreement, the Company shall not be required to file a Registration Statement (or any amendment thereto) or effect a Requested Underwritten Offering (or, if the Company has filed a Shelf Registration Statement and has included Registrable Securities therein, the Company shall be entitled to suspend the offer and sale of Registrable Securities pursuant to such Registration Statement) for a period of up to 60 days if (i) the Board determines that a postponement is in the best interest of the Company and its stockholders generally due to a pending transaction involving the Company (including a pending securities offering by the Company), (ii) the Board determines such registration would render the Company unable to comply with applicable securities laws or (iii) the Board determines such registration would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a "**<u>Blackout Period</u>**"); *provided*, *however*, that in no event shall any Blackout Period together with any Suspension Period exceed an aggregate of 120 days in any 12-month period.

(p) In connection with an Underwritten Offering, the Company shall use all commercially reasonable efforts to provide to each Holder named as a selling securityholder in any Registration Statement a copy of any auditor "comfort" letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company, in each case that have been provided to the managing underwriter or managing underwriters in connection with the Underwritten Offering, not later than the Business Day prior to the effective date of such Registration Statement.

4. **<u>Standstill</u>**. At any time that the Company is engaged in an Underwritten Offering of its securities (on its own behalf, on behalf of selling Holders or both), no Holder participating in such Underwritten Offering will Transfer any Registrable Securities on any securities exchange or in the over-the-counter or any other public trading market for whatever period of time the Company (upon the recommendation of its underwriters) requests by written notice to the Holder; *provided*, *however*, that (excluding the Company's initial public offering) such request shall not

be for a period extending longer than 90 days after the later of (a) the effective date of the registration statement relating to such Underwritten Offering, and (b) the date of the underwriting agreement relating to such Underwritten Offering, and this <u>Section 4</u> shall not limit any Holder's right to include Registrable Securities in any such Underwritten Offering pursuant to any demand or piggyback registration rights, as applicable, that any Holder may have pursuant to this Agreement.

5. **<u>Merger Lockup Period</u>**. Consistent with the provisions of the Merger Agreement, dated as of May 12, 2025, entered into by and among the Company, Kindly Holdco Corp, a Delaware corporation and a wholly owned subsidiary of Public Company (the "<u>Merger Sub</u>"), NewCo, and majority stockholders of the Company (the "**<u>Merger Agreement</u>**"), notwithstanding anything in his Agreement to the contrary, the Schlumberger Parties shall not be entitled to the registration rights and other rights conferred by this Agreement until following the expiration of the Lockup Period.

6. **<u>No Inconsistent Agreements; Additional Rights</u>**. The Company shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities that is inconsistent in any material respect with the rights granted to the Holders by this Agreement.

7. **<u>Registration Expenses</u>**. All Registration Expenses incident to the Parties' performance of or compliance with their respective obligations under this Agreement or otherwise in connection with any Demand Registration, Requested Underwritten Offering, Piggyback Registration or Underwritten Piggyback Offering (in each case, excluding any Selling Expenses) shall be borne by the Company, whether or not any Registrable Securities are sold pursuant to a Registration Statement. "**<u>Registration Expenses</u>**" shall include, without limitation, (a) all registration and filing fees (including fees and expenses (i) with respect to filings required to be made with the Trading Market and (ii) in compliance with applicable state securities or "Blue Sky" laws), (b) printing expenses (including expenses of printing certificates for Company Securities and of printing Prospectuses if the printing of Prospectuses is reasonably requested by a Holder of Registrable Securities included in the Registration Statement), (c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel, auditors, accountants and independent petroleum engineers for the Company, (e) Securities Act liability insurance, if the Company so desires such insurance, (f) fees and expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement and (g) all expenses relating to marketing the sale of the Registrable Securities, including expenses related to conducting a "road show." In addition, the Company shall be responsible for all of its expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including expenses payable to third parties and including all salaries and expenses of their officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on the Trading Market.

8. **<u>Indemnification</u>**.

(a) The Company shall indemnify and hold harmless each Holder, its Affiliates and each of their respective direct and indirect partners (including partners of partners and stockholders and members of partners), members, stockholders, officers, directors, employees and any agent thereof (collectively, "**<u>Holder Indemnified Persons</u>**"), to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, joint or several, costs (including, without limitation, reasonable costs of preparation and reasonable attorneys' fees of a single counsel representing all Holder Indemnified Persons or, if the representation of all Holder Indemnified Persons by the same counsel would be inappropriate under applicable standards of professional conduct, then as many counsel as may be needed under such standards of professional conduct to represent all Holder Indemnified Persons) and expenses, judgments, taxes, fines, penalties, diminution in value, interest, settlements or other amounts of any kind or nature whatsoever (including all amounts paid in investigation, defense or settlement of the foregoing and consequential damages) arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any Holder Indemnified Person may be involved, or is threatened to be involved, as a party or otherwise, under the Securities Act or otherwise (collectively, "**<u>Losses</u>**"), as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which any Registrable Securities were registered, in any preliminary prospectus (if the Company authorized the use of such preliminary prospectus prior to the Effective Date), or in any summary or final prospectus or free writing prospectus (if such free writing prospectus was authorized for use by the Company) or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading; *provided*, *however*, that the Company shall not be liable to any Holder Indemnified Person to the extent that any such claim arises out of, is based upon or results from an untrue or alleged untrue statement or omission or alleged omission made in such Registration Statement, such preliminary, summary or final prospectus or free writing prospectus or such amendment or supplement, in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Holder Indemnified Person or any underwriter specifically for use in the preparation thereof. The Company shall notify the Holders promptly of the institution, threat or assertion of any Proceeding of which the Company is aware in connection with the transactions contemplated by this Agreement. This indemnity shall be in addition to any liability the Company may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder Indemnified Person or any indemnified party and shall survive the transfer of such securities by such Holder. Notwithstanding anything to the contrary herein, this <u>Section 8</u> shall survive any termination or expiration of this Agreement indefinitely.

(b) In connection with any Registration Statement in which a Holder participates, such Holder shall, severally and not jointly, indemnify and hold harmless the Company, its Affiliates and each of their respective officers, directors and any agent thereof, to the fullest extent permitted by applicable law, from and against any and all Losses as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in any such Registration Statement, in any preliminary prospectus (if used prior to the Effective Date of such Registration Statement), or in any summary or final prospectus or free writing prospectus or in any amendment or supplement thereto (if used during the period the Company is required to keep the Registration Statement current), or arising out of, based upon or resulting from the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances in which they were made, not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to the Holder furnished in writing to the Company by such Holder for use therein. This indemnity shall be in addition to any liability such Holder may otherwise have and shall remain in full force and effect regardless of any investigation made by or on behalf of the Company or any indemnified party. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds received by such Holder from the sale of the Registrable Securities giving rise to such indemnification obligation.

(c) Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim or there may be reasonable defenses available to the indemnified party that are different from or additional to those available to the indemnifying party, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent will not be unreasonably withheld). Failure to give prompt written notice to an indemnifying party pursuant to this <u>clause (c)</u> shall not release the indemnifying party from its obligations hereunder.

(d) If the indemnification provided for in this <u>Section 8</u> is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any Losses referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Holders, or (ii) if the allocation provided by <u>clause (i)</u> above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in <u>clause (i)</u> above but also the relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, in connection with the untrue or alleged untrue statement of a material fact or the omission to state a material fact that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; *provided*, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder.

9. **<u>Facilitation of Sales Pursuant to Rule 144</u>**. To the extent it shall be required to do so under the Exchange Act, the Company shall timely file the reports required to be filed by it under the Exchange Act or the Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144), and shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144. Upon the request of any Holder in connection with a sale of such Holder's Registrable Securities pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

10. **<u>Miscellaneous</u>**.

(a) <u>Remedies</u>. In the event of actual or potential breach by the Company of any of its obligations under this Agreement, each Holder, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The Company agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and further agrees that, in the event of any action for specific performance in respect of such breach, it shall waive the defense that a remedy at law would be adequate.

(b) <u>Discontinued Disposition</u>. Each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in <u>clauses (ii)</u> through <u>(v)</u> of <u>Section 3(e)</u>, such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until such Holder's receipt of the copies of the supplemental Prospectus or amended Registration Statement as contemplated by <u>Section 3(j)</u> or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement (a "**<u>Suspension Period</u>**"). The Company may provide appropriate stop orders to enforce the provisions of this <u>Section 10(b)</u>.

(c) <u>Amendments and Waivers</u>. No provision of this Agreement may be waived or amended except in a written instrument signed by the Company and Holders that hold a majority of the Registrable Securities as of the date of such waiver or amendment; *<u>provided</u>*, that any waiver or amendment that would have a disproportionate adverse effect on a Holder relative to the other Holders shall require the consent of such Holder. The Company shall provide prior notice to all Holders of any proposed waiver or amendment. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any Party to exercise any right hereunder in any manner impair the exercise of any such right.

(d) <u>Notices</u>. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via electronic mail as specified in this <u>Section 10(d)</u> prior to 5:00 p.m. in the time zone of the receiving party on any Business Day, (ii) the Business Day after the date of transmission, if such notice or communication is delivered via electronic mail as specified in this Agreement later than 5:00 p.m. in the time zone of the receiving party on any date, (iii) the Business Day following the date of mailing, if sent by nationally recognized overnight courier service or (iv) upon actual receipt by the Party to whom such notice is required to be given. The address for such notices and communications shall be as follows:

---

| | |
|:---|:---|
| If to the Company: | Kindly MD, Inc. |
|  | Attention: Tim Pickett |
|  | 5097 South 900 East |
|  | STE #100<br> SLC, Utah 84117 |
|  | E-mail: [\*\*\*] |
|  | With copy to: |
|  | Brunson Chandler & Jones, PLLC |
|  | Attention: Callie Tempest Jones<br> 175 South Main Street<br> Suite 1410<br> Salt Lake City, UT 84111 |
|  | E-mail: callie@bcjlaw.com |
| If to any Person who is then the registered Holder: | To the address of such Holder as indicated on the signature page of this Agreement or, if different, as it appears in the applicable register for the Registrable Securities or as may be designated in writing by such Holder in accordance with this Section 10(d). |

---

(e) <u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, executors, administrators, successors, legal representatives and permitted assigns. Except as provided in this <u>Section 10(e)</u>, this Agreement, and any rights or obligations hereunder, may not be assigned without the prior written consent of the Company and the Holders. Notwithstanding anything in the foregoing to the contrary, the rights of a Holder pursuant to this Agreement with respect to all or any portion of its Registrable Securities may be assigned without such consent (but only with all related obligations) with respect to such Registrable Securities (and any Registrable Securities issued as a dividend or other distribution with respect to, in exchange for or in replacement of such Registrable Securities) by such Holder to a transferee of such Registrable Securities; *provided* (i) the Company is, within a reasonable time after such Transfer, furnished with written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms set forth in this Agreement. The Company may not assign its rights or obligations hereunder without the prior written consent of the Holders.

(f) <u>No Third Party Beneficiaries</u>. Nothing in this Agreement, whether express or implied, shall be construed to give any Person, other than the parties hereto or their respective successors and permitted assigns, any legal or equitable right, remedy, claim or benefit under or in respect of this Agreement.

(g) <u>Execution and Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same Agreement. In the event that any signature is delivered by electronic mail, such signature shall create a valid binding obligation of the Party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such signature delivered by electronic mail were the original thereof.

(h) <u>Governing Law; Consent to Jurisdiction; Waiver of Jury Trial</u>. This Agreement shall be governed by, and construed in accordance with, the internal laws of the State of Delaware. Each of the Parties irrevocably submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States District Court for the District of Delaware and the appellate courts therefrom for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereby. Service of process in connection with any such suit, action or proceeding may be served on each Party anywhere in the world by the same methods as are specified for the giving of notices under this Agreement. Each of the Parties irrevocably waives any objection to the laying of venue of any such suit, action or proceeding brought in such courts and irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HEREBY WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED SPECIFICALLY AS TO THIS WAIVER.

(i) <u>Cumulative Remedies</u>. The remedies provided herein are cumulative and not exclusive of any remedies provided by law.

(j) <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the Parties that they would have executed the remaining terms, provisions, covenants and restrictions of this Agreement without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

(k) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior contracts or agreements with respect to the subject matter hereof and the matters addressed or governed hereby, whether oral or written.

(l) <u>Termination</u>. Except for <u>Section 8</u>, this Agreement shall terminate as to any Holder, when all Registrable Securities held by such Holder no longer constitute Registrable Securities.

[*Signature pages follow*.]

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **KINDLY MD, INC.** | **KINDLY MD, INC.** |
| By: | /s/ Tim Pickett |
| Name: | Tim Pickett |
| Title: | Chief Executive Officer |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **NEWCO:** | **NEWCO:** |
| **NAKAMOTO HOLDINGS, INC.** | **NAKAMOTO HOLDINGS, INC.** |
| By: | /s/ Didier Lewis |
| Name: | Didier Lewis |
| Title: | President |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | /s/ David Bailey |
| Name: | David Bailey |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | <u>/s/ Didier Lewis</u> |
| Name: | Didier Lewis |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | <u>/s/ Andrew Creighton</u> |
| Name: | Andrew Creighton |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | <u>/s/ John Christovich</u> |
| Name: | John Christovich |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | <u>/s/ Tyler Evans</u> |
| Name: | Tyler Evans |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first written above.

---

| | |
|:---|:---|
| **HOLDERS:** | **HOLDERS:** |
| By: | <u>/s/ Brandon Green</u> |
| Name: | Brandon Green |
| Address for notice: | Address for notice: |
| **[\*\*\*]** | **[\*\*\*]** |

---

**SCHEDULE I** 

**EXISTING HOLDERS**

## Exhibit 10.2

**Exhibit 10.2**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of <br> Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**<u>ASSIGNMENT AND ASSUMPTION AGREEMENT WITH NOVATION</u>**

This Assignment and Assumption Agreement with Novation ("<u>Agreement</u>") dated as of August 14, 2025 ("<u>Effective Date</u>"), is entered into by and among Nakamoto Holdings Inc., a Delaware corporation ("<u>Merger Partner</u>"), Kindly MD, Inc., a Utah corporation ("<u>Public Company</u>"), and BTC INC., a Delaware corporation ("<u>BTC</u>").

WHEREAS, Merger Partner and Public Company are each a party to that certain Agreement and Plan of Merger (the "<u>Merger Agreement</u>"), dated as of May 12, 2025, pursuant to which Kindly HoldCo Corp., a Delaware corporation and a direct, and wholly owned subsidiary of Public Company will merge with and into Merger Partner (the "<u>Merger</u>") with Merger Partner surviving the Merger;

WHEREAS, Merger Partner desires to assign to Public Company all of its rights and to delegate to Public Company all of its obligations under that certain marketing agreement, dated as of May 12, 2025 by and between Merger Partner and BTC (the "<u>Assigned Contract</u>");

WHEREAS, Public Company desires to accept such assignment of rights and delegation of obligations under the Assigned Contract;

WHEREAS, BTC desires to release Merger Partner from its obligations under the Assigned Contract and substitute Public Company as a party to the Assigned Contract in Merger Partner's place; and

NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set out herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. <u>Assignment and Assumption</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Assignment</u>. Merger Partner irrevocably sells, assigns, grants, conveys, and transfers to Public Company all of Merger Partner's right, title, and interest in and to the Assigned Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Assumption</u>. Subject to <u>Section 1.3</u>, Public Company accepts such assignment and assumes all of Merger Partner's duties, liabilities, and obligations under the Assigned Contract, and agrees to pay, perform, and discharge, as and when due, all of the obligations of Merger Partner under the Assigned Contract accruing on and after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Assigned Contract Terms</u>. Public Company agrees to assume Merger Partner's obligations under the Assigned Contract, and BTC agrees to substitute Merger Partner with Public Company under the Assigned Contract, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All references to "NewCo Class A Common Stock" in the Assigned Contract shall be read to refer to the common stock of Public Company, par value $0.001 per share ("<u>Public Company Common Stock</u>") pursuant to the reclassification of common stock of Public Company as set forth in the Second Amended & Restated Charter of Public Company, in effect prior to the effective time of the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The per share price of Public Company Common Stock to be issued to Sellers (as defined in the Assigned Contract) shall be equal to the price per share of Public Company Common Stock issued to certain investors in a private placement (the "<u>PIPE Price Per Share</u>") pursuant to the Subscription Agreements by and between such investors and Public Company, dated as of May 12, 2025, entered into in connection with the Merger Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All references to "Call Consideration" in the Assigned Contract shall be read to refer to the aggregate consideration to be received by the Sellers upon exercise of the "Call Right" (as defined in the Assigned Contract), with such consideration to be equal to a number of shares of Public Company Common Stock equal to the quotient obtained by dividing (i) the "BTC Valuation" (as defined in the Assigned Contract) by (ii) the PIPE Price Per Share; provided however, in no event shall the Call Consideration exceed 600,000,000 shares of Public Company Common Stock (subject to adjustments for stock splits, recapitalizations, and other similar transactions); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All references to "Put Consideration" in the Assigned Contract shall be read to refer to the aggregate consideration to be received by the Sellers upon exercise of the "Put Right" (as defined in the Assigned Contract), with such consideration to be equal to a number of shares of Public Company Common Stock equal to the quotient obtained by dividing (i) the BTC Valuation by (ii) the PIPE Price Per Share; provided however, in no event shall the Put Consideration exceed 600,000,000 shares of Public Company Common Stock (subject to adjustments for stock splits, recapitalizations, and other similar transactions).

2. <u>Novation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Despite anything to the contrary in the Assigned Contract, BTC releases and forever discharges Merger Partner, as well as its shareholders, directors, officers, employees, agents, and representatives, from all further obligations arising under the Assigned Contract, and from all manner of actions, causes of action, suits, debts, damages, expenses, claims, and demands whatsoever that BTC has or may have against any of the foregoing persons, arising out of or in any way connected to performance under the Assigned Contract on and after the Effective Date. For avoidance of doubt, except as provided in <u>Section 2.2</u>, nothing herein affects any rights, liabilities, or obligations of BTC or Merger Partner arising before the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Despite anything to the contrary in the Assigned Contract, Merger Partner releases and forever discharges BTC, as well as its shareholders, directors, officers, employees, agents, and representatives, from all further obligations arising under the Assigned Contract, and from all manner of actions, causes of action, suits, debts, damages, expenses, claims and demands whatsoever that Merger Partner has or may have against any of the foregoing persons, arising out of or in any way connected to performance under the Assigned Contract on and after the Effective Date. For avoidance of doubt, except as provided in <u>Section 2.2</u>, nothing herein affects any rights, liabilities, or obligations of BTC or Merger Partner arising before the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Substitution</u>. The parties intend that this Agreement is a novation and that the Public Company be substituted for the Merger Partner. BTC recognizes Public Company as Merger Partner's successor-in-interest in and to the Assigned Contract. Public Company by this Agreement becomes entitled to all right, title, and interest of Merger Partner in and to the Assigned Contract in as much as Public Company is the substituted party to the Assigned Contract as of and after the Effective Date. BTC and Public Company shall be bound by the terms of the Assigned Contract in every way as if Public Company is named in the novated Assigned Contract in place of Merger Partner as a party thereto. Merger Partner represents and warrants that there is no payment or other liability of Merger Partner to BTC under the Assigned Contract that has accrued and remains outstanding as of the Effective Date, which on the Effective Date, Public Company and BTC agree becomes the sole responsibility of Public Company and not of Merger Partner (whether or not such amounts were incurred before or after the Effective Date).

3. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Merger Partner's Representations and Warranties</u>. Merger Partner represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized, validly existing, and in good standing under the laws of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has the full right, corporate power, and authority to enter into this Agreement and to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has taken all necessary corporate action to authorize the execution of this Agreement by its representative whose signature is set out at the end hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Its execution, delivery, and performance of this Agreement will not violate, conflict with, require consent under, or result in any breach or default under the provisions of any contract or agreement to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When executed and delivered by it, this Agreement will constitute the legal, valid, and binding obligation of Merger Partner, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It is the sole legal and beneficial owner of the all the rights under the Assigned Contract on the Effective Date, free and clear of any lien, security interest, charge, or encumbrance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Assigned Contract have not been amended or modified as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Assigned Contract are in full force and effect on the Effective Date. No event or condition has occurred that is an event of default or termination under the Assigned Contract. There are no material disputes pending or threatened related to any rights or obligations transferred by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It has performed all of its obligations under the Assigned Contract that are required to be performed on or before the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Public Company's Representations and Warranties</u>. Public Company represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized, validly existing, and in good standing under the laws of Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is qualified and licensed to do business and in good standing in every jurisdiction where such qualification and licensing is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has the full right, corporate power, and authority to enter into this Agreement and to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has taken all necessary corporate action to authorize the execution of this Agreement by its representative whose signature is set out at the end hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) When executed and delivered by it, this Agreement will constitute the legal, valid, and binding obligation of Public Company, enforceable against it in accordance with its terms.

4. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Mutual Indemnification</u>. Subject to the terms and conditions set out in <u>Section 4.2</u>, Merger Partner and Public Company (as "**Indemnifying Party**") shall indemnify, hold harmless, and defend each other and their respective officers, directors, employees, agents, affiliates, successors and permitted assigns (collectively, "**Indemnified Party**") against any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs, or expenses of whatever kind, including reasonable attorney fees, that are incurred by Indemnified Party (collectively, "**Losses**"), arising out of or resulting from any third-party claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding, litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or other, whether at law, in equity or otherwise ("**Claim**") or any direct Claim against Indemnifying Party alleging:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a material breach or non-fulfillment of any material representation, warranty, or covenant under this Agreement by Indemnifying Party or its representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any grossly negligent or more culpable act or omission of Indemnifying Party or any of its representatives (including any reckless or willful misconduct) in connection with the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any failure by Indemnifying Party to materially comply with any applicable federal, state, or local laws, regulations, or codes in the performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Exceptions and Limitations on Indemnification</u>. Despite anything to the contrary in this Agreement, Indemnifying Party is not obligated to indemnify or defend Indemnified Party against any Claim if such Claim or the corresponding Losses arise out of or result from, in whole or in part, Indemnified Party's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gross negligence or more culpable act or omission (including recklessness or willful misconduct); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Bad faith or failure to comply with any of its material obligations set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Sole Remedy</u>. THIS <u>SECTION 4</u> SETS FORTH THE ENTIRE LIABILITY AND OBLIGATION OF THE INDEMNIFYING PARTY AND THE SOLE AND EXCLUSIVE REMEDY FOR THE INDEMNIFIED PARTY FOR ANY LOSSES COVERED UNDER <u>SECTION 4</u>.

5. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Further Assurances</u>. On the other party's reasonable request, each party shall, at its sole cost and expense, execute and deliver all such further documents and instruments, and take all such further acts, necessary to give full effect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Notices</u>. Each party shall deliver all notices, requests, consents, claims, demands, waivers, and other communications under this Agreement (each, a "**Notice**") in writing and addressed to the other party at its address set out below (or to such other address that the receiving party may designate from time to time in accordance with this section). Each party shall deliver all Notices by personal delivery, nationally recognized overnight courier (with all fees pre-paid), or email (with confirmation of transmission), or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only (a) on receipt by the receiving party, and (b) if the party giving the Notice has complied with the requirements of this <u>Section 5.2</u>.

---

| | |
|:---|:---|
| **Notice to Merger Partner:** | [\*\*\*] |
|  | Email: [\*\*\*] |
|  | Attention: Didier Lewis, President |
| *with a copy (which shall not constitute Notice) to:* | Reed Smith LLP |
|  | 200 South Biscayne Boulevard |
|  | Suite 2600 |
|  | Miami, FL 33131 |
|  | Attention: Constantine Karides |
|  | Email: CKarides@ReedSmith.com |
| **Notice to Public Company:** | 5097 South 900 |
|  | East Suite 100 |
|  | Salt Lake City, UT 84117 |
|  | Email: [\*\*\*] |
|  | Attention: Tim Pickett, Chief Executive Officer |
| *with a copy (which shall not constitute Notice) to:* | Brunson Chandler & Jones, PLLC |
|  | 175 South Main Street |
|  | Suite 1410 |
|  | Salt Lake City, UT 84111 |
|  | Attention: Callie Tempest Jones |
|  | Email: callie@bcjlaw.com |
| **Notice to BTC:** | [\*\*\*] |
|  | Email: [\*\*\*] |
|  | Attention: David Bailey, Chief Executive Officer |
| *with a copy (which shall not constitute Notice) to:* | Reed Smith LLP |
|  | 200 South Biscayne Boulevard |
|  | Suite 2600 |
|  | Miami, FL 33131 |
|  | Attention: Constantine Karides |
|  | Email: CKarides@ReedSmith.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Interpretation</u>. For purposes of this Agreement: (a) the words "include," "includes," and "including" are deemed to be followed by the words "without limitation"; (b) the word "or" is not exclusive; and (c) the words "herein," "hereof," "hereby," "hereto," and "hereunder" refer to this Agreement as a whole. Unless the context otherwise requires, references in this Agreement: (x) to sections, schedules, and exhibits mean the sections of, and schedules and exhibits attached to, this Agreement; (y) to an agreement, instrument, or other document means such agreement, instrument, or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. The parties drafted this Agreement without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The schedules and exhibits referred to herein are an integral part of this Agreement to the same extent as if they were set out verbatim herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Headings</u>. The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability does not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. On such determination that any term or other provision is invalid, illegal, or unenforceable, the parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Entire Agreement.</u> This Agreement, together with all related exhibits and schedules, is the sole and entire agreement of the parties to this Agreement regarding the subject matter contained herein and therein, and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, regarding such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 <u>Amendment and Modification</u>. No amendment to or rescission, termination, or discharge of this Agreement is effective unless it is in writing, identified as an amendment to or rescission, termination, or discharge of this Agreement and signed by an authorized representative of each party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8 <u>Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No waiver under this Agreement is effective unless it is in writing and signed by the party waiving its right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any waiver authorized on one occasion is effective only in that instance and only for the purpose stated, and does not operate as a waiver on any future occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the following is a waiver or estoppel of any right, remedy, power, privilege, or condition arising from this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure or delay in exercising any right, remedy, power, or privilege or in enforcing any condition
under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any act, omission, or course of dealing between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9 <u>Cumulative Remedies</u>. All rights and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by a party of any right or remedy does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by statute, in any other agreement between the parties or otherwise. Despite the previous sentence, the parties intend that Indemnified Party's rights under <u>Section 4</u> are its exclusive remedies for the events specified therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 <u>Equitable Remedies</u>. Each of Merger Partner and Public Company acknowledges that a breach or threatened breach by it of any of its obligations under this Agreement would give rise to irreparable harm to the other party for which monetary damages would not be an adequate remedy and hereby agrees that if a breach or a threatened breach by such party of any such obligations occurs, the other party will, in addition to any and all other rights and remedies that may be available to it in respect of such breach, be entitled to seek equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without any requirement to post bond).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 <u>No Third-Party Beneficiaries</u>. This Agreement benefits solely the parties to this Agreement and their respective successors and permitted assigns and nothing in this Agreement, express or implied, confers on any other person any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement. Despite the previous sentence, the parties hereby designate the third parties included in the definition of Indemnified Party as third-party beneficiaries of <u>Section 4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 <u>Choice of Law</u>. This Agreement and exhibits and schedules attached hereto, and all matters arising out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State of Delaware, United States of America, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13 <u>Choice of Forum</u>. Each party irrevocably and unconditionally agrees that it will not commence any action, litigation, or proceeding of any kind whatsoever against the other party in any way arising from or relating to this Agreement, and exhibits and schedules attached hereto, and all contemplated transactions, including, but not limited to, contract, equity, tort, fraud, and statutory claims, in any forum other than the Chancery Court of the State of Delaware, and any state appellate court therefrom within Delaware (or, if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter any state or federal court within the State of Delaware) and each party waives any objection which such party may now or hereafter have to the laying of the venue of any such action, litigation, or proceeding, and irrevocably submits to the exclusive jurisdiction of any such court in any such action, litigation, or proceeding. Each party hereby agrees that a final judgment in any action, suit or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. Each party hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or in any other manner permitted by applicable law in accordance with <u>Section 5.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, INCLUDING EXHIBITS AND SCHEDULES ATTACHED TO THIS AGREEMENT, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY ABOUT ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING ANY EXHIBITS OR SCHEDULES ATTACHED TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <u>SECTION 5.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together is deemed to be one and the same agreement. A signed copy of this Agreement delivered by email or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

[SIGNATURE PAGE FOLLOWS]

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

---

| | |
|:---|:---|
| **NAKAMOTO HOLDINGS INC.** | **NAKAMOTO HOLDINGS INC.** |
| By: | /s/ Didier Lewis |
| Name: | Didier Lewis |
| Title: | President |
| **KINDLY MD, INC.** | **KINDLY MD, INC.** |
| By: | /s/ Tim Pickett |
| Name: | Tim Pickett |
| Title: | Chief Executive Officer |
| **BTC INC.** | **BTC INC.** |
| By : | /s/ David Bailey |
| Name: | David Bailey |
| Title: | Chief Executive Officer |

---

## Exhibit 10.4

**Exhibit 10.4**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of <br> Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**Certain schedules, exhibits and similar attachments, including Schedule 1 and Schedule 2 to this exhibit, have been omitted<br> pursuant to Item 601(a)(5) of Regulation S-K. Kindly MD, Inc. will provide a copy of such omitted materials to the<br> Securities and Exchange Commission or its staff upon request.**

**GUARANTY AND SECURITY AGREEMENT<br> (SPE)**

This **GUARANTY AND SECURITY AGREEMENT**, dated as of August 14, 2025 (the "**Effective Date**") (as amended, amended and restated, supplemented or otherwise modified from time to time in accordance with the provisions hereof, this "**Agreement**"), is made by and between **NAKA SPV 2, LLC**, a Delaware limited liability company (as applicable herein, the "**Company**", "**Guarantor**" or "**Grantor**"), in favor of **YA II PN, LTD.**, in its capacity as collateral agent for the Secured Parties referred to below (in such capacity, together with its successors and assigns, the "**Collateral Agent**").

**RECITALS**

**WHEREAS**, the Company is an indirect subsidiary of Kindly MD, Inc., a Utah corporation (the "**Issuer**").

**WHEREAS**, the Issuer, the investor(s) referred to in the DPA (as defined below) (such investor(s), collectively, the "**Buyers**" and, each individually, a "**Buyer**") and the Collateral Agent have, in connection with the execution and delivery of this Agreement, entered into that certain Secured Convertible Debenture Purchase Agreement, dated as of May 12, 2025 (as amended, amended and restated, supplemented or otherwise modified from time to time, the "**DPA**"), and the Company has agreed to be bound by the terms of the DPA as therein provided; capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the DPA.

**WHEREAS**, it is a condition precedent to purchase and sale of the Secured Convertible Debenture referred to in the DPA (each such Secured Convertible Debenture, as may be amended, amended and restated, supplemented, or otherwise modified from time to time in accordance the terms thereof, a "**Debenture**" and, collectively, the "**Debentures**"; and the holders of each such Debenture(s), a "**Holder**" and, collectively the "**Holders**"), the Company shall have executed and delivered this Agreement.

**WHEREAS**, the Company will receive substantial direct and indirect benefits from the execution, delivery and performance by the Issuer of the obligations under the DPA and the other Transaction Documents, and therefore, the Company is willing to enter into this Agreement to, among other things, (a) guarantee the Obligations (as defined below) of the Issuer under the DPA and the other Transaction Documents and (b) secure payment and performance of all of the Obligations.

**WHEREAS**, this Agreement is given by the Company in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, to, among other things (a) provide for the guarantee of the Obligations of the Issuer under the DPA and the other Transaction Documents and (b) secure payment and performance of all of the Obligations.

**NOW THEREFORE**, in consideration of the foregoing premises and in order to induce each Buyer to purchase a Debenture and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Collateral Agent each hereby agrees as follows:

**Article I<br> DEFINITIONS AND INTERPRETATION**

**Section 1.01 Definitions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise defined herein or in the DPA, capitalized terms used herein that are defined in the UCC shall have the meanings assigned to them in the UCC. However, if a term is defined in Article 9 of the UCC differently than in another Article of the UCC, the term has the meaning specified in Article 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following terms shall have the following meanings:

"**2022 UCC Amendments**" has the meaning set forth in <u>Section 4.05</u>.

"**Acquired Bitcoin**" means the Bitcoin acquired by the Company from time to time and any substitutions, replacements or additions thereto.

"**Acquired Digital Assets**" means the Digital Assets acquired by the Company from time to time and any substitutions, replacements or additions thereto.

"**Affiliate**" has the meaning set forth in Rule 405 of the Securities Act of 1933, as amended.

"**Agreement**" has the meaning set forth in the Preamble hereof.

"**Bank**" means a depositary bank acceptable to the Collateral Agent.

"**Bankruptcy Code**" means Title 11 of the United States Code or any similar federal or state law for the relief of debtors from time to time in effect.

"**Bitcoin**" refers to the Digital Asset commonly referred to as "Bitcoin" in the cryptocurrency marketplace.

"**Business Day**" has the meaning set forth in the Debenture.

"**Buyer**" has the meaning set forth in the Recitals hereof.

"**Cash Account**" means, as applicable, with respect to any account (including, without limitation, a Deposit Account or Securities Account) in which Grantor and Collateral Agent intend money and other assets (other than Bitcoin and Digital Assets) are to be deposited, credited, held or otherwise maintained.

"**Cash Account Control Agreement**" means, as applicable, with respect any Cash Account, any of (i) a Deposit Account Control Agreement, (ii) a Securities Account Control Agreement or (iii) any other a tri-party control agreement in the form, scope and substance reasonably satisfactory to the Collateral Agent, pursuant to which, among other things, the Collateral Agent obtains Control over the applicable Cash Account identified in such Cash Account Control Agreement and the applicable third party custodian or intermediary agrees to only follow the instructions of the Collateral Agent with respect to such Cash Account and the money, assets and property deposited, credited or held therein.

"**Claims**" means any and all property and other taxes, assessments and special assessments, levies, fees and all governmental charges imposed upon or assessed against, and landlords', carriers', mechanics', workmen's, repairmen's, laborers', materialmen's, suppliers' and warehousemen's Liens and other claims arising by operation of law against, all or any portion of the Collateral.

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

"**Collateral**" has the meaning set forth in <u>Section 3.01</u>.

"**Collateral Agent**" has the meaning set forth in the Preamble hereof.

"**Collateral Support**" means all property assigned, hypothecated or otherwise securing any Collateral and shall include any security agreement or other agreement granting a Lien or security interest in such property.

"**Company**" has the meaning set forth in the Preamble hereof.

"**Contracts**" means, collectively, with respect to Grantor, all contracts, agreements or grants (in each case, whether written or oral, or third party or intercompany), between the Grantor and any third party, and all assignments, amendments, restatements, supplements, extensions, renewals, replacements or modifications thereof.

"**Control**" means (i) with respect to any Deposit Account, "control," within the meaning of Section 9-104 of the UCC, (ii) with respect to Digital Assets, "control" as defined in Article 12 of the UCC, (iii) with respect to any Securities Account or Security Entitlement, control within the meaning of Section 9-106 of the UCC, (iv) with respect to any Uncertificated Security, control within the meaning of Section 8-106(c) of the UCC, (v) with respect to any Certificated Security, control within the meaning of Section 8-106(a) or (b) of the UCC, (vi) with respect to any Electronic Chattel Paper, control within the meaning of Section 9-105 of the UCC, (vii) with respect to Letter-of-Credit Rights, control within the meaning of Section 9-107 of the UCC and (viii) with respect to any "transferable record" (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction), control within the meaning of Section 201 of the Federal Electronic Signatures in Global and National Commerce Act or in Section 16 of the Uniform Electronic Transactions Act as in effect in the jurisdiction relevant to such transferable record.

"**Control Agreements**" means, individually and collectively, as the context requires, a Cash Account Control Agreement or a Digital Assets Control Agreement; each such Control Agreement to be in form, scope and substance reasonably satisfactory to the Collateral Agent.

"**Custodian**" means Anchorage Digital Bank, N.A., a national trust bank or any other recognized Digital Asset custodian acceptable to the Collateral Agent.

"**DPA**" has the meaning set forth in the Recitals hereof.

"**Debenture(s)**" has the meaning set forth in the Recitals hereof.

"**Debtor Relief Laws**" means the Bankruptcy Code and all other liquidation, bankruptcy, assignment for the benefit of creditors, conservatorship, moratorium, receivership, insolvency, rearrangement, reorganization, or similar debtor relief laws of the US or other applicable jurisdictions in effect from time to time.

"**Default**" means any event, act, condition or occurrence which with notice, or lapse of time or both, would constitute an Event of Default.

"**Deposit Account Control Agreement**" means a tri-party control agreement in the form, scope and substance reasonably satisfactory to the Collateral Agent, pursuant to which, among other things, the Collateral Agent obtains exclusive Control over the Deposit Account(s) and the money and other assets and property that are held in the Deposit Account(s) identified therein and the depositary bank agrees to only follow the instructions of the Collateral Agent with respect to such Deposit Account(s), money, assets and property.

"**Deposit Accounts**" means, collectively, with respect to the Grantor, (i) all "deposit accounts" as such term is defined in the UCC and in any event shall include each Designated Deposit Account, and all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition.

"**Designated Accounts**" means, individually and collectively, the Designated Cash Account(s) and the Designated Digital Assets Account(s).

"**Designated Cash Account(s)**" means, individually and collectively, with respect to the Grantor, (i) the Securities Account maintained as of the Effective Date with the Custodian, with account designation "Naka SPV 2, LLC <> YA II PN, Ltd (Springing ACA)", together with any replacements or substitutions thereof, and all accounts and sub-accounts relating to any of the foregoing account, (ii) all securities entitlements, cash, funds, checks, notes, instruments and other property or assets from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition, and (iii) (A) any Deposit Account (including, without limitation, any Designated Deposit Account) or any other Cash Account designated by the Grantor and the Collateral Agent as a "Designated Cash Account" from time to time, together with any replacements or substitutions thereof and (B) all cash, funds, checks, notes, instruments and other property or assets from time to time on deposit in any of the accounts or sub-accounts described in clause (iii)(A) of this definition.

"**Designated Deposit Account(s)**" means, individually and collectively, with respect to the Grantor, (i) the Deposit Account(s) maintained with a Bank, with account number to be identified in the applicable Deposit Account Control Agreement in favor of the Collateral Agent, for the benefit of the Secured Parties, together with any replacements or substitutions thereof, and all accounts and sub-accounts relating to any of the foregoing account, and (ii) all cash, funds, checks, notes, instruments and other property or assets from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition.

"**Designated Digital Assets Account(s)**" means, individually and collectively, with respect to the Grantor (i) the Securities Account maintained as of the Effective Date with the Custodian, with account designation "Naka SPV 2, LLC <> YA II PN, Ltd. (Blocked ACA)", together with any replacement or substitutions thereof, and all accounts or sub-accounts relating to any of the foregoing, and (ii) all Acquired Bitcoin, all other Acquired Digital Assets, all Digital Assets Related Property and all Controllable Electronic Records, Securities, Securities Entitlements, Financial Assets, Payment Intangibles (including Controllable Payment Intangibles), cash, electronic money, instruments, investments, investment property, electronic documents and other property or assets from time to time transferred to or held in any such accounts described in clause (i) of this definition.

"**Digital Assets**" means a record stored in an electronic medium that can be subjected to control. The term does not include an account, a payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property or a transferrable record.

"**Digital Assets Control Agreement**" means a tri-party agreement in form, scope and substance reasonably satisfactory to the Collateral Agent pursuant to which, among other things, the Collateral Agent obtains exclusive Control over the Acquired Bitcoin, other Digital Assets, Digital Assets Related Property and all other assets and property that are held in an account or digital wallet with a third-party Custodian or intermediary and the account or digital wallet which maintains the foregoing assets (if applicable) and such third-party Custodian or intermediary agrees to only follow the instructions of the Collateral Agent with respect to such assets and account or digital wallet. A Securities Account Control Agreement shall constitute a Digital Assets Control Agreement.

"**Digital Assets Related Property**" means all (i) Accounts, including Controllable Accounts, (ii) Chattel Paper, including Electronic Chattel Paper, (iii) Controllable Electronic Records, (iv) Payment Intangibles, including Controllable Payment Intangibles, (v) General Intangibles and (vi) to the extent not otherwise covered above, all other rights to payment, whether or not earned by performance, regardless of how classified under the UCC together with all of the Grantor's rights, if any, in any property giving rise to such right to payment and all Collateral Support and Supporting Obligations related thereto and all Records relating thereto.

"**Effective Date**" has the meaning set forth in the Preamble hereof.

"**Event of Default**" means, individually and collectively, (i) any "Event of Default" identified in Section 3(a) of any Debenture and (i) any "Event of Default" identified under any Transaction Document, including this Agreement.

"**First Priority**" means, with respect to any Lien purported to be created in any Collateral pursuant to this Agreement, such Lien is the most senior lien to which such Collateral is subject.

"**Grantor**" has the meaning set forth in the Preamble hereof.

"**Governmental Entity**" has the meaning set forth in the DPA.

"**Guarantor**" has the meaning set forth in the Preamble hereof.

"**Holder"** has the meaning set forth in the Recitals hereof.

"**Issuer**" has the meaning set forth in the Recitals hereof.

"**Issuer Party**" means, individually, the Issuer or any of its Subsidiaries, and "**Issuer Parties**" means the Issuer and its Subsidiaries, collectively.

"**Laws**" means, collectively, all international, foreign, federal, state, and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Entity charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Entity, in each case whether or not having the force of Law.

"**Lien**" means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or being purchased or acquired by such Person, which secures payment or performance of any obligation and shall include any mortgage, lien, encumbrance, charge or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise.

"**Material Adverse Effect**" has the meaning set forth in the DPA.

"**Obligations**" means (i) obligations of the Issuer or the Company from time to time arising under the DPA, any Debenture, this Agreement, any other Transaction Document or otherwise with respect to the due and prompt payment of (A) the principal of and premium, if any, and interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding ("**Post-petition Interest**")) on the Debentures, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (B) all other monetary obligations, including fees, costs, attorneys' fees and disbursements (including such fees and disbursements incurred by the Collateral Agent or any Secured Party in the preparation, negotiation, administration and enforcement of this Agreement and the other Transaction Documents), reimbursement obligations, contract causes of action, expenses and indemnities, whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Issuer or the Company under or in respect of any Transaction Document; and (ii) the due and prompt performance of all covenants, duties, debts, obligations and liabilities of any kind of the Issuer or, as applicable, the Company under or in respect of the DPA, any Debenture, this Agreement, any other Transaction Document or any other document made, delivered or given in connection with any of the foregoing, in each case whether evidenced by a note or other writing, whether allowed in any bankruptcy, insolvency, receivership or other similar proceeding, whether arising from an extension of credit, acceptance, loan, guaranty, indemnification or otherwise, and whether primary, secondary, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, fixed or otherwise.

"**Organizational Documents**" means the certificate of incorporation and by-laws or any comparable organizational documents of any corporate entity (including limited liability companies and partnerships).

"**Payment in Full of Obligations**" means the indefeasible payment in full in cash of all Obligations and all other amounts payable under this Agreement and the other Transaction Documents (in each case, other than contingent liabilities for which no claims have been made), provided, that the conversion of principal and interest into Common Shares and the Holder's timely receipt of such Common Shares, in each case, in accordance with Section (4) of its Debenture shall be deemed payment of such principal and interest for purposes of this definition.

"**Person**" has the meaning set forth in the Debenture.

"**Post-Petition Interest**" has the meaning set forth in the definition of "Obligations" in this Agreement.

"**Recipient**" means each Holder and the Collateral Agent.

"**Related Parties**" means, with respect to any Person, such Person's Affiliates and the stockholders, members, partners, direct and indirect investors, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of it and its Affiliates.

"**DPA**" has the meaning set forth in the Recitals hereof.

"**Secured Parties**" means, collectively, the Collateral Agent and its Related Parties, each sub-agent of the Collateral Agent and its Related Parties, the Buyers and their Related Parties, the Holders and their Related Parties, and each other Person identified in any Transaction Document as a "Secured Party".

"**Securities Account Control Agreement**" means a tri-party agreement in the form, scope and substance reasonably satisfactory to the Collateral Agent, pursuant to which, among other things, the Collateral Agent obtains exclusive Control over the Securities Account(s) and the securities entitlements, money and other assets and property that are maintained in the Securities Account(s) identified therein and the securities intermediary agrees to only follow the instructions of the Collateral Agent with respect to such Securities Account(s), securities entitlements, money and other assets and property.

"**Security Documents**" means, collectively and individually, (i) this Agreement, (ii) the Account Control Agreement entered into with respect to the Designated Cash Account, dated as of the Effective Date, among the Company, the Custodian and the Collateral Agent, (iii) the Account Control Agreement entered into with respect to the Designated Digital Assets Account, dated as of the Effective Date, among the Company, the Custodian and the Collateral Agent, (iv) any other deposit account control agreement, securities account control agreement or other digital assets control agreement, any and all financing statements, security agreements, pledges, assignments, control agreements, opinions of counsel, and all other documents and instruments requested by the Collateral Agent to create, perfect, and continue perfected or to better perfect the Collateral Agent's security interest in and Liens on the Collateral, and (v) the "Security Documents" (as defined in the DPA) entered into in connection with the Debentures; as each such agreement, document and instrument may be amended, amended and restated, supplemented, or otherwise modified from time to time in accordance the terms of such agreement, document or instrument.

"**Subsidiary**" or "**Subsidiaries**" has the meaning set forth in the Debentures.

"**Taxes**" means any and all present or future income, stamp or other taxes, levies, imposts, duties, deductions, charges, fees, or withholdings imposed, levied, withheld, or assessed by any Governmental Entity, together with any interest, additions to tax, or penalties imposed thereon and with respect thereto.

"**Transaction Documents**" means, collectively and individually, (i) this Agreement, the Security Documents, the DPA and the Debentures, and (ii) the "Transaction Documents" (as defined in the DPA).

"**UCC**" means the Uniform Commercial Code as in effect from time to time in the State of New York; <u>provided</u>, <u>however</u>, that if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent's and the Secured Parties' security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term "UCC" means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions.

"**US**" or "**United States**" means the United States of America.

**Section 1.02 Interpretation**. All references in this Agreement to Sections are references to Sections of this Agreement unless otherwise specified. References to the Company herein shall be understood to include the Company as Guarantor and the Company as Grantor and not to the exclusion of such other roles.

**Section 1.03 Resolution of Drafting Ambiguities**. The Company (whether identified as the Company, the Grantor or the Guarantor) acknowledges and agrees that it was represented by counsel in connection with the execution and delivery of this Agreement, that it and its counsel reviewed and participated in the preparation and negotiation of this Agreement and that any rule of construction to the effect that ambiguities are to be resolved against the drafting party (i.e., the Collateral Agent or the Secured Parties) shall not be employed in the interpretation of this Agreement.

**Section 1.04 Schedules**. The Collateral Agent and the Company each agrees that the Schedules hereof and all descriptions of Collateral contained in the Schedules and all amendments and supplements thereto are and shall at all times remain a part of this Agreement.

**Article II<br> Agreement to Guarantee Obligations**

**Section 2.01 Guaranty**. The Company (herein referred to as the Guarantor) hereby absolutely, unconditionally, and irrevocably guarantees, as primary obligor and not merely as surety, the due and prompt payment in cash by the Issuer (whether now or hereafter existing) of the Obligations. The Guarantor further agrees that all or part of the Obligations may be increased, extended, substituted, amended, renewed, or otherwise modified without notice to or consent from the Guarantor and such actions shall not affect the liability of the Guarantor hereunder. Without limiting the generality of the foregoing, the Guarantor's liability shall extend to all amounts that constitute part of the Obligations under or in respect of the Transaction Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization, or similar proceeding involving such other Issuer Party.

**Section 2.02 Limitation of Liability**. Notwithstanding anything contained herein to the contrary, the obligations of the Guarantor hereunder at any time shall be limited to the maximum amount as will result in the obligations of the Guarantor under this <u>ARTICLE II</u> not constituting a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act or any similar Federal or state law, or any other Debtor Relief Law to the extent applicable to this Agreement and the obligations of the Guarantor.

**Section 2.03 Reinstatement**. The Guarantor agrees that its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time all or part of any payment of any Obligation is rescinded or must otherwise be returned by any Secured Party or any other Person upon the insolvency, bankruptcy, or reorganization of the Issuer or the Guarantor or otherwise.

**Section 2.04 Guaranty Absolute and Unconditional; No Waiver of Obligations**. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms of the Transaction Documents, regardless of any law, regulation, or order of any Governmental Entity now or hereafter in effect. The Guarantor agrees that its guaranty hereunder is a guaranty of payment and not of collection. The obligations of the Guarantor hereunder are independent of the obligations of any other guarantor or any other Issuer Party under any Transaction Document. A separate action may be brought against the Guarantor to enforce this Agreement, whether or not any action is brought against the Issuer or any other Issuer Party or whether or not the Issuer or any other Issuer Party is joined in any such action. The liability of the Guarantor hereunder is irrevocable, continuing, absolute, and unconditional and the obligations of the Guarantor hereunder, shall not be discharged or impaired or otherwise effected by, and the Guarantor hereby irrevocably waives any defenses to enforcement it may have (now or in the future) by reason of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any illegality or lack of validity or enforceability of any Obligation or any Transaction Document, or any related agreement or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any change in the time, place, or manner of payment of, or in any other term of, the Obligations or any other obligation of any Issuer Party under any Transaction Document, or any rescission, waiver, amendment, or other modification of any Transaction Document, or any other agreement, including any increase in the Obligations resulting from any extension of additional credit or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any taking, exchange, substitution, release, impairment, or non-perfection of any collateral, or any taking, release, impairment, amendment, waiver, or other modification of any guaranty, for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any manner of sale, disposition, or application of proceeds of any Collateral, or any other collateral or other assets to all or part of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any default, failure, or delay, willful or otherwise, in the performance of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any change, restructuring, or termination of the corporate structure, ownership, or existence of any Issuer Party or any of its Subsidiaries, or any insolvency, bankruptcy, reorganization, or other similar proceeding affecting the Issuer or its assets, or any resulting release or discharge of any Obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any failure of any Secured Party to disclose to any Issuer Party any information relating to the business, condition (financial or otherwise), operations, performance, properties, or prospects of any other Issuer Party now or hereafter known to such Secured Party (and the Guarantor waives any duty of the Secured Parties to disclose such information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The failure of any other Person to execute or deliver this Agreement, or any other guaranty or agreement, or the release or reduction of liability of the Guarantor, or other guarantor or surety, with respect to the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The failure of any Secured Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Transaction Document or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any defense, set-off, or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be asserted by, the Issuer against any Secured 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;(k) Any other circumstance (including, without limitation, any statute of limitations) or manner of administering the Debentures or any existence of or reliance on any representation by any Secured Party that might vary the risk of the Guarantor or otherwise operate as a defense available to, or a legal or equitable discharge of, any Issuer Party or any other guarantor or surety.

The Guarantor acknowledges that it has received adequate consideration for entering into this Agreement and that all waivers and acknowledgments under this <u>ARTICLE II</u> by the Guarantor are knowingly made.

**Section 2.05 Waivers and Acknowledgments**.

&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 Guarantor hereby unconditionally and irrevocably waives any right to revoke this Agreement and acknowledges that this Agreement is continuing in nature and applies to all presently existing and future Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor hereby unconditionally and irrevocably waives promptness, diligence, notice of acceptance, presentment, demand for performance, notice of nonperformance, default, acceleration or intent to accelerate, protest or dishonor, and any other notice with respect to any of the Obligations, this Agreement or any other Transaction Document, and any requirement that any Secured Party protect, secure, perfect, or insure any Lien or any property subject thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Guarantor hereby unconditionally and irrevocably waives any defense based on any right of set-off or recoupment or counterclaim against or in respect of the obligations of the Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Guarantor acknowledges that the Collateral Agent may, at its election and without notice to or demand upon the Guarantor, foreclose on any Collateral or other collateral held by it by one or more judicial or non-judicial sales, accept an assignment of any such Collateral or other collateral in lieu of foreclosure, compromise or adjust any part of the Obligations, make any other accommodation with the Issuer or any other guarantor, or exercise any other right or remedy available to it against the Issuer or any other guarantor, without affecting or impairing in any way the liability of the Guarantor hereunder except to the extent the Obligations have been paid in full or collateralized in full in cash. The Guarantor hereby waives any defense arising out of such election even though such election operates, pursuant to applicable law, to impair or to extinguish any right of subrogation, reimbursement, exoneration, contribution, or indemnification, or other right or remedy of the Guarantor against the Issuer or any other Issuer Party or guarantor or any Collateral or any other collateral.

**Section 2.06 Agreement to Pay; Subrogation, Subordination, Etc**.

&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) Without limiting any other right that the Collateral Agent or any other Secured Party has at law or in equity against the Guarantor, if the Issuer or any other Issuer Party fails to pay any Obligation when and as due, whether at maturity, by acceleration, after notice of prepayment, or otherwise, the Guarantor agrees to promptly pay the amount of such unpaid Obligations to the Collateral Agent in cash. Upon payment by the Guarantor of any sums to the Collateral Agent as provided herein, all of the Guarantor's rights of subrogation, exoneration, contribution, reimbursement, indemnity, or otherwise arising therefrom against the Issuer or any other Issuer Party shall be subordinate and junior in right of payment to the prior Payment in Full of Obligations. In addition, any indebtedness of the Issuer now or hereafter held by the Guarantor is hereby subordinated in right of payment to the prior Payment in Full of Obligations. If after the occurrence and during the continuance of a Default or Event of Default, any payment shall be paid to the Guarantor in violation of the immediately preceding sentence on account of (i) such subrogation, exoneration, contribution, reimbursement, indemnity, or similar right or (ii) any such indebtedness of the Issuer, such amount shall be held in trust for the benefit of the Secured Parties, segregated from other funds of the Guarantor, and promptly paid or delivered to the Collateral Agent in the same form as so received (with any necessary endorsement or assignment) to be credited against the payment of the Obligations, whether due or to become due, in accordance with the terms of the Transaction Documents or to be held as Collateral for any Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Guarantor hereby subordinates any and all obligations owed to the Guarantor by the Issuer and each other Issuer Party (the "**Subordinated Obligations**") to the Obligations to the extent provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except during the continuance of a Default or Event of Default (including the commencement and continuation of any proceeding against any Issuer Party under any Debtor Relief Law), the Guarantor may receive regularly scheduled payments of principal and interest on the Subordinated Obligations from any Issuer Party. After the occurrence and during the continuance of any Default or Event of Default (including the commencement and continuation of any proceeding against any Issuer Party under any Debtor Relief Law), the Guarantor shall not accept, demand, or take any action to collect any payment on the Subordinated Obligations without the prior written consent of the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Guarantor agrees that the Secured Parties shall be entitled to receive full payment in cash of all Obligations (including Post-Petition Interest) in any proceeding under any Debtor Relief Law against any other Issuer Party before the Guarantor receives any payment on account of any Subordinated Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) after the occurrence and during the continuance of any Default or Event of Default (including the commencement and continuation of any proceeding against any Issuer Party under any Debtor Relief Law), the Guarantor shall collect, enforce, and receive payments on the Subordinated Obligations as trustee for the Secured Parties and deliver such payments to the Collateral Agent on account of the Obligations (including Post-Petition Interest), together with any necessary endorsements or other instruments of transfer, without reducing or affecting the liability of the Guarantor under this Agreement in any respect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) after the occurrence and during the continuance of any Default or Event of Default (including the commencement and continuation of any proceeding against any Issuer Party under any Debtor Relief Law), the Collateral Agent is authorized and empowered (but not obligated), in its discretion, (A) in the name of the Guarantor, to collect and enforce, and to submit claims in respect of, Subordinated Obligations and to apply any amount so received to the Obligations (including Post-Petition Interest) or hold such amounts as Collateral for any Obligations, and (B) to require the Guarantor (1) to collect and enforce, and to submit claims in respect of, Subordinated Obligations and (2) to pay any amounts received on such Subordinated Obligations to the Collateral Agent for application to the Obligations (including Post-Petition Interest) or to be held as Collateral for any Obligations.

**Article III<br> Grant of security interest**

**Section 3.01 Grant of Security Interest**. As collateral security for the payment and performance in full of all the Obligations, the Company (herein referred to as the Grantor) hereby pledges to the Collateral Agent, for the ratable benefit of the Secured Parties, and grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a Lien on and security interest in and to, all of the right, title and interest of the Grantor in, to and under the following property, wherever located, and whether now existing or hereafter arising or acquired from time to time (collectively, the "**Collateral**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Money held in any Designated Cash Account or any Designated Digital Assets Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Acquired Bitcoin, all other Acquired Digital Assets and all Digital Assets Related Property arising therefrom (irrespective of how categorized under the UCC) held in any Designated Digital Assets Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Designated Cash Account and all Money, all Acquired Bitcoin, all other Acquired Digital Assets, all Digital Assets Related Property, and all other assets or property deposited, credited or held in such Designated Cash Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each Designated Digital Assets Account and all Acquired Bitcoin, all other Acquired Digital Assets, all Digital Assets Related Property, all Controllable Electronic Records, all Money, all Instruments, all Investments, all Investment Property, all electronic documents and electronic money, all Financial Assets, all Securities, all Securities Entitlements and all other assets or property deposited, credited or held in such Designated Digital Assets Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other Designated Account and the assets and property retained therein; 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;(f) to the extent not covered by clauses (a) through (e) of this sentence, all Supporting Obligations relating the assets, personal property and rights of the Grantor set forth in clauses (a) through (e) above and all Proceeds and products therefrom.

**Section 3.02 Filings**.

&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 Grantor hereby irrevocably authorizes the Collateral Agent, for the benefit of the Secured Parties, at any time and from time to time to file in any relevant jurisdiction any financing statements describing the Collateral and amendments thereto that contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any financing statement or amendment relating to the Collateral, including (i) whether the Grantor is an organization, the type of organization and, if required, any organizational identification number issued to the Grantor, and (ii) any financing or continuation statements or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by the Grantor hereunder, without the signature of the Grantor where permitted by law. The Grantor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly upon the request by the Collateral Agent.

&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 Grantor hereby ratifies its authorization for the Collateral Agent to have filed in any relevant jurisdiction any initial financing statements or amendments thereto relating to the Collateral if filed prior to the date hereof.

**Article IV<br> Perfection and further assurances**

**Section 4.01 Perfection of Money and each Designated Cash Account**. The Collateral Agent has a perfected First Priority security interest in and Lien on all Designated Cash Accounts owned by the Grantor and all Money and other assets and property maintained therein, which security interest is perfected by Control. The Grantor shall not hereafter establish and maintain any replacement account without the prior written consent of the Collateral Agent and, if such written consent is granted, any replacement account shall be subject to a Control Agreement in form, scope and substance reasonably satisfactory to the Collateral Agent. The Grantor acknowledges and agrees that each Designated Cash Account shall be subject to a Control Agreement granting the Collateral Agent, for the ratable benefit of the Secured Parties, Control over the Money and other assets and property maintained therein. The rights of the Grantor to transfer any assets or property out of any Designated Cash Account shall be as set forth the Control Agreement relating to such Designated Cash Account. The Grantor covenants and agrees that the Grantor shall promptly (and in any event within 30 days of invoice thereof) pay in cash from accounts (other than any Designated Account) all fees arising under the Control Agreement entered into over any Designated Cash Account and any custodian or intermediary agreement related to such Designated Cash Account. The Grantor acknowledges and agrees (i) that failure to so pay such fees and obligations shall constitute an immediate Event of Default and (ii) that receipt by the Collateral Agent of any notice of termination of any Control Agreement shall constitute an immediate Event of Default. The Grantor acknowledges and agrees that the Collateral Agent shall have all rights to withdraw assets and property out of any and all Designated Cash Accounts as set forth in the DPA, any Debenture and herein.

**Section 4.02 Perfection of Bitcoin and Digital Assets**. All Acquired Bitcoin, all Acquired Digital Assets and all Digital Assets Related Property owned by the Grantor and deposited into any Designated Digital Assets Account shall constitute at all times either Controllable Electronic Records (if Article 12 of the UCC applies) or Securities Entitlements (if Article 8 of the UCC applies). The Grantor covenants and agrees that each Designated Digital Assets Account shall constitute an "authenticated record" pursuant to which the Collateral Agent, for the ratable benefit of the Secured Parties, has and will at all times have exclusive Control over all property and assets maintained in such Designated Digital Assets Account, including, without limitation, all Acquired Bitcoin and all Digital Assets Related Property relating thereto and all Acquired Digital Assets and all Digital Assets Related Property relating thereto, and the Custodian or such other intermediary shall comply only with the instructions originated by the Collateral Agent without further consent of the Grantor. The Collateral Agent has a perfected First Priority security interest in and Lien on all Acquired Bitcoin and all Digital Assets Related Property related thereto, all Acquired Digital Assets and all Digital Assets Related Property related thereto, all Money and all other assets and property held or maintained in each Designated Digital Assets Account. The Grantor shall not establish and maintain any replacement account without the prior written consent of the Collateral Agent and, if such written consent is granted, any replacement account shall be subject to a Control Agreement in form, scope and substance reasonably satisfactory to the Collateral Agent. The Grantor acknowledges and agrees that each Designated Digital Assets Account shall be a fully blocked account granting the Collateral Agent exclusive Control over the property maintained therein. The Grantor shall have no rights to transfer any assets or property out of any Designated Digital Assets Account or to utilize such assets or property in any manner without the prior written consent of the Collateral Agent. The Grantor covenants and agrees (i) that the Grantor shall promptly (and in any event within 30 days of invoice thereof) pay in cash from accounts (other than any Designated Account) all fees arising under the Control Agreement entered into over any Designated Digital Assets Account and any custodian agreement related to such Designated Digital Assets Account. The Grantor acknowledges and agrees (i) that failure to so pay such fees and obligations shall constitute an immediate Event of Default and (ii) that receipt by the Collateral Agent of any notice of termination of any Control Agreement shall constitute an immediate Event of Default. The Grantor acknowledges and agrees that the Collateral Agent shall have all rights to withdraw assets and property out of any and all Designated Digital Assets Account as set forth in the DPA, any Debenture and herein.

**Section 4.04 Other Actions for Perfection**. In order to further insure the attachment, perfection and priority of, and the ability of the Collateral Agent to enforce, the Collateral Agent's security interest in the Collateral, the Grantor represents and warrants and agrees, at the Grantor's own expense, to maintain all (i) Electronic Chattel Paper so that the Collateral Agent has Control of the Electronic Chattel Paper and (ii) all transferable records so that the Collateral Agent has Control of the transferable records. The Grantor hereby represents and warrants that as of the Effective Date, no amount under or in connection with any of the Collateral is evidenced by any Electronic Chattel Paper or any "transferable record" (as that term is defined in Section 201 of the Federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act as in effect in any relevant jurisdiction).

**Section 4.05 Further Assurances**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Further Assurances</u>. The Grantor shall take such further actions, and execute and/or deliver to the Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as the Collateral Agent may in its reasonable judgment deem necessary or appropriate in order to create and/or maintain the validity, perfection or priority of and protect any security interest granted or purported to be granted in the Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, and enable the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Collateral, including the filing of any financing statements, continuation statements and other documents under the UCC (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby, and the execution and delivery of Control Agreements with respect to Designated Cash Account(s), Designated Digital Assets Account(s) or other Designated Accounts, all in form, scope and substance reasonably satisfactory to the Collateral Agent and in such offices wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Collateral as provided herein and to preserve the other rights and interests granted to the Collateral Agent and the Holders hereunder, as against third parties, with respect to the Collateral. If an Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in its own name or in the name of the Grantor, such suits and proceedings as the Collateral Agent may deem necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Collateral. All of the foregoing shall be at the sole cost and expense of the Grantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>2022 UCC Amendments</u>. Without limiting the generality of the foregoing clause (a), if the 2022 amendments to the UCC approved by the American Law Institute at its annual meeting in May 2022 and the Uniform Law Commission at its annual meeting in July 2022 (the "**2022 UCC Amendments**") are adopted by New York or any other state or other jurisdiction where the Collateral is, or is deemed, located for purposes of the UCC, the Grantor, upon request of the Collateral Agent, shall execute, acknowledge and deliver or cause to be executed, acknowledged and delivered, such amendments or supplements hereto and take such further actions as may be necessary to ensure that a valid security interest in the type of assets covered by the 2022 UCC Amendments is created hereby and such security interest is duly perfected and with the priority contemplated hereby. All of the foregoing shall be at the sole cost and expense of the Grantor.

**Article V<br> Representations, warranties and covenants**

The Company (whether as Guarantor or Grantor) represents, warrants and covenants as follows:

**Section 5.01 DPA Representations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>DPA Representations; Conditions Precedent; Evaluation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As of the Effective Date, the Company makes the representations and warranties set forth in Section 3 of the DPA as they relate to the Company or to the Transaction Documents to which the Company is a party, each of which is hereby incorporated herein by reference, and the Collateral Agent and the Secured Parties shall be entitled to rely on each of them as if they were fully set forth herein, provided that each reference in each such representation and warranty to the Issuer's knowledge shall, for the purposes of this <u>Section 5.01</u>, be deemed to be a reference to the Grantor's knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) There are no conditions precedent to the effectiveness of this Agreement that have not been satisfied or waived in writing by the Collateral Agent or, as applicable, the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company has, independently and without reliance upon any Secured Party and based on such documents and information as it has deemed appropriate, made its own analyses and decision to enter into this Agreement and any other Transaction Document to which it is or may become a party, and has established adequate procedures for continually obtaining information pertaining to, and is now and at all times will be completely familiar with, the business, condition (financial or otherwise), operations, performance, properties, and prospects of the Issuer and each other Issuer 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) **Existence**. The Company (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation, (ii) is duly qualified as a foreign corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of property or the conduct of its business requires such qualification except to the extent that the failure to qualify in such jurisdiction could not reasonably be expected to have a Material Adverse Effect and (iii) is in compliance with all applicable law except to the extent that the failure to comply therewith could not, in the aggregate or individually, reasonably be expected to have a Material Adverse Effect. The Company is not a Transmitting Utility.

&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) **Power and Authorization**. The Company has the power and authority, and the legal right, to own or lease and operate its property, and to carry on the business as now conducted and as proposed to be conducted, and to execute, deliver and perform the Transaction Documents to which it is a party. The Company has taken all necessary organizational action to authorize the execution, delivery and performance of the Transaction Documents to which it is a party. No consent or authorization of, filing with, notice to or other act by, or in respect of, any Governmental Entity or any other Person is required in connection with the execution, delivery, performance, validity or enforceability of this Agreement or any of the Transaction Documents. Each Transaction Document to which the Company is a party has been duly executed and delivered by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Enforceability**. This Agreement constitutes, and each other Transaction Document to which the Company is a party when delivered hereunder or under the DPA will constitute, a legal, valid and binding obligation of the Company thereto, enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) **No Litigation**. Except for such matters as have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, as of the Effective Date, there is no (i) proceeding pending, or , to the knowledge of the Company, threatened against the Company or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against the Company.

**Section 5.02 Ownership of Property and No Other Liens**. The Company has good title to all Collateral, and none of such property is subject to any Lien, claim, option or right of others, except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties. No Person other than the Collateral Agent has control or possession of all or any part of the Collateral. The Company shall ensure all Collateral shall be free of any Lien, claim, option or right of others, except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties hereunder and shall ensure that the Collateral Agent has control or possession of all Collateral at all times. The Company is and shall remain the sole owner of each Designated Cash Account and each Designated Digital Assets Account and all Money, Acquired Bitcoin Acquired Digital Assets, and all other assets and property deposited, credited or held in any such Designated Account.

**Section 5.03 Perfected First Priority Security Interest**. This Agreement is effective to create in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral and the Proceeds thereof. In the case of (i) Acquired Bitcoin, Acquired Digital Assets and other Collateral perfected by Control, when such Acquired Bitcoin and Acquired Digital assets are transferred to the Designated Digital Assets Account, (ii) in the case of money, when such money is deposited in the Designated Cash Account or the Designated Digital Assets Account, and (iii) for all other assets, when financing statements and other filings specified on <u>Schedule 1</u> hereof in appropriate form are filed in the offices specified on such <u>Schedule 1</u> and other actions described on such <u>Schedule 1</u> are taken, the Collateral Agent shall have, for the ratable benefit of the Secured Parties, and will at all times have, a fully perfected First Priority Lien on, and security interest in, all rights, title and interest of the Grantor in such Collateral and the Proceeds thereof, as security for the Obligations.

**Section 5.04 No Transfer of Collateral**. The Company shall not sell, offer to sell, dispose of, convey, assign or otherwise transfer, or grant any option with respect to, restrict, or grant, create, permit or suffer to exist any Lien on, any of the Collateral pledged by it hereunder or any interest therein, except for the security interest granted to the Collateral Agent, for the ratable benefit of the Secured Parties, hereunder.

**Section 5.05 Claims Against Collateral**. The Company shall, at its own cost and expense, defend title to the Collateral and the First Priority security interest and Lien granted to the Collateral Agent with respect thereto against all claims and demands of all Persons at any time claiming any interest therein adverse to the Collateral Agent or any other Secured Party. There is no agreement order, judgment or decree, and the Company shall not enter into any agreement or take any other action, that could be expected to restrict the transferability of any of the Collateral or otherwise impair or conflict with the Company's obligations or the rights of the Collateral Agent or the Holders hereunder.

**Section 5.06 Other Financing Statements**. The Company has not executed, filed, nor authorized any third party to file any financing statement or other instrument similar in effect covering all or any part of the Collateral or listing the Company as debtor in any recording office, except such as have been filed in favor of the Collateral Agent pursuant to this Agreement. No financing statement or other instrument similar in effect covering all or any part of the Collateral or listing the Company as debtor is on file in any recording office, except such as have been filed in favor of the Collateral Agent pursuant to this Agreement. The Company shall not execute, authorize or permit to be filed in any recording office any financing statement or other instrument similar in effect covering all or any part of the Collateral or listing the Company as debtor with respect to all or any part of the Collateral except for the filings in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, to secure the Obligations hereunder.

**Section 5.07 Changes in Name, Jurisdiction of Organization, Etc**.

&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) On the Effective Date, the Company's type of organization, jurisdiction of organization, legal name, Federal Taxpayer Identification Number, organizational identification number (if any) and chief executive office or principal place of business are indicated next to its name in <u>Schedule 2</u> hereof. <u>Schedule 2</u> also lists all of the Company's jurisdictions and types of organization, legal names and locations of chief executive office or principal place of business at any time during the four months preceding the date hereof, if different from those referred to in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) The Company shall not, upon not less than 30 days' prior written notice to the Collateral Agent, and delivery to the Collateral Agent of all additional financing statements, information and other documents requested by the Collateral Agent to maintain the validity, perfection and priority of the security interests provided for herein: (A) change its legal name, identity, type of organization or corporate structure; (B) change the location of its chief executive office or its principal place of business; (C) change its Federal Taxpayer Identification Number or organizational identification number (if any); or (D) change its jurisdiction of organization (in each case, including by merging with or into any other entity, reorganizing, organizing, dissolving, liquidating, reincorporating or incorporating in any other jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company shall, prior to any change described in the preceding sentence, take all actions requested by the Collateral Agent to maintain the perfection and priority of the security interest of the Collateral Agent for the ratable benefit of the Secured Parties in the Collateral intended to be granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company agrees to promptly provide the Collateral Agent and the Holders with certified Organizational Documents reflecting any of the changes described in this <u>Section 5.07</u>.

**Section 5.08 Bitcoin and Digital Assets**. None of the Acquired Bitcoin, the Acquired Digital Assets or the Digital Assets Related Property pledged by the Company is subject to any defense, offset or counterclaim, nor have any of the foregoing been asserted or alleged against the Company by any Person with respect thereto. The Company shall, upon obtaining any Acquired Bitcoin, Acquired Digital Assets or Digital Assets Related Property, accept the same in trust for the benefit of the Collateral Agent and immediately transfer such Acquired Bitcoin, Acquired Digital Assets and Digital Assets Related Property to the Designated Digital Assets Account and shall immediately deliver to the Collateral Agent and the Holders notice in respect of such Collateral which are to be pledged pursuant to this Agreement, and confirming the Lien hereby created on such additional Acquired Bitcoin and Acquired Digital Assets attaches and is a First Priority Lien. The Company shall have no obligation to deposit any additional Acquired Bitcoin into the Designated Digital Assets Account at any time after the satisfaction of the conditions set forth in the first sentence of this <u>Section 8.01</u>.

**Section 5.09 Designated Cash Account**: The Company covenants and agrees that only Money (U.S. Dollars) shall be deposited, credited or held in any Designated Cash Account. Without limiting the foregoing, if any assets (other than Money (U.S. Dollars)) are deposited, credited or held in any Designated Cash Account such shall not impair or invalidate the security interest and Lien of the Collateral Agent over such assets.

**Section 5.10 Approvals**. In the event that the Collateral Agent desire to exercise any remedies, rights or attorney-in-fact powers set forth in this Agreement or any other Transaction Document and determines it necessary to obtain any approvals or consents of any Governmental Entity or any other Person therefor, then, upon the request of the Collateral Agent, the Company agrees to assist the Collateral Agent in obtaining as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights and powers.

**Section 5.11 Collateral Information**. All information set forth herein, including the schedules annexed hereto, and all information contained in any documents, schedules and lists heretofore delivered to the Collateral Agent or any Secured Party, in connection with this Agreement, in each case, relating to the Collateral, is accurate and complete in all material respects.

**Section 5.12 Compliance With Laws**. The Company shall pay promptly when due all Claims upon the Collateral or incurred in connection with the use or operation of the Collateral or incurred in connection with this Agreement. All Claims imposed upon or assessed against the Collateral have been paid and discharged except to the extent such Claims constitute a Contested Lien. In the event the Company shall fail to make such payment contemplated in the immediately preceding sentence, the Collateral Agent may (following notice to the Company, to the extent practicable) do so for the account of the Company and the Company shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the Collateral Agent under this <u>Section 5.12</u> in accordance with <u>Section 11.01</u>. The Grantor shall comply with all applicable law applicable to the Collateral.

**Article VI<br> collateral agent**

**Section 6.01 Concerning the Collateral Agent**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Appointment</u>. The Collateral Agent has been appointed as collateral agent for the Secured Parties in the DPA (and hereby agrees to act as collateral agent for the Secured Parties), and the Collateral Agent agrees to and shall act in accordance with the terms of the DPA. The Collateral Agent may exercise or refrain from exercising any rights (including making demands and giving notices) and take or refrain from taking any action (including the release or substitution of the Collateral), in accordance with this Agreement, the DPA or the Debentures. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable to the Company or any of its Affiliates or any other Secured Party and its Related Parties for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign, and a successor Collateral Agent shall be appointed in the manner provided in the DPA or as otherwise agreed upon by the existing Collateral Agent, the proposed successor Collateral Agent and the Secured Parties and, if applicable, the Issuer. On the acceptance of appointment as the successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement. After any retiring Collateral Agent's resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duty of Care</u>. The Collateral Agent's sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with its own property consisting of similar instruments or interests. Neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action whatsoever with regard to any Collateral (whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters) or (ii) taking any necessary steps to preserve rights against any Person with respect to any Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Reliance</u>. The Collateral Agent shall be entitled to rely upon any written notice, statement, certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper Person, and, with respect to all matters pertaining to this Agreement and its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Conflict</u>. If any item of Collateral also constitutes collateral granted to the Collateral Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other document in respect of such collateral, the provisions of this Agreement shall control unless the other deed of trust, mortgage, security agreement, pledge or instrument expressly states otherwise.

**Section 6.02 Performance by Collateral Agent**. If the Company shall fail to perform any covenants contained in this Agreement or if any representation or warranty on the part of the Company contained herein shall be breached, the Collateral Agent may (but shall not be obligated to) following notice to the Company of such failure to perform and the Company's failure to remedy such failure within a commercially reasonable time period as determined by the Collateral Agent, do the same or cause it to be done or remedy any such breach, and may make payments for such purpose; <u>provided</u>, <u>however</u>, that the Collateral Agent shall in no event be bound to inquire into the validity of any obligation which the Company fails to pay or perform as and when required hereby and which the Company does not contest in accordance with the provisions of the DPA. Any and all amounts so paid by the Collateral Agent shall be reimbursed by the Company in accordance with the provisions of <u>Section 11.01</u>. Neither the provisions of this <u>Section 6.02</u> nor any action taken by the Collateral Agent pursuant to the provisions of this <u>Section 6.02</u> shall prevent any such failure to observe any covenant contained in this Agreement nor any breach of representation or warranty from constituting an Event of Default.

**Section 6.03 Power of Attorney**. The Company hereby appoints the Collateral Agent its attorney-in-fact, with full power and authority in the place and stead of the Company and in the name of the Company, or otherwise, from time to time during the existence of an Event of Default in the Collateral Agent's discretion to take any action and to execute any instrument consistent with the terms of the DPA and the other Transaction Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and neither the Collateral Agent nor any Secured Party shall have any liability to the Company or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. The Company hereby ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof.

**Article VII<br> [RESERVED.]**

**Article VIII<br> RETENTION AND RELEASE OF ACQUIRED BITCOIN**

**Section 8.01 Retention of Acquired Bitcoin**. The Company shall, on or prior to the date that is ten (10) Business Days after the Effective Date, deposit or cause to be deposited into the Designated Digital Assets Account Acquired Bitcoin with a Digital Assets Market Value (as defined below) of at least $400,000,000. Company shall on or prior to the date that is ten (10) Business Days after the Effective Date deliver evidence to the Collateral Agent, in form and detail reasonably acceptable to the Collateral Agent, that the requirements of this <u>Section 8.01</u> have been timely satisfied. The Company shall have no obligation to deposit any additional Acquired Bitcoin or Acquired Digital Assets into the Designated Digital Assets Account at any time after the satisfaction of the conditions set forth in the first sentence of this <u>Section 8.01</u>.

**Section 8.02 Release of Acquired Bitcoin**. The Collateral Agent shall at the times specified in this <u>Section 8.02</u> release Acquired Bitcoin from the Designated Digital Assets Account and from the Collateral Agent's Lien and security interest, subject to the satisfaction of the following conditions (as determined by the Collateral Agent):

&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) within three (3) Business Days of any step down in the Minimum Required Amount as set forth in the definition thereof (as set forth below), the Company shall notify the Collateral Agent in writing of such step down and request that the Collateral Agent determine the Digital Assets Market Value of Acquired Bitcoin maintained in the Designated Digital Assets Account that constitutes Collateral on which the Collateral Agent has a perfected First Priority Lien. Promptly following receipt of such request, the Collateral Agent shall determine the Digital Assets Market Value of Acquired Bitcoin maintained in the Designated Digital Assets Account that constitutes Collateral on which the Collateral Agent has a perfected First Priority Lien and the Collateral Agent shall notify the Company of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>if</u>: (i) no breach, Default or Event of Default then exists and, as of the Proposed Release Date, no breach, Default or Event of Default exists or will exist prior to the release of any Acquired Bitcoin or could arise immediately following the release of the Acquired Bitcoin on the Proposed Release Date, (ii) the Collateral Agent receives an officer's certificate from the chief executive officer or president of the Company certifying to the satisfaction of the condition set forth in <u>sub-clause (b)(i)</u> herein on or before the Proposed Release Date and (iii) on the Proposed Release Date, the Digital Assets Market Value of Acquired Bitcoin maintained in the Designated Digital Assets Account that constitutes Collateral on which the Collateral Agent has a perfected First Priority Lien is greater than the Minimum Required Amount, <u>then</u> the Collateral Agent shall instruct the Custodian to release Acquired Bitcoin from the Designated Digital Assets Account in an amount such that after giving effect to the release of any Acquired Bitcoin therefrom the Digital Assets Market Value of Acquired Bitcoin maintained in the Designated Digital Assets Account that constitutes Collateral on which the Collateral Agent has a perfected First Priority Lien shall equal or be nominally greater than then Minimum Required Amount.

**Section 8.03 Defined Terms**. As used in this <u>ARTICLE VIII</u>, the following terms have the meanings set forth herein:

"**Digital Asset Exchange**" means, (i) initially, the Chicago Mercantile Exchange (CME), (ii) if Bitcoin is not quoted or listed on the Chicago Mercantile Exchange at any time, then "Digital Asset Exchange" shall refer to CoinDesk; and (iii) if Bitcoin is not quoted or listed on CoinDesk at any time, then "Digital Asset Exchange" shall refer to a centralized exchange selected by the Collateral Agent in its sole discretion.

"**Digital Assets Market Value**" means, with respect to any determination of Acquired Bitcoin maintained in the Designated Digital Asset Account that constitutes Collateral on which the Collateral Agent has a perfected First Priority Lien, the twenty (20) consecutive Trading Days final moving average price of such Acquired Bitcoin for the twenty (20) consecutive Trading Days immediately preceding any date of determination, as determined by the Collateral Agent by reference (i) initially, to the CME Bitcoin Reference Rate – New York Variant (BRRNY) by the Collateral Agent, (ii) then, to CoinDesk Bitcoin Price Index (XBX), and (iii) then, in the event such final moving average price of such Bitcoin has not been published by the foregoing Digital Asset Exchanges, the final moving average of price of such Bitcoin on the Digital Asset Exchange selected by the Collateral Agent.

"**Minimum Required Amount**" means, as of any day of determination, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at any time when the aggregate outstanding principal amount of all Debentures is $40,000,000 or more, $400,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as of the first day that the aggregate outstanding principal amount of all Debentures is less than $40,000,000 but greater than or equal to $20,000,000 (such aggregate principal amount herein referred to as the "**First Determination Amount**"), an amount equal to the First Determination Amount, *multiplied by* two (2), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as of the first day that the aggregate outstanding principal amount of all Debentures is less than $20,000,000 (such aggregate principal amount herein referred to as the "**Second Determination Amount**"), an amount equal to the Second Determination Amount, *multiplied by* two (2).

The Company acknowledges and agrees that there shall only be two potential releases of Collateral under this <u>Article VIII</u>, subject to <u>Section 8.02</u> above, the first release occurring if and when the conditions set forth in sub-clause (b) above are met and the second release occurring if and when the conditions set forth in -subclause (c) above are met.

"**Proposed Release Date**" means seven (7) Business Days after any step down in the Minimum Required Amount as set forth in the definition thereof.

"**Trading Day**" means a day on which Bitcoin is quoted or traded on the Digital Asset Exchange.

**Article IX<br> Events of default**

**Section 9.01 Events of Default**. The Company acknowledges and agrees that a breach by the Company of any provision of this Agreement (including, without limitation any payment obligation) shall give rise to an immediate Event of Default under each Debenture and each other Transaction Document (without giving effect to any grace period set forth in any such Debenture or such other Transaction Document).

**Article X<br> Remedies**

**Section 10.01 Remedies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and continuation of any Event of Default, the Collateral Agent may exercise, without any other notice to or demand upon the Company any of the following rights and remedies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Contractual Remedies**: those rights and remedies provided in this Agreement, the DPA or any other Transaction Document, provided that this <u>Section 10.01(a)</u> shall not limit any rights or remedies available to the Collateral Agent or any Secured Party prior to the occurrence of an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Legal Remedies**: those rights and remedies available to the Collateral Agent and the Secured Parties under the UCC (and to the extent permitted by applicable law, whether or not the UCC applies to the affected Collateral) or under any other applicable law (including any law governing the exercise of offset, bank's right of setoff or bankers' lien) when a debtor is in default under a security agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) **Exclusive Control of Accounts**: (A) the right to deliver a notice of exclusive control over any Designated Cash Account or any other Designated Account (or other similar notices) under the applicable Control Agreement and (B) the right to exercise sole control of any Cash Account (including, without limitation, any Deposit Account) or any Digital Assets Account pledged hereunder, including, without limitation, any Designated Cash Account, any Designated Digital Assets Account or any other Designated Account and to transfer assets held therein as Collateral Agent determines in its sole judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) **[reserved]**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) **Disposition of Collateral**: without notice except as specified below, sell, resell, assign and deliver or grant a license to use or otherwise dispose of the Collateral or any part thereof, in one or more parcels at public or private sale, at any of the Collateral Agent's offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) **Other Remedies**: exercise any and all rights and remedies of the Company under or in connection with the Collateral, or otherwise in respect of the Collateral, including without limitation, (A) any and all rights of the Company to demand or otherwise require payment of any amount under, or performance of any provision of, the Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal of, all funds or other assets with respect to any Designated Cash Accounts, any Designated Digital Assets Account or any other Designated Account, and (C) exercise all other rights and remedies with respect to the Acquired Bitcoin, Acquired Digital Assets, and the Money and other assets maintained in any Designated Cash Account, any Designated Digital Assets Account or any other Designated Account, including without limitation, those set forth in Section 9-607 of the UCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that, unless the Collateral threatens to decline speedily in value or is of a type customarily sold on a recognized market, to the extent notice of sale shall be required by law, at least ten days' notice to the Company of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. At any sale of the Collateral, if permitted by applicable law, the Collateral Agent may be the purchaser, licensee, assignee or recipient of the Collateral or any part thereof and shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold, assigned or licensed at such sale, to use and apply any of the Obligations as a credit on account of the purchase price of the Collateral or any part thereof payable at such sale. To the extent permitted by applicable law, the Company waives all claims, damages and demands it may acquire against the Collateral Agent arising out of the exercise by it of any rights hereunder. The Company hereby waives and releases to the fullest extent permitted by law any right or statutory of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security for the Obligations or otherwise. The Collateral Agent shall not be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall it be under any obligation to take any action with regard thereto. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Company agrees that it would not be commercially unreasonable for the Collateral Agent to dispose of the Collateral or any portion thereof by utilizing internet sites that provide for the auction of assets of the type included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. The Collateral Agent shall not be obligated to prepare the Collateral for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any Event of Default shall have occurred and be continuing, all payments received by the Company or any of its Affiliates with respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Company or such Affiliate and shall be forthwith paid over the Collateral Agent in the same form as so received (with any necessary endorsement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any Event of Default shall have occurred and be continuing, the Collateral Agent may, without notice to the Company, the Issuer or any other Issuer Party except as required by law and at any time or from time to time, charge, set off and otherwise apply all or part of the Obligations against any funds deposited with it or held by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Collateral Agent shall determine to exercise its right to sell all or any of the Collateral of the Company pursuant to this <u>Section 10.01</u>, the Company agrees that, upon request of the Collateral Agent, the Company will, at its own expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Collateral Agent with such information as may be necessary or, in the opinion of the Collateral Agent, advisable to enable the Collateral Agent to effect the sale of such Collateral; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) do or cause to be done all such other acts and things as may be necessary to make such sale of such Collateral or any part thereof valid and binding and in compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Collateral Agent is authorized, in connection with any sale of the Collateral pursuant to this <u>Section 10.01</u>, to deliver or otherwise disclose to any prospective purchaser of the Collateral: (i) any registration statement or prospectus, and all supplements and amendments thereto, prepared pursuant to <u>Section 10.01(e)</u>; (ii) any information and projections provided to it pursuant to <u>Section 10.01(e)</u>, and (iii) any other information in its possession relating to such Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company acknowledges the impossibility of ascertaining the amount of damages that would be suffered by the Collateral Agent and the Secured Parties by reason of the failure of the Company to perform any of the covenants contained in <u>Section 10.01(e)</u>; and consequently, agrees that, if the Company shall fail to perform any of such covenants, it will pay, as liquidated damages and not as a penalty, an amount equal to the value of the Collateral on the date the Collateral Agent demands compliance with <u>Section 10.01(e)</u>.

**Section 10.02 No Waiver and Cumulative Remedies**. The Collateral Agent shall not by any act (except by a written instrument pursuant to <u>Section 11.02</u>), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies provided by law.

**Section 10.03 Condition of Collateral; Warranties**. The Collateral Agent may sell the Collateral without giving any warranties as to the Collateral. The Collateral Agent may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of Collateral.

**Section 10.04 Application of Proceeds; Deficiencies**. Upon the exercise by the Collateral Agent of its remedies hereunder, any proceeds received by the Collateral Agent in respect of any realization upon any Collateral shall be applied, together with any other sums then held by the Collateral Agent pursuant to this Agreement, in accordance with the DPA or the Debentures, as applicable, and as determined by the Collateral Agent. The Company shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay the Obligations and the fees and other charges of any attorneys employed by the Collateral Agent or any Secured Party to collect such deficiency.

**Section 10.05 Right of Set-Off**. If an Event of Default shall have occurred and be continuing, each Secured Party and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, and without prior notice to the Company (but with written notice to the Collateral Agent), any such notice being expressly waived by the Company, to set off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Secured Party or Affiliate for the credit or the account of the Company against any and all of the obligations of the Company now or hereafter existing under this Agreement or any other Transaction Document to such Secured Party or its Affiliates, whether direct or indirect, absolute or contingent, matured or unmatured, and irrespective of whether or not such Secured Party or Affiliate shall have made any demand under this Agreement or any other Transaction Document and although such obligations of the Company are owed to a branch, office, or Affiliate of such Secured Party different from the branch, office, or Affiliate holding such deposit or obligated on such indebtedness.

**Article XI<br> MISCELLANEOUS**

**Section 11.01 Costs and Expenses; Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Costs and Expenses</u>. The Company shall pay (i) all out of pocket expenses incurred by the Collateral Agent and its Affiliates (including the fees, charges and disbursements of counsel for the Collateral Agent), the preparation, negotiation, execution, delivery and administration of this Agreement and the other Transaction Documents, or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), and (ii) all out of pocket expenses incurred by the Collateral Agent or any Secured Party (including the fees, charges and disbursements of any counsel for the Collateral Agent or any Secured Party), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Transaction Documents, including its rights under this Section, or (B) in connection with the purchase and sale of the Debentures, including all such out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification</u>. The Company hereby agrees to indemnify and hold harmless the Collateral Agent (and any sub-agent thereof), each other Secured Party, and each Related Party of any of the foregoing Persons (each such Person being called an **"Indemnitee"**) from any losses, costs, penalties, fees, damages, liabilities, taxes, claims, actions, causes of actions, suits and related expenses (including the fees and expenses of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees, expenses, and time charges for attorneys who are employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any Person (including any Issuer Party) (collectively, the "**Indemnified Liabilities**"), arising out of, in connection with, or resulting from this Agreement (including, without limitation, enforcement of this Agreement) or any failure of any Obligations to be the legal, valid, and binding obligations of any Issuer Party enforceable against such Issuer Party in accordance with their terms, whether brought by a third party or by the Company or any other Issuer Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Indemnified Liabilities (i) are determined by a court of competent jurisdiction by final and nonappealable order to have resulted from the gross negligence or willful misconduct of such Indemnitee, (ii) result from a claim brought by the Company or any other Issuer Party against an Indemnitee for breach in bad faith of such Indemnitee**'**s obligations hereunder or under any other Transaction Document, if the Company or such other Issuer Party has obtained a final and nonappealable order in its favor on such claim as determined by a court of competent jurisdiction or (iii) result from a claim not involving an act or omission of any Issuer Party or any of its subsidiaries and that is brought by an Indemnitee against another Indemnitee (other than against the Collateral Agent in its capacities as such).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All amounts due under this Section shall be payable promptly and in any event not later than ten (10) days after demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This <u>Section 11.01</u> shall survive the termination of the Transaction Documents and the Payment in Full of Obligations.

**Section 11.02 Waivers and Amendments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Waiver; Remedies Cumulative; Enforcement</u>. No failure or delay by the Collateral Agent or any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Transaction Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege, or any abandonment or discontinuance of steps to enforce such a right remedy, power or privilege, preclude any other or further exercise thereof or the exercise of any other right remedy, power or privilege. The rights, remedies, powers and privileges of the Collateral Agent and the Secured Parties hereunder and under the Transaction Documents are cumulative and are not exclusive of any rights, remedies, powers or privileges that any such Person would otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendments</u>. No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Company therefrom, shall be effective unless in writing executed by the Company and the Collateral Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

**Section 11.03 Notices**. All notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing by letter and email and will be deemed to have been delivered: upon the later of (A) either (i) receipt, when delivered personally or (ii) one (1) Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same and (B) receipt, when sent by electronic mail (provided the sender does not receive a "bounce-back" or other non-delivery notification following such delivery), in each of the foregoing cases, properly addressed to the party to receive the same. The addresses and email addresses for such communications shall be:

---

| | |
|:---|:---|
| (i) | If to the Company, to: |
|  | c/o Kindly MD, Inc. |
|  | 5097 South 900 East, Ste, #100 |
|  | Salt Lake City, Utah 84117 |
|  | Attention: Tim Pickett, CEO |
|  | Email:[\*\*\*]; |
|  | with a copy (which shall not constitute notice) to: |
|  | Brunson Chandler & Jones, PLLC |
|  | 175 South Main Street, Ste. 1410 |
|  | Salt Lake City, UT 84111 |
|  | Email: callie@bcjlaw.com |
| (ii) | If to the Collateral Agent, to: |
|  | YA II PN, LTD. |
|  | c/o Yorkville Advisors Global, LLC |
|  | 1012 Springfield Avenue |
|  | Mountainside, NJ 07092 |
|  | Attention: Mark Angelo, Robert Harrison and Legal Department |
|  | Telephone No. (201) 985-8300 |
|  | Email: legal@yorkvilleadvisors.com |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If to any other Secured Party, to it at its address (or facsimile number or email address) set forth in the DPA or its Debenture

or at such other address and/or email or to the attention of such other person as the recipient party has specified by written notice given to each other party five (5) Business Days prior to the effectiveness of such change. Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) electronically generated by the sender's email service provider containing the time, date, recipient email address or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

**Section 11.04 Continuing Obligations; Assignments; Termination**. This Agreement shall (i) remain in full force and effect until the Payment in Full of Obligations (the **"Termination Date"**) and, upon Payment in Full of Obligations, the security interest granted in favor of the Collateral Agent shall automatically terminate and the rights to the Collateral shall automatically revert to the Company, (ii) be binding on the Company, its successors and assigns, and (iii) inure to the benefit of and be enforceable by the Secured Parties and their successors and assigns. Any Secured Party may assign or otherwise transfer all or any portion of its rights and obligations hereunder or under any Transaction Document to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Secured Party herein or otherwise, in each case as and to the extent provided in Section 10(h) (Successors and Assigns) of the DPA. The Company shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Collateral Agent. At the reasonable request and sole expense of any Company following the Termination Date, the Collateral Agent will deliver a termination letter (which such termination letter will be acknowledged by the Company) that provides, among other things, an acknowledgement of the termination of the Collateral Agent's Lien on the Collateral and that (i) authorizes the filing of a UCC-3 Amendment Statement to terminate the Collateral Agent's UCC-1 Financing Statement that was filed in connection with this Agreement, (ii) delivers to the Company and to the Custodian customary notices to terminate the Control Agreements and (iii) delivers to the Company such other customary documents, notices and instruments as may be reasonably requested by the Company to evidence the termination of the Collateral Agent's security interest and Lien on the Collateral.

**Section 11.05 Counterparts; Integration; Effectiveness**. This Agreement and any amendments, waivers, consents, or supplements hereto may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all taken together shall constitute a single contract. This Agreement and the other Transaction Documents constitute the entire contract among the parties with respect to the subject matter hereof and supersede all previous agreements and understandings, oral or written, with respect thereto. Except as provided in Sections 6 and 7 of the DPA, this Agreement shall become effective when it shall have been executed by the Collateral Agent and when the Collateral Agent shall have received counterparts hereof that together bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed counterpart of this Agreement.

**Section 11.06 Electronic Execution**. The words **"**execution,**" "**signed,**" "**signature,**" "**delivery,**"** and words of similar import in this Agreement and the other Transaction Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same effect, validity, and enforceability as manually executed signatures or a paper-based recordkeeping system, as the case may be, to the extent and as provided for under applicable law, including the Electronic Signatures in Global and National Commerce Act (15 U.S.C. §§ 7001 to 7031), the Uniform Electronic Transactions Act (UETA), or any state law based on the UETA, including the New York Electronic Signatures and Records Act (N.Y. Tech. §§ 301 to 309), provided that notwithstanding anything contained herein to the contrary, the Collateral Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the Collateral Agent pursuant to procedures approved by them; and provided, further, the Collateral Agent reserve the right to require, at any time and at their respective sole discretion, the delivery of manually executed counterpart signature pages to this Agreement or any other Transaction Document, and the parties hereto agree to promptly deliver such manually executed counterpart signature pages. Without limiting the generality of the foregoing, each of the parties (i) agrees that, for all purposes, including in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings, or litigation among the Collateral Agent, the Secured Parties and the Company, electronic images of this Agreement or any other Transaction Document (in each case, including with respect to any signature pages thereto) shall have the same legal effect, validity, and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of such Agreement or Transaction Document based solely on the lack of paper original copies of such Agreement or Transaction Documents, including with respect to any signature pages thereto.

**Section 11.07 [Reserved]**.

**Section 11.08 Governing Law; Jurisdiction; Etc**.

&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) **Governing Law**. This Agreement and the rights and obligations of the parties hereunder shall, in all respects, be governed by, and construed in accordance with, the laws (excluding the principles of conflict of laws) of the State of New York (including Section 5-1401 and Section 5-1402 of the General Obligations Law of the State of New York), including all matters of construction, validity and performance.

&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) **Submission to Jurisdiction; Venue; Service of Process**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company hereby irrevocably consents to the non-exclusive personal jurisdiction of the state courts of the State of New York (the "<u>Governing Jurisdiction</u>") and, if a basis for federal jurisdiction exists, the non-exclusive personal jurisdiction of the United States District Court for the Southern District of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Company agrees that venue shall be proper in any court of the Governing Jurisdiction selected by the Collateral Agent or, if a basis for federal jurisdiction exists, in the United States District Court for the Southern District of New York. The Company waives any right to object to the maintenance of any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, in any of the state or federal courts of the Governing Jurisdiction on the basis of improper venue or inconvenience of forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or tort or otherwise, brought by the Company against any Secured Party arising out of or based upon this Agreement or any matter relating to this Agreement, or any other Transaction Document, or any contemplated transaction, shall be brought in a court only in the Governing Jurisdiction. The Company shall not file any counterclaim against the any Secured Party in any suit, claim, action, litigation or proceeding brought by a Secured Party against the Company in a jurisdiction outside of the Governing Jurisdiction unless under the rules of the court in which such Secured Party brought such suit, claim, action, litigation or proceeding the counterclaim is mandatory, and not permissive, and would be considered waived unless filed as a counterclaim in the suit, claim, action, litigation or proceeding instituted by such Secured Party against the Company. The Company agrees that any forum outside the Governing Jurisdiction is an inconvenient forum and that any suit, claim, action, litigation or proceeding brought by the Company against a Secured Party in any court outside the Governing Jurisdiction should be dismissed or transferred to a court located in the Governing Jurisdiction. Furthermore, the Company irrevocably and unconditionally agrees that it will not bring or commence any suit, claim, action, litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against any Secured Party arising out of or based upon this Agreement or any matter relating to this Agreement or any other Transaction Document, or any contemplated transaction, in any forum other than the courts of the State of New York sitting in New York County, and the United States District Court of the Southern District of New York, and any appellate court from any thereof, and each of the parties hereto irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such suit, claim, action, litigation or proceeding may be heard and determined in such New York State Court or, to the fullest extent permitted by applicable law, in such federal court. The Company and the Secured Parties each agree that a final judgment in any such suit, claim, action, litigation or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company and the Collateral Agent irrevocably consent to the service of process out of any of the aforementioned courts in any such suit, claim, action, litigation or proceeding in any manner provided for notices in 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;(v) Nothing herein shall affect the right of any Secured Party to serve process in any other manner permitted by law or to commence legal proceedings or to otherwise proceed against the Company or any other Person in the Governing Jurisdiction or in any other jurisdiction.

**Section 11.09 Waiver of Jury Trial**. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY, WHETHER BASED ON CONTRACT, TORT, OR ANY OTHER THEORY. EACH PARTY HERETO (A) CERTIFIES THAT NO AGENT, ATTORNEY, REPRESENTATIVE, OR OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PERSON WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

**Section 11.10 Waiver of Certain Damages**. To the fullest extent permitted by applicable law, the Company hereby agrees not to assert, and hereby waives, any claim against the Collateral Agent and the Secured Parties on any theory of liability, for special, indirect, consequential, or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement and the transactions contemplated hereby.

**Section 11.11 Survival of Provisions**. Without prejudice to the survival of any other agreement of the Company under this Agreement or any other Transaction Documents, the agreements and obligations of the Company contained in <u>Section 2.01</u> (with respect to enforcement expenses, including without limitation indemnification obligations), <u>Section 2.04</u>, <u>ARTICLE VI</u>, <u>ARTICLE VII</u>, <u>Section 10.01(b)</u>, <u>Section 11.01</u>, <u>Section 11.08</u>, <u>Section 11.09</u>, <u>Section 11.10</u>, this <u>Section 11.11</u>, <u>Section 11.12</u>, <u>Section 11.13</u> and <u>Section 11.16</u> shall survive termination of the Transaction Documents and the Payment in Full of Obligations.

**Section 11.12 No Release**. Nothing set forth in this Agreement or any other Transaction Document, nor the exercise by the Collateral Agent of any of the rights or remedies hereunder, shall relieve the Company from the performance of any term, covenant, condition or agreement on the Company's part to be performed or observed in respect of any of the Collateral or from any liability to any Person in respect of any of the Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on the Company's part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of the Company relating thereto or for any breach of any representation or warranty on the part of the Company contained in this Agreement, the DPA or the other Transaction Documents, or in respect of the Collateral or made in connection herewith or therewith. Anything herein to the contrary notwithstanding, the Collateral Agent shall not/neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Collateral by reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of the Company thereunder or to take any action to collect or enforce any such contract, agreement or other document included in the Collateral. The obligations of the Company contained in this <u>Section 11.12</u> shall survive the termination of this Agreement, the Payment in Full of Obligations and the discharge of the Company's other obligations under this Agreement, the DPA and the other Transaction Documents.

**Section 11.13 Obligations Absolute**. The Company hereby waives demand, notice, protest, notice of acceptance of this Agreement, notice of loans made, credit extended, Collateral received or delivered or other action taken in reliance hereon and all other demands and notices of any description. All obligations of the Company hereunder shall be absolute and unconditional irrespective of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any illegality or lack of validity or enforceability of any Obligation or any Transaction Document or any related agreement or instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change in the time, place or manner of payment of, or in any other term of, the Obligations or any other obligation of any Issuer Party under any Transaction Document, or any rescission, waiver, amendment or other modification of any Transaction Document or any other agreement, including any increase in the Obligations resulting from any extension of additional credit or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any taking, exchange, substitution, release, impairment or non-perfection of any Collateral, or any taking, release, impairment, amendment, waiver or other modification of any guaranty, for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any manner of sale, disposition or application of proceeds of any Collateral or any other collateral or other assets to all or part of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any default, failure or delay, willful or otherwise, in the performance of the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any change, restructuring or termination of the corporate structure, ownership or existence of any Issuer Party or any of its Subsidiaries or any insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its assets or any resulting release or discharge of any Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any failure of any Secured Party to disclose to any Issuer Party any information relating to the business, condition (financial or otherwise), operations, performance, properties or prospects of any other Issuer Party now or hereafter known to such Secured Party (and the Company waives any duty of the Secured Parties to disclose such information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the failure of any other Person to execute or deliver any agreement or the release or reduction of liability of the Company or other grantor or surety with respect to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the failure of any Secured Party to assert any claim or demand or to exercise or enforce any right or remedy under the provisions of any Transaction Document or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any defense, set-off or counterclaim (other than a defense of payment or performance) that may at any time be available to, or be asserted by, the Company sagainst any Secured Party; 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;(k) any other circumstance (including, without limitation, any statute of limitations) or manner of administering the obligations under the DPA, the Debentures or any other Transaction Document or any existence of or reliance on any representation by any Secured Party that might vary the risk of the Company or otherwise operate as a defense available to, or a legal or equitable discharge of, any Issuer Party or any other guarantor or surety.

**Section 11.14 Severability**. If any provision of this Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

**Section 11.15 Headings**. Article and Section headings used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

**Section 11.16 Reinstatement**. This Agreement shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company's assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Obligations, whether as a "voidable preference," "fraudulent conveyance" or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. This <u>Section 11.16</u> shall survive the termination of the Transaction Documents and the Payment in Full of Obligations.

**Section 11.17 FINAL AGREEMENT**. THIS AGREEMENT REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR ORAL OR WRITTEN AGREEMENTS OF THE PARTIES.

[Remainder of Page Intentionally Left Blank; Signature Pages Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Guaranty and Security Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| **Company:** | **NAKA SPV 2, LLC** | **NAKA SPV 2, LLC** | **NAKA SPV 2, LLC** |
|  | By: | /s/ Tyler Evans | /s/ Tyler Evans |
|  |  | Name: | Tyler Evans |
|  |  | Title: | Chief Executive Officer and President |

---

[*Signature Page to Guaranty and Security Agreement (SPE)*]

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Collateral Agent:** | **YA II PN, LTD.** | **YA II PN, LTD.** | **YA II PN, LTD.** | **YA II PN, LTD.** |
|  | By: | Yorkville Advisors Global, LP | Yorkville Advisors Global, LP | Yorkville Advisors Global, LP |
|  | Its: | Investment Manager | Investment Manager | Investment Manager |
|  |  | By: | Yorkville Advisors Global II, LLC | Yorkville Advisors Global II, LLC |
|  |  | Its: | General Partner | General Partner |
|  |  | By: | /s/ Matthew Beckham | /s/ Matthew Beckham |
|  |  |  | Name: | Matthew Beckham |
|  |  |  | Title: | Manager |

---

[*Signature Page to Guaranty and Security Agreement (SPE)*]

**SCHEDULES**

Schedule 1: Filing Location

Schedule 2: Company Information

## Exhibit 10.6

**Exhibit 10.6**

**<u>REGISTRATION RIGHTS AGREEMENT</u>**

**THIS REGISTRATION RIGHTS AGREEMENT** (this "<u>Agreement</u>"), dated as of August 15, 2025, is made by and between YA II PN, LTD., a Cayman Islands exempt limited company (the "<u>Investor</u>"), and KINDLY MD, INC., a company incorporated under the laws of the State of Utah (the "<u>Company</u>"). The Investor and the Company may be referred to herein individually as a "Party" and collectively as the "Parties."

**WHEREAS,** in connection with the Secured Convertible Debenture Purchase Agreement by and among the parties hereto dated as of May 12, 2025 (the **"**<u>Purchase Agreement</u>"), the Company has agreed, upon the terms and subject to the conditions of the Purchase Agreement, to issue and sell to the Investor up to $200,000,000 in aggregate principal amount of convertible debentures (the "<u>Convertible Debentures</u>"), which shall be convertible into common stock of the Company, par value $0.001 (the "<u>Common Stock</u>") (as converted, the "<u>Conversion Shares</u>"). Capitalized terms not defined herein shall have the meaning ascribed to them in the Purchase Agreement.

WHEREAS, in connection with the Purchase Agreement, the Company is obligated to issue to the Investor 3,000,000 shares of Common Stock (the "<u>Fee Shares</u>").

**WHEREAS**, pursuant to the terms of, and in consideration for the Investor entering into, and to induce the Investor to execute and deliver the Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the "<u>Securities Act</u>"), and applicable state securities laws and other rights as provided for herein.

**<u>AGREEMENT</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>DEFINITIONS</u>.

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Applicable Date</u>" means the earlier to occur of (I) the first date on which the initial Registration Statement is declared effective by the SEC (and each Prospectus contained therein is available for use on such date) or (II) the first date on which all of the Registrable Securities are eligible to be resold without any restrictions by the Investor pursuant to Rule 144.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Business Day</u>" shall mean any day on which the New York Stock Exchange is open for trading, other than any day on which commercial banks are authorized or required to be closed in New York City.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Effectiveness Deadline</u>" means, with respect to the initial Registration Statement filed hereunder, if not automatically effective, the 60th calendar day following the Filing Deadline, provided, however, in the event the Company is notified by the U.S. Securities and Exchange Commission ("<u>SEC</u>") that the Registration Statement will not be reviewed or is no longer subject to further review and comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth Business Day following the date on which the Company is so notified if such date precedes the date required above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Filing Deadline</u>" means, with respect to the initial Registration Statement required hereunder, the 30<sup>th</sup> calendar day following the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Investor</u>" shall have the meaning set forth in the Recitals above, and shall include any holder or permitted assignee of a Convertible Debenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Person</u>" means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a governmental or political subdivision thereof or a governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Prospectus</u>" means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Registrable Securities</u>" means all of (i) the Conversion Shares, (ii) the Fee Shares, (iii) the additional shares issuable in connection with any anti-dilution provisions of the Convertible Debentures (without giving effect to any limitations on exercise set forth in the Convertible Debentures) and (iii) any shares of Common Stock issued or issuable with respect to any shares described in subsections (i), (ii) and (iii) above by way of any stock split, stock dividend or other distribution, recapitalization or similar event or otherwise (in each case without giving effect to any limitations on exercise set forth in the Convertible Debentures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Registration Statement</u>" means any registration statement of the Company filed pursuant to this Agreement, including the Prospectus, amendments and supplements to such registration statement or Prospectus, including post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Required Registration Amount</u>" means (i) with respect to the initial Registration Statement, at least 103,000,000 shares of Common Stock issued or to be issued pursuant to the Purchase Agreement, and (ii) with respect to subsequent Registration Statements, such number of shares of Common Stock as requested by the Investor not to exceed 100% of the maximum number of shares of Common Stock issuable upon conversion of all Convertible Debentures then outstanding (assuming for purposes hereof that (x) such Convertible Debentures are convertible at the Conversion Price (as defined in each respective Convertible Debenture) in effect as of the date of determination, and (y) any such conversion shall not take into account any limitations on the conversion of the Convertible Debentures set forth therein), in each case subject to any cutback set forth in Section 2(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Rule 144</u>" means Rule 144 under the Securities Act or any successor rule thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Rule 415</u>" means Rule 415 promulgated by the SEC pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>SEC</u>" means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act at the time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Securities Act</u>" shall have the meaning set forth in the Recitals above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>REGISTRATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company's registration obligations set forth in this Section 2 including its obligations to file Registration Statements, obtain effectiveness of Registration Statements, and maintain the continuous effectiveness of any Registration Statement that has been declared effective shall begin on the date hereof and continue until the date on which the Investor has sold all of the Registrable Securities (the "<u>Registration Period</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, the Company shall (i) as soon as practicable, but in no case later than the Filing Deadline, prepare and file with the SEC an initial Registration Statement on Form S-3 (or, if the Company is not then eligible, on Form S-1) or any successor form thereto covering the resale by the Investor of the Required Registration Amount in accordance with applicable SEC rules, regulations and interpretations so as to permit the resale of such Registrable Securities by the Investor under Rule 415 at then prevailing market prices (and not fixed prices). The Registration Statement shall contain "<u>Selling Stockholders</u>" and "<u>Plan of Distribution</u>" sections. The Company shall use commercially reasonable efforts to have the Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the Effectiveness Deadline. By 9:30 am New York Time on the business day following the date of effectiveness, the Company shall file with the SEC in accordance with Rule 424 under the Securities Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement. Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the Registration Statement to the Investor for their review and comment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sufficient Number of Shares Registered</u>. If at any time all Registrable Securities are not covered by a Registration Statement filed pursuant to Section 2(a) as a result of Section 2(e) or otherwise, the Company shall use commercially reasonable efforts to file with the SEC one (1) or more additional Registration Statements so as to cover all of the Registrable Securities not covered by such initial Registration Statement, in each case as soon as practicable (taking into account any position of the staff of the SEC with respect to the date on which the Staff will permit such additional Registration Statement(s) to be filed with the SEC and the rules and regulations of the SEC). The Company shall use its best efforts to cause each such new Registration Statement to become effective as soon as reasonably practicable following the filling thereof with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the Registration Period, the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the Prospectus used in connection with a Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period, (ii) prepare and file with the SEC additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (iii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424; (iv) respond as promptly as reasonably possible to any comments received from the SEC with respect to a Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investor true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may excise any information contained therein which would constitute material non-public information as to any Investor which has not executed a confidentiality agreement with the Company); and (v) comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this Section 2(c)) by reason of the Company's filing a report on Form 10-K, Form 10-Q or Form 8-K or any analogous report under the Exchange Act, the Company shall incorporate such report by reference into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC on the same day on which the Exchange Act report is filed which created the requirement for the Company to amend or supplement the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Reduction of Registrable Securities Included in a Registration Statement</u>. Notwithstanding anything contained herein, in the event that the SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement in order to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Registration Statement (after consultation with the Investor as to the specific Registrable Securities to be removed therefrom) to the maximum number of securities as is permitted to be registered by the SEC. In the event of any reduction in Registrable Securities pursuant to this paragraph, the Company shall use its best efforts to file one (1) or more New Registration Statements with the Commission in accordance with Section 2(c) until such time as all Registrable Securities have been included in Registration Statements that have been declared effective and the Prospectuses contained therein are available for use by the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Failure to File or Obtain Effectiveness of the Registration Statement or Remain Current</u>. If: (i) a Registration Statement is not filed on or prior to its Filing Date, or (ii) a Registration Statement is not declared effective on or prior to the Effectiveness Deadline, or the Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five (5) Business Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the SEC that a Registration Statement will not be "reviewed," or not subject to further review, or (iii) after the effectiveness, a Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities for which it is required to be effective, or (iv) the Investor is not permitted to utilize the Prospectus therein to resell such Registrable Securities for more than 15 consecutive calendar days or more than an aggregate of 30 calendar days during any 12-month period (which need not be consecutive calendar days), or (v) if after the date that is six (6) months from the date hereof, the Company does not have available adequate current public information as set forth in Rule 144(c) (any such failure or breach being referred to as an "<u>Event</u>"), such Event shall be deemed an Event of Default (as defined in each respective Convertible Debenture). In addition to any other rights the Investor may have hereunder or under applicable law, the Company will make pro rata payments to each Investor, as liquidated damages and not as a penalty, in an amount equal to 1% of the aggregate principal amount of Convertible Debenture held by such Investor for each 30-day period or pro rata for any portion thereof, that the Event continues. Such payments shall not affect the right of the Investor to seek injunctive relief. Such payments shall be made to the Investor in cash no later than three Business Days after the end of each 30-day period (the "<u>Payment Date</u>"). Interest shall accrue at the rate of 1% per month on any such liquidated damages payments that shall not be paid by the Payment Date until such amount is paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Piggy-Back Registrations</u>. If at any time there is not an effective Registration Statement covering all of the Registrable Securities and the Company proposes to register the offer and sale of any shares of Common Stock under the Securities Act (other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or directors of the Company pursuant to any employee stock plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for the account of one (1) or more stockholders of the Company and the form of Registration Statement to be used may be used for any registration of Registrable Securities, the Company shall give prompt written notice (in any event no later than five (5) days prior to the filing of such Registration Statement) to the holders of Registrable Securities of its intention to effect such a registration and, shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion from the holders of Registrable Securities; <u>provided</u>, <u>however</u>, that, the Company shall not be required to register any Registrable Securities pursuant to this Section 2(g) that have been sold or may permanently be sold without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Company's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>No Inclusion of Other Securities; Other Registration Statements</u>. Except for (x) such shares issued pursuant to the subscriptions agreement by and between the Company and each of the investors on May 12, 2025 and June 19, 2025 and (y) such shares issued to the shareholders of Nakamoto Holdings, Inc. pursuant to the Agreement and Plan of Merger, dated as of May 12, 2025, by and among the Company, Kindly Holdco Corp., Nakamoto Holdings Inc., and Wade Rivers, LLC, the Company shall not (i) include any securities other than Registrable Securities on any Registration Statement pursuant to Section 2(b) or Section 2(c) without the Investor's prior written consent or (ii) prior to the Applicable Date, or at any time thereafter while any Registration Statement is not effective or the Prospectus contained therein is not available for use, the Company shall not file any registration statement or offering statement under the Securities Act relating to securities that are not the Registrable Securities (other than a registration statement on Form S-8 or such supplements or amendments to registration statements that are outstanding and have been declared effective by the SEC as of the date hereof, and solely to the extent necessary to keep such registration statements effective and available and not for any other reason); provided, however, that the restriction contained in clause (ii) of this sentence shall not apply to a universal shelf registration statement on Form S-3 registering the future issuance of future securities of the Company and the sale of Common Stock by the Company pursuant to an at-the-market facility (the "ATM Registration Statement"); provided, further, that (1) the ATM Registration Statement shall include the registration of the Fee Shares for resale by the Investor, including the necessary prospectus supplements to enable such resale of the Fee Shares by the Investor and (2) the Company will not file any prospectus supplements to the ATM Registration Statement other than (A) solely with respect to sales of Common Stock by the Company pursuant to an at-the-market facility and (B) solely with respect to the resale of the Fee Shares by the Investor, unless the Company is in compliance with the restrictions set forth in clause (ii) of this sentence at the time any such prospectus supplement is filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>RELATED OBLIGATIONS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall, not less than three (3) Business Days prior to the filing of each Registration Statement and not less than one (1) business day prior to the filing of any related amendments and supplements to all Registration Statements (except for annual reports on Form 10-K, supplements and amendments to update the Registration Statement solely for information reflected in the Company's annual reports on Form 10-K, Quarterly Reports on Form 10-Q or Current Reports on Form 8-K), furnish to each Investor copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the reasonable and prompt review of such Investor. The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investor shall reasonably object in good faith; *provided* that, the Company is notified of such objection in writing no later than two (2) Trading Days after the Investor have been so furnished copies of a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall furnish to each Investor whose Registrable Securities are included in any Registration Statement, without charge (i) at least one (1) copy (which may be in electronic form) of such Registration Statement as declared effective by the SEC and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) at least one (1) copy (which may be in electronic form) of the final prospectus included in such Registration Statement and all amendments and supplements thereto, and (iii) any documents, which are not publicly available through EDGAR, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall use commercially reasonable efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or "blue sky" laws of such jurisdictions in the United States as any Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its articles of incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such jurisdiction. The Company shall not be required to register or qualify the Registrable Securities in any jurisdiction if such registration or qualification would be unduly burdensome, impractical, or if the required exemption is otherwise available. The Company shall promptly notify each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the Registrable Securities for sale under the securities or "blue sky" laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As promptly as practicable after becoming aware of such event or development, the Company shall notify each Investor in writing of the happening of any event as a result of which the Prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission and deliver one (1) electronic copy of such supplement or amendment to the Investor. The Company shall also promptly notify each Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and when a Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to each Investor by email on the same day of such effectiveness), (ii) of any request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company's reasonable determination that a post-effective amendment to a Registration Statement would be appropriate. The Company shall respond as promptly as reasonably practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting any obligation of the Company under the Purchase Agreement, the Company shall use its best efforts to cause all of the Registrable Securities covered by each Registration Statement to be listed on the Principal Market. The Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company shall cooperate with the holders of the Registrable Securities to facilitate the timely preparation and delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of shares of Common Stock and registered in such names as the holders of the Registrable Securities may reasonably request prior to sales of Registrable Securities pursuant to such Registration Statement or Rule 144; <u>provided</u>, that the Company may satisfy its obligations hereunder without issuing physical stock certificates through the use of The Depository Trust Company's Direct Registration System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company shall use its best efforts to cause the Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable 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;(j) The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Within two (2) Business Days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such Registrable Securities (with copies to the Investor whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by each Investor of Registrable Securities pursuant to a Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>OBLIGATIONS OF THE INVESTOR</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 Investor agrees that upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(d) the Investor shall as soon as reasonably practicable discontinue disposition of Registrable Securities pursuant to any Registration Statement covering such Registrable Securities until the Investor's receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(d) or receipt of notice that no supplement or amendment is required. Notwithstanding anything to the contrary contained herein, subject to compliance with the securities laws, the Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee of the Investor in accordance with the terms of the Purchase Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale prior to the Investor's receipt of a notice from the Company of the happening of any event of the kind described in Section 3(d) and for which the Investor has not yet settled.

&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 Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor, by its acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the Company in connection with the preparation and filing of each Registration Statement hereunder, unless the Investor has notified the Company in writing of the Investor's election to exclude all of the Investor's Registrable Securities from such Registration Statement. The Investor's failure to cooperate may result in exclusion of the Investor's shares from the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>EXPENSES OF REGISTRATION</u>.

All expenses incurred by the Company in complying with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without limitation, all registration, listing and qualifications fees, printers, fees and expenses of the Company's counsel and accountants.

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

With respect to Registrable Securities which are included in a Registration Statement under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor and its directors, officers, partners, employees, agents, and representatives, and each Person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange Act (each, an "<u>Investor Indemnified Person</u>"), against any losses, claims, damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys' fees, amounts paid in settlement or expenses, joint or several (collectively, "<u>Indemnified Damages</u>"), incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto ("<u>Claims</u>"), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other "blue sky" laws of any jurisdiction in which Registrable Securities are offered ("<u>Blue Sky Filing</u>"), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any final prospectus (as amended or supplemented, if the Company files any amendment or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, "<u>Violations</u>"). The Company shall reimburse the Investor and each such Investor Indemnified Person promptly as Indemnified Damages are incurred and are due and payable, including reasonable legal fees, disbursements and other expenses incurred by an Investor Indemnified Person in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Investor Indemnified Person expressly for use in connection with the preparation of the Registration Statement or any such amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company, if such prospectus was timely made available by the Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Investor Indemnified 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) In connection with a Registration Statement, the Investor agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers, employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each a "<u>Company Indemnified Person</u>"), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or is based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs (i) in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with such Registration Statement or (ii) from the Investor's violation of any prospectus delivery requirements under the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement; and, subject to Section 6(d), such Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld, conditioned or delayed; provided, further, that, other than in connection with fraud or gross negligence on the part of the Investor, the Investor shall be liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Company Indemnified Person. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(b) with respect to any prospectus shall not inure to the benefit of any Company Indemnified Person if the untrue statement or omission of material fact contained in the prospectus was corrected and such new prospectus was delivered to the Investor prior to such Investor's use of the prospectus to which the Claim relates.

&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) Promptly after receipt by an Investor Indemnified Person or Company Indemnified Person under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim, such Investor Indemnified Person or Company Indemnified Person shall, if indemnification in respect of such Claim is to be sought from any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, assume control of the defense thereof with counsel reasonably and mutually satisfactory to the indemnifying party and the Investor Indemnified Person or the Company Indemnified Person, as the case may be; provided, however, that an Investor Indemnified Person or Company Indemnified Person shall have the right to retain its own counsel with the fees and expenses of not more than one (1) counsel for such Investor Indemnified Person or Company Indemnified Person to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of the Investor Indemnified Person or Company Indemnified Person and the indemnifying party would be inappropriate due to actual or potential differing interests between such Investor Indemnified Person or Company Indemnified Person and any other party represented by such counsel in such proceeding. The Investor Indemnified Person or Company Indemnified Person shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Investor Indemnified Person or Company Indemnified Person which relates to such action or claim. The indemnifying party shall keep the Investor Indemnified Person or Company Indemnified Person fully apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of the Investor Indemnified Person or Company Indemnified Person, as the case may be, which consent shall not be unreasonably withheld, conditioned or delayed, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Investor Indemnified Person or Company Indemnified Person of a full and unconditional release from all liability in respect to such claim or litigation. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Investor Indemnified Person or Company Indemnified Person with respect to all third parties, firms or corporations relating to the Claim(s) for which indemnification has been made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such Claim shall not relieve such indemnifying party of any liability to the Investor Indemnified Person or Company Indemnified Person under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Investor Indemnified Person or Company Indemnified Person against the indemnifying party or others and (ii) any liabilities the indemnifying party may be subject to pursuant to the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>CONTRIBUTION</u>.

To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no seller of Registrable Securities guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>REPORTS UNDER THE EXCHANGE ACT</u>.

With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities Act or any similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration, and as a material inducement to the Investor's purchase of the Convertible Debentures, the Company represents, warrants, and covenants to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has timely filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date hereof (or for such shorter period that the issuer was required to file such reports), other than Form 8-K reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Registration Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or 15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company's obligations under the Purchase Agreement) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall furnish to the Investor so long as such Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such securities pursuant to Rule 144 without registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>AMENDMENT OF REGISTRATION RIGHTS</u>.

Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only with the written, signed consent of the Company and the Investor. Any amendment or waiver effected in accordance with this Section 9 shall be binding upon each of the Investor and the Company. No such amendment shall be effective to the extent that it applies to fewer than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities or owns the right to receive the Registrable Securities. If the Company receives conflicting instructions, notices or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of such Registrable 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;(b) Neither this Agreement nor any rights or obligations of the Investor or the Company hereunder may be assigned to any other Person, except for assignments by the Investor (i) to any of its affiliates, or (ii) to any other assignee, with the prior written consent of the Company, which consent shall not be unreasonably withheld or conditioned. Any permitted assignment shall be effective only if the assignee executes a written instrument assuming all obligations of the assignor under this Agreement and delivers written notice of such assignment and assumption to the Company at least five (5) Business Days prior to the effectiveness of such assignment. Any attempted assignment in violation of this provision shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each party shall hold in confidence and not make any disclosure of information concerning the other Party provided to such other Party unless (i) disclosure of such information is necessary to comply with federal or state securities laws, (ii) the disclosure of such information is necessary to avoid or correct a material misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. Each Party agrees that it shall, upon learning that disclosure of such information concerning the other Party is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Party and allow such Party, at such other Party's expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered pursuant to the notice provisions of the Purchase Agreement or to such other address and/or electronic mail address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) electronically generated by the sender's email service provider containing the time, date, and recipient email or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal service, receipt by email or receipt from a nationally recognized overnight delivery service in accordance with this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The laws of the State of New York shall govern all issues concerning the relative rights of the Company and the Investor as its stockholder. All other questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of New York. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York, sitting in New York County, New York and federal courts for the Southern District of New York sitting New York, New York, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement may be executed in identical counterparts, both of which shall be considered one (1) and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. Electronically scanned and delivered signatures (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com), including by e-mail attachment, shall be deemed to have been duly and validly delivered and be valid and effective for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any 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;(l) This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, 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;(m) Notwithstanding anything to the contrary herein, any waiver by a party of any breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No provision of this Agreement may be waived or amended other than by a written agreement signed by the parties to this Agreement. No custom or practice of the parties at variance with the terms hereof shall constitute a waiver by any party of its right to exercise any right, power or remedy available to it hereunder or any other right, power or remedy or to demand strict compliance with the terms of this Agreement.

**[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]**

**IN WITNESS WHEREOF,** the Investor and the Company have caused their signature page to this Registration Rights Agreement to be duly executed as of the date first above written.

---

| | |
|:---|:---|
| **COMPANY:** | **COMPANY:** |
| **KINDLY MD, INC.** | **KINDLY MD, INC.** |
| By: | /s/ David Bailey |
| Name: | David Bailey |
| Title: | Chief Exectuive Officer |
| **INVESTOR:** | **INVESTOR:** |
| **YA II PN, Ltd.** | **YA II PN, Ltd.** |
| By: | Yorkville Advisors Global, LP |
| Its: | Investment Manager |

---

---

| | |
|:---|:---|
| By: | Yorkville Advisors Global II, LLC |
| Its: | General Partner |
| By: | /s/ Matthew Beckman |
| Name: | Matthew Beckman |
| Title: | Manager |

---

## Exhibit 10.7

**Exhibit 10.7**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of**

**Regulation S-K. [\*\*\*] indicates that information has been redacted**

**ADMINISTRATIVE SERVICES AGREEMENT**

This ADMINISTRATIVE SERVICES AGREEMENT (this "**Agreement**"), dated as of August 14, 2025 (the "**Effective Date**"), is by and among BTC Inc., a Delaware corporation (the "**Company**"), Kindly MD, Inc., a Utah corporation ("**Kindly**"), and certain subsidiaries of Kindly set forth in <u>Schedule I</u> attached hereto (Kindly and such subsidiaries, collectively the "**Service Recipients**" and together with the Company, collectively the "**Parties**", or each, individually, a "**Party**").

**WHEREAS**, the Service Recipients desire to engage the Company to provide certain administrative support services set forth in <u>Section 1</u> hereof, on the terms and conditions set out herein.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Provision of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Agreement to Provide Services</u>. Upon the terms and subject to the conditions contained herein, the Company hereby agrees to provide to the Service Recipients, as applicable, the services ("**Administrative Services**") set forth in <u>Section 1.2</u>. For clarity and the avoidance of doubt, each Service Recipient may be receiving some, but not all of the Administrative Services at any given time during a Term (as defined below). The Company shall maintain records of the Administrative Services being provided to each Service Recipient during the then applicable Term. Each of the Administrative Services shall be provided and accepted in accordance with the terms, limitations, and conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Scope of Services</u>. The Administrative Services provided under this Agreement shall include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tax</u>. Tax services include tax support and tax compliance services as may be necessary to ensure that a Service Recipient complies with applicable tax laws and tax consulting services relating to research and planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Accounting and Financial Statements/Periodic Reports/Payroll</u>. Accounting services include accounting support services to assist in the maintenance of a system of accounting for a Service Recipient and the preparation of audited and unaudited balance sheets, statements of income and results of operations and cash flows. The processing and payment of payroll to the extent the Service Recipient has employees or contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Human Resources ("**HR**")</u>. HR services include assistance with staffing and recruitment, training and employee development, and advice and establishment of employee policies, including for employee compensation and benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Information and technology ("**IT**")</u>. IT services include management and maintenance of IT resources and staffing to support IT needs, management of information security and communications systems, database support, disaster recovery, support of core systems, support of maintenance contracts, equipment and software, and organization of an IT helpdesk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Mail Management</u>. Mail services include, without limitation, the receipt, processing, and distribution (physically and electronically) of incoming and outgoing mail, as needed, all in accordance with the Service Recipient's reasonable directives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Additional Services</u>. Such additional services as the applicable Parties agree from time to time, which agreement may be set forth on a Statement of Work entered into by the applicable Parties in accordance with this Agreement and in the form set forth on <u>Exhibit A</u> (each, a "**Statement of Work**"). No Statement of Work shall be effective unless executed by duly authorized representatives of the Company, Kindly and, if applicable, the Service Recipient (if such Service Recipient is not Kindly) receiving such additional services, and upon such effectiveness, any services set forth on a Statement of Work shall be "Administrative Services" for all purposes hereunder. Each fully executed Statement of Work shall be attached to this Agreement as part of <u>Exhibit A</u>, and by this reference incorporated in and made a part of, this Agreement. For clarity, the first Statement of Work will be referred to as Exhibit A-1, the second Statement of Work will be referred to as Exhibit A-2, etc. Any such additional services provided by the Company hereunder shall be subject in all respects to the provisions of this Agreement as if fully set forth in this <u>Section 1.2</u> as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Charges and Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Charges</u>. Each Service Recipient agrees to bear and to pay its allocable share of the costs incurred by the Company in providing the Administrative Services ("**Costs**"). Costs shall equal the sum of Direct Costs plus Overhead Costs. The basis for determining Costs shall be those used for internal cost distribution. Such basis shall be modified and adjusted by mutual agreement where necessary or appropriate to reflect fairly and equitably the actual incidence of Costs by the Company. Costs shall be allocated to Service Recipients under Section 2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Direct Costs</u>. Direct Costs mean the sum of all internal and external costs incurred by the Company in providing the Administrative Services including, but not limited to, allocable salaries and wages, incentives, paid absences, payroll taxes, health care and retirement benefits, direct non-labor costs and similar expenses, and reimbursement of out-of-pocket third-party costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Overhead Costs</u>. Overhead Costs mean all internal and external indirect costs incurred by the Company in providing the Administrative Services and shall include (but are not limited to) general overhead and facilities charges (for example, office rent, depreciation, maintenance, utilities, and supplies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Costs shall be allocated to the Service Recipients based on a reasonable allocation methodology to be established by the Company and used consistently from year to year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall submit a statement to each Service Recipient, as applicable, no later than 20 days after the end of each calendar month (unless otherwise agreed to by the Parties) with respect to the amount of Costs payable by such Service Recipient for such month (a "**Statement**"). Each Statement shall set forth in reasonable detail the Administrative Services provided that calendar month and the Costs incurred in providing the Administrative Services to such Service Recipient. Unless any such Service Recipient disagrees as to the amounts payable, full payment for all Administrative Services as set forth in the Statement (less any applicable withholding taxes) shall be made no later than 30 calendar days following receipt of the Statement. Payment shall be made in U.S. dollars. In the event of a Statement dispute, Service Recipient shall deliver a written statement to the Company no later than ten (10) days prior to the date payment is due on the disputed Statement listing all disputed items and providing a reasonably detailed description of each disputed item. Amounts not so disputed shall be deemed accepted and shall be paid, notwithstanding disputes on other items, within the period set forth in this Section 2.3. The Parties shall seek to resolve all such disputes expeditiously and in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company and the Service Recipients shall make adjustments to charges as required to reflect the discovery of errors or omissions or changes in the charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Accounting</u>. The Company shall maintain accounting records of all services rendered pursuant to this Agreement and such additional information as the Service Recipients may reasonably request for purposes of their internal bookkeeping and accounting operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independent Contractor</u>. In performing services pursuant to this Agreement, the Company will be an independent contractor and this Agreement will not be deemed to create a partnership, joint venture, or other arrangement between the Parties. The employees or agents of the Company shall not be deemed or construed to be the employees, agents, or partners of the Service Recipients for any purposes whatsoever. The Company and the Company's personnel or agents shall not enter into contracts on behalf of, or execute contracts as employees or agents of, any Service Recipient, or bind any Service Recipient in any manner, written or oral, express or implied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Indemnification</u>. The Service Recipients, severally and not jointly, shall indemnify, defend, and hold harmless the Company, its affiliates, officers, directors, employees, agents, and representatives from and against any and all losses, liabilities, claims, damages, actions, fines, penalties, expenses or costs (including court costs and reasonable attorneys' fees) suffered or incurred by the Company relating to any claim of a third party arising from or in connection with the Company's performance or non-performance of any covenant, agreement or obligation of the Company hereunder, other than by reason of the Company's gross negligence, willful misconduct or bad faith. This <u>Section 5</u> shall survive any termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Limitation of Liability</u>. Notwithstanding any other provision of this Agreement and except for liability caused by the Company's gross negligence, willful misconduct or bad faith, (i) no Party nor their respective directors, officers, employees, and agents, will have any liability to any other Party, or their respective directors, officers, employees and agents, whether based on contract, warranty, tort, strict liability, or any other theory, for any indirect, incidental, consequential, or special damages, and (ii) the Company, as a result of providing an Administrative Service pursuant to this Agreement, shall not be liable to any other Party for more than the cost of the Administrative Services related to the claim or damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Term of Services</u>. The term of this Agreement shall be for one (1) year beginning as of the Effective Date, provided that such term shall renew automatically for successive terms of one (1) year unless the Company provides written notice to Kindly that this Agreement shall not be renewed at least thirty (30) days prior to the expiration of any one-year term (each one (1) year period, a "**Term**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Termination by the Company</u>. The Company may terminate this Agreement, or any part of this Agreement, at any time upon thirty (30) days prior written notice to Kindly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Termination by Service Recipients</u>. Each Service Recipient may terminate its participation in this Agreement either with respect to all, or with respect to one or more, of the Administrative Services at any time upon thirty (30) days prior written notice to the Company. In the event of any termination with respect to one or more, but less than all, Administrative Services, this Agreement shall continue in full force and effect with respect to any Administrative Services not terminated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>General Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Assignment</u>. No Party shall assign or transfer its rights and obligations hereunder in whole or in part without the prior written consent of the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Successor and Assigns</u>. This Agreement is binding on and inures to the benefit of the Parties to this Agreement and their respective permitted successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Amendments</u>. No amendment to this Agreement shall be effective unless it is in writing and signed by the Company and Kindly, and to the extent such amendment adversely affects a Service Recipient, such Service Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>No Third-Party Beneficiaries</u>. Except for the right of the Company's affiliates, officers, directors, employees, agents and representatives to enforce their rights to indemnification under <u>Section 5</u>, this Agreement benefits solely the Parties to this Agreement and their respective permitted successors and assigns and nothing in this Agreement, express or implied, confers on any other person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Cooperation</u>. The Service Recipients will provide all information that the Company reasonably requests for performance of the Administrative Services pursuant to this Agreement, and the Service Recipients will cooperate with any reasonable request of the Company in connection with the performance of such services pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Severability</u>. If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Company and Kindly shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the provisions of services contemplated hereby be consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>Governing Law</u>. This Agreement, including all exhibits, schedules, attachments and appendices attached to this Agreement and thereto, and all matters arising out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Waiver</u>. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Notices</u>. All correspondence or notices required or permitted to be given under this Agreement shall be in writing, in English and addressed to the other Party at its address set out below (or to any other address that the receiving Party may designate from time to time). Each Party shall deliver all Notices by personal delivery, nationally recognized overnight courier (with all fees prepaid), e-mail (with confirmation of transmission) or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only (a) upon receipt by the receiving party and (b) if the party giving the Notice has complied with the requirements of this Section. Such communications must be sent to the respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.10):

If to Company: [\*\*\*]<br> E-mail: [\*\*\*]<br> Attention: David Bailey, Chief Executive Officer <br>If to a Service Recipient: [\*\*\*] Email: [\*\*\*] Attention: Amanda Fabiano, Chief Operating Officer (all Service Recipients)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Entire Agreement</u>. This Agreement, including and together with any related exhibits, schedules, attachments and appendices, constitutes the sole and entire agreement of the Company and the Service Recipients with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, regarding such subject matter.

[signature page follows]

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date set forth above.

**COMPANY:**

---

| | |
|:---|:---|
| BTC INC. | BTC INC. |
| By | /s/ Didier Lewis |
| Name: | Didier Lewis |
| Title: | Chief Financial Officer |
| **KINDLY AND SERVICE RECIPIENTS:** | **KINDLY AND SERVICE RECIPIENTS:** |
| KINDLY MD, INC. | KINDLY MD, INC. |
| By | /s/ David Bailey |
| Name: | David Bailey |
| Title: | Chief Executive Officer |
| NAKAMOTO HOLDINGS, INC. | NAKAMOTO HOLDINGS, INC. |
| By | /s/ Tyler Evans |
| Name: | Tyler Evans |
| Title: | Chief Executive Officer |
| KINDLY, LLC | KINDLY, LLC |
| By | /s/ Tim Pickett |
| Name: | Tim Pickett |
| Title: | Chief Executive officer |
| NAKA SPV 1, LLC | NAKA SPV 1, LLC |
| By: | /s/ Tyler Evans |
| Name: | Tyler Evans |
| Title: | Chief Executive Officer |
| NAKA SPV 2, LLC | NAKA SPV 2, LLC |
| By: | /s/ Tyler Evans |
| Name: | Tyler Evans |
| Title: | Chief Executive Officer |

---

**Schedule i**

**List of Service Recipients**

&nbsp;&nbsp;&nbsp;&nbsp;1. Kindly MD, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. Nakamoto Holdings, Inc

&nbsp;&nbsp;&nbsp;&nbsp;3. Kindly, LLC

&nbsp;&nbsp;&nbsp;&nbsp;4. Naka SPV 1, LLC

&nbsp;&nbsp;&nbsp;&nbsp;5. Naka SPV 2, LLC

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

**Form of Statement of Work**

This statement of work ("**Statement of Work**") is entered into as of [*Date*] pursuant to the ADMINISTRATIVE SERVICES AGREEMENT (the "**Agreement**"), dated as of August 14, 2025 (the "**Effective Date**"), by and between BTC Inc., a Delaware corporation or its designated affiliates (collectively the "**Service Provider**"), Kindly MD, Inc., a Utah corporation ("**Kindly**"), and [_________________], a [______________] (the "**Service Recipient**" and together with the Service Provider and Kindly, the "**Parties**."). Capitalized terms used but not defined herein have the meanings set forth in the Agreement.

**<u>Description of Additional Services</u>**.

[*Insert a description of the Additional Services to be provided.*]

**<u>Charges</u>**

[*Insert a description of any specific fees or charges for the Services, including payment terms, if different from Section 2.*]

**IN WITNESS WHEREOF**, the Parties hereto have executed this Statement of Work as of the date set forth above.

---

| | |
|:---|:---|
| SERVICE PROVIDER | SERVICE RECIPIENT |
| BTC INC. | [____________] |
| By | By |
| Name: | Name: |
| Title: | Title: |

---

---

| |
|:---|
| KINDLY |
| KINDLY MD, INC. |
| By |
| Name: |
| Title: |

---

## Exhibit 10.11

**Exhibit 10.11**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of<br> Regulation S-K. [\*\*\*] indicates that information has been redacted**

**THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT AND THE APPLICABLE SECURITIES LAWS OF OTHER STATES AND JURISDICTIONS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT.**

**AS LONG AS THE HOLDER OF THESE SECURITIES IS AN AFFILIATE OF THE ISSUER, THESE SECURITIES MAY NOT BE SOLD, OR OFFERED FOR SALE, IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SALE OF THESE SECURITIES UNDER THE SECURITIES ACT OF 1933, OR THE SALE OTHERWISE BEING EXEMPT FROM REGISTRATION UNDER SUCH ACT. THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED.**

**FORM OF PRE-FUNDED COMMON STOCK PURCHASE WARRANT**

**KINDLY MD, INC.**

Warrant Shares: [●]

Date of Issuance: August 14, 2025 (such date, the "***Issue Date***")

Warrant No.: [●]

**THIS PRE-FUNDED COMMON STOCK PURCHASE WARRANT** (the "***Warrant***") certifies that, for value received, the registered holder hereof or its permitted assigns (the "***Holder***") is entitled, upon the terms and subject to the limitations on exercise and the conditions set forth herein, at any time on or after the Issue Date, to subscribe for and purchase from Kindly MD, Inc., a Utah corporation (the "***Company***"), up to [●] shares (as subject to adjustment hereunder, the "***Warrant Shares***") of the Company's common stock, par value $0.001 per share ("***Common Stock***"). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in <u>Section 3(a)</u>.

Section 1. <u>Definitions.</u> For purposes of this Warrant, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;(a) "  ***Affiliate***" means any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule
405 under the Securities Act of 1933, as amended (the "  ***Securities Act*** ").

&nbsp;&nbsp;&nbsp;&nbsp;(b) "  ***Bloomberg***" means Bloomberg Financial Markets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) "  ***Business Day***" means any day except any Saturday, any Sunday, any day that is
a federal legal holiday in the United States or any day on which the Trading Market is authorized or required by law or other governmental
action to close.

&nbsp;&nbsp;&nbsp;&nbsp;(d) "  ***Common Stock Equivalent***" means any security or obligation which is by its terms,
directly or indirectly, convertible into or exchangeable or exercisable for shares of Common Stock, including, without limitation, any
option, warrant or other subscription or purchase right with respect to Common Stock or any Common Stock Equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;(e) "  ***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "  ***Person***" means an individual, a limited liability company, a partnership, a
joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(g) "  ***Standard Settlement Period***" means the standard settlement period, expressed
in a number of Trading Days, for the Company's primary trading market or quotation system with respect to the Common Stock that
is in effect on the date of delivery of an applicable exercise notice, which as of the Issue Date was "T+2".

&nbsp;&nbsp;&nbsp;&nbsp;(h) "  ***Trading Day***" means any day on which the Common Stock is traded on the Trading
Market.

&nbsp;&nbsp;&nbsp;&nbsp;(i) "  ***Trading Market***" means the principal securities exchange or securities market,
including an over-the-counter market, on which the Common Stock is then traded in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;(j) "  ***Weighted Average Price***" means, for any security as of any date, the dollar
volume-weighted average price for such security on the Trading Market during the period beginning at 9:30:01 a.m., New York City time,
and ending at 4:00:00 p.m., New York City time, as reported by Bloomberg through its "Volume at Price" function or, if the
foregoing does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York City time, and ending at 4:00:00 p.m., New York City time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours, the
average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in
the "pink sheets" published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of
reporting prices). If the Weighted Average Price cannot be calculated for such security on such date on any of the foregoing bases, the
Weighted Average Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.
If the Company and the Holder are unable to agree upon the fair market value of such security, then such dispute shall be resolved pursuant
to <u>Section 6(m)</u> with the term "Weighted Average Price" being substituted for the term "Exercise Price."
All such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction
during such period pursuant to <u>Section 4</u>.

Section 2. <u>Warrant Register.</u> The Company shall register ownership of this Warrant, upon records to be maintained by the Company for that purpose (the "***Warrant Register***"), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any assignee to which this Warrant is assigned pursuant to the terms hereunder) from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

Section 3. <u>Exercise.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Exercise of Warrant.</u> Subject to the terms and conditions hereof, the purchase rights represented
by this Warrant may be exercised, in whole or in part, at any time or times on or after the Issue Date by delivery (whether via facsimile,
e-mail or otherwise) to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered
Holder at the address of the Holder appearing on the Warrant Register) of a duly executed copy of the Notice of Exercise form annexed
hereto (the "  ***Notice of Exercise***") and by payment to the Company of an amount equal to the aggregate Exercise
Price of the Warrant Shares thereby purchased by wire transfer (or by notifying the Company that this Warrant is being exercised pursuant
to a Cashless Exercise (as defined below) in accordance with <u>Section 3(c)</u> hereof). The aggregate exercise price of this Warrant,
except for the nominal $0.001 per share, was pre-funded to the Company on or before the Issue Date, and consequently no additional consideration
(other than the nominal $0.001 per share) shall be required to be paid by the Holder to effect any exercise of this Warrant. The Holder
shall not be entitled to the return or refund of all, or any portion, of such pre-funded exercise price under any circumstance or for
any reason whatsoever. The remaining unpaid exercise price per share of Common Stock under this Warrant shall be $0.001, subject to adjustment
hereunder (the "  ***Exercise Price*** "). No ink-original Notice of Exercise shall be required, nor shall any medallion
guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. The Holder shall not be required to
deliver the original Warrant in order to effect an exercise hereunder. Execution and delivery of the exercise notice shall have the same
effect as cancellation of the original Warrant and issuance of a New Warrant (as defined below) evidencing the right to purchase the remaining
number of Warrant Shares, if any. **The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.** 

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Mechanics of Exercise.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Delivery of Warrant Shares Upon Exercise.</u> Upon exercise of this Warrant, the Company shall promptly
(but in no event later than the number of Trading Days comprising the Standard Settlement Period): (1) credit such aggregate number of
shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder's or its designee's balance
account with The Depository Trust Company ("  ***DTC***") through its Deposit/Withdrawal At Custodian system provided
that the transfer agent is then a participant in the DTC Fast Automated Securities Transfer Program ("  ***FAST Program*** ")
if either (A) there is an effective registration statement permitting the issuance of such Warrant Shares to or resale of such Warrant
Shares by the Holder or (B) such Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144 promulgated under the Securities Act, or (2) otherwise issue such Warrant Shares in the name of the Holder or its designee
in restricted book-entry form in the Company's share register. This Warrant shall be deemed to have been exercised upon proper delivery
of the Notice of Exercise and payment of the Exercise Price (or notification of Cashless Exercise) in accordance with the terms hereof.
Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of
the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
provided that payment of the aggregate Exercise Price (or notification of Cashless Exercise, if applicable) is received on the same Trading
Day as the Notice of Exercise. The Company shall use its reasonable best efforts to maintain a transfer agent that is a participant in
the FAST Program so long as this Warrant remains outstanding and exercisable. The Holder acknowledges that the Warrant Shares acquired
upon the exercise of this Warrant, if issued in restricted book-entry form, will contain a customary legend to the effect that the Warrant
Shares are not registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Delivery of New Warrant Upon Exercise.</u> If this Warrant shall have been exercised in part, the Company
shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver
to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant,
which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.</u> In addition
to any other rights available to the Holder, if within the Standard Settlement Period the Company fails to cause its transfer agent to
transmit to the Holder the Warrant Shares in accordance with the provisions of <u>Section 3(b)(i)</u> above pursuant to an exercise (other
than a failure caused by incorrect or incomplete information provided by the Holder to the Company), and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder's brokerage firm otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a "  ***Buy-In*** "), then the Company shall either (A) pay in cash to the Holder the amount, if
any, by which (x) the Holder's total purchase price (including brokerage commissions, if any) for the shares of Common Stock so
purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to
the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation
was executed, or (B) at the option of the
Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been
issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common
Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant with an aggregate
sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall
be required to pay the Holder $1,000. Nothing herein shall limit a Holder's right to pursue a decree of specific performance and/or
injunctive relief with respect to the Company's failure to timely deliver Warrant Shares upon exercise of the Warrant as required
pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>No Fractional Shares or Scrip.</u> No fractional shares or scrip representing fractional shares shall
be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon
such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fractions in an amount equal
to such fraction multiplied by the Exercise Price or round up to the nearest whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Charges, Taxes and Expenses.</u> Issuance of Warrant Shares shall be made without charge to the Holder
for any issue or transfer tax or other incidental expense in respect of the issuance of such shares, all of which taxes and expenses shall
be paid by the Company, and such shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided</u>, <u>however,</u> that in the event certificates for Warrant Shares are to be issued in a name other than the name of the
Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder
and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall pay all transfer agent fees required for any Notice of Exercise and all fees to the DTC (or another established clearing
corporation performing similar functions) required for electronic delivery of the Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Closing of Books.</u> The Company will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Cashless Exercise.</u> Notwithstanding anything contained herein to the contrary, the Holder may exercise
this Warrant, whether in whole or in part, and in lieu of making the cash payment otherwise contemplated to be made to the Company upon
such exercise in payment of the Exercise Price, by effecting a cashless exercise of this Warrant pursuant to which the Holder shall receive
upon such cashless exercise the "Net Number" of Warrant Shares determined according to the following formula (a "  ***Cashless Exercise*** "):

Net Number = <u>(A x B) - (A x C)</u>

B

For purposes of the foregoing formula:

---

| | | |
|:---|:---|:---|
| A | = | the total number of shares of Common Stock with respect to which this Warrant is then being exercised. |

---

B = the Weighted Average Price of the shares of Common Stock on the date immediately preceding the date of the Notice of Exercise.

C = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

If Warrant Shares are issued in such a Cashless Exercise, the Company acknowledges and agrees that in accordance with <u>Section 3(a)(9)</u> of the Securities Act, the holding period of the Warrant being exercised may be tacked on to the holding period of the Warrant Shares. The Company agrees not to take any position contrary to this <u>Section 3(c)</u>.

In the event that a registration statement registering the issuance of the Warrant Shares is, for any reason, not effective at the time of exercise of this Warrant, then the Warrant may only be exercised through a cashless exercise, as set forth in this <u>Section 3</u>. Except as set forth in <u>Section 3(b)(iii)</u> (Buy-In remedy) and <u>Section 3(b)(iv)</u> (payment of cash in lieu of fractional shares), in no event will the exercise of this Warrant be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Holder's Exercise Limitations.</u> The Company shall not effect any exercise of this Warrant,
and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to <u>Section 3</u> or otherwise, to the extent
that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with
the Holder's Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder's Affiliates
(such Persons, "  ***Attribution Parties*** ")), would beneficially own in excess of the Beneficial Ownership Limitation
(as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and
its Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with
respect to which such determination is being made, but shall exclude the number of shares of Common Stock which would be issuable upon
(i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution
Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including,
without limitation, any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation
contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding
sentence, for purposes of this <u>Section 3(d)</u>, beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange
Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to
the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any
schedules required to be filed in accordance therewith. To the extent that the limitation contained in this <u>Section 3(d)</u> applies,
the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates
and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission
of a Notice of Exercise shall be deemed to be the Holder's determination of whether this Warrant is exercisable (in relation to
other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable,
in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy
of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this <u>Section 3(d)</u>, in determining
the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in
(A) the Company's most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public
announcement by the Company or (C) a more recent written notice by the Company or the transfer agent setting forth the number of shares
of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within one Trading Day confirm orally and
in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the
Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.
The "  ***Beneficial Ownership Limitation***" shall be 9.99% of the number of shares of the Common Stock outstanding
immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice
to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this <u>Section 3(d)</u>, provided that the
Beneficial Ownership Limitation in no event exceeds 19.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this <u>Section 3(d)</u> shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61<sup>st</sup>
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this <u>Section 3(d)</u> to correct this paragraph (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable
to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary contained in any section herein, the Company agrees to comply
with any applicable rules of the Trading Market with respect to the issuance of the Warrant Shares to the Holder and to take any action
required by such rules to issue such Warrant Shares.

Section 4. <u>Certain Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Subdivision or Combination of Common Stock.</u> During such time as this Warrant is outstanding, if
the Company subdivides (by any stock split, stock dividend, recapitalization or otherwise) one or more classes of its outstanding shares
of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision will be proportionately
reduced and the number of Warrant Shares will be proportionately increased. During such time as this Warrant is outstanding, if the Company
combines (by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller
number of shares, the Exercise Price in effect immediately prior to such combination will be proportionately increased and the number
of Warrant Shares will be proportionately decreased. Any adjustment under this <u>Section 4(a)</u> shall become effective at the close
of business on the date the subdivision or combination becomes effective.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Subsequent Rights Offerings.</u> In addition to any adjustments pursuant to <u>Section 4(a)</u> above,
if during such time as this Warrant is outstanding the Company grants, issues or sells any rights to purchase stock, warrants, securities
or other property, in each case pro rata to the record holders of any class of shares of Common Stock (the "  ***Purchase Rights*** "),
then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the
Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant
(without regard to any limitations on exercise hereof) immediately before the date on which a record is taken for the grant, issuance
or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are
to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder's right
to participate in any such Purchase Right would result in the Holder together with any Affiliates and Attribution Parties collectively
beneficially owning in excess of the Beneficial Ownership Limitation), then the Holder shall not be entitled to participate in such Purchase
Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such
Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result
in the Holder together with any Affiliates and Attribution Parties exceeding the Beneficial Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Pro Rata Distributions.</u> During such time as this Warrant is outstanding, if the Company shall declare
or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of any class of shares of Common
Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property
or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(other than as a result of a stock dividend covered by <u>Section 4(a)</u> above) (a "  ***Distribution*** "), then,
in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated
therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof) immediately before the date of which a record is taken for such Distribution, or, if no such record
is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution
(provided, however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder together
with any Affiliates and Attribution Parties exceeding the Beneficial Ownership Limitation), then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to
such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as
either its right thereto would not result in the Holder together with any Affiliates and Attribution Parties exceeding the Beneficial
Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fundamental Transaction.</u> If, at any time while this Warrant is outstanding (i) the Company, directly
or indirectly, in one or more related transactions, effects any merger or consolidation of the Company with or into another Person, in
which the Company is not the surviving entity or the stockholders of the Company immediately prior to such merger or consolidation do
not own, directly or indirectly, at least 50% of the voting power of the surviving entity immediately after such merger or consolidation,
(ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition to another
Person of all or substantially all of its assets in one or a series of related transactions, (iii) any direct or indirect purchase offer,
tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of capital stock who
tender shares representing more than 50% of the voting power of the capital stock of the Company and the Company or such other Person,
as applicable, accepts such tender for payment, (iv) the Company, directly or indirectly, in one or more related transactions, consummates
a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with another Person whereby such other Person acquires more than 50% of the voting power of the capital stock
of the Company (except for any such transaction in which the stockholders of the Company immediately prior to such transaction maintain,
in substantially the same proportions, the voting power of such Person immediately after the transaction) or (v) the Company, directly
or indirectly, in one or more related transactions, effects any reclassification, reorganization or recapitalization of the Common Stock
or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash
or property (other than as a result of a subdivision or combination of shares of Common Stock covered by <u>Section 4(a)</u> above) (in
any such case, a "  ***Fundamental Transaction*** "), then following such Fundamental Transaction the Holder shall have
the right to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled
to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the
holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise
contained herein (the "  ***Alternate Consideration*** "). For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration
issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration.
If holders of Common Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then
the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such
Fundamental Transaction. Any such payment of such amount of such Alternate Consideration shall be made in the same form of consideration
(whether securities, cash or property) as is given to the holders of Common Stock in such Fundamental Transaction, and if multiple forms
of consideration are given, the consideration shall be paid to the Holder in the same proportion as such consideration is paid to the
holders of Common Stock. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring
any such successor or surviving entity to comply with the provisions of this paragraph (d) and insuring that this Warrant (or any such
replacement security) will be similarly adjusted upon any subsequent Fundamental Transaction. The Company shall not effect any Fundamental
Transaction in which the Company is not the surviving entity or the Alternate Consideration includes securities of another Person unless
(i) the Alternate Consideration is solely cash and the Company provides for the simultaneous "cashless exercise" of this Warrant
pursuant to <u>Section 3(c)</u> or (ii) prior to or simultaneously with the consummation thereof, any successor to the Company, surviving
entity or other Person (including any purchaser of assets of the Company) shall assume the obligation to deliver to the Holder such Alternate
Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive, and the other obligations under
this Warrant. The provisions of this paragraph (d) shall similarly apply to subsequent transactions analogous of a Fundamental Transaction
type. Notwithstanding the foregoing, this <u>Section 4(d)</u> shall not apply to merger, consolidation, sale or lease, or purchase offer,
tender offer or exchange offer, business combination, stock purchase, reclassification, reorganization or any other related transaction
between the Company and BTC Inc. and/or UTXO, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Calculations.</u> All calculations under this <u>Section 4</u> shall be made to the nearest cent or
the nearest whole share, as the case may be. For purposes of this <u>Section 4,</u> any calculation of the number of shares of Common
Stock deemed to be issued and outstanding as of a given date shall not include treasury shares, if any.

Section 5. <u>Transfer of Warrant.</u> Subject to compliance with all applicable securities laws, the Company shall, or will cause its transfer agent to, register the transfer of all or any portion of this Warrant in the Warrant Register, upon surrender of this Warrant, together with a written assignment of this Warrant substantially in the form annexed hereto duly executed by the Holder, and payment for all applicable transfer taxes (if any) by the Holder. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a "***New Warrant***") evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the Holder has in respect of this Warrant. The Company shall, or will cause its transfer agent to, prepare, issue and deliver at the Company's own expense any New Warrant under this <u>Section 5</u>. Until due presentment for registration of transfer, the Company may treat the registered Holder hereof as the owner and holder for all purposes, and the Company shall not be affected by any notice to the contrary.

Section 6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Rights as Stockholder Until Exercise.</u> Except as expressly set forth in <u>Section 4,</u> this
Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder of the Company prior to the exercise
hereof as set forth in <u>Section 3.</u> In addition, nothing contained in this Warrant shall be construed as imposing any liabilities
on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Loss, Theft, Destruction or Mutilation of Warrant.</u> The Company covenants that upon receipt by the
Company of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of this Warrant or any stock certificate
relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it, and
upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or
stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Saturdays, Sundays, Holidays, etc.</u> If the last or appointed day for the taking of any action or
the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be
exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Authorized Shares.</u> The Company covenants that, during the period the Warrant is outstanding, it
will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares
upon the exercise of any purchase rights under this Warrant (without regard to any limitations on exercise contained herein). The Company
further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing
stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under
this Warrant. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by
this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance

in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action (including any Fundamental Transaction), in each case, avoid or seek to avoid the observance or performance
of any of the terms of this Warrant, and will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such actions as may be necessary or appropriate to protect the rights of the Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or
appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this
Warrant and (iii) use its reasonable best efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public
regulatory body or bodies having jurisdiction thereof. The Company covenants to list the Warrant Shares on the Trading Market on or prior
to the issuance date of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Warrant shall be governed by, and construed in accordance with, the law of the State of New York
without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other jurisdiction)
that would cause the application of the laws of any jurisdiction other than the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each of the Company and the Holder irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, New York and of the United
States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising
out of or relating to this Warrant and the transactions contemplated herein, or for recognition or enforcement of any judgment, and each
of the Company and the Holder irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York state court or, to the fullest extent permitted by applicable law, in such federal court. Each of
the Company and the Holder hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each of the Company and the Holder irrevocably and unconditionally waives, to the fullest extent permitted
by applicable law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or
relating to this Warrant and the transactions contemplated herein in any court referred to in <u>Section 6(e)(ii)</u> hereof. Each of
the Company and the Holder hereby irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS WARRANT
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH OF THE COMPANY AND THE HOLDER (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT EACH OF THE COMPANY AND THE HOLDER
HAS BEEN INDUCED TO ENTER INTO THIS WARRANT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Nonwaiver and Expenses.</u> No course of dealing or any delay or failure to exercise any right hereunder
on the part of the Holder shall operate as a waiver of such right or otherwise prejudice the Holder's rights, powers or remedies.
Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings,
incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Notice Procedures.</u> Any and all notices or other communications or deliveries required or permitted
to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the date of transmission,
if such notice or communication is delivered via email or facsimile at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b)
the next Trading Day after the date of transmission, if such notice or communication is delivered via email or facsimile on a day that
is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second Trading Day following the date of
mailing, if sent by U.S. nationally recognized overnight courier service or by International Federal Express, (d) the third Trading Day
following the date of mailing if sent by first-class registered or certified mail domestic, or (e) upon actual receipt by the party to
whom such notice is required to be given. The addresses for such communications shall be:

If to the Company:

Kindly MD, Inc.

5097 South 900 East

Suite 100

Salt Lake City, UT 84117

Attention: Timothy Pickett, Founder,

Chief Executive Officer and Chairman

Email: [\*\*\*]

With copy to:

Reed Smith LLP

2850 N Harwood Street

Suite 1500

Dallas, TX 75201

Attention: Lynwood Reinhardt

Email: LReinhardt@reedsmith.com

If to the Holder:

To the address, email address or facsimile number set forth in the Warrant Register, or as otherwise provided by the Holder to the Company in accordance with this <u>Section 6(g)(i)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Adjustment to Exercise Price.</u> Whenever the Exercise Price or number of Warrant Shares is adjusted
pursuant to any provision of <u>Section 4,</u> the Company shall promptly provide the Holder a notice setting forth the Company's
good faith adjustment of the Exercise Price and number of Warrant Shares after such adjustment and setting forth a description of the
transactions giving rise to such adjustments and a detailed statement of the facts upon which such adjustment is based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Notice to Allow Exercise by the Holder.</u> After the Issue Date, if (A) the Company shall declare
a dividend (or any other distribution in whatever form) on the Common Stock, including any Distribution, (B) the Company shall declare
a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders
of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, including
any Purchase Right, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the
Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets
of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, including
any Fundamental Transaction, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of
the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear
upon the Warrant Register, at least ten calendar days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer
or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification,
consolidation, merger, sale, transfer or share exchange; *provided* that the failure to mail such notice or any defect therein or
in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder shall
remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limitation of Liability.</u> No provision hereof, in the absence of any affirmative action by the Holder
to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise
to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is
asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Remedies.</u> The Holder, in addition to being entitled to exercise all rights granted by law, including
recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees
to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. Without limiting
any rights of a Holder to receive Warrant Shares on a "cashless exercise" pursuant to <u>Section 3(c)</u> herein or to receive
cash payments pursuant to <u>Section 3(b)(iii)</u>, in no event shall the Company be required to net cash settle an exercise of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Successors and Assigns.</u> Subject to applicable securities laws, this Warrant and the rights and
obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and
the successors and permitted assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendment.</u> This Warrant may be modified or amended or the provisions hereof waived with the written
consent of the Company and the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Severability.</u> Wherever possible, each provision of this Warrant shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions
or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Dispute Resolution.</u> In the case of a dispute as to the determination of the Exercise Price or the
arithmetic calculation of the Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations in writing
within two Business Days of receipt of the Notice of Exercise giving rise to such dispute, as the case may be, to the Holder. If the Holder
and the Company are unable to agree upon such determination or calculation of the Exercise Price or the Warrant Shares within three Business
Days of such disputed determination or arithmetic calculation being submitted to the Holder, then the Company shall, within two Business
Days submit in writing (i) the disputed determination of the Exercise Price to an independent, reputable investment bank selected by the
Company and approved by the Holder or (ii) the disputed arithmetic calculation of the Warrant Shares to the Company's independent,
outside accountant. The Company shall cause, at its expense, the investment bank or the accountant, as the case may be, to perform the
determinations or calculations and notify the Company and the Holder of the results no later than ten Business Days from the time it receives
the disputed determinations or calculations. Such investment bank's or accountant's determination or calculation, as the case
may be, shall be binding upon all parties absent demonstrable error. The expenses of the investment bank and accountant will be borne
by the Company unless the investment bank or accountant determines that the determination of the Exercise Price or the arithmetic calculation
of the Warrant Shares by the Company was correct and such determination by the Holder was incorrect, in which case the expenses of the
investment bank and accountant will be borne by the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Headings.</u> The headings used in this Warrant are for the convenience of reference only and shall
not, for any purpose, be deemed a part of this Warrant.

[*remainder of page intentionally left blank*]

**IN WITNESS WHEREOF**, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **KINDLY MD, INC.** | **KINDLY MD, INC.** |
| By: |  |
| Name: | Timothy Pickett |
| Title: | Founder, Chief Executive Officer and Chairman |

---

[*Signature Page to Pre-Funded Warrant*]

**NOTICE OF EXERCISE**

To: Kindly MD, Inc.

(1) The undersigned holder of Warrant No. hereby elects to purchase Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full),
 and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

(2) Payment shall take the form of (check applicable box):

☐ Cash Exercise: lawful money of the United States; or

☐ Cashless Exercise: the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in <u>Section 3(c)</u>, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in <u>Section 3(c)</u>.

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified
below:

The Warrant Shares shall be delivered to the following DWAC Account Number or by delivery by book entry on the transfer accounts records to:

---

| |
|:---|
| Name of Holder |
| By: |
| Name: |
| Title: |
| Date: |

---

**ASSIGNMENT FORM**

(To assign the foregoing warrant, execute<br> this form and supply required information.)

(Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, [ ] all of or [ ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

whose address is:

Dated:

Holder's Signature:

Holder's Address:

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever.

## Exhibit 10.12

**Exhibit 10.12**

**<u>INDEMNIFICATION AGREEMENT</u>**

THIS INDEMNIFICATION AGREEMENT (this "<u>Agreement</u>"), dated effective as of [●], 2025, is made by and between Kindly MD, Inc., a Utah corporation (the "<u>Corporation</u>"), and [●] (the "<u>Indemnitee</u>").

**PREMISES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Corporation desires to provide for indemnification of the Corporation's directors and officers to the fullest extent permitted by the Utah Revised Business Corporation Act (collectively, "<u>Utah Law</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The parties recognize the continued difficulty in obtaining liability insurance for the Corporation's directors, officers, employees, stockholders, controlling persons, agents, and fiduciaries, the significant increases in the cost of such insurance, and the general reductions in the coverage of such insurance. Furthermore, the parties further recognize the substantial increase in corporate litigation in general, subjecting directors, officers, employees, controlling persons, stockholders, agents, and fiduciaries to expensive litigation risks at the same time as the availability and coverage of liability insurance have been severely limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Indemnitee does not regard the current protection available under the Articles of Incorporation of the Corporation, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time (as amended, the "<u>Articles</u>"), and the Bylaws of the Corporation (the "<u>Bylaws</u>") as adequate under the present circumstances, and Indemnitee and other directors, officers, employees, stockholders, controlling persons, agents, and fiduciaries of the Corporation may not be willing to serve in such capacities without additional protection. Moreover, the Corporation (i) desires to attract and retain the involvement of highly qualified persons, such as Indemnitee, to serve the Corporation and, in part, in order to induce Indemnitee to be involved with the Corporation, (ii) wishes to provide for the indemnification and advancing of expenses to Indemnitee to the maximum extent permitted by law, and (iii) wishes to assure Indemnitee that there will be increased certainty of adequate protection in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. In addition to any insurance purchased by the Corporation on behalf of Indemnitee, it is reasonable, prudent, and necessary for the Corporation to obligate itself contractually to indemnify Indemnitee so that he may remain free from undue concern that he will not be adequately protected both during his service as an executive officer and a director of the Corporation and following any termination of such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement is a supplement to and in furtherance of the Articles and Bylaws and shall not be deemed a substitute therefor or to abrogate any rights of Indemnitee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The directors of the Corporation have duly approved this Agreement and the indemnification provided herein with the express recognition that the indemnification arrangements provided herein exceed that which the Corporation would be required to provide pursuant to Utah Law.

**AGREEMENT**

NOW, THEREFORE, in consideration of the foregoing premises and the covenants contained herein, the Corporation and Indemnitee do hereby covenant and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A "<u>Change in Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Person is or becomes the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Corporation representing 20% or more of the Corporation's then outstanding voting securities unless the change in relative beneficial ownership of the Corporation's securities by any person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation, all of the beneficial owners of the voting securities of the Corporation immediately prior to such transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding voting securities of the entity resulting from such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period of two consecutive years, not including any period prior to the execution of this Agreement, individuals who at the beginning of such period constituted the Board of Directors (the "<u>Board</u>") (including for this purpose any new directors whose election by the Board or nomination for election by the Corporation's stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved) cease for any reason to constitute at least a majority of the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or an agreement for the sale or disposition by the Corporation of all or substantially all of the Corporation's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "<u>Indemnifiable Matter</u>" means any event, occurrence, status, or condition that takes place either prior to or after the execution of this Agreement, including any threatened, pending, or completed action, suit, proceeding or alternative dispute resolution activity, whether brought by or in the right of the Corporation or otherwise and whether of a civil, criminal, administrative, or investigative nature, in which Indemnitee was, is, or believes might be involved as a party, witness, or otherwise (except any of the foregoing initiated by Indemnitee pursuant to <u>Section 15(a)</u> to enforce Indemnitee's rights under this Agreement), by reason of the fact, in whole or in part, that Indemnitee is or was actually or allegedly a director, officer, agent, or advisor of the Corporation; by reason of any action actually or allegedly taken by him or of any inaction or omission on his part while acting as a director, officer, agent, or advisor of the Corporation; by reason of the registration, offer, sale, purchase, or ownership of any securities of the Corporation; by reason of any duty owed to, respecting, or in connection with the Corporation; or by reason of the fact, in whole or in part, that he is or was actually or allegedly serving at the request of the Corporation as a director, officer, employee, agent, or advisor of another corporation, partnership, joint venture, trust, limited liability company, or other entity or enterprise, in each case whether or not he is acting or serving in any such capacity at the time any loss, liability, or expense is incurred for which indemnification or reimbursement can be provided under this Agreement and even though Indemnitee may have ceased to serve in such capacity.

&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 term "<u>Indemnitee</u>" shall include the Indemnitee named in the first paragraph of this Agreement and such Indemnitee's actual or alleged alter egos, spouse, family members, and corporations, partnerships, limited liability companies, trusts, and other enterprises or entities of any form whatsoever under the control of any of the foregoing, and the property of all of the foregoing. The term "<u>control</u>" (including the terms "<u>controlling</u>," "<u>controlled by</u>," and "<u>under common control with</u>") means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person or entity, whether through the ownership of voting securities, by contract, or otherwise, as interpreted under the Securities Act of 1933 or the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as provided in <u>Section 15</u> the term "<u>Independent Counsel</u>" shall mean an attorney, law firm, or member of a law firm, who (or which) is licensed to practice law in the state of Utah and is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Corporation or Indemnitee in any other matter material to either such party; or (ii) any other party to the Indemnifiable Matter giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee's rights under this Agreement. From time to time, the Corporation may select and preapprove the names of persons or law firms that it deems qualified as Independent Counsel under the foregoing criteria. Further, at the request of Indemnitee, the Corporation shall review the qualifications and suitability under the foregoing criteria of persons or law firms selected by Indemnitee and preapprove them as Independent Counsel if they meet the foregoing criteria. An Independent Counsel that has already been preapproved by the board of directors may be appointed as Independent Counsel without any further evaluation, so long as such prospective Independent Counsel continues, as determined by the board of directors, to remain independent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "<u>Losses</u>" means any and all losses, claims, damages, expenses, liabilities, judgments, fines, penalties and actions in respect thereof, as they are incurred, against Indemnitee in connection with an Indemnifiable Matter; amounts paid by Indemnitee in settlement of an Indemnifiable Matter; any indirect, consequential, or incidental damages suffered or incurred by Indemnitee; and all attorneys' fees and disbursements, accountants' fees and disbursements, private investigation fees and disbursements, retainers, court costs, payments of attachment, appeal or other bonds or security, transcript costs, fees of experts, fees and expenses of witnesses, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses reasonably incurred by or for Indemnitee in connection with prosecuting, defending, preparing to prosecute or defend, investigating, appealing, or being or preparing to be a witness in any threatened or pending Indemnifiable Matter or establishing Indemnitee's right or entitlement to indemnification for any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reference to "<u>other enterprise</u>" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee benefit plan; references to "serving at the request of the Corporation" shall include any service as a director, officer, employee, agent, or advisor with respect to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this 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;(g) The term "<u>substantiating documentation</u>" shall mean copies of bills or invoices for costs incurred by or for Indemnitee, or copies of court or agency orders, decrees, or settlement agreements, as the case may be, accompanied by a declaration, which need not be notarized, from Indemnitee that such bills, invoices, court or agency orders, decrees, or settlement agreements represent costs or liabilities meeting the definition of "Losses" herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Indemnity of Indemnitee</u>. The Corporation hereby agrees to indemnify, protect, defend and hold harmless Indemnitee against any and all Losses incurred by reason of the fact that Indemnitee is or was a director, officer, agent, or advisor of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, agent or advisor of another corporation, partnership, joint venture, trust, limited liability company, or other entity or enterprise, to the fullest extent permitted by Utah Law. The termination of any Indemnifiable Matter by judgment, order of the court, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that Indemnitee is not entitled to indemnification, and with respect to any criminal proceeding, shall not create a presumption that such person believed that his conduct was unlawful. The indemnification provided herein shall be applicable whether or not the breach of any standard of care or duty, including a breach of a fiduciary duty, of the Indemnitee is alleged or proven, except as limited by <u>Section 3</u> herein. Notwithstanding the foregoing, in the case of any Indemnifiable Matter brought by or in the right of the Corporation, Indemnitee shall not be entitled to indemnification for any claim, issue, or matter as to which Indemnitee has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom (a "<u>Final Adjudication</u>"), to be liable to the Corporation or for amounts paid in settlement to the Corporation unless, and only to the extent that, the court in which the Indemnifiable Matter was brought or another court of competent jurisdiction determines, on application, that in view of all the circumstances, the Indemnitee is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Limit on Indemnification</u>. Notwithstanding any breach of any standard of care or duty, including breach of a fiduciary duty, by the Indemnitee, and subject to the restrictions in Utah Revised Business Corporation Act § 16-10a-909 or any successor Utah Law, the Corporation shall indemnify Indemnitee except when a Final Adjudication establishes that Indemnitee's acts or omissions involved intentional misconduct, fraud, or a knowing violation of law and were material to the cause of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Choice of Counsel</u>. Indemnitee shall be entitled to employ and be reimbursed for the fees and disbursements of counsel separate from that chosen by any other person or persons whom the Corporation is obligated to indemnify with respect to the same or any related or similar Indemnifiable Matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Advances of Losses</u>. Losses (other than judgments, penalties, fines, and settlements) incurred by Indemnitee shall be paid by the Corporation, in advance of the final disposition of the Indemnifiable Matter, within 10 days after receipt of Indemnitee's written request accompanied by substantiating documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Officer and Director Liability Insurance</u>. The Corporation shall, from time to time, make the good faith determination whether or not it is practicable for the Corporation to obtain and maintain a policy or policies of insurance with reputable insurance companies providing the officers and directors of the Corporation with coverage for losses, or to ensure the Corporation's performance of its indemnification obligations under this Agreement. Among other considerations, the Corporation will weigh the costs of obtaining such insurance coverage against the protection afforded by such coverage. The Corporation shall consult with and be heard by Indemnitee in connection with the Corporation's actions hereunder. In all policies of director and officer liability insurance, (a) Indemnitee shall be named as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Corporation's directors, if Indemnitee is a director, or of the Corporation's officers, if Indemnitee is not a director of the Corporation but is an officer; and (b) the policy shall provide that it shall not be cancelled or materially modified without 30 days' prior written notice to Indemnitee. Notwithstanding the foregoing, the Corporation shall obtain and maintain a directors and officers liability insurance policy providing coverage to the Indemnitee, including six-year tail policy coverage, on terms no less favorable in the aggregate than those generally available to directors of U.S. public companies of comparable size and that operate in the same industries, unless prohibited by applicable law or otherwise cost prohibitive as determined by the Corporation in good faith. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Right of Indemnitee to Indemnification upon Application; Selection of Independent Counsel; Procedure upon Application</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) Any application for indemnification under this Agreement, other than when Losses are paid in advance of any final disposition pursuant to <u>Section 5</u> hereof, shall be submitted to the board of directors. If a quorum of the board of directors were not parties to the action, suit, proceeding or other matter, a majority of the directors who were not parties to the action, suit, proceeding or other matter may determine whether indemnification of the applicant is not prohibited by law or may have such determination made by Independent Counsel in a written decision. If a quorum of the board directors who were not parties to the action cannot be obtained, the board of directors shall have such determination made by Independent Counsel in a written decision. Notwithstanding the foregoing, however, the board of directors may under any circumstances submit the determination of whether indemnification is proper in the circumstances to the stockholders. The board of directors shall respond to a request for indemnification or initiate the process of submitting the determination to the stockholders within 45 days after receipt by the Corporation of the written application for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If required, Independent Counsel shall be selected by the board of directors, and the Corporation shall give written notice to Indemnitee advising him of the identity of Independent Counsel so selected. Indemnitee may, within seven days after such written notice of selection shall have been given, deliver to the Corporation a written objection to such selection. Such objection may be asserted only on the ground that Independent Counsel so selected does not meet the requirements of "Independent Counsel," as defined in <u>Section 1(d)</u>, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is made, Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within 20 days after submission by Indemnitee of a written objection to the Independent Counsel selected, the Corporation has failed to identify a replacement Independent Counsel, the Indemnitee may petition any court of competent jurisdiction for resolution of any objection that shall have been made by Indemnitee to the Corporation's selection of Independent Counsel and for appointment as Independent Counsel of a person selected by such court or by such other person as such court shall designate, and the person with respect to whom an objection is so resolved or the person so appointed shall act as Independent Counsel. The Corporation shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with its fees and expenses incident to the procedures of this <u>Section 7</u> regardless of the manner in which such Independent Counsel was selected or appointed.

&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 right to indemnification or advances as provided by this Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction. The burden of proving that indemnification is not appropriate shall be on the Corporation. Neither the failure of the Corporation (including its board of directors or Independent Counsel) to have made a determination prior to the commencement of such action that indemnification is proper in the circumstances, nor an actual determination by the Corporation (including its board of directors or Independent Counsel) that indemnification is not proper in the circumstances, shall be a defense to the action, suit, proceeding, or other matter or create a presumption that indemnification is not proper in the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notice to Insurers</u>. If, at the time of the receipt of an application for indemnification pursuant to <u>Section 2</u> hereof or a request for advances of Losses pursuant to <u>Section 5</u> hereof, the Corporation has director and officer liability insurance in effect, the Corporation shall give prompt notice of the commencement of such Indemnifiable Matter to the insurers in accordance with the procedures set forth in the respective policies. The Corporation shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such Indemnifiable Matter in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Undertaking by Indemnitee</u>. Indemnitee hereby undertakes to repay to the Corporation any advances of Losses pursuant to this Agreement to the extent that it is ultimately determined pursuant to a Final Adjudication that Indemnitee is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnification Hereunder Not Exclusive</u>. The indemnification and advancement of Losses provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the Articles or Bylaws, the Utah Law, any policy or policies of directors' and officers' liability insurance, any other agreement, any vote of stockholders or disinterested directors, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office (together, "<u>Other Indemnification</u>"). However, Indemnitee shall reimburse the Corporation for amounts paid to him under Other Indemnification and not under this Agreement in an amount equal to any payments received pursuant to such Other Indemnification, to the extent such payments duplicate any payments received pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Continuation of Indemnity</u>. All agreements and obligations of the Corporation contained herein shall continue during the period Indemnitee is a director, officer, employee, agent, or advisor of the Corporation (or is or was serving at the request of the Corporation as a director, officer, employee, agent, or advisor of another corporation, partnership, joint venture, trust, limited liability company, or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any possible Indemnifiable Matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Partial Indemnification</u>. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Corporation for some or a portion of Losses, but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Losses to which Indemnitee is entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Settlement of Claims</u>. The Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any Indemnifiable Matter effected without the Corporation's written consent. The Corporation shall not settle any Indemnifiable Matter in any manner that would impose any penalty or limitation on Indemnitee's rights under this Agreement without Indemnitee's written consent. Neither the Corporation nor Indemnitee will unreasonably withhold its consent to any proposed settlement. The Corporation shall not be liable to indemnify Indemnitee under this Agreement with regard to any judicial award if the Corporation was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Change in Control</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 the provisions of <u>Section 6</u>, any provision for the benefit of officers and directors existing immediately prior to a Change in Control, including officer and director liability insurance, an indemnification trust fund or other financial arrangements, shall be maintained for so long as Indemnitee is subject to any Indemnifiable Matter. In the case of officer and director liability insurance, such insurance shall be maintained with the same scope and amount of coverage, with no larger deductible or retention amounts, and otherwise on the same terms and conditions as were in effect immediately prior to such Change in Control unless such coverages, terms and conditions are no longer available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to all matters thereafter arising concerning the rights of Indemnitee to payments of Losses under this Agreement or any other agreement, or under the Articles or Bylaws as now or hereafter in effect, independent counsel shall be selected by the Indemnitee and approved by the Corporation (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render its written opinion to the Corporation and Indemnitee as to whether and to what extent Indemnitee would be permitted to be indemnified under Utah Law as determined in accordance with <u>Section 15(d)</u>. The Corporation agrees to abide by such opinion and to pay the reasonable fees of the independent counsel referred to above and to fully indemnify such counsel against any and all expenses (including attorneys' fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on the Corporation hereby in order to induce Indemnitee to serve as a director or officer of the Corporation, and acknowledges that Indemnitee is relying upon this Agreement in continuing as a director or officer. The Corporation shall be precluded from asserting in any action commenced pursuant to this <u>Section 15(a)</u> that the procedures and presumptions in this <u>Section 15</u> are not valid, binding and enforceable and shall stipulate in any such judicial proceedings that the Corporation is bound by all of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any action commenced pursuant to this <u>Section 15</u>, Indemnitee shall be presumed to be entitled to indemnification and advancement of Losses in accordance with <u>Section 5</u> under this Agreement, as the case may be, and the Corporation shall have the burden of proof in overcoming such presumption and must show by clear and convincing evidence that Indemnitee is not entitled to indemnification or advancement of Losses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution of this Agreement shall constitute the Corporation's stipulation by which it shall be irrevocably bound in any action by Indemnitee for enforcement of Indemnitee's rights hereunder that the Corporation's obligations set forth in this Agreement are unique and special, and that failure of the Corporation to comply with the provisions of this Agreement will cause irreparable and immediate injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity respecting a breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Corporation of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee shall deem it shall be necessary or desirable to retain legal counsel and/or incur other costs and expenses in connection with the interpretation or enforcement of any or all of Indemnitee's rights under this Agreement, Indemnitee shall be entitled to recover from the Corporation, and the Corporation shall indemnify Indemnitee against, any and all fees, costs, and expenses (of the types described in the definition of Losses in <u>Section 1(e)</u>) incurred by Indemnitee in connection with the interpretation or enforcement of said rights. The Corporation shall make payment to the Indemnitee at the time such fees, costs, and expenses are incurred by Indemnitee. If, however, the Indemnitee does not prevail in such action under this <u>Section 15</u>, Indemnitee shall repay any and all such amounts to the Corporation. If it shall be determined in an action pursuant to this <u>Section 15</u> that Indemnitee is entitled to receive part but not all of the indemnification or advancement of fees, costs, and expenses or other benefit sought, the expenses incurred by Indemnitee in connection with an action pursuant to this <u>Section 15</u> shall be equitably allocated between the Corporation and Indemnitee. Notwithstanding the foregoing, if a Change in Control shall have occurred, Indemnitee shall be entitled to indemnification under this <u>Section 15</u> regardless of whether Indemnitee ultimately prevails in such judicial adjudication or arbitration. This <u>Section 15(d)</u> is not subject to the provisions of <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law; Binding Effect; Amendment and Termination; Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be interpreted and enforced in accordance with Utah Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be binding upon the Corporation, its successors and assigns, and shall inure to the benefit of Indemnitee such Indemnitee's actual or alleged alter egos, spouse, family members, and corporations, partnerships, limited liability companies, trusts, and other enterprises or entities of any form whatsoever under the control of any of the foregoing, the property of all of the foregoing, and the successors and assigns of all of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No amendment, modification, termination, or cancellation of this Agreement shall be effective unless in writing signed by the Corporation and Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement shall be construed liberally in favor of the Indemnitee to the fullest extent possible under Utah Law, even if such indemnification is not specifically authorized by this Agreement or any other agreement, the Articles or Bylaws, or by Utah Law. In the event Utah Law is changed after the date of this Agreement, through statutory amendment, judicial interpretation, administrative regulations or otherwise, to allow additional indemnification or to remove or restrict current limitations on indemnification, this Agreement shall be deemed to be amended and reformed so that Indemnitee shall enjoy by this Agreement the greater benefits of such change. In the event of any change in Utah Law that narrows or restricts the right of a Utah corporation to indemnify Indemnitee, such change, to the extent not otherwise required by Utah Law to be applied to Indemnitee in the relevant circumstances, shall have no effect on this Agreement or the rights and obligations of the parties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Mutual Acknowledgement; Federal Preemption</u>. Notwithstanding anything to the contrary herein, both the Corporation and Indemnitee acknowledge and agree that in certain instances, federal law or applicable public policy may prohibit the Corporation from indemnifying its directors and officers under this Agreement or otherwise (the "Indemnification Restrictions"). Such instances include, but are not limited to, the Securities and Exchange Commission's prohibition on indemnification for liabilities arising under certain federal securities laws. Indemnitee understands, acknowledges and agrees that the Corporation has undertaken, or may be required in the future to undertake with the Securities and Exchange Commission, to submit the question of indemnification to a court in certain circumstances for a determination of the Corporation's right under public policy to indemnify Indemnitee. For purposes of clarity, this Section 17 is not intended to the limit advances of Losses to Indemnitee in accordance with Section 5 while any such determination is pending unless such advancement during the period of determination is prohibited by the applicable Indemnification Restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Severability</u>. If any provision of this Agreement shall be held to be invalid, illegal, or unenforceable:

&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 validity, legality, and enforceability of the remaining provisions of this Agreement shall not be in any way affected or impaired thereby; 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;(b) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal, or unenforceable.

Each section of this Agreement is a separate and independent portion of this Agreement. If the indemnification to which Indemnitee is entitled as respects any aspect of any claim varies between two or more sections of this Agreement, that section providing the most comprehensive indemnification shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notice</u>. Any notice, demand, request, or other communication permitted or required under this Agreement shall be in writing and shall be deemed to have been given as of the date so delivered, if personally served; as of the date so sent, if transmitted by facsimile and receipt is confirmed by the facsimile operator of the recipient; as of the date so sent, if sent by electronic mail and receipt is acknowledged by the recipient; one day after the date so sent, if delivered by overnight courier service; or three days after the date so mailed, if mailed by certified mail, return receipt requested, addressed as follows:

If to the Corporation:

Kindly MD, Inc.

5097 South 900 East

Suite 100

Salt Lake City, UT 84117

Attn: General Counsel

If to Indemnitee, to:

___________________

___________________

or such other addresses, facsimile numbers, or electronic mail address as shall be furnished in writing by any party in the manner for giving notices hereunder.

 

*[Signature Page Follows]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective on and as of the day and year first above written.

By: 

Name: David Bailey

Title: Chief Executive Officer

[Signature Page to Indemnification Agreement]

## Exhibit 10.13

**Exhibit 10.13**

Addendum to Executive Employment Agreement

This Addendum ("Addendum") is made and entered into as of August 14, 2025, by and between Kindly MD, Inc., a Utah corporation (the "Company"), and Tim Pickett ("Executive"), and amends that certain Executive Employment Agreement, effective September 1, 2023, as amended by that certain Addendum to Employment Agreement, dated November 11, 2024, and that certain Addendum to Executive Employment Agreement, dated May 12, 2025 (collectively, the "Agreement").

**Recitals**

WHEREAS, the Company and Executive previously entered into the Agreement detailing Executive's compensation and benefits as Chief Executive Officer ("CEO");

WHEREAS, the Company and Executive wish to modify the Agreement to provide for a change to Executive's position and duties and to make certain other changes;

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

**1. Change to Executive's Title/Position**

Section 1 of the Agreement (<u>General Definitions</u>) shall be amended to remove the definition of "Chief Executive Officer"

Section 2.1 of the Agreement (<u>Position</u>) shall be amended to (i) remove all references to "Chief Executive Officer (CEO)" and to replace all such references with "Chief Medical Officer (CMO)" All other references in the Agreement to "Chief Executive Officer (CEO)" shall be replaced with "Chief Medical Officer (CMO)"; and (ii) add the following at the end thereof, to read as follows:

Effective as of the closing date of the merger between Nakamoto Holdings, Inc. ("Nakamoto") and the Company, Executive will serve on the on the board of directors of Kindly MD, Inc. d/b/a Nakamoto (the "Post-Closing Company," the board of directors thereof, the "Board") as a Class II Director. As a Class II Director, Executive's initial term shall expire at the adjournment of the Post-Closing Company's 2027 annual meeting of shareholders (the "Initial Term"). During the term of the Agreement, at any time that Executive ceases to be an employee of the Post-Closing Company, the Post-Closing Company and Executive will enter into an agreement or arrangement providing for the same terms and conditions as other members of the Board for the remainder of the Initial Term.

**2. Good Reason:** The recipient waives any claim to "Good Reason" or any other similar term under any employment agreement, offer letter, equity or equity-based award agreements or plans, cash-based incentive award agreements or plans, or any other similar plans or agreements, in all cases, that may have otherwise been triggered by virtue of entering into this Addendum or any other actions taken herein.

**3. Restricted Stock Unit Grant**

Following the completion of the closing of the merger between Nakamoto Holdings, Inc. and the Company (the "Closing"), subject to (i) approval of the Board, (ii) timely execution of an award agreement (the "Award Agreement"), and (iii) the terms and conditions of the Award Agreement, such time not to exceed 45 business days following the Closing, Executive will be eligible to receive a grant of performance-based restricted stock units (the "Performance Award"). The grant shall be calculated by dividing $50,000 by the closing trading price of the Post-Closing Company common stock as of the date of grant.

The Performance Award shall time-vest over a four (4) year period, with no vesting during the first twelve (12) months following the grant date (the "Cliff Period"), and thereafter twenty-five percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly installments over the subsequent thirty six (36) months, subject to Executive's continued employment or service as a member of the Board with the Post-Closing Company through each applicable vesting date. In the event Executive's service as a member of the Board is terminated by the Post-Closing Company, any then-unvested Performance Award shall vest in full.

The Performance Award shall also be subject to the achievement of performance milestones established for the grant year. The Performance Award shall be subject to other customary terms to be set forth in the corresponding award agreement and the 2025 Equity Incentive Plan (the "Plan").

**4. Equity Compensation**

The Agreement shall be amended, effective following the completion of the Closing, to provide that during the term of the Agreement, Executive is eligible to participate in any equity compensation programs and awards, if any, which are made generally available to similarly-situated employees of the Post-Closing Company (and subject to approval by the Board, timely execution of an Award Agreement, and the terms and conditions of the Award Agreement and the Plan, and which the Post-Closing Company, in its sole discretion, may at any time amend, modify, or terminate, subject to the terms and conditions of the Plan or Award Agreements.

**5. Employee Benefit Plans** 

Section 3.8 (<u>Participating in Benefits</u>) shall be amended in its entirety, effective following the completion of the Closing, to read as follows:

"3.8 **Participating in Employee Benefits**. Executive is eligible to participate in any medical insurance, group health, disability insurance, life insurance, incentive, savings, retirement, and other benefit plans, if any, which are made generally available to similarly-situated employees of the Post-Closing Company (and subject to eligibility requirements, enrollment criteria, and other terms and conditions of such plans), and which the Post-Closing Company (or any affiliate maintaining any such arrangement), in its sole discretion, may at any time amend, modify, or terminate, subject to the terms and conditions of such plans and applicable federal, state, or local law."

**7. No Other Amendments**

Except as expressly modified by this Addendum, all terms and conditions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect.

**8. Counterparts**

This Addendum may be executed in counterparts, including by electronic transmission, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first written above.

---

| | |
|:---|:---|
| KINDLY MD, INC. | KINDLY MD, INC. |
| By: | */s/ David Bailey* |
| Name: | David Bailey |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| EXECUTIVE | EXECUTIVE |
| By: | */s/ Tim Pickett* |
| Name: | Tim Pickett |

---

## Exhibit 10.14

**Exhibit 10.14** 

Addendum to Executive Employment Agreement

This Addendum ("Addendum") is made and entered into as of August 14, 2025, by and between Kindly MD, Inc., a Utah corporation (the "Company"), and Jared Barrera ("Executive"), and amends that certain Executive Employment Agreement, effective September 1, 2023, as amended by that certain Addendum to Employment Agreement, dated October 14, 2024, and that certain Addendum to Executive Employment Agreement, dated May 12, 2025 (collectively, the "Agreement").

**Recitals**

WHEREAS, the Company and Executive previously entered into the Agreement detailing Executive's compensation and benefits;

WHEREAS, the Company and Executive wish to modify the Agreement to provide for Executive's continued employment in his position as Chief Financial Officer following a change in control;

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

**1. Change to Executive's Resignation Upon Change in Control**

The Agreement shall be amended to modify the provision regarding Executive's resignation effectively immediately upon a change in control event to provide that Executive will continue in his position as Chief Financial Officer effective upon and following a change in control until such time as the Company has retained a new Chief Financial Officer (anticipated to be on or about October 1, 2025), at which time Executive agrees to resign from his position. Such resignation at that time shall not constitute a termination for cause under the Agreement.

**2. Good Reason:** The recipient waives any claim to "Good Reason" or any other similar term under any employment agreement, offer letter, equity or equity-based award agreements or plans, cash-based incentive award agreements or plans, or any other similar plans or agreements, in all cases, that may have otherwise been triggered by virtue of entering into this Addendum or any other actions taken herein.

**3. No Other Amendments**

Except as expressly modified by this Addendum, all terms and conditions of the Agreement are hereby ratified and confirmed and shall remain in full force and effect.

**4. Counterparts**

This Addendum may be executed in counterparts, including by electronic transmission, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, the parties have executed this Addendum as of the date first written above.

---

| | |
|:---|:---|
| KINDLY MD, INC. | KINDLY MD, INC. |
| By: | */s/ David Bailey* |
| Name: | David Bailey |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| EXECUTIVE | EXECUTIVE |
| By: | */s/ Jared Barrera* |
| Name: | Jared Barrera |

---

## Exhibit 10.15

**Exhibit 10.15**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of<br> Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**CONSULTING AGREEMENT**

This Consulting Agreement (the "Agreement") is effective as of the closing of the merger between Nakamoto Holdings, Inc. and Kindly, MD, Inc. (the "Effective Date") and is entered into by and between Kindly, MD Inc. d/b/a Nakamoto pursuant to the merger transaction (the "Company") and BTC Consulting, LLC, a Puerto Rico limited liability company ("Consultant"). Company and the Consultant are collectively referred to herein as the "Parties."

**TERMS AND CONDITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. Consultant agrees, and shall use its best efforts, to provide the services set forth in "**Exhibit A**" hereto, as may be requested, required, or amended, from time to time, by the Company (the "Services"). Consultant hereby agrees to devote its reasonable time, abilities, skills, and energy to the performance of the Services. For purposes herein, Consultant shall retain David Bailey to perform the Services (the "Designated Individual"), and the Designated Individual agrees (i) to perform the Services and otherwise be subject to the terms and conditions set forth in this Agreement and (ii) that the Designated Individual, for purposes of all securities law and any disclosure obligations relating to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Effective Date; Term</u>. The term of this Agreement and Consultant's engagement by the Company shall commence on the Effective Date and shall continue until terminated by either the Company or Consultant in accordance with the terms of this Agreement (the time in which this Agreement is in effect, the "Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Compensation, Expenses, and Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Base Compensation – Consulting Fee</u>. In consideration
for the performance of the Services by Consultant, Company agrees to pay Consultant, on a monthly basis no later than the fifth (5<sup>th</sup>)
day of each month, a fee equal to $58,333.33 (the "Consulting Fee") in accordance with the Company's standard consultant
payment practices and procedures, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Incentive Compensation</u>. Consultant will be eligible to receive annual cash-based incentive bonus in accordance with performance
metrics established by the Board of Directors of the Company (the "Board") (or the compensation committee of the Board), in
its sole and absolute discretion ("Incentive Compensation"), which may vary from year to year. The target level of such Incentive
Compensation is up to $2,100,000. For calendar year 2025, Consultant shall be eligible to receive a prorated Incentive Compensation (calculated
as the Incentive Compensation that would have been paid for the entire calendar year multiplied by a fraction, the numerator of which
is equal to the number of days the Consultant worked in the applicable calendar year, and the denominator of which is equal to the total
number of days in such year). Such Incentive Compensation will be payable in the form of a lump sum cash payment no later than March 15th
of the calendar year that immediately follows the calendar year to which the Incentive Compensation relates. In order for Consultant to
be eligible to receive the Incentive Compensation pursuant to this Section 3(b), Consultant must remain continuously providing the Services
to the Company through the payment date to which such Incentive Compensation relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Initial Grant of Stock Options</u>. Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the "Award
Agreement"), and (iii) the terms and conditions of the Award Agreement (which, for the avoidance of doubt, shall include an exercise
price for each stock option that is no less than the closing price of a share of common stock of the Company as of the date of grant),
Consultant shall be granted 5,000,000 stock options pursuant to the Option Agreement and 2025 Equity Incentive Plan (the "Plan")
(the award, the "Stock Options"). The stock options shall vest over a four-year period, subject to the Consultant's
continuously providing the Services to the Company and good standing through each applicable vesting date, with 25% of the stock options
vesting on the first anniversary of the grant date (the "cliff"), and the remaining 75% vesting in equal quarterly installments
over the following three years (i.e., 1/12th per quarter over twelve quarters). Consultant will be eligible to receive additional grants
of stock options under the Plan in the sole and absolute discretion of the Company and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Initial and Annual Equity Incentives</u>. Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the
"Award Agreement"), and (iii) the terms and conditions of the Award Agreement, Consultant will be eligible to receive an initial
grant of restricted stock units that will be issued to the Designated Individual on behalf of Consultant. The initial grant shall be calculated
by dividing $1,000,000 by the closing trading price of the Company common stock as of the date of grant (the award, "Initial Equity
Award") (the "RSU Calculation Methodology"). Subsequent performance-based annual grants of restricted stock units are
targeted to be in an amount up to $1,000,000 using the RSU Calculation Methodology (each an "Annual Equity Award") and shall
be determined based on performance metrics established by the Board (or its compensation committee), in consultation with Consultant,
which metrics may vary from year to year; provided, that the Board (or its compensation committee) shall have the ultimate ability to
determine the size of the award based on individual and Company performance.

The Initial Equity Award shall time-vest over a four (4) year period, with no vesting during the first twelve (12) months following the grant date (the "Cliff Period"), and thereafter twenty-five percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly installments over the subsequent thirty six (36) months, subject to Consultant's continued Services to the Company through each applicable vesting date.

The Annual Equity Awards, including the Initial Equity Award, shall also be subject to the achievement of performance milestones established for each grant year. Each Annual Equity Award shall be subject to other customary terms to be set forth in the corresponding award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Signing Bonus</u>. Consultant will be eligible to receive
a signing bonus equal to $250,000 in value (the "Signing Bonus"). The Signing Bonus will be paid in cash to Consultant in
a one-time, lump sum payment within five (5) business days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Private Aircraft Travel</u>. During the Term, the Company may provide, at its sole cost and expense, for Consultant's use
of private aircraft travel for business travel, in accordance with policies and procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Expenses</u>. Consultant shall be entitled to reimbursement for all reasonable business expenses that it incurs in connection with
the performance of the Services. Upon presentment by Consultant of appropriate and sufficient documentation, the Company shall reimburse
Consultant for all such expenses in accordance with the Company's expense reimbursement policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Company Perquisites</u>. During the Term, Consultant shall be entitled to perquisites consistent with the practices of the Company,
and to the extent the Company provides similar perquisites to executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Form W-9</u>. Consultant shall provide the Company with a signed and completed IRS Form W-9 upon execution of this Agreement. Payment
by the Company will be made to the entity named on the IRS Form W-9. Consultant hereby agrees to notify the Company immediately upon any
change of taxpayer information found on the IRS Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Taxes</u>. The Company shall not withhold any taxes from any payment it makes to Consultant under this Agreement, nor make any
contributions to any federal, state, or local agency with respect to such payments on behalf of Consultant, but shall report the payments
made to Consultant hereunder on an IRS Form 1099. Consultant and the Company acknowledge that the Company intends to deduct the fees it
pays to Consultant for the Services as an ordinary and necessary business expense for income tax purposes. Consultant agrees and represents
that, except as otherwise required in writing by the Internal Revenue Service: (a) Consultant will treat such fees as ordinary income
for income tax purposes; (b) Consultant shall be responsible for paying, when due, all taxes (including estimated taxes), Social Security
contributions or payments, disability insurance, unemployment taxes, and other payroll type taxes applicable to, incurred, imposed, or
assessed as a result of Consultant's receipt of such fees from the Company("Consultant's Taxes"); and (c) if Consultant
reports the receipt of such fees other than as ordinary income and/or fails to pay Consultant's Taxes, Consultant will indemnify
and hold harmless the Company from any and all taxes, penalties, interest, costs, and expenses actually incurred, including reasonable
attorneys' fees and accounting fees, or assessed against the Company as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Principal Place of Engagement</u>. Consultant's principal place of engagement shall be Puerto Rico, although substantial
time may be spent, as part of performing the Services, in such other domestic and/or international locations, as may be reasonably necessary
from time to time, for which Consultant may be required to travel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independent Contractor Status</u>. The Parties acknowledge and agree that Consultant enters into this Agreement as, and shall at all times during the Term act as, be considered, and remain, an independent contractor of the Company. The Parties further acknowledge and agree that this Agreement shall not, at any time, be construed as creating any association, partnership, joint venture, employment, or agency relationship between Consultant and the Company. As an independent contractor, Consultant shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not be subject to the Company's direct supervision or control with respect to its performance of the Services (except that Consultant
may, from time to time, receive generalized instructions from the Company pertaining to the goals to be attained and/or results to be
achieved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply, at Consultant's own expense, with all provisions of applicable federal, state, and local law relating to terms and conditions
required to be fulfilled by independent contractors, including but not limited to all applicable tax and insurance laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Have complete and sole discretion to determine the method, means, character, sequence, manner, and schedule pursuant to which the
Services shall be and are performed (it is understood and agreed that the Company is interested only in the results to be achieved by
Consultant under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Not receive performance reviews, vocational training, or business cards from the Company, nor shall Consultant be required to attend
meetings at the Company's facilities or be subject to the standard disciplinary practices and procedures to which the Company's
employees are subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Be responsible for maintaining and furnishing, at its own expense, a place of work, and any tools, supplies, apparel, facilities,
equipment, and appropriate communications devices and services required for Consultant to render the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Not be eligible to participate in any of the Company's employee benefit plans, fringe benefit programs, group insurance arrangements,
or other similar plans, programs, or arrangements maintained by the Company for the benefit of its employees, and Consultant shall not
claim that it is or was eligible for, or entitled to, any benefits under any such plan, program, or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Not seek, and shall have no right to receive, unemployment compensation benefits based upon the termination of this Agreement or its
engagement by the Company hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Not receive any statutory benefit that the Company makes available to its employees, including but not limited to workers' compensation,
Social Security, or unemployment compensation coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Be solely responsible, to the extent required by applicable law, rule, or regulation or as requested by the Company, for securing
its own disability, unemployment compensation, general liability, and/or other insurance, and for obtaining workers' compensation
insurance and training, for itself and others, as necessary.

So long as this Agreement is in valid effect, Consultant agrees not to assert or claim that it is or was an employee of the Company during the Term, and, given that it is an independent contractor and not an employee of the Company, to never assert any claim seeking employee benefits, unemployment compensation benefits, or workers' compensation benefits based upon its consulting relationship with the Company and/or the termination thereof. Consultant also knowingly and voluntarily waives any claim against the Company for any benefits provided to the Company's current or former employees during any period, following the commencement of the Term, in which Consultant is determined to be a common law employee or any designation other than an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proprietary Information</u>. "Proprietary Information" shall mean all information and materials that relate to the business of Company, its parents, subsidiaries, affiliates, and/or any of their donors, users, viewers, licensors, licensees and distributors, in any form and whether or not labeled or identified as confidential or proprietary, including but not limited to, (a) information about actual or potential investees or grantees; (b) financial and other information about costs, revenue, profits or forecasts; (c) information regarding business strategy, marketing or methods of operation; (d) personnel files and information about compensation and benefits; (e) third party information or materials that Company or its parents, subsidiaries or affiliates agree to hold in confidence; (f) technologies, concepts, methods, sources, methods of doing business, patterns, processes, compounds, formulae, programs, devices, tools, compilations of information, development, manufacturing, purchasing, engineering, computer programs (whether in source code or object code), theories, techniques, procedures, strategies, systems, written works, and designs; (g) information and items relating to or concerning officers, members, and managers of the Company, their family and associates, and their businesses (collectively, "Related Parties"); (h) private and confidential matters concerning Company or any Related Parties; (i) financial, business, medical, legal, personal and contractual matters of, or pertaining to, Company or any Related Parties; and (j) any communication, correspondence, photographs, film or other documents or writings pertaining in any way to Company or any Related Parties. Proprietary Information shall not include: (i) information or materials that are or become generally known to the public through lawful means and through no fault of Consultant; or (ii) information or materials known to Consultant without confidentiality restrictions prior to the initial disclosure by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality</u>. At all times, both during the Term and thereafter in perpetuity, Consultant shall keep and hold all Proprietary Information and IP (as defined below) in strict confidence and trust, and will not disclose any such Proprietary Information to any third party whatsoever (including but not limited to newspapers, periodicals, magazines, publications, television stations, radio stations, publishers, and any other enterprise involved in the print or electronic media, including individuals working directly or indirectly for, or on behalf of, any of said entities) without the prior written consent of Company, except to Consultant's legal counsel or if required by court order from a court of competent jurisdiction, provided that Consultant shall first notify Company such that Company has an opportunity to object to such court order. Consultant will not use any such Proprietary Information except as may be necessary in order to perform Consultant's Services under this Agreement. Consultant agrees to notify Company of any unauthorized release or use of Proprietary Information.

Notwithstanding the foregoing, Consultant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, in the event that Consultant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Consultant may disclose the trade secret to his attorney and use the trade secret information in the court proceeding, if Consultant: (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Privacy</u>. Consultant acknowledges that, in the course of Consultant's services hereunder, Consultant may come across personally identifiable information protected by state, federal and/or local privacy laws and/or Company policies and Consultant shall take care that such information is not exposed or at risk of being exposed to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Ownership; Assignment</u>. All inventions, improvements, designs, works of authorship, formulas, processes, methods, software, databases, trade secrets, videos and photographs, know-how and ideas, and any other results or proceeds of Consultant's services (including prior services) for Company made, conceived, developed, created or incorporated by Consultant, either alone or jointly with others, in connection with the services provided under this Agreement (including any Work as defined in the attached Statement of Work) or otherwise related to the Proprietary Information whether or not patentable, copyrightable or protectable as trade secrets, and all patents, copyright rights, trade secret rights and other intellectual property rights related thereto ("IP") shall be and remain the sole property of Company and its assigns in perpetuity. Consultant further acknowledges and agrees that such IP and other works of authorship are "works made for hire" as defined in the U.S. Copyright Law, 17 U.S.C. § 101 et seq. (as amended), for purposes of the Company's rights under copyright laws. To the extent that title to any IP or any materials comprising or including any IP, does not, by operation of law, vest in the Company, or is not considered "works made for hire," Consultant hereby assigns all right, title and interest in and to such IP to Company and its assigns. Consultant irrevocably assigns to the Company, in each case without additional consideration, all right, title, and interest throughout the world in and to these materials, including all intellectual property rights and unrestricted copyright. Consultant agrees to waive and not to assert any and all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as "moral rights," "artist's rights," "droit moral," or the like to all IP. Consultant agrees to assist Company in every proper way to obtain for Company and enforce any rights in or to the IP, including without limitation, execution of any documents that Company may reasonably request for use in obtaining or enforcing such rights. Should Company be unable to secure Consultant's signature on any such document, due to Consultant's incapacity or any other cause, Consultant hereby irrevocably designates and appoints Company and each of its duly authorized officers and agents as Consultant's agent and attorney-in-fact for the sole limited purpose of doing all lawfully permitted acts to further the prosecution, issuance, and enforcement of any rights in or to the IP with the same force and effect as if executed and delivered by Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Consultant represents and warrants Consultant has the full power and authority to enter into this Agreement and to perform its obligations
hereunder, without the need for any third party consents or approvals, and that Consultant is not and shall not become during the term
hereof subject to any conflicting agreement, arrangement, commitment or obligation that would or might interfere with Consultant's
ability to perform hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Consultant represents, warrants and covenants that Consultant has the qualifications and ability to perform, and shall perform, the
services provided under this Agreement in a professional and timely manner, with the degree of skill and judgment normally exercised by
recognized professionals performing the same or substantially similar services (or better), without the control or supervision of Company.
In the event of any breach of the foregoing warranty and in addition to any other remedies Company may have at law or in equity, Consultant
shall re-perform the non-conforming Services to conform to this standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Consultant represents, warrants and covenants that Consultant shall not violate, infringe or misappropriate any third party intellectual
property, publicity or privacy rights in connection with the performance of the Services, and any information or materials provided to
Company shall not violate, infringe or misappropriate any third party intellectual property, publicity or privacy rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compliance with Laws</u>. Consultant agrees to comply with all applicable laws and regulations, including any applicable internal rules and policies of the Company applicable to Consultant, during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Indemnification</u>. Subject to the Company's Articles of Incorporation, as amended, bylaws, as amended and applicable law, in the event that Consultant and/or its principals are made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "Proceeding"), other than any Proceeding initiated by Consultant or the Company related to any contest or dispute between the Consultant and the Company with respect to this Agreement, by reason of the fact that Consultant is or was engaged by the Company, or any affiliate of the Company, or is or was serving at the request of the Company or any affiliate of the Company, Consultant shall be indemnified and held harmless by the Company from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). Costs and expenses incurred by Consultant in defense of such Proceeding (including attorneys' fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment and (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought. During the Term and for a period of three (3) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, liability insurance providing coverage to Consultant on terms that are the same as the coverage provided to other directors and executives of the Company or any successor.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Material Breach by Consultant</u>. Consultant's
engagement hereunder may be terminated by the Company for a Material Breach by Consultant. If the Consultant's engagement is terminated
by the Company for a Material Breach by Consultant, Consultant shall be entitled to receive:

1) any accrued but unpaid Consulting Fees which shall be paid on the Termination Date (as defined below); and

2) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Resignation by Consultant Following a Material Breach by Company, Termination by Company with a Material Breach by Company, or Termination by Company for Any Reason Other Than Material Breach by Consultant</u>. Consultant's engagement hereunder may be terminated
by Consultant for a Material Breach by Company, by the Company with a Material Breach by Company or by the Company for any reason other
than Material Breach by Consultant, provided that Consultant shall be entitled to receive:

1) a lump sum payment equal to two (2) times the sum of Consultant's annual Consulting Fee and target Incentive Compensation for the year in which the Termination Date occurs;

2) full acceleration any then-unvested Stock Options, Initial Equity Award and Annual Equity Awards as of the Termination Date, and retention of any vested Initial Equity Award and any Annual Equity Awards (provided that, for any performance-based awards, any applicable performance-metrics are satisfied); and

3) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Resignation by Consultant without Material Breach by Company</u>. Consultant's engagement hereunder may be terminated by
Consultant at any time, without a Material Breach by Company. If the Consultant's engagement is terminated by Consultant without
a Material Breach by Company, then in full satisfaction of the Company's obligations under this Agreement, Consultant shall be entitled
to receive:

1) any accrued but unpaid Consulting Fees which shall be paid on the Termination Date; and

2) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Certain Definitions</u>.

1) For purposes of this Agreement, a "Material Breach by Consultant" shall mean: (i) Consultant's willful misconduct, gross negligence, or material failure to perform Consultants' duties (other than any such failure resulting from incapacity due to physical or mental illness); (ii) Consultant's material failure violation of any written policy, code of conduct, or procedure of the Company, its subsidiaries, or any of their respective affiliates, including but not limited to those relating to harassment, discrimination, workplace safety, or substance abuse; (iii) Consultant's commission of, or participation in, any act of fraud, dishonesty, embezzlement, misappropriation, or other act of material misconduct with respect to the Company, its subsidiaries, or any of their respective affiliates; (iv) Consultant's indictment for, conviction of, or plea of guilty or nolo contendere to, a felony or any crime involving moral turpitude, dishonesty, or theft; (v) Consultant's material breach of this Agreement or any other written agreement with the Company, its subsidiaries, or any of their respective affiliates, or Employee's breach of any fiduciary duty owed to the Company, its subsidiaries, or any of their respective affiliates; (vi) Consultant's unauthorized use or disclosure of any confidential or proprietary information of the Company, its subsidiaries, or any of their respective affiliates.

2) For purposes of this Agreement, a "Material Breach by Company" shall mean there has been, without the consent of Consultant, the occurrence of any of the following grounds that has not been cured by the Company within thirty (30) days after written notice to the Company of such purported grounds (which notice must be provided within thirty (30) days following the actual knowledge by Consultant of such purported grounds): (i) a material reduction in the Consulting Fee; provided, however that a material reduction in the Consulting Fee pursuant to a salary reduction and/or consulting fee reduction program affecting all or substantially all of the employees and consultants of the Company and that does not adversely affect Consultant to a greater extent than other similarly situated consultants shall not constitute Material Breach by Company; (iii) Consultant being required to relocate the Consultant's principal place of engagement as set forth in Section 3.m. above to a location outside of Puerto Rico; and (iv) a material diminution of Consultant's authority, duties, or responsibilities (other than during a suspension or investigation of grounds that may constitute Material Breach by Consultant).

3) For purposes of this Agreement, "Termination Date" shall mean the date in which the Consultant ceases to provide Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Cooperation</u>. The Parties agree that certain matters in which Consultant will be involved during the Term may necessitate Consultant's cooperation in the future. Accordingly, following the termination of this Agreement for any reason, to the extent reasonably requested by the Board of Directors of the Company, Consultant shall cooperate with the Company in connection with matters arising out of Consultant's engagement with the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Consultant's other activities. Company shall reimburse Consultant for reasonable expenses incurred in connection with such cooperation and, to the extent that Consultant is required to spend significant time on such matters, the Company shall compensate Consultant at an hourly rate based on the Consulting Fee as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Publicity</u>. Consultant shall not make any public statement or announcement, or release or post any photo or video or other media, including on Consultant's website or social media, about this Agreement without Company's prior written approval in each instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Relationship of the Parties</u>. Neither party shall have any right or authority, express or implied, to assume or create any obligation of any kind, or to make any representation or warranty, on behalf of the other party or to bind the other party in any respect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts wholly performed therein (regardless of where actually performed) without regard to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notice</u>. All notices, requests, demands and other communications under this Agreement must be in writing and given by personal delivery, sent by trackable U.S. mail or FedEx or email, addressed to the party for which it is intended at its address set forth on the signature page or such other address as such party may later designate. For the Company, a copy of any notice should be sent to Hello@nakamoto.com. For Consultant, a copy of any notice should be sent to amanda@nakamoto.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Waiver</u>. The waiver by either party of a breach of or a default under any provision of this Agreement shall not be effective unless in writing and shall not be construed as a waiver of any past, subsequent or contemporaneous breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either party to exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>. If any provision of this Agreement shall be held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, such provision shall be enforced to the maximum extent lawfully possible so as to affect the intent of the Parties, and the remainder of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Assignment; No Third Party Beneficiaries</u>. Consultant shall not, and shall not have the right to assign, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement or any of its rights or obligations under this Agreement without the prior written consent of Company. Any purported assignment, sale, transfer, delegation or other disposition by Consultant, except as permitted herein, shall be null and void. Company may assign, transfer, delegate or otherwise dispose of this Agreement and any of its rights or obligations of this Agreement without the prior written consent of Consultant. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer, nor shall anything herein confer on, any person other than the Parties and the respective successors or permitted assigns of the Parties, any rights, remedies, obligations or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Remedies; Injunctive Relief</u>. Any specific right or remedy provided in this Agreement shall not be exclusive but shall be in addition to all other rights and remedies set forth in this Agreement and permitted under applicable law; provided that Consultant shall not seek to interfere with any IP rights granted to Company hereunder, and Consultant hereby waives any right of Consultant to seek injunctive or other specific or equitable relief; Consultant's remedies under this Agreement, if any, shall be limited to the right to seek monetary damages in an action at law. Consultant acknowledges and agrees that there can be no adequate remedy at law for any breach by Consultant of Sections 5-8, or 14 of this Agreement, that any such breach would result in irreparable harm to Company for which monetary damages would be inadequate to compensate Company, and that Company shall have the right, in addition to any other rights available under applicable law, to obtain from any court of competent jurisdiction injunctive relief to restrain any breach or threatened breach of, or otherwise to specifically enforce, such covenants or obligations of Consultant under this Agreement, without the necessity of posting any bond or security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Captions; Interpretation</u>. All captions and headings in this Agreement are for the purposes of reference and convenience only, and shall not limit or expand the provisions of this Agreement. This Agreement shall be deemed to have been drafted by all Parties and, in the event of a dispute, no party hereto shall be entitled to claim that any provision should be construed against any other party by reason of the fact that it was drafted by one particular party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed original, and together which shall constitute one in the same instrument. Electronically transmitted counterparts shall be deemed originals for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Modifications and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Parties. No waiver by either of the Parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Entire Agreement; Conflicts</u>. This Agreement (including any and all exhibits, Statements of Work and other attachments hereto, as well as any award agreements) constitutes the entire agreement with respect to the subject matter hereof, and shall supersede any prior or contemporaneous oral or written agreements, understandings or communications or past courses of dealing between Company and Consultant with respect to the subject matter hereof. In the event of a conflict between the body of this Agreement and between the terms of any exhibits, Statements of Work, attachments hereto, or any award agreements, the terms of this Agreement shall control.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Parties or authorized representatives thereof have duly executed this Agreement as of the Effective Date.

COMPANY:

Kindly, M.D. Inc. d/b/a Nakamoto

---

| | |
|:---|:---|
| By: | */s/ Amanda Fabiano* |
|  | Amanda Fabiano |

---

Address for Notices:

<u>[\*\*\*]</u>________________

_____________________

_____________________

CONSULTANT:

BTC CONSULTING, LLC

---

| | |
|:---|:---|
| By: | */s/ David Bailey* |
|  | David Bailey as Designated Individual |

---

Address for Notices:

<u>[\*\*\*]</u>________________

_____________________

_____________________

**EXHIBIT A**

**Description of the Services**

**Strategic Leadership & Vision**

● Set and communicate the company's strategic vision, mission, and long-term objectives

● Drive execution of business strategy across all departments and initiatives

● Lead strategic planning processes and major business decisions including M&A opportunities

● Position the company as a leader in Bitcoin treasury management and digital asset innovation

**Board & Stakeholder Management**

● Report to and work closely with the Board of Directors on governance and strategic matters

● Serve as primary spokesperson for the company with investors, media, and industry stakeholders

● Lead investor relations activities in partnership with CFO and VP of Investor Relations

● Ensure transparent communication with shareholders and the investment community

**Organizational Leadership**

● Build, lead, and develop the executive team and senior leadership

● Foster a high-performance culture aligned with company values and objectives

● Drive organizational development and ensure effective succession planning

● Champion talent acquisition and retention strategies for key positions

**Business Development & Growth**

● Identify and pursue new business opportunities, partnerships, and revenue streams

● Oversee market expansion initiatives including entry into new geographic markets

● Lead major client and partner relationships at the executive level

● Drive product and service innovation in the digital asset space

**Financial & Operational Oversight**

● Ensure company achieves financial targets and maintains fiscal responsibility

● Oversee capital allocation decisions including Bitcoin acquisition strategy

● Monitor key performance indicators and drive operational excellence

● Ensure regulatory compliance and appropriate risk management frameworks

## Exhibit 10.16

**Exhibit 10.16**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "Agreement") is effective as of the closing of the merger between Nakamoto Holdings, Inc. and Kindly, MD, Inc. (the "Effective Date") and is entered into by and between Kindly, MD Inc. d/b/a Nakamoto pursuant to the merger transaction (the "Company") and Tyler Evans ("Employee") (collectively with the Company, the "Parties"; each of the Parties referred to individually as a "Party").

**WHEREAS**, the Company desires to employ Employee in accordance with the terms and conditions set forth below; and

**WHEREAS**, Employee desires to be employed by the Company in accordance with the terms and conditions set forth below.

**NOW, THEREFORE**, in consideration of the promises and mutual covenants and agreements set forth in this Agreement, the Parties hereby agree as follows:

1.  **<u>EMPLOYMENT</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Title</u>** . The Company hereby agrees to employ Employee, and Employee hereby accepts such employment, as Chief Investment
Officer, reporting to the CEO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Principal Place of Employment</u>** . Employee's principal place of employment shall be Nashville, TN, although substantial
time may be spent, as part of performing the services set forth herein, in such other domestic and/or international locations, as may
be reasonably requested by the Company from time to time, for which Employee may be required to travel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>At Will Relationship</u>** . Employee's employment with the Company shall commence as of the Effective Date. Employee's
employment shall be considered "at will" in nature and, accordingly, either the Company or Employee may terminate this Agreement
and Employee's employment at any time and for any reason, with or without cause or prior notice. Nothing in this Agreement, including
but not limited to Section 3 hereof, shall be construed as, or shall interfere with, abridge, limit, modify, or amend the "at will"
nature of Employee's employment with Company. Except as set forth in Section 3 of this Agreement, upon Employee's separation
from employment with the Company (for any reason), all compensation and benefits payable or provided to Employee shall, except as required
by applicable law, terminate as of the effective date of Employee's termination (the "Termination Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.  **<u>Duties and Responsibilities</u>** . During Employee's employment with the Company, Employee shall at all times: (i) comply
with the terms and conditions set forth in this Agreement; (ii) perform and carry out such responsibilities, duties, and authorities as
the Company may direct, designate, request of, or assign to Employee from time to time, which shall include, but not necessarily be limited
to, the services set forth in **Exhibit A** hereto; (iii) perform the duties and carry out the responsibilities assigned to him by
the Company to the best of his ability, in a trustworthy, business-like, and efficient manner for the purpose of advancing the business
and interests of the Company; (iv) devote sufficient time, attention, effort, and skill to his position with and the business of the Company;
(v) comply with and abide by the Company's policies, practices, and procedures (as may be amended or otherwise modified from time
to time by the Company); and (vi) comply with all laws, rules, regulations, and licensing requirements of, or that may be applicable to,
his employment with the Company.

Employee is permitted to pursue advisory opportunities and serve in an advisory capacity to other businesses within the industry in which the Company transacts business; provided, however, that (i) each such role and company or entity is identified and further described on **Exhibit B** hereto; (ii) such role and activities do not compete with or conflict with the business or interests of the Company and its subsidiaries and affiliates, including for the avoidance of doubt any activity under Sections 4 or 5 of this Agreement; and (iii) any future advisory role or opportunity with a separate company or entity during the Term of this Agreement requires the advance consent of the board of directors of the Company (the "Board"). However, Employee agrees to keep the Board generally informed with respect to any advisory opportunities which could reasonably be deemed competitive with the Company's and its subsidiaries and affiliates business, but will not be required to disclose information which is confidential to a third party.

In the event that any term(s) of this Agreement conflicts with a term(s) of any employee handbook, policy, practice, or procedure adopted or maintained, at any time, by the Company, the term(s) of this Agreement shall control and supersede such conflicting term(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.  **<u>No Conflicts</u>** . Employee represents and warrants that he is not bound by or subject to any written or oral agreement,
pact, covenant, or understanding with any previous or concurrent employer, or any other party, that would limit, abridge, restrict, or
interfere with, in any way, his ability to perform his duties and obligations hereunder. Employee further represents and warrants that
the performance of his duties and obligations hereunder shall not violate any written or oral agreement, pact, covenant, or understanding
by and between him and any previous or concurrent employer, or any other party. Employee further represents and warrants that he will
not use any trade secret, or confidential or proprietary information, of any of his previous or concurrent employers, or that was obtained,
learned, or procured during any period of employment prior to or concurrent with his employment with the Company, in connection with his
employment with the Company or in the performance of his duties and obligations hereunder.

2.  **<u>COMPENSATION AND BENEFITS</u>** <u>.</u> Subject to the terms and conditions of Sections 1 and 3 of this Agreement and Employee's
continued employment with the Company, and in consideration for the services to be provided hereunder by Employee, the Company hereby
agrees to pay or otherwise provide Employee with the following compensation and benefits during his employment with the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Sign-On Bonus</u>** . The Company shall pay Employee a one-time, sign-on bonus in the amount of $250,000 (the "Sign-On
Bonus"). The Sign-On Bonus shall be paid in two equal installments: (i) fifty percent ($125,000) shall be paid within thirty (30)
days of the Effective Date, and (ii) the remaining fifty percent ($125,000) shall be paid within thirty (30) days following the one hundred
eighty (180) day anniversary of the Effective Date. Each installment shall be subject to applicable withholdings and deductions, and Employee's
continued employment through the applicable payment dates. For the avoidance of doubt, the Sign-On Bonus is conditioned upon the closing
of the transaction contemplated in the Agreement and Plan of Merger by and among Nakamoto Holdings, Inc., Kindly Holdco Corp. and Kindly
MD, Inc. dated May 12, 2025 (the consummation of the transactions contemplated therein, the "Merger"). If the Merger is not
consummated prior to December 31, 2025, the Sign-On Bonus shall be forfeited.

**Clawback Provision.** In the event that Employee's employment is terminated by the Company for Cause (as defined herein) or Employee resigns without Good Reason (as defined herein) within twelve (12) months following Employee's start date, Employee shall repay to the Company the full amount of the Sign-On Bonus received. Such repayment shall be calculated on a gross basis and due within ninety (90) days of the termination date and may be offset against any amounts owed to Employee by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Annual Salary</u>** . The Company shall pay Employee a base salary equal to $500,000 per year (as it may be adjusted from time
to time, the "Annual Salary"), less applicable taxes, withholdings, and deductions, and any other deductions that may be authorized
by Employee, from time to time, in accordance with applicable federal, state, and/or local law. The Annual Salary shall be payable in
accordance with the Company's standard payroll practices and procedures, as in effect from time to time. Employee acknowledges and
understands that his position of employment with the Company is considered "exempt," as that term is defined under the Fair
Labor Standards Act and applicable state or local law. As an exempt employee, Employee is not eligible to receive overtime pay.

Notwithstanding the foregoing, the Annual Salary may be reviewed by the Company from time to time and may be subject to upward or downward adjustment, in the Company's sole discretion, based upon a review and consideration of various factors, including but not limited to Employee's performance and/or the Company's overall financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>Incentive Compensation</u>** . Employee will be eligible to receive annual incentive compensation with a target up to $1,500,000
in accordance with performance metrics established by the Board or the compensation committee of the Board, in its sole and absolute discretion
(the "Incentive Compensation"), which may vary from year to year. In order for Employee to be eligible to receive Incentive
Compensation pursuant to this Section 2(c), Employee must remain continuously employed by the Company through the date of payment of any
such earned Incentive Compensation. The Incentive Compensation shall be subject to other customary terms to be set forth in any corresponding
award agreement or applicable plan document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.  **<u>Initial Grant of Stock Options</u>** . Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the
"Option Agreement") and (iii) the terms and conditions of the Option Agreement and the 2025 Equity Incentive Plan (the "Plan")
(which, for the avoidance of doubt, shall include an exercise price for each stock option that is no less than the closing price of a
share of common stock of the Company as of the date of grant), Employee will be eligible to receive 10,000,000 stock options pursuant
to the Option Agreement and the Plan (the "Stock Options"). The Stock Options shall vest over a four-year period, with no
vesting during the first twelve (12) months following the grant date (the "Cliff Period"), and thereafter twenty-five percent
(25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly
installments over the subsequent thirty six (36) months, subject to Employee's continued employed with the Company and good standing
through each applicable vesting date. Employee will be eligible to receive additional grants of stock options under the Plan in the sole
and absolute discretion of the Company and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.  **<u>Annual Performance Award</u>** . Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the "Award
Agreement"), and (iii) the terms and conditions of the Award Agreement, Employee will be eligible to receive an annual grant of
performance-based restricted stock units. The grant shall be calculated by dividing $800,000 by the closing trading price of the Company
common stock as of the date of grant. Subsequent performance-based annual grants of restricted stock units shall based on performance
metrics established by the Board (or its compensation committee), in consultation with Employee, which metrics may vary from year to year
(the "Annual Performance Award").

The Annual Performance Award shall time-vest over a four (4) year period, with no vesting during the Cliff Period, and thereafter twenty-five percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly installments over the subsequent thirty six (36) months, subject to Employee's continued employment with the Company through each applicable vesting date.

The Annual Performance Awards shall also be subject to the achievement of performance milestones established for each grant year. Each Annual Equity Award shall be subject to other customary terms to be set forth in the corresponding award agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.  **<u>Benefit Plans</u>** . Employee shall be entitled to participate in any and all medical insurance, group health, disability
insurance, life insurance, incentive, savings, retirement, and other benefit plans, if any, which are made generally available to similarly-situated
employees of the Company (and subject to eligibility requirements, enrollment criteria, and other terms and conditions of such plans),
and which the Company (or any affiliate maintaining any such arrangement), in its sole discretion, may at any time amend, modify, or terminate,
subject to the terms and conditions of such plans and applicable federal, state, or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.  **<u>Vacation and Sick Leave</u>** . Employee shall be entitled to vacation and sick leave in accordance with the Company's
respective vacation and sick leave policies, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.  **<u>Private Aircraft Travel</u>.** During the Term, the Company may provide, at its sole cost and expense, for Employee's
use of private aircraft travel for business travel, in accordance with policies and procedures established by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.  **<u>Expenses</u>** . Employee shall be entitled to reimbursement for all reasonable expenses that he incurs in connection with
the performance of his duties and obligations hereunder. Upon presentment by Employee of appropriate and sufficient documentation, as
determined in the Company's sole discretion, the Company shall reimburse Employee for all such expenses in accordance with the Company's
expense reimbursement policy, as in effect from time to time.

3.  **<u>EFFECT OF TERMINATION</u>** . Employee's employment
may be terminated by the Company for Cause (as defined below) or without Cause or by resignation for any reason. In the event of any
such termination, Employee shall only be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Termination of Employment for Any Reason, Resignation by the Employee, or Termination by the Company for Cause</u>. If Employee's employment is terminated for any reason, is terminated by the Company for Cause or Employee resigns
from his employment for any reason, then in full satisfaction of the Company's obligations under this Agreement, Employee shall
be entitled to receive (i) any vacation accrued but unused as of the Termination Date, subject to the Company's policies regarding
vacation pay, and (ii) any Annual Salary earned but unpaid as of the Termination Date (the "Accrued Obligations").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination by the Company without Cause, or Resignation by the Employee for Good Reason</u>. If Employee's
employment is terminated by the Company without Cause or by Employee for Good Reason (as defined below), subject to Employee executing
and not revoking a general release of all claims against the Company, its subsidiaries, and any of their respective affiliates in a form
to be provided to Employee from the Company (a "Release") and the expiration of any applicable revocation period with respect
to the Release within forty-five (45) days after Employee's Termination Date (the last day of the maximum period of time that the
Release can be executed and no longer revocable, the "Release Consideration Expiration Date", and the actual date in which
the Release is fully effective and no longer revocable, the "Release Effective Date"), then in full satisfaction of the Company's
obligations under this Agreement, Employee shall be entitled to receive the following: (i) an amount equal to six (6) months of then-current
Annual Salary, as of the Termination Date, which shall be paid, in equal monthly installments in accordance with the Company's general
payroll practices, with the first installment to be paid on the first payroll date following the effective date of the Release (the "Severance
Payment Commencement Date"), with any such payments that would have otherwise been made to Employee following their Termination
Date but prior to the Release Effective Date to be paid on the Severance Payment Commencement Date; (ii) partial acceleration of any then-unvested
Stock Options and Annual Performance Awards as of the Termination Date that would have vested during the six (6) month period immediately
following the date of the Termination Date (provided that, for any performance-based awards, any applicable performance-metrics are satisfied);
and (iii) any Accrued Obligations as of the Termination Date.

For purposes herein, "Cause" shall mean the occurrence of any one or more of the following events, as determined in the sole discretion of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Willful Misconduct or Gross Negligence</u>: Employee's willful misconduct, gross negligence,
or material failure to perform the duties and responsibilities of their position (other than as a result of physical or mental incapacity),
after written notice from the Company and a reasonable opportunity to cure, if curable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Violation of Policies</u>: Employee's material violation of any written policy, code of
conduct, or procedure of the Company, its subsidiaries, or any of their respective affiliates, including but not limited to those relating
to harassment, discrimination, workplace safety, or substance abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Dishonesty or Fraud</u>: Employee's commission of, or participation in, any act of fraud,
dishonesty, embezzlement, misappropriation, or other act of material misconduct with respect to the Company, its subsidiaries, or any
of their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Criminal Conduct</u>: Employee's indictment for, conviction of, or plea of guilty or nolo
contendere to, a felony or any crime involving moral turpitude, dishonesty, or theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Breach of Agreement or Fiduciary Duty</u>: Employee's material breach of this Agreement
or any other written agreement with the Company, its subsidiaries, or any of their respective affiliates, or Employee's breach of
any fiduciary duty owed to the Company, its subsidiaries, or any of their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Unauthorized Disclosure</u>: Employee's unauthorized use or disclosure of any confidential
or proprietary information of the Company, its subsidiaries, or any of their respective affiliates.

"Good Reason" shall mean Employee's termination of her employment in accordance with the next sentence after the occurrence of one or more of the following events without Employee's express written consent: (i) a material diminishment of Employee's job title; (ii) a material reduction by the Company in Employee's rate of Annual Salary by more than ten percent (10%); (iii) a material change in the geographic location of Employee's primary work facility or location that is requested or initiated by the Company; provided, that a relocation of less than thirty (30) miles from Employee's then present location will not be considered a material change in geographic location.

4.  **<u>RESTRICTIVE COVENANTS</u>** . The Parties agree that
the Company and its respective subsidiaries and affiliates are engaged in highly competitive industries and would suffer irreparable
harm and incur substantial damage if Employee were to enter into competition with the Company and its respective subsidiaries and affiliates.
Therefore, in order for the Company to protect their legitimate business interests, Employee covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee shall not, at any time during his employment with the Company and for a period of 6 months thereafter (the "Restricted
Period"), anywhere in the United States or any jurisdiction in which the Company and its subsidiaries and affiliates conduct material
business operations (the "Restricted Territory"), either directly or indirectly: (i) accept employment with or render services
to (whether as an agent, servant, owner, partner, consultant, employee, independent contractor, representative, director, officer, or
stockholder) any person or entity that is a business competitor of the Company and its subsidiaries and affiliates or entity that competes
with the Company and its subsidiaries and affiliates in the field of Bitcoin treasury management, Bitcoin-native financial services, or
public-market digital asset vehicles, or has at any time during Employee's employment with the Company engaged or attempted to engage
in business competition with the Company and its subsidiaries and affiliates, in a position, capacity, or function that is similar, in
title or substance, whether in whole or in part, to any position, capacity, or function that Employee held with or in which Employee served
the Company; or (ii) invest in any person or entity that is a business competitor of the Company and its subsidiaries and affiliates,
or has at any time during Employee's employment with the Company engaged or attempted to engage in business competition with the
Company and subsidiaries and affiliates, except that Employee may own up to one percent (1%) of any outstanding class of securities of
any company registered under Section 12 of the Securities Exchange Act of 1934, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employee shall not, at any time during his employment with the Company and for a period of 12 months thereafter in the Restricted
Territory, for any reason, on his own behalf or on behalf of any other person or entity, by or through any means including but not limited
to social media: (i) solicit, invite, induce, cause, or encourage to alter or terminate his, her, or its business relationship with the
Company and its subsidiaries and affiliates, any client, customer, supplier, vendor, licensee, licensor, or other person or entity that,
at any time during Employee's employment with the Company, had a business relationship with the Company and subsidiaries and affiliates,
or any person or entity whose business the Company and its subsidiaries and affiliates was soliciting or attempting to solicit at the
time of Employee's termination, (a) for whom Employee performed services or with whom Employee had contact during his employment
with the Company, or whose business Employee was soliciting or attempting to solicit at the time of Employee's termination, and
(b) with whom Employee did not have a business relationship prior to his employment with the Company; (ii) solicit, entice, attempt to
solicit or entice, or accept business from any such client, customer, supplier, vendor, licensee, licensor, person, or entity; or (iii)
interfere or attempt to interfere with any aspect of the business relationship between the Company and its subsidiaries and affiliates
and any such client, customer, supplier, vendor, licensee, licensor, person, or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Employee shall not, at any time during his employment with the Company and for a period of 12 months thereafter in the Restricted
Territory, either directly or indirectly, on his own behalf or on behalf of any other person or entity, by or through any means including
but not limited to social media: (i) solicit, invite, induce, cause, or encourage any director, officer, employee, agent, representative,
consultant, or contractor of the Company and its subsidiaries and affiliates to alter or terminate his, her, or its employment, relationship,
or affiliation with the Company and its subsidiaries and affiliates; (ii) interfere or attempt to interfere with any aspect of the relationship
between the Company and its subsidiaries and affiliates and any such director, officer, employee, agent, representative, consultant, or
contractor; or (iii) engage, hire, or employ, or cause to be engaged, hired, or employed, in any capacity whatsoever, any such director,
officer, employee, agent, representative, consultant, or contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Employee covenants and agrees that, during the Restricted Period, Employee shall not make any statement, written or verbal, in any
forum or media, or take any other action or engage in any conduct that disparages the Company and its subsidiaries and affiliates, their
services, products, officers, directors, managers, employees, shareholders, members, investments or agents. The Company and its subsidiaries
and affiliates covenant and agree that, during the Restricted Period, the Company and its subsidiaries and affiliates shall not make any
statement, written or verbal, in any forum or media, or take any other action or engage in any conduct that disparages Employee. Nothing
in this Section 4(d) shall prohibit any Person from (A) testifying truthfully in any legal or administrative proceeding or otherwise truthfully
responding to any other request for information or testimony to which such Person is legally required to respond; (B) making any truthful
statement to the extent necessary to rebut any untrue public statements made by another Person; (C) making any statement or engaging in
any conduct that would constitute a permitted disclosure; (D) making any truthful statement as part of or in any arbitration or court
proceeding that involves such Person; or (E) making any truthful statement or expression of opinion in connection with requests from third
parties for employment references or in connection with discussions involving matters of workplace concern, such as performance review,
bonus determination, or investigation.

Employee represents, warrants, agrees, and understands that: (i) the covenants and agreements set forth in this Section 4 of the Agreement are reasonable in their geographic scope, temporal duration, and the type and scope of activities they restrict; (ii) the Company's agreement to employ Employee, and a portion of the compensation to be paid to Employee hereunder, are in consideration for such covenants and Employee's continued compliance therewith, and constitute adequate and sufficient consideration for such covenants; (iii) Employee shall not raise any issue of, nor contest or dispute, the reasonableness of the geographic scope, temporal duration, or content of such covenants and agreements in any proceeding to enforce such covenants and agreements; (iv) the enforcement of any remedy under this Agreement will not prevent Employee from earning a livelihood, because Employee's past work history and abilities are such that Employee can reasonably expect to find work in other areas and lines of business; (v) the covenants and agreements set forth in this Section 4 of the Agreement are essential for the Company's and its subsidiaries and affiliates reasonable protection, are designed to protect the Company's and its subsidiaries and affiliates legitimate business interests, and are necessary and implemented for legitimate business reasons; and (vi) in entering into this Agreement, the Company has relied upon Employee's representation that he will comply in full with the covenants and agreements set forth in this Section 4 of the Agreement.

If Employee breaches Section 4(a), 4(b), or 4(c) above, then the period during which that section remains in effect shall be extended by the length of time during which such breach continues.

5.  **<u>CONFIDENTIALITY</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Confidential Information</u>** . Employee acknowledges
that during his employment with the Company, and by the nature of Employee's duties and obligations hereunder, Employee will come
into close contact with confidential information of the Company and its subsidiaries, affiliates, and/or other related entities, as applicable,
including but not limited to: trade secrets, know-how, Intellectual Property (as that term is defined below), business plans, client/customer
lists, pricing, sales and marketing information, products, research, algorithms, market intelligence, services, technologies, concepts,
methods, sources, methods of doing business, patterns, processes, compounds, formulae, programs, devices, tools, compilations of information,
development, manufacturing, purchasing, engineering, computer programs (whether in source code or object code), theories, techniques,
procedures, strategies, systems, designs, works of art, the identity of and any information concerning affiliates or customers, or potential
customers, information received from others that the Company and its subsidiaries and affiliates are obligated to treat as confidential
or proprietary, and any other technical, operating, non-public financial, and other business information that has commercial value, whether
relating to the Company, its business, potential business, or operations, or the business of any of the Company's affiliates, subsidiaries,
related entities, clients, customers, suppliers, vendors, licensees, or licensors, that Employee may develop or of which Employee may
acquire knowledge during his employment with the Company, or from his colleagues while working for the Company, whether prior to, during,
or subsequent to his execution of this Agreement, and all other business affairs, methods, and information not readily available to the
public (collectively, "Confidential Information"). Confidential Information does not include: (i) Employee's general
skills and experience; (ii) information that was lawfully in Employee's possession prior to his employment with the Company (other
than through breach by a third party of any confidentiality obligation to the Company and its subsidiaries and affiliates); (iii) information
that is or becomes publicly available without any direct or indirect act or omission on Employee's part; (iv) information that
is required to be disclosed pursuant to any applicable law, regulation, judicial or administrative order or decree, or request by other
regulatory organization having authority pursuant to the law; provided, however, that, except as set forth in and subject to Section
5(b) of this Agreement, Employee shall first have given reasonable notice to the Company prior to making such disclosure; or (v) information
that is generally known within the industries or trades in which the Company and its subsidiaries and affiliates transact business.

The term "Intellectual Property" means all discoveries, procedures, designs, creations, developments, improvements, methods, techniques, practices, methodologies, data models, databases, scripts, know-how, processes, algorithms, application program interfaces, software programs, software source documents and training manuals, codes, formulae, works of authorship, mask-works, reports, memoranda, ideas, inventions, customer lists, business and/or financial information, and contributions of any kind, whether or not they are patentable, registrable, or protectable under federal or state patent, copyright, or trade secret laws, or similar statutes, or protectable under common-law principles, and regardless of their form or state of development, that are made, conceived, generated, or reduced to practice by Employee, in whole or in part, either alone or jointly with others, or while Employee was serving as an officer, director, employee, or consultant of, or in any other capacity with, the Company. Notwithstanding anything else in this Agreement, and as it used in this Section 5, the term "Intellectual Property" excludes any software program, application program interface, equipment, supplies, resources, facilities, data, products, information, materials, or trade secrets used by the Company and its subsidiaries and affiliates, and which was developed entirely on Employee's own time, unless said Intellectual Property: (i) relates to the Company's and its subsidiaries and affiliates business or potential business; or (ii) results from tasks assigned to Employee by the Company or from work performed by Employee for the Company.

Employee acknowledges and agrees that each and every part of the Company's and its subsidiaries and affiliates Confidential Information: (a) has been developed by the Company and its subsidiaries and affiliates at significant effort and expense; (b) is sufficiently secret to derive economic value from not being generally known to other parties; (c) is proprietary to and a trade secret of the Company and its subsidiaries and affiliates and, as such, is a valuable, special, and unique asset of the Company and its subsidiaries and affiliates; and (d) constitutes a protectable business interest of the Company and its subsidiaries and affiliates. Employee further acknowledges and agrees that any unauthorized use or disclosure of any Confidential Information by Employee will cause irreparable harm and loss to the Company and its subsidiaries and affiliates. Employee acknowledges and agrees that the Company and its subsidiaries and affiliates own the Confidential Information. Employee agrees not to dispute, contest, or deny any such ownership rights either during or after Employee's employment with the Company.

In recognition of the foregoing, and except as set forth in and subject to Section 5(b) of this Agreement, Employee covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employee will use Confidential Information only in the performance
of his duties and obligations hereunder for the Company. Employee will not use Confidential Information, directly or indirectly, at any
time during or after his employment with the Company, for his personal benefit, for the benefit of any other person or entity, or in
any manner adverse to the interests of the and its subsidiaries and affiliates. Further, Employee will keep secret all Confidential Information
and will not make use of, divulge, or otherwise disclose Confidential Information, directly or indirectly, to anyone outside of the Company,
except with the Company's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Employee will take all necessary and reasonable steps to protect Confidential Information from being disclosed
to anyone within the Company who does not have a need to know the information and to anyone outside of the Company, except with the Company's
prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Employee shall not at any time remove, copy, download, or transmit any information from the Company and
its subsidiaries and affiliates during the term of this Agreement, except for the benefit of the Company and in accordance with this Agreement
and the Company's policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Promptly upon Employee's termination, and in any event no later than three (3) business days after
Employee's employment with the Company ceases, Employee shall return to the Company and its subsidiaries and affiliates any and
all Confidential Information in his possession, custody, or control, including but not limited to all memoranda, notes, records, plans,
reports, forecast, marketing information, financial records and information, employee or contractor records and files, client lists, training
materials, trade secrets, and all other documents (and all copies thereof), whether in electronic or hard copy form, which Employee obtained
while employed by the Company or otherwise serving or acting on behalf of the Company, or which Employee may then possess or have under
Employee's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Duration of Covenant</u>** . Employee acknowledges
and agrees that his obligations under this Section 5 of the Agreement shall remain in effect forever.

Notwithstanding the foregoing, nothing in this Agreement shall be construed as, or shall interfere with, abridge, limit, restrain, or restrict Employee's (or his attorney's) right, without prior authorization from or notification to the Company: (i) to engage in any activity or conduct or any provision of the National Labor Relations Act (and, in fact, this Section 5 of the Agreement shall not apply to, among other things, any discussion of company wages, hours, and working conditions as protected by the National Labor Relations Act and/or any other applicable federal, state, or local law); (ii) to communicate with any federal, state, or local government agency charged with the enforcement and/or investigation of claims of discrimination, harassment, retaliation, improper wage payments, or any other unlawful employment practices under federal, state, or local law, or to file a charge, claim, or complaint with, or participate in or cooperate with any investigation or proceeding conducted by, any such agency; (iii) to report possible violations of federal, state, or local law or regulation to any government agency or entity, including but not limited, to the extent applicable, to the U.S. Department of Labor, the Department of Justice, the Securities and Exchange Commission (the "SEC"), the Congress, and/or any agency Inspector General, or make other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation; or (iv) to communicate directly with, respond to any inquiry from, or provide testimony before, to the extent applicable, the SEC, the Financial Industry Regulatory Authority, any other self-regulatory organization, or any other federal, state, or local regulatory authority, regarding this Agreement or its underlying facts or circumstances.

In addition, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, in the event that Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the trade secret to his attorney and use the trade secret information in the court proceeding, if Employee: (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

To the extent that this Agreement conflicts with the federal Speak Out Act (Public Law No: 117-224), said act shall control and supersede the conflicting portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>Retention of All Other Rights</u>** . Employee's
obligations under this Section 5 of the Agreement are in addition to, and not in place or lieu of, any other statutory or common law
obligations that Employee may have with regard to the maintenance, preservation, protection, use, and/or disclosure of Confidential Information,
and the Company specifically reserves all rights it may have against Employee should Employee violate any such statutory or common law
obligations.

6.  **<u>INJUNCTIVE RELIEF</u>** . Employee agrees that it
would be difficult to measure any damages caused to the Company and its subsidiaries and affiliates which might result from any breach
by Employee of the covenants and agreements set forth in Sections 4 and 5 of this Agreement, and that in any event money damages would
be an inadequate remedy for any such breach. Accordingly, and notwithstanding any other provision of this Agreement, Employee agrees
that if Employee breaches, or the Company and its subsidiaries and affiliates reasonably believe that Employee is likely to breach, Sections
4 or 5 of this Agreement, the Company and its subsidiaries and affiliates shall be entitled, in addition to all other remedies that it
may have, to an injunction or other appropriate equitable relief to restrain any such breach, without showing or proving any actual damage
to the Company and its subsidiaries and affiliates. Any award or relief to the Company and its subsidiaries and affiliates may, in the
discretion of the court, include the Company's and its subsidiaries and affiliates costs and expenses of enforcement (including
reasonable attorneys' fees, court costs, and expenses). Nothing contained in this Section 6 of the Agreement or in any other provision
of the Agreement shall restrict or limit in any manner the Company's and its subsidiaries and affiliates right to seek and obtain
any form of relief, legal or equitable, and shall not waive the Company's and its subsidiaries and affiliates right to any other
relief related to any dispute arising out of this Agreement or related to Employee's employment with the Company.

7.  **<u>NOTICES</u>** . Any notice or other communication
required or permitted to be given hereunder shall be in writing and shall be deemed to have been given (i) when delivered personally
or by hand (with written confirmation of receipt); (ii) if sent by a nationally-recognized overnight courier, on the date received by
the addressee (with written confirmation of receipt); or (iii) on the date sent by electronic mail or facsimile (with confirmation of
transmission), to the recipient(s) and address(es) specified below (or to such other recipient and/or address as either Party may, from
time to time, designate in writing in accordance with the terms and conditions of this Agreement).

8.  **<u>LEGAL REPRESENTATION</u>** . Employee acknowledges
that he was advised to consult with, and has had ample opportunity to receive the advice of, independent legal counsel before executing
this Agreement – and the Company hereby advises Employee to do so – and that Employee has fully exercised that opportunity
to the extent he desired. Employee acknowledges that he had ample opportunity to consider this Agreement and to receive an explanation
from such legal counsel of the legal nature, effect, ramifications, and consequences of this Agreement. Employee warrants that he has
carefully read this Agreement, that he understands completely its contents, that he understands the significance, nature, effect, and
consequences of signing it, and that he has agreed to and signed this Agreement knowingly and voluntarily of his own free will, act,
and deed, and for full and sufficient consideration.

9.  **<u>ENTIRE AGREEMENT; AMENDMENT</u>** . This Agreement,
together with all exhibits and schedules annexed hereto, including but not limited to the Consulting Agreement, Option Agreement, and
Plan, constitutes the entire agreement between the Parties relating to the subject matter hereof, and supersedes all prior agreements
and understandings, whether oral or written, with respect to the same. In entering into and performing under this Agreement, neither
the Company nor Employee has relied upon any promises, representations, or statements except as expressly set forth herein. No modification,
alteration, amendment, revision of, or supplement to this Agreement shall be valid or effective unless the same is memorialized in a
writing signed by both by Employee and a duly-authorized representative or agent of the Company. Neither e-mail correspondence, text
messages, nor any other electronic communications constitutes a writing for purposes of this Section 10 of the Agreement.

10.  **<u>GOVERNING LAW</u>** . This Agreement shall in all
respects be interpreted, enforced, and governed by and in accordance with the internal substantive laws (and not the laws of choice of
laws) of the State of Delaware.

11.  **<u>ASSIGNMENT</u>** . This Agreement shall not be assignable
by Employee, but shall be binding upon Employee and upon his heirs, administrators, representatives, executors, and successors. This
Agreement shall be freely assignable by the Company without restriction and, without limitation of the foregoing, shall be deemed automatically
assigned by the Company with Employee's consent in the event of any sale, merger, share exchange, consolidation, or other business
reorganization. This Agreement shall inure to the benefit of the Company and its successors and assigns.

12.  **<u>SEVERABILITY</u>** . If one or more of the provisions
of this Agreement is deemed void by law, then the remaining provisions shall continue with full force and effect and, if legally permitted,
such offending provision or provisions shall be replaced with an enforceable provision or enforceable provisions that as nearly as possible
effects the Parties' intent. Without limiting the generality of the foregoing, the Parties hereby expressly state their intent
that, to the extent any provision of this Agreement is deemed unenforceable due to the scope, whether geographic, temporal, or otherwise,
being deemed excessive, unreasonable, and/or overbroad, the court, person, or entity rendering such opinion regarding the scope shall
modify such provision(s), or shall direct or permit the Parties to modify such provision(s), to the minimum extent necessary to cause
such provision(s) to be enforceable.

13.  **<u>SURVIVAL</u>** . Upon the termination or expiration
of this Agreement, the entire Agreement shall survive such termination or expiration, and shall continue, with full force and effect,
in accordance with their respective terms and conditions.

14.  **<u>WAIVER</u>** . The failure of either Party to insist,
in any one or more instances, upon the performance of any of the terms, covenants, or conditions of this Agreement or to exercise any
right hereunder, shall not be construed as a waiver or relinquishment of the future performance of any rights, and the obligations of
the Party with respect to such future performance shall continue with full force and effect. No waiver of any such right will have effect
unless given in a writing signed by the Party against whom the waiver is to be enforced.

15.  **<u>COMPLIANCE WITH SECTION 409A OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED ("SECTION 409A").</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is the intention of the Parties that all payments and
benefits under this Agreement (and any amendment hereto) shall be made and provided in a manner that is either exempt from or compliant
with Section 409A of the Internal Revenue Code and the rules, regulations and notices thereunder ("Code Section 409A"). Any
ambiguity in this Agreement (or any amendment hereto) shall be interpreted to comply with the above. Employee acknowledges that the Company
has made no representations and makes no guarantee as to the treatment of the compensation and benefits provided hereunder and Employee
has been advised to obtain his own tax advice, and further, Employees agrees that the Company and the Company's officers, employees,
agents, equity holders, successors, affiliates and representatives shall have no liability for any of the payments or benefits under
this Agreement or any other arrangement failing to be exempt from or to comply with Code Section 409A. Each amount or benefit payable
pursuant to this Agreement (and any amendment hereto) shall be a separate payment for purposes of Code Section 409A. For all purposes
of this Agreement, any iteration of the word "termination" (e.g., "terminated") with respect to Employee's
employment shall mean a separation from service within the meaning of Code Section 409A. Without limiting the generality of the foregoing,
for purposes of this Agreement, Employee shall be considered to have a termination of employment only if such termination is a "separation
from service" within the meaning of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent that the reimbursement of any benefits or the provision of any in-kind kind benefits pursuant
to this Agreement is subject to Code Section 409A: (a) the amount of such expenses eligible for reimbursement, or in-kind benefits to
be provided hereunder during any calendar year shall not affect the amount of such expenses eligible for reimbursement or in-kind benefits
to be provided hereunder in any other calendar year; (b) all such expenses eligible for reimbursement hereunder shall be paid to the Employee
no later than December 31<sup>st</sup> of the calendar year following the calendar year in which such expenses were incurred; and (c)
Employee's right to receive any such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for any
other benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything in this Agreement to the contrary, in the event the stock of the Company (or
its successor) is publicly traded on an establishes securities market or otherwise and the Employee is a "specified employee"
(as determined under the Company's administrative procedure for such determinations, in accordance with Code Section 409A) at the
time of Employee's termination of employment, any payments under this Agreement that are deemed to be deferred compensation subject
to Code Section 409A and payable in connection with a separation from service shall not be paid or begin payment until the earlier of
(a) Employee's death or (b) the first day following the six (6) month anniversary of the Termination Date. If the payment of any
amounts under this Agreement are delayed as a result of the previous sentence, on the first day following the end of the six (6) month
period, the Company shall pay Employee a lump sum amount equal to the cumulative amounts that would have otherwise been previously paid
to Employee under this Agreement during such six (6) month period, without interest thereon. To the extent permitted under Code Section
409A, any separate payment or benefits under this Agreement or otherwise shall not be "deferred compensation" subject to Code
Section 409A and the six-month delay provided in this subsection, to the extent provided in the exceptions in Treasury Regulation Section
1.409A-1(b)(4) and (b)(9) and any other applicable exception or provision under Code Section 409A.

16.  **<u>TAXES</u>** . The Parties acknowledge and agree that
the Company may withhold from any amounts payable under this Agreement such federal, state, local, and foreign taxes and withholdings
as may be required to be withheld pursuant to any applicable law, rule, or regulation.

17.  **<u>SECTION HEADINGS</u>** . The section headings used
in this Agreement are included solely for convenience, and shall not affect, or be used in connection with, the interpretation of this
Agreement. Any reference to any gender in this Agreement shall include, where appropriate, any other gender.

18.  **<u>COUNTERPARTS</u>** . This Agreement may be executed
in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together,
will be deemed to constitute one and the same agreement.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **EMPLOYEE**: | **Kindly, M.D. Inc d/b/a Nakamoto** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | */s/ Tyler Evans* | By: | */s/ David Bailey* |
|  | Tyler Evans |  | David Bailey |

---

EXHIBIT A

**<u>Description of the Duties and Responsibilities</u>**

**Bitcoin Treasury Strategy & Execution**

● Develop and execute the company's Bitcoin acquisition strategy and treasury policies

● Oversee timing, sizing, and execution of Bitcoin purchases to optimize entry points

● Parter with CFO in Managing Bitcoin custody relationships and security protocols

● Monitor and report on Bitcoin portfolio performance and risk metrics

**Investment Strategy & Asset Allocation**

● Design and implement overall investment strategy aligned with company objectives

● Evaluate and recommend allocation strategies across digital assets and traditional investments

● Conduct market analysis to identify trends, opportunities, and risks in crypto markets

● Develop investment thesis and frameworks for potential new digital asset positions

**Risk Management & Analytics**

● Establish and monitor risk management frameworks for digital asset holdings

● Develop hedging strategies to manage volatility and protect treasury value

● Create financial models and scenarios for treasury management decisions

● Implement portfolio monitoring tools and performance attribution systems

**Market Intelligence & Research**

● Lead research efforts on blockchain technology, DeFi protocols, and emerging opportunities

● Monitor regulatory developments affecting digital asset investments

● Maintain relationships with key players in the crypto ecosystem

● Provide market insights and investment recommendations to executive team and Board

**Capital Markets & Liquidity Management**

● Optimize liquidity management strategies for operational and strategic needs

● Evaluate and execute derivative strategies for portfolio management

● Partner with CFO on capital raising initiatives and investor communications

● Assess and manage counterparty relationships including exchanges and lending platforms

EXHIBIT B

**<u>Description of Advisory Role(s)</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Entity** | **Positions and/or <br> Board Committees** | **Dates of Service** | **Public <br> Company/Registered<br> Investment <br> Company** |
| Metaplanet Inc. | Board Director | April 2024 – present | Yes |
| Smarter Web Company PLC | Board Director | March 2025 – present | Yes |
| Matador Inc | Board Director | August 2024 – present | Yes |
| BTC Inc. | Board Director | Present | No |

---

## Exhibit 10.17

**Exhibit 10.17**

**EMPLOYMENT AGREEMENT**

This Employment Agreement (this "Agreement") is effective as of the closing of the merger between Nakamoto Holdings, Inc. and Kindly, MD, Inc. (the "Effective Date") and is entered into by and between Kindly, MD Inc. d/b/a Nakamoto pursuant to the merger transaction (the "Company") and Andrew Creighton ("Employee") (collectively with the Company, the "Parties"; each of the Parties referred to individually as a "Party").

**WHEREAS**, the Company desires to employ Employee in accordance with the terms and conditions set forth below; and

**WHEREAS**, Employee desires to be employed by the Company in accordance with the terms and conditions set forth below.

**NOW, THEREFORE**, in consideration of the promises and mutual covenants and agreements set forth in this Agreement, the Parties hereby agree as follows:

1. **<u>EMPLOYMENT</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Title</u>** . The Company hereby agrees to employ Employee, and Employee hereby accepts such employment, as Chief Commercial
Officer, or such other title as mutually agreed with the Company in writing, reporting to the CEO or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Principal Place of Employment</u>** . Employee's principal place of employment shall be Los Angeles, California, although
time may be spent, as part of performing the services set forth herein, in such other domestic and/or international locations, as may
be reasonably requested by the Company from time to time, for which Employee may be required to travel, subject to payment and reimbursement
for travel expenses pursuant to Section 3(j) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>At Will Relationship</u>** . Employee's employment with the Company shall commence as of the Effective Date. Employee's
employment shall be considered "at will" in nature and, accordingly, either the Company or Employee may terminate this Agreement
and Employee's employment at any time and for any reason, with or without cause or prior notice. Nothing in this Agreement, including
but not limited to Section 3 hereof, shall be construed as, or shall interfere with, abridge, limit, modify, or amend the "at will"
nature of Employee's employment with Company. Except as set forth in Section 3 of this Agreement, upon Employee's separation
from employment with the Company (for any reason), all compensation and benefits payable or provided to Employee shall, except as required
by applicable law, terminate as of the effective date of Employee's termination (the "Termination Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.  **<u>Duties and Responsibilities</u>** . During Employee's employment with the Company, Employee shall at all times: (i) comply
with the terms and conditions set forth in this Agreement; (ii) perform and carry out such responsibilities, duties, and authorities as
the Company may direct, designate, request of, or assign to Employee from time to time, which shall include, but not necessarily be limited
to, the services set forth in **Exhibit A** hereto; (iii) perform the duties and carry out the responsibilities assigned to him by
the Company to the best of his ability, in a trustworthy, business-like, and efficient manner for the purpose of advancing the business
and interests of the Company; (iv) devote sufficient time, attention, effort, and skill to his position with and the business of the Company;
(v) comply with and abide by the Company's policies, practices, and procedures (as may be amended or otherwise modified from time
to time by the Company); and (vi) comply with all laws, rules, regulations, and licensing requirements of, or that may be applicable to,
his employment with the Company.

Employee is permitted to pursue advisory opportunities and serve in an advisory capacity to other businesses within the industry in which the Company transacts business, provided that such activities do not compete with or conflict with the Company and its subsidiaries and affiliates, including for the avoidance of doubt any activity under Sections 4 or 5 of this Agreement. However, Employee agrees to keep the board of directors of the Company (the "Board") generally informed with respect to any advisory opportunities which could reasonably be deemed competitive with the Company's and its subsidiaries and affiliates business, but will not be required to disclose information which is confidential to a third party.

In the event that any term(s) of this Agreement conflicts with a term(s) of any employee handbook, policy, practice, or procedure adopted or maintained, at any time, by the Company, the term(s) of this Agreement shall control and supersede such conflicting term(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.  **<u>No Conflicts</u>** . Employee represents and warrants that he is not bound by or subject to any written or oral agreement,
pact, covenant, or understanding with any previous or concurrent employer, or any other party, that would limit, abridge, restrict, or
interfere with, in any way, his ability to perform his duties and obligations hereunder. Employee further represents and warrants that
the performance of his duties and obligations hereunder shall not violate any written or oral agreement, pact, covenant, or understanding
by and between him and any previous or concurrent employer, or any other party. Employee further represents and warrants that he will
not use any trade secret, or confidential or proprietary information, of any of his previous or concurrent employers, or that was obtained,
learned, or procured during any period of employment prior to or concurrent with his employment with the Company, in connection with his
employment with the Company or in the performance of his duties and obligations hereunder.

2. **<u>COMPENSATION AND BENEFITS</u>**<u>.</u> Subject to the terms and conditions of Sections 1 and 3 of this Agreement and Employee's continued employment with the Company, and in consideration for the services to be provided hereunder by Employee, the Company hereby agrees to pay or otherwise provide Employee with the following compensation and benefits during his employment with the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Signing Bonus</u>** . Employee will be eligible to receive a signing bonus equal to $250,000 in value (the "Signing Bonus").
The Signing Bonus will be paid in cash to Employee within five (5) business days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Annual Salary</u>** . The Company shall pay Employee a base salary equal to $600,000 per year (as it may be adjusted from time
to time, the "Annual Salary"), less applicable taxes, withholdings, and deductions, and any other deductions that may be authorized
by Employee, from time to time, in accordance with applicable federal, state, and/or local law. The Annual Salary shall be payable in
accordance with the Company's standard payroll practices and procedures, as in effect from time to time. Employee acknowledges and
understands that his position of employment with the Company is considered "exempt," as that term is defined under the Fair
Labor Standards Act and applicable state or local law. As an exempt employee, Employee is not eligible to receive overtime pay.

Notwithstanding the foregoing, the Annual Salary may be reviewed by the Company from time to time and may be subject to upward or downward adjustment, in the Company's sole discretion, based upon a review and consideration of various factors, including but not limited to Employee's performance and/or the Company's overall financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>Incentive Compensation</u>** . Employee will be eligible to receive annual incentive compensation with a target up to $200,000
in accordance with performance metrics established by the Board or the compensation committee of the Board, in its sole and absolute discretion
(the "Incentive Compensation"), which may vary from year to year. In order for Employee to be eligible to receive Incentive
Compensation pursuant to this Section 2(c), Employee must remain continuously employed by the Company through the date of payment of any
such earned Incentive Compensation. The Incentive Compensation shall be subject to other customary terms to be set forth in any corresponding
award agreement or applicable plan document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.  **<u>Initial Grant of Stock Options</u>** . Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the
"Option Agreement") and (iii) the terms and conditions of the Option Agreement and the 2025 Equity Incentive Plan (the "Plan")
(which, for the avoidance of doubt, shall include an exercise price for each stock option that is no less than the closing price of a
share of common stock of the Company as of the date of grant), Employee will be eligible to receive 500,000 stock options pursuant to
the Option Agreement and the Plan (the "Stock Options"). The Stock Options shall vest over a four-year period, with no vesting
during the first twelve (12) months following the grant date (the "Cliff Period"), and thereafter twenty-five percent (25%)
of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly
installments over the subsequent thirty six (36) months, subject to Employee's continued employed with the Company and good standing
through each applicable vesting date. Employee will be eligible to receive additional grants of stock options under the Plan in the sole
and absolute discretion of the Company and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.  **<u>Annual Performance Award</u>** . Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the "Award
Agreement"), and (iii) the terms and conditions of the Award Agreement, Employee will be eligible to receive an annual grant of
performance-based restricted stock units. The grant shall be calculated by dividing $800,000 by the closing trading price of the Company
common stock as of the date of grant. Subsequent performance-based annual grants of restricted stock units shall based on performance
metrics established by the Board (or its compensation committee), in consultation with Employee, which metrics may vary from year to year
(the "Annual Performance Award").

The Annual Performance Award shall time-vest over a four (4) year period, with no vesting during the Cliff Period, and thereafter twenty-five percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly installments over the subsequent thirty six (36) months, subject to Employee's continued employment with the Company through each applicable vesting date.

The Annual Performance Awards shall also be subject to the achievement of performance milestones established for each grant year. Each Annual Equity Award shall be subject to other customary terms to be set forth in the corresponding award agreement and the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.  **<u>Potential Commission Program</u>** . The Company will consider in good faith implementing a commission compensation program
for Employee subject to ongoing discussions between the Parties and compliance with applicable laws. Such consideration will occur within
sixty (60) business days following the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g.  **<u>Business Class Travel</u>** . During the Term, Employee may travel in business class for flights three (3) or more hours in
duration for business travel undertaken on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h.  **<u>Benefit Plans</u>** . Employee shall be entitled to participate in any and all medical insurance, group health, disability
insurance, life insurance, incentive, savings, retirement, and other benefit plans, if any, which are made generally available to similarly-situated
employees of the Company (and subject to eligibility requirements, enrollment criteria, and other terms and conditions of such plans),
and which the Company (or any affiliate maintaining any such arrangement), in its sole discretion, may at any time amend, modify, or terminate,
subject to the terms and conditions of such plans and applicable federal, state, or local law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.  **<u>Vacation and Sick Leave</u>** . Employee shall be entitled to vacation and sick leave in accordance with the Company's
respective vacation and sick leave policies, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j.  **<u>Expenses</u>** . Employee shall be entitled to reimbursement for all reasonable expenses that he incurs in connection with
the performance of his duties and obligations hereunder. Upon presentment by Employee of appropriate and sufficient documentation, as
determined in the Company's sole discretion, the Company shall reimburse Employee for all such expenses in accordance with the Company's
expense reimbursement policy, as in effect from time to time.

3. **<u>EFFECT OF TERMINATION</u>**. Employee's employment may be terminated by the Company for Cause (as defined below) or without Cause or by resignation for any reason. In the event of any such termination, Employee shall only be entitled to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Termination of Employment for Any Reason, Resignation by the Employee, or Termination by the Company for Cause</u>. If Employee's employment is terminated for any reason, is terminated by the Company for Cause or Employee resigns
from his employment for any reason, then in full satisfaction of the Company's obligations under this Agreement, Employee shall
be entitled to receive (i) any vacation accrued but unused as of the Termination Date, subject to the Company's policies regarding
vacation pay, and (ii) any Annual Salary earned but unpaid as of the Termination Date (the "Accrued Obligations").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Termination by the Company without Cause, or Resignation by the Employee for Good Reason</u>. If Employee's
employment is terminated by the Company without Cause or by Employee for Good Reason (as defined below), subject to Employee executing
and not revoking a general release of all claims against the Company, its subsidiaries, and any of their respective affiliates in a form
to be provided to Employee from the Company (a "Release") and the expiration of any applicable revocation period with respect
to the Release within forty-five (45) days after Employee's Termination Date (the last day of the maximum period of time that the
Release can be executed and no longer revocable, the "Release Consideration Expiration Date", and the actual date in which
the Release is fully effective and no longer revocable, the "Release Effective Date"), then in full satisfaction of the Company's
obligations under this Agreement, Employee shall be entitled to receive the following: (i) an amount equal to six (6) months of then-current
Annual Salary, as of the Termination Date, which shall be paid, in equal monthly installments in accordance with the Company's general
payroll practices, with the first installment to be paid on the first payroll date following the effective date of the Release (the "Severance
Payment Commencement Date"), with any such payments that would have otherwise been made to Employee following their Termination
Date but prior to the Release Effective Date to be paid on the Severance Payment Commencement Date; (ii) partial acceleration of any then-unvested
Stock Options and Annual Performance Awards as of the Termination Date that would have vested during the six (6) month period immediately
following the date of the Termination Date (provided that, for any performance-based awards, any applicable performance-metrics are satisfied);
and (iii) any Accrued Obligations as of the Termination Date.

For purposes herein, "Cause" shall mean the occurrence of any one or more of the following events, as determined in the sole discretion of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Willful Misconduct or Gross Negligence</u>: Employee's willful misconduct, gross negligence,
or material failure to perform the duties and responsibilities of their position (other than as a result of physical or mental incapacity),
after written notice from the Company and a reasonable opportunity to cure, if curable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Violation of Policies</u>: Employee's material violation of any written policy, code of
conduct, or procedure of the Company, its subsidiaries, or any of their respective affiliates, including but not limited to those relating
to harassment, discrimination, workplace safety, or substance abuse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Dishonesty or Fraud</u>: Employee's commission of, or participation in, any act of fraud,
dishonesty, embezzlement, misappropriation, or other act of material misconduct with respect to the Company, its subsidiaries, or any
of their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Criminal Conduct</u>: Employee's indictment for, conviction of, or plea of guilty or nolo
contendere to, a felony or any crime involving moral turpitude, dishonesty, or theft.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Breach of Agreement or Fiduciary Duty</u>: Employee's material breach of this Agreement
or any other written agreement with the Company, its subsidiaries, or any of their respective affiliates, or Employee's breach of
any fiduciary duty owed to the Company, its subsidiaries, or any of their respective affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Unauthorized Disclosure</u>: Employee's unauthorized use or disclosure of any confidential
or proprietary information of the Company, its subsidiaries, or any of their respective affiliates.

"Good Reason" shall mean Employee's termination of his employment in accordance with the next sentence after the occurrence of one or more of the following events without Employee's express written consent: (i) a material diminishment of Employee's job title; (ii) a material reduction by the Company in Employee's rate of Annual Salary by more than ten percent (10%); (iii) a material change in the geographic location of Employee's primary work facility or location that is requested or initiated by the Company; provided, that a relocation of less than thirty (30) miles from Employee's then present location will not be considered a material change in geographic location.

4. **<u>NON-SOLICIT OF EMPLOYEES; NON-DISPARAGEMENT</u>**. The Parties agree that the Company and its respective subsidiaries and affiliates are engaged in highly competitive industries and would suffer irreparable harm and incur substantial damage if Employee were to enter into competition with the Company and its respective subsidiaries and affiliates. Therefore, in order for the Company to protect their legitimate business interests, Employee covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee shall not, at any time during his employment with the Company and for a period of 12 months thereafter (the "the Restricted
Period") anywhere in the United States or any jurisdiction in which the Company and its subsidiaries and affiliates conduct material
business operations (the "Restricted Territory"), either directly or indirectly, on his own behalf or on behalf of any other
person or entity, by or through any means including but not limited to social media: (i) solicit, invite, induce, cause, or encourage
any director, officer, employee, agent, representative, consultant, or contractor of the Company and its subsidiaries and affiliates to
alter or terminate his, her, or its employment, relationship, or affiliation with the Company and its subsidiaries and affiliates; (ii)
interfere or attempt to interfere with any aspect of the relationship between the Company and its subsidiaries and affiliates and any
such director, officer, employee, agent, representative, consultant, or contractor; or (iii) engage, hire, or employ, or cause to be engaged,
hired, or employed, in any capacity whatsoever, any such director, officer, employee, agent, representative, consultant, or contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Employee covenants and agrees that, during the Restricted Period, Employee shall not make any statement, written or verbal, in any
forum or media, or take any other action or engage in any conduct that disparages the Company and its subsidiaries and affiliates, their
services, products, officers, directors, managers, employees, shareholders, members, investments or agents. The Company and its subsidiaries
and affiliates covenant and agree that, during the Restricted Period, the Company and its subsidiaries and affiliates shall not make any
statement, written or verbal, in any forum or media, or take any other action or engage in any conduct that disparages Employee. Nothing
in this Section 4(d) shall prohibit any Person from (A) testifying truthfully in any legal or administrative proceeding or otherwise truthfully
responding to any other request for information or testimony to which such Person is legally required to respond; (B) making any truthful
statement to the extent necessary to rebut any untrue public statements made by another Person; (C) making any statement or engaging in
any conduct that would constitute a permitted disclosure; (D) making any truthful statement as part of or in any arbitration or court
proceeding that involves such Person; or (E) making any truthful statement or expression of opinion in connection with requests from third
Parties for employment references or in connection with discussions involving matters of workplace concern, such as performance review,
bonus determination, or investigation.

Employee represents, warrants, agrees, and understands that: (i) the covenants and agreements set forth in this Section 4 of the Agreement are reasonable in their geographic scope, temporal duration, and the type and scope of activities they restrict; (ii) the Company's agreement to employ Employee, and a portion of the compensation to be paid to Employee hereunder, are in consideration for such covenants and Employee's continued compliance therewith, and constitute adequate and sufficient consideration for such covenants; (iii) Employee shall not raise any issue of, nor contest or dispute, the reasonableness of the geographic scope, temporal duration, or content of such covenants and agreements in any proceeding to enforce such covenants and agreements; (iv) the enforcement of any remedy under this Agreement will not prevent Employee from earning a livelihood, because Employee's past work history and abilities are such that Employee can reasonably expect to find work in other areas and lines of business; (v) the covenants and agreements set forth in this Section 4 of the Agreement are essential for the Company's and its subsidiaries and affiliates reasonable protection, are designed to protect the Company's and its subsidiaries and affiliates legitimate business interests, and are necessary and implemented for legitimate business reasons; and (vi) in entering into this Agreement, the Company has relied upon Employee's representation that he will comply in full with the covenants and agreements set forth in this Section 4 of the Agreement.

If Employee breaches Section (c) above, then the period during which that section remains in effect shall be extended by the length of time during which such breach continues.

5. **<u>CONFIDENTIALITY</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.  **<u>Confidential Information</u>** . Employee acknowledges that during his employment with the Company, and by the nature of Employee's
duties and obligations hereunder, Employee will come into close contact with confidential information of the Company and its subsidiaries,
affiliates, and/or other related entities, as applicable, including but not limited to: trade secrets, know-how, Intellectual Property
(as that term is defined below), business plans, client/customer lists, pricing, sales and marketing information, products, research,
algorithms, market intelligence, services, technologies, concepts, methods, sources, methods of doing business, patterns, processes, compounds,
formulae, programs, devices, tools, compilations of information, development, manufacturing, purchasing, engineering, computer programs
(whether in source code or object code), theories, techniques, procedures, strategies, systems, designs, works of art, the identity of
and any information concerning affiliates or customers, or potential customers, information received from others that the Company and
its subsidiaries and affiliates are obligated to treat as confidential or proprietary, and any other technical, operating, non-public
financial, and other business information that has commercial value, whether relating to the Company, its business, potential business,
or operations, or the business of any of the Company's affiliates, subsidiaries, related entities, clients, customers, suppliers,
vendors, licensees, or licensors, that Employee may develop or of which Employee may acquire knowledge during his employment with the
Company, or from his colleagues while working for the Company, whether prior to, during, or subsequent to his execution of this Agreement,
and all other business affairs, methods, and information not readily available to the public (collectively, "Confidential Information").
Confidential Information does not include: (i) Employee's general skills and experience; (ii) information that was lawfully in Employee's
possession prior to his employment with the Company (other than through breach by a third party of any confidentiality obligation to the
Company and its subsidiaries and affiliates); (iii) information that is or becomes publicly available without any direct or indirect act
or omission on Employee's part; (iv) information that is required to be disclosed pursuant to any applicable law, regulation, judicial
or administrative order or decree, or request by other regulatory organization having authority pursuant to the law; provided, however,
that, except as set forth in and subject to Section 5(b) of this Agreement, Employee shall first have given reasonable notice to the Company
prior to making such disclosure; or (v) information that is generally known within the industries or trades in which the Company and its
subsidiaries and affiliates transact business.

The term "Intellectual Property" means all discoveries, procedures, designs, creations, developments, improvements, methods, techniques, practices, methodologies, data models, databases, scripts, know-how, processes, algorithms, application program interfaces, software programs, software source documents and training manuals, codes, formulae, works of authorship, mask-works, reports, memoranda, ideas, inventions, customer lists, business and/or financial information, and contributions of any kind, whether or not they are patentable, registrable, or protectable under federal or state patent, copyright, or trade secret laws, or similar statutes, or protectable under common-law principles, and regardless of their form or state of development, that are made, conceived, generated, or reduced to practice by Employee, in whole or in part, either alone or jointly with others, or while Employee was serving as an officer, director, employee, or consultant of, or in any other capacity with, the Company. Notwithstanding anything else in this Agreement, and as it used in this Section 5, the term "Intellectual Property" excludes any software program, application program interface, equipment, supplies, resources, facilities, data, products, information, materials, or trade secrets used by the Company and its subsidiaries and affiliates, and which was developed entirely on Employee's own time, unless said Intellectual Property: (i) relates to the Company's and its subsidiaries and affiliates business or potential business; or (ii) results from tasks assigned to Employee by the Company or from work performed by Employee for the Company.

Employee acknowledges and agrees that each and every part of the Company's and its subsidiaries and affiliates Confidential Information: (a) has been developed by the Company and its subsidiaries and affiliates at significant effort and expense; (b) is sufficiently secret to derive economic value from not being generally known to other Parties; (c) is proprietary to and a trade secret of the Company and its subsidiaries and affiliates and, as such, is a valuable, special, and unique asset of the Company and its subsidiaries and affiliates; and (d) constitutes a protectable business interest of the Company and its subsidiaries and affiliates. Employee further acknowledges and agrees that any unauthorized use or disclosure of any Confidential Information by Employee will cause irreparable harm and loss to the Company and its subsidiaries and affiliates. Employee acknowledges and agrees that the Company and its subsidiaries and affiliates own the Confidential Information. Employee agrees not to dispute, contest, or deny any such ownership rights either during or after Employee's employment with the Company.

In recognition of the foregoing, and except as set forth in and subject to Section 5(b) of this Agreement, Employee covenants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Employee will use Confidential Information only in the performance of his duties and obligations hereunder
for the Company. Employee will not use Confidential Information, directly or indirectly, at any time during or after his employment with
the Company, for his personal benefit, for the benefit of any other person or entity, or in any manner adverse to the interests of the
and its subsidiaries and affiliates. Further, Employee will keep secret all Confidential Information and will not make use of, divulge,
or otherwise disclose Confidential Information, directly or indirectly, to anyone outside of the Company, except with the Company's
prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Employee will take all necessary and reasonable steps to protect Confidential Information from being disclosed
to anyone within the Company who does not have a need to know the information and to anyone outside of the Company, except with the Company's
prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Employee shall not at any time remove, copy, download, or transmit any information from the Company and
its subsidiaries and affiliates during the term of this Agreement, except for the benefit of the Company and in accordance with this Agreement
and the Company's policies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Promptly upon Employee's termination, and in any event no later than three (3) business days after
Employee's employment with the Company ceases, Employee shall return to the Company and its subsidiaries and affiliates any and
all Confidential Information in his possession, custody, or control, including but not limited to all memoranda, notes, records, plans,
reports, forecast, marketing information, financial records and information, employee or contractor records and files, client lists, training
materials, trade secrets, and all other documents (and all copies thereof), whether in electronic or hard copy form, which Employee obtained
while employed by the Company or otherwise serving or acting on behalf of the Company, or which Employee may then possess or have under
Employee's control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.  **<u>Duration of Covenant</u>** . Employee acknowledges and agrees that his obligations under this Section 5 of the Agreement shall
remain in effect forever.

Notwithstanding the foregoing, nothing in this Agreement shall be construed as, or shall interfere with, abridge, limit, restrain, or restrict Employee's (or his attorney's) right, without prior authorization from or notification to the Company: (i) to engage in any activity or conduct or any provision of the National Labor Relations Act (and, in fact, this Section 5 of the Agreement shall not apply to, among other things, any discussion of company wages, hours, and working conditions as protected by the National Labor Relations Act and/or any other applicable federal, state, or local law); (ii) to communicate with any federal, state, or local government agency charged with the enforcement and/or investigation of claims of discrimination, harassment, retaliation, improper wage payments, or any other unlawful employment practices under federal, state, or local law, or to file a charge, claim, or complaint with, or participate in or cooperate with any investigation or proceeding conducted by, any such agency; (iii) to report possible violations of federal, state, or local law or regulation to any government agency or entity, including but not limited, to the extent applicable, to the U.S. Department of Labor, the Department of Justice, the Securities and Exchange Commission (the "SEC"), the Congress, and/or any agency Inspector General, or make other disclosures that are protected under the whistleblower provisions of federal, state, or local law or regulation; or (iv) to communicate directly with, respond to any inquiry from, or provide testimony before, to the extent applicable, the SEC, the Financial Industry Regulatory Authority, any other self-regulatory organization, or any other federal, state, or local regulatory authority, regarding this Agreement or its underlying facts or circumstances.

In addition, Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, in the event that Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the trade secret to his attorney and use the trade secret information in the court proceeding, if Employee: (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

To the extent that this Agreement conflicts with the federal Speak Out Act (Public Law No: 117-224), said act shall control and supersede the conflicting portion of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.  **<u>Retention of All Other Rights</u>** . Employee's obligations under this Section 5 of the Agreement are in addition to,
and not in place or lieu of, any other statutory or common law obligations that Employee may have with regard to the maintenance, preservation,
protection, use, and/or disclosure of Confidential Information, and the Company specifically reserves all rights it may have against Employee
should Employee violate any such statutory or common law obligations.

6. **<u>INJUNCTIVE RELIEF</u>**. Employee agrees that it would be difficult to measure any damages caused to the Company and its subsidiaries and affiliates which might result from any breach by Employee of the covenants and agreements set forth in Sections 4 and 5 of this Agreement, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, and notwithstanding any other provision of this Agreement, Employee agrees that if Employee breaches, or the Company and its subsidiaries and affiliates reasonably believe that Employee is likely to breach, Sections 4 or 5 of this Agreement, the Company and its subsidiaries and affiliates shall be entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach, without showing or proving any actual damage to the Company and its subsidiaries and affiliates. Any award or relief to the Company and its subsidiaries and affiliates may, in the discretion of the court, include the Company's and its subsidiaries and affiliates costs and expenses of enforcement (including reasonable attorneys' fees, court costs, and expenses). Nothing contained in this Section 6 of the Agreement or in any other provision of the Agreement shall restrict or limit in any manner the Company's and its subsidiaries and affiliates right to seek and obtain any form of relief, legal or equitable, and shall not waive the Company's and its subsidiaries and affiliates right to any other relief related to any dispute arising out of this Agreement or related to Employee's employment with the Company.

7. **<u>Indemnification</u>**. To the extent permitted by the Company's Articles of Incorporation, as amended, bylaws, as amended and applicable law, the Company shall indemnify, defend, and hold harmless the Employee, his heirs, dependents and designees, from and against any and all claims, demands, lawsuits, actions, losses, settlements, damages, costs, liabilities, charges, reasonable attorneys' fees, recoveries, actions, judgments and expenses (each, a "Loss"), which may arise out of or in connection Employee's employment with the Company, except to the extent that any such Loss arises in connection with the Employee's fraud, gross negligence or willful misconduct.

8. **<u>NOTICES</u>**. Any notice or other communication required or permitted to be given hereunder shall be in writing and shall be deemed to have been given (i) when delivered personally or by hand (with written confirmation of receipt); (ii) if sent by a nationally-recognized overnight courier, on the date received by the addressee (with written confirmation of receipt); or (iii) on the date sent by electronic mail or facsimile (with confirmation of transmission), to the recipient(s) and address(es) specified below (or to such other recipient and/or address as either Party may, from time to time, designate in writing in accordance with the terms and conditions of this Agreement).

9. **<u>LEGAL REPRESENTATION</u>**. Employee acknowledges that he was advised to consult with, and has had ample opportunity to receive the advice of, independent legal counsel before executing this Agreement – and the Company hereby advises Employee to do so – and that Employee has fully exercised that opportunity to the extent he desired. Employee acknowledges that he had ample opportunity to consider this Agreement and to receive an explanation from such legal counsel of the legal nature, effect, ramifications, and consequences of this Agreement. Employee warrants that he has carefully read this Agreement, that he understands completely its contents, that he understands the significance, nature, effect, and consequences of signing it, and that he has agreed to and signed this Agreement knowingly and voluntarily of his own free will, act, and deed, and for full and sufficient consideration.

10. **<u>ENTIRE AGREEMENT; AMENDMENT</u>**. This Agreement, together with all exhibits and schedules annexed hereto, including but not limited to the Consulting Agreement, Option Agreement, and Plan, constitutes the entire agreement between the Parties relating to the subject matter hereof, and supersedes all prior agreements and understandings, whether oral or written, with respect to the same. In entering into and performing under this Agreement, neither the Company nor Employee has relied upon any promises, representations, or statements except as expressly set forth herein. No modification, alteration, amendment, revision of, or supplement to this Agreement shall be valid or effective unless the same is memorialized in a writing signed by both by Employee and a duly-authorized representative or agent of the Company. Neither e-mail correspondence, text messages, nor any other electronic communications constitutes a writing for purposes of this Section 10 of the Agreement.

11. **<u>GOVERNING LAW</u>**. This Agreement shall in all respects be interpreted, enforced, and governed by and in accordance with the internal substantive laws (and not the laws of choice of laws) of the State of Delaware.

12. **<u>ASSIGNMENT</u>**. This Agreement shall not be assignable by Employee, but shall be binding upon Employee and upon his heirs, administrators, representatives, executors, and successors. This Agreement shall be freely assignable by the Company without restriction and, without limitation of the foregoing, shall be deemed automatically assigned by the Company with Employee's consent in the event of any sale, merger, share exchange, consolidation, or other business reorganization. This Agreement shall inure to the benefit of the Company and its successors and assigns.

13. **<u>SEVERABILITY</u>**. If one or more of the provisions of this Agreement is deemed void by law, then the remaining provisions shall continue with full force and effect and, if legally permitted, such offending provision or provisions shall be replaced with an enforceable provision or enforceable provisions that as nearly as possible effects the Parties' intent. Without limiting the generality of the foregoing, the Parties hereby expressly state their intent that, to the extent any provision of this Agreement is deemed unenforceable due to the scope, whether geographic, temporal, or otherwise, being deemed excessive, unreasonable, and/or overbroad, the court, person, or entity rendering such opinion regarding the scope shall modify such provision(s), or shall direct or permit the Parties to modify such provision(s), to the minimum extent necessary to cause such provision(s) to be enforceable.

14. **<u>SURVIVAL</u>**. Upon the termination or expiration of this Agreement, the entire Agreement shall survive such termination or expiration, and shall continue, with full force and effect, in accordance with their respective terms and conditions.

15. **<u>WAIVER</u>**. The failure of either Party to insist, in any one or more instances, upon the performance of any of the terms, covenants, or conditions of this Agreement or to exercise any right hereunder, shall not be construed as a waiver or relinquishment of the future performance of any rights, and the obligations of the Party with respect to such future performance shall continue with full force and effect. No waiver of any such right will have effect unless given in a writing signed by the Party against whom the waiver is to be enforced.

16. **<u>COMPLIANCE WITH SECTION 409A OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED ("SECTION 409A").</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is the intention of the Parties that all payments and benefits under this Agreement (and any amendment
hereto) shall be made and provided in a manner that is either exempt from or compliant with Section 409A of the Internal Revenue Code
and the rules, regulations and notices thereunder ("Code Section 409A"). Any ambiguity in this Agreement (or any amendment
hereto) shall be interpreted to comply with the above. Employee acknowledges that the Company has made no representations and makes no
guarantee as to the treatment of the compensation and benefits provided hereunder and Employee has been advised to obtain his own tax
advice, and further, Employees agrees that the Company and the Company's officers, employees, agents, equity holders, successors,
affiliates and representatives shall have no liability for any of the payments or benefits under this Agreement or any other arrangement
failing to be exempt from or to comply with Code Section 409A. Each amount or benefit payable pursuant to this Agreement (and any amendment
hereto) shall be a separate payment for purposes of Code Section 409A. For all purposes of this Agreement, any iteration of the word "termination"
(e.g., "terminated") with respect to Employee's employment shall mean a separation from service within the meaning of
Code Section 409A. Without limiting the generality of the foregoing, for purposes of this Agreement, Employee shall be considered to have
a termination of employment only if such termination is a "separation from service" within the meaning of Code Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To the extent that the reimbursement of any benefits or the provision of any in-kind kind benefits pursuant
to this Agreement is subject to Code Section 409A: (a) the amount of such expenses eligible for reimbursement, or in-kind benefits to
be provided hereunder during any calendar year shall not affect the amount of such expenses eligible for reimbursement or in-kind benefits
to be provided hereunder in any other calendar year; (b) all such expenses eligible for reimbursement hereunder shall be paid to the Employee
no later than December 31<sup>st</sup> of the calendar year following the calendar year in which such expenses were incurred; and (c)
Employee's right to receive any such reimbursements or in-kind benefits shall not be subject to liquidation or exchange for any
other benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Notwithstanding anything in this Agreement to the contrary, in the event the stock of the Company (or
its successor) is publicly traded on an establishes securities market or otherwise and the Employee is a "specified employee"
(as determined under the Company's administrative procedure for such determinations, in accordance with Code Section 409A) at the
time of Employee's termination of employment, any payments under this Agreement that are deemed to be deferred compensation subject
to Code Section 409A and payable in connection with a separation from service shall not be paid or begin payment until the earlier of
(a) Employee's death or (b) the first day following the six (6) month anniversary of the Termination Date. If the payment of any
amounts under this Agreement are delayed as a result of the previous sentence, on the first day following the end of the six (6) month
period, the Company shall pay Employee a lump sum amount equal to the cumulative amounts that would have otherwise been previously paid
to Employee under this Agreement during such six (6) month period, without interest thereon. To the extent permitted under Code Section
409A, any separate payment or benefits under this Agreement or otherwise shall not be "deferred compensation" subject to Code
Section 409A and the six-month delay provided in this subsection, to the extent provided in the exceptions in Treasury Regulation Section
1.409A-1(b)(4) and (b)(9) and any other applicable exception or provision under Code Section 409A.

17. **<u>TAXES</u>**. The Parties acknowledge and agree that the Company may withhold from any amounts payable under this Agreement such federal, state, local, and foreign taxes and withholdings as may be required to be withheld pursuant to any applicable law, rule, or regulation.

18. **<u>SECTION HEADINGS</u>**. The section headings used in this Agreement are included solely for convenience, and shall not affect, or be used in connection with, the interpretation of this Agreement. Any reference to any gender in this Agreement shall include, where appropriate, any other gender.

19. **<u>COUNTERPARTS</u>**. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement.

**IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **EMPLOYEE**: | **EMPLOYEE**: | **Kindly, MD Inc. d/b/a Nakamoto** | **Kindly, MD Inc. d/b/a Nakamoto** |
| By: | */s/ Andrew Creighton* | By: | */s/ David Bailey* |
|  | Andrew Creighton | David Bailey | David Bailey |

---

**EXHIBIT A**

**<u>Description of the Duties and Responsibilities</u>**

Consultant shall provide to the Company the following services (including, as applicable, preparatory work and revisions), which services may be amended from time to time by the Company:

**Global Commercial Strategy**

● Develop and execute Nakamoto's multi-market commercial strategy, ensuring alignment between regional growth, licensing structures, and capital formation goals.

● Manage and support regional executives (e.g., Head of Asia, Head of EMEA) in executing licensing, public vehicle, and strategic partnership initiatives.

● Own the global go-to-market roadmap for new Bitcoin-native structures and offerings.

**Capital & Partnership Development**

● Work cross-functionally with the CEO, CIO, and IR to attract institutional capital, sovereign wealth, and strategic co-investment partners.

● Support deal sourcing, introductions, and relationship nurturing at the commercial level for PIPEs, joint ventures, or treasury-anchored deals.

● Establish commercial entry points into new jurisdictions via banking partners, exchanges, policy bodies, or key operators.

**Licensing & Revenue Expansion**

● Oversee global licensing framework and growth partnerships, ensuring economic alignment and brand integrity across all monetization paths.

● Structure and optimize licensing deals in media, education, events, and platform ventures.

● Partner with legal and finance to align licensing models with Bitcoin treasury strategy and public company structure.

**Organizational Leadership**

● Build and lead a lean, global commercial team aligned with Nakamoto's sovereign thesis and high-conviction operating model.

● Ensure effective collaboration between regional leaders, product partners, and the broader executive team.

● Translate vision into systems and incentives that drive sustainable, BTC-aligned revenue growth.

## Exhibit 10.18

**Exhibit 10.18**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**CONSULTING AGREEMENT**

This Consulting Agreement (the "Agreement") is entered into as of this 14th day of August, 2025 (the "Effective Date") by and between Nakamoto Holdings, Inc. pursuant to the merger transaction (the "Company") and Second Gate Advisory LLC, a Puerto Rico limited liability company ("Consultant"). Company and the Consultant are collectively referred to herein as the "Parties."

**TERMS AND CONDITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. Consultant agrees, and shall use its best efforts, to provide the services set forth in "**Exhibit A**" hereto, as may be requested, required, or amended, from time to time, by the Company (the "Services"). Consultant hereby agrees to devote its reasonable time, abilities, skills, and energy to the performance of the Services. For purposes herein, Consultant shall retain Amanda Fabiano to perform the Services (the "Designated Individual"), and the Designated Individual agrees (i) to perform the Services and otherwise be subject to the terms and conditions set forth in this Agreement and (ii) that the Designated Individual, for purposes of all securities law and any disclosure obligations relating to the Company, shall be designated as its Chief Operating Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Effective Date; Term</u>. The term of this Agreement and Consultant's engagement by the Company shall commence on the Effective Date and shall continue for a period of three years, unless earlier terminated by either the Company or Consultant in accordance with Section 14 of this Agreement (the time in which this Agreement is in effect, the "Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. <u>Compensation, Expenses, and Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Base Compensation – Consulting Fee</u>. In consideration for the performance of the Services
by Consultant, Company agrees to pay Consultant, on a monthly basis no later than the fifth (5<sup>th</sup>) day of each month, a fee
equal to $37,500 (the "Consulting Fee") in accordance with the Company's standard consultant payment practices and procedures,
as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Incentive Compensation</u>. Consultant will be eligible to receive annual cash-based incentive bonus in accordance with performance
metrics established by the Board of Directors of the Company (the "Board") (or the compensation committee of the Board), in
its sole and absolute discretion ("Incentive Compensation"), which may vary from year to year. The target level of such Incentive
Compensation is up to one hundred and fifty percent (150%) of the Consulting Fee. For calendar year 2025, Consultant shall be eligible
to receive a prorated Incentive Compensation (calculated as the Incentive Compensation that would have been paid for the entire calendar
year multiplied by a fraction, the numerator of which is equal to the number of days the Consultant worked in the applicable calendar
year, and the denominator of which is equal to the total number of days in such year). Such Incentive Compensation will be payable in
the form of a lump sum cash payment no later than March 15th of the calendar year that immediately follows the calendar year to which
the Incentive Compensation relates. In order for Consultant to be eligible to receive the Incentive Compensation pursuant to this Section
3(b), Consultant must remain continuously providing the Services to the Company through the payment date to which such Incentive Compensation
relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Initial and Annual Equity Incentives</u>. Subject to (i) approval of the Board, (ii) timely execution of an award agreement (the
"Award Agreement"), and (iii) the terms and conditions of the Award Agreement, Consultant will be eligible to receive an initial
grant of restricted stock units that will be issued to the Designated Individual on behalf of Consultant. The initial grant shall be calculated
by dividing $1,000,000 by the closing trading price of the Company common stock as of the date of grant (the award, "Initial Equity
Award") (the "RSU Calculation Methodology"). Subsequent performance-based annual grants of restricted stock units are
targeted to be in an amount equal up to $1,000,000 using the RSU calculation methodology (each an "Annual Equity Award") and
shall be determined based on performance metrics established by the Board (or its compensation committee), in consultation with Employee,
which metrics may vary from year to year; provided, that the Board (or its compensation committee) shall have the ultimate ability to
determine the size of the award based on individual and Company performance.

The Initial Equity Award shall time-vest over a three (3) year period, with no vesting during the first twelve (12) months following the grant date (the "Cliff Period"), and thereafter twenty-five percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal quarterly installments over the subsequent twenty four (24) months, subject to Consultant's continued Services to the Company through each applicable vesting date.

The Annual Equity Awards, including the Initial Equity Award, shall also be subject to the achievement of performance milestones established for each grant year. Each Annual Equity Award shall be subject to other customary terms to be set forth in the corresponding award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Signing Bonus</u>. Consultant will be eligible to receive a signing bonus equal to $5,000,000 in value (the "Signing Bonus").
$500,000 of the Signing Bonus will be paid in cash to Consultant within (5) business days following the Effective Date (the "Cash
Signing Bonus"). The remaining $4,500,000 will be settled in shares of common stock of the Company (the "Equity Signing Bonus").
The Equity Signing Bonus shall vest over a three (3) year period, with no vesting during the Cliff Period, and thereafter twenty-five
percent (25%) of the award shall vest upon completion of the Cliff Period, with the remaining seventy-five percent (75%) vesting in equal
quarterly installments over the subsequent twenty four (24) months, subject to Consultant's continued Services to the Company through
each applicable vesting date. Notwithstanding the foregoing, the Signing Bonus will only fully vest to the extent Consultant transitions
the revenue from Second Gate Advisory LLC to the Company (as determined in good faith by the Board). The number of shares of common stock
of the Company underlying the Equity Signing Bonus shall be calculated at the time of settlement based on the closing price of a share
of common stock of the Company on the date of settlement. The Equity Signing Bonus shall be subject to other customary terms to be set
forth in the corresponding award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Expenses</u>. Consultant shall be entitled to reimbursement for all reasonable business expenses that it incurs in connection with
the performance of the Services. Upon presentment by Consultant of appropriate and sufficient documentation, the Company shall reimburse
Consultant for all such expenses in accordance with the Company's expense reimbursement policy, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Company Perquisites</u>. During the Term, Consultant shall be entitled to perquisites consistent with the practices of the Company,
and to the extent the Company provides similar perquisites to executives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Form W-9</u>. Consultant shall provide the Company with a signed and completed IRS Form W-9 upon execution of this Agreement. Payment
by the Company will be made to the entity named on the IRS Form W-9. Consultant hereby agrees to notify the Company immediately upon any
change of taxpayer information found on the IRS Form W-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Taxes</u>. The Company shall not withhold any taxes from any payment it makes to Consultant under this Agreement, nor make any
contributions to any federal, state, or local agency with respect to such payments on behalf of Consultant, but shall report the payments
made to Consultant hereunder on an IRS Form 1099. Consultant and the Company acknowledge that the Company intends to deduct the fees it
pays to Consultant for the Services as an ordinary and necessary business expense for income tax purposes. Consultant agrees and represents
that, except as otherwise required in writing by the Internal Revenue Service: (a) Consultant will treat such fees as ordinary income
for income tax purposes; (b) Consultant shall be responsible for paying, when due, all taxes (including estimated taxes), Social Security
contributions or payments, disability insurance, unemployment taxes, and other payroll type taxes applicable to, incurred, imposed, or
assessed as a result of Consultant's receipt of such fees from the Company("Consultant's Taxes"); and (c) if Consultant
reports the receipt of such fees other than as ordinary income and/or fails to pay Consultant's Taxes, Consultant will indemnify
and hold harmless the Company from any and all taxes, penalties, interest, costs, and expenses actually incurred, including reasonable
attorneys' fees and accounting fees, or assessed against the Company as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Principal Place of Engagement</u>. Consultant's principal place of engagement shall be Puerto Rico, although substantial
time may be spent, as part of performing the Services, in such other domestic and/or international locations, as may be reasonably necessary
from time to time, for which Consultant may be required to travel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Independent Contractor Status</u>. The Parties acknowledge and agree that Consultant enters into this Agreement as, and shall at all times during the Term act as, be considered, and remain, an independent contractor of the Company. The Parties further acknowledge and agree that this Agreement shall not, at any time, be construed as creating any association, partnership, joint venture, employment, or agency relationship between Consultant and the Company. As an independent contractor, Consultant shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Not be subject to the Company's direct supervision or control with respect to its performance
of the Services (except that Consultant may, from time to time, receive generalized instructions from the Company pertaining to the goals
to be attained and/or results to be achieved);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Comply, at Consultant's own expense, with all provisions of applicable federal, state, and local
law relating to terms and conditions required to be fulfilled by independent contractors, including but not limited to all applicable
tax and insurance laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Have complete and sole discretion to determine the method, means, character, sequence, manner, and schedule
pursuant to which the Services shall be and are performed (it is understood and agreed that the Company is interested only in the results
to be achieved by Consultant under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Not receive performance reviews, vocational training, or business cards from the Company, nor shall Consultant be required to attend
meetings at the Company's facilities or be subject to the standard disciplinary practices and procedures to which the Company's
employees are subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Be responsible for maintaining and furnishing, at its own expense, a place of work, and any tools, supplies,
apparel, facilities, equipment, and appropriate communications devices and services required for Consultant to render the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Not be eligible to participate in any of the Company's employee benefit plans, fringe benefit
programs, group insurance arrangements, or other similar plans, programs, or arrangements maintained by the Company for the benefit of
its employees, and Consultant shall not claim that it is or was eligible for, or entitled to, any benefits under any such plan, program,
or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Not seek, and shall have no right to receive, unemployment compensation benefits based upon the termination
of this Agreement or its engagement by the Company hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Not receive any statutory benefit that the Company makes available to its employees, including but not limited to workers' compensation,
Social Security, or unemployment compensation coverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Be solely responsible, to the extent required by applicable law, rule, or regulation or as requested
by the Company, for securing its own disability, unemployment compensation, general liability, and/or other insurance, and for obtaining
workers' compensation insurance and training, for itself and others, as necessary.

So long as this Agreement is in valid effect, Consultant agrees not to assert or claim that it is or was an employee of the Company during the Term, and, given that it is an independent contractor and not an employee of the Company, to never assert any claim seeking employee benefits, unemployment compensation benefits, or workers' compensation benefits based upon its consulting relationship with the Company and/or the termination thereof. Consultant also knowingly and voluntarily waives any claim against the Company for any benefits provided to the Company's current or former employees during any period, following the commencement of the Term, in which Consultant is determined to be a common law employee or any designation other than an independent contractor.

Notwithstanding anything to the contrary contained in this Agreement, the Parties expressly acknowledge and agree that Consultant will retain certain commercial agreements each identified and as further described on "**Exhibit B**" ("Retained Contracts") hereto and that Consultant and/or its principals will be fully authorized to continue performing pursuant to each of the Retained Contracts and such performance, and receipt of consideration, shall not be a violation of any obligation of Consultant pursuant to this Agreement. Further notwithstanding anything to the contrary, the Parties expressly acknowledge and agree that Consultant and/or its principals may continue to serve in their unaffiliated roles with separate companies, currently including services on the board of directors of TeraWulf Inc.; provided, however, that (i) each such role and company or entity is identified and described on "**Exhibit B**" hereto; (ii) the roles must not conflict with the business, interests and interests of Nakamoto Holdings, Inc. or the Company and their respective subsidiaries and affiliates; and (iii) any future service in an unaffiliate role with a separate Company during the Term of this Agreement requires the advance consent of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reserved</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proprietary Information</u>. "Proprietary Information" shall mean all information and materials that relate to the business of Company, its parents, subsidiaries, affiliates, and/or any of their donors, users, viewers, licensors, licensees and distributors, in any form and whether or not labeled or identified as confidential or proprietary, including but not limited to, (a) information about actual or potential investees or grantees; (b) financial and other information about costs, revenue, profits or forecasts; (c) information regarding business strategy, marketing or methods of operation; (d) personnel files and information about compensation and benefits; (e) third party information or materials that Company or its parents, subsidiaries or affiliates agree to hold in confidence; (f) technologies, concepts, methods, sources, methods of doing business, patterns, processes, compounds, formulae, programs, devices, tools, compilations of information, development, manufacturing, purchasing, engineering, computer programs (whether in source code or object code), theories, techniques, procedures, strategies, systems, written works, and designs; (g) information and items relating to or concerning officers, members, and managers of the Company, their family and associates, and their businesses (collectively, "Related Parties"); (h) private and confidential matters concerning Company or any Related Parties; (i) financial, business, medical, legal, personal and contractual matters of, or pertaining to, Company or any Related Parties; and (j) any communication, correspondence, photographs, film or other documents or writings pertaining in any way to Company or any Related Parties. Proprietary Information shall not include: (i) information or materials that are or become generally known to the public through lawful means and through no fault of Consultant; or (ii) information or materials known to Consultant without confidentiality restrictions prior to the initial disclosure by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Confidentiality</u>. At all times, both during the Term and thereafter in perpetuity, Consultant shall keep and hold all Proprietary Information and IP (as defined below) in strict confidence and trust, and will not disclose any such Proprietary Information to any third party whatsoever (including but not limited to newspapers, periodicals, magazines, publications, television stations, radio stations, publishers, and any other enterprise involved in the print or electronic media, including individuals working directly or indirectly for, or on behalf of, any of said entities) without the prior written consent of Company, except to Consultant's legal counsel or if required by court order from a court of competent jurisdiction, provided that Consultant shall first notify Company such that Company has an opportunity to object to such court order. Consultant will not use any such Proprietary Information except as may be necessary in order to perform Consultant's Services under this Agreement. Consultant agrees to notify Company of any unauthorized release or use of Proprietary Information.

Notwithstanding the foregoing, Consultant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Further, in the event that Consultant files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Consultant may disclose the trade secret to her attorney and use the trade secret information in the court proceeding, if Consultant: (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Privacy</u>. Consultant acknowledges that, in the course of Consultant's services hereunder, Consultant may come across personally identifiable information protected by state, federal and/or local privacy laws and/or Company policies and Consultant shall take care that such information is not exposed or at risk of being exposed to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Ownership; Assignment</u>. All inventions, improvements, designs, works of authorship, formulas, processes, methods, software, databases, trade secrets, videos and photographs, know-how and ideas, and any other results or proceeds of Consultant's services (including prior services) for Company made, conceived, developed, created or incorporated by Consultant, either alone or jointly with others, in connection with the services provided under this Agreement (including any Work as defined in the attached Statement of Work) or otherwise related to the Proprietary Information whether or not patentable, copyrightable or protectable as trade secrets, and all patents, copyright rights, trade secret rights and other intellectual property rights related thereto ("IP") shall be and remain the sole property of Company and its assigns in perpetuity. Consultant further acknowledges and agrees that such IP and other works of authorship are "works made for hire" as defined in the U.S. Copyright Law, 17 U.S.C. § 101 et seq. (as amended), for purposes of the Company's rights under copyright laws. To the extent that title to any IP or any materials comprising or including any IP, does not, by operation of law, vest in the Company, or is not considered "works made for hire," Consultant hereby assigns all right, title and interest in and to such IP to Company and its assigns. Consultant irrevocably assigns to the Company, in each case without additional consideration, all right, title, and interest throughout the world in and to these materials, including all intellectual property rights and unrestricted copyright. Consultant agrees to waive and not to assert any and all rights of paternity, integrity, disclosure and withdrawal and any other rights that may be known as or referred to as "moral rights," "artist's rights," "droit moral," or the like to all IP. Consultant agrees to assist Company in every proper way to obtain for Company and enforce any rights in or to the IP, including without limitation, execution of any documents that Company may reasonably request for use in obtaining or enforcing such rights. Should Company be unable to secure Consultant's signature on any such document, due to Consultant's incapacity or any other cause, Consultant hereby irrevocably designates and appoints Company and each of its duly authorized officers and agents as Consultant's agent and attorney-in-fact for the sole limited purpose of doing all lawfully permitted acts to further the prosecution, issuance, and enforcement of any rights in or to the IP with the same force and effect as if executed and delivered by Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>Representations, Warranties and Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Consultant represents and warrants Consultant has the full power and authority to enter into this Agreement
and to perform its obligations hereunder, without the need for any third party consents or approvals, and that Consultant is not and shall
not become during the term hereof subject to any conflicting agreement, arrangement, commitment or obligation that would or might interfere
with Consultant's ability to perform hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Consultant represents, warrants and covenants that Consultant has the qualifications and ability to perform, and shall perform, the
services provided under this Agreement in a professional and timely manner, with the degree of skill and judgment normally exercised by
recognized professionals performing the same or substantially similar services (or better), without the control or supervision of Company.
In the event of any breach of the foregoing warranty and in addition to any other remedies Company may have at law or in equity, Consultant
shall re-perform the non-conforming Services to conform to this standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Consultant represents, warrants and covenants that Consultant shall not violate, infringe or misappropriate
any third party intellectual property, publicity or privacy rights in connection with the performance of the Services, and any information
or materials provided to Company shall not violate, infringe or misappropriate any third party intellectual property, publicity or privacy
rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compliance with Laws</u>. Consultant agrees to comply with all applicable laws and regulations, including any applicable internal rules and policies of the Company applicable to Consultant, during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Indemnification</u>. Subject to the Company's Articles of Incorporation, as amended, bylaws, as amended and applicable law, in the event that Consultant and/or its principals are made a party or threatened to be made a party to any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a "Proceeding"), other than any Proceeding initiated by Consultant or the Company related to any contest or dispute between the Consultant and the Company with respect to this Agreement, by reason of the fact that Consultant is or was engaged by the Company, or any affiliate of the Company, or is or was serving at the request of the Company or any affiliate of the Company, Consultant shall be indemnified and held harmless by the Company from and against any liabilities, costs, claims, and expenses, including all costs and expenses incurred in defense of any Proceeding (including attorneys' fees). Costs and expenses incurred by Consultant in defense of such Proceeding (including attorneys' fees) shall be paid by the Company in advance of the final disposition of such litigation upon receipt by the Company of: (i) a written request for payment and (ii) appropriate documentation evidencing the incurrence, amount, and nature of the costs and expenses for which payment is being sought. During the Term and for a period of three (3) years thereafter, the Company or any successor to the Company shall purchase and maintain, at its own expense, liability insurance providing coverage to Consultant on terms that are the same as the coverage provided to other directors and executives of the Company or any successor.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Material Breach by Consultant</u>. Consultant's
engagement hereunder may be terminated by the Company for a Material Breach by Consultant. If the Consultant's engagement is terminated
by the Company for a Material Breach by Consultant, Consultant shall be entitled to receive:

1) any accrued but unpaid Consulting Fees which shall be paid on the Termination Date (as defined below); and

2) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Resignation by Consultant Following a Material Breach by Company or Termination by Company with a Material Breach by Company</u>. Consultant's engagement hereunder may be terminated by Consultant for a Material Breach by Company
or by the Company with a Material Breach by Company, provided that Consultant shall be entitled to receive:

1) a lump sum payment equal to one (1) times the sum of Consultant's annual Consulting Fee and target Incentive Compensation for the year in which the Termination Date occurs;

2) partial acceleration any then-unvested Initial Equity Award and Annual Equity Awards as of the Termination Date that would have vested during the twelve (12) month period immediately following the date of the Termination Date, and retention of any vested Initial Equity Award and any Annual Equity Awards (provided that, for any performance-based awards, any applicable performance-metrics are satisfied); and

3) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Resignation by Consultant without Material Breach by Company</u>. Consultant's engagement hereunder
may be terminated by Consultant at any time, without a Material Breach by Company. If the Consultant's engagement is terminated
by Consultant without a Material Breach by Company, then in full satisfaction of the Company's obligations under this Agreement,
Consultant shall be entitled to receive:

1) any accrued but unpaid Consulting Fees which shall be paid on the Termination Date; and

2) reimbursement for unreimbursed business expenses incurred by Consultant, which shall be paid on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Certain Definitions</u>.

1) For purposes of this Agreement, a "Material Breach by Consultant" shall mean: (i) Consultant's willful misconduct, gross negligence, or material failure to perform Consultants' duties (other than any such failure resulting from incapacity due to physical or mental illness); (ii) Consultant's material failure violation of any written policy, code of conduct, or procedure of the Company, its subsidiaries, or any of their respective affiliates, including but not limited to those relating to harassment, discrimination, workplace safety, or substance abuse; (iii) Consultant's commission of, or participation in, any act of fraud, dishonesty, embezzlement, misappropriation, or other act of material misconduct with respect to the Company, its subsidiaries, or any of their respective affiliates; (iv) Consultant's indictment for, conviction of, or plea of guilty or nolo contendere to, a felony or any crime involving moral turpitude, dishonesty, or theft; (v) Consultant's material breach of this Agreement or any other written agreement with the Company, its subsidiaries, or any of their respective affiliates, or Employee's breach of any fiduciary duty owed to the Company, its subsidiaries, or any of their respective affiliates; (vi) Consultant's unauthorized use or disclosure of any confidential or proprietary information of the Company, its subsidiaries, or any of their respective affiliates.

2) For purposes of this Agreement, a "Material Breach by Company" shall mean there has been, without the consent of Consultant, the occurrence of any of the following grounds that has not been cured by the Company within thirty (30) days after written notice to the Company of such purported grounds (which notice must be provided within thirty (30) days following the actual knowledge by Consultant of such purported grounds): (i) a material reduction in the Consulting Fee; provided, however that a material reduction in the Consulting Fee pursuant to a salary reduction and/or consulting fee reduction program affecting all or substantially all of the employees and consultants of the Company and that does not adversely affect Consultant to a greater extent than other similarly situated consultants shall not constitute Material Breach by Company; (iii) Consultant being required to relocate the Consultant's principal place of engagement as set forth in Section 3.i. above to a location outside of Puerto Rico; and (iv) a material diminution of Consultant's authority, duties, or responsibilities (other than during a suspension or investigation of grounds that may constitute Material Breach by Consultant).

3) For purposes of this Agreement, "Termination Date" shall mean the date in which the Consultant ceases to provide Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Cooperation</u>. The Parties agree that certain matters in which Consultant will be involved during the Term may necessitate Consultant's cooperation in the future. Accordingly, following the termination of this Agreement for any reason, to the extent reasonably requested by the Board of Directors of the Company, Consultant shall cooperate with the Company in connection with matters arising out of Consultant's engagement with the Company; provided that, the Company shall make reasonable efforts to minimize disruption of the Consultant's other activities. Company shall reimburse Consultant for reasonable expenses incurred in connection with such cooperation and, to the extent that Consultant is required to spend significant time on such matters, the Company shall compensate Consultant at an hourly rate based on the Consulting Fee as of the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Publicity</u>. Consultant shall not make any public statement or announcement, or release or post any photo or video or other media, including on Consultant's website or social media, about this Agreement without Company's prior written approval in each instance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Relationship of the Parties</u>. Neither party shall have any right or authority, express or implied, to assume or create any obligation of any kind, or to make any representation or warranty, on behalf of the other party or to bind the other party in any respect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts wholly performed therein (regardless of where actually performed) without regard to principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notice</u>. All notices, requests, demands and other communications under this Agreement must be in writing and given by personal delivery, sent by trackable U.S. mail or FedEx or email, addressed to the party for which it is intended at its address set forth on the signature page or such other address as such party may later designate. For the Company, a copy of any notice should be sent to [\*\*\*]. For Consultant, a copy of any notice should be sent to [\*\*\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Waiver</u>. The waiver by either party of a breach of or a default under any provision of this Agreement shall not be effective unless in writing and shall not be construed as a waiver of any past, subsequent or contemporaneous breach of or default under the same or any other provision of this Agreement, nor shall any delay or omission on the part of either party to exercise or avail itself of any right or remedy that it has or may have hereunder operate as a waiver of any right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Severability</u>. If any provision of this Agreement shall be held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, such provision shall be enforced to the maximum extent lawfully possible so as to affect the intent of the Parties, and the remainder of this Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Assignment; No Third Party Beneficiaries</u>. Consultant shall not, and shall not have the right to assign, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, by operation of law or otherwise, this Agreement or any of its rights or obligations under this Agreement without the prior written consent of Company. Any purported assignment, sale, transfer, delegation or other disposition by Consultant, except as permitted herein, shall be null and void. Company may assign, transfer, delegate or otherwise dispose of this Agreement and any of its rights or obligations of this Agreement without the prior written consent of Consultant. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer, nor shall anything herein confer on, any person other than the Parties and the respective successors or permitted assigns of the Parties, any rights, remedies, obligations or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Remedies; Injunctive Relief</u>. Any specific right or remedy provided in this Agreement shall not be exclusive but shall be in addition to all other rights and remedies set forth in this Agreement and permitted under applicable law; provided that Consultant shall not seek to interfere with any IP rights granted to Company hereunder, and Consultant hereby waives any right of Consultant to seek injunctive or other specific or equitable relief; Consultant's remedies under this Agreement, if any, shall be limited to the right to seek monetary damages in an action at law. Consultant acknowledges and agrees that there can be no adequate remedy at law for any breach by Consultant of Sections 5-8, or 14 of this Agreement, that any such breach would result in irreparable harm to Company for which monetary damages would be inadequate to compensate Company, and that Company shall have the right, in addition to any other rights available under applicable law, to obtain from any court of competent jurisdiction injunctive relief to restrain any breach or threatened breach of, or otherwise to specifically enforce, such covenants or obligations of Consultant under this Agreement, without the necessity of posting any bond or security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Captions; Interpretation</u>. All captions and headings in this Agreement are for the purposes of reference and convenience only, and shall not limit or expand the provisions of this Agreement. This Agreement shall be deemed to have been drafted by all Parties and, in the event of a dispute, no party hereto shall be entitled to claim that any provision should be construed against any other party by reason of the fact that it was drafted by one particular party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which shall be deemed original, and together which shall constitute one in the same instrument. Electronically transmitted counterparts shall be deemed originals for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. Modifications and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Parties. No waiver by either of the Parties of any breach by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the parties in exercising any right, power, or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof or the exercise of any other such right, power, or privilege

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. <u>Entire Agreement; Conflicts</u>. This Agreement (including any and all exhibits, Statements of Work and other attachments hereto, as well as any award agreements) constitutes the entire agreement with respect to the subject matter hereof, and shall supersede any prior or contemporaneous oral or written agreements, understandings or communications or past courses of dealing between Company and Consultant with respect to the subject matter hereof. In the event of a conflict between the body of this Agreement and between the terms of any exhibits, Statements of Work, attachments hereto, or any award agreements, the terms of this Agreement shall control.

[SIGNATURES ON FOLLOWING PAGE]

IN WITNESS WHEREOF, the Parties or authorized representatives thereof have duly executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| COMPANY: | COMPANY: |
| Nakamoto Holdings, Inc. | Nakamoto Holdings, Inc. |
| By: | */s/ David Bailey* |
| David Bailey | David Bailey |
| Address for Notices: | Address for Notices: |
| [\*\*\*] | [\*\*\*] |
| CONSULTANT: | CONSULTANT: |
| Second Gate Advisory LLC | Second Gate Advisory LLC |
| By: | */s/ Amanda Fabiano* |
| Amanda Fabiano as Designated Individual | Amanda Fabiano as Designated Individual |
| Address for Notices: | Address for Notices: |
| [\*\*\*] | [\*\*\*] |

---

**EXHIBIT A**

**Description of the Services**

Consultant shall provide its principal, Amanda Fabiano, to the Company who will provide the following services (including, as applicable, preparatory work and revisions), which services may be amended from time to time by the Company:

**Execution & Operational Leadership**

● Translate Nakamoto's strategic roadmap into executable operating plans with clear OKRs.

● Develop systems for operational discipline across functions: legal, finance, M&A, treasury, and IR.

● Develop cross-functional initiatives and ensure post-deal integration plans.

**M&A Integration & Portfolio Enablement**

● Analyze integration of acquired businesses, cultural alignment, synergy realization, and treasury adoption.

● Build a repeatable playbook for integrating Bitcoin-native principles into acquired companies across geographies and industries.

● Track performance of acquired entities and ensure each contributes to the broader Nakamoto flywheel.

**Global Expansion Infrastructure**

● Design compliant, scalable operating models across target jurisdictions.

● Operationalize cross-border treasury flows, entity management, and shared services infrastructure to support global scale.

● Analyze vendor, partner, and technology systems to support finance, legal, compliance, and treasury operations.

**Treasury Operations Coordination**

● Assist in the development of Nakamoto's Bitcoin treasury playbook, including internal controls, execution coordination, and compliance handoffs with finance and legal.

● Align internal systems to support treasury-backed capital strategies (e.g. PIPEs, convertibles, derivatives).

**Leadership & Culture**

● Assist in the development of a high-leverage operations team, capable of supporting a decentralized, high-trust operating model.

● Assist with reinforcing a culture of transparency, accountability, and execution across Nakamoto's portfolio and holding structure.

● Communicate complex crypto-economic concepts with clarity and precision to technical and non-technical audiences.

EXHIBIT B

**RETAINED CONTRACTS**

![](ex10-15_001.jpg)

## Exhibit 14.1

**Exhibit 14.1**

**KINDLYMD, INC.** 

**<u>CODE OF ETHICS AND BUSINESS CONDUCT</u>**

1. <u>Introduction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Board of Directors of Kindly MD, Inc. (together with its subsidiaries, the "***Company***") has adopted this Code of Ethics and Business Conduct (this "***Code***") in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Company
files with, or submits to, the Securities and Exchange Commission (the "  ***SEC***") and in other public communications
made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promote compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promote fair dealing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deter wrongdoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ensure accountability for adherence to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. All directors, officers and employees, including the principal executive officer, principal financial officer and principal accounting officer, consultants and contractors are required to be familiar with this Code, comply with its provisions and report any suspected violations as described below in Section 6 and Section 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 All officers and managers are expected to demonstrate, and instill in our employees, consultants, and contractors, a commitment to the spirit, as well as the letter, of this Code. Managers are also expected to ensure that all employees reporting to them, as well as consultants and contractors performing services for the Company, conform to this Code. Nothing in this Code alters an employee's employment relationship with the Company.

2. <u>Honest and Ethical Conduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Company's policy is to promote high standards of integrity by conducting its affairs honestly and ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Each director, officer and employee must act with integrity and observe the highest ethical standards of business conduct in his or her dealings with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom he or she has contact in the course of performing his or her job.

3. <u>Conflicts of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. A conflict of interest occurs when an individual's private interest (or the interest of a member of his or her family) interferes, or even appears to interfere, with the interests of the Company as a whole. A conflict of interest can arise when an employee, officer or director (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when an employee, officer or director (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Loans by the Company to, or guarantees by the Company of obligations of, employees or their family members are of special concern and could constitute improper personal benefits to the recipients of such loans or guarantees, depending on the facts and circumstances. Loans by the Company to, or guarantees by the Company of obligations of, any director or executive officer are expressly prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. Whether or not a conflict of interest exists or will exist can be unclear. Conflicts of interest should be avoided unless specifically authorized as described in Section 3.4. Even the appearance of a conflict of interest where none actually exists can be damaging and should be avoided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. Persons other than directors and executive officers who have questions about a potential conflict of interest or who become aware of an actual or potential conflict should discuss the matter with, and seek a determination and prior authorization or approval from, their supervisor or the Company's compliance officer (the "***Compliance Officer***"). A supervisor may not authorize or approve conflict of interest matters or make determinations as to whether a problematic conflict of interest exists without first providing the Compliance Officer with a written description of the activity and seeking the Compliance Officer's written approval. If the supervisor is himself involved in the potential or actual conflict, the matter should instead be discussed directly with the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Directors and executive officers must seek determinations and prior authorizations or approvals of potential conflicts of interest exclusively from the Audit Committee, or the Board of Directors if no Audit Committee exists. Factors that may be considered in evaluating a potential conflict of interest are, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether it may interfere with such person's job performance, responsibilities, or morale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) whether such person has access to confidential information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether it may interfere with the job performance, responsibilities, or morale of others within the organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any potential adverse or beneficial impact on our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any potential adverse or beneficial impact on our relationships with our collaborators, contract manufacturing
organizations, clinical research organizations, suppliers, vendors, or other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) whether it would enhance or support a competitor's position;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the extent to which it would result in a financial or other benefit (direct or indirect) to such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the extent to which it would result in a financial or other benefit (direct or indirect) to one of our
collaborators, contract manufacturing organizations, clinical research organizations, suppliers, vendors, or other service providers;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the extent to which it would appear improper to an outside observer.

4. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. Employees, officers and directors should comply, both in letter and spirit, with all applicable laws, rules and regulations in the cities, states and countries in which the Company operates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. Although not all employees, officers and directors are expected to know the details of all applicable laws, rules and regulations, it is important to know enough to determine when to seek advice from appropriate personnel. Questions about compliance should be addressed to the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. No director, officer or employee may purchase or sell any Company securities while in possession of material non-public information regarding the Company, nor may any director, officer or employee purchase or sell another company's securities while in possession of material non-public information regarding that company. It is against Company policies and illegal for any director, officer or employee to use material non-public information regarding the Company or any other company to (a) obtain profit for himself or herself; or (b) directly or indirectly "tip" others who might make an investment decision on the basis of that information.

5. <u>Disclosure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. The Company's periodic reports and other documents filed with the SEC, including all financial statements and other financial information, must comply with applicable federal securities laws and SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Each director, officer and employee who contributes in any way to the preparation or verification of the Company's financial statements and other financial information must ensure that the Company's books, records and accounts are accurately maintained. Each director, officer and employee must cooperate fully with the Company's accounting and internal audit departments, as well as the Company's independent public accountants and counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. Each director, officer and employee who is involved in the Company's disclosure process must: (a) be familiar with and comply with the Company's disclosure controls and procedures and its internal control over financial reporting; and (b) take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial and business condition of the Company provide full, fair, accurate, timely and understandable disclosure.

6. <u>Protection and Proper Use of Company Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. All directors, officers and employees should protect the Company's assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Company's profitability and are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. All Company assets should be used only for legitimate business purposes, though incidental personal use may be permitted. Any suspected incident of fraud or theft should be reported for investigation immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. The obligation to protect Company assets includes the Company's proprietary information. Proprietary information includes intellectual property such as trade secrets, patents, trademarks, and copyrights, as well as business and marketing plans, engineering and manufacturing ideas, designs, databases, records and any nonpublic financial data or reports. Unauthorized use or distribution of this information is prohibited and could also be illegal and result in civil or criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. You may not, while acting on behalf of the Company or while using Company computer equipment (a) access the internal computer system (also known as "hacking") or other resource of another entity without express written authorization from the entity responsible for operating that resource; or (b) commit any unlawful or illegal act, including harassment, libel, fraud, sending of unsolicited bulk email (also known as "spam") or material of objectionable content in violation of applicable law, trafficking in contraband of any kind, or any kind of espionage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. If you receive authorization to access another entity's internal computer system or other resource, you must make a permanent record of that authorization so that it may be retrieved for future reference, and you may not exceed the scope of that authorization.

7. <u>Corporate Opportunities</u>.

You may not take personal advantage of opportunities for the Company that are presented to you or discovered by you as a result of your position with us or through your use of corporate property or information, unless authorized by the Compliance Officer or the Audit Committee, as described herein. Even opportunities that are acquired privately by you may be questionable if they are related to our existing or proposed lines of business. Significant participation in an investment or outside business opportunity that is directly related to our lines of business must be pre-approved. You may not use your position with us or corporate property or information for improper personal gain, nor should you compete with us in any way.

8. <u>Confidentiality</u>.

Directors, officers and employees should maintain the confidentiality of information entrusted to them by the Company or by its customers, suppliers or partners, except when disclosure is expressly authorized or is required or permitted by law. Confidential information includes all nonpublic information (regardless of its source) that might be of use to the Company's competitors or harmful to the Company or its customers, suppliers or partners if disclosed, including (but not limited to) any and all confidential knowledge, data, or information related to the Company's business, patent applications, trademarks, copyrights, trade secrets, inventions, ideas, processes, computer source and object code, data, formulae, programs, other works of authorship, know-how, improvements, discoveries, developments, designs, and techniques; information regarding research and development (pre-clinical and clinical), regulatory, manufacturing, marketing, and business plans, budgets, forecasts, financial statements, business collaborations and licenses, contracts, prices, facilities and equipment, suppliers, customers, and markets; information regarding the skills and compensation of the Company's employees, consultants, contractors, directors, and any other service providers; the existence of any business discussions, negotiations, or agreements between the Company and any third party; and similar types of information provided to the Company by collaborators, licensors, licensees, suppliers, service providers, and the like.

9. <u>Fair Dealing</u>.

Each director, officer and employee must deal fairly with the Company's customers, suppliers, partners, service providers, competitors, employees and anyone else with whom they have contact in the course of performing their job. No director, officer or employee may take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of facts or any other unfair dealing practice.

10. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. Actions prohibited by this Code involving directors or executive officers must be reported to the Audit Committee, or the Board of Directors if no Audit Committee exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Actions prohibited by this Code involving any other person must be reported to the reporting person's supervisor or the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. After receiving a report of an alleged prohibited action, the Audit Committee, or the Board of Directors if no Audit Committee exists, the relevant supervisor or the Compliance Officer must promptly take all appropriate actions necessary to investigate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. All directors, officers and employees are expected to cooperate in any internal investigation of misconduct.

11. <u>Enforcement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. The Company must ensure prompt and consistent action against violations of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. If, after investigating a report of an alleged prohibited action by a director or executive officer, the Audit Committee determines that a violation of this Code has occurred, the Audit Committee will report such determination to the full Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. If, after investigating a report of an alleged prohibited action by any other person, the relevant supervisor or the Compliance Officer determines that a violation of this Code has occurred, the supervisor or the Compliance Officer will report such determination to the Chief Executive Officer or the General Counsel, if the Company has a General Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. Upon receipt of a determination that there has been a violation of this Code, the Board of Directors or the Chief Executive Officer or General Counsel will take such preventative or disciplinary action as it deems appropriate, including, but not limited to, reassignment, demotion, dismissal and, in the event of criminal conduct or other serious violations of the law, notification of appropriate governmental authorities.

12. <u>Waivers and Amendments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. Each of the Audit Committee (or the Board of Directors if no Audit Committee exists) (in the case of a violation by a director or executive officer) and the General Counsel (in the case of a violation by any other person) may, in its discretion, waive any violation of this Code or make any amendment of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Any waiver for a director or an executive officer or any amendment of this Code shall be disclosed as required by SEC rules and the applicable rules of any trading market on which the Company's securities are listed or quoted, or on the Company's website within four (4) business days following the date of such amendment or waiver.

13. <u>Prohibition on Retaliation</u>.

The Company does not tolerate acts of retaliation against any director, officer or employee who makes a good faith report of known or suspected acts of misconduct or other violations of this Code.

## Exhibit 19.1

**Exhibit 19.1**

**Certain personally identifiable information has been omitted from this exhibit pursuant to item 601(a)(6) of <br> Regulation S-K. [\*\*\*] indicates that information has been redacted.**

**Certain schedules, exhibits and similar attachments, including Appendix A, Appendix B and Appendix C to this exhibit, have been omitted <br> pursuant to Item 601(a)(5) of Regulation S-K. Kindly MD, Inc. will provide a copy of such omitted materials to the <br> Securities and Exchange Commission or its staff upon request.**

**INSIDER TRADING POLICY**

This Insider Trading Policy ("***Policy***") provides the standards of Kindly MD, Inc. with respect to transactions in securities of the Company and the handling of confidential information about Kindly MD, Inc. and the companies with which Kindly MD, Inc. does business. The federal securities laws prohibit insider trading. Insider trading occurs when a person uses material non- public information obtained through involvement with the Company to make decisions to engage in transactions in the Company's securities or transmits such information to any other person who may trade on the information. Please note that this insider trading policy supplements the restrictions set forth in the Company's Code of Ethics and Business Conduct.

This Policy applies to all transactions in the Company's securities, including common stock, options and any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as well as to derivative securities relating to any of the Company's securities, whether or not issued by the Company (referred to in this Policy as the "***Company's securities***"). For the sake of clarity, this Policy covers trading in the securities of other companies if such trades are based on material, nonpublic information that was obtained through the Company. The term "transactions" or "trading" means broadly any purchase, sale or other transaction to acquire, transfer or dispose of securities, including market option exercises, gifts or other contributions, exercises of stock options granted under the Company's equity plans, sales of stock acquired upon the exercise of options and the vesting of restricted stock and restricted stock units and trades made under an employee benefit plan.

The prohibitions against insider trading apply to trades (which includes buying, selling, or otherwise transacting), tips, and recommendations by all of the directors, officers, employees, consultants and independent contractors of the Company and its subsidiaries. Section 1 of this Policy also applies to such persons' family members, other members of such persons' households and entities controlled by such persons, as described in more detail below. Section 2 hereof applies to all directors and Officers of the Company and the employees described in Appendix A hereto. Section 2 of this Policy also applies to such persons' family members, other members of such persons' households and entities controlled by such persons, as described in more detail below. Section 3 hereof sets forth additional requirements applicable to directors and Officers of the Company.

If this Policy applies to you, it also applies to family members who reside with you (including a spouse, a child, a child away at college, stepchildren, grandchildren, parents, stepparents, grandparents, siblings, in-laws and adoptive relationships) or are financially dependent on you, and also includes other family members whose transaction in securities are directed by you or are subject to your influence or control (collectively referred to as "***Family Members***"). This Policy also applies to any other person who lives in your household and to any legal entities (such as a corporation, partnership or trust) that are influenced or controlled by you (collectively referred to as "***Controlled Entities***").

Transactions by your Family Members, household members and Controlled Entities should be treated for the purposes of this Policy as if they were for your own account. Accordingly, all references to you with regard to all trading restrictions and pre-clearance procedures in this Policy also apply to your Family Members, household members and Controlled Entities. You are personally responsible for the actions of your Family Members, household members and Controlled Entities.

The Company has appointed the General Counsel to act as the "***Compliance Officer***". All determinations and interpretations by the Compliance Officer shall be final and not subject to further review. The duties of the Compliance Officer include, but are not limited to, the following:

● assisting with implementation and enforcement of this Policy;

● circulating this Policy to all employees and ensuring that this Policy is amended as necessary to remain up to date with insider trading laws;

● pre-clearing all trading in securities of the Company by Company insiders in accordance with the procedures set forth in herein;

● providing approval of any Rule 10b5-1 plans under the provisions below; and

● providing a reporting system with an effective whistleblower protection mechanism.

Any violation of this Policy may result in immediate dismissal and may subject you to both civil and criminal penalties. This is an extremely important matter, and we urge you to read the following with care. If you have any questions about this Policy, including its application to any proposed transaction, you may obtain additional guidance from the Compliance Officer. Do not try to resolve uncertainties on your own, as the rules relating to insider trading are often complex, not always intuitive and carry severe consequences.

The Compliance Officer may be contacted at [\*\*\*] for questions or to report concerns.

**Section 1: Trading Restrictions and Guidelines**

Section 1 of this Policy applies to all of the directors, officers, employees, consultants, and contractors of the Company and its subsidiaries. Section 1 of this Policy also applies to such persons' Family Members, household members and Controlled Entities. All references to you with regard to all trading restrictions in this Policy also apply to your Family Members, household members and Controlled Entities.

A. General Policy—Prohibition Against Trading On or Tipping Material Nonpublic Information

While in the possession of material nonpublic information relating to Kindly MD, Inc., you (and any of your Immediate Family Members) may not directly or indirectly through family members or other persons or entities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purchase or sell, or offer to purchase or sell, any Company security, whether or not issued by the Company, except as otherwise specified in this Policy under the heading "Certain Exceptions to the Trading Restrictions in this Policy."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recommend the purchase or sale of any Company securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicate material nonpublic information concerning Kindly MD, Inc. to any other person (including relatives, friends, or business associates), except to the extent necessary to perform authorized work for Kindly MD, Inc. or as required or specifically permitted by law or legal process. Nor should such information be discussed with any person within Kindly MD, Inc. under circumstances where it could be overheard. Written information should be appropriately safeguarded and should not be left where it may be seen by persons not entitled to the information.

In addition, if, in the course of employment with the Company or the performance of services on the Company's behalf, you learn material nonpublic information about another company with which the Company proposes to, or does, business, including a vendor, customer or supplier of the Company, you may not (i) trade in that company's securities until the information becomes public or is no longer material, or (ii) communicate that information or make any recommendation relating to the buying or selling of securities of such company to any other person, including family and friends, business associates, or in any consulting capacity.

There are no exceptions to this Policy, except as specifically noted herein. Transactions that may be necessary or justifiable for independent reasons (such as the need to raise money for an emergency expenditure), or small transactions, are not excepted from this Policy. The securities laws do not recognize any mitigating circumstances, and, in any event, even the appearance of an improper transaction must be avoided to preserve the Company's reputation for adhering to the highest standards of conduct. This means that you may have to forgo a proposed transaction in the Company's or another company's securities even if you planned to make the transaction before learning the material nonpublic information and even though you believe that waiting may cause you to suffer an economic loss or not realize anticipated profit.

This Policy continues to apply to transactions in Company securities even after termination of service to Kindly MD, Inc. If an individual is in possession of material nonpublic information when his, her, or their service terminates, that individual may not trade in Company securities until that information has become public or is no longer material. Unless notified otherwise by the Company, persons who leave during a blackout period will continue to be subject to such blackout period after termination of service to Kindly MD, Inc. The preclearance procedures specified in Section 2 will cease to apply to transactions in Company securities upon the expiration of any blackout period or other Company-imposed trading restrictions applicable at the time of the termination of service.

B. Definitions

**Material Information**. Material information is any information that a reasonable investor would consider important in determining whether to buy, sell or hold securities. Positive or negative information may be material to investors. A determination as to whether information is material depends on all of the related facts and circumstances. Material information is not limited to historical facts but may also include projections and forecasts. Materiality is based on an assessment of all the facts and circumstances and is often evaluated by courts and enforcement authorities with the benefit of hindsight.

Information that you should consider material includes, but is not limited to:

● earnings information and quarterly results;

● financial forecasts, including earnings estimates;

● changes in previously released forecasts;

● significant merger, acquisition or divestiture proposals or agreements;

● changes in auditors;

● significant changes in the Company's prospects;

● significant or unusual borrowing or liquidity issues;

● equity or debt offerings;

● purchases or redemptions of securities;

● change in management or the Company's board of directors;

● significant related party transactions;

● pending or threatened significant litigation, or the resolution of such litigation; and

● significant cybersecurity incidents.

**Nonpublic Information**. Information that has not been disclosed to the public is generally considered to be nonpublic information. Information is considered to be public when it has been released in a manner that is reasonably designed to provide broad, non-exclusionary distribution (e.g., by means of a press release or an SEC filing) and after enough time has elapsed to permit the investment market to absorb and evaluate the information. As a general rule, information should not be considered fully absorbed by the market until after the second business day after the day on which the information is released. Note that the information disseminated must be some form of "official" announcement. In other words, the fact that rumors, speculation, or statements attributed to unidentified sources are public is insufficient to be considered broadly distributed even when the information is accurate.

**Officer**. Officer means the individuals classified by the Company as officers for purposes of SEC rules under Section 16 of the Securities Exchange Act of 1934, as amended (the "***Exchange Act***").

C. Blackout Periods for Any or All Personnel.

The Compliance Officer may issue instructions from time to time advising some or all personnel that they may not engage in transactions in Company securities for certain periods, or that our securities may not be traded without prior approval. Due to the confidential nature of the events that may trigger these sorts of blackout periods, the Compliance Officer may find it necessary to inform affected individuals of a blackout period without disclosing the reason.

D. Certain Exceptions to the Trading Restrictions in this Policy

The trading restrictions in this Policy (including those set forth in Section 2) do not apply in the case of the following transactions, except as specifically noted:

● 401(k) Plans. Investing 401(k) plan contributions in a Company stock fund in accordance with the terms of the Company's 401(k) plan is permitted. However, any changes in an employee's investment election regarding the Company's stock is subject to trading restrictions under this Policy.

● ESPP. Purchasing Company stock through periodic, automatic payroll contributions to the Company's employee stock purchase plan ("  ***ESPP*** "), should any such plan exist, is permitted. However, electing to enroll in the ESPP, making any changes in elections under the ESPP, and selling any Company stock acquired under the ESPP are subject to trading restrictions under this Policy.

● Exercise of Stock Options. The trading restrictions in this Policy do not apply to the exercise of an employee stock option acquired pursuant to the Company's equity plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements provided, however, that if you are subject to the pre-clearance procedures discussed in Section 2.B below, you must obtain preclearance prior to any exercise of stock options. The trading restrictions in this Policy *do* apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. For the sake of clarity, any sale of Company stock issued on exercise is not exempted nor are other discretionary transactions.

● Vesting of Restricted Stock Awards and Restricted Stock Unit Awards. The trading restrictions in this Policy do not apply to the vesting of restricted stock or restricted stock units, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock or restricted stock unit. The trading restrictions in this Policy *do* apply, however, to any market sale of restricted stock and shares of stock received upon the vesting of restricted stock units.

● Rule 10b5-1 Trading Plan. The trading restrictions in this Policy do not apply to purchases or sales of the Company's securities pursuant to a pre-approved Rule 10b5-1 trading program (a "  ***Rule 10b5-1 Plan*** "). Implementation of a Rule 10b5-1 Plan under the Exchange Act provides an affirmative defense (which must be proven) from insider trading liability under Rule 10b-5. A Rule 10b5-1 Plan must be entered into at a time when the person entering into the plan is not aware of material non-public information. Once the plan is adopted, the person must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade. The plan must either specify the amount, pricing and timing of transactions in advance or delegate discretion on these matters to an independent third party. Entry into a Rule 10b5-1Plan must comply with the requirements set forth in "Rule 10b5-1 Plans" below.

E. Rule 10b5-1 Plans

Entry into a Rule 10b5-1 Plan requires the prior written approval of the Compliance Officer (which approval may include an e-mail confirmation). Any Rule 10b5-1 Plan must be submitted for approval five days prior to the entry into the Rule 10b5-1 Plan. All preclearance submissions should be e-mailed to the Compliance Officer at [\*\*\*]. No further pre-approval of transactions conducted pursuant to the Rule 10b5-1 Plan will be required. You may not adopt a Rule 10b5-1 Plan at a time when you are aware of material nonpublic information. In addition, you may not adopt a Rule 10b5-1 Plan when you are subject to a blackout period pursuant Section 1.C above and, if you are subject to Section 2 below, you may not adopt a Rule 10b5-1 Plan during any Quarterly Blackout Period or Event-Specific Blackout Period. The following requirements apply to all Rule 10b5-1 Plans:

● directors and Officers may not commence sales under a Rule 10b5-1 plan until the later of (i) 90 days following the date of adoption or modification of such plan; or (ii) two business days following the disclosure of the Company's financial results in a Form 10-K or Form 10-Q relating to the fiscal quarter in which the Rule 10b5-1 plan was adopted or modified (but not to exceed 120 days following plan adoption or modification);

● all persons other than directors and Officers, may not commence sales under a Rule 10b5- 1 plan until 30 days following the date of adoption or modification of such plan;

● directors and Officers must provide a representation in the Rule 10b5-1 plan certifying that, on the date of adoption or modification of the plan, they (i) are not aware of material nonpublic information about the Company or its securities; and (ii) are adopting or modifying the plan in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5;

● subject to the limited exceptions set forth in Rule 10b5-1, you may not maintain multiple, overlapping plans;

● subject to the limited exceptions set forth in Rule 10b5-1, you can utilize only one single- trade plan (i.e. a plan designed to effect only a single transaction) during any 12 month period; and

● you must act in good faith with respect to the Rule 10b5-1 plan, not just in connection with entering into the plan.

The Company may impose additional restrictions on Rule 10b5-1 Plans, including without limitation:

● requiring that all plans be managed by an administrator selected by the Company;

● restrictions on termination or modification of plans;

● prohibition on entry into new plans for extended periods following termination of an existing plan; and

● prescribed periods during which persons may enter into plans.

Modification or termination of Rule 10b5-1 Plans are generally discouraged absent compelling circumstances. Any modification to any Rule 10b5-1 Plan is treated as the entry into a new plan and must comply with all of the above requirements.

To address the lack of transparency under current rules around the use of Rule 10b5-1 plans, the SEC adopted Item 408(a) of Regulation S-K and corresponding amendments to Forms 10-Q and 10-K to require quarterly disclosure of:

● Whether a director or officer adopted or terminated: (a) any contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the Rule 10b5-1(c) affirmative defense; and/or (b) any written trading arrangement for the purchase or sale of securities of the registrant that constitutes a non-Rule 10b5-1(c) trading arrangement under Item 408(c).

● A description of the material terms of the trading arrangement, other than terms with respect to price, such as: (a) the name and title of the director or officer; (b) the date of adoption or termination of trading arrangement; (c) the duration of the trading arrangement; and (d) the aggregate number of securities to be sold or purchased under the trading arrangement.

Item 408(c) defines what constitutes a non-Rule 10b5-1 trading arrangement for directors and officers. The Compliance Officer will be able to assist the Company with collecting the information needed for this new disclosure.

F. Violations of Insider Trading Laws

Penalties for trading on or communicating material non-public information can be severe, both for individuals involved in such unlawful conduct and their employers and supervisors, and may include jail terms, criminal fines, civil penalties and civil enforcement injunctions. Given the severity of the potential penalties, compliance with this Policy is absolutely mandatory. Individuals charged with Insider Trading may be prohibited from serving as directors or officers of the Company or any other public company. Keep in mind that there are no limits on the size of a transaction that will trigger insider trading liability; relatively small trades have in the past occasioned SEC investigations and lawsuits.

Legal Penalties. A person who violates insider trading laws by engaging in transactions in a company's securities when he, she, or they has material nonpublic information can be sentenced to a substantial jail term and required to pay a penalty of several times the amount of profits gained or losses avoided. In addition, a person who tips others may also be liable for transactions by the tippees to whom he, she, or they has disclosed material nonpublic information. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large penalties even when the tipper did not profit from the transaction. The SEC can also seek substantial penalties from any person who, at the time of an insider trading violation, "directly or indirectly controlled the person who committed such violation," which would apply to the Company and/or management and supervisory personnel.

Company-imposed Penalties. An individual who violates this Policy may be subject to disciplinary action by the Company, including dismissal or removal for cause.

G. Additional Guidelines

The Company considers it improper and inappropriate for those employed by or associated with the Company to engage in short-term or speculative transactions in the Company's securities or in other transactions in the Company's securities that may lead to inadvertent violations of the insider trading laws. It therefore is the Company's policy that any persons covered by this Policy may not engage in any of the following transactions (even if they do not possess material nonpublic information):

Short-term trading: Company insiders who purchase Company securities may not sell any Company securities of the same class for at least six months after the purchase unless such sale involves a non-discretionary transaction pursuant to:

● a tax-conditioned plan, such as a 401(k) plan,

● a qualified profit-sharing plan

● a Section 423 employee stock purchase plan, or

● a transaction approved by the Company's board of directors or a committee consisting of two or more non-employee directors.

Short Sales. You may not engage in short sales of the Company's securities (sales of securities that are not then owned), including a "sale against the box" (a sale with delayed delivery). Short sales of Company securities may evidence an expectation on the part of the seller that the securities will decline in value, and therefore have the potential to signal to the market that the seller lacks confidence in the Company's prospects. In addition, short sales may reduce a seller's incentive to seek to improve the Company's performance. For these reasons, short sales of Company securities are prohibited.

Publicly Traded Options. You may not engage in transactions in publicly traded options related to the Company's securities, such as puts, calls and other derivative securities, on an exchange or in any other organized market. Given the relatively short term of publicly traded options, transactions in options related to the Company's securities may create the appearance that you are trading based on material non-public information and focus your attention on short-term performance at the expense of the Company's long-term objectives. Accordingly, transactions in publicly traded options related to the Company's securities on an exchange or in any other organized market are prohibited by this Policy.

Hedging Transactions. Hedging or monetization transactions can be accomplished through a number of possible mechanisms, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars and exchange funds. Such hedging transactions may permit you to continue to own Company securities obtained through employee benefit plans or otherwise, but without the full risks and rewards of ownership. When that occurs, you may no longer have the same objectives as the Company's other stockholders. Therefore, you are prohibited from engaging in any such transactions.

Margin Accounts and Pledges. Securities held in a margin account or pledged as collateral for a loan may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the loan. A margin or foreclosure sale that occurs when you are aware of material nonpublic information may, under some circumstances, result in unlawful insider trading. Therefore, you are prohibited from holding Company securities in margin accounts or pledging Company securities as collateral for a loan.

**Section 2: Additional Restrictions Applicable to Directors, Officers and Designated Employees**

Section 2 of this Policy imposes additional restrictions and applies to all directors and Officers of the Company and the employees described in Appendix A hereto ("***Designated Employees***"). This section of the Policy also applies to such persons' Family Members, household members and Controlled Entities.

A. Trading Window Periods

Trading Window. Covered Persons are permitted to trade in the Company's securities when no blackout period is in effect. However, even during trading windows, a Covered Person who is in possession of any material nonpublic information should not trade in the Company's securities until the information has been made publicly available or is no longer material.

Quarterly Blackout Periods. You cannot engage in transactions in Company securities during a blackout period. Kindly MD, Inc. has established four routine quarterly blackout periods ("***Quarterly Blackout Periods***"). Each Quarterly Blackout Period begins at the close of trading on the 15<sup>th</sup> day of the final month of each fiscal quarter (i.e. March 15th, June 15th, September 15th, and December 15th) and ends on the commencement of trading on Nasdaq on the third trading day following the day on which Kindly MD, Inc. makes a public news release of its quarterly or annual earnings for the prior fiscal quarter or fiscal year, as the case may be.

Under certain very limited circumstances, a person subject to this restriction may be permitted to trade during a Quarterly Blackout Period, but only if the Compliance Officer concludes that the person does not in fact possess material nonpublic information. Persons wishing to trade during a Quarterly Blackout Period must contact the Compliance Officer for approval at least two business days in advance of any proposed transaction involving Company securities. Such request may be granted in the sole discretion of the Compliance Officer. Exceptions to the Quarterly Blackout Periods are granted infrequently and only in exceptional circumstances. All exception requests should be e-mailed to the Compliance Officer at [\*\*\*].

Event-Specific Blackout Periods. As described in Section 1(B) above, from time to time, an event may occur that is material to the Company (such as negotiation of mergers, acquisitions or dispositions, investigation and assessment of cybersecurity incidents or new product developments) and is known by only a few directors, officers and/or employees. So long as the event remains material and nonpublic, persons designated by the Compliance Officer may not engage in transactions in Company securities. The existence of an event-specific trading restriction period will not be announced to the Company as a whole and should not be communicated to any other person. If the Company declares an event-specific trading restriction period to which you are subject, the Compliance Officer will notify you when the restricted period begins and ends. Even if the Compliance Officer has not designated you as a person who should not trade due to an event- specific restriction, you should not trade while aware of material nonpublic information. Exceptions will not be granted during an event-specific trading restriction period.

B. Preclearance

Kindly MD, Inc. requires that all Directors, Officers and Designated Employees, as well as their respective Family Members, household members and Controlled Entities, obtain prior written approval from the Compliance Officer (which approval may include an e-mail confirmation) before engaging in any transaction in Company securities. A request for pre-clearance should be submitted to the Compliance Officer at least two business days in advance of the proposed transaction. The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance, and may determine not to permit the transaction. If a person seeks preclearance and permission to engage in the transaction is denied, then he, she, or they should refrain from initiating any transaction in Company securities, and should not inform any other person of the restriction. If approved, the transaction must be completed within five business days, but in no event after the commencement of a blackout period. If the transaction does not occur during the five business day period, pre-clearance of the transaction must be re-requested. A form of "Request for Approval" is attached as Appendix B hereto and should be used to request approval hereunder, unless otherwise notified by the Compliance Officer. All pre-clearance requests should be e-mailed to the Compliance Officer at [\*\*\*].

The Compliance Officer's approval of a transaction submitted for preclearance does not constitute legal advice, does not constitute confirmation that you do not possess material non- public information and does not relieve you of any of your legal obligations.

The Compliance Officer himself, herself, or themself may not trade in Company securities unless the Company's Chief Executive Officer has pre-cleared such transaction.

C. Exceptions

The trading restrictions imposed by the Quarterly Blackout Periods and Event-Specific Blackout Periods do not apply to the exempt transactions described in Section 1(D) above.

**Section 3: Additional Requirements Applicable to Directors and Officers**

Directors and Officers of the Company (the "***Section 16 Insiders***") are also subject to the reporting and short-swing profit rules under Section 16 of the Exchange Act.

A. Reporting Requirements

Section 16(a) requires the directors and Officers of the Company to file reports with the SEC that identify their beneficial ownership of the Company's equity securities and any transactions they make in those securities. A Form 3 must be filed no later than the 10th calendar day after an individual becomes a director or Officer of the Company, and any subsequent change in beneficial ownership by a Section 16 Insider must, unless exempt from reporting or eligible for deferred reporting, be reported on a Form 4 filed within two business days. These reports must be filed with the SEC via EDGAR and are therefore immediately publicly available upon filing. Section 16(a) imposes the obligation to file ownership reports with the SEC on the individual insiders, not on the Company. However, the Company must disclose any delinquent Section 16 filers in its annual proxy statement and identify the trading information that was not properly filed. While it is not the Company's obligation to do so, it is the Company's practice to assist each of its Section 16 Insiders in filing their Section 16(a) reports. In order to facilitate timely compliance, a Section 16 Insider (or his, her, or their broker) must immediately report (No later than the same day such Section 16 Insider engages in the transaction) detailed trade information, in writing, to the Compliance Officer for all transactions made in Company securities by such insider, any family members, household members and entities that such insider controls. Although it is the individual responsibility and legal obligation of each director and Officer to comply with the reporting requirements described herein, the Compliance Officer will, upon being advised of a transaction, endeavor to prepare and, pursuant to a power of attorney, timely file Section 16(a) reports on behalf of each Section 16 Insider. A power of attorney (the "***POA***") that authorizes Company personnel to prepare, complete and file Section 16(a) reports, and otherwise act on a Section 16 Insider's behalf regarding Section 16(a) reports, is attached hereto as Appendix C. Section 16 Insiders who would like the Company to assist them with their Section 16(a) reports should sign the POA and return it to the Company's General Counsel and Chief Financial Officer.

In addition to the disclosure requirements imposed by Section 16 of the Exchange Act, directors and Officers of the Company are required to file a Form 144 before making an open market sale of Kindly MD, Inc. securities. Form 144 notifies the SEC of your intent to sell Kindly MD, Inc. securities. This form is generally prepared and filed by your broker.

B. Short-Swing Profit Rules

Section 16(b) provides for the recovery of "short-swing" profits from a Section 16 Insider resulting from certain transactions in Company securities "beneficially owned" by them. Specifically, a Section 16 Insider is required by law to turn over to the Company any "profit" realized upon a purchase followed by a sale, or a sale followed by a purchase, of any equity security of the Company that is beneficially owned by him, her, or them and made within a period of less than six months. A profit may result even if the purchase and sale involve different types of equity securities. Moreover, any sale or purchase may be matched with any purchase or sale within the period such that there may be recoverable "profit" even if there has been No economic benefit to the individual in question. The good faith of a director or Officer is irrelevant to whether recovery is required under Section 16.

Transactions in the Company's securities by persons related to a Section 16 Insider (e.g., spouse, children, grandchildren and in-laws), or by entities in which he, she, or they may have an indirect interest (e.g., partnerships, corporations and trusts) may be attributed to the Section 16 Insider. Accordingly, such related persons or entities should be advised not to engage in trades within six months of trades engaged in by the Section 16 Insider, or engaged in by each other, without considering the implications of the short-swing profit rules.

Approved and adopted by the Company's Board of Directors: August 14, 2025

**DESIGNATED EMPLOYEES**

Our current Designated Employees for purposes of our Insider Trading Policy are on file with the Compliance Officer. The Compliance Officer may alter the list of Designated Employees at any time, in which case the Compliance Officer will provide written notice to any individuals added or removed from such list.

All Covered Persons are required to sign the attached acknowledgment and certification.

**ACKNOWLEDGMENT AND CERTIFICATION**

The undersigned does hereby acknowledge receipt of Kindly MD, Inc.'s Insider Trading Policy. The undersigned has read and understands such Policy and agrees to be governed by such Policy at all times in connection with the purchase and sale of securities and the confidentiality of nonpublic information.

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| (Signature) |
| (Please print name) |

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Date:____________________

**APPENDICES**

Appendix A List of Covered Persons

Appendix B Request for Approval

Appendix C Power of Attorney

## Exhibit 99.1

**Exhibit 99.1**

**KindlyMD Completes Merger with Nakamoto to Establish Bitcoin Treasury** 

*David Bailey to Lead Combined Company as CEO, Alongside Best-in-Class Management Team*

 

*Announces Six New Members to Board of Directors*

 

*Raised $540 Million in Gross Proceeds Through the PIPE Financing to Fund Bitcoin Purchases*

**Salt Lake City, Utah – August 14, 2025 –** KindlyMD, Inc. (NASDAQ: NAKA) ("KindlyMD" or the "Company"), together with Nakamoto Holdings Inc. ("Nakamoto"), a Bitcoin-native holding company, today announced the consummation of their previously announced merger. The combined company will retain the KindlyMD name and will continue to trade on the Nasdaq Capital Market under the ticker symbol "NAKA". Nakamoto is now a wholly-owned subsidiary of KindlyMD and the Company will operate the Bitcoin financial services line of business under the Nakamoto brand.

"Our vision is for the world's capital markets to operate on a Bitcoin standard. Today's merger represents the beginning of that journey for our company," said David Bailey, CEO of the combined company. "Since I started my journey in Bitcoin 13 years ago, I've always believed Bitcoin would become the most valuable asset in human history, held by every person, company, and government. The securitization of Bitcoin has shown us how institutions will adopt it. We intend to drive that forward. The merger sets the stage for the next chapter of growth, and we look forward to driving value for our shareholders and advancing Bitcoin adoption globally."

"We are thrilled to officially close our merger with Nakamoto. We've built KindlyMD on operational and innovative excellence, and we are now extending that same principle to our capital strategy," said Tim Pickett, the former Chief Executive Officer and newly appointed Chief Medical Officer of KindlyMD. "Bitcoin gives us the ability to preserve value with the same integrity we apply to delivering care. We look forward to advancing our mission of acquiring Bitcoin at scale and driving sustained value for our shareholders."

**Transaction Overview**

The transaction generated approximately $540 million of gross proceeds from the private placement in public equity ("PIPE Financing"). The PIPE Financing closed concurrently with the merger. The proceeds will be used to fund the purchase of Bitcoin and for general corporate purposes. The Company expects to close the previously announced $200 million convertible note offering tomorrow.

**<br> New Leadership Team and Board of Directors**

Mr. Bailey will serve as the CEO and Chairman of the Company's Board of Directors (the "Board"). Mr. Pickett will continue to manage KindlyMD's healthcare operations as Chief Medical Officer and also serve as a director of the combined company. Other new members of the leadership team include Amanda Fabiano, Chief Operating Officer, Tyler Evans, Chief Investment Officer, and Andrew Creighton, Chief Commercial Officer. Jared Barrera will remain as KindlyMD's Chief Financial Officer.

Alongside Mr. Bailey and Mr. Pickett, the following independent directors have been named to the board:

● **Charles Blackburn:** Mr. Blackburn is a seasoned business development executive, investor, and growth strategist with expertise in accounting, technology, healthcare, and digital assets. Mr. Blackburn most recently served as Director of Business Development at Cherry Bekaert, a top 20 national accounting and advisory firm.

● **Perianne Boring**: As the Founder and Chair of the Digital Chamber, Ms. Boring has spent more than eleven years advocating for Bitcoin and blockchain technology in public policy. In addition to her policy work, Ms. Boring is a partner at Off the Chain Capital, a value-driven investment fund focused on digital assets.

● **Eric Weiss:** Mr. Weiss is the Founder and Chief Investment Officer of Bitcoin Investment Group LP (BIG). He also currently serves on the Board of Directors of Core Scientific, Murano, & Oranje BTC. In December 2013, he made his first investment in Bitcoin and played a pivotal role in educating Michael Saylor on the asset, ultimately influencing Mr. Saylor's embrace of Bitcoin.

● **Greg Xethalis**: Mr. Xethalis is General Counsel of and a partner at Multicoin Capital Management LLC. Prior to joining Multicoin in 2021, Mr. Xethalis was a partner in the Investment Management and FinTech practices at Chapman and Cutler LLP. He has 12 years of experience as a corporate and regulatory attorney counseling clients on Bitcoin and blockchain matters and is a regular speaker on legal and policy matters.

● **Mark Yusko:** Mr. Yusko is the Founder, CEO and Chief Investment Officer of Morgan Creek Capital Management, which was founded in 2004 and currently manages approximately $1.5 billion in discretionary and non-discretionary assets. In 2018, Mr. Yusko founded Morgan Creek Digital Assets, an early-stage investor in blockchain technology, digital currency and digital assets.

**Business Outlook**

The Company seeks to use Nakamoto to build a premier institutional-grade Bitcoin treasury vehicle, combining visionary strategy with disciplined execution and an unwavering commitment to advancing Bitcoin adoption in global capital markets. The Company's mission is to add one million Bitcoin to the Nakamoto treasury and make Bitcoin more accessible to investors. Nakamoto intends to build a full suite of products and services to facilitate institutional adoption of Bitcoin at the corporate and government levels.

By leveraging innovative corporate finance strategies, Nakamoto aims to accelerate and simplify Bitcoin's integration into global capital markets. The company's long-term objective is to establish itself as a leading public market platform for Bitcoin treasury management, shaping the future of corporate treasury strategy worldwide.

**Advisors**

Cohen & Company Capital Markets ("CCM"), a division of Cohen & Company Securities, LLC served as lead financial advisor to Nakamoto and placement agent for the PIPE Financing. 10X Capital ("10X"), through its affiliated broker-dealer, also served as a financial advisor and placement agent.

Reed Smith LLP acted as legal advisor to Nakamoto and Brunson Chandler & Jones, PLLC acted as legal advisor to KindlyMD.

**About KindlyMD**

KindlyMD® is a patient-first healthcare company integrating traditional primary care, pain management, behavioral health, and alternative therapies to provide comprehensive, whole-person care. In August 2025, KindlyMD completed its merger with Nakamoto Holdings, a Bitcoin-native holding company, to establish a publicly traded Bitcoin treasury vehicle. This strategic combination unites KindlyMD's healthcare expertise with Nakamoto's vision of integrating Bitcoin into global capital markets, creating a diversified entity focused on both healthcare innovation and Bitcoin treasury management.

For more information, please visit www.kindlymd.com.

**Forward-Looking Statements**

All statements, other than statements of historical fact, included in this press release that address activities, events or developments that that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, as defined under U.S. federal securities laws, related to KindlyMD. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include statements about our future operations, business strategies, plans, objectives, expectations, intentions, goals, projections, prospects, future events, or performance, as well as underlying assumptions. These statements—covering matters such as expectations, plans, strategic outlooks, financial projections, market conditions, regulatory environments, Bitcoin-related strategies, Bitcoin treasury management activities, and KindlyMD's anticipated holding of Bitcoin as part of its corporate treasury are inherently uncertain and involve numerous assumptions and risks.

Forward-looking terms used may include, but are not limited to, "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "future," "build," "focus," "continue," "strive," "allow," "seek," "aim," "target," or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements and similar expressions. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, descriptions of KindlyMD and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, including the purchase, custody, and potential sale or other use of Bitcoin, synergies, opportunities and anticipated future performance, including the management team and board of directors of KindlyMD. These statements may also relate to broader macroeconomic trends, industry developments, technology adoption, competitive positioning, market expansion, product launches, research and development efforts, acquisitions or dispositions, legal or regulatory developments, and other initiatives that could affect our future business performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include risks relating to Bitcoin market volatility, cybersecurity and custody of digital assets, potential changes in laws or accounting standards relating to cryptocurrency, and regulatory developments affecting Bitcoin or other digital assets, as well as the risk that changes in KindlyMD's capital structure and governance could have adverse effects on the market value of its securities; the ability of KindlyMD to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on KindlyMD operating results and business generally; the risk that KindlyMD may be unable to reduce expenses or access financing or liquidity; the impact of any related economic downturn; the risk of changes in governmental regulations or enforcement practices; adverse impacts from geopolitical events, health crises, supply chain disruptions, changes to laws or accounting standards, cybersecurity threats or data breaches, intellectual property disputes, competitive pressures, or changes in consumer behavior; and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond KindlyMD's control, including those detailed in KindlyMD's Annual Reports on Form 10-K, Quarterly Reports on Form 10- Q, Current Reports on Form 8-K, and such other documents of KindlyMD filed, or to be filed, with the SEC that are or will be available on KindlyMD's website at www.kindlymd.com and on the website of the SEC at www.sec.gov. All forward-looking statements are based on assumptions that KindlyMD believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and KindlyMD does not undertake any obligation to correct or update any forward-looking statement, 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 these forward-looking statements, which speak only as of the date hereof. Nothing contained herein constitutes an offer to buy or sell securities of Kindly MD or any other party, nor does it constitute a solicitation of any proxy or vote.

**Contacts**

**Media**<br> Carissa Felger / Sam Cohen<br> Gasthalter & Co.<br> Phone: (212) 257-4170<br> Email: Nakamoto@gasthalter.com

**Investors**<br> Valter Pinto, Managing Director<br> KCSA Strategic Communications<br> Phone: (212) 896-1254<br> Email: KindlyMD@KCSA.com

## Exhibit 99.2

**Exhibit 99.2**

**KindlyMD Announces Uplisting to the Nasdaq Global Market**

Salt Lake City, UTAH – August 15, 2025 – KindlyMD, Inc. (NASDAQ: NAKA) ("KindlyMD" or the "Company"), a provider of integrated healthcare services and institutional-grade Bitcoin treasury vehicle, today announced its common stock shares have been approved for listing to The Nasdaq Global Market. Trading on the exchange will commence today under KindlyMD's current ticker symbol, "NAKA." KindlyMD was previously listed on The Nasdaq Capital Market.

"The listing of our stock on the Nasdaq Global Market is a significant milestone for KindlyMD that drives meaningful benefits for our shareholders, including enhanced visibility within the investment community, increased liquidity of our stock, and expanded awareness of our company among a global shareholder base," said David Bailey, Chief Executive Officer and Chairman of KindlyMD. "We look forward to bringing our visionary strategy, disciplined execution, and unwavering commitment to advancing global Bitcoin adoption to the greatest exchange in the world."

**About KindlyMD**

KindlyMD® is a patient-first healthcare company integrating traditional primary care, pain management, behavioral health, and alternative therapies to provide comprehensive, whole-person care. In August 2025, KindlyMD completed its merger with Nakamoto Holdings Inc., a Bitcoin-native holding company, to establish a publicly traded Bitcoin treasury vehicle. This strategic combination unites KindlyMD's healthcare expertise with Nakamoto's vision of integrating Bitcoin into global capital markets, creating a diversified entity focused on both healthcare innovation and Bitcoin treasury management.

For more information, please visit www.kindlymd.com.

**Forward-Looking Statements**

All statements, other than statements of historical fact, included in this press release that address activities, events or developments that that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, as defined under U.S. federal securities laws, related to KindlyMD. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include statements about our future operations, business strategies, plans, objectives, expectations, intentions, goals, projections, prospects, future events, or performance, as well as underlying assumptions. These statements-covering matters such as expectations, plans, strategic outlooks, financial projections, market conditions, regulatory environments, Bitcoin-related strategies, Bitcoin treasury management activities, and KindlyMD's anticipated holding of Bitcoin as part of its corporate treasury are inherently uncertain and involve numerous assumptions and risks.

Forward-looking terms used may include, but are not limited to, "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "future," "build," "focus," "continue," "strive," "allow," "seek," "aim," "target," or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements and similar expressions. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, descriptions of KindlyMD and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, including the purchase, custody, and potential sale or other use of Bitcoin, synergies, opportunities and anticipated future performance, including the management team and board of directors of KindlyMD. These statements may also relate to broader macroeconomic trends, industry developments, technology adoption, competitive positioning, market expansion, product launches, research and development efforts, acquisitions or dispositions, legal or regulatory developments, and other initiatives that could affect our future business performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include risks relating to Bitcoin market volatility, cybersecurity and custody of digital assets, potential changes in laws or accounting standards relating to cryptocurrency, and regulatory developments affecting Bitcoin or other digital assets, as well as the risk that changes in KindlyMD's capital structure and governance could have adverse effects on the market value of its securities; the ability of KindlyMD to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on KindlyMD operating results and business generally; the risk that KindlyMD may be unable to reduce expenses or access financing or liquidity; the impact of any related economic downturn; the risk of changes in governmental regulations or enforcement practices; adverse impacts from geopolitical events, health crises, supply chain disruptions, changes to laws or accounting standards, cybersecurity threats or data breaches, intellectual property disputes, competitive pressures, or changes in consumer behavior; and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond KindlyMD's control, including those detailed in KindlyMD's Annual Reports on Form 10-K, Quarterly Reports on Form 10- Q, Current Reports on Form 8-K, and such other documents of KindlyMD filed, or to be filed, with the SEC that are or will be available on KindlyMD's website at www.kindlymd.com and on the website of the SEC at www.sec.gov. All forward-looking statements are based on assumptions that KindlyMD believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and KindlyMD does not undertake any obligation to correct or update any forward-looking statement, 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 these forward-looking statements, which speak only as of the date hereof. Nothing contained herein constitutes an offer to buy or sell securities of KindlyMD or any other party, nor does it constitute a solicitation of any proxy or vote.

**Contacts**

**Media**

Carissa Felger / Sam Cohen<br> Gasthalter & Co.<br> Phone: (212) 257-4170<br> Email: Nakamoto@gasthalter.com

**Investors**

Valter Pinto, Managing Director<br> KCSA Strategic Communications<br> Phone: (212) 896-1254<br> Email: KindlyMD@KCSA.com

## Exhibit 99.3

**Exhibit 99.3**

**Risks Related to Our Bitcoin Strategy and Holdings**

 ****

***Our bitcoin strategy exposes us to various risks, including risks associated with bitcoin.***

Our bitcoin strategy exposes us to various risks, including the following:

 

*Bitcoin is a highly volatile asset.* Bitcoin is a highly volatile asset that has traded below $50,000 per bitcoin and above $120,000 per bitcoin on the Coinbase exchange (a major U.S.-based crypto exchange) in the 12 months preceding the date of this Current Report on Form 8-K to which this exhibit is filed. The trading price of bitcoin significantly decreased during prior periods, and such declines may occur again in the future.

 

*Bitcoin does not pay interest or dividends.* Bitcoin does not pay interest or other returns and we can only generate cash from our bitcoin holdings if we sell our bitcoin or implement strategies to create income streams or otherwise generate cash by using our bitcoin holdings. Even if we pursue any such strategies, we may be unable to create income streams or otherwise generate cash from our bitcoin holdings, and any such strategies may subject us to additional risks.

 

*Our bitcoin holdings may significantly impact our financial results and the market price of our listed securities.* Our bitcoin holdings may significantly affect our financial results and if we increase our overall holdings of bitcoin in the future, may have an even greater impact on our financial results and the market price of our listed securities.

 

*Our assets will be concentrated in bitcoin.* The vast majority of our assets will be concentrated in our bitcoin holdings. The concentration of our assets in bitcoin may limit our ability to mitigate risk that could otherwise be achieved by holding a more diversified portfolio of treasury assets.

 

*We intend to purchase bitcoin using primarily proceeds from equity and debt financings.* Our ability to achieve the objectives of our bitcoin strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or debt financing on favorable terms or at all, we may not be able to successfully execute on our bitcoin strategy.

 

*Our bitcoin strategy has not been tested over an extended period of time or under different market conditions.* We will implement a bitcoin strategy following the closing of the Merger. We intend to continually examine the risks and rewards of our strategy to acquire and hold bitcoin. This strategy has not been tested over an extended period of time or under different market conditions. For example, although we believe bitcoin, due to its fixed supply, has the potential to serve as a hedge against inflation in the long term, the short-term price of bitcoin has declined in recent periods during which the inflation rate increased. If bitcoin prices were to decrease or our bitcoin strategy otherwise proves unsuccessful, our financial condition, results of operations, and the market price of our listed securities would be materially adversely impacted.

 

*We will be subject to counterparty risks, including in particular risks relating to exchanges where we intend to purchase bitcoin and our custodians.* Although we have implemented or intend to implement various measures that are designed to mitigate our counterparty risks, including purchasing bitcoin through reputable U.S.-based third-party exchanges with industry standard policies and procedures and by storing substantially all of the bitcoin we will own in custody accounts at U.S.-based, institutional-grade custodians and negotiating contractual arrangements intended to establish that our property interest in custodially-held bitcoin is not subject to claims of our custodians' creditors, applicable insolvency law is not fully developed with respect to the holding of digital assets in custodial accounts. If our custodially-held bitcoin were nevertheless considered to be the property of our custodians' estates in the event that any such custodians were to enter bankruptcy, receivership or similar insolvency proceedings, we could be treated as a general unsecured creditor of such custodians, inhibiting our ability to exercise ownership rights with respect to such bitcoin, or delaying or hindering our access to our bitcoin holdings, and this may ultimately result in the loss of the value related to some or all of such bitcoin, which could have a material adverse effect on our financial condition as well as the market price of our listed securities.

 

 

*The broader digital assets industry is subject to counterparty risks, which could adversely impact the adoption rate, price, and use of bitcoin.* A series of recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry have highlighted the counterparty risks applicable to owning and transacting in digital assets. Although these bankruptcies, closures, liquidations and other events have not resulted in any loss or misappropriation of our bitcoin, nor have such events adversely impacted our access to our bitcoin, they have, in the short-term, likely negatively impacted the adoption rate and use of bitcoin. Additional bankruptcies, closures, liquidations, regulatory enforcement actions or other events involving participants in the digital assets industry in the future may further negatively impact the adoption rate, price, and use of bitcoin, limit the availability to us of financing collateralized by bitcoin, or create or expose additional counterparty risks.

The broader digital assets industry, including the technology associated with digital assets, the rate of adoption and development of, and use cases for, digital assets, market perception of digital assets, and the legal, regulatory, and accounting treatment of digital assets are constantly developing and changing, and there may be additional risks in the future that are not possible to predict.

 ****

***This will be the first digital asset treasury strategy for the Company and our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our treasury strategy and Bitcoin holdings.***

We intend to implement our treasury strategy immediately. Because we are only beginning to enact our bitcoin strategy, our historical financial statements do not reflect the potential variability in earnings that we may experience in the future from holding or selling significant amounts of bitcoin. The price of bitcoin has historically been subject to dramatic price fluctuations and is highly volatile.

Additionally, in the future we may expand our operations beyond the legacy KindlyMD medical business operations and the bitcoin treasury strategy to include other income streams and otherwise generate funds using our bitcoin holdings. At this time, we do not have any definitive agreements or plans in place to expand beyond acquiring and holding bitcoin. However, if we do expand such operations, additional risks related to such strategies and business, including counterparty risks, could arise.

 ****

***Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin are likely to influence our financial results and the market price of our listed securities.***

Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin are likely to influence our financial results and the market price of our listed securities. Our financial results and the market price of our listed securities would be adversely affected, and our business and financial condition would be negatively impacted, if the price of bitcoin decreased substantially (as it has in the past), including as a result of:

● decreased user and investor confidence in bitcoin, including due to the various factors described herein;

● investment and trading activities, such as (i) trading activities of highly active retail and institutional users, speculators, miners and investors; (ii) actual or expected significant dispositions of bitcoin by large holders, including the expected liquidation of digital assets associated with entities that have filed for bankruptcy protection and the transfer and sale of bitcoins associated with significant hacks, seizures, or forfeitures; and (iii) actual or perceived manipulation of the spot or derivative markets for bitcoin or spot bitcoin exchange-traded products ("ETPs");

● negative publicity, media or social media coverage, or sentiment due to events in or relating to, or perception of, bitcoin or the broader digital assets industry, for example, (i) public perception that bitcoin can be used as a vehicle to circumvent sanctions, including sanctions imposed on Russia or certain regions related to the ongoing conflict between Russia and Ukraine, or to fund criminal or terrorist activities; (ii) expected or pending civil, criminal, regulatory enforcement or other high profile actions against major participants in the bitcoin ecosystem, including the SEC's enforcement actions against Coinbase, Inc. and Binance Holdings Ltd.; (iii) additional filings for bankruptcy protection or bankruptcy proceedings of major digital asset industry participants, such as the bankruptcy proceeding of FTX Trading and its affiliates; and (iv) the actual or perceived environmental impact of bitcoin and related activities, including environmental concerns raised by private individuals, governmental and non-governmental organizations, and other actors related to the energy resources consumed in the bitcoin mining process;

● changes in consumer preferences and the perceived value or prospects of bitcoin;

● competition from other digital assets that exhibit better speed, security, scalability, or energy efficiency, that feature other more favored characteristics, that are backed by governments, including the U.S. government, or reserves of fiat currencies, or that represent ownership or security interests in physical assets;

● a decrease in the price of other digital assets, including stablecoins, or the crash or unavailability of stablecoins that are used as a medium of exchange for bitcoin purchase and sale transactions, to the extent the decrease in the price of such other digital assets or the unavailability of such stablecoins may cause a decrease in the price of bitcoin or adversely affect investor confidence in digital assets generally;

● developments relating to the bitcoin protocol, including (i) changes to the bitcoin protocol that impact its security, speed, scalability, usability, or value, such as changes to the cryptographic security protocol underpinning the bitcoin blockchain, changes to the maximum number of bitcoin outstanding, changes to the mutability of transactions, changes relating to the size of blockchain blocks, and similar changes, (ii) failures to make upgrades to the bitcoin protocol to adapt to security, technological, legal or other challenges, and (iii) changes to the bitcoin protocol that introduce software bugs, security risks or other elements that adversely affect bitcoin;

● disruptions, failures, unavailability, or interruptions in service of trading venues for bitcoin, such as, for example, the announcement by the digital asset exchange FTX Trading that it would freeze withdrawals and transfers from its accounts and subsequent filing for bankruptcy protection and the SEC enforcement action brought against Binance Holdings Ltd., which initially sought to freeze all of its assets during the pendency of the enforcement action and has since resulted in Binance discontinuing all fiat deposits and withdrawals in the U.S.;

● the filing for bankruptcy protection by, liquidation of, or market concerns about the financial viability of digital asset custodians, trading venues, lending platforms, investment funds, or other digital asset industry participants, such as the filing for bankruptcy protection by digital asset trading venues FTX Trading and BlockFi and digital asset lending platforms Celsius Network and Voyager Digital Holdings in prior years, and the exit of Binance from the U.S. market as part of its settlement with the Department of Justice and other federal regulatory agencies;

● regulatory, legislative, enforcement and judicial actions that adversely affect the price, ownership, transferability, trading volumes, legality or public perception of bitcoin, or that adversely affect the operations of or otherwise prevent digital asset custodians, trading venues, lending platforms or other digital assets industry participants from operating in a manner that allows them to continue to deliver services to the digital assets industry;

● further reductions in mining rewards of bitcoin, including due to block reward halving events, which are events that occur after a specific period of time (the most recent of which occurred in April 2024) that reduce the block reward earned by "miners" who validate bitcoin transactions, or increases in the costs associated with bitcoin mining, including increases in electricity costs and hardware and software used in mining, or new or enhanced regulation or taxation of bitcoin mining, which could further increase the costs associated with bitcoin mining, any of which may cause a decline in support for the bitcoin network;

● transaction congestion and fees associated with processing transactions on the bitcoin network;

● macroeconomic changes, such as changes in the level of interest rates and inflation, fiscal and monetary policies of governments, trade restrictions, and fiat currency devaluations;

● developments in mathematics or technology, including in digital computing, algebraic geometry and quantum computing, that could result in the cryptography used by the bitcoin blockchain becoming insecure or ineffective; and

● changes in national and international economic and political conditions, including, without limitation, federal government policies, trade tariffs and trade disputes, the adverse impacts attributable to the current conflict between Russia and Ukraine and the economic sanctions adopted in response to the conflict, and the broadening of the Israel-Hamas conflict to other countries in the Middle East.

 ****

***Bitcoin and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty.***

Bitcoin and other digital assets are relatively novel and are subject to significant uncertainty, which could adversely impact their price. The application of state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of bitcoin or the ability of individuals or institutions such as us to own or transfer bitcoin.

The U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of bitcoin or the ability of individuals or institutions such as us to own or transfer bitcoin. For example, within the past several years:

● President Trump signed an executive order instructing a working group comprised of representatives from key federal agencies to evaluate measures that can be taken to provide regulatory clarity and certainty built on technology-neutral regulations for individuals and firms involved in digital assets, including through well-defined jurisdictional regulatory boundaries;

● in January 2025, the SEC announced the formation of a "Crypto Task Force," which was created to provide clarity on the application of the federal securities laws to the crypto asset market and to recommend policy measures with respect to digital asset security status, registration and listing of digital asset-based investment vehicles, and digital asset custody, lending and staking;

● the European Union adopted Markets in Crypto Assets Regulation ("MiCA"), a comprehensive digital asset regulatory framework for the issuance and use of digital assets, like bitcoin;

● in June 2023, the SEC filed complaints against Binance Holdings Ltd. and Coinbase, Inc., and their respective affiliated entities, relating to, among other claims, that each party was operating as an unregistered securities exchange, broker, dealer, and clearing agency;

● in November 2023, the SEC filed a complaint against Payward Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken's crypto trading platform was operating as an unregistered securities exchange, broker, dealer, and clearing agency;

● in June 2023, the United Kingdom adopted and implemented the Financial Services and Markets Act 2023 ("FSMA 2023"), which regulates market activities in "cryptoassets;"

● in November 2023, Binance Holdings Ltd. and its then chief executive officer reached a settlement with the U.S. Department of Justice, CFTC, the U.S. Department of Treasury's Office of Foreign Asset Control, and the Financial Crimes Enforcement Network to resolve a multi-year investigation by the agencies and a civil suit brought by the CFTC, pursuant to which Binance Holdings Ltd. agreed to, among other things, pay $4.3 billion in penalties across the four agencies and to discontinue its operations in the United States; and

● in China, the People's Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

In 2025, the SEC dismissed its civil enforcement actions against several major crypto asset trading platforms, including Coinbase, Kraken, and Binance. While these dismissals may signal a shift in regulatory approach or enforcement priorities, there remains significant uncertainty regarding the application of federal securities laws to crypto assets, including bitcoin. Future regulatory actions, changes in interpretation, or new legislation could adversely affect our ability to hold, acquire, or utilize bitcoin and other crypto assets, and could materially impact our business, financial condition, and results of operations.

Furthermore, these types of activities are subject to heightened regulatory scrutiny, and future changes in laws or regulations could restrict our ability to engage in such strategies or impact our ability to recover assets in the event of a counterparty default. If we are unable to recover our bitcoin or funds from a counterparty, or if regulatory changes adversely affect our ability to generate income from our bitcoin holdings, our business, financial condition, and results of operations could be materially and adversely affected.

It is not possible to predict whether, or when, new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other regulators, or whether, or when, any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional laws or authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services to the digital assets industry, or how any new laws or regulations, or changes to existing laws or regulations, might impact the value of digital assets generally and bitcoin specifically. The consequences of any new law or regulation relating to digital assets and digital asset activities could adversely affect the market price of bitcoin, as well as our ability to hold or transact in bitcoin, and in turn adversely affect the market price of our listed securities.

Moreover, the risks of engaging in a bitcoin strategy are relatively novel and have created, and could continue to create, complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general, and the use and acceptance of bitcoin in particular, may also impact the price of bitcoin and is subject to a high degree of uncertainty. The pace of worldwide growth in the adoption and use of bitcoin may depend, for instance, on public familiarity with digital assets, ease of buying, accessing or gaining exposure to bitcoin, institutional demand for bitcoin as an investment asset, the participation of traditional financial institutions in the digital assets industry, consumer demand for bitcoin as a store of value or means of payment, and the availability and popularity of alternatives to bitcoin. Even if growth in bitcoin adoption occurs in the near or medium-term, there is no assurance that bitcoin usage will continue to grow over the long-term.

Because bitcoin has no physical existence beyond the record of transactions on the Bitcoin blockchain, a variety of technical factors related to the Bitcoin blockchain could also impact the price of bitcoin. For example, malicious attacks by miners, inadequate mining fees to incentivize validating of bitcoin transactions, hard "forks" of the Bitcoin blockchain into multiple blockchains, and advances in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Bitcoin blockchain and negatively affect the price of bitcoin. The liquidity of bitcoin may also be reduced and damage to the public perception of bitcoin may occur, if financial institutions were to deny or limit banking services to businesses that hold bitcoin, provide bitcoin-related services or accept bitcoin as payment, which could also decrease the price of bitcoin. Actions by U.S. banking regulators, such as the issuance in February 2023 by Federal banking agencies of the "Interagency Liquidity Risk Statement," which cautioned banks on contagion risks posed by providing services to digital assets customers, and similar actions, have in the past resulted in or contributed to reductions in access to banking services for bitcoin-related customers and service providers, or the willingness of traditional financial institution to participate in markets for digital assets. The liquidity of bitcoin may also be impacted to the extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide services for bitcoin and other digital assets.

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***The availability of spot ETPs for bitcoin and other digital assets may adversely affect the market price of our listed securities.***

Although bitcoin and other digital assets have experienced a surge of investor attention since bitcoin was invented in 2008, until recently investors in the United States had limited means to gain direct exposure to bitcoin through traditional investment channels, and instead generally were only able to hold bitcoin through "hosted" wallets provided by digital asset service providers or through "unhosted" wallets that expose the investor to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity with the processes needed to hold bitcoin directly, as well as the potential reluctance of financial planners and advisers to recommend direct bitcoin holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure to bitcoin through investment vehicles that hold bitcoin and issue shares representing fractional undivided interests in their underlying bitcoin holdings. These vehicles, which were previously offered only to "accredited investors" on a private placement basis, have in the past traded at substantial premiums to net asset value, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure to bitcoin.

On January 10, 2024, the SEC approved the listing and trading of spot bitcoin ETPs, the shares of which can be sold in public offerings and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024, with a trading volume of $4.6 billion on the first trading day. To the extent investors view our common stock as providing exposure to bitcoin, it is possible that the value of our common stock may also have included a premium over the value of our bitcoin due to the prior scarcity of traditional investment vehicles providing investment exposure to bitcoin, and that the value of our common stock may decline due to investors now having a greater range of options to gain exposure to bitcoin and investors choosing to gain such exposure through ETPs rather than our common stock. Additionally, on May 23, 2024, the SEC approved rule changes permitting the listing and trading of spot ETPs that invest in ether, the main crypto asset supporting the Ethereum blockchain. The approved spot ETPs commenced trading directly to the public on July 23, 2024. The listing and trading of spot ETPs for ether offers investors another alternative to gain exposure to digital assets, which could result in a decline in the trading price of bitcoin as well as a decline in the value of our common stock relative to the value of our bitcoin.

Although we are an operating company, and we believe we offer a different value proposition than a bitcoin investment vehicle such as a spot bitcoin ETP, investors may nevertheless view our common stock as an alternative to an investment in an ETP, and choose to purchase shares of a spot bitcoin ETP instead of our common stock. They may do so for a variety of reasons, including if they believe that ETPs offer a "pure play" exposure to bitcoin that is generally not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as ours. Additionally, unlike spot bitcoin ETPs, we (i) do not seek for our shares of common stock to track the value of the underlying bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their shares to the price of the underlying assets they hold through share creation and redemption, (iii) are a Utah corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, and (iv) are not required to provide daily transparency as to our bitcoin holdings or our daily net asset value. Furthermore, recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations with respect to our common stock. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure to bitcoin, such as bitcoin futures exchange-traded funds ("ETFs"), leveraged bitcoin futures ETFs, and similar vehicles offered on international exchanges, any premium or discount in our common stock relative to the value of our bitcoin holdings may increase or decrease in different market conditions.

As a result of the foregoing factors, availability of spot ETPs for bitcoin and other digital assets could have a material adverse effect on the market price of our listed securities.

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***Our bitcoin strategy subjects us to enhanced regulatory oversight.***

As noted above, several spot bitcoin ETPs have received approval from the SEC to list their shares on a U.S. national securities exchange with continuous share creation and redemption at net asset value. Even though we are not, and do not function in the manner of, a spot bitcoin ETP, it is possible that we nevertheless could face regulatory scrutiny from the SEC or other federal or state agencies due to our bitcoin holdings.

In addition, there has been increasing focus on the extent to which digital assets can be used to launder the proceeds of illegal activities, fund criminal or terrorist activities, or circumvent sanctions regimes, including those sanctions imposed in response to the ongoing conflict between Russia and Ukraine. While we have implemented or intend to implement and maintain policies and procedures reasonably designed to promote compliance with applicable anti-money laundering and sanctions laws and regulations and take care to only acquire our bitcoin through entities subject to anti-money laundering regulation and related compliance rules in the United States, if we are found to have purchased any of our bitcoin from bad actors that have used bitcoin to launder money or persons subject to sanctions, we may be subject to regulatory proceedings and any further transactions or dealings in bitcoin by us may be restricted or prohibited.

Although our bitcoin holdings do not currently serve as collateral securing any of our outstanding indebtedness as of the date hereof, we may incur indebtedness or enter into other financial instruments in the future that may be collateralized by our bitcoin holdings. We may also consider pursuing strategies to create income streams or otherwise generate funds using our bitcoin holdings. These types of bitcoin-related transactions are the subject of enhanced regulatory oversight. These and any other bitcoin-related transactions we may enter into, beyond simply acquiring and holding bitcoin, may subject us to additional regulatory compliance requirements and scrutiny, including under Federal and state money services regulations, money transmitter licensing requirements and various commodity and securities laws and regulations.

Additional laws, guidance and policies may be issued by domestic and foreign regulators following the filing for Chapter 11 bankruptcy protection by FTX, one of the world's largest cryptocurrency exchanges, in November 2022. While the financial and regulatory fallout from FTX's collapse did not directly impact our business, financial condition or corporate assets, the FTX collapse may have increased regulatory focus on the digital assets industry. Increased enforcement activity and changes in the regulatory environment, including changing interpretations and the implementation of new or varying regulatory requirements by the government or any new legislation affecting bitcoin, as well as enforcement actions involving or impacting our trading venues, counterparties and custodians, may impose significant costs or significantly limit our ability to hold and transact in bitcoin.

In addition, private actors that are wary of bitcoin or the regulatory concerns associated with bitcoin have in the past taken and may in the future take further actions that may have an adverse effect on our business or the market price of our listed securities.

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***Due to the unregulated nature and lack of transparency surrounding the operations of many bitcoin trading venues, bitcoin trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in bitcoin trading venues and adversely affect the value of our bitcoin.***

Bitcoin trading venues are relatively new and, in many cases, unregulated. Furthermore, there are many bitcoin trading venues which do not provide the public with significant information regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may lose confidence in bitcoin trading venues, including prominent exchanges that handle a significant volume of bitcoin trading and/or are subject to regulatory oversight, in the event one or more bitcoin trading venues cease or pause for a prolonged period the trading of bitcoin or other digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

In 2019 there were reports claiming that 80-95% of bitcoin trading volume on trading venues was false or non-economic in nature, with specific focus on unregulated exchanges located outside of the United States. The SEC also alleged as part of its June 5, 2023 complaint against Binance Holdings Ltd. that Binance committed strategic and targeted "wash trading" through its affiliates to artificially inflate the volume of certain digital assets traded on its exchange. The SEC has also brought recent actions against individuals and digital asset market participants alleging that such persons artificially increased trading volumes in certain digital assets through wash trades, or repeated buying and selling of the same assets in fictitious transactions to manipulate their underlying trading price. Such reports and allegations may indicate that the bitcoin market is significantly smaller than expected and that the United States makes up a significantly larger percentage of the bitcoin market than is commonly understood. Any actual or perceived wash trading in the bitcoin market, and any other fraudulent or manipulative acts and practices, could adversely affect the value of our bitcoin. Negative perception, a lack of stability in the broader bitcoin markets and the closure, temporary shutdown or operational disruption of bitcoin trading venues, lending institutions, institutional investors, institutional miners, custodians, or other major participants in the bitcoin ecosystem, due to fraud, business failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence in bitcoin and the broader bitcoin ecosystem and greater volatility in the price of bitcoin. As the price of our listed securities is affected by the value of our bitcoin holdings, the failure of a major participant in the bitcoin ecosystem could have a material adverse effect on the market price of our listed securities.

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***The concentration of our bitcoin holdings enhances the risks inherent in our bitcoin strategy.***

We have and intend to purchase bitcoin and increase our overall holdings of bitcoin in the future. The intended concentration of our bitcoin holdings limits the risk mitigation that we could achieve if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent in our bitcoin strategy. The price of bitcoin experienced a significant decline in 2022, and any similar future significant declines in the price of bitcoin could have a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse portfolio of assets.

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***The emergence or growth of other digital assets, including those with significant private or public sector backing, could have a negative impact on the price of bitcoin and adversely affect our business.***

As a result of our bitcoin strategy, our assets are concentrated in our bitcoin holdings. Accordingly, the emergence or growth of digital assets other than bitcoin may have a material adverse effect on our financial condition. As of May 2025, bitcoin was the largest digital asset by market capitalization. However, there are numerous alternative digital assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned blockchain platforms or digital assets that do not use proof-of-work mining like the Bitcoin network. For example, in late 2022, the Ethereum network transitioned to a "proof-of-stake" mechanism for validating transactions that requires significantly less computing power than proof-of-work mining. The Ethereum network has completed another major upgrade since then and may undertake additional upgrades in the future. If the mechanisms for validating transactions in Ethereum and other alternative digital assets are perceived as superior to proof-of-work mining, those digital assets could gain market share relative to bitcoin.

Other alternative digital assets that compete with bitcoin in certain ways include "stablecoins," which are designed to maintain a constant price because of, for instance, their issuers' promise to hold high-quality liquid assets (such as U.S. dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. Stablecoins have grown rapidly as an alternative to bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms.

Additionally, central banks in some countries have started to introduce digital forms of legal tender. For example, China's CBDC project was made available to consumers in January 2022, and governments including the United States, the United Kingdom, the European Union, and Israel have been discussing the potential creation of new CBDCs. Whether or not they incorporate blockchain or similar technology, CBDCs, as legal tender in the issuing jurisdiction, could also compete with, or replace, bitcoin and other digital assets as a medium of exchange or store of value. As a result, the emergence or growth of these or other digital assets could cause the market price of bitcoin to decrease, which could have a material adverse effect on our business, prospects, financial condition, and operating results.

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***Our bitcoin holdings are and will be less liquid than our existing cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.***

Historically, the bitcoin market has been characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, relative anonymity, a developing regulatory landscape, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized network. During times of market instability, we may not be able to sell our bitcoin at favorable prices or at all. For example, a number of bitcoin trading venues temporarily halted deposits and withdrawals in 2022, although the Coinbase exchange (a major U.S.-based crypto exchange) has, to date, not done so. As a result, our bitcoin holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. Further, bitcoin we hold with our custodians and transact with our trade execution partners will not enjoy the same protections as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Additionally, we may be unable to enter into term loans or other capital raising transactions collateralized by our unencumbered bitcoin or otherwise generate funds using our bitcoin holdings, including in particular during times of market instability or when the price of bitcoin has declined significantly. If we are unable to sell our bitcoin, enter into additional capital raising transactions, including capital raising transactions using bitcoin as collateral, or otherwise generate funds using our bitcoin holdings, or if we are forced to sell our bitcoin at a significant loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted.

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***If we or our third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our bitcoin, or if our private keys are lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our bitcoin and our financial condition and results of operations could be materially adversely affected.***

Substantially all of the bitcoin we own will be held in custody accounts at institutional-grade digital asset custodians. Security breaches and cyberattacks are of particular concern with respect to our bitcoin. Bitcoin and other blockchain-based cryptocurrencies and the entities that provide services to participants in the bitcoin ecosystem have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities. A successful security breach or cyberattack could result in:

● a partial or total loss of our bitcoin in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold our bitcoin;

● harm to our reputation and brand;

● improper disclosure of data and violations of applicable data privacy and other laws; or

● significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual and financial exposure.

Further, any actual or perceived data security breach or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of whether we are directly impacted, could lead to a general loss of confidence in the broader Bitcoin blockchain ecosystem or in the use of the Bitcoin network to conduct financial transactions, which could negatively impact us.

Attacks upon systems across a variety of industries, including industries related to bitcoin, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted by sophisticated, well-funded and organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities. In particular, unauthorized parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those of our partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can come from a variety of sources, including criminal hackers, hacktivists, state-sponsored intrusions, industrial espionage, and insiders. In addition, certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate preventative measures. Further, there has been an increase in such activities due to the increase in work-from-home arrangements since the onset of the COVID-19 pandemic. The risk of cyberattacks could also be increased by cyberwarfare in connection with the ongoing Russia-Ukraine and Israel-Hamas conflicts, or other future conflicts, including potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in the bitcoin industry, including third-party services on which we rely, could materially and adversely affect our business.

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***We face risks relating to the use of third-party exchanges in connection with our bitcoin strategy.***

We intend to use third-parties exchanges, which we believe are reputable, such as Kraken, Anchorage and Coinbase, to purchase bitcoin for our treasury. As part of our process in determining transactions with third-party exchanges, we search for reputable exchanges that have industry standard policies and procedures in place regarding data security and customer diligence related to anti-money laundering ("AML"), Office of Foreign Assets Control ("OFAC") and know-your client ("KYC") rules and regulations. If any of these third-party exchanges no longer meet our standards or if there is a decrease in reputable third-party exchanges, we may need to find additional counterparties and enter into additional agreements that could be on less favorable terms, which could have a material adverse effect on our business, financial condition or the results of our operations.

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***We may face risks relating to the custody of our bitcoin, including the loss or destruction of private keys required to access our bitcoin and cyberattacks or other data loss relating to our bitcoin.***

We intend to hold our bitcoin with regulated custodians at U.S.-based, institutional-grade custodians that have demonstrated records of regulatory compliance and information security. We did not anticipate that our custodial services contracts will restrict our ability to reallocate our bitcoin among our custodians, and our bitcoin holdings may be concentrated with a single custodian from time to time. If there is a decrease in the availability of digital asset custodians that we believe can safely custody our bitcoin, for example, due to regulatory developments or enforcement actions that cause custodians to discontinue or limit their services in the United States, we may need to enter into agreements that are less favorable than our current agreements or take other measures to custody our bitcoin, and our ability to seek a greater degree of diversification in the use of custodial services would be materially adversely affected.

Our insurance may only cover losses of a small fraction of the value of the entirety of our bitcoin holdings, and there can be no guarantee that such insurance will be maintained as part of the custodial services we will have or that such coverage will cover losses with respect to our bitcoin. Moreover, our use of custodians exposes us to the risk that the bitcoin our custodians hold on our behalf could be subject to insolvency proceedings and we could be treated as a general unsecured creditor of the custodian, inhibiting our ability to exercise ownership rights with respect to such bitcoin. Any loss associated with such insolvency proceedings is unlikely to be covered by any insurance coverage we maintain related to our bitcoin.

Bitcoin is controllable only by the possessor of both the unique public key and private key(s) relating to the local or online digital wallet in which the bitcoin is held. While the Bitcoin blockchain ledger requires a public key relating to a digital wallet to be published when used in a transaction, private keys must be safeguarded and kept private in order to prevent a third party from accessing the bitcoin held in such wallet. To the extent the private key(s) for a digital wallet are lost, destroyed, or otherwise compromised and no backup of the private key(s) is accessible, neither we nor our custodians will be able to access the bitcoin held in the related digital wallet. Furthermore, we cannot provide assurance that our digital wallets, nor the digital wallets of our custodians held on our behalf, will not be compromised as a result of a cyberattack. The bitcoin and blockchain ledger, as well as other digital assets and blockchain technologies, have been, and may in the future be, subject to security breaches, cyberattacks, or other malicious activities.

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***Regulatory change determining that bitcoin is being offered and sold as a security could lead to our classification as an "investment company" under the Investment Company Act of 1940 and could adversely affect the market price of bitcoin and the market price of our listed securities.***

A significant portion of our assets will be concentrated in our bitcoin holdings. While senior SEC officials have stated their view that bitcoin is not a "security" for purposes of the federal securities laws, a contrary determination by the SEC, or a determination that our bitcoin is being offered and sold as a security, could lead to our classification as an "investment company" under the Investment Company Act of 1940, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our bitcoin strategy, and our business and operations and may also require us to substantially change the manner in which we conduct our business.

In the future we may expand our operations beyond the legacy Kindly MD medical business operations and the bitcoin treasury strategy to include other income streams and otherwise generate funds using our bitcoin holdings, including acquiring interests in other entities. At this time, we do not have any definitive agreements or plans in place to expand beyond acquiring and holding bitcoin. However, if we do acquire minority interests in other entities, this could lead to our classification as an "investment company", which would subject us to additional regulatory controls and could have a material adverse impact on our results of operations.

In addition, any additional regulatory restrictions imposed by such a determinations could adversely affect the market price of bitcoin and in turn adversely affect the market price of our listed securities.

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***We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment advisers.***

Mutual funds, ETFs and their directors and management are subject to extensive regulation as "investment companies" and "investment advisers" under U.S. federal and state law; this regulation is intended for the benefit and protection of investors. We are not subject to, and do not otherwise voluntarily comply with, these laws and regulations. This means, among other things, that the execution of or changes to our Treasury Reserve Policy or our bitcoin strategy, our use of leverage, the manner in which our bitcoin is custodied, our ability to engage in transactions with affiliated parties and our operating and investment activities generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment advisers. Our board of directors has broad discretion over the investment, leverage and cash management policies it authorizes, whether in respect of our bitcoin holdings or other activities we may pursue, and has the power to change our current policies, including our strategy of acquiring and holding bitcoin.

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***Our bitcoin strategy exposes us to risk of non-performance by counterparties.***

Our bitcoin strategy exposes us to the risk of non-performance by counterparties, whether contractual or otherwise. Risk of non-performance includes inability or refusal of a counterparty to perform because of a deterioration in the counterparty's financial condition and liquidity or for any other reason. For example, our execution partners, custodians, or other counterparties might fail to perform in accordance with the terms of our agreements with them, which could result in a loss of bitcoin, a loss of the opportunity to generate funds, or other losses.

Our primary counterparty risk with respect to our bitcoin is custodian performance obligations under the custody arrangements we have entered into. A series of relatively recent high-profile bankruptcies, closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry, including the filings for bankruptcy protection by Three Arrows Capital, Celsius Network, Voyager Digital, FTX Trading and Genesis Global Capital, among others, and the filing and subsequent settlement of a civil fraud lawsuit by the New York Attorney General against Genesis Global Capital, its parent company Digital Currency Group, Inc., and former partner Gemini Trust Company have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Although these bankruptcies, closures and liquidations have not resulted in any loss or misappropriation of our bitcoin, nor have such events adversely impacted our access to our bitcoin, legal precedent created in these bankruptcy and other proceedings may increase the risk of future rulings adverse to our interests in the event one or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.

While our custodians are subject to regulatory regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance can be provided that our custodially-held bitcoin will not become part of the custodian's insolvency estate if one or more of our custodians enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams or otherwise generate funds using our bitcoin holdings, we would become subject to additional counterparty risks. Any significant non-performance by counterparties, including in particular the custodians with which we custody substantially all of our bitcoin, could have a material adverse effect on our business, prospects, financial condition, and operating results.

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***Part of our future business strategy may include acquisitions and investments in companies with bitcoin strategies and there are risks associated with the integration of any assets or operations acquired and our ability to manage those risks. In addition, we may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets or properties, and any inability to do so may disrupt our business and hinder our ability to grow.***

We intend to pursue a strategy focused on both bitcoin accumulation and future acquisitions. Accordingly, in the future we may make acquisitions of businesses or assets that we expect to complement or expand our current assets. However, we may not be able to identify attractive acquisition opportunities in the future. Even if we do identify attractive acquisition opportunities, we may not be able to complete the acquisition or do so on commercially acceptable terms. No assurance can be given that we will be able to identify additional suitable acquisition opportunities, negotiate acceptable terms, obtain financing for acquisitions on acceptable terms or successfully acquire identified targets.

The success of any acquisition will depend on our ability to integrate effectively the acquired business or asset into our existing operations. The process of integrating acquired businesses and assets may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. The integration of acquisitions is a complex, costly and time-consuming process, and our management may face significant challenges in such process. Some of the factors affecting integration will be outside of our control, and any one of them could result in increased costs and diversion of management's time and energy, as well as decreases in the amount of expected revenue.

Our failure to achieve consolidation savings, to incorporate the acquired businesses and assets into our existing operations successfully or to minimize any unforeseen operational difficulties could have a material and adverse effect on our financial condition and results of operations.

Additional ability to achieve the objectives of our business strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or debt financing on favorable terms or at all, we may not be able to successfully execute on our business strategy.

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***We have incurred, and may in the future incur significant indebtedness, which may impair our ability to raise further capital or impact our ability to service our debt.***

We have incurred significant indebtedness and may incur significant indebtedness in the future. Our indebtedness may impair our ability to raise further capital and restrict our pursuit of certain acquisitions or investments, including to expand our business, pursue strategic investments, and take advantage of financing or other opportunities that we believe to be in the best interests of the Company and our shareholders.

The convertible debenture we entered into in connection with the Merger includes certain restrictions on our ability to incur certain debt in the future and make certain payments, including, without the consent of the holder of the Convertible Debenture or until the Convertible Debenture has been repaid, the Company is restricted from (i) amending its organizational documents in an manner adverse to the holder, (ii) incurring or guaranteeing many forms of additional debt, including debt that is pari passu or senior to the Convertible Debenture, (iii) creating any liens on the property and assets of the Company except in limited circumstances, (iv) making any prepayments in respect of any related party debt, (v) entering into, agreeing to enter into, or effecting certain variable rate transactions other than with the holder of the Convertible Debenture.

Additionally, any future debt arrangements we enter into could place additional restrictions on our ability to operate the Company, make payments or raise further capital. Our business may not generate cash flow from operations in the future sufficient to make necessary capital expenditures. If we are unable to generate such cash flow, we may be required to adopt one or more alternatives, such as selling assets, curtailing spending, restructuring debt, or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance our indebtedness will depend on the capital markets and our financial condition at such time. Any additional indebtedness may also impact our ability to comply with financial covenants and the other terms of any existing credit arrangements, in which case such lenders might pursue available remedies up to and including terminating such credit arrangements and foreclosing on available collateral.

**Risks Related to Merger**

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***We intend to use the net proceeds from this offering primarily to purchase bitcoin, the price of which has been, and will likely continue to be, highly volatile.***

We intend to use the net proceeds from this offering primarily to purchase bitcoin. The price of bitcoin has historically been, and is expected to continue to be, highly volatile and subject to significant fluctuations over short periods of time. As a result, the value of our bitcoin holdings could decrease substantially after we purchase it, which could have a material adverse effect on our financial condition and results of operations. Factors contributing to bitcoin's volatility include, but are not limited to, changes in market sentiment, regulatory developments, technological advancements, security breaches, and macroeconomic trends. There can be no assurance that the value of bitcoin will not decline or that we will be able to liquidate our Bitcoin holdings at favorable prices, if at all. Consequently, investors in this offering may be exposed to the risk of significant losses due to the unpredictable nature of bitcoin's price movements.

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***We have broad discretion in the use of a portion of the net proceeds from the PIPE Financing and you will not have the opportunity as of this process to assess whether such net proceeds are being used in a manner of which you approve.***

We intend to use a majority of the net proceeds from the PIPE and Debt Financings to acquire bitcoin. We will have broad discretion over the use of a portion of the net proceeds from the PIPE Financing, and our management will have significant flexibility in applying those funds. As a result, investors will not have the opportunity, as of the time of this offering, to assess or influence whether the net proceeds are being used in a manner that they consider appropriate or desirable. Our decisions regarding the use of proceeds may not improve our business, financial condition, or results of operations and could be used for purposes that do not yield a favorable return or that increase the risk profile of our company. The failure by management to apply these funds effectively could have a material adverse effect on our business, prospects, financial condition, and results of operations.

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***Completion of the Merger may trigger change in control or other provisions in certain agreements to which KindlyMD or any of its respective subsidiaries or joint ventures is a party.***

The completion of the Merger may trigger change in control or other provisions in certain agreements to which KindlyMD or any of their respective subsidiaries or joint ventures is a party. If KindlyMD is unable to negotiate waivers of those provisions, the counterparties may exercise their rights and remedies under such agreements, potentially terminate such agreements, or seek monetary damages. Even if KindlyMD is able to negotiate waivers, the counterparties may require a fee for such waivers or seek to renegotiate such agreements on terms less favorable to KindlyMD or the applicable subsidiary or joint venture.

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***KindlyMD incurred and is expected to incur significant transaction costs in connection with the Merger and the integration of the companies' businesses, which may be in excess of those anticipated by them.***

KindlyMD has incurred a number of non-recurring costs associated with negotiating and completing the Merger, combining the operations of the companies and achieving desired synergies. These costs have been, and will continue to be, substantial and, in many cases, will be borne by KindlyMD and Nakamoto. A substantial majority of non-recurring expenses consist of transaction costs and include, among others, fees paid to financial, legal, accounting and other advisors, employee retention, severance and benefit costs, and filing fees. KindlyMD will also incur costs related to formulating and implementing integration plans, including facilities and systems consolidation costs and other employment-related costs. KindlyMD will continue to assess the magnitude of these costs, and additional unanticipated costs may be incurred in connection with the integration of the companies' businesses. While KindlyMD and Nakamoto have assumed that a certain level of expenses would be incurred, there are many factors beyond their control that could affect the total amount or the timing of the expenses. The elimination of duplicative costs, as well as the realization of other efficiencies related to the integration of the businesses, may not offset integration-related costs and achieve a net benefit in the near term or at all. The costs described above and any unanticipated costs and expenses, many of which will be borne by KindlyMD or Nakamoto, could have an adverse effect on KindlyMD's financial condition and operating results.

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***The failure to successfully combine the businesses of KindlyMD and Nakamoto in the expected time frame may adversely affect Nakamoto's future results, which may adversely affect the value of the Company's common stock.***

The success of the Merger will depend, in part, on the ability of KindlyMD to realize the anticipated benefits from combining the businesses of KindlyMD and Nakamoto. To realize these anticipated benefits, KindlyMD's and Nakamoto's businesses must be successfully combined. If the Company is not able to achieve these objectives, the anticipated benefits of the Merger may not be realized fully or at all or may take longer to realize than expected. In addition, the actual integration may result in additional and unforeseen expenses, which could reduce the anticipated benefits of the Merger.

It is possible that the integration process could result in the loss of key employees, as well as the disruption of each company's ongoing businesses or inconsistencies in their standards, controls, procedures and policies. Any or all of those occurrences could adversely affect the Company's ability to maintain relationships with customers and employees after the merger or to achieve the anticipated benefits of the Merger. Integration efforts between the two companies will also divert management attention and resources. These integration matters could have an adverse effect on the Company.

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***There is no guarantee that the Company will acquire either of BTC Inc. or UTXO (through any agreements it has with BTC Inc) at a future date. If the Company acquires BTC Inc. or UTXO at a future date, existing shareholders may experience substantial dilution.***

There can be no assurance that the Company will acquire BTC Inc. (or UTXO through any agreements it has with BTC Inc) at any time in the future. The completion of any such acquisition would be subject to the negotiation and execution of definitive agreements, the satisfaction of various closing conditions, and the receipt of any required regulatory or third-party approvals, among other factors, many of which are outside the control of the Company. As a result, there is no guarantee that any acquisition of BTC Inc. or UTXO will occur, or, if it does occur, that it will be completed on terms favorable to the Company or its shareholders.

If the Company does acquire BTC Inc. or UTXO in the future, it is expected that the consideration for such acquisition may include the issuance of additional shares of the Company's common stock or other equity securities. Any such issuance would dilute the ownership interests of existing shareholders and could adversely affect the market price of the Company's common stock. Furthermore, the terms of any future acquisition, including the amount and type of consideration to be paid, may not be favorable to existing shareholders and could have a material adverse effect on the Company's business, financial condition, and results of operations.

 ****

***The Merger may create disruption and uncertainty for employees.***

KindlyMD is dependent on the experience and industry knowledge of their respective officers and other key employees to execute their business plans. The Company's success after the Merger will depend in part upon its ability to retain key management personnel and other key employees of KindlyMD. Current and prospective employees of KindlyMD may experience uncertainty about their roles within the Company following the Merger or other concerns regarding the operations of the Company following the Merger, of which may have an adverse effect on the ability of KindlyMD to retain or attract key management and other key personnel. If KindlyMD is unable to retain personnel, including key management, who are critical to the future operations of the companies, KindlyMD could face disruptions in its operations, loss of existing customers, loss of key information, expertise or know-how and unanticipated additional recruitment and training costs. In addition, the loss of key personnel could diminish the anticipated benefits of the Merger. No assurance can be given that the Company will be able to retain or attract key management personnel and other key employees to the same extent that KindlyMD has previously been able to retain or attract its own employees.

 ****

***Litigation relating to the Merger could result in substantial costs to KindlyMD and/or may adversely affect KindlyMD's business, financial condition or results of operations following the Merger.***

Securities class action lawsuits and derivative lawsuits are often brought against public companies that have entered into acquisition, merger or other business combination agreements. Even if such a lawsuit is without merit, defending against these claims can result in substantial costs and divert management time and resources. An adverse judgment could result in monetary damages, which could have a negative impact on KindlyMD's liquidity and financial condition.

Lawsuits that may be brought against KindlyMD or its respective directors could also seek, among other things, injunctive relief or other equitable relief, including a request to rescind parts of the Merger Agreement already implemented

There can be no assurance that any of the defendants will be successful in the outcome of any pending or any potential future lawsuits. The defense or settlement of any lawsuit or claim that remains unresolved at the time the merger is completed may adversely affect KindlyMD's business, financial condition, results of operations and cash flows.

 ****

***KindlyMD shareholders will not be entitled to appraisal rights in the Merger.***

Under Utah law, holders of KindlyMD common stock do not have appraisal rights in connection with the Merger, as more fully described in "The Merger — No Appraisal Rights."

 ****

***The Company may be unable to integrate the businesses of KindlyMD and Nakamoto successfully or realize the anticipated benefits of the Merger and related Transactions.***

The Merger involves the combination of two companies that currently operate as independent companies. The combination of two independent businesses is complex, costly and time consuming, and each of KindlyMD and Nakamoto will be required to devote significant management attention and resources to integrating the business practices and operations of KindlyMD and Nakamoto. Potential difficulties that KindlyMD and Nakamoto may encounter as part of the integration process include the following:

● the inability to successfully combine the business of KindlyMD and Nakamoto in a manner that permits the Company to achieve, on a timely basis, or at all, the enhanced revenue opportunities and cost savings and other benefits anticipated to result from the Merger;

● complexities associated with managing the combined businesses, including difficulty addressing possible differences in operational philosophies and the challenge of integrating complex systems, technology, networks and other assets of each of the companies in a seamless manner that minimizes any adverse impact on customers, suppliers, employees and other constituencies;

● the assumption of contractual obligations with less favorable or more restrictive terms; and

● potential unknown liabilities and unforeseen increased expenses or delays associated with the Merger.

In addition, KindlyMD and Nakamoto have operated and, until the completion of the Merger, will continue to operate, independently. It is possible that the integration process could result in:

● diversion of the attention of each company's management; and

● the disruption of, or the loss of momentum in, each company's ongoing businesses or inconsistencies in standards, controls, procedures and policies.

Any of these issues could adversely affect each company's ability to maintain relationships with customers, suppliers, employees and other constituencies or achieve the anticipated benefits of the Merger or could reduce each company's earnings or otherwise adversely affect the business and financial results of the Company following the Merger.

 ****

***The trading price and volume of the Company may be volatile following the Merger and related Transactions.***

The trading price and volume of the Company's common stock may be volatile following completion of the Merger. The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of the Company's common stock. As a result, Nakamoto shareholders who receive Company's common stock may suffer a loss on their investment. Many factors may impair the market for the Company's common stock and the ability of investors to sell shares at an attractive price and could also cause the market price and demand for the Company's common stock to fluctuate substantially, which may negatively affect the price and liquidity of the Company's common stock . Many of these factors and conditions are beyond the control of the Company or the Company shareholders.

 ****

***The unaudited pro forma combined financial statements and the unaudited forecasted financial information prepared by KindlyMD and Nakamoto included in the Company's prior filings are based on a number of preliminary estimates and assumptions and the actual results of operations, cash flows and financial position of the Company after the Merger may differ materially.***

The unaudited pro forma information and the unaudited forecasted financial information in the information statement filed by KindlyMD on July 22, 2025 (the "information statement") disclosing the shareholder approval for the Merger was presented for illustrative purposes only, has been prepared based on available information and certain assumptions and estimates that KindlyMD and Nakamoto believe are reasonable, and is not necessarily indicative of what KindlyMD's actual financial position or results of operations would have been had the pro forma events been completed on the dates indicated. Further, the Company's actual results and financial position after the pro forma events occur may differ materially and adversely from the unaudited pro forma information included in the information statement. The unaudited pro forma combined financial statements have been prepared with KindlyMD as the accounting acquirer under United States generally accepted accounting principles ("GAAP") and reflect adjustments based upon preliminary estimates of the fair value of assets to be acquired and liabilities to be assumed.

 ****

 ****

***The synergies attributable to the Merger may vary from expectations.***

The Company may fail to realize the anticipated benefits and synergies expected from the Merger, which could adversely affect the Company's business, financial condition and operating results. The success of the Merger will depend, in significant part, on the Company's ability to successfully integrate the acquired business, grow the revenue of the Company and realize the anticipated strategic benefits and synergies from the combination. KindlyMD believes that the combination of the companies will provide operational and financial scale, increasing free cash flow, and enhancing the Company's corporate rate of return. However, achieving these goals requires, among other things, realization of the targeted cost and commercial synergies expected from the Merger. This growth and the anticipated benefits of the transaction may not be realized fully or at all or may take longer to realize than expected. Actual operating, technological, strategic and revenue opportunities, if achieved at all, may be less significant than expected or may take longer to achieve than anticipated. If the Company is not able to achieve these objectives and realize the anticipated benefits and synergies expected from the Merger within the anticipated timing or at all, the Company's business, financial condition and operating results may be adversely affected, the Company's earnings per share may be diluted, the accretive effect of the merger may decrease or be delayed and the share price of the Company may be negatively impacted.

 ****

***The Company shareholders will experience dilution from the issuance of Company's common stock and Pre-Funded Warrants, and Convertible Debentures (to the extent converted) and may experience additional dilution in the future due to any exercise of existing warrants and any future issuances of equity securities in the Company.***

The percentage ownership of Company shareholders will be diluted pursuant to the Merger and related Transactions and may be diluted in the future because of equity issuances for acquisitions, capital market transactions or otherwise, including, without limitation, equity awards that the Company may grant to its directors, officers and employees. Such issuances may have a dilutive effect on the Company's earnings per share, which could adversely affect the market price of the Company's common stock.

It is expected that, from time to time after the closing of the Merger, the Executive Compensation Committee of the Company Board will grant additional equity awards to employees and directors of the Company under the Company's compensation and employee benefit plans. These additional equity awards will have a dilutive effect on the Company's earnings per share, which could adversely affect the market price of the Company's common stock .

In addition, the Amended and Restated Certificate of Incorporation of the Company, as amended (the "Company Charter") authorizes the Company to issue, without the approval of shareholders, one or more classes or series of preferred stock having such designations, powers, preferences and relative, participating, optional and other special rights, including preferences over Company's common stock with respect to dividends and distributions, as the Company Board generally may determine. The terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of the Company's common stock. For example, the repurchase or redemption rights or liquidation preferences that could be assigned to holders of preferred stock could affect the residual value of the Company's common stock.

 ****

***The market price for the common stock of the Company following the closing may be affected by factors different from those that historically have affected or currently affect the Company's common stock.***

Following the closing of the transaction, the market price of the Company's common stock may be influenced by a variety of factors that differ from those that have historically impacted or currently impact the Company's common stock. The business operations, financial condition, and prospects of the Company may differ significantly from those of the Company prior to the transaction, and investors should be aware that the risks and uncertainties associated with the Company may not be the same as those previously associated with KindlyMD's historical business and operations.

In addition, the Company may be subject to new or additional risks as a result of the transaction, including integration challenges, changes in management or business strategy, and exposure to new markets or regulatory environments. These factors, among others, could result in increased volatility or changes in the market price of the Company's common stock that may not have been present prior to the transaction.

Furthermore, the market's perception of the Company, its growth prospects, and its ability to achieve anticipated synergies or financial results may also impact the trading price of the Company's common stock. As a result, the market price of the Company's common stock may fluctuate significantly and may be affected by factors unrelated to the historical performance, which could adversely affect the value of your investment.

**Risks Related to the Company**

 ****

***The Company's directors and executive officers are active on social media, which may pose risks to the Company's reputation, create regulatory or disclosure concerns, and impact the Company's stock price.***

Certain of the Company's directors and executive officers maintain active personal or professional social media accounts, including on platforms such as X (formerly known as Twitter), LinkedIn, Instagram, and others. Although these individuals may not intend to speak on behalf of the Company, statements made on social media — whether related to the Company's business, the digital asset industry or unrelated personal views — may nonetheless be attributed to the Company. This could result in reputational harm, increased media or regulatory scrutiny, or adverse reactions from investors, customers, or other stakeholders.

Additionally, if any such communications are deemed to be incorrect, include material nonpublic information or inconsistent with the Company's public disclosures, the Company could face legal, regulatory, or investor relations challenges. The Company may also be required to address or clarify such statements, which could divert management's attention, result in increased costs, and negatively impact the Company's stock price. While the Company will maintain disclosure controls and provide guidelines to its officers and directors, it cannot guarantee compliance at all times or prevent the dissemination of information that may adversely affect its business, results of operations, or financial condition.

Finally, the considerable expansion in the use of social media over recent years has increased the volume and speed at which negative publicity arising from these events can be generated and spread, and the Company may be unable to timely respond to, correct any inaccuracies in, or adequately address negative perceptions arising from such coverage. In addition, negative or inaccurate posts or comments about us on social media platforms could damage the Company's reputation, brand image and goodwill, and the Company could lose the confidence of its customers and partners, regardless of whether such information is true and regardless of any number of measures the Company may take to address them.

 ****

***The Company will be highly dependent on the services of David Bailey, who is the Company's Chief Executive Officer.***

The Company will be highly dependent on the services of David Bailey, who is the Company's Chief Executive Officer. Although Mr. Bailey will spend a substantial portion of his business time and attention on the Company and expects to be highly active in its management, he does not devote his full time and attention to the Company. Mr. Bailey will continue to lead BTC, Inc. As a result, he may devote less time to the Company than if he was not engaged in other business activities; he owes fiduciary duties to the Company's stockholders, and may owe fiduciary duties to shareholders of other companies with which he may be affiliated. Further, there may be potential competition between the products the Company may offer in the future and products that BTC Inc. currently offers, or may offer in the future. The Company will not have "key person" life insurance policies. Mr. Bailey is not bound by an employment agreement for any specific term and, if the Company were unable to retain him, the Company may not be able to successfully attract and retain a qualified replacement. If the Company is not successful in managing these risks, its business, financial condition and operating results may be harmed.

## Exhibit 99.4

**Exhibit 99.4**

**KINDLY MD, INC.**

**CLAWBACK POLICY**

**<u>Introduction</u>**

The Board of Directors (the "***Board***") of Kindly MD, Inc. (the "***Company***") believes that it is in the best interests of the Company and its stockholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's pay-for-performance compensation philosophy. The Board has therefore adopted this policy which provides for the recoupment of certain executive compensation received in the event of an accounting restatement resulting from material noncompliance with financial reporting requirements under the federal securities laws (the "***Policy***"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934 (the "***Exchange Act***"), the rules and amendments adopted by the Securities and Exchange Commission (the "**SEC**") to implement the aforementioned legislation, and the listing standards of the national securities exchange on which the Company's securities are listed.

**<u>Administration</u>**

This Policy shall be administered by the Board or, if so designated by the Board, the Company's Compensation Committee (the "***Compensation Committee***"), in which case references herein to the Board shall be deemed references to the Compensation Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

**<u>Covered Executives</u>**

This Policy applies to the Company's current and former executive officers, as determined by the Board in accordance with Section 10D of the Exchange Act, the definition of executive officer set forth in Rule 10D-1 and the listing standards of the national securities exchange on which the Company's securities are listed, and such other senior executives/employees who may from time to time be deemed subject to the Policy by the Board ("***Covered Executives***"). For this purpose, "executive officers" include those encompassed within the definition of "officers" under Rule 16a-1(f) of the Exchange Act.

**<u>Recoupment; Accounting Restatement</u>**

In the event the Company is required to prepare an accounting restatement of its financial statements due to the Company's material noncompliance with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period, the Board will require reimbursement or forfeiture of any excess Incentive Compensation (as defined below) received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an accounting restatement.

The Policy applies to all Incentive Compensation received by a Covered Executive (i) after beginning service as an executive officer; (ii) who served as an executive officer at any time during the performance period for that Incentive Compensation; and (iii) while the Company has a listed class of securities. Recovery of amounts under this Policy with respect to a Covered Executive shall not require the finding of any misconduct by such Covered Executive or that such Covered Executive is responsible for any error associated with an Accounting Restatement.

**<u>Incentive Compensation</u>**

For purposes of this Policy, Incentive Compensation means any of the following; provided that such compensation is granted, earned, or vested based wholly or in part on the attainment of a financial reporting measure and is considered received in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period:

● Annual cash bonuses and other short- and long-term cash incentives

● Stock options

● Stock appreciation rights

● Restricted stock

● Restricted stock units

● Performance shares

● Performance units

Financial reporting measures are measures that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures and may include, among other things, any of the following:

● Company stock price

● Total stockholder return

● Revenues

● Net income

● Earnings before interest, taxes, depreciation, and amortization (EBITDA)

● Liquidity measures such as working capital or operating cash flow

● Earnings measures such as earnings per share

● "Non-GAAP financial measures" for purposes of Exchange Act Regulation G and 17CFR 229.10

**<u>Excess Incentive Compensation: Amount Subject to Recovery</u>**

The amount subject to recovery (the "***Excess Incentive Compensation***") will be the excess of the Incentive Compensation paid to the Covered Executive based on the erroneous data over the Incentive Compensation that would have been paid to the Covered Executive had it been based on the restated results, as determined by the Board. Excess Incentive Compensation shall be determined by the Board without regard to any taxes paid by the Covered Executive with respect to the Excess Incentive Compensation.

If the Board cannot determine the amount of Excess Incentive Compensation received by the Covered Executive directly from the information in the accounting restatement, then it will make its determination based on a reasonable estimate of the effect of the accounting restatement.

Specifically regarding Incentive Compensation based on stock price or total shareholder return: (i) the Board shall determine the amount of the Excess Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or total shareholder return upon which the Incentive Compensation was received; and (ii) the Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to Nasdaq.

**<u>Method of Recoupment</u>**

The Board will determine, in its sole discretion, the method for recouping Excess Incentive Compensation hereunder which may include, without limitation:

● requiring reimbursement of cash or equity Incentive Compensation previously paid;

● seeking recovery of any gain realized on the vesting, exercise, settlement, sale, transfer, or other disposition of any equity-based awards;

● cancelling prior cash or equity-based awards, whether vested or unvested or paid or unpaid;

● cancelling or offsetting against any planned future cash or equity-based awards;

● forfeiture of deferred compensation, subject to compliance with Section 409A of the Internal Revenue Code and the regulations promulgated thereunder; and

● taking any other remedial and recovery action permitted by law, as determined by the Board.

**<u>No Indemnification</u>**

The Company shall not indemnify any Covered Executives against the loss of any incorrectly awarded Incentive Compensation. The Company is prohibited from paying or reimbursing a Covered Executive for purchasing insurance to cover any such loss.

**<u>Board Indemnification</u>**

Any members of the Board or its delegates shall not be personally liable for any action, determination, or interpretation made with respect to this Policy and shall be fully indemnified by the Company to the fullest extent under applicable law and Company organizational documents and policy with respect to any such action, determination, or interpretation. The foregoing sentence shall not limit any other rights to indemnification of the members of the Board or its delegates under applicable law or Company organizational documents and policy.

**<u>Interpretation</u>**

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and applicable rules or standards adopted by the Securities and Exchange Commission or any national securities exchange on which the Company's securities are listed.

**<u>Effective Date</u>**

This Policy shall be effective as of the date it is adopted by the Board (the "***Effective Date***") and shall apply to Incentive Compensation that is approved, awarded or granted to Covered Executives on or after that date. This Policy shall apply to any excess Incentive Compensation received by Covered Executives during the three immediately completed fiscal years preceding the date on which a company is required to prepare an accounting restatement.

**<u>Amendment; Termination</u>**

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to reflect final regulations adopted by the Securities and Exchange Commission under Section 10D of the Exchange Act and to comply with the rules and standards adopted by the SEC and the listing standards of any national securities exchange on which the Company's securities are listed. The Board may terminate this Policy at any time.

**<u>Other Recoupment Rights</u>**

The Board intends that this Policy will be applied to the fullest extent of the law. The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other remedies or rights of recoupment that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, equity award agreement, or similar agreement and any other legal remedies available to the Company.

**<u>Impracticability</u>**

The Board shall recover any Excess Incentive Compensation in accordance with this Policy unless such recovery would be impracticable, as determined by the Compensation Committee of the Board solely for the following limited reasons, and subject to the following procedural and disclosure requirements:

● The direct expense paid to a third party to assist in enforcing the Policy would exceed the amount to be recovered; provided that, prior to concluding that it would be impracticable to recover any amount of Excess Incentive Compensation based on the expense of enforcement, the Board must make a reasonable attempt to recover such erroneously awarded compensation, document such reasonable attempt(s) to recover, and provide that documentation to Nasdaq; or

● Recovery would violate applicable law.

**<u>Governing Law</u>**

This Policy and all rights and obligations hereunder are governed by and construed in accordance with the internal laws of the State of Delaware, excluding any choice of law rules or principles that may direct the application of the laws of another jurisdiction.

**<u>Successors</u>**

This Policy shall be binding and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

## Exhibit 99.5

**Exhibit 99.5**

**KindlyMD Closes $200 Million Convertible Note Offering**

*Company Intends to Use Net Proceeds to Fund Purchase of Bitcoin and for General Corporate Purposes*

 

*Follows the Completion of KindlyMD's Merger with Nakamoto to Form Institutional-Grade Bitcoin Treasury Vehicle*

**Salt Lake City, UT – August 15, 2025** – KindlyMD, Inc. (NASDAQ:NAKA) ("KindlyMD" or the "Company"), a provider of integrated healthcare services and institutional-grade Bitcoin treasury vehicle, today announced that it has closed its previously announced offering of a senior secured convertible note in an aggregate principal amount of $200.0 million (the "Convertible Note") in a private offering to YA II PN, Ltd., an investment fund managed by Yorkville Advisors ("YA II").

The closing of this Convertible Note offering follows the completion of KindlyMD's strategic combination with Nakamoto Holdings Inc. ("Nakamoto"), a Bitcoin-native holding company. The Company intends to use the net proceeds from the Convertible Note offering to purchase more Bitcoin, as well as for working capital and general corporate purposes. The issuance of the Convertible Note further expands the Company's Bitcoin treasury strategy and adds to the $540 million of gross proceeds from a private placement in public equity ("PIPE Financing"), which closed concurrently with the Company's combination with Nakamoto.

David Bailey, Chief Executive Officer and Chairman of KindlyMD, said, "The strong support we continue to receive from investors is validation of our pioneering Bitcoin treasury strategy. We are excited to leverage our enhanced balance sheet and differentiated go-to-market strategy to acquire as much Bitcoin as possible."

The Convertible Note bears interest at a rate of 0.00% per annum for the first two years, and 6.00% per annum for the third year and is payable on August 15, 2028, the third-year anniversary of the issuance date of the Convertible Debenture or earlier redemption date. The Convertible Note provides that YA II may convert all or any portion of the principal amount of the Convertible Note, together with

any accrued and unpaid interest thereon, at an initial conversion price of $2.80, which is subject to adjustment and a floor price and maximum number of convertible shares of the Company's common stock. The Company also has the right to redeem the Convertible Note under certain circumstances.

**Advisors**

Cohen & Company Capital Markets ("CCM"), a division of Cohen & Company Securities, LLC served as lead financial advisor to Nakamoto and placement agent for the PIPE Financing. 10X Capital ("10X"), through its affiliated broker-dealer, also served as a financial advisor and placement agent.

Reed Smith LLP and Holland & Hart LLP acted as legal advisor to KindlyMD.

**About KindlyMD**

KindlyMD® is a patient-first healthcare company integrating traditional primary care, pain management, behavioral health, and alternative therapies to provide comprehensive, whole-person care. In August 2025, KindlyMD completed its merger with Nakamoto Holdings Inc., a Bitcoin-native holding company, to establish a publicly traded Bitcoin treasury vehicle. This strategic combination unites KindlyMD's healthcare expertise with Nakamoto's vision of integrating Bitcoin into global capital markets, creating a diversified entity focused on both healthcare innovation and Bitcoin treasury management.

For more information, please visit www.kindlymd.com.

**Forward-Looking Statements**

All statements, other than statements of historical fact, included in this press release that address activities, events or developments that that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, as defined under U.S. federal securities laws, related to KindlyMD. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include statements about our future operations, business strategies, plans, objectives, expectations, intentions, goals, projections, prospects, future events, or performance, as well as underlying assumptions. These statements-covering matters such as expectations, plans, strategic outlooks, financial projections, market conditions, regulatory environments, Bitcoin-related strategies, Bitcoin treasury management activities, and KindlyMD's anticipated holding of Bitcoin as part of its corporate treasury are inherently uncertain and involve numerous assumptions and risks.

Forward-looking terms used may include, but are not limited to, "estimate," "project," "predict," "believe," "expect," "anticipate," "potential," "create," "intend," "could," "would," "may," "plan," "will," "guidance," "look," "goal," "future," "build," "focus," "continue," "strive," "allow," "seek," "aim," "target," or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements and similar expressions. However, the absence of these words does not mean that the statements are not forward-looking. These forward-looking statements include, but are not limited to, descriptions of KindlyMD and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, cash flows and anticipated uses thereof, including the purchase, custody, and potential sale or other use of Bitcoin, synergies, opportunities and anticipated future performance, including the management team and board of directors of KindlyMD. These statements may also relate to broader macroeconomic trends, industry developments, technology adoption, competitive positioning, market expansion, product launches, research and development efforts, acquisitions or dispositions, legal or regulatory developments, and other initiatives that could affect our future business performance. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. These include risks relating to Bitcoin market volatility, cybersecurity and custody of digital assets, potential changes in laws or accounting standards relating to cryptocurrency, and regulatory developments affecting Bitcoin or other digital assets, as well as the risk that changes in KindlyMD's capital structure and governance could have adverse effects on the market value of its securities; the ability of KindlyMD to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on KindlyMD operating results and business generally; the risk that KindlyMD may be unable to reduce expenses or access financing or liquidity; the impact of any related economic downturn; the risk of changes in governmental regulations or enforcement practices; adverse impacts from geopolitical events, health crises, supply chain disruptions, changes to laws or accounting standards, cybersecurity threats or data breaches, intellectual property disputes, competitive pressures, or changes in consumer behavior; and other important factors that could cause actual results to differ materially from those projected. All such factors are difficult to predict and are beyond KindlyMD's control, including those detailed in KindlyMD's Annual Reports on Form 10-K, Quarterly Reports on Form 10- Q, Current Reports on Form 8-K, and such other documents of KindlyMD filed, or to be filed, with the SEC that are or will be available on KindlyMD's website at www.kindlymd.com and on the website of the SEC at www.sec.gov. All forward-looking statements are based on assumptions that KindlyMD believes to be reasonable but that may not prove to be accurate. Any forward-looking statement speaks only as of the date on which such statement is made, and KindlyMD does not undertake any obligation to correct or update any forward-looking statement, 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 these forward-looking statements, which speak only as of the date hereof. Nothing contained herein constitutes an offer to buy or sell securities of KindlyMD or any other party, nor does it constitute a solicitation of any proxy or vote.

**Contacts**

**Media**

Carissa Felger / Sam Cohen

Gasthalter & Co.

Phone: (212) 257-4170

Email: Nakamoto@gasthalter.com

**Investors**

Valter Pinto, Managing Director

KCSA Strategic Communications

Phone: (212) 896-1254

Email: KindlyMD@KCSA.com