# EDGAR Filing Document

**Accession Number:** 0001966233
**File Stem:** 0001493152-25-020550
**Filing Date:** 2025-11
**Character Count:** 258463
**Document Hash:** 5ce85aa03db2e275062fe824f48934e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-020550.hdr.sgml**: 20251103

**ACCESSION NUMBER**: 0001493152-25-020550

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251103

**FILED AS OF DATE**: 20251103

**DATE AS OF CHANGE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NIP Group Inc.
- **CENTRAL INDEX KEY:** 0001966233
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42160
- **FILM NUMBER:** 251442368

**BUSINESS ADDRESS:**
- **STREET 1:** ROSENLUNDSGATAN 31
- **CITY:** STOCKHOLM
- **STATE:** V7
- **ZIP:** 118 63
- **BUSINESS PHONE:** 46-705775564

**MAIL ADDRESS:**
- **STREET 1:** ROSENLUNDSGATAN 31
- **CITY:** STOCKHOLM
- **STATE:** V7
- **ZIP:** 118 63

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ESVF Esports Group Inc.
- **DATE OF NAME CHANGE:** 20230216

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16 UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of November 2025**

**Commission File Number: 001-42160**

**NIP Group Inc.**

**Rosenlundsgatan 31**

**11 863 Stockholm**

**Sweden**

**+46 8133700**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

**Explanatory Note**

On November 3, 2025, NIP Group Inc. (the "Company") entered into a new asset-purchase agreement (the "Agreement") to expand its total Bitcoin mining operations (the "Transaction"). Under the Agreement, the Company will acquire on-rack crypto mining machines and cloud-based computational capacity (collectively, the "Products") from certain sellers, including Apex Cyber Capital Limited, Prosperity Oak Holdings Limited and Noveau Jumpstar Limited (together, the "Sellers"), with a combined hash rate of approximately 8.19 EH/s.

Under the terms of the Agreement, the company will issue up to 314,515,762 Class A ordinary shares of the Company to the Sellers as consideration for the Products. In connection with the consummation of the proposed transactions contemplated by the Agreement, the Company and the Sellers will also enter into an investor rights agreement to define certain rights and obligations among them with respect to the Company.

The closing of the Transaction is expected to occur on or before December 15, 2025, subject to customary closing conditions. There can be no assurance that the closing conditions will be satisfied, nor that the proposed Transaction will be completed before that date or at all.

On November 3, 2025, the Company issued a press release announcing the Transaction, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The Agreement is attached hereto as Exhibit 99.2 and is incorporated herein by reference. The foregoing is only a brief description of the terms of the Agreement and does not purport to be a complete statement of the rights and obligations of the parties thereto and the transactions contemplated thereby, and is qualified in its entirety by reference to the full text of such exhibit.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit 99.1 | [Press Release – NIP Group Expands Bitcoin Mining Capacity with Additional Asset-Purchase Agreement](ex99-1.htm) |
| Exhibit 99.2 | [On-rack Sales and Purchase Agreement between NIP Group Inc. and Persons Listed in Section 1.1 of Appendix A, dated November 3, 2025](ex99-2.htm) |

---

**SIGNATURE**

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

---

| | |
|:---|:---|
| **NIP Group Inc.** | **NIP Group Inc.** |
| By: | */s/ Mario Yau Kwan Ho* |
| Name: | Mario Yau Kwan Ho |
| Title: | Co-Chief Executive Officer |
| By: | */s/ Hicham Chahine* |
| Name: | Hicham Chahine |
| Title: | Co-Chief Executive Officer |

---

Date: November 3, 2025

## Exhibit 99.1

**Exhibit 99.1**

**NIP Group Expands Bitcoin Mining Capacity with Additional Asset-Purchase Agreement**

*Expands Hash Rate to 11.3 EH/s*

*Strengthens Revenue Base and Advances Digital Infrastructure Strategy*

 

ABU DHABI, United Arab Emirates, Nov 3, 2025 -- NIP Group Inc. ("NIPG" or the "Company") (NASDAQ: NIPG), a leading digital entertainment company, today announced another major expansion of its Bitcoin mining operations, positioning the company as a pioneering major gaming entertainment company to establish large-scale crypto and high-performance computing infrastructure.

The expansion brings NIPG's total mining capacity to approximately 11.3 EH/s, ranking among the top publicly traded Bitcoin mining operators globally. Operations are expected to generate approximately 160 Bitcoins per month, subject to the global network hash rate, creating significant new revenue that strengthens the company's financial foundation while building capabilities for next-generation gaming and entertainment platforms.

This strategic move creates a foundation of infrastructure where digital currencies, AI, user engagement and computing power converge with traditional gaming experiences. The expansion aligns with NIPG's long-term vision and recently announced partnership with Abu Dhabi Investment Office, which supports the expansion and establishment of the division headquarters in Abu Dhabi.

Under the new acquisition, NIPG will acquire mining infrastructure and computational capacity with a combined hash rate of approximately 8.19 EH/s from certain sellers, including Apex Cyber Capital Limited, Prosperity Oak Holdings Limited, and Noveau Jumpstar Limited. The company will issue up to 314,515,762 Class A ordinary shares as consideration, with closing expected by December 15, 2025, subject to customary conditions.

Hicham Chahine, Co-CEO of NIPG, commented, "This transaction demonstrates the speed at which we are advancing our digital infrastructure strategy. Building large-scale computing power gives us a stronger foundation to pursue opportunities in high-performance computing, crypto mining and AI applications in gaming and entertainment. As a pioneer among gaming companies establishing significant computing infrastructure, we're uniquely positioned to explore emerging use cases at the intersection of gaming, esports, streaming, crypto and AI. While we remain committed to our gaming and entertainment heritage, we see computing power as a core enabler of the next stage of our growth."

Carl Agren, COO of NIPG Mining and Digital Assets, commented, "We will deploy these assets with efficiency and precision, delivering stable output immediately while preparing our computing base for more advanced applications ahead."

NIPG's series of recent transactions accelerates the buildout of its digital infrastructure capabilities, highlighting the company's commitment to delivering on its strategic roadmap and creating long-term value for shareholders and partners.

**About NIP Group**

NIP Group (NASDAQ: NIPG) is a global digital entertainment company driving the evolution of gaming and esports through strategic digital infrastructure investments. With a diversified ecosystem spanning esports teams, arenas and events, content and influencer networks, game publishing, hospitality and digital asset operations, we engage hundreds of millions of fans and create immersive entertainment experiences. Operating across Europe, the Middle East, Asia and the Americas, we collaborate with leading gaming companies to push the boundaries of interactive entertainment and bring gaming to new audiences worldwide.

**Safe Harbor Statements**

This press release contains statements that constitute "forward-looking" statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" or other similar expressions. Among other things, the business outlook and quotations from management in this press release, as well as NIP Group's strategic and operational plans, contain forward-looking statements. NIP Group may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about NIP Group's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: NIP Group's growth strategies; its future business development, results of operations and financial condition; its ability to maintain and enhance the recognition and reputation of its brand; developments in the relevant governmental laws, regulations, policies toward NIP Group's industry; and general economic and business conditions globally and in the countries or regions where NIP Group has operations; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in NIP Group's filings with the SEC. All information provided in this press release is as of the date of this press release, and NIP Group undertakes no obligation to update any forward-looking statement, except as required under applicable law.

**For investor and media inquiries, please contact:**

NIP Group Inc.

Investor Relations: ir@nipgroup.gg

Public Relations: pr@nipgroup.gg

## Exhibit 99.2

**Exhibit 99.2**

**DATED November 3, 2025**

**ON-RACK**

**SALES AND PURCHASE AGREEMENT**

**BETWEEN**

**NIP Group Inc.**

**("PURCHASER")**

**and**

**PERSONS LISTED IN SECTION 1.1 OF Appendix A**

**("SELLERS")**

**Table of Contents**

1. Definitions
 and Interpretations 1

2. Sales
 and Purchase; Closing 7

3. Consideration 10

4. Delivery
 of the Purchased Assets and the Cloud Mining Services 11

5. Closing
 Conditions 13

6. Representations,
 Warranties and Covenants 15

7. NASDAQ
 Approval 25

8. Additional
 Covenant 26

9. Equitable
 Adjustments 26

10. Indemnification 27

11. Confidentiality
 and Communications 28

12. Termination 29

13. Notices 30

14. Compliance
 with Laws and Regulations 31

15. Further
 Assurance 32

16. Force
 Majeure Event 32

17. Entire
 Agreement and Amendment 32

18. Assignment 32

19. Severability 33

20. Expenses 33

21. Governing
 Law and Dispute Resolution 33

22. Waiver 34

23. Counterparts
 and Electronic Signatures 34

24. Specific
 Performance 34

i / i

**THIS AGREEMENT** (the "**Agreement**") is made on November 3, 2025

**BETWEEN**:

1. NIP
 Group Inc., an exempted company incorporated with limited liability under the laws of the
 Cayman Islands (the "**Purchaser** "); and

2. each
 of the Persons listed in <u>Section 1.1</u> of <u>Appendix A</u> (each a "**Seller** "
 and collectively, the "**Sellers** ").

Each of the parties to this Agreement is referred herein individually as a "**Party**" and collectively as the "**Parties**".

**WHEREAS,** the Purchaser agrees to purchase or engage and each Seller agrees to sell or provide (or cause to be sold or provided) the Purchased Assets (as defined below) and the Cloud Mining Services, as applicable, in accordance with the terms and conditions of this Agreement and the other Transaction Documents (as defined below) (the "**Proposed Transaction**").

**NOW, THEREFORE,** in consideration of the premises and the mutual covenants set forth in this Agreement, the Parties agree as follows:

**1.** **Definitions and Interpretations** 

1.1 The
 following terms, as used herein, have the following meanings:

● "**Action** "
 means, any action, suit, litigation, arbitration, inquiry, audit, hearing, investigation
 or other proceeding, whether civil or criminal, administrative, judicial or investigative,
 formal or informal, public or private, in law or in equity, by or before or otherwise involving
 any Governmental Authority or any other Person.

● "**ADS(s)** "
 means the American depositary shares of the Purchaser, one (1) American depositary share
 representing two (2) Class A Ordinary Shares, as may be adjusted by the Purchaser from time
 to time.

● "**Affiliate(s)** "
 means, (i) with respect to any Person, any other Person directly or indirectly Controlling,
 Controlled by, or under common Control with such Person, and (ii) with respect to any individual,
 his or her spouse, child, brother, sister, parent, the relatives of such spouse, trustee
 of any trust in which such individual or any of his immediate family members is a beneficiary
 or a discretionary object, or any entity or company Controlled by any of the aforesaid Persons.

● "**Applicable Law(s)**" means any treaty, law, decree, order, regulation, decision, statute, ordinance,
 rule, directive, code or other document that has legal force under any system of law, including,
 without limitation, local law, law of any other state or part thereof or international law
 and rules of national or international stock exchange on which the securities of the applicable
 Person or its Affiliates are listed, and which creates or purports to create any requirement
 or rule that may affect, restrict, prohibit or expressly allow the terms of this Agreement
 or any activity contemplated or carried out under this Agreement.

● "**Business Day(s)**" means a day (other than Saturday or Sunday) on which banking institutions
 in Hong Kong, the PRC, New York, and the Cayman Islands are open generally for normal banking
 business.

1 / 34

● "**Claim** "
 means any and all disputes, controversies, Actions, causes of action, choices in action,
 petitions, appeals, demands, demand letters, claims, liens, notices of noncompliance or violation,
 consent orders or consent agreements of any kind.

● "**Class A Ordinary Shares**" means the Class A Ordinary Shares, par value USD0.0001, of the
 Purchaser.

● "**Class B1 Ordinary Shares**" means the Class B1 Ordinary Shares, par value USD0.0001, of
 the Purchaser.

● "**Class B2 Ordinary Shares**" means the Class B2 Ordinary Shares, par value USD0.0001, of
 the Purchaser.

● "**Closing Date**" of a Seller means the date on which the Closing of such Seller occurs.

● "**Cloud Mining Services Agreement**" means the cloud mining services agreement to be entered
 into in connection with the Proposed Transaction by, on the one hand, a Service Recipient,
 and on the other hand, the Sellers, pursuant to which cloud mining services ()"**Cloud Mining Services**") will be provided by the Sellers in the form and substance substantially
 attached hereto as <u>Appendix C</u>.

● "**Consideration Shares per T**" means 38.4132 Class A Ordinary Shares, as appropriately adjusted
 for share splits, share dividends, share combinations, recapitalizations and similar events,
 which represents a consideration per T of USD8.00 and an issue price of USD0.4165234 per
 ADS.

● "**Control** "
 means, with respect to any Person, the power or authority, whether exercised or not, to direct
 the business, management and policies of such Person, directly or indirectly, whether through
 the ownership of voting securities, by contract or otherwise, provided that in the case of
 a Person that is an entity, such power or authority shall conclusively be presumed to exist
 upon possession of beneficial ownership or power to direct the vote of more than fifty percent
 (50%) of the votes entitled to be cast at a meeting of the holders of the shares or other
 equity interests or registered capital of such Person or power to control the composition
 of a majority of the board of directors or similar governing body of such Person. The terms
 "**Controlled**" and "**Controlling**" have meanings correlative
 to the foregoing.

● "**CSRC** "
 means the China Securities Regulatory Commission (or its successors).

● "**Disclosure Schedule**" means the disclosure schedule attached hereto as Schedule A.

● "**Encumbrances** "
 means any security interest, pledge, hypothecation, mortgage, lien (including environmental
 and tax liens), violation, charge, lease, license, encumbrance, servient easement, adverse
 Claim, reversion, reverter, preferential arrangement, preemptive right, option, right of
 first refusal, conditional sale, community property interest, equitable interest, restrictive
 covenant, condition or restriction of any kind, including any restriction on the use, voting,
 transfer, receipt of income or other exercise of any attributes of ownership.

2 / 34

● "**ESOP Awards**" means any equity-based compensation awards (including any option, warrant,
 convertible or exchangeable security or other right (contingent or otherwise)) that may be
 granted or awarded by the Purchaser from time to time pursuant to any ESOP Plan.

● "**ESOP Plan**" means each of the 2021 Share Incentive Plan and the 2024 Share Incentive
 Plan of the Purchaser.

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

● "**Force Majeure Event(s)**" means in respect of any Party, any event or occurrence whatsoever
 beyond the reasonable control of that Party, non-foreseeable, or even if foreseen, was unavoidable
 and occurs after the date of this Agreement in or affecting such Party, which include, without
 limitation, war (declared or undeclared), terrorist activities, acts of sabotage, blockade,
 fire, lightning, acts of God, national strikes, riots, insurrections, civil commotions, quarantine
 restrictions, epidemics, earthquakes, landslides, avalanches, floods, hurricanes, explosions,
 acts of government, and other instances which are accepted as a force majeure event in general
 international commercial practice. For the avoidance of doubt, any prohibition or restriction
 in relation to the production and/or sale, exportation, importation, operation and maintenance
 of cryptocurrency mining hardware, as well as the conduct of cryptocurrency mining activities
 and trading of cryptocurrency declared by any Governmental Authority (other than the local
 Governmental Authority with competent authority over any Seller) shall not constitute a Force
 Majeure Event.

● "**Fundamental Representations**" means, in respect of the Purchaser, the representations and warranties
 made in <u>Clauses 6.1(a)</u> through <u>(e)</u> and <u>(g)</u> through (<u>j)</u>, and in
 respect of a Seller, the representations and warranties made in <u>Clauses 6.2(a)</u> through <u>(g)</u>.

● "**Governmental Authority**" means any government of any nation, federation, province, state or locality
 or any other political subdivision thereof, any entity, authority or body exercising executive,
 legislative, judicial, regulatory or administrative functions of or pertaining to government,
 including any government authority, agency, department, board, commission or instrumentality
 of any country, or any political subdivision thereof, any court, tribunal or arbitrator,
 and any self-regulatory organization or national or international stock exchange on which
 the securities of the applicable Person or its Affiliates are listed.

3 / 34

● "**Governmental Consents**" means all approval, authorization, consent, clearances or waivers of,
 filing or registration with or notification to, all relevant Governmental Authorities in
 connection with the consummation of the Proposed Transaction.

● "**Group Company**" means each of the Purchaser, the subsidiaries of the Purchaser, and each
 Person (other than a natural person) that is, directly or indirectly, Controlled by any of
 the foregoing, including each joint venture in which any of the foregoing holds more than
 fifty percent (50%) of the voting power, and "**Group**" refers to all of
 Group Companies collectively.

● "**Hosting Service Agreement**" means, as applicable, (i) a hosting service agreement with respect
 to the hosting, operation and maintenance of certain Product(s) by and between the applicable
 Title Holder and the corresponding hosting service provider or (ii) an assignment agreement
 assigning the Existing Hosting Agreement with respect to certain Product(s) form the applicable
 Seller to the applicable Title Holder, in each case, as mutually agreed by the parties thereto
 in good faith.

● "**Indebtedness** "
 of any Person means and includes, without duplication, indebtedness for borrowed money owing
 to any bank or similar financial institution, including any credit facility, note, bond,
 debenture, mortgage or other debt instrument or financial debt security.

● "**Investor Rights Agreement**" means the amended and restated investor rights agreement of the
 Purchaser to be entered into in connection with the Proposed Transaction by the Purchaser,
 the Sellers and certain other parties thereto, in form and substance substantially attached
 hereto as <u>Appendix B</u>.

● "**Nasdaq**" means the Nasdaq Stock Market.

● "**Person** "
 means any individual, corporation, partnership, limited partnership, proprietorship, association,
 limited liability company, firm, trust, estate or other enterprise or entity (whether or
 not having separate legal personality).

● "**Purchaser's Knowledge**" means the knowledge of any of Mario Yau Kwan Ho, Hicham Chahine and
 Liwei Sun, to the extent such knowledge should have been acquired by such individual after
 making such due inquiry and exercising such due diligence as a prudent business person would
 have made or exercised in the management of his or her business affairs.

● "**PRC** "
 means the People's Republic of China, excluding, for purposes of this Agreement, Hong
 Kong, Macau and Taiwan.

● "**Products** "
 of a Seller means, the cryptocurrency mining hardware and other equipment or merchandise
 that such Seller will sell to the Purchaser in accordance with this Agreement and the other
 Transaction Documents, among which (1) certain Products shall be transferred from the Seller
 to the Purchaser or the applicable Title Holder (the "**Seller's Products** "),
 and (2) certain Products shall be transferred from the owner of such Products designated
 by the Seller (the "**Asset Owner**") to the Purchaser or the applicable Title
 Holder (the "**Third-party's Products** "). Details of all the Products
 shall be set forth in <u>Appendix A</u> – Part A – Section 1.2 – "Products".

4 / 34

● "**Products Under Maintenance**" means the cryptocurrency mining hardware and other equipment
 or merchandise that are, as of the Closing Date, under maintenance or repair, details of
 which shall be set forth in Appendix A – Part A – Section 1.3 – "Products
 Under Maintenance".

● "**Service Recipient**" means the Purchaser or one or more Group Companies designated by the
 Purchaser to the Sellers in writing at least five (5) Business Days prior to the Closing
 Date.

● "**Representatives** "
 means with respect to any Person, its Affiliates, and such Person's and its Affiliates'
 directors, officers, employees, agents, consultants, investment bankers, accountants, attorneys
 or financial advisors, and other representatives.

● "**SEC** "
 means the Securities and Exchange Commission of the United States of America.

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

● "**T** "
 means terahashes per second, unit of bitcoin mining computing power.

● "**Tax Return**" means any return, report or statement showing taxes, used to pay taxes,
 or required to be filed with respect to any tax (including any elections, declarations, schedules
 or attachments thereto, and any amendment thereof), including any information return, claim
 for refund, amended return or declaration of estimated or provisional tax.

● "**Total Hashrate**" of a Seller means (1) the total hashrate of the Products of a Seller
 (the "**Product Hashrate**" of such Seller) and (2) the total hashrate of
 the Cloud Mining Services to be provided by such Seller to the Purchaser in accordance with
 the Cloud Mining Services Agreements (the "**Service Hashrate**" of such Seller),
 in each case, expressed as a certain amount of T. It being agreed that the Sellers shall,
 on a joint and several basis, ensure that the Total Hashrate of all Sellers shall be 8,187,699.35T
 as of the Closing. It being agreed that the tentative Product Hashrate and tentative Service
 Hashrate of all Sellers are set forth in <u>Appendix A</u>. It being further
 agreed that the Purchaser may adjust the Product Hashrate and the Service Hashrate of each
 Seller prior to the Closing pursuant to Clause 2.1 hereof, provided that the Total Hashrate
 of all Sellers shall remain unchanged.

5 / 34

● "**Total Purchase Price**" of a Seller means the product of USD8.00 per T, multiplied by the
 Total Hashrate of the Products of such Seller.

● "**Transaction Documents**" means this Agreement, Investor Rights Agreement, the Hosting Service
 Agreements, the Cloud Mining Services Agreements and any other agreement, document, certificate
 or writing delivered in connection with this Agreement.

● "**U.S. GAAP**" means the U.S. generally accepted accounting principles.

● "**USD** "
 means the lawful currency of the United States of America.

● "**Young Will Acquisition**" means the share exchange transactions as contemplated in the
 Young Will SPA.

● "**Young Will SPA**" means the Share Swap Agreement by and among the Purchaser, GETUP Holding
 Limited and certain other parties thereto dated as of September 30, 2024.

1.2 In
 this Agreement, unless otherwise specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any
 singular term in this Agreement shall be deemed to include the plural and vice versa where
 the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 headings in this Agreement are inserted for convenience only and shall not be taken into
 consideration in the interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) References
 to Clause(s) and Appendix(es) are references to Clause(s) and Appendix(es) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Appendixes form part of this Agreement and shall have the same force and effect as if expressly
 set out in the body of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless
 specifically stated otherwise, all references to days shall mean calendar days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any
 reference to a code, law, statute, statutory provision, statutory instrument, order, regulation
 or other instrument of similar effect shall include any re-enactment or amendment thereof
 for the time being in force.

6 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 word "including" or any variation thereof means (unless the context of its usage
 otherwise requires) "including, without limitation" and shall not be construed
 to limit any general statement that it follows to the specific or similar items or matters
 immediately following it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Words
 such as "herein," "hereinafter," "hereof" and "hereunder"
 refer to this Agreement as a whole and not merely to a subdivision in which such words appear
 unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) When
 calculating the period of time before which, within which or following which any act is to
 be done or step taken pursuant to this Agreement, the date that is the reference date in
 calculating such period shall be excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any
 reference to a date or time shall be to such date and time in the time zone of China Standard
 Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) References
 to "writing," "written" and comparable expressions include any mode
 of reproducing words in a legible and non-transitory form including emails and faxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If
 any payment hereunder would have been, but for this <u>Clause 1.2(l)</u>, due and payable
 on a date that is not a Business Day, then such payment shall instead be due and payable
 on the first Business Day after such date.

**2.** **Sales and Purchase; Closing** 

2.1 Subject
 to the terms and conditions set forth herein, at the Closing of each Seller, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with
 respect to the Products of such Seller, the Purchaser agrees to purchase from such Seller,
 and such Seller agrees to assign, transfer, convey and deliver, or cause to be sold, assigned,
 transferred, conveyed and delivered to the Purchaser, or one or more Group Companies designated
 by the Purchaser to the Sellers in writing at least five (5) Business Days prior to the Closing
 Date (each a, "**Title Holder** "), all of such Seller's (and its Affiliates')
 right, title and interest in, to and under (i) the Products of such Seller and (ii) the Relevant
 Assets of the Products of such Seller ((i) and (ii) collectively, the "**Purchased Assets**" of such Seller), free and clear of all Encumbrances (other than (A) Encumbrances
 pursuant to the Hosting Services Agreements or Applicable Laws and (ii) Encumbrances created
 by the Purchaser or its Affiliates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with
 respect to the Cloud Mining Services of such Seller, the Seller shall, and the Purchaser
 shall procure the Service Recipient to, enter into certain Cloud Mining Services Agreement,
 under which such Seller will provide Cloud Mining Services to the Service Recipient on the
 terms and conditions set forth therein.

7 / 34

Appendix A sets forth a tentative list of all Products, including for each Product: (i) a unique serial number or identifier, (ii) its physical location, (iii) its specified hashrate, and (iv) its remaining warranty period, if any. For the avoidance of doubt, each Seller shall have the sole discretion to update Appendix A with respect to the Product of such Seller prior to the Closing, provided that (i) the Purchaser shall be provided with a reasonable opportunity to perform its inspection of all Products pursuant to Clause 4.1(a), (ii) the Total Hashrate of such Seller shall remain unchanged, and (iii) the Product updated or replaced in the Appendix A shall not result in any violation to the representation and warranties made by the Seller under <u>Clause 6.2</u>.

2.2 The
 closing of the Proposed Transactions contemplated herein with respect to all Sellers (the
 "**Closing**") shall take place simultaneously (subject to <u>Clause 4.2</u>)
 by exchange of signatures, documents and other deliveries as soon as reasonably practicable
 and in any event within ten (10) Business Days following the satisfaction (or, to the extent
 permitted by Applicable Law, the waiver by the Parties entitled to the benefit thereof) of
 the relevant conditions set forth in <u>Clause 5</u> (other than those conditions which by
 their terms are to be satisfied on the Closing Date, but subject to the satisfaction or waiver
 of such conditions), or at such other place, time and date as may be mutually agreed by the
 Purchaser and such Seller.

2.3 At
 the Closing, in addition to the actions and deliverables as set forth in <u>Clauses 3</u> and <u>4</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject
 to the Sellers' fulfillment of its obligations under <u>Clauses 4.1(c)</u> and <u>4.1(d)</u>.,
 the Purchaser shall deliver or cause to be delivered to each Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Consideration Shares of such Seller in the name of such Seller, as evidenced by a copy of
 relevant extracts of the register of members of the Purchaser reflecting such Seller as the
 legal owner of the Consideration Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 copy of the Investor Rights Agreement, dated as of the Closing Date, duly executed by the
 Purchaser and all other parties thereto except the Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies
 of the Hosting Service Agreements with respect to all of the Purchased Assets, dated as of
 the Closing Date, duly executed by the applicable Title Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 copy of the Cloud Mining Services Agreement which such Seller is a party to, dated of as
 the Closing Date, duly executed by the applicable Service Recipient.

8 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each
 Seller shall deliver or cause to be delivered to the Purchaser a copy of the Investors Rights
 Agreement (or joinder thereof), dated as of the Closing Date of such Seller, duly executed
 by such Seller (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each
 Seller shall deliver or cause to be delivered copies of the Hosting Service Agreements with
 respect to all Products of such Seller, dated as of the Closing Date of such Seller, duly
 executed by all parties thereof (other than the Purchaser and the applicable Title Holder(s)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of Prosperity Oak and Apex Cyber shall deliver or cause to be delivered copies of the Cloud
 Mining Services Agreement of such Seller, dated as of the Closing Date of such Seller, duly
 executed by such Seller.

2.4 Notwithstanding
 anything to the contrary herein, (i) before the Closing, each Seller shall be entitled to
 receive and own any and all rights and interests in any output of the Products of such Seller
 (including without limitation any cryptocurrency mined by the Products of such Seller), and
 (ii) from and after the Closing, the applicable Title Holder shall be entitled to receive
 and own any and all rights and interests in any output of the Products(including without
 limitation any cryptocurrency mined by the relevant Products). Without prejudice to the Parties'
 other rights and obligations hereunder, the costs and expenses arising from the ownership,
 operation and maintenance of the Products of a Seller shall be borne, with respect to the
 period of time prior to the Closing, by such Seller, and with respect to the period of time
 from and after the Closing, by the applicable Title Holder.

2.5 From
 and after the Closing, the Purchaser shall, or the Purchaser shall procure the applicable
 Title Holder(s) to, bear all of the electricity charges and electricity charge deposit in
 connection with hosting, maintenance and operation of the Products, and the Service Recipient
 to bear the relevant fees and charges in connection with the Cloud Mining Services in accordance
 with the Cloud Mining Services Agreements. For the avoidance of doubt, each Seller agrees
 to use commercially reasonable efforts to cause the hosting service provider to enter into
 a new hosing service agreement with respect to the hosting, operation and maintenance of
 the Product(s) of such Seller with the applicable Title Holder. With respect to the Hosting
 Service Agreements that are assignment agreements assigning the Existing Hosting Agreement
 with respect to certain Product(s) to the applicable Title Holder, to the extent that any
 electricity charge deposit in connection with hosting, maintenance and operation of any Products
 has been paid by the Seller or the relevant Asset Owner pursuant to any Existing Hosting
 Agreement and has not been refunded to such Seller or the applicable Asset Owner upon the
 Closing (the "**Paid Deposit** "), to the extent such Paid Deposit is still
 required under the relevant Hosting Services Agreement after the Closing, upon such Seller's
 request upon or after the Closing and delivery of the invoice and contracts or documents
 evidencing calculations of such Paid Deposit to the Purchaser, the Purchaser or the applicable
 Title Holder(s) shall promptly reimburse such Seller or a designee of the Seller the Paid
 Deposit.

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**3.** **Consideration** 

3.1 The
 aggregate consideration for the Purchased Assets and the Cloud Mining Services of a Seller
 in connection with the Proposed Transaction shall be the Consideration Shares of such Seller,
 to be issued to such Seller by the Purchaser as set forth in this <u>Clause 3</u>. For purposes
 hereof, "**Consideration Shares**" of a Seller shall mean a number of Class
 A Ordinary Shares equal to the product of Consideration Shares per T multiplied by the Total
 Hashrate of such Seller (rounded down to the next whole share).

3.2 Upon
 the terms and subject to the conditions herein, at the Closing, subject to the Sellers'
 fulfillment of their obligations under <u>Clause 4</u>, the Purchaser shall issue to each
 Seller, and such Seller shall subscribe for from the Purchaser, in a private placement transaction
 and in consideration of the Purchased Assets and the Cloud Mining Services of such Seller,
 such Seller's Consideration Shares, free and clear of all Encumbrances (other than
 (i) Encumbrances pursuant to the constitutional documents of the Purchaser or Applicable

3.3 Promptly
 after the Closing, the Purchaser shall make necessary filings and registrations with the
 CSRC with respect to the issuance of the Consideration Shares, in each case with respect
 to all Sellers, in accordance with Applicable Laws, and the Sellers shall provide all necessary
 cooperation and assistance with respect thereto.

3.4 The
 Parties understand and agree that the consideration for the Purchased Assets and the Cloud
 Mining Services of each Seller is exclusive of any applicable bank transaction fee, logistics
 costs and any relevant insurance, hosting, operation, maintenance or other applicable costs
 and expenses of the Purchaser to purchase or use the Purchased Assets and the Cloud Mining
 Services and any and all applicable taxes (any value-added tax, any sales, use or excise
 tax, any goods and service tax and any other similar taxes; for the avoidance of doubt and
 subject to Clause 3.5, excluding any income tax or other similar taxes that are required
 to be borne by the Sellers pursuant to Applicable Laws) and governmental charges, and all
 such fees, costs, expenses, taxes and charges incurred in connection with the Proposed Transaction
 or for any period after the Closing shall be borne by the Purchaser or the applicable Title
 Holder(s) or Service Recipient.

3.5 Notwithstanding
 anything else herein to the contrary, the Purchaser acknowledges and agrees to assume responsibility
 for any sales tax obligations imposed by any Governmental Authority in connection with the
 Proposed Transaction regarding the Purchased Assets. With respect to any sales and use tax
 or other similar taxes (the "**SUT**") in connection with sale of the Purchased
 Assets of each Seller, at the Closing, (i) such Seller shall deliver to the Purchaser a calculation
 of the SUT in connection with sale of the Purchased Assets of such Seller, and (ii) the Purchaser
 or the applicable Title Holder(s) shall pay the full amount of the SUT indicated in such
 calculation to a bank account designated by such Seller. Each Seller shall promptly after
 the Closing of such Seller and after the Purchaser or the applicable Title Holder(s) has
 paid the full amount of the SUT to it, make the relevant tax filing for, and make the payment
 of, the SUT in connection with sale of the Purchased Assets of such Seller in compliance
 with Applicable Laws and provide the Purchaser with written evidence therefor. At the request
 of the Purchaser, such Seller shall promptly provide to the Purchaser payment slips for the
 relevant tax filings (including for the SUT).

10 / 34

3.6 With
 respect to the Purchased Assets, the Purchaser and each Seller agree to cooperate in good
 faith to ensure full compliance with all tax obligations and to maintain accurate records
 of sales tax transactions. By agreeing to this clause, the Parties acknowledge their understanding
 of, and agreement to, their respective responsibilities for sales and use tax compliance
 within the jurisdictions where the Products are located in in connection with the Proposed
 Transaction.

3.7 Each
 Party shall indemnify and hold the other Parties harmless from and against any and all Claim
 and liability of tax filing, payment, late payment interest, fines, and penalties in relation
 to sales and use tax, property tax, value-added taxes and any other governmental charges,
 taxes and duties connected with the sale and use of the Purchased Assets to the extent arising
 out of such Party's breach of this Agreement or applicable tax laws. Notwithstanding
 anything to the contrary and for the avoidance of doubt, each Seller shall indemnify and
 hold the Purchaser harmless from and against any and all Claim and liability of the Purchaser
 or the applicable Title Holder(s) arising out of such Seller's federal income tax,
 state and local income/franchise taxes, gross receipts taxes, sales and use taxes, payroll
 taxes, property taxes, historical transfer taxes and unclaimed property exposures accrued
 on the Purchased Assets prior to the Closing, to the extent unpaid.

**4.** **Delivery of the Purchased Assets and the Cloud Mining Services** 

4.1 The
 Parties agree that the delivery of the Products of a Seller and the Cloud Mining Services
 shall be completed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Once
 the Products and the Cloud Mining Services of such Seller are ready to be delivered or provided,
 such Seller shall promptly notify the Purchaser and the Purchaser shall be entitled to inspect
 the Products of such Seller in respect of the ownership of the Products and the effective
 computational capacity of the Products. The Sellers shall provide all necessary cooperation
 and assistance with respect to such inspection, including providing all documents and technical
 support as may be reasonably requested by the Purchaser.

11 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At
 least three (3) Business Days prior to the Closing Date of such Seller, the Purchaser shall
 inform such Seller in writing of the information required for configuration of the Products
 of such Seller (the "**Confirmation** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At
 the Closing, unless otherwise agreed between the Parties, each Seller shall configure the
 Products with the information provided by the Purchaser in the Confirmation. The title to
 the Products of such Seller and the relevant Asset Owner will pass to the applicable Title
 Holder(s) upon the completion of the configuration of the Products of such Seller. The Purchaser
 shall be entitled to inspect the configuration of the Products prior to the Closing to confirm
 accuracy of the information. At the Closing, unless otherwise agreed between the Parties,
 all Purchased Assets shall remain stored at their respective original locations (the "**Original Sites** "), and the applicable Title Holder(s) shall assume all rights of ownership
 and possession over the Purchased Assets, including the responsibility for their management
 and custody. At the Closing, the Sellers agree to provide reasonable access and necessary
 cooperation to facilitate the applicable Title Holder(s) taking ownership of the Purchased
 Assets at the Original Sites without additional costs to such Title Holder(s) unless otherwise
 agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At
 the Closing, the Cloud Mining Services Agreement(s) shall become effective, and each of Prosperity
 Oak and Apex Cyber shall commence to provide the Cloud Mining Services to the applicable
 Service Recipient(s) as contemplated in the Cloud Mining Services Agreement(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding
 anything to the contrary stipulated in any Applicable Laws, the risk of loss or damage to
 the Products of a Seller shall pass to the Purchaser or the applicable Title Holder(s) when
 such Seller has fulfilled its obligations under <u>Clauses 4.1(a), 4.1(c) and 4.1(d)</u>.

4.2 With
 respect to any Seller, if both such Seller and the Purchaser are willing and able to proceed
 to the Closing, but the title to the Products of such Seller cannot be delivered to the applicable
 Title Holder(s) in a timely fashion pursuant to <u>Clause 4.1</u>, such Seller and the Purchaser
 shall discuss in good faith to agree on alternative arrangements (such as leasing of cloud
 computational capacity) feasible under Applicable Laws to realize the economic substance
 of the transactions contemplated by this Agreement.

4.3 With
 respect to the Relevant Assets, at the Closing, subject to <u>Clause 4.2</u>, each Seller
 shall take all necessary actions (including execution of necessary documents, providing relevant
 notices or making relevant filings) to assign, transfer, convey and deliver, or cause to
 be assigned, transferred, conveyed and delivered to the applicable Title Holder(s) the Relevant
 Assets.

12 / 34

**5.** **Closing Conditions** 

5.1 The
 obligations of the Parties to proceed to consummate the Proposed Transaction are subject
 to the satisfaction or waiver (to the extent such waiver is permitted by Applicable Laws)
 of the following conditions as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each
 of the parties to the Transaction Documents shall have executed and delivered such Transaction
 Documents to the other parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 Applicable Laws shall have been enacted, issued, enforced, adopted or promulgated by any
 Governmental Authority that restrain, enjoin, prevent, prohibit or otherwise make illegal
 the consummation of the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 Action shall have been initiated or threatened in writing by any Governmental Authority after
 the date hereof that seeks to make the Proposed Transaction illegal or otherwise restrain,
 enjoin, prevent or prohibit the consummation of the Proposed Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all
 Governmental Consents, including such Governmental Consents as set forth in the Disclosure
 Schedule, have been obtained or, with the lapse of the applicable waiting periods (and any
 extension thereof), been deemed as obtained, or confirmed with the relevant Governmental
 Authorities that the Proposed Transaction do not require approval and any commitments by
 the Parties not to close before a certain date under a timing agreement entered into with
 a Governmental Authority have expired or terminated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nasdaq
 shall have approved the requisite listing application for the listing of the Class A ordinary
 Shares (including in the form of ADSs) on the Nasdaq Global Market with respect to the Consideration
 Shares ()"**NASDAQ Approval** "), if required.

5.2 Each
 Seller's obligations to proceed to consummate the Proposed Transaction with respect
 to such Seller are subject to the satisfaction or waiver (to the extent such waiver is permitted
 by Applicable Laws) by both Sellers of the following condition as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 of the representations and warranties of the Purchaser contained in <u>Clause 6.1</u> shall
 be true and correct in all material respects or, if qualified by materiality, true and correct
 in all respects (other than the Fundamental Representations which shall be true and correct
 in all respects) on and as of the date hereof and on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 shall not be any material adverse change to the financial condition, results of operations,
 or business prospects of the Purchaser;

13 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there
 shall not be any general suspension or limitation of trading in the ADSs has been imposed
 or threatened by the SEC or Nasdaq; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each
 Seller's business, legal and financial due diligence investigation and other investigations
 on the Purchaser shall have been completed to its reasonable satisfaction.

5.3 The
 Purchaser's obligations to proceed to consummate the Proposed Transaction are subject
 to the satisfaction or waiver (to the extent such waiver is permitted by Applicable Laws)
 by the Purchaser of the following condition as of the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 of the representations and warranties of the Sellers contained in <u>Clause 6.2</u> shall
 be true and correct in all material respects or, if qualified by materiality, true and correct
 in all respects (other than the Fundamental Representations which shall be true and correct
 in all respects) on and as of the date hereof and on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 shall have been no event or events which, has had, or would be reasonably expected, from
 an objective standpoint, to have a material adverse effect on the Purchased Assets and the
 Cloud Mining Services, and the Seller has not taken any step, action or measure (or omitted
 to take the same), which has or could be reasonably expected to have, individually or in
 the aggregate, a material adverse effect on the Purchased Assets and the Cloud Mining Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 applicable Title Holder(s) has entered into Hosting Service Agreements covering all Products,
 which shall become effective upon Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Purchaser shall have established certain entities as the Title Holder(s) and Service Recipient(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to
 the extent required by the applicable Existing Hosting Agreement, the Seller shall have noticed
 the hosting service provider regarding the transaction contemplated herein, and such hosting
 service provider has not exercised its right of first refusal regarding the sale of the Products
 under the applicable Existing Hosting Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Products and Services of all the Sellers shall have a total combined computational capacity
 of no less than 8,187,699.35 T;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 list of Sellers and the details of their corresponding Products within three (3) Business
 Days prior to the Closing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Purchaser's business, legal and financial due diligence investigation and other investigations
 on the Products (including any Products replaced pursuant to <u>Clause 2.1</u>) shall have
 been completed to its reasonable satisfaction.

14 / 34

**6.** **Representations, Warranties and Covenants** 

6.1 Except
 as disclosed in the Disclosure Schedule and, save for the Fundamental Representations, in
 any reports, statements, schedules, prospectuses, proxy statements, registration statements
 and other documents filed or furnished by the Purchaser with the SEC prior to the date of
 this Agreement (to the extent that the qualifying nature of such disclosure is readily apparent
 and excluding disclosures contained in the "Risk Factors" and "Forward-Looking
 Statements" sections thereof, any other forward-looking statements or any other disclosures
 of risks or uncertainties that are non-specific, of general application, predictive, cautionary
 or forward-looking in nature set forth therein prior to the date hereof, in each case, other
 than any specific factual information contained therein), the Purchaser makes the following
 representations and warranties to each Seller as of the date hereof and as of the Closing
 Date of such Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly incorporated or organized, validly existing and in good standing (or equivalent status)
 under the laws of the jurisdiction of its incorporation or organization. It has the full
 power and authority to own its assets and carry on its businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligations expressed to be assumed by it under this Agreement are legal, valid, binding
 and enforceable obligations, and the obligations expressed to be assumed by it under the
 other Transaction Documents (if and when executed) will be legal, valid, binding and enforceable
 obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 has the power to enter into, perform and deliver, and has taken or will take prior to the
 Closing of such Seller all necessary action to authorize its entry into, performance and
 delivery of, this Agreement and the other Transaction Documents and the transactions contemplated
 by this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 entry into and performance by it of, and the transactions contemplated by, this Agreement
 and the other Transaction Documents, do not and will not conflict with (i) any Applicable
 Laws in any material respects, (ii) its constitutional documents, or (iii) any material agreement
 or instrument binding upon it or any of its assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 authorizations required, to enable it lawfully to enter into, exercise its rights under and
 comply with its obligations under this Agreement and the other Transaction Documents; to
 ensure that those obligations are legal, valid, binding and enforceable; and to make this
 Agreement and the other Transaction Documents admissible in evidence in its jurisdiction
 of incorporation, have been, or will have been by the time, obtained or effected at the Closing
 of such Seller and are, or will be at the Closing of such Seller, in full force and effect.

15 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It
 is not the target of economic sanctions administered by the Office of Foreign Assets Control
 of the U.S. Department of the Treasury ()"**OFAC** "), the U.S. Department of
 State, the United Nations Security Council, the European Union, His Majesty's Treasury
 of the United Kingdom ()"**Sanctions** "), including by being listed on the
 Specially Designated Nationals and Blocked Persons ()"**SDN**") List maintained
 by OFAC or any other Sanctions list maintained by one of the foregoing Governmental Authorities
 ()"**SDN List** "), directly or indirectly owned or controlled by one or more
 SDNs or other Persons included on any other Sanctions list, or located, organized or resident
 in a country or territory that is the target of Sanctions; and the purchase of the Products
 will not violate any Sanctions or import and export control related laws and regulations
 applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Consideration Shares (no later than the Closing Date of such Seller) of such Seller will
 have been duly authorized and, when issued and delivered to such Seller in accordance with
 the terms of this Agreement and the memorandum and articles of association of the Purchaser
 (as amended from time to time), the Consideration Shares of such Seller will be validly issued,
 fully paid and non-assessable, free and clear of all Encumbrances (other than (i) Encumbrances
 pursuant to the constitutional documents of the Purchaser or Applicable Laws and (ii) Encumbrances

 or subject to any preemptive or similar rights created under, the Purchaser's memorandum
 and articles of association (as amended from time to time) or under the Companies Act (as
 revised) of the Cayman Islands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 authorized share capital of the Purchaser as of the date hereof is as follows, subject to
 any changes as contemplated or permitted under this Agreement: USD200,000 divided into 2,000,000,000
 shares comprising (a) 1,847,982,728 Class A Ordinary Shares of a par value of USD0.0001 each,
 197,363,156 of which are issued and outstanding as of the date hereof, (b) 98,567,748 Class
 B1 Ordinary Shares of a par value of USD0.0001 each, 24,641,937 of which are issued and outstanding
 as of the date hereof, and (c) 53,449,524 Class B2 ordinary share of a par value of USD0.0001,
 13,362,381 of which are issued and outstanding as of the date hereof. Part A of Schedule
 6.1(h) of the Disclosure Schedule contains a true, accurate and complete capitalization table
 of the Purchaser on a fully-diluted basis as of the date of this Agreement. Part B of Schedule
 6.1(h) of the Disclosure Schedule contains a true, accurate and complete capitalization table
 of the Purchaser on a fully-diluted basis immediately after the Closing. Except for the ESOP
 Awards or such other items as set forth in Schedule 6.1(h) of the Disclosure Schedule and
 any other actions or items as contemplated under this Agreement, (A) no subscription, warrant,
 option, convertible or exchangeable security, or other right (contingent or otherwise) to
 purchase or otherwise acquire equity securities of any Group Company is authorized or outstanding,
 and (B) there is no commitment by any Group Company to issue shares, subscriptions, warrants,
 options, convertible or exchangeable securities, or other similar equity rights, to distribute
 to holders of their respective equity securities any evidence of Indebtedness, to repurchase
 or redeem any securities of any Group Company or to grant, extend, accelerate the vesting
 of, change the price of, or otherwise amend any warrant, option, convertible or exchangeable
 security. The Purchaser has provided to each Seller true, complete and accurate copies of
 the ESOP Plans as of the date hereof. The maximum aggregate number of Class A Ordinary Shares
 which may be issued pursuant to all ESOP Awards under the ESOP Plans is 11,956,812, all of
 which have been granted, and of which 3,337,676 Class A Ordinary Shares has been issued.
 There are no declared or accrued unpaid dividends with respect to any equity securities of
 any Group Company (other than from a subsidiary of the Purchaser to the Purchaser or its
 other subsidiaries). The Young Will SPA has been terminated, and the transactions consummated
 under the Young Will SPA have been cancelled, withdrew, unwound or otherwise reversed in
 totality, including that all Class A Ordinary Shares issued to GETUP Holding Limited, being
 644,148.00 Class A Ordinary Shares, and HappyHealth Holding Limited (together with GETUP
 Holding Limited, "**Young Will** "), being 276,064.00 Class A Ordinary Shares,
 pursuant to the Young Will SPA in connection with the Young Will Acquisition shall be cancelled
 without any ongoing liabilities or obligations of whatsoever nature owed by the Purchaser
 to Young Will.

16 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule
 6.1(i) of the Disclosure Schedule sets forth the name of each Group Company and the jurisdiction
 in which it is incorporated or organized, and identifies their respective registered shareholders
 and their shareholding interests as of the date hereof. Each of the Group Companies has been
 duly incorporated, is validly existing as a company in good standing under the laws of the
 jurisdiction of its incorporation, and has the company power and authority to own its property
 and to conduct its business. All of the equity securities of each Group Company are duly
 authorized, validly issued, and are fully paid and nonassessable. The shareholders and owners
 listed in Schedule 6.1(i) of the Disclosure Schedule are the sole registered owners of the
 shares in or charter capital of the Group Companies, free from all Encumbrances. None of
 the Group Companies has any other branch, place of business, representative office or permanent
 establishment outside its respective head office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The
 Purchaser is not insolvent under the laws of its jurisdiction of incorporation. No order
 has been made or petition presented or resolution passed by or on behalf of the Purchaser
 for the winding-up, liquidation or bankruptcy of the Purchaser, and there has not been any
 petition or order for administration, winding-up, liquidation or bankruptcy filed against
 the Purchaser or any appointment of a receiver or liquidator in respect of the assets of
 the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither
 the Purchaser nor any person acting on its behalf has offered or sold the Consideration Shares
 by any form of general solicitation or general advertising (as defined in Regulation D under
 the Securities Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) No
 directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act)
 have been made by any of the Purchaser, any of its Affiliates or any Person acting on its
 behalf with respect to any Consideration Shares that are not registered under the Securities
 Act; and none of such Persons has taken any actions that would result in the sale of the
 Consideration Shares to the Sellers under this Agreement requiring registration under the
 Securities Act; and the Purchaser is a "foreign issuer" (as defined in Regulation
 S).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The
 Purchaser has timely (including following any extensions of time for filing provided by Rule
 12b-25 promulgated under the Exchange Act) filed or furnished all forms, reports, schedules,
 statements and other documents together with any amendments, restatements or supplements
 thereto required to be filed or furnished by the Purchaser with the SEC under the Exchange
 Act or the Securities Act to the date of this Agreement (all of the foregoing filed prior
 to the date of this Agreement, the "**Purchaser SEC Reports** "), and will
 have timely filed all such forms, reports, schedules, statements and other documents required
 to be filed subsequent to the date of this Agreement through the Closing Date of such Seller
 (the "**Additional Purchaser SEC Reports** "). As of their respective filing
 dates and except to the extent corrected by a subsequent Purchaser SEC Report, (i) the Purchaser
 SEC Reports did not, and the Additional Purchaser SEC Reports will not, contain, when filed
 or furnished, any untrue statement of a material fact or omit to state a material fact required
 to be stated therein or necessary in order to make the statements made therein, in light
 of the circumstances under which they were made, not misleading in any material respect,
 and (ii) Purchaser SEC Reports complied, and the Additional Purchaser SEC Reports will comply,
 in all material respects with the applicable requirements of the Exchange Act or the Securities
 Act, as the case may be, the Sarbanes-Oxley Act and the applicable rules and regulations
 thereunder. All certifications and statements required by the Securities Act, the Exchange
 Act or the Sarbanes-Oxley Act (as the case may be) with respect to the Purchaser SEC Reports
 and the Additional Purchaser SEC Reports are each true and correct in all material respects.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Except
 as set forth in the Purchaser SEC Reports filed or furnished prior to the date of this Agreement,
 since date of the latest balance sheet contained in the Purchaser Financial Statements (as
 defined below) through the date of this Agreement, (i) there has not been any material adverse
 effect to the business and operations of the Purchaser and any Group Company taken as a whole;
 (ii) except as otherwise disclosed in the Purchaser SEC Reports, there has not been any action
 taken or agreed upon by the Group Companies that would be prohibited by <u>Clause ‎6.7</u> if such action were taken on or after the date hereof; and (iii) each of the Group Company
 has conducted its business in the ordinary course of business consistent with past practices
 in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 financial statements and notes of the Purchaser contained or incorporated by reference in
 the Purchaser SEC Reports (such financial statements contained in the Purchaser SEC Reports
 filed or furnished with the SEC as of the date hereof, the "**Purchaser Financial Statements**") fairly present, and the financial statements and notes of the Purchaser
 to be contained in or to be incorporated by reference in the Additional Purchaser SEC Reports
 will fairly present, in all material respects the financial condition and the results of
 operations, changes in shareholders' equity and cash flows of the Purchaser as of the
 respective dates of, and for the periods referred to in, such financial statements, subject,
 in the case of interim financial statements, to normal recurring year-end adjustments (the
 effect of which will not, individually or in the aggregate, be material to the Group , taken
 as a whole) and the absence of footnotes, and were prepared and will be prepared in accordance
 with: (i) U.S. GAAP; and (ii) Regulation S-X or Regulation S-K, as applicable, subject, in
 the case of interim financial statements, to normal recurring year-end adjustments (the effect
 of which will not, individually or in the aggregate, be material to the Group, taken as a
 whole) and the absence of footnotes. The Purchaser has no material off-balance sheet arrangements
 that are not disclosed in the Purchaser SEC Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The
 auditor of the Purchaser has issued an unqualified opinion on the financial statements of
 the Purchaser for the last fiscal year before the date of this Agreement and, except as disclosed
 in the Purchaser's Annual Report on Form 20-F (File No. 001- <u>42160</u>) for the year
 ended December 31, 2024 filed with the Securities and Exchange Commission on May 12, 2025,
 has not raised any material weakness in the internal control over financial reporting of
 the Purchaser in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There
 is no Action or proceeding pending or, to the Purchaser's Knowledge, threatened in
 writing against the Purchaser by Nasdaq or the SEC with respect to any Class A Ordinary Shares
 or to terminate the listing of the Purchaser on the Nasdaq. None of the Purchaser or any
 of its Affiliates has taken any action in an attempt to terminate the registration of the
 Class A Ordinary Shares under the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) There
 are (i) no material Actions pending or, to the Purchaser's Knowledge, threatened against
 any Group Company or any of their properties or assets, or any of the directors, managers
 or officers of any Group Company with regard to their actions as such, (ii) no material Actions
 threatened by any Group Company against any third party, and (iii) no settlement or similar
 agreement that imposes any material ongoing obligation or restriction on any Group Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The
 business of each of the Group Companies is and has been in compliance with Applicable Laws
 in all material respects, and is not being conducted, and has not been conducted, in violation
 of any Applicable Law except for immaterial noncompliance or violations. All material filings
 and registrations with any Governmental Authority required in respect of each of the Group
 Companies and its operations have been duly completed in accordance with all Applicable Laws,
 and are valid and not subject to any suspension, revocation, cancelation or invalidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) (i)
 All material income and other material Tax Returns required to be filed by or on behalf of
 each of the Group Companies have been duly and timely filed with the appropriate Governmental
 Authority (taking into account all ordinary course extensions of time to file Tax Returns)
 and all such Tax Returns are true, correct and complete in all material respects, (ii) all
 material amounts of taxes payable by each Group Company (whether or not shown on any Tax
 Return) have been fully and timely paid, except with respect to matters being contested in
 good faith in any Actions and with respect to which adequate reserves have been made in accordance
 with applicable accounting principles, (iii) each of the Group Companies has complied in
 all material respects with all Applicable Laws related to the withholding and remittance
 of all material amounts of tax and withheld and paid all material amounts of taxes required
 to have been withheld and paid to the appropriate Governmental Authority, and (iv) no claim,
 assessment, deficiency or proposed adjustment for any material amount of tax has been asserted
 or assessed by any Governmental Authority against any Group Company which has not been paid
 or resolved. No material tax audit or other examination of any Group Company by any Governmental
 Authority is presently in progress, nor has any Group Company been notified of any request
 or threat for such an audit or other examination. There are no Encumbrances for taxes upon
 any of the assets of the Group Companies. Each Group Company has no liability for a material
 amount of unpaid taxes which has not been accrued for or reserved on the Purchaser Financial
 Statements, other than any liability for unpaid taxes that has been incurred since the end
 of the most recent fiscal year in connection with the operation of the business of the Group
 Companies in the ordinary course of business. None of the Group Companies is a party to any
 tax allocation, sharing, indemnity or reimbursement agreement or arrangement (other than
 those entered into in the ordinary course of business, the principal purposes of which is
 not related to taxes). None of the Group Companies has waived or extended in writing any
 statute of limitations in respect of taxes (other than in connection with extensions to file
 Tax Returns obtained in the ordinary course of business) or, as of the date hereof. None
 of the Group Companies is treated for any tax purpose (including any applicable double taxation
 agreement) as a resident in a country other than the country of its incorporation and none
 of the Group Companies has had a branch, agency or permanent establishment in a country other
 than the country of its incorporation. None of the Group Companies has been required to file
 any Tax Return with, nor has any of the Group Companies been liable to pay any taxes to,
 any tax authority in any jurisdiction in which such Group Company is not currently filing
 any Tax Returns. Each of the Group Companies is in possession and control of all material
 records and documentation and any other information that it is obliged by Applicable Laws
 to hold, maintain, preserve and retain for the purposes of any tax and of sufficient information
 to enable it to compute accurately its liability to tax arising on or before Closing in so
 far as it relates to any event occurring on or before the Closing Date. Each of the Group
 Companies has complied in all material respects with all applicable conditions imposed under
 Applicable Laws in respect of any tax incentive, relief, concession, or other special tax
 treatment claimed by it.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) The
 Purchaser acknowledges and agrees that neither any Seller nor any other Person has made any
 representation or warranty as to any Seller, the Purchased Assets, the Cloud Mining Services
 or this Agreement, except as expressly set forth in this Agreement and the other Transaction
 Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It
 acknowledges and agrees that, in entering into this Agreement, the Sellers have relied on
 the representations and warranties set forth in this <u>Clause 6.1</u> and <u>Clause 12</u>.

6.2 Each
 Seller makes the following representations and warranties to the Purchaser as of the date
 hereof and as of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly incorporated or organized, validly existing and in good standing (or equivalent status)
 under the laws of the jurisdiction of its incorporation or organization. It has the full
 power and authority to own its assets and carry on its businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 obligations expressed to be assumed by it under this Agreement are legal, valid, binding
 and enforceable obligations, and the obligations expressed to be assumed by it under the
 other Transaction Documents (if and when executed) will be legal, valid, binding and enforceable
 obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 has the power to enter into, perform and deliver, and has taken or will take prior to the
 Closing of such Seller all necessary action to authorize its entry into, performance and
 delivery of, this Agreement and the other Transaction Documents and the transactions contemplated
 by this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 entry into and performance by it of, and the transactions contemplated by, this Agreement
 and the other Transaction Documents, do not and will not conflict with any Applicable Laws,
 its constitutional documents, or any agreement or instrument binding upon it or any of its
 assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All
 authorizations required or desirable, to enable it lawfully to enter into, exercise its rights
 under and comply with its obligations under this Agreement and the other Transaction Documents;
 to ensure that those obligations are legal, valid, binding and enforceable; and to make this
 Agreement and the other Transaction Documents admissible in evidence in its jurisdiction
 of incorporation, have been, or will have been by the time, obtained or effected at the Closing
 of such Seller and are, or will be at the Closing of such Seller, in full force and effect.
 Such Seller has the full right, power, and authority and has obtained all necessary consents
 and approvals to compel the relevant Asset Owner to transfer the Third-party Asset to the
 Purchaser (or the designated Title Holder) in accordance with the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Such
 Seller (with respect to the Seller's Products) and the relevant Asset Owner (with respect
 to the Third-party Products) has, or will have as of the Closing Date of such Seller, good,
 valid and marketable title to all of the Purchased Assets of such Seller, free and clear

 except for any violations or Claims thereunder or this Agreement), and its ownership and
 operation of the applicable Purchased Assets is valid under Applicable Laws where they are
 operated and located in all material respects, and all material licenses, permits, filings,
 registrations or approvals for such ownership and operation have been obtained. Upon the
 consummation of the transactions contemplated by this Agreement, the applicable Title Holder(s)
 will acquire good, valid, and marketable title to all of the Purchased Assets, free and clear
 of all Encumbrances (other than (A) Encumbrances pursuant to the Hosting Services Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Purchased Assets are in good condition and are adequate for the uses to which they are being
 put, and none of such Purchased Assets are in need of maintenance or repairs except for the
 Products under Maintenance. Subject to the adjustment to the Product Hashrate as provided
 herein, the total computational capacity of the Products of such Seller shall be no less
 than the Product Hashrate of such Seller. Appendix A sets forth a complete and accurate list
 of all Products to be transferred to the applicable Title Holder(s) upon Closing, provided
 that Appendix A may be updated by each Seller from time to time prior to the Closing pursuant
 to <u>Clause 2.1</u>. All Products conform in all material respects to the specifications
 set forth in Appendix A attached hereto. The Purchased Assets listed in Appendix A (subject
 to the Seller's update pursuant to <u>Clause 2.1</u>) constitute all of the assets,
 properties, and rights that are owned, used, or held for use by such Seller or the relevant
 Asset Owner and its Affiliates in connection with the applicable Products, and are sufficient
 for the continued operation of such Products in the same manner as currently conducted, and
 there are no other assets owned or used by the Sellers or the relevant Asset Owner or any
 of its Affiliates that are necessary to achieve the Product Hashrate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It
 is not the target of the Sanctions, including by being listed on the SDN List maintained
 by OFAC or any other Sanctions list maintained by one of the foregoing Governmental Authorities,
 directly or indirectly owned or controlled by one or more SDNs or other Persons included
 on any other Sanctions list, or located, organized or resident in a country or territory
 that is the target of Sanctions; and the purchase of the Products will not violate any Sanctions
 or import and export control related laws and regulations applicable to it. Each Seller represents
 and warrants that the Products of such Seller have been reviewed for compliance with export
 control laws and regulations of all relevant countries, including but not limited to the
 Export Administration Regulations ()"**EAR**") of the United States, and have
 been classified or otherwise designated under the EAR as "EAR99".

Such Seller is not a "U.S. person" within the meaning of Regulation S under the Securities Act.

21 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Such
 Seller has sufficient knowledge and experience in financial and business matters so as to
 be capable of evaluating the merits and risks of its investment in the Consideration Shares.
 Such Seller is capable of bearing the economic risks of such investment, including a complete
 loss of its investment. In making its decision to acquire the Consideration Shares, such
 Seller has (i) conducted its own investigation of the Purchaser and the Consideration Shares,
 (ii) had access to, and an adequate opportunity to review, financial and other information
 as it deems necessary to make its decision to acquire the Consideration Shares, (iii) been
 offered the opportunity to ask questions of the Purchaser and received answers thereto, including
 on the financial information, as it deemed necessary in connection with its decision to acquire
 the Consideration Shares; and (iv) made its own assessment and satisfied itself concerning
 the relevant tax and other economic considerations relevant to its investment in the Consideration
 Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Such
 Seller is acquiring the Consideration Shares for its own account and not on behalf of any
 U.S. person and not with a view towards, or for resale in connection with, the public sale
 or distribution thereof, except pursuant to sales registered or exempted under the Securities
 Act. Such Seller does not presently have any agreement or understanding, directly or indirectly,
 with any Person to distribute any of the Consideration Shares. Such Seller is not a broker-dealer
 registered with the SEC under the Exchange Act or an entity engaged in a business that would
 require it to be so registered as a broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Such
 Seller did not contact the Purchaser as a result of any general solicitation or directed
 selling efforts (within the meaning of Regulation S promulgated under the Securities Act).
 Such Seller further acknowledges that there have not been, and such Seller hereby agrees
 that it is not relying on, any representations, warranties, covenants or agreements made
 to such Seller by the Purchaser or any of its Affiliates, officers, directors, employees,
 partners, agents or Representatives or any other Persons, expressly or by implication, other
 than those representations, warranties, covenants and agreements of the Purchaser set forth
 in this Agreement. Such Seller acknowledges that certain information provided to it was based
 on projections, and such projections were prepared based on assumptions and estimates that
 are inherently uncertain and are subject to a wide variety of significant business, economic
 and competitive risks and uncertainties that could cause actual results to differ materially
 from those contained in the projections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Such
 Seller understands that the Consideration Shares are being offered and sold to it in reliance
 on specific exemptions from the registration requirements of United States federal and state
 securities laws and that the Purchaser is relying in part upon the truth and accuracy of,
 and such Seller's compliance with, the representations, warranties, agreements, acknowledgments
 and understandings of such Seller set forth herein in order to determine the availability
 of such exemptions and the eligibility of such Seller to acquire the Consideration Shares.
 Such Seller acknowledges that the Consideration Shares are "restricted securities"
 that have not been, and will have not been, registered under the Securities Act or any other
 Applicable Laws. Such Seller further acknowledges that, absent an effective registration
 under the Securities Act, the Consideration Shares may only be offered, sold or otherwise
 transferred pursuant to an exemption from registration under the Securities Act. Such Seller
 acknowledges that it has been advised to consult legal counsel prior to making any offer,
 resale, pledge or transfer of any of the Consideration Shares.

22 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Such
 Seller acknowledges and agrees that neither the Purchaser nor any other Person has made any
 representation or warranty as to the Purchaser or the Consideration Shares, except as expressly
 set forth in this Agreement and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) As
 of the date hereof, there are no Actions pending or, to such Seller's knowledge, threatened
 against or by such Seller that challenge or seek to prevent, enjoin or otherwise delay the
 transactions contemplated by this Agreement and other Transaction Documents. There are no
 existing, pending, or threatened disputes, controversies, or disagreements between such Seller
 and the relevant Asset Owner in connection with the subject matter of this Agreement, including
 the Seller's right to cause the Asset Owner to effect the transfer of the Third-party
 Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The
 Sellers have provided to the Purchaser true, correct, and complete copies of all existing
 agreements, arrangements, or understandings (the "**Existing Hosting Agreements** ")
 with any third-party vendor (each, a "**Hosting Provider**") concerning the
 hosting, operation, and maintenance of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) It
 acknowledges and agrees that, in entering into this Agreement, the Purchaser has relied on
 the representations and warranties set forth in this <u>Clause 6.2</u> and <u>Clause 12</u>.

6.3 From
 and after the date hereof and until the Closing, if the Purchaser becomes aware of any fact
 or circumstance that results in any of the representation and warranties set forth in <u>Clause 6.1</u> being untrue as of the date of this Agreement or the Closing Date or the failure
 of any closing condition to be satisfied, the Purchaser shall notify each Seller in writing
 within five (5) Business Days, setting out such details as are available.

6.4 From
 and after the date hereof and until the Closing, if a Seller becomes aware of any fact or
 circumstance that results any of the representation and warranties set forth in <u>Clause 6.2</u> being untrue as of the date of this Agreement or the Closing Date or the failure
 of any closing condition to be satisfied, such Seller shall notify the Purchaser in writing
 within five (5) Business Days, setting out such details as are available.

23 / 34

6.5 The
 Purchaser shall procure that, between the date of this Agreement and the Closing, the Purchaser
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) carry
 on the business of the Group, taken as a whole, in the ordinary and usual course consistent
 with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) comply
 with, and cause the Group Companies to comply with, all Applicable Laws in all material respects;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) maintain
 and preserve intact the current business of the Group Companies and to preserve their rights,
 goodwill and relationships with their customers, suppliers and other business relations.

6.6 Each
 Seller shall procure that, between the date of this Agreement and the Closing, such Seller
 shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain
 the Products and the existing hosting/power arrangements in accordance with industry practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure
 continuous operation of the Products unless necessary for maintenance, except as otherwise
 prevented or frustrated by a Force Majeure Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 regular operational reports of the Products to the Purchaser.

6.7 Between
 the date of this Agreement and the Closing, except as otherwise provided in this Agreement
 or consented to in writing by each of the Sellers, the Purchaser shall not take any affirmative
 action, or fail to take any reasonable action within its control, as a result of which any
 of the following matters is likely to be done:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Alteration
 of any organizational documents of the Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except
 for (1) any ESOP Awards and any shares which may be issued pursuant to the ESOP Awards, and
 (2) 45,430,307 Class B Shares to be issued to the Founder Parties (as defined in the Investor
 Rights Agreement entered into by the Company and certain other parties thereof on September
 5, 2025), any allotment or issue of any membership interests, capital stock or any other
 equity interests, or warrant, option, convertible or exchangeable security, or other right
 (contingent or otherwise) to purchase or otherwise acquire membership interests, capital
 stock or any other equity interests of any Group Company, or any reduction, redemption or
 repayment of, any share or loan capital, membership interests, capital stock, equity interests
 or other securities of any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Amend
 or modify any ESOP Plan or ESOP Award;

24 / 34

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 declaration of, or the making or payment of, a dividend or other distribution to shareholders
 of the Group Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Capital
 expenditure of more than US$1,000,000 in a single transaction or a series of related transactions;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 authorization or agreement to do or take any of the foregoing acts or matters.

**7.** **NASDAQ Approval** 

7.1 The
 Purchaser shall submit the application for any requisite NASDAQ Approval in a timely manner,
 and the Purchaser and the Sellers shall cooperate and shall procure that its Representatives
 cooperate with the Purchaser in a timely manner as reasonably requested by the Purchaser
 in connection with the submission of the application for any requisite NASDAQ Approval in
 accordance with Applicable Laws or stock exchange requirements in connection with the transactions
 contemplated hereunder, including furnishing to the Purchaser and its Representatives all
 information concerning itself, its subsidiaries, officers, directors, managers, shareholders,
 and other equity holders and information regarding such other matters as may be reasonably
 necessary or as may be reasonably requested in connection with the NASDAQ Approval. From
 the date hereof through the Closing, the Purchaser shall ensure that the Purchaser remains
 listed as a public company on Nasdaq Global Market, in compliance with any applicable Nasdaq
 rules and regulations, and that the ADSs remain listed on Nasdaq Global Market. No stop order
 or suspension of trading shall have been imposed (and is continuing) with respect to the
 ADSs. The Purchaser shall inform and make available to the Sellers all letters, filings,
 correspondence, communications, documents, responses, undertakings and submissions in any
 form, including any amendments, supplements and/or modifications thereof to be made to the
 Nasdaq in connection with the transactions contemplated hereunder.

7.2 As
 promptly as practicable after execution of this Agreement, the Purchaser will prepare and
 file a report on Form 6-K pursuant to the Exchange Act to report the execution of this Agreement,
 the form and substance of which shall be agreed in advance in writing by the Purchaser and
 the Sellers. Any press release announcing the execution of this Agreement issued by any Party
 or its Affiliates shall be subject to the reasonable approval of the Purchaser and the Sellers.

25 / 34

**8.** **Additional Covenant** 

8.1 Each
 Seller confirms that, with respect to the Products Under Maintenance of such Seller, that
 such Products Under Maintenance shall be in good condition and adequate for the uses to which
 they are being put (the "**Restoration**") prior to the expiry of two (2)
 months from the Closing Date (the "**Restoration Period** "). In the event
 that the Restoration of any Products Under Maintenance has not been achieved within the Restoration
 Period (such Products Under Maintenance, the "**Defective Products** "), such
 Seller, or in the event that such Seller is Apex Cyber, Prosperity Oak, shall replace the
 Defective Products with cryptocurrency mining hardware and other equipment or merchandise
 or alternatively provide cloud mining services (and the terms of the Cloud Mining Services
 Agreement shall apply to such service, *mutatis mutandis*) with computational capacity
 equivalent to that of the Defective Products (i.e. providing the same level of hashrate expressed
 as a certain amount of T) within two (2) weeks after the expiration of the Restoration Period,
 and in which event, the Purchaser shall cause the Defective Products to be transferred back
 to Prosperity Oak. Apex Cyber confirms that, to the extent the Defective Products being replaced
 by Prosperity Oak includes any Defective Products of Apex Cyber, Apex Cyber shall immediately
 transfer certain amount of Consideration Shares equal to the product of Consideration Shares
 per T multiplied by the total hashrate of the Defective Products of Apex Cyber (rounded down
 to the next whole share) at nominal consideration on the same date of the replacement of
 such Defective Products, and the Purchaser shall cooperate with and provide necessary assistance
 to the Sellers to complete and effect such transfer.

8.2 After
 the Closing, the Sellers shall use commercially reasonable efforts to cooperate with and
 provide necessary assistance to the Purchaser regarding the transition of the operation of
 the Purchased Assets and provide the documentation of the historical records of the Purchased
 Assets as reasonably requested by the Purchaser.

8.3 The
 Purchaser shall use commercially reasonable effort to establish the Title Holders and the
 Service Recipients following the date of this Agreement.

**9.** **Equitable Adjustments** 

9.1 If,
 after the date of this Agreement, the outstanding shares of Class A Ordinary Shares, Class
 B1 Ordinary Shares or Class B2 Ordinary Shares, or the number of Class A Ordinary Shares
 represented by each ADS shall have been changed into a different number of shares or a different
 class or series, by reason of any stock dividend, subdivision, reclassification, recapitalization,
 split, change, combination or exchange of shares, or any similar event shall have occurred,
 then any number, value (including dollar value) or amount contained herein which is based
 upon the number of shares of Class A Ordinary Shares, Class B1 Ordinary Shares or Class B2
 Ordinary Shares, or the number of Class A Ordinary Shares represented by each ADS, will be
 appropriately adjusted to provide to the parties hereto the same economic effect as contemplated
 by this Agreement.

26 / 34

**10.** **Indemnification** 

10.1 Each
 Party shall, from and after the Closing, indemnify and save each other Party and/or its Affiliates,
 each such Person's respective officers, directors, employees, attorneys, agents and
 representatives, harmless from and against any and all damages, suits, Claims, judgments,
 liabilities, losses, fees, costs or expenses of any kind, that such Person actually suffers
 (including reasonable legal fees and costs), arising out of a breach by such Party of its
 representations, warranties or agreements hereunder.

10.2 With
 respect to the Purchaser and each Seller, each of the representations and warranties of the
 Purchaser and such Seller under <u>Clauses 6.1</u> and <u>6.2</u> shall survive the Closing
 and shall expire on the date that is one year after the Closing Date.

10.3 Subject
 to <u>Clause ‎10.7</u>, (i) a Seller shall not be required to indemnify the Purchaser
 under <u>Clause ‎10.1</u> unless the amount of one or more Claims against such Seller
 exceeds 1% of the Total Purchase Price of such Seller in aggregate in respect of all matters,
 but once the amount of the Claims exceeds 1% of the Total Purchase Price of such Seller in
 aggregate then the Purchaser may claim for the full amount of the losses suffered by the
 Purchaser; (ii) the Purchaser shall not be required to indemnify a Seller under <u>Clause ‎10.1</u> unless the amount of one or more Claims brought against the Purchaser by such
 Seller exceeds 1% of the Total Purchase Price of such Seller in aggregate in respect of all
 matters, but once the amount of the Claims brought against the Purchaser by such Seller exceeds
 1% of the Total Purchase Price of such Seller in aggregate then such Seller may claim for
 the full amount of the losses suffered by such Seller; (iii) a Seller shall not be required
 to indemnify the Purchaser under <u>Clause ‎10.1</u> or otherwise be liable for losses
 of the Purchaser in excess of the Total Purchase Price of such Seller; and (iv) the Purchaser
 shall not be required to indemnify a Seller under <u>Clause ‎10.1</u> or otherwise be
 liable for losses of such Seller in excess of the Total Purchase Price of such Seller. Notwithstanding
 anything to the contrary, each Seller hereby agrees and confirms that if the Purchaser or
 the Title Holder suffers any losses arising from any dispute or claim between such Seller
 and the relevant Asset Owner regarding any relevant Third-party Assets (including but not
 limited to the lack of consideration paid by the relevant Seller to the Asset Owner), such
 Seller shall indemnify and hold harmless the Purchaser from and against such losses in full.

10.4 Any
 losses subject to indemnification hereunder shall be determined without duplication of recovery
 by reason of the state of facts giving rise to such losses constituting breach of more than
 one representation, warranty, covenant or other provision of this Agreement.

10.5 Each
 indemnified party shall take all reasonable steps to mitigate any loss, including by pursuing
 insurance Claims and Claims against third parties, and shall reasonably consult and cooperate
 with the indemnifying party with a view toward mitigating losses upon becoming aware of any
 event or circumstance that would be reasonably expected to, or does, give rise to losses.

27 / 34

10.6 Subject
 to and except for <u>Clause ‎7</u>, <u>Clause ‎10.7</u>, <u>Clause ‎15.1</u> and <u>Clause ‎24</u>, the Parties acknowledge and agree that from and after Closing
 their sole and exclusive remedy with respect to any and all Claims for any breach of any
 representations, warranties or agreements set forth in this Agreement, shall be pursuant
 to the indemnification provisions set forth in this <u>Clause ‎‎10</u>.

10.7 Notwithstanding
 anything to the contrary in this Agreement, nothing in this <u>Clause 10</u> shall limit
 (i) the rights or remedies of any Party following the Closing based upon fraud or willful
 misconduct, and (ii) any Party's right to bring Claims based on fraud or willful misconduct
 with respect to this Agreement at any time following the Closing (which such right shall
 survive until the latest time permitted by Applicable Law).

10.8 Except
 as otherwise expressly provided herein, the obligations of each of the Sellers under this
 Agreement and other Transaction Documents shall be several (and not joint or joint and several).

**11.** **Confidentiality and Communications** 

11.1 All
 information concerning this Agreement and the other Transaction Documents and matters pertaining
 to the transactions contemplated by this Agreement and the other Transaction Documents, whether
 in oral or written form, or in the form of drawings, computer programs or other, as well
 as all data derived therefrom ()"**Confidential Information** "), shall be deemed
 to be confidential and, as such, may not be divulged to any unauthorized person by any Party,
 provided that the following shall not be considered Confidential Information for purposes
 hereof: (i) any information that comes into the public domain other than by reason of a breach
 of the confidentiality obligations hereunder by such Party, (ii) any information that is
 already in the possession of such Party or its Representatives at the time the information
 was disclosed to such Party by or on behalf of the other Parties, (iii) any information acquired
 by such Party from a source other than the other Parties or its Representatives, which source,
 to the knowledge of the receiving Party, is not in breach of any obligation owed to any Person
 in respect of such disclosure, (iv) any information independently developed by such Party
 or its Representatives without using or making reference to any confidential information,
 and (v) any information agreed in writing by the other Parties not to be confidential. Each
 Party undertakes and agrees to take all reasonable and practicable steps to ensure and protect
 the confidentiality of the Confidential Information which cannot be passed, sold, traded,
 published or disclosed to any unauthorized person, other than in accordance with this <u>Clause 9</u>.

28 / 34

11.2 Notwithstanding <u>Clause 9.1</u>, (i) in the event that any Party is requested by any Governmental Authority
 or becomes legally compelled (including, without limitation, pursuant to Applicable Laws
 and regulations or in connection with any legal, judicial, arbitration or administrative
 proceedings) to disclose any Confidential Information, such Party (the "**Disclosing Party**") shall, to the extent practicable and permitted by Applicable Laws, provide
 the other Parties (the "**Non-Disclosing Parties**") with prompt written notice
 of that fact and use reasonable efforts to seek (with the cooperation and reasonable efforts
 of the other Parties), at the Disclosing Party's costs, a protective order (in any
 event without initiating any litigation or similar proceedings), confidential treatment or
 other appropriate remedy with respect to the information which is requested or legally required
 to be disclosed. In such event, the Disclosing Party shall furnish only that portion of the
 information which is requested or legally required to be disclosed and shall exercise reasonable
 efforts to keep confidential such information to the extent reasonably requested by any Non-Disclosing
 Party, and (ii) each of the Parties may disclose this Agreement and the other Transaction
 Documents to its Representatives and bona fide prospective investors and transferees of shares
 on a need-to-know basis, provided that each such recipient shall either be subject to professional
 obligations to keep such information confidential or reasonable contractual confidentiality
 obligations and that such Party shall be liable for any breach of confidentiality obligations
 by its recipients.

11.3 Notwithstanding
 anything else to the contrary in this Agreement or the other Transaction Documents, the Parties
 agree that the Purchaser may issue one or more press releases and make filings with the SEC
 or the relevant stock exchanges disclosing, to the extent not previously publicly disclosed,
 this Agreement, the other Transaction Documents and all material terms of the transactions
 contemplated hereby; provided, that prior to such public disclosure, the Purchaser shall
 send the draft disclosures for the Sellers' review and confirmation.

**12.** **Termination** 

12.1 This
 Agreement may be terminated as follows prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 among all Parties, by the written consent of all Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as
 between the Purchaser and any Seller, by the Purchaser or such Seller, upon the delivery
 of a written notice to the other Party on or after December 31, 2025 (the "**Long Stop Date** "), if the Closing of such Seller shall not have taken place by the close
 of business on the Long Stop Date, <u>provided</u>, <u>however</u>, that (i) the Purchaser
 shall not be entitled to terminate this Agreement pursuant to this <u>Clause ‎12.1(b)</u> if the Purchaser has breached this Agreement and such breach has resulted in the failure
 of such Closing to take place and (ii) such Seller shall not be entitled to terminate this
 Agreement pursuant to this <u>Clause ‎12.1(b)</u> if such Seller has breached this Agreement
 and such breach has resulted in the failure of such Closing to take place; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as
 among all Parties, by either Party, if (i) the Proposed Transaction shall violate any order,
 writ, judgment, injunction, decree, stipulation, determination or award entered by or with
 any Governmental Authority that shall have become final and non-appealable, or (ii) there
 shall be Applicable Law which makes the Proposed Transaction illegal or otherwise prohibited.

29 / 34

12.2 Any
 termination of this Agreement as between the Purchaser on the one hand and any Seller on
 the other hand shall not impact the continuing validity of this Agreement being in full force
 and effect as between the Purchaser on the one hand and any other Seller on the other hand.
 In the event that this Agreement is validly terminated with respect to certain Parties in
 accordance with <u>Clause ‎12.1</u>, each of such Parties shall be relieved of their
 duties and obligations owed to the relevant Parties arising under this Agreement after the
 date of such termination and such termination shall be without liability to any such Party;
 provided, that (i) no such termination shall relieve any Party hereto from liability for
 a breach of any of its covenants or agreements or its representations and warranties contained
 in this Agreement prior to the date of termination, and (ii) <u>Clauses ‎1</u>, ‎11,
 ‎13, ‎17, ‎18, ‎19, ‎20, ‎21, <u>‎22</u> and this <u>Clause ‎12.2</u> shall survive any such termination.

**13.** **Notices** 

13.1 All
 notices, requirements, requests, Claims, and other communications in relation to this Agreement
 shall be in writing, and shall be given or made by delivery in person, by an internationally
 recognized overnight courier service, by registered or certified mail (postage prepaid, return
 receipt requested) or electronic mail to the respective Parties at the addresses specified
 below or at such other address for a Party as may be specified in a notice given in accordance
 with this <u>Clause ‎13</u>.

13.2 Each
 Party undertakes that the documents, materials, vouchers, order information, payment account
 information, credential numbers, mobile phone numbers, transaction instructions and so on
 provided by such Party to other Parties shall be true, correct, complete and effective, and
 the information does not contain any statement that is false or misleading.

13.3 The
 following are the initial address of each Party:

**If to the Purchaser:**

Address: No. 26, Gaoxin 2nd Road, East Lake High-tech Development Zone, Wuhan, Hubei, The People's Republic of China

Attn: Carl Agren

Email: <u>ca@nipg.com</u>; mining@nipg.com

**If to Prosperity Oak:**

Email: mining@nsdigital.io

*with a copy to <u>(which shall not constitute notice)</u>:*

 

Cleary Gottlieb Steen & Hamilton

37th Floor, Hysan Place, 500 Hennessy Road

Causeway Bay, Hong Kong

Attention: Denise Shiu

E-mail: <u>dshiu@cgsh.com</u>

30 / 34

**If to Apex Cyber:**

Email: cnnyjy@gmail.com

*with a copy to <u>(which shall not constitute notice)</u>:*

 

Cleary Gottlieb Steen & Hamilton

37th Floor, Hysan Place, 500 Hennessy Road

Causeway Bay, Hong Kong

Attention: Denise Shiu

E-mail: <u>dshiu@cgsh.com</u>

**If to Noveau Jumpstar:**

Email: olga.jiang@nj-limited.com

*with a copy to <u>(which shall not constitute notice)</u>:*

 

Cleary Gottlieb Steen & Hamilton

37th Floor, Hysan Place, 500 Hennessy Road

Causeway Bay, Hong Kong

Attention: Denise Shiu

E-mail: dshiu@cgsh.com

13.4 All
 such notices and other communications shall be deemed effective in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if
 sent by delivery in person, on the same day of the delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 sent by registered or certified mail or overnight courier service, on the same day the written
 confirmation of delivery is sent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 sent by electronic mail, at the entrance of the related electronic mail into the recipient's
 electronic mail server.

**14.** **Compliance with Laws and Regulations** 

14.1 Each
 Party undertakes to the other Parties that it will fully comply with all Applicable Laws
 in relation to export and import control and Sanctions and shall not take any action that
 would cause any other Party or any of its Affiliates to be in violation of any export and
 import control laws or Sanctions. Each Party shall also be fully and exclusively liable for
 and shall defend, fully indemnify and hold harmless any other Party and/or its Affiliates
 from and against any and all Claims, demands, Actions, costs or proceedings brought or instituted
 against such other Party and/or its Affiliates arising out of or in connection with any breach
 by such Party or its Affiliates of any Applicable Laws in relation to export and import control
 or Sanctions.

31 / 34

**15.** **Further Assurance** 

15.1 Each
 Party shall use reasonable best efforts to take, or cause to be taken, all actions and to
 do, or cause to be done, all things necessary, proper and advisable, to facilitate the completion
 of the transactions contemplated by the Transaction Documents as soon as practicable, including
 to make any necessary submission/filing or provision of information in order to obtain the
 NASDAQ Approval.

**16.** **Force Majeure Event** 

16.1 To
 the extent that the performance of any obligation of any Party under this Agreement (other
 than an obligation to make payment in cash) is prevented, frustrated, hindered or delayed
 as a consequence of a Force Majeure Event and subject to the exercise of reasonable diligence
 by the other Parties, the obligations of Parties to the extent they are affected by the Force
 Majeure Event (other than an obligation to make payment in cash), shall be suspended for
 the duration of any inability so caused; provided that, the Party claiming the benefit of
 this provision shall, as soon as reasonably practicable after the occurrence of such event:
 (i) notify the other Party of the nature, condition, date of inception and expected duration
 of such Force Majeure Event and the extent to which the claiming Party expects that the Force
 Majeure Event may delay, prevent or hinder such Party from performing its obligations under
 this Agreement; and (ii) use its best effort to remove any such causes and resume performance
 under this Agreement as soon as reasonably practicable and mitigate its effects.

**17.** **Entire Agreement and Amendment** 

17.1 This
 Agreement and the Transaction Documents shall constitute the entire agreement of the Parties
 hereto in respect of the subject matter herein and can only be amended with the written consent
 of all Parties.

**18.** **Assignment** 

18.1 No
 Party may assign or transfer any of its rights, benefits or obligations under this Agreement
 in whole or in part without prior written consent of the other Parties, except that each
 Seller may freely assign or transfer any of its rights, benefits and obligations under this
 Agreement in whole or in part to any Person without the consent of any other Party prior
 to the Closing of such Seller so long as (x) such assignment will not materially impede or
 delay the consummation of the transactions contemplated hereby, (y) such assignment shall
 not relieve such Seller of any of its obligations hereunder and (z) such Seller shall notify
 the Purchaser of such assignment at least five (5) Business Days prior to the assignment
 and shall provide to the Purchaser information regarding the assignee as may be reasonably
 requested by the Purchaser from time to time. Any attempted assignment that does not comply
 with this <u>Clause 18.1</u> shall be void *ab initio*.

32 / 34

18.2 This
 Agreement shall be binding upon and inure to the benefit of each Party to this Agreement
 and its successors in title and permitted assigns. Except as otherwise expressly provided
 herein, nothing in this Agreement shall create or be deemed to create any third party beneficiary
 rights in any Person or entity not a Party to this Agreement. Contracts (Rights of Third
 Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) shall not apply to this Agreement
 or the other Transaction Documents.

**19.** **Severability** 

19.1 To
 the extent possible, if any provision of this Agreement is held to be illegal, invalid or
 unenforceable in whole or in part by a court, the provision shall apply with whatever deletion
 or modification is necessary so that such provision is legal, valid and enforceable and gives
 effect to the commercial intention of the Parties. The remaining provisions of this Agreement
 shall not be affected and shall remain in full force and effect.

**20.** **Expenses** 

20.1 Except
 as otherwise provided herein or in other Transaction Documents, all fees and expenses incurred
 in connection with this Agreement and the Proposed Transaction will be paid by the Party
 incurring such fees and expenses whether or not the Proposed Transaction is consummated.

**21.** **Governing Law and Dispute Resolution** 

21.1 This
 Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong,
 without regard to principles of conflict of laws.

21.2 All
 disputes arising under this Agreement shall be submitted to arbitration in Hong Kong in accordance
 with the Hong Kong International Arbitration Center Administered Arbitration Rules (the "**HKIAC Rules**") in force when the notice of arbitration is submitted in accordance with
 the HKIAC Rules. The HKIAC Rules are deemed to be incorporated by reference to this clause.
 The tribunal shall be comprised of three (3) arbitrators. The claimant and respondent shall
 each nominate one (1) arbitrator and the third, who shall serve as president of the tribunal,
 shall be nominated by the Party-nominated arbitrators. The arbitration shall be conducted
 in English. Each Party irrevocably and unconditionally consents to such arbitration as the
 sole and exclusive method of resolving any dispute arising out of or in connection with this
 Agreement, including any question regarding its existence, validity or termination. A request
 by any Party to a court of competent jurisdiction for interim measures necessary to preserve
 the party's rights, including pre-arbitration attachments or injunctions, shall not
 be deemed incompatible with, or a waiver of, this agreement to arbitrate. EACH PARTY HEREBY
 IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
 SUIT, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
 CONTEMPLATED HEREBY, WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY.

33 / 34

**22.** **Waiver** 

22.1 Failure
 by either Party to enforce at any time any provision of this Agreement, or to exercise any
 election of options provided herein shall not constitute a waiver of such provision or option,
 nor affect the validity of this Agreement or any part hereof, or the right of the waiving
 Party to thereafter enforce each and every such provision or option.

**23.** **Counterparts and Electronic Signatures** 

23.1 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. The facsimile, email or other electronically delivered
 signatures of the Parties shall be deemed to constitute original signatures, and facsimile
 or electronic copies hereof shall be deemed to constitute duplicate originals.

**24.** **Specific Performance** 

24.1 Each
 Party acknowledges that money damages may not be an adequate remedy in the event that any
 of the covenants or agreements in this Agreement are not performed in accordance with its
 terms, and it is therefore agreed that in addition to and without limitation to any other
 remedy or right it may have, the non-breaching Party will have the right to seek an injunction,
 temporary restraining order or other equitable relief in any court of competent jurisdiction
 enjoining any such breach and enforcing specifically the terms and provisions hereof.

(*The rest part of the page is intentionally left in blank*)

34 / 34

(*Signature page for the On-Rack Sales and Purchase Agreement*)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as a deed as of the date first written above.

---

| | |
|:---|:---|
| **Prosperity Oak Holdings Limited** | **Prosperity Oak Holdings Limited** |
| Signature: | /s/ Chiu Chang-wei |
| Name: | Chiu Chang-wei |
| Title: | Authorized Signatory |

---

(*Signature page for the On-Rack Sales and Purchase Agreement*)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as a deed as of the date first written above.

---

| | |
|:---|:---|
| **Apex Cyber Capital Limited** | **Apex Cyber Capital Limited** |
| Signature: | /s/ KEE WEE KIANG |
| Name: | KEE WEE KIANG |
| Title: | Authorized Signatory |

---

(*Signature page for the On-Rack Sales and Purchase Agreement*)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as a deed as of the date first written above.

---

| | |
|:---|:---|
| **Noveau Jumpstar Limited** | **Noveau Jumpstar Limited** |
| Signature: | /s/ JIANG Sheng |
| Name: | JIANG Sheng |
| Title: | Authorized Signatory |

---

(*Signature page for the On-Rack Sales and Purchase Agreement*)

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as a deed as of the date first written above.

---

| | |
|:---|:---|
| **NIP Group Inc.** | **NIP Group Inc.** |
| Signature: | /s/ Hicham Chahine |
| Name: | Hicham Chahine |
| Title: | CEO and Co-Founder |

---

**SCHEDULE A**

**DISCLOSURE SCHEDULE**

**Appendix A**

**Part A – LIST OF PRoducts**

1. List
 of Sellers and the Products of each of such Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Sellers:
 Prosperity Oak Holdings Limited ()"**Prosperity Oak** "), Apex Cyber Capital
 Limited ()"**Apex Cyber**") and Noveau Jumpstar Limited ()"**Noveau Jumpstar** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Product
 Hashrate: 3,834,039T

List of Products: see the attachment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Products
 Under Maintenance: see the attachment

2. The
 following assets relating to the Products of a Seller (the "**Relevant Assets** "
 of such Seller) shall be assigned, conveyed and delivered to the Purchaser at the Closing
 of such Seller:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 all books and records pertaining to ownership of the Products of such Seller as applicable, including all books of account, general, financial, tax, invoices, shipping records, supplier lists, machinery and equipment maintenance files, production data, quality control records and procedures, customer complaints and inquiry files, research and development files, correspondence with any Governmental Authority, sales records (including pricing history, total sales, terms and conditions of sale, sales and pricing policies and practices), strategic plans, marketing and promotional surveys, material and research, studies and reports, and any other documents, records, correspondence and files and any rights thereto, in each case owned, associated with or employed by the relevant Asset Owner or any of its Affiliates in connection with the Products of such Seller, and all copies thereof, other than organization documents, minute and stock record books and the corporate seal of such Seller or its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 all Claims and rights to any Actions of any nature available or being pursued by the relevant Asset Owner or any of its Affiliates, related to the Products of such Seller, whether arising by way of counterclaim or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 all rights to insurance proceeds and rights under and pursuant to all warranties, representations and guarantees made by suppliers of products, materials or equipment, or components thereof or by any other Person, related to the Products of such Seller, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 all of the relevant Asset Owner's or its Affiliates' right, title and interest at the Closing of the relevant Asset Owner in, to and under all other assets, rights and Claims of every kind and nature used or intended to be used in the operation of, or residing with, the Products of such Seller.

For the avoidance of doubt, any bitcoin mined by the Products of any Seller prior to the Closing Date of such Seller shall not be deemed as Relevant Assets of Products.

**Part B – CLOUD MINING SERVICES**

1. List
 of Sellers and the Service Hashrate of each of such Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Sellers:
 Prosperity Oak and Apex Cyber

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Service
 Hashrate: 4,353,660.35T

**Appendix B**

**FORM OF amended and restated INVESTOR RIGHTS AGREEMENT**

**THIS AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT** (this "<u>Agreement</u>"), dated as of [**●**], is made and entered into by and among NIP Group Inc., an exempted company limited by shares established under the Laws of the Cayman Islands (the "<u>Company</u>"), each of the Holders set forth in Schedule A hereto, and, for the sole purpose of Article VI, each of the parties set forth in Schedule B hereto (each, a "<u>Founder Party</u>" and collectively, the "<u>Founder Parties</u>").

**RECITALS**

**WHEREAS**, the Company and the Original Holders entered into an Investor Rights Agreement dated June 27, 2025 (the "**Original IRA**") to define certain rights and obligations among them with respect to the Company.

**WHEREAS**, the Company and the New Holders are parties to an On-Rack Sales and Purchase Agreement dated as of [●], 2025 (as may be amended or restated, the "<u>Sales and Purchase Agreement</u>").

**WHEREAS**, upon and after the closing of the transactions contemplated by the Sales and Purchase Agreement, the New Holders will receive certain class A ordinary shares of the Company, with a par value of $0.0001 each (the "<u>Company Ordinary Shares</u>").

**WHEREAS**, in connection with the consummation of the transactions contemplated by the Sales and Purchase Agreement, the parties hereto desire to enter into this Agreement to amend and restate the Original IRA in their entirety and to define certain rights and obligations among them with respect to the Company.

**NOW**, **THEREFORE**, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**ARTICLE I**

**DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Definitions.</u> The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

"<u>Additional Securities</u>" shall have the meaning given in subsection 6.1.

"<u>Adverse Disclosure</u>" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Board or the Chairman, Chief Executive Officer or principal financial officer of the Company (a) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to 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 contained therein (in the case of any Prospectus and any preliminary Prospectus, in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made at such time if the Registration Statement were not being filed, and (c) the Company has a bona fide business purpose for not making such information public.

"<u>ADS(s)</u>" means the American depositary shares of the Company, one (1) American depositary share representing two (2) Company Ordinary Shares, as may be adjusted by the Company from time to time.

"<u>Affiliate</u>" shall mean (a) with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person, and (b) with respect to any individual, his or her spouse, child, brother, sister, parent, the relatives of such spouse, trustee of any trust in which such individual or any of his immediate family members is a beneficiary or a discretionary object, or any entity or company Controlled by any of the aforesaid Persons.

"<u>Agreement</u>" shall have the meaning given in the Preamble hereto.

"<u>Beneficially Owned</u>" or "<u>Beneficial Ownership</u>" shall have the meaning given in subsection 6.1.

"<u>Board</u>" shall mean the Board of Directors of the Company.

"<u>Business Day</u>" means a day (other than Saturday or Sunday) on which banking institutions in Hong Kong, the PRC, New York, and the Cayman Islands are open generally for normal banking business.

"<u>Commission</u>" shall mean the Securities and Exchange Commission.

"<u>Company</u>" shall have the meaning given in the Preamble hereto.

"<u>Company Ordinary Shares</u>" shall have the meaning given in the Recital hereto.

"<u>Control</u>" shall mean with respect to any Person, the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, provided that in the case of a Person that is an entity, such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the holders of the shares or other equity interests or registered capital of such Person or power to control the composition of a majority of the board of directors or similar governing body of such Person. The terms "<u>Controlled</u>" and "<u>Controlling</u>" have meanings correlative to the foregoing.

"<u>Demand Exercise Notice</u>" shall have the meaning given in subsection 2.1.2.

"<u>Demanding Holder</u>" shall have the meaning given in subsection 2.1.1.

"<u>Demand Registration</u>" shall have the meaning given in subsection 2.1.2.

"<u>Demand Registration Period</u>" shall have the meaning given in subsection 2.1.2.

"<u>Demand Registration Request</u>" shall have the meaning given in subsection 2.1.2.

"<u>Director Cap</u>" shall have the meaning given in subsection 5.1.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"<u>Filing Date</u>" shall have the meaning given in subsection 2.1.1(a).

"<u>Founder Parties</u>" shall have the meaning given in the Preamble hereto.

"<u>Holders</u>" means collectively, the Original Holders and the New Holders, and each of them, a "<u>Holder</u>".

"<u>Initiating Holder</u>" shall have the meaning given in subsection 2.1.2.

"<u>Investor Director</u>" shall have the meaning given in subsection 5.1.

"<u>Investor Director Notice</u>" shall have the meaning given in subsection 5.1.

"<u>Law</u>" or "<u>Laws</u>" means any and all provisions of any applicable constitution, treaty, orders, statute, law, regulation, ordinance, code, rule, or rule of common law, any governmental approval, concession, grant, franchise, license, agreement, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any formally issued written interpretation or administration of any of the foregoing by, any Governmental Authority, in each case as amended.

"<u>Maximum Number of Securities</u>" shall have the meaning given in subsection 2.1.3.

"<u>Minimum Demand Threshold</u>" shall mean $15,000,000.

"<u>Misstatement</u>" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement, preliminary Prospectus or Prospectus, or necessary to make the statements in a Registration Statement, preliminary Prospectus or Prospectus, in the case of the preliminary Prospectus or Prospectus, in light of the circumstances under which they were made, not misleading.

"<u>Original Holders</u>" means the persons set forth under the column "Original Holders" of Schedule A hereto.

"<u>Person</u>" shall mean any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity (whether or not having separate legal personality).

"<u>Piggy-back Registration</u>" shall have the meaning given in subsection 2.2.1.

"<u>Pro Rata</u>" shall have the meaning given in subsection 2.1.3.

"<u>Prospectus</u>" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all materials incorporated by reference in such prospectus.

"<u>Registrable Security</u>" shall mean (a) any Company Ordinary Shares held by a Holder from time to time and (b) any other equity security of the Company issued or issuable with respect to any such Company Ordinary Shares by way of a stock dividend or stock split or in connection with a combination of stock, acquisition, recapitalization, consolidation, reorganization, stock exchange, stock reconstruction and amalgamation or contractual Control arrangement with, purchasing all or substantially all of the assets of, or engagement in any other similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (i) if a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act, at the earlier of (A) one year following the date the Registration Statement is declared effective or (B) the date that such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (ii) such securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or limitations including as to current public information or manner or timing of sale); (iii) such securities shall have ceased to be outstanding; or (iv) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"<u>Registration</u>" shall mean a registration effected by preparing and filing a Registration Statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such Registration Statement becoming effective.

"<u>Registration Expenses</u>" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority and any securities exchange on which the Company Ordinary Shares are then listed);

fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

printing, messenger, telephone and delivery expenses;

reasonable fees and disbursements of counsel for the Company; and

reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration.

"<u>Registration Statement</u>" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all materials incorporated by reference in such registration statement.

"<u>Requesting Holder</u>" shall have the meaning given in subsection 2.1.3.

"<u>Sales and Purchase Agreement</u>" shall have the meaning set forth in the Recitals hereto. "New <u>Holders</u>" means the persons set forth under the column "New Holders" of Schedule A hereto.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended from time to time. "<u>Shelf Registrable Securities</u>" shall have the meaning given in subsection 2.1.1(a). "<u>Shelf Registration Statement</u>" shall have the meaning given in subsection 2.1.1(a). "<u>Shelf Underwriting</u>" shall have the meaning given in subsection 2.1.1(a).

"<u>Shelf Underwriting Notice</u>" shall have the meaning given in subsection 2.1.1(a). "<u>Shelf Underwriting Request</u>" shall have the meaning given in subsection 2.1.1(a).

"<u>Underwriter</u>" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"<u>Underwritten Block Trade</u>" shall have the meaning given in subsection 2.1.1(a). "<u>Underwritten Registration</u>" or

"<u>Underwritten Offering</u>" shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

"<u>Voting Shares</u>" shall have the meaning given in subsection 6.1.

Capitalized terms used but not defined herein shall have the meanings as set forth in the Sales and Purchase Agreement.

**ARTICLE II**

**REGISTRATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Demand 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;2.1.1 <u>Shelf Registration Statement</u>. At any time and from time to time, each Holder (each, the "<u>Demanding Holder</u>") shall have the right to make a request in writing for the Company to prepare and file with (or confidentially submit to) the Commission a shelf registration statement under Rule 415 of the Securities Act (such registration statement, a "<u>Shelf Registration Statement</u>") covering the resale of the Registrable Securities (determined as of two (2) Business Days prior to such filing) on a delayed or continuous basis and the Company shall use its commercially reasonable efforts to have such Shelf Registration Statement declared effective as soon as practicable after the filing thereof. Such Shelf Registration Statement shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The Company shall maintain the Shelf Registration Statement in accordance with the terms hereof, and shall prepare and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf Registration Statement continuously effective, available for use to permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. If at any time the Company shall have qualified for the use of a Registration Statement on Form F-3 or any other form that permits incorporation of substantial information by reference to other documents filed by the Company with the Commission and at such time the Company has an outstanding Shelf Registration Statement on Form F-1, then the Company shall use its commercially reasonably efforts to convert such outstanding Shelf Registration Statement on Form F-1 into a Shelf Registration Statement on Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the declaration by the Commission of the effectiveness of a Shelf Registration Statement as described above, and subject to subsection 2.3 and subsection 2.4, the Demanding Holder may make a written demand from time to time to elect to sell all or any part of their Registrable Securities, with a total offering price reasonably expected to exceed, in the aggregate, the Minimum Demand Threshold, through an Underwritten Offering pursuant to the Shelf Registration Statement, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof. The Demanding Holder shall make such election by delivering to the Company a written request (a "<u>Shelf Underwriting Request</u>") for such Underwritten Offering specifying the number of Registrable Securities that the Demanding Holder desire to sell pursuant to such Underwritten Offering (the "<u>Shelf Underwriting</u>"). As promptly as practicable, but no later than ten (10) Business Days after receipt of a Shelf Underwriting Request, the Company shall give written notice (the "<u>Shelf Underwriting Notice</u>") of such Shelf Underwriting Request to the Holders of record of other Registrable Securities registered on such Shelf Registration Statement ("<u>Shelf Registrable Securities</u>"). The Company, subject to subsection 2.1.3, shall include in such Shelf Underwriting (x) the Registrable Securities of the Demanding Holder and (y) the Shelf Registrable Securities of any other Holder of Shelf Registrable Securities which shall have made a written request to the Company for inclusion in such Shelf Underwriting (which request shall specify the maximum number of Shelf Registrable Securities intended to be disposed of by such Holder) within ten (10) days after the receipt of the Shelf Underwriting Notice. The Company shall promptly, but subject to subsection 2.3, use its commercially reasonable efforts to effect such Shelf Underwriting. The Company shall, at the request of the Demanding Holder or any other Holder of Registrable Securities registered on such Shelf Registration Statement, file any prospectus supplement or, if the applicable Shelf Registration Statement is an automatic shelf registration statement, any post-effective amendments and otherwise take any action necessary to include therein all disclosure and language deemed necessary or advisable by the Demanding Holder or any other Holder of Shelf Registrable Securities to effect such Shelf Underwriting. Once a Shelf Registration Statement has been declared effective, the Demanding Holder may request, and the Company shall be required to facilitate, an aggregate of no more than five (5) Shelf Underwritings pursuant to this subsection 2.1.1(a) with respect to any or all Registrable Securities; provided, however, that a Shelf Underwriting shall not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested by the Demanding Holder to be registered on behalf of the Demanding Holder in such Shelf Underwriting have been sold; and provided, further, that the number of Shelf Underwritings the Demanding Holder shall be entitled to request shall be reduced by each Demand Registration effected for the Demanding Holder pursuant to subsection 2.1.2. Notwithstanding the foregoing, if the Demanding Holder wishes to engage in an underwritten block trade or similar transaction or other transaction with a 2-day or less marketing period (collectively, "<u>Underwritten Block Trade</u>") off of a Shelf Registration Statement, then notwithstanding the foregoing time periods, the Demanding Holder only needs to notify the Company of the Underwritten Block Trade two (2) Business Days prior to the day such offering is to commence and the Holders of record of other Registrable Securities shall not be entitled to notice of such Underwritten Block Trade and shall not be entitled to participate in such Underwritten Block Trade; <u>provided</u>, <u>however</u>, that the Demanding Holder shall use commercially reasonable efforts to work with the Company and the underwriters prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation related to the Underwritten Block Trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Other Demand Registration</u>. At any time that a Shelf Registration Statement provided for in subsection 2.1.1(a) is not available for use by the Holders following such Shelf Registration Statement being declared effective by the Commission (a "<u>Demand Registration Period</u>"), subject to this subsection 2.1.2, subsection 2.3 and subsection 2.4, at any time and from time to time, the Demanding Holder shall have the right to make a written demand from time to time to effect one or more registration statements under the Securities Act covering all or any part of their Registrable Securities, with a total offering price reasonably expected to exceed, in the aggregate, the Minimum Demand Threshold, by delivering a written demand therefor to the Company, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof. Any such request by the Demanding Holder pursuant to this subsection 2.1.2 is referred to herein as a "<u>Demand Registration Request</u>," and the registration so requested is referred to herein as a "<u>Demand Registration</u>" (with respect to any Demand Registration, the Demanding Holder making such demand for registration being referred to as the "<u>Initiating Holder</u>"). Subject to subsection 2.3, the Demanding Holder shall be entitled to request (and the Company shall be required to effect) an aggregate of no more than five (5) Demand Registrations pursuant to this subsection 2.1.2 with respect to any or all Registrable Securities; provided, however, that a Demand Registration shall not be counted for such purposes unless a Registration Statement has become effective and all of the Registrable Securities requested by the Demanding Holder to be registered on behalf of the Demanding Holder in such Demand Registration have been sold; and provided, further, that the number of Demand Registrations the Demanding Holder shall be entitled to request shall be reduced by each Shelf Underwriting effected for the Demanding Holder pursuant to subsection 2.1.1(a). The Company shall give written notice (the "<u>Demand Exercise Notice</u>") of such Demand Registration Request to each of the Holders of record of Registrable Securities as promptly as practicable but no later than ten (10) Business Days after receipt of the Demand Registration Request. The Company, subject to subsections 2.3 and 2.4, shall include in a Demand Registration (x) the Registrable Securities of the Initiating Holder and (y) the Registrable Securities of any other Holder of Registrable Securities which shall have made a written request to the Company for inclusion in such registration pursuant to this subsection 2.1.2 (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder) within ten (10) days following the receipt of any such Demand Exercise Notice. The Company shall promptly, but subject to subsection 2.3, use its commercially reasonable efforts to (x) file or confidentially submit with the Commission (no later than (A) sixty (60) days from the Company's receipt of the applicable Demand Registration Request if the Demand Registration is on Form F-1 or similar long-form registration or (B) thirty (30) days from the Company's receipt of the applicable Demand Registration Request if the Demand Registration is on Form F-3 or any similar short-form registration), (y) cause to be declared effective as soon as reasonably practicable such registration statement under the Securities Act that includes the Registrable Securities which the Company has been so requested to register, for distribution in accordance with the intended method of distribution and (z) if requested by the Initiating Holder, obtain acceleration of the effective date of the registration statement relating to such registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 <u>Reduction of Underwritten Offering</u>. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Shelf Underwriting or Demand Registration, in good faith, advises the Company, the Demanding Holder and any other Holders participating in the Underwritten Registration (if any) (the "<u>Requesting Holders</u>") in writing that the dollar amount or number of Registrable Securities that such Holders desire to sell, taken together with all other Company Ordinary Shares or other equity securities that the Company desires to sell and the Company Ordinary Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "<u>Maximum Number of Securities</u>"), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holder and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that the Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holder and Requesting Holders have collectively requested be included in such Underwritten Registration (such proportion is referred to herein as "<u>Pro Rata</u>")) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the shares of the Company Ordinary Shares or other equity securities that the Company desires to sell that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares of the Company Ordinary Shares or other equity securities of other Persons or entities that the Company is obligated to register in a Registration pursuant to separate written contractual arrangements with such Persons and that can be sold without exceeding the Maximum Number of 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;2.1.4 <u>Demand Registration Withdrawal</u>. A majority-in-interest of the Demanding Holder initiating a Shelf Underwriting or Demand Registration, pursuant to a Registration under subsection 2.1.1 or 2.1.2 shall have the right in their sole discretion to withdraw from a Registration pursuant to such Shelf Underwriting or Demand Registration upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to (i) in the case of a Shelf Underwriting, the filing of a preliminary prospectus supplement setting forth the terms of the Underwritten Offering with the Commission and (ii) in the case of a Demand Registration, the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Shelf Underwriting or Demand Registration prior to its withdrawal under this subsection 2.1.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Piggy-back 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;2.2.1 <u>Piggy-back Rights</u>. If, at any time on or after the date hereof, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant to subsection 2.1 hereof), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer, as part of a merger, consolidation or similar transaction or for an offering of securities solely to the Company's existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company, or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than ten (10) Business Days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within ten (10) Business Days after receipt of such written notice (such Registration a "<u>Piggy-back Registration</u>"). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggy-back Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this subsection 2.2.1 to be included in a Piggy-back Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion. If any Holder decides not to include all or any of its Registrable Shares in such registration by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Shares in any subsequent registration statement as may be filed by the Company, all upon the terms 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;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Reduction of Piggy-back Registration</u>. If the managing Underwriter or Underwriters in an Underwritten Registration that is to be a Piggy-back Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggy-back Registration in writing that the dollar amount or number of the Company Ordinary Shares that the Company desires to sell, taken together with (i) the Company Ordinary Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with Persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration has been requested pursuant to subsection 2.2.1 hereof, and (iii) the Company Ordinary Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Registration is undertaken for the Company's account, the Company shall include in any such Registration (A) first, the Company Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Company Ordinary Shares, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold without exceeding the Maximum Number of Securities; 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) If the Registration is pursuant to a request by Persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, the Company Ordinary Shares or other equity securities, if any, of such requesting Persons or entities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Company Ordinary Shares or other equity securities that the Company desires to sell which can be sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Company Ordinary Shares or other equity securities for the account of other Persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such Persons or entities, which can be sold without exceeding the Maximum Number of 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;2.2.3. <u>Piggy-back Registration Withdrawal</u>. Any Holder of Registrable Securities shall have the right to withdraw from a Piggy-back Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggy-back Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggy-back Registration. The Company (in its sole discretion or as the result of a request for withdrawal by Persons pursuant to separate written contractual obligations) may postpone or withdraw the filing or effectiveness of a Piggy-back Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggy- back Registration prior to its withdrawal under this subsection 2.2.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Unlimited Piggy-back Registration Rights</u>. For purposes of clarity, any Registration effected pursuant to subsection 2.2 hereof shall not be counted as a Registration pursuant to a Shelf Underwriting or Demand Registration effected under subsection 2.1 hereof; provided, however, that the rights to demand a Piggy-back Registration under this subsection 2.2 shall terminate on the second anniversary of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Restrictions on Registration Rights</u>. The Company shall not be obligated to effect any Shelf Underwriting or Demand Registration within ninety (90) days after the effective date of a previous Shelf Underwriting or Demand Registration or a previous Piggy-back Registration in which holders of Registrable Securities were permitted to register 75% of the Registrable Securities requested to be included therein. The Company may postpone for up to one hundred and twenty (120) days the filing or effectiveness of (A) a Shelf Underwriting or Registration Statement for a Demand Registration if the Holders have requested an Underwritten Registration and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer, or (B) a Shelf Underwriting or Registration Statement for a Demand Registration if the Registration Statement is required under applicable law, rule or regulation to contain (i) financial statements that are unavailable to the Company for reasons beyond the Company's control, (ii) audited financial statements as of a date other than the Company's fiscal year end (unless the Holders requesting Registration agree to pay the reasonable expenses of this audit), (iii) pro forma financial statements that are required to be included in a registration statement, or if the Board determines in its reasonable good faith judgment that such Shelf Underwriting or Demand Registration would (x) materially interfere with a significant acquisition, corporate organization or other similar transaction involving the Company, (y) require the Company to make an Adverse Disclosure or (z) render the Company unable to comply with requirements under the Securities Act or Exchange Act; provided, that in such event the Holders of a majority-in-interest of the Registrable Securities initiating a Shelf Underwriting or Demand Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Shelf Underwriting or Demand Registration shall not count as one of the permitted Shelf Underwriting or Demand Registrations hereunder and the Company shall pay all Registration Expenses in connection with such Registration. The Company may delay a Shelf Underwriting or Demand Registration hereunder only twice in any period of twelve consecutive months.

**ARTICLE III**

**COMPANY PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General Procedures</u>. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities, the Company shall use its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of distribution <u>thereof</u>, and pursuant thereto the Company shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 prepare and file with the Commission a Registration Statement with respect to such Registrable Securities and use its commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus and either (i) any Underwriter overallotment option has terminated by its terms or (ii) the Underwriters have advised the Company that they will not exercise such option or any remaining portion thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 furnish without charge to the Underwriters, if any, and each Holder of Registrable Securities included in such Registration, or such Holders' legal counsel, copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus), and each amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein), and such other documents as the Underwriters and each Holder of Registrable Securities included in such Registration or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such 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;3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as any Holder of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may reasonably request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 use commercially reasonable efforts to cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of 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;3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 furnish to each seller of Registrable Securities such number of copies of such Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including each preliminary Prospectus) and any other prospectus filed under Rule 424 promulgated under the Securities Act relating to such holder's Registrable Securities, in conformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request to facilitate the disposition of its Registrable Securities under such Registration Statement; promptly notify each seller of Registrable Securities of any written comments from the Commission with respect to any such Registration Statement or 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;3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in subsection 3.4 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 in the event of an Underwritten Offering, permit the participating Holders to rely on any "cold comfort" letter from the Company's independent registered public accountants provided to the managing Underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 in the event of an Underwritten Offering, permit the participating Holders to rely on any opinion(s) of counsel representing the Company for the purposes of such Registration issued to the managing Underwriter of such offering covering legal matters with respect to the Registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 20-F and 6-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $25,000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; 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;3.1.15 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Registration Expenses</u>. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters' commissions and discounts, brokerage fees, Underwriter marketing costs and fees and expenses of legal counsel representing the Holders in excess or in addition to the legal fees and expenses included as Registration Expenses. Any reimbursement or payment by the Company shall in no event (i) be duplicative of or (ii) limit any provision, in each case which provides for reimbursement of fees and expenses of counsel in any other contract or agreement between the Holders and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Requirements for Participation in Underwritten Offerings</u>. No Person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Suspension of Sales; Adverse Disclosure</u>. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed and he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as reasonably practicable after the time of such notice) and, if so directed by the Company, each Holder shall deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Securities at the time of receipt of such notice. If the continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure, or would require the inclusion in such Registration Statement of (i) financial statements that are unavailable to the Company for reasons beyond the Company's control, (ii) audited financial statements as of a date other than the Company's fiscal year end (unless the Holders requesting Registration agree to pay the reasonable expenses of this audit), or (iii) pro forma financial statements that are required to be included in a registration statement, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for no more than one hundred and eighty (180) days. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this subsection 3.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Reporting Obligations</u>. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be reporting under the Exchange Act, covenants to use its commercially reasonable efforts to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to Sections 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 (a) or 15(d) of the Exchange Act and to promptly upon request by a Holder furnish such Holder with true and complete copies of such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell the Company Ordinary Shares held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act, including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

**ARTICLE IV**

**INDEMNIFICATION AND CONTRIBUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Company agrees to indemnify, to the extent permitted by Law, each Holder of Registrable Securities, its officers and directors and each Person who Controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including reasonable attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each Person who Controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification 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;4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by Law, shall indemnify the Company, its directors and officers and agents and each Person who Controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who Controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) 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, 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 shall not be unreasonably withheld, conditioned or delayed). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel (plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or Controlling Person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 If the indemnification provided under subsection 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this subsection 4.1.5. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any Person who was not guilty of such fraudulent misrepresentation.

**ARTICLE V**

**INVESTOR DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 From time to time prior to the first date on which a Original Holder and its Affiliates collectively cease to hold more than 10% of the total issued and outstanding Company Ordinary Shares, such Original Holder shall be entitled to deliver a written notice to the Company (each, an "<u>Investor Director Notice</u>") requesting the nomination and appointment of one or more individuals to serve as directors of the Company; <u>provided</u>, that (i) the total number of directors serving on the Board that were nominated and appointed by each Original Holder (each such director, an "<u>Investor Director</u>"), after giving effect to the nomination and appointment contemplated by such Investor Director Notice, shall not exceed the Director Cap of such Original Holder as of such time and (ii) such individuals shall be eligible to serve as directors of the Company under the applicable Laws. Upon receipt of an Investor Director Notice duly delivered by an Original Holder, to the extent permitted by applicable Laws and subject to the nominees' execution and delivery of customary documents as required by applicable Laws and the then-effective corporate policies of the Company generally applicable to all of its directors, the Company shall take all necessary actions to cause the nomination and appointment of such individuals as directed by such Investor Director Notice (an "<u>Investor Director Appointment</u>") as soon as practicable. For the purposes hereof, "<u>Director Cap</u>" with respect to an Original Holder as of the relevant time means the greater of (i) one (1), and (ii) 10% of the total number of directors serving on the board of directors of the Company (rounding up to the next whole number).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 At any time if the total number of the Investor Director(s) in office appointed by an Original Holder is greater than the Director Cap as of such 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;5.2.1 at the request of the Company, such Original Holder shall cause one or more Investor Directors appointed by such Original Holder to resign so that after such resignation, the total number of the Investor Directors in office of such Original Holder will not exceed the Director Cap of such time; 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;5.2.2 the Company shall be entitled to take all necessary actions to remove or cause the removal of one or more Investor Directors appointed by such Original Holder so that after such removal, the total number of the Investor Directors in office appointed by such Original Holder will not exceed the Director Cap of such Original Holder as of such time, and such Original Holder shall provide all necessary assistance in relation thereto.

**ARTICLE VI**

**VOTING UNDERTAKING**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Each Founder Party and New Holder agrees to vote or cause to be voted all of the Voting Shares, including any and all Additional Securities as applicable, Beneficially Owned by such Party from time to time at every meeting (or in connection with any request for action by written consent) of the shareholders of the Company at which any election of individuals nominated by each Original Holder as director(s) pursuant to a validly delivered Investor Director Notice are considered and at every adjournment or postponement thereof, and to execute a written consent or consents if shareholders of the Company are requested to vote their shares through the execution of an action by written consent. As used herein the term "<u>Voting Shares</u>" shall mean all securities of the Company beneficially owned (as such term is defined in Rule13d-3 under the Exchange Act, excluding any shares underlying unexercised options or warrants, but including any shares acquired upon exercise of such options or warrants) ("<u>Beneficially Owned</u>" or "<u>Beneficial Ownership</u>") by any Founder Party, including any and all securities of the Company acquired and held in such capacity subsequent to the date hereof ("<u>Additional Securities</u>").

**ARTICLE VII**

**PROTECTIVE PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Except consented to in writing by each Original Holder holding, together with its Affiliates, more than 10% of the total issued and outstanding Company Ordinary Shares, the Company shall not, and the Founder Parties shall cause the Company not to, take any affirmative action, or fail to take any reasonable action within its control, as a result of which any of the following matters is likely to be done:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 Alteration of any organizational documents of the Company, including its memorandum and articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 Except for (1) any ESOP Awards (as defined in the Sales and Purchase Agreement) and any shares which may be issued pursuant thereto, (2) pursuant to the First Additional Incentive Plan (as defined in Schedule C hereto), and (3) pursuant to the Second Additional Incentive Plan (as defined in Schedule C hereto), any allotment or issue of any membership interests, capital stock or any other equity interests, or warrant, option, convertible or exchangeable security, or other right (contingent or otherwise) to purchase or otherwise acquire membership interests, capital stock or any other equity interests of the Company or any of its subsidiaries, or any reduction, redemption or repayment of, any share or loan capital, membership interests, capital stock, equity interests or other securities of the Company or any of its subsidiaries (such allotment or issuance, to the extent consented to in writing by each Original Holder, shall constitute an "<u>Exempted Issuance</u>" unless otherwise agreed among the Original Holders and the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.3 Amendment or modification of any ESOP Plan (as defined in the Sales and Purchase Agreement), ESOP Award (as defined in the Sales and Purchase Agreement) or the Additional Incentive Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.4 Any merger, consolidation or similar transaction involving the Company, whether or not the Company is the surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.5 A sale, transfer, lease or other disposition (which for purposes of clarification excludes inventory and other sales in the ordinary course of business of the Company) in any transaction or series of related transactions of more than 25% of the fair market value of the Company's consolidated assets; 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;7.1.6 Any transaction involving (i) any Founder Party or any Affiliate thereof on one hand, and (ii) the Company on the other hand, excluding any transactions contemplated under the employment relationship with any of the Founders or under the ESOP Plan (as defined in the Sales and Purchase Agreement) or the Additional Incentive Plan.

**ARTICLE VIII**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be deemed given: (i) on the date established by the sender as having been delivered personally; (ii) one (1) Business Day after being sent by a nationally recognized overnight courier guaranteeing overnight delivery; (iii) on the date that transmission is confirmed electronically, if delivered by email; or (iv) on the fifth (5th) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications, to be valid, must be addressed as follows:

if to the Company, to:

Address: No. 26, Gaoxin 2nd Road, East Lake High-tech Development Zone, Wuhan, Hubei, The People's Republic of China

Attention: Heng Zhang

E-mail: vulcan@nipg.com

if to the Founder Parties, to:

Address: No. 26, Gaoxin 2nd Road, East Lake High-tech Development Zone, Wuhan, Hubei, The People's Republic of China

Attention: Mario Ho Yau Kwan

E-mail: mario@nipg.com

Address: Rosenlundsgatan 31, 118 63 Stockholm, Sweden

Attention: Hicham Chahine

E-mail: hicham@nipg.com

if to a Holder, to such notice address set forth oppositive it name in Schedule A.

Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto as provided in this subsection 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Assignment; No Third Party Beneficiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 This Agreement and the rights, duties and obligations of the Company and the Founder Parties hereunder may not be assigned or delegated in whole or in part without prior consent of the Holders of a majority-in-interest of the then outstanding number of 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;8.2.2 This Agreement and the rights, duties and obligations of the Holders of Registrable Securities hereunder may be assigned or delegated by such Holder of Registrable Securities in conjunction with and to the extent of any transfer of Registrable Securities by any such Holder permitted under this Agreement; provided that such Person agrees to assume the Holders obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties hereto, the permitted assigns and its successors and the permitted assigns of 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;8.2.4 This Agreement shall not confer any rights or benefits on any Persons that are not parties hereto, other than as expressly set forth in this Agreement and subsection 8.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.5 Any transfer or assignment made other than as provided in this subsection 8.2 shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Governing Law; Venue</u>. THE PARTIES EXPRESSLY AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION. Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in the federal courts of the United States or the courts of the State of New York in each case located in the city of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Amendments and Modifications</u>. Upon the written consent of the Company, the Founder Parties and the Holders, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified (and any such wavier, amendment or modification shall be binding on all parties hereto); provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any party hereto or any failure or delay on the part of any party in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any party. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Other Registration Rights</u>. The Company is not a party to any agreement with respect to its securities which is inconsistent with the rights granted to the holders of Registrable Shares by this Agreement and, other than the registration rights granted as provided herein, has not granted to any party rights with respect to the registration of any Registrable Shares or any other securities issued or to be issued by it. Except for the registration rights granted as provided herein, the Company shall not provide any other holder of its securities rights with respect to the registration of such securities under the Securities Act or any other applicable securities laws, without the prior written consent of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Equitable Adjustments</u>. If, after the date of this Agreement, the outstanding shares of Class A Ordinary Shares, Class B1 Ordinary Shares or Class B2 Ordinary Shares, or the number of Class A Ordinary Shares represented by each ADS shall have been changed into a different number of shares or a different class or series, by reason of any stock dividend, subdivision, reclassification, recapitalization, split, change, combination or exchange of shares, or any similar event shall have occurred, then any number, value (including dollar value) or amount contained herein which is based upon the number of shares of Class A Ordinary Shares, Class B1 Ordinary Shares or Class B2 Ordinary Shares, or the number of Class A Ordinary Shares represented by each ADS, will be appropriately adjusted to provide to the parties hereto the same economic effect as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>Effectiveness</u>. This Agreement shall take effect as of the date of the Closing (as defined in the Sales and Purchase Agreement) and shall terminate upon the earlier of (1) mutual consent of all the Parties hereto, or (2) with respect to each Holder, the date such Holder ceases to be a Shareholder of the Company. In the event that this Agreement is validly terminated with respect to certain Parties in accordance with this <u>Clause 8.7,</u> each of such Parties shall be relieved of their duties and obligations owed to the relevant Parties arising under this Agreement after the date of such termination and such termination shall be without liability to any such Party; provided, that (i) no such termination shall relieve any Party hereto from liability for a breach of any of its covenants or agreements contained in this Agreement prior to the date of termination, and (ii) <u>Clauses 8.1 and 8.4</u> shall survive any such termination.

**[SIGNATURE PAGES FOLLOW]**

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

---

| |
|:---|
| **COMPANY:** |
| **NIP Group Inc.** |
| By: |
| Name: |
| Title: |

---

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

---

| |
|:---|
| **FOUNDER PARTIES:** |
| **Mario Yau Kwan Ho** |
| By: |
| **Hicham Chahine** |
| By: |
| **Liwei "xiaOt" Sun** |
| By: |

---

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

---

| |
|:---|
| **FOUNDER PARTIES:** |
| **Seventh Hokage Management Limited** |
| By: |
| Name: |
| Title: |
| **xiaOt Sun Holdings Limited** |
| By: |
| Name: |
| Title: |
| **Diglife AS** |
| By: |
| Name: |
| Title: |

---

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

---

| | |
|:---|:---|
| **HOLDER:** | **HOLDER:** |
| **Prosperity Oak Holdings Limited** | **Prosperity Oak Holdings Limited** |
| By: |  |
| Name: | Chiu Chang-wei |
| Title: | Authorized Signatory |

---

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

---

| |
|:---|
| **HOLDER:** |
| **Apex Cyber Capital Limited** |
| By: |
| Name: |
| Title: |

---

**IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.**

By: 

Name: 

Title: 

**<u>Schedule A</u>**

---

| | | |
|:---|:---|:---|
| **Original Holder** | **Notice Address** | **Company Ordinary Share Amount** |
| Apex Cyber Capital Limited | E-mail: cnnyjy@gmail.com | 61587787 |
| Prosperity Oak Holdings Limited | E-mail: mining@nsdigital.io | 57965652 |
| **New Holder** | **Notice Address** | **Company Ordinary Share Amount** |
| [ ] | [ ] | [ ] |
| [ ] | [ ] | [ ] |

---

**<u>Schedule B</u>**

1. Mr.
 Mario Yau Kwan Ho, a permanent resident of Hong Kong Special Administrative Region and Chairman
 and Co-Chief Executive Officer of the Company

2. Mr.
 Hicham Chahine, a citizen of the Kingdom of Norway and Co-Chief Executive Officer of the
 Company

3. Mr.
 Liwei "xiaOt" Sun, a permanent resident of P.R.C and President of the Company

4. Seventh
 Hokage Management Limited (formerly known as Mario Ho Holdings Limited), a limited liability
 company established in the British Virgin Islands, which is wholly owned by Mr. Mario Yau
 Kwan Ho

5. xiaOt
 Sun Holdings Limited, a limited liability company established in the British Virgin Islands,
 which is wholly owned by Mr. Liwei "xiaOt" Sun

6. Diglife
 AS, a company registered under the laws of Norway, which Controlled by Mr. Hicham Chahine

**<u>Schedule C</u>**

"**First Additional Incentive Plan**" means such incentive plan adopted by the Company, pursuant to which the Company will grant or issue 45,430,307 Class B Shares in an aggregate to the Founder Parties.

"**Second Additional Incentive Plan**" means such incentive plan adopted by the Company, which contemplates the mechanism outlined in this Schedule C, pursuant to which the Company will, upon satisfaction of the Incentive Conditions (which, for the avoidance of doubt, shall in no event be waivable by the Company), grant or issue such number of Class B Shares in an aggregate amount not exceeding the Incentive Cap to the Founder Parties as incentive shares (the "**Incentive Shares**").

"**Incentive Cap**" means an amount equal to 38.00% of the sum of (a) the number of Class A Ordinary Shares actually issued to the Holders under the Sales and Purchase Agreement, and (b) if applicable, the number of Class A Ordinary Shares actually issued pursuant to any Exempted Issuance with twenty-four (24) months after the date hereof*.***

 ****

"**Incentive Conditions**" means:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 occurrence of the earlier of (i) the first Test Period in which the per ADS price of the
 Company implied by the Daily VWAP at the close of market on each of the Trading Days during
 such Test Period, is at least USD 1 per ADS, or (ii) the first Test Period in which the market
 capitalization of the Company displayed on Bloomberg page at the close of market on each
 of the Trading Days during such Test Period, is at least USD120,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 delivery of a notice to each Holder by the Founder Parties that the condition set forth in <u>Clause (a)</u> above has been
 satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;(c) no
 provision of any applicable Legal Requirement prohibiting, enjoining, restricting or making
 illegal the issuance of the Incentive Shares shall be in effect, and no temporary, preliminary
 or permanent restraining Order enjoining, restricting or making illegal the issuance of the
 Incentive Shares shall be in effect.

"**<u>Daily VWAP</u>**" for a Trading Day means the per ADS volume-weighted average price as displayed under the heading "Bloomberg VWAP" on Bloomberg page "NIPG (or any other ticker used by the Purchaser from time to time)" AQR (or its equivalent successor if such page is not available) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary trading session on such Trading Day (or if such volume-weighted average price is unavailable, a nationally recognized independent investment banking firm shall determine the market value of one ADS on such Trading Day, using a volume- weighted average method).

"**<u>ADS(s)</u>**" means the American depositary shares of the Company, one (1) American depositary share representing two (2) Class A ordinary shares, as may be adjusted by the Company from time to time.

"**<u>Trading Day</u>**" means any day which is a trading day on the Nasdaq or another stock exchange on which the ADS is listed for trading, other than a day on which trading is scheduled to close prior to its regular weekday closing time.

"**<u>Test Period</u>**" means any consecutive 20-Trading Day period that commences after the date hereof and ends prior to the Test Period End Date.

"**<u>Test Period End Date</u>**" means the date falling 30 months after the date hereof.

**APPENDIX C**

**FORM OF CLOUD MINING SERVICES AGREEMENT**

**THIS CLOUD MINING SERVICES AGREEMENT** (this "**Agreement**") is made on _______________, 2025.

**Between:**

**(1)** **THE ENTITY WHOSE NAME AND ADDRESS ARE SET OUT IN ROW (A) OF SCHEDULE 1 ()"**Customer")** and** 

**(2)** **THE ENTITY WHOSE NAME AND ADDRESS ARE SET OUT IN ROW (B) OF SCHEDULE 1 (the "**Vendor** ")** 

(each a "**Party**" and collectively referred to as the "**Parties**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Customer
 is an Affiliate (as defined below) of NIP, NIP, Customer and its Affiliates are operating
 crypto mining business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** The
 Vendor is a cloud mining service provider and provides cloud mining services to cryptocurrency
 miners.

**(C)** Customer
 wishes to acquire the Services (as defined below) from the Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(D)** The
 Vendor shall supply the Services to Customer in accordance with the terms of this Agreement.

**It is agreed as follows**:

**1.** **DEFINITION AND INTERPRETATION** 

In this Agreement unless the context otherwise requires, the provisions in this Clause 1 apply:

**1.1.** **Definitions** 

"**Affiliate**" means, in relation to any entity, any entity Controlled, directly or indirectly, by the entity, any entity that Controls, directly or indirectly, the entity, or any entity directly or indirectly under common Control with the entity;

"**Applicable Law(s)**" means all legally binding laws, statutes, regulations, subordinate legislation, orders and decrees of any Governmental Body, and any judgments, decisions and injunctions of any court or tribunal, in each case having jurisdiction over the matter in question;

"**Asset Purchase Agreement**" means certain on-rack sales and purchase agreement, dated as of November [3], 2025, by and between NIP Group Inc. ('NIP"), the Vendor and certain other persons listed in Section 1 of Appendix A thereto, as amended and restated from time to time.

"**Billing Period**" means the period of approximate one (1) month for which the Vendor or the person designated by the Vendor issues invoices to the Customer for the Services provided during such period, which shall follow the following principle:

&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 first Billing Period shall commence from 00:00 (Beijing Time) on the Effective Date until 23:59 (Beijing Time) on the last calendar day of the same month, and (b) each of the subsequent Billing Periods shall commence from 00:00 (Beijing Time) on the first calendar day of the month following the previous Billing Period until 23:59 (Beijing Time) on the last calendar day of such month.

"**Business Day**" means a day (other than a Saturday, Sunday or a public holiday) on which banks are open for business in British Virgin Islands;

"**Control**" means, in respect of a person, the holding, or controlling, in each case, directly or indirectly, of shares or any similar rights of ownership in that person bearing the majority of voting rights attaching to all the shares or other rights of ownership in that person or having the power to direct or cause the direction and management of the policies of that person whether as a result of the ownership of shares, control of the board of directors, contract or any power conferred by the articles of association or other constitutional documents of such person, and "**Controlling**" and "**Controlled**" shall be construed accordingly;

"**Digital Currencies**" means Bitcoin ("**BTC**") or any digital currency that Customer and the Vendor agree upon;

"**Effective Date**" means the date on which the closing of the transaction contemplated under the Asset Purchase Agreement occurs.

**"Fees"** means the total consideration payable by the Customer to the Vendor under this Agreement, comprising (a) the Fixed Consideration and (b) the Variable Fees, each as defined below.

**"Fixed Consideration"** means the consideration paid by NIP under the Assets Purchase Agreement for the Purchased Hashrates, which equals to the product of USD8.00 per T, multiplied by the Service Hashrate of the Vendor as defined in the Assets Purchase Agreement, by issuing certain amount of Class A Shares to the Vendor or its assignees pursuant to the Asset Purchase Agreement. Such Fixed Consideration shall be adjusted accordingly in the event of any adjustment to the Vendor's Service Hashrate under the Asset Purchase Agreement.

**"Variable Fees"** means the fees for any ancillary or supporting services required in the course of providing the Purchased Hashrates, including (a) Hosting Fees, (b) Operation and Maintenance Fees, and (c) Repair Fees and other one-off fees, payable by the Customer in accordance with Schedule 2.

"**Force Majeure**" means in respect of either Party, any event or occurrence whatsoever beyond the reasonable control of that Party, which is unforeseeable, or even if foreseeable, unavoidable and occurs after the date of this Agreement, and prevents, frustrates, hinders or delays, that Party from performing any obligation imposed upon that Party under this Agreement, including, to the extent such event or occurrence shall delay, prevent or hinder such Party from performing such obligation, war (declared or undeclared), terrorist activities, military disturbances, nuclear or natural catastrophes or acts of god, national strikes, riots, epidemics, earthquakes, floods, hurricanes or typhoons, explosions, and regulatory or administrative or similar action or delays to take actions of any Governmental Body. "**Governmental Body**" means any national, federal, regional, provincial, state, county, city, local or foreign government, or any court, tribunal or arbitrator or any regulatory or supervisory authority, agency, ministry, commission, branch, department, division, body, official or instrumentality thereof, in each case being of competent jurisdiction and

"**Governmental Bodies**" shall be construed accordingly;

"**Hashrate**" means the mining power of the Mining Equipment used to mine Digital Currencies and which is specific to the SHA-256 mining algorithm;

"**Hosting Fee(s)**" means the hosting fee for the Services payable by the Customer based on the power consumption during the applicable Billing Period (as defined in Schedule 2), which shall be calculated in accordance with Schedule 2, subject to the adjustment as contemplated therein.

"**Mining Equipment**" means all software, hardware, systems, platforms, and infrastructure deployed by the Vendor or the Vendor's subsidiaries or business partners to generate the Hashrates necessary for the provision of the Services to the Customer;

"**Operation and Maintenance Fee(s)**" means the operation and maintenance fee for the Services payable by the Customer based on the power consumption during the applicable Billing Period (as defined in Schedule 2), which shall be calculated in accordance with Schedule 2, subject to the adjustment as contemplated therein.

"**Purchased Hashrates**" means the Hashrates allocated or made available to the Customer by the Vendor pursuant to Clause 3.2.1;

"**Reconciliation Statement**" means the statement issued by the Vendor to the Customer every Billing Period for reconciliation between the Parties, which shall set out details of the calculation of the Fees;

"**Services**" has the meaning ascribed to it in Clause 3.2; "**Term**" has the meaning ascribed to it in Clause 10.1;

"**VAT**" means value added tax or other similar tax (including goods and services tax and sales tax); and

**1.2.** **In this Agreement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.1.** unless
 the context otherwise requires or permits, references to the singular will include the plural;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.2.** no
 rule of construction applies to the disadvantage of a Party because that Party was responsible
 for the preparation of this Agreement or any part of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.3.** clause
 headings are for ease of reference only and are not intended to be part of or to affect the
 meaning, interpretation or construction of any of the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.4.** any
 reference to persons, includes natural persons, firms, partnerships, companies, corporations,
 associations, organizations, governments, states, governmental or state agencies, foundations
 and trusts (in each case whether or not having separate legal personality and irrespective
 of the jurisdiction in or under the law of which it was incorporated or exists);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.5.** a
 reference to a statute or statutory provision is a reference to that statute or statutory
 provision and to all orders, regulations, instruments or other subordinate legislation made
 under the relevant statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.6.** any
 reference to a statute, statutory provision, subordinate legislation, code or guideline ()"**legislation** ")
 is a reference to such legislation as amended and in force from time to time and to any legislation
 which re-enacts or consolidates (with or without modification) any such legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2.7.** any
 phrase introduced by the terms "**including** ", "**include** ",
 "**in particular** ", "**for example** ", "**such as** "
 or any similar expression shall be construed as illustrative and shall not limit the sense
 of the words preceding those terms

**2.** **PRECEDENCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** This
 Agreement comprises the main body of this Agreement and the Schedules and Appendixes under
 this Agreement, all of which are incorporated into the Agreement by reference.

**3.** **SERVICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1.** Customer
 hereby engages the Vendor to provide the Services in accordance with the terms of this Agreement,
 and the Vendor agrees to perform the Services in accordance with the terms of this Agreement.

**3.2.** "**Services"** shall be provided by the Vendor to Customer in the following manner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1.** upon
 the Effective Date and during the Term, the Vendor shall provide to Customer the contracted
 Hashrate capacity during the Term pursuant to Clause 4 hereunder (the "**Purchased Hashrates** "), in consideration for the Fees hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.2.** upon
 the Effective Date, the Customer shall:

---

| | |
|:---|:---|
| 3.2.2.(i) | pay the deposit equivalent to one (1) month of the Hosting Fee (the "**Deposit**") upon execution of this Agreement. The Deposit shall be held as security for the performance of the Customer's obligations under this Agreement and shall not be deemed as payment for Services rendered. The Deposit shall not be non-interest bearing and, conditioned upon the Customer's full compliance with the terms of this Agreement, returned to the Customer after the expiration of the Term; and |
| 3.2.2.(ii) | pay the initial prepayment equal to the amount of the theoretical hosting fee, which equals to the hosting capacity x Normal Hosting Unit Price x 24 Hours x Number of Days in the first full Billing Period. Such initial payment shall be fully used to satisfy the payment obligation by the Customer for the actual Hosting Fee for the first Billing Period. Where the initial prepayment exceeds the actual Hosting Fee for the first Billing Period, the Vendor shall return any surplus from the initial prepayment received; where the actual Hosting Fee for the first Billing Period exceeds the initial prepayment, the Customer shall make additional payment to make up such difference. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.3.** during
 the Term and for each subsequent Billing Period, the Customer shall pay the Variable Fees
 as contemplated in Schedule 2 to the Vendor or any person designated by the Vendor within
 five (5) Business Days of receipt of the undisputed bill, and in case of late payment,
 the Customer should pay a penalty of 0.05 per cent per day of the amount of the overdue electricity
 bill payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4.** the
 Vendor shall furnish to the Customer the Reconciliation Statement for the previous Biling
 Period within seven (7) Business Days from the end of such previous Billing Period. The
 Customer may raise to the Vendor any objection to the Reconciliation Statement, with data
 and records supporting such objection, within three (3) Business Days upon its receipt
 of the Reconciliation Statement, failing which the Vendor shall be deemed to have approved
 the Reconciliation Statement. In the event of any objection raised by the Customer, the Parties
 shall diligently and expeditiously work towards resolving the discrepancies between the Reconciliation
 Statement and the supporting data and records provided by the Vendor. The final determination
 shall be jointly made by the onsite operation and maintenance staff designated by the Vendor
 and representatives designated by the Customer on the basis of the actual power consumption,
 which shall not exceed the amount of the Rated Power Consumption. Upon successful resolution
 of the discrepancies, the Vendor shall furnish to the Customer a revised version of the Reconciliation
 Statement and the Customer shall approve such revised version in writing within three (3)
 Business Days upon receipt. Upon approval of the Reconciliation Statement, or the revised
 version as applicable, the Vendor will issue the invoice of the Variable Fees for the previous
 Billing Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.5.** all
 payments pursuant to this Agreement, including any remittance or refund, shall be made in
 Tether (USDT), a USD-pegged stablecoin, to the digital wallet address designated by the receiving
 Party. The payment shall be deemed made upon receipt of the full amount of USDT in the designated
 wallet. The remitting Party shall bear any transaction fees, gas fees, or other charges associated
 with the transfer.

**3.3** The Customer shall have the
 right to designate the mining pool to which the Purchased Hashrates shall be directed, and the Vendor shall ensure that the Customer's
 Purchased Hashrates are connected to its account with the designated mining pool accordingly.

**4.** **HASHRATE COMMITMENT** 

During the Term of this Agreement, the Vendor shall provide to the Customer a monthly average theoretical Hashrate capacity of [●] TH/s at the commencement of the Services equal to the Service Hashrate as defined in the Asset Purchase Agreement, subject to adjustment as provided therein. The Parties acknowledge and agree that the actual Hashrate capacity may fluctuate and decline based on the Parties' commercial requirements and prevailing network conditions as mutually agreed by both Parties.

**5.** **OTHER COSTS AND EXPENSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.** During
 the Term, in addition to the agreed Variable Fees as contemplated in Schedule 2, the Customer
 shall only bear and be responsible for the reasonable costs and expenses necessary for the
 provision of the Services, which shall be mutually agreed by the Parties hereunder.

**6.** **WITHHOLDING TAX** 

**6.1.** If
 any payment to be made in respect of any invoice is subject by Applicable Law to any Vendor-
 Related Tax, including but not limited to VAT, the Vendor shall be solely liable for bearing
 the cost of such Vendor-Related Tax and the Vendor shall account to the relevant Competent
 Authority for the Vendor-Related Tax. Provided always that Customer has possession, as furnished
 by the Vendor, of declaration(s) of tax residence on the prescribed forms issued by the Competent
 Authority where the Vendor is domiciled or registered (or other relevant taxation authorities)
 which are current and accurate in order to confirm the applicability and availability of
 any reduced rate of Vendor-Related Tax under the provisions of the relevant double taxation
 convention and/or treaty, the amount of Vendor-Related Tax deducted will/may be calculated
 by Customer in accordance with any appropriate double taxation convention and/or treaty between
 the states in which Customer and the Vendor respectively reside. The Vendor shall furnish
 declaration(s) of tax residence on the prescribed forms issued by the Competent Authority
 where the Vendor is domiciled or registered (or other relevant taxation authorities) in order
 that Customer may confirm the applicability and availability of any reduced rate of Vendor-Related
 Tax under the provisions of the relevant double taxation convention and/or treaty as envisaged
 above. Payment of the Fees to the Vendor and to the relevant tax authority of the said Vendor-Related
 Tax shall, for the purposes of this Agreement, constitute full settlement of the sums owing
 under the relevant invoice. For the purpose of this Clause, the "**Competent Authority** "
 means a state authority or department duly authorized to issue declaration(s) of tax residence;
 and "**Vendor-Related Tax**" means a tax imposed in respect of a payment under
 this Agreement that results from a present or former connection between the jurisdiction
 of the government or taxation authority imposing such tax and the Vendor.

**6.2.** Without
 prejudice to payment in accordance with Clause constituting full settlement of the sums owing
 under the relevant invoice, where requested by the Vendor, Customer shall use reasonable
 endeavours to obtain and provide to the Vendor evidence from the relevant Competent Authority
 of the payment of the said withholding tax (including, where available, tax deduction certificates
 or equivalent thereof). Where Customer is not able to obtain such evidence (having used reasonable
 endeavours), Customer will provide written confirmation itself to the Vendor of the payment
 of said withholding tax.

**7.** **PUBLICITY AND ANNOUNCEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.** The
 Vendor shall not make, or permit any person to make, any public announcement concerning the
 existence, subject matter or terms of this Agreement, the wider transactions contemplated
 by it, or the relationship between the Parties, without the prior written consent of Customer,
 except as permitted under the Asset Purchase Agreement, or required by Applicable Law, or
 any Governmental Body.

**8.** **WARRANTIES AND INDEMNITY** 

**8.1.** Each
 Party warrants to the other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1.** it
 has the legal capacity and all necessary licences, permits, authorisations, approvals or
 consents necessary for the performance of its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2.** it
 shall promptly pay all sums (including any Digital Currencies arising out of or in connection
 with this Agreement) that may be due and payable by it under this Agreement.

**9.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.** The
 Parties recognize that each Party has a legitimate interest in maintaining confidentiality
 regarding this Agreement, the subject matter of this Agreement or any other agreements, documents
 or transactions referred to or contemplated herein and all trade secrets, confidential and/or
 proprietary knowledge or information of each other Party and its Affiliates which that Party
 may receive or obtain as a result of entering into or performing its obligations under this
 Agreement (collectively, "**Confidential Information** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.** Subject
 to Clause 9.3, each Party undertakes to the other Parties that it shall keep the Confidential
 Information in the strictest confidence, and shall not, without the prior written consent
 of the Party disclosing the Confidential Information, use or disclose to any person Confidential
 Information, information relating to this Agreement or the transactions contemplated hereunder
 it has or acquires or information which by its nature ought to be regarded as confidential
 (including without limitation, any business information in respect of the each other Party
 which is not directly applicable or relevant to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.** Clause
 8.2 shall not prohibit disclosure or use of any Confidential Information if and to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.1.** the
 disclosure or use is required by law, any regulatory body or any stock exchange on which
 the shares of either Party (or its holding company) are listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.2.** the
 disclosure or use is required for the purpose of any arbitral or judicial proceedings arising
 out of this Agreement or any other agreement entered into under or pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.3.** the
 disclosure is made to Affiliates and/or professional advisers of any Party on a need-to-know
 basis and on terms that such Affiliates and/or professional advisers undertake to comply
 with the provisions of Clause 8.2 in respect of such information as if they were a Party
 to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.4.** the
 information is or becomes publicly available (other than as a result of any breach of confidentiality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.5.** the
 disclosing Party has given prior written approval to the disclosure or use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3.6.** the
 Confidential Information is already in the lawful possession of the Party receiving such
 information (as evidenced by written records) at the time of disclosure.

**10.** **LIMITATION OF LIABILITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.** Nothing
 in this Agreement limits any liability which cannot legally be limited, including liability
 for death or personal injury caused by negligence and fraud or fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.** Neither
 Party shall have any liability to the other Party for any indirect, incidental, special or
 consequential loss to the other Party.

**10.3.** Notwithstanding
 the foregoing, (i) the maximum amount of damages liable by the Vendor to the Customer under
 this Agreement shall be limited to the amount of Variable Fees paid by the Customer to the
 Vendor, except that such maximum amount of damages liable by the Vendor shall be increased
 by the Fixed Consideration in the event of damages arising out of or related to the Vendor's
 bad faith or willful misconduct; and (ii) each Party shall not be liable to the other Party
 unless the amount of damages arising out of or relating to matters for which the Customer
 has paid the Fixed Consideration exceeds 1% of the Fixed Consideration in aggregate (the
 "**De-minimis Amount** "), but once the amount of damages exceeds 1% of the
 Fixed Consideration in aggregate then such Party may claim for the full amount of the damages
 suffered by such Party. Notwithstanding anything set forth to the contrary, the limitation
 of the De-minimis Amount shall not apply to any damages arising from the service provided
 by the Vendor under this Agreement corresponding to the Variable Fees.

**11.** **COMMENCEMENT AND DURATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1.** This
 Agreement shall take effect on the Effective Date and continue in full force until the fourth
 anniversary of the Effective Date ()"**Term** "), unless terminated earlier
 in accordance with Clause 12 of this Agreement.

**12.** **TERMINATION** 

**12.1.** This
 Agreement may be terminated by the written consent of both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.** A
 Party shall be entitled to terminate this Agreement on written notice, provided that the
 other Party shall have received such written notice at least [ten (10) Business Days] prior
 to such termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.1.** if
 the other Party is in material breach of this Agreement and such breach is not curable or,
 if curable, has not been cured within ninety (90) days after the delivery of written notice
 of breach by the non-breaching Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2.2.** in
 the event of a relevant change in the Applicable Law or request by a Government Body which
 would materially affect the performance of any of the Parties' obligations under this
 Agreement or result in either Party being unable to fulfil their obligations or benefit from
 their rights and entitles under this Agreement and could not reasonably have been foreseen
 or provided against (e.g., government acts prohibiting or impending any Party from performing
 its respective obligations under this Agreement).

**12.3.** On
 termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.1.** neither
 Party shall have any further obligation to the other under this Agreement unless otherwise
 stated in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.2.** the
 Parties shall retain all rights, remedies and obligations that have accrued or become due
 prior to termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3.3.** the
 Parties will remain entitled to all rights granted or assigned to it under this Agreement.

**12.4.** In
 the event of early termination of this Agreement, the Parties agree to engage in good faith
 negotiations to determine the appropriate treatment of any residual value associated with
 prepaid but unused Services. Any settlement regarding such residual value shall be implemented
 according to terms specifically negotiated and mutually agreed upon by the Parties at the
 time of termination. Notwithstanding the foregoing, the Parties expressly acknowledge and
 agree that the Vendor shall have no obligation to provide refunds, credits, or any other
 form of compensation to the Customer for residual value attributable to unused Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5.** Clause
 9 (Confidentiality), Clause 10 (Limitation of Liability and Indemnity), Clause
 12 (Termination) and Clause 13 (Other Provisions) shall survive the expiry
 or termination of this Agreement.

**13.** **OTHER PROVISIONS** 

**13.1.** **Further Assurances** 

Each of the Parties shall, and shall use its reasonable endeavours to procure and ensure that any necessary third party shall, from time to time execute such documents and perform such acts and things as any of the Parties may reasonably require to give each of the Parties the full benefit and effect of this Agreement.

**13.2.** **Whole Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.1.** This
 Agreement contains the whole agreement between the Parties relating to the subject matter
 of this Agreement at the date of this Agreement to the exclusion of any terms implied by
 law which may be excluded by contract and supersedes any other previous written or oral agreement
 between the Parties in relation to the matters dealt with in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2.2.** [The
 Customer acknowledges that (i) certain Cloud Mining Services Agreement by and between
 Nebula Digital Investment Limited and the Customer dated September 5, 2025, and (ii) certain
 Cloud Mining Services Agreement by and between Prosperity Peak Limited and the Customer
 dated September 5, 2025, have been terminated as of the date of this Agreement pursuant to
 the execution of certain termination agreements to such effect between the parties thereof,
 and upon the termination of such agreements, (i) all parties' obligations thereunder
 have been satisfied or waived; and (ii) there are no pending claims, disputes, or unresolved
 matters arising from such agreements.]

**13.3.** **Time of Essence** 

Any time, date or period mentioned in any provision of this Agreement may be extended by mutual agreement in writing between the Parties in accordance with this Agreement or by agreement in writing but as regards any time, date or period originally fixed or any time, date or period so extended as aforesaid time shall be of the essence.

**13.4.** **Release, Indulgence, Waiver** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.1.** Any
 liability to any Party under this Agreement may in whole or in part be released, compounded
 or compromised, or time or indulgence given, by it in its absolute discretion as regards
 the other Party under such liability without in any way prejudicing or affecting its rights
 against such other Party in any other respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4.2.** No
 failure on the part of any Party to exercise and no delay on the part of any Party in exercising
 any right hereunder will operate as a release or waiver thereof, nor will any single or partial
 exercise of any right under this Agreement preclude any other or further exercise of it or
 any other right or remedy.

**13.5.** **Assignment** 

Customer may, with prior written notice to the Vendor, at any time assign, mortgage, charge, subcontract, delegate, declare a trust over or deal in any other manner with any or all of its rights and obligations under this Agreement. All assignments done by Customer under this Clause are subject to the satisfaction of Know Your Customer checks required by the Vendor.

**13.6.** **Remedies** 

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

**13.7.** **Third Party Rights** 

A person who is not a Party to this Agreement has no right to enforce any term of, or enjoy any benefit under, this Agreement.

**13.8.** **Variation** 

The Parties acknowledge that circumstances may arise during the Term of this Agreement that could not have been reasonably anticipated at execution, including but not limited to, among other things, the Variable Fees as contemplated in Schedule 2 may need to be amended on or around [April 18, 2026]/[December 1, 2026]. In such circumstances, the Parties agree to negotiate in good faith to modify this Agreement as may be necessary to address such changed circumstances.

**13.9.** **Costs and Expenses** 

Each Party shall pay its own taxes, legal, professional and other costs and expenses in connection with the negotiation and execution of this Agreement.

**13.10.** **Notices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10.1.** Any
 notice required to be given by a Party to the other Parties shall be in writing, signed by
 or on behalf of the Party giving it, and in the English language. It shall be deemed validly
 served if hand delivered, or sent by e-mail, prepaid post or a recognised courier service
 to the address, email address of the Parties given herein or as may from time to time be
 notified for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10.2.** The
 initial addresses and email addresses of the Parties are:

---

| | |
|:---|:---|
| **(a)** | **<u>Customer</u>** |
|  | As set out in Row (a) of Schedule 1 |

---

---

| | |
|:---|:---|
| **(b)** | **<u>The Vendor</u>** |
|  | As set out in Row (b) of Schedule 1 |

---

**13.11.** **Invalidity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11.1.** If
 any provision in this Agreement shall be held to be illegal, invalid or unenforceable, in
 whole or in part, the provision shall apply with whatever deletion or modification is necessary
 so that the provision is legal, valid and enforceable and gives effect to the commercial
 intention of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11.2.** To
 the extent it is not possible to delete or modify the provision, in whole or in part, under
 Clause 12.11.1, then such provision or part of it shall, to the extent that it is illegal,
 invalid or unenforceable, be deemed not to form part of this Agreement and the legality,
 validity and enforceability of the remainder of this Agreement shall, subject to any deletion
 or modification made under Clause 12.11.1, not be affected.

**13.12.** **Counterparts** 

This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same instrument. The Parties may enter into this Agreement by executing any such counterpart.

**13.13.** **Translation** 

This Agreement may be translated into another language. However, in the event of any inconsistency between the English language version and a translated version, this English version will at all times prevail and take precedence. Any translation must include a provision to the same effect as this Clause.

**13.14.** **Electronic signature** 

To the extent permitted by the Applicable Laws, the Parties agree that this Agreement may be executed by way of electronic signatures and delivered via electronic transmission and that this Agreement, or any part thereof, shall not be denied legal effect, validity, or enforceability solely on the ground that it is in the form of an electronic record. The Parties further agree that they shall not dispute the validity, accuracy, legal effectiveness or authenticity or enforceability of this Agreement merely on the basis that it is executed by way of electronic signatures, and that such electronic record shall be final and conclusive of the Parties' agreement of any relevant matter as set out in this Agreement.

**13.15.** **Data protection** 

The Parties hereby acknowledges and agrees that the Parties' performance of this Agreement may require the Parties to process, transmit and/or store the other Party's personal data or the personal data of the other Parties' employees and Affiliates. By submitting personal data to any Party, such Party agrees that such Party and its Affiliates may process, transmit and/or store personal data only to the extent necessary for, and for the sole purpose of, enabling such Party to perform its obligations under this Agreement. In relation to all personal data provided by or through a Party to the other Party, such Party procures that it will be responsible as sole data controller for complying with all applicable data protection laws implementing that directive that regulate the processing of personal data and special categories of data as such terms are defined in that directive.

**13.16.** **Nature of Agreement** 

Nothing in this Agreement will create, or be deemed to create a partnership, a joint venture, an agency or a fiduciary duty between the Parties. Except as expressly provided herein, neither Party by virtue of this Agreement has authority to transact any business in the name of the other Party or on its behalf or to incur any liability for or on behalf of the other Party.

**13.17.** **Governing Law and Dispute Resolution** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.17.1.** This
 Agreement shall be governed by and construed in accordance with the laws of Hong Kong.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.17.2.** Any
 dispute, controversy, difference or claim arising out of or relating to this contract, including
 the existence, validity, interpretation, performance, breach or termination thereof or any
 dispute regarding non-contractual obligations arising out of or relating to it shall be referred
 to and finally resolved by arbitration administered by the Hong Kong International Arbitration
 Centre (the "HKIAC") in accordance with the HKIAC Administered Arbitration Rules
 in force at the time of the commencement of the arbitration.. The place of arbitration shall
 be Hong Kong. The number of arbitrators shall be nominated and appointed in accordance with
 the HKIAC Administered Arbitration Rules l be three (3) and. The arbitration proceedings
 shall be conducted in English.

**<u>Schedule 1</u>**

**Contract Information**

---

| | |
|:---|:---|
| Particulars of Customer: | Company Name : [**Mining Ninjas Ltd]**<br>Registered Address : [Start Chambers, Wickham's Cay II, P.O.Box 2221, Road Town, Tortola, British Virgin Islands];<br>Contact Person (Title) : [Hicham Chahine (Director); Lulu Xie (Capital Market Team)]<br>Contact Person's Email : [hicham@nipg.com] |
| Particulars of the Vendor: | Company Name : **[●]<sup>1</sup>**<br>Registered Address : **[●]**<br>Contact Person (Title) : **[●]** <br>Contact Person's Email : **[●]** |
| Designated wallet/UID of the Vendor to receive Fees payments | Customer UID/ wallet address: [Pending for now] |

---

<sup>1</sup>NTD: The particulars of the Vendor are to be provided.

**<u>Schedule 2</u>**

**Variable Fees**

**1.** **DEFINITIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** **Definitions.** The following terms in this Schedule 2 shall have the meaning specified below:

"**Actual Hosting Unit Price**" means the effective unit price per kWh applicable during the relevant Billing Period, which shall initially be the same as the Normal Hosting Unit Price, subject to the adjustment mechanism in accordance with Clause 2.2 of this Schedule 2;

"**Digital Assets Price**" means the price of the applicable digital asset at the relevant hour (Beijing Time), denominated in US Dollar and published on the website of Coinmarketcap (https://coinmarketcap.com/);

"**End-Period Meter Reading**" means the meter reading of the Separate Meter taken at 23:59 (Beijing Time) on the last day of the applicable Billing Period;

"**Hosting Fee Ratio**" means the ratio of the Hosting Fee to the Theoretical Hashrate PPS Income during the relevant period;

"**Low Power Mode**" means the Mining Equipment operates in such a mode that consumes less amount of electrical power than Rated Power and contributes less hasrate than rated hashrate due to the limitation on its performance imposed by and subject to the sole discretion of the Customer;

"**Minimum Hosting Unit Price**" shall have the meaning ascribed to it in Clause 2.3 of this Schedule 2;

"**Monitoring Software**" means the software designated by the Parties to monitor the operation of the Mining Equipment, which shall be AntSentry (version V2 or such other version as may be upgraded by the Customer from time to time) unless otherwise mutually agreed between the Parties;

"**Normal Hosting Unit Price**" shall have the meaning ascribed to it in Clause 2.3 of this Schedule 2;

"**Online Status**" means the status of the Mining Equipment that is powered-on with constant supply of electrical power, has stable connection with network and is accessible via the Monitoring Software where the status tag "Online" is indicated for such Mining Equipment;

"**Online Status Ratio**" means a fraction where the numerator is the sum of the actual length of time of each Mining Equipment in Online Status during the applicable Billing Period, and the denominator is the sum of theoretical length of time of each Mining Equipment in Online Status during the applicable Billing Period. If the Vendor promptly furnishes adequate evidence upon such an event and subject to the Customer's consent, the theoretical Online duration of each Mining Equipment may exclude the duration during which compulsory power curtailment occurs as a result of a government directive or load limitation programs, as stipulated in the power purchase agreement with the power supplier, provided that such compulsory power curtailment is not a consequence of a breach of any government order or power purchase agreement. The Online Status Ratio shall finally be determined by the data as illustrated on the Monitoring Software, except that if there is a technical failure (including, but not limited to, technical failure of the Monitoring Software and/or the Mining Equipment, or offline of the NUC, etc.) that prevents from reading certain data, the aforementioned numerator and denominator shall be adjusted accordingly to subtract such time during which the relevant data cannot be read due to such technical failure, unless otherwise agreed by the Parties;

"**Power-off Server(s)**" means Mining Equipment that is/are powered off voluntarily by the Customer pursuant to Clause 3 of this Schedule 2;

"**Power Consumption**" means the amount of electricity power consumed by the Mining Equipment during the applicable Billing Period, including any of the Mining Equipment under the Low Power Mode, which shall be determined by subtracting the End-Period Meter Reading of the Billing Period immediately preceding the relevant Billing Period from the End-Period Meter Reading of the relevant Billing Period, the unit of which shall be kWh;

"**Qualified Status**" means the status in which the Mining Equipment is in normal operation and the average hashrate of the ming Equipment in eight consecutive hours is above or equal to 80% of the rated hashrate of the Mining Equipment;

"**Rated Power**" means the amount of the rated electrical power stated on the factory label of the applicable Mining Equipment.

"**Reconciliation Statement**" means the statement issued by the Vendor (or any person designated by the Vendor) to the Customer every Billing Period for reconciliation between the Parties, which shall set out details including but not limited to Power Consumption, the applicable Actual Hosting Unit Price, the Online Status Ratio, Fees chargeable, any occurrence of interruption or suspension of any Service during such Billing Period;

"**Separate Meter**" means the separate meter installed by the Vendor at the data center facility for metering the electrical power consumed by the Mining Equipment;

"**Standard Mode**" means the Mining Equipment operates in such a mode without any limitation on its performance imposed by the Customer;

"**Theoretical Hashrate PPS Income**" means the theoretical earnings of the applicable Mining Equipment based on the actual Mining Pool Bitcoin (BTC) Hashrate of such Miming Equipment with reference to the prevailing network difficulty during the relevant period and the Digital Assets Price, which shall be calculated based on the real-time total network Hashrate and the price of BTC, with a sampling frequency of once an hour on a credible third-party platform<sup>2</sup>, and the average value of the relevant data in each relevant period shall be the Theoretical Hashrate PPS Income of such period, the specific value shall be determined by the data as illustrated on the Mining Pool. For avoidance of doubt, the Parties agree that: (a) when calculating the Hosting Fee Ratio for the Actual Hosting Unit Price Adjustment in accordance with Clause 2.2 of this Schedule 2, the relevant period shall be the corresponding Billing Period; and (b) when calculating the Hosting Fee Ratio for the voluntary power-off, the relevant period shall be the consecutive 24 x 14 hours.

<sup>2</sup> Unless otherwise specified by the Customer, the third-party platform shall be website of Coinmarketcap (https://coinmarketcap.com/).

**2.** **SERVICE FEE AND PAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** **Hosting Fee Calculation.** Hosting Fee for each Billing Period shall be calculated as follows:

Hosting Fee = (Actual Power Consumption) x Hosting Unit Price (i.e., actual Hashrate x measured Power Consumption x 102.5% x electricity unit price ($0.07 /kWh) based on the adjustment mechanism set forth in Clause 2.2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Hosting Unit Price Adjustment.** The initial Hosting Unit Price shall be the Normal Hosting Unit
 Price, subject to the following adjustment for each Biling Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Hosting Fee Ratio for such Billing Period is higher than 90%, the Hosting Unit Price
 applicable to such Billing Period shall be adjusted to the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 amount equal to the result of (x) 80% of aggregate of the Theoretical Hashrate PPS Income
 during such Billing Period, divided by (y) Power Consumption of such Billing Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Minimum Hosting Unit Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Hosting Fee Ratio for such Billing Period is no higher than 90% but higher than 60%,
 the Hosting Unit Price applicable to such Billing Period shall be the Normal Hosting Unit
 Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Hosting Fee Ratio for such Billing Period is no higher than 60%, the Hosting Unit Price
 applicable to such Billing Period shall be adjusted to the lower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an
 amount equal to the result of (x) 90% of aggregate of the Theoretical Hashrate PPS Income
 during such Billing Period, divided by (y) Power Consumption of such Billing Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 Normal Hosting Unit Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Hosting Fee Ratio for such Billing Period is no higher than 90%, the Hosting Unit Price
 applicable for such Billing Period shall equal to the Normal Hosting Unit Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Cost
 Increases. Where the electricity cost of the Vendor increases above the Normal Hosting Unit
 Price due to requirements of a governmental agency or third-party electricity provider, the
 Vendor may notify the Customer in writing and, upon the Customer's request, the Vendor
 shall furnish reasonable supporting documentation therefor. Upon such notification, the Parties
 agree to negotiate in good faith to adjust the Hosting Unit Price to account for such increase
 in electricity cost. For the avoidance of doubt, nothing in this Clause 2.2 shall affect
 the Customer's right to terminate without penalty.

**2.2.1** The
 applicable Hosting Fee under this Schedule are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Normal
 Hosting Unit Price (including non-deductible taxes/expenses): US$0.073/kWh Minimum Hosting
 Unit Price (including non-deductible taxes/expenses): US$0.063/kWh

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Monthly
 Theoretical Hosting Fee (including non-deductible taxes/expenses): ∑Rated Power of Each
 Mining Equipment Powered-On (kW) x Normal Hosting Unite Price x 24 x 30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** **Operation and Maintenance Fee Calculation.** The operation and maintenance fees for each Billing
 Period shall be calculated as follows:

Operation and Maintenance Fees = operation and maintenance actual unit price x monthly Power Consumption (i.e. actual hashrate (TH) X (21.5/1000) X105% X 24 X maintenance and service fee unit price (US$0.002/kWh) based on the adjustment mechanism set forth in Clause 2.5)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4.** **Monthly Power Consumption Calculation and Operation and Maintenance Actual Unit Price Adjustment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Monthly
 power consumption shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the Mining Equipment operate in Standard Mode, monthly theoretical power consumption = ∑Daily
 hashrate of mining pool statistics operation account (T) x Theoretical hourly power consumption
 of mining machine per T (T/W/H) x 105% x 24(H);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If
 the Mining Equipment operate in Low Power Mode, monthly theoretical power consumption = ∑Daily
 hashrate of mining pool statistics operation account (T) x Theoretical hourly power consumption
 of each mining machine power mode (T/W/H) x 105% x 24(H); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Actual
 power-on duration of current Billing Period means the acutal cumulative time that the Mining
 Equipment is powered-on with a constant supply of electrical power of the current Billing
 Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Operation
 and maintenance actual unit price shall be linked to and adjusted by the monthly average
 online qualified ratio, in accordance with the following formulas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) When
 the Mining Equipment monthly average online qualified ratio >= 98%, operation and maintenance
 actual unit price = operation and maintenance execution unit price, being US$0.002/kWh;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) When
 95% <= the Mining Equipment monthly average online qualified ratio < 98%, operation
 and maintenance actual unit price = operation and maintenance execution unit price x 0.9;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) When
 the Mining Equipment monthly average online qualified ratio < 95%, operation and maintenance
 actual unit price = operation and maintenance execution unit price x 0.7; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) monthly
 average online qualified ratio = ∑ daily quantity of Mining Equipment in Qualified Status
 in the current month / ∑ daily quantity of Mining Equipment in Online Status in the current
 month.

**2.5.** **Repair Fee.** Repair Fee shall be payable as per use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6.** **Other One-off Fees.** Other one-off fees set forth in the applicable Reconciliation Statement
 shall be paid in accordance with such Reconciliation Statement, including but not limited
 to the on-rack/off-rack fees and other miscellaneous fees. Except for the on-rack and off-rack
 of faulty Mining Equipment, if the Customer needs to load on-rack or move off-rack Mining
 Equipment in bulk (i.e. more than five hundreds (500) miners at one time) due to additional
 deployment ,replacement or withdrawal of Mining Equipment, and the Vendor or the maintenance
 and operation service provider has to employ third party temporary workers to complete the
 on-rack or off-rack of Mining Equipment and other work, the Vendor shall be entitled to charge
 the Customer separately. However, in this situation, the fees related to employ third party
 temporary workers needs the Customer's prior written confirmation before the incurrence
 of the employing third party temporary workers. The on-rack loading of the Mining Equipment
 in bulk includes the following actions: unloading, unpacking and loading on-rack of delivered
 the Mining Equipment. The off-rack moving of miners in bulk includes the following actions:
 off-rack, dedusting, packing and truck loading of the Mining Equipment. The on-rack/off-rack
 fees shall be charged in accordance with the quantity of the Mining Equipment x US$3/unit.

*(signature page to follow)*

 

 

This Agreement has been entered into by the Parties on the date hereof:

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| | |
|:---|:---|
| **Customer** | **The Vendor** |
| Signed for and on behalf of **Mining Ninjas Ltd** | Signed for and on behalf of [●] |
| (Authorised signatory) | (Authorised signatory) |
| Name of signatory:________________________________ | Name of signatory: |

---

**<u>Appendix A</u>**

**Asset Purchase Agreement**