Document:

CF
MARATHON LLC

 

LIMITED
LIABILITY COMPANY AGREEMENT

 

LIMITED
LIABILITY COMPANY AGREEMENT (this “Agreement”) of CF Marathon LLC (the “Company”) is entered
into as of October 20, 2017, by and among CF DB EZ, LLC, a Delaware limited liability company (the “Class A Member”),
Marathon Patent Group, Inc., a Delaware corporation (the “Class B Member”) and the Company.

 

WHEREAS,
pursuant to the filing of the Certificate of Formation (the “Certificate of Formation”) with the office of
the Secretary of State of the State of Delaware, the Company was formed on October 9, 2017, as a limited liability company in
accordance with the Delaware Limited Liability Company Act, codified in Chapter 18 of Title 6 of the Delaware Code, as the same
may be amended from time to time (the “Act”);

 

WHEREAS,
in connection with the transactions contemplated by the Restructuring Agreement, the Class A Member and the Class B Member desire
to, and to cause the Company to, enter into this Agreement; and

 

WHEREAS,
simultaneous with the execution of this Agreement the parties intend that (i) the Class B Member, or its Affiliates, will transfer
all of its ownership rights with respect to the Rensselaer Polytechnic Institute Portfolio, the CPT IP Holdings, LLC Portfolio
and the Siemens Switzerland Ltd. and Siemens Industry Inc. Portfolio to the Class A Member in exchange for cancellation in full
of the Notes and all Note Obligations, (ii) the Class A Member will in turn contribute all of its ownership rights received from
the Class B Member, or its Affiliates, pursuant to the preceding clause (i) to the Company in exchange for an interest in the
Company, (iii) The Company will in turn transfer all of its ownership rights with respect to the Rensselaer Polytechnic Institute
Portfolio to CF Dynamic Advances LLC, all of its ownership rights to the CPT IP Holdings, LLC Portfolio to CF Traverse LLC and
all of its ownership rights to the Siemens Switzerland Ltd. and Siemens Industry Inc. Portfolio to CF Magnus LLC, each of which
are wholly owned Subsidiaries of the Company (collectively, the “Portfolio Holders”) as contemplated pursuant
to the terms of the Restructuring Agreement and pursuant to the terms of the Patent Assignment Agreements dated as of the date
hereof by and between the Class B Member, or its Affiliates, and each of the Portfolio Holders (the “Patent Assignments”);
(iv) the Class A Member contributed all of its rights under the Restructuring Agreement to the Company, and (v) the Profits Interest
Holders have provided their consent to the Patent Assignments; it being that for administrative convenience the end result of
the actions described in clauses (i) through (iii) above will be achieved through the Class B Member, or its Affiliates, directly
contributing all of the ownership rights with respect to the Rensselaer Polytechnic Institute Portfolio to CF Dynamic Advances
LLC, all of the ownership rights to the CPT IP Holdings, LLC Portfolio to CF Traverse LLC and all of the ownership rights to the
Siemens Switzerland Ltd. and Siemens Industry Inc. Portfolio to CF Magnus LLC, the Class A Member’s cancellation in full
of the Notes and all Note Obligations and the Company’s issuance of an interest in the Company to the Class A Member.

 

NOW,
THEREFORE, in consideration of the mutual covenants herein contained and other valuable consideration, the receipt and adequacy
of which are hereby acknowledged, each of the Company and the Members hereby agree as follows:

 

		1.	DEFINITIONS

 

For
purposes of this Agreement the following terms shall have the following meanings:

 

    	 

    	 

    

 

“Act”
has the meaning set forth in the Recitals hereto.

 

“Affiliate”
means, with respect to any specified Person, any Person that directly or through one or more intermediaries controls or is controlled
by or is under common control with the specified Person. As used in this definition, the term “control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the Preamble hereto.

 

“Asset
Value” of any tangible or intangible property of the Company (including goodwill) means its adjusted basis for federal
income tax purposes unless:

 

(a)               
the property was accepted by the Company as a contribution to capital at a value different than its adjusted basis, in which event
the initial Asset Value for such property means the gross fair value of such asset, as determined by the Managing Member; or

 

(b)               
as a consequence of the grant of an interest in the Company or the redemption of all or part of the interest of a Member, the
property of the Company is revalued in accordance with Section 5.2.

 

As
of any date, references to the “then prevailing Asset Value” of any property means the Asset Value last determined
for such property less the depreciation, amortization and cost recovery deductions taken into account in computing Net
Profit or Net Loss in fiscal periods subsequent to such prior determination date.

 

“Capital
Contribution” means the amount of cash and the fair market value of any other property contributed to the Company with
respect to the interest in the Company held by each Member, in the agreed amounts, as of the Contribution Date, set forth on Schedule
3.2.

 

“Cash
Advance” means, collectively, (i) the amounts advanced or incurred by DBD Credit Funding, LLC following June 30, 2017
through the Contribution Date in connection with the pursuit of Monetization Activities, the negotiation or implementation of
the transactions provided for under the Restructuring Agreement, in respect of expenses related to the maintenance, prosecution
and enforcement of the Patents, or as otherwise specified under the Restructuring Agreement (in the amount set forth on Schedule
3.2), (ii) any accrued and unpaid interest under the Restructuring Agreement as of the Contribution Date (the amount of which
is set forth on Schedule 3.2), and (iii) any amounts advanced or incurred by the Class A Member, or its designees, in connection
with any Monetization Activities, the maintenance, prosecution and enforcement of the Patents, the operation and management of
the Company and the Portfolio Holders, and the performance of any of its rights or responsibilities hereunder, or otherwise incurred
by the Class A Member in connection with the transactions contemplated under the Restructuring Agreement.

 

“Cash
Advance Accrual Amount” means an amount equal to 150% of the aggregate Cash Advances, as of the applicable date of determination,
it being agreed and acknowledged that as of the Contribution Date, the Cash Advance Accrual Amount equals $2,104,662.86.

 

“Certificate
of Formation” has the meaning set forth in the Recitals hereto.

 

“Class
A Member” shall have the meaning set forth in the Preamble hereto, and shall mean and include the successor and assigns
of the Class A Member.

 

    	- 2 -

    	 

    

 

“Class
B Member” shall have the meaning set forth in the Preamble hereto, and shall mean and include the successor and assigns
of the Class B Member.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder, as applicable.

 

“Company”
has the meaning set forth in the Preamble hereto.

 

“Contribution
Date” shall mean October 20, 2017.

 

“Distribution”
means the cash and/or other property distributed in respect of a Member’s interest in the Company.

 

“Fair
Value” means, as applied to any assets, the fair market value of an asset as determined in good faith by the Managing
Member.

 

“Indemnified
Party” is defined in Section 11.1.

 

“Management
Fee Accrual Amount” means the then unpaid portion of all Management Fees, it being agreed and acknowledged that the
Management Fee Accrual Amount as of the Contribution Date is

$2,590,310.86.

 

“Management
Fees” means the amount equal to the sum of (x) $2,450,000, plus (y) $2,450,000 annually, commencing July 1, 2018 and
on each anniversary thereof plus (z) 10% of any Cash Advances, which amount shall be fully earned and non refundable.

 

“Managing
Member” is defined in Section 7.1.

 

“Member”
and “Members” means the Class A Member and the Class B Member.

 

“Monetization
Activities” means any activities necessary or desirable to generate revenue from intellectual property anywhere in the
world by means of license (non-exclusive or exclusive), assignment, enforcement, litigation, arbitration, negotiation, covenant
not to sue or assert, or otherwise.

 

“Net
Loss” is defined in Section 6.5.

 

“Net
Profit” is defined in Section 6.5.

 

“Notes”
has the meaning set forth in the Restructuring Agreement.

 

“Note
Obligations” has the meaning set forth in the Restructuring Agreement.

 

“Patents”
means all intellectual property of the Company and its Subsidiaries, including the intellectual property assigned to the Portfolio
Holders pursuant to the Patent Assignments, in each case, whether registered in the United States or any other jurisdiction, all
registrations and recordings thereof, including all re-examination certificates and all utility models, including registrations,
recordings and pending applications, and all reissues, continuations, divisions, continuations-in-part, renewals, improvements
or extensions thereof, and the inventions disclosed or claimed therein.

 

“Person”
means an individual, partnership, joint venture, association, corporation, trust, estate, limited liability company, limited liability
partnership, or any other legal entity.

 

    	- 3 -

    	 

    

 

“Profits
Interest Holders” means Siemens Switzerland LTD. and Siemens Industry Inc., solely to the extent each of Siemens Switzerland
LTD. and Siemens Industry Inc. has signed a joinder to this Agreement following the date hereof as a “Profits Interest Holder”.

 

“Restructuring
Agreement” means the Amended and Restated Revenue Sharing and Securities Purchase Agreement, dated as of January 10,
2017, as amended and in effect as of the Contribution Date, including as amended pursuant to that certain First Amendment to Amended
and Restated Revenue Sharing and Securities Purchase Agreement, dated as of August 3, 2017, between the Class B Member and certain
of its Subsidiaries and DBD Credit Funding, LLC.

 

“Subsidiary”
means any other Person of which a specified Person shall at the time, directly or indirectly through one or more of its Subsidiaries,
(a) own at least 50% of the outstanding capital stock (or other shares of beneficial interest) entitled to vote generally, (b)
hold at least 50% of the partnership, joint venture or similar interests or (c) be a general partner or joint venturer.

 

		2.	FORMATION
                                         AND PURPOSE

 

2.1.            
Formation, etc. The Company was formed as a limited liability company pursuant to the Act by the filing of the Certificate
of Formation, which was executed, delivered and filed with the Secretary of State of the State of Delaware by the Class A Member,
as a designated “authorized person” within the meaning of the Act. The rights, duties and liabilities of the Members
shall be determined pursuant to the Act and this Agreement. To the extent that such rights, duties or obligations are different
by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the
extent permitted by the Act, control.

 

2.2.            
Name. The name of the Company is CF Marathon LLC. The business of the Company may be conducted under that name or, upon
compliance with applicable laws, any other name that the Managing Member deems appropriate or advisable. The Managing Member shall
file, or shall cause to be filed, any fictitious name certificates and similar filings, and any amendments thereto, that the Managing
Member considers appropriate or advisable.

 

2.3.            
Registered Office/Agent. The registered office required to be maintained by the Company in the State of Delaware pursuant
to the Act shall be: c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801. The
name and address of the registered agent of the Company pursuant to the Act shall initially be The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801. The Company may, upon compliance with the applicable provisions
of the Act, change its registered office or registered agent from time to time in the discretion of the Managing Member.

 

2.4.            
Term. The term of the Company shall continue indefinitely unless sooner terminated as provided herein. The existence of
the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the
Act.

 

2.5.            
Purpose. The Company is formed for the purpose of, and the nature of the business to be conducted by the Company is, engaging
in any lawful act or activity for which limited liability companies may be formed under the Act and engaging in any activities
necessary, convenient or incidental thereto. Without limited the generality of the preceding sentence, the Members intend that
the activities of the Company and its subsidiaries shall be limited to the maintenance and monetization of the Company’s
intellectual property, and activities reasonably related thereto, which may include the maintenance and monetization of additional
patent portfolios to the extent that the Managing Member deems such to be desirable and on such terms as are determined by the
Managing Member, in its sole discretion, to aid in the monetization of the Company’s intellectual property.

 

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2.6.            
Specific Powers. Without limiting the generality of Section 2.5, the Company shall have the power and authority
to take any and all actions necessary, appropriate, proper, advisable, incidental or convenient to or for the furtherance of the
purpose set forth in Section 2.5, including, but not limited to, the power:

 

(a)          
to conduct its business, carry on its operations and have and exercise the powers granted to a limited liability company by the
Act in any country, state, territory, district or other jurisdiction, whether domestic or foreign;

 

(b)         
to acquire by purchase, lease, contribution of property or otherwise, own, hold, operate, maintain, finance, improve, lease, sell,
convey, mortgage, transfer, demolish or dispose of any real or personal property;

 

(c)            
to negotiate, enter into, renegotiate, extend, renew, terminate, modify, amend, waive, execute, perform and carry out and take
any other action with respect to contracts or agreements of any kind, including without limitation leases, licenses, guarantees
and other contracts for the benefit of or with any Member or any Affiliate of any Member, without regard to whether such contracts
may be deemed necessary, convenient to, or incidental to the accomplishment of the purposes of the Company;

 

(d)           
to purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote, use, employ, sell, mortgage, lend, pledge, or
otherwise dispose of, and otherwise use and deal in and with, shares or other interests in or obligations of domestic or foreign
corporations, associations, general or limited partnerships, trusts, limited liability companies, or individuals or other Persons
or direct or indirect obligations of the United States or of any government, state, territory, governmental district or municipality
or of any instrumentality of any of them;

 

(e)          
to lend money, to invest and reinvest its funds, and to accept real and personal property for the payment of funds so loaned or
invested;

 

(f)           
to borrow money and issue evidence of indebtedness, and to secure the same by a mortgage, pledge, security interest or other lien
on the assets of the Company;

 

(g)         
to make payments of Third Party Expenses or other Company expenses to any Person, including a Member;

 

(h)         
to pay, collect, compromise, litigate, arbitrate or otherwise adjust or settle any and all other claims or demands of or against
the Company or to hold such proceeds against the payment of contingent liabilities;

 

(i)           
to sue and be sued, complain and defend, and participate in administrative or other proceedings, in its name;

 

(j)           
to appoint employees, officers, agents and representatives of the Company, and define their duties and fix their compensation;

 

(k)         
to indemnify any Person in accordance with the Act and this Agreement;

 

    	- 5 -

    	 

    

 

(l)           
to cease its activities and cancel its Certificate of Formation; and

 

(m)       
to make, execute, acknowledge and file any and all documents or instruments necessary, convenient or incidental to the accomplishment
of the purpose of the Company.

 

2.7.            
Principal Office. The principal executive office of the Company shall be located at such place within or without the State
of Delaware as the Managing Member shall establish, and the Managing Member may from time to time change the location of the principal
executive office of the Company to any place within or without the State of Delaware. The Managing Member may establish and maintain
such additional offices and places of business of the Company, either within or without the State of Delaware, as it deems appropriate.

 

		3.	MEMBERS

 

3.1.            
Members. The name and the business address of the Members of the Company are set forth on Schedule 3.1.

 

3.2.            
Initial Capital Contributions. Upon the execution of this Agreement, the Class A Member shall contribute assets or other
property to the Company set forth on Schedule 3.2 as such Member’s initial Capital Contribution, and the Company
shall be deemed to cause the Patents to be contributed to each respective Portfolio Holder in accordance with the Patent Assignments.

 

3.3.            
Additional Capital Contributions. No Member shall be obligated to make any additional Capital Contributions.

 

3.4.            
Return of Capital Contributions. The Members shall not have the right to demand a return of all or any part of its Capital
Contributions, and any return of the Capital Contributions of the Members shall be made solely from the assets of the Company
and only in accordance with the terms of this Agreement and the Act. No interest shall be paid to the Members with respect to
its Capital Contributions except as otherwise set forth herein.

 

		4.	STATUS
                                         AND RIGHTS OF THE MEMBERS

 

4.1.            
Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether
arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and neither the
Members nor any other Indemnified Party shall be obligated personally for any such debt, obligation or liability of the Company
solely by reason of being a Member or an Indemnified Party. All Persons dealing with the Company shall look solely to the assets
of the Company for the payment of the debts, obligations or liabilities of the Company.

 

4.2.            
Return of Distributions of Capital. Except as otherwise expressly required by law, each Member, in its capacity as such,
shall have no liability either to the Company or any of its creditors in excess of (a) the amount of such Member’s Capital
Contributions actually made to the Company, if any, (b) such Member’s share of any assets and undistributed profits of the
Company and (c) the amount of any distributions distributed to such Member in clear and manifest accounting or similar error.

 

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		5.	CAPITAL
                                         ACCOUNTS.

 

5.1.    
Capital Accounts. A separate account (each a “Capital Account”) shall be established and maintained
for each Member which:

 

(i) 
shall be increased by (i) the amount of cash and the Fair Value of any other property contributed by such Member to the
Company as a Capital Contribution (net of liabilities secured by such property or that the Company assumes or takes the
property subject to), including any Cash Advance or Management Fee as made or earned, as applicable, and (ii) such
Member’s share of the Net Profit (and other items of income and gain) of the Company; and

 

(ii)
shall be reduced by (i) the amount of cash and the Fair Value of any other property distributed to such Member (net of
liabilities secured by such property or that the Member assumes or takes the property subject to) and (ii) such
Member’s share of the Net Loss (and other items of loss and deduction) of the Company.

 

It
is the intention of the Members that the Capital Accounts of the Company be maintained in accordance with the provisions of Section
704(b) of the Code and the regulations promulgated thereunder and that this Agreement be interpreted consistently therewith.

 

5.2.    
Revaluations of Assets and Capital Account Adjustments. Unless otherwise determined by the Managing Member, immediately
preceding the grant of any interest in the Company in exchange for cash, property or services to a new or existing Member and
upon the redemption of the interest of any Member, the then prevailing Asset Values of the Company shall be adjusted to equal
their respective gross Fair Value and any increase in the net equity value of the Company (Asset Values less liabilities) shall
be credited to the Capital Accounts of the Members in the same manner as Net Profits are credited under Section 6.5(b)
(or any decrease in the net equity value of the Company shall be charged in the same manner as Net Losses are charged under Section
6.5(b)).

 

5.3.    
Additional Capital Account Adjustments. Any income of the Company that is exempt from federal income tax shall be credited
to the Capital Accounts of the Members in the same manner as Net Profits are credited under Section 6.5(b) when such income
is realized. Any expenses or expenditures of the Company which may neither be deducted nor capitalized for tax purposes (or are
so treated for tax purposes) shall be charged to the Capital Accounts of the Members in the same manner as Net Losses are charged
under Section 6.5(b). If any special adjustments are made to Company property pursuant to Code Sections 734(b) or 743(b),
Capital Accounts shall be adjusted to the extent required by the regulations promulgated under Section 704 of the Code.

 

		6.	DISTRIBUTIONS;
                                         TAX TREATMENT

 

6.1.    
Distributions - Managing Member Determination. The Managing Member shall determine the timing and the aggregate amount
of Distributions to the Members under Section 6.1(a), in its sole discretion, and shall make the Distributions required
by Section 6.1(b) in the due course of business as and when the Managing Member determines that funds become available,
and subject in all events to any reserves determined by the Managing Member to be appropriate, including, without limitation and
by way of example, to address liabilities or expenses that are either contingent or have not yet been determined or come due and
to address any future anticipated expenses. The relative amount of any such Distributions to any Member at any time shall be determined
in accordance with this Section 6.1.

 

(a)          
Distributions. Except for Liquidating Distributions, Distributions shall be made as follows:

 

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(i)           
First, to the Class A Member until it has received an amount equal to the sum of (x) the Cash Advance Accrual Amount, plus (y)
the Management Fee Accrual Amount, plus (z) $24,500,000; and

 

(ii)         
Second, 55% to the Class A Member, 30% to the Class B Member and 15% to the Profits Interest Holders.

 

(b)         
Liquidating Distributions. Distributions made in connection with the liquidation of the Company (“Liquidating
Distributions”) shall be made in accordance with Section 10.2.

 

(c)          
Any payment to be made to the Profits Interests Holders shall be as designated by the Profits Interests Holders, jointly.

 

6.2.    
No Violation. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a Distribution
to any Member on account of such Member’s interest in the Company if such Distribution would violate Section 18-607 of the
Act or other applicable law.

 

6.3.    
Withholding, Taxes Imposed on the Partnership.

 

(a)          
All amounts withheld pursuant to the Code or any federal, state, local or foreign tax law with respect to any payment, distribution
or allocation to the Company in respect of a Member shall be treated for all other purposes of this Agreement as amounts distributed
to such Member. In addition, the Managing Member is authorized to withhold from Distributions to Members, and to pay over to the
appropriate federal, state, local or foreign government any amounts so required to be withheld, and any such withheld amounts
shall be treated as amounts loaned to such Member. The withholdings by the Company referred to in this Section 6.3 shall
be made at the maximum statutory rate under applicable laws unless the Company has received an opinion of counsel, or other evidence
satisfactory to the Managing Member, that a lower rate is applicable, or that no withholding is required or otherwise necessary.
The provisions of this Section 6.3 shall survive the termination, dissolution and winding up of the Company. All Members
shall provide the Managing Member with a properly completed and signed IRS Form W-9 or W-8BEN-E, as appropriate, upon becoming
a Member, at such time such previously delivered form becomes inaccurate or expires and at such times as requested by the Managing
Member produce any information or document reasonably necessary to determine and effect withholdings.

 

(b)         
The parties acknowledge that ownership of an interest in the Company, including as a Profits Interest Holder, could result in
such member being (i) allocated income (or losses) that are considered effectively connected with a U.S trade or business for
U.S. federal income tax purposes and (ii) required to file a U.S. federal income tax return.

 

(c)          
To the extent the Company at any time is required to pay any taxes that are attributable to a Member of the Company (including
a Profits Interest Holder), such Member shall indemnify the Company for any such taxes. In addition, the Company or any Affiliate
of the Company shall have the ability to set off any such taxes paid by the Company that are attributable to a Member against
any amount owed to such Member by the Company or by an Affiliate of this Company under this agreement or under any other agreement
among the parties (including any agreement between a Member and an Affiliate of the Company). For the avoidance of doubt, to the
extent that the Company or any of its Affiliates applies any set- off pursuant to the preceding sentence against any Member, such
Member’s obligation to indemnify the Company pursuant to the second preceding sentence will be reduced by the amount of
such set-off.

 

    	- 8 -

    	 

    

 

6.4.    
Property Distributions and Installment Sales. If any assets of the Company shall be distributed in kind pursuant to this
Section 6.4, such assets shall be distributed to the Members entitled thereto in the same proportions as the Members would
have been entitled to cash Distributions. The amount by which the Fair Value of any property to be distributed in kind to the
Members exceeds or is less than the then prevailing Asset Value of such property shall, to the extent not otherwise recognized
by the Company, be taken into account in determining Net Profit and Net Loss and determining the Capital Accounts of the Members
as if such property had been sold at its Fair Value immediately prior to such Distribution.

 

6.5.    
Net Profit or Net Loss.

 

(a)          
The “Net Profit” or “Net Loss” of the Company for each year or relevant part thereof shall
mean the Company’s taxable income or loss for federal income tax purposes for such period (including all items of income,
gain, loss or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code), with the following adjustments:

 

(i)           
Gain or loss attributable to the disposition of property of the Company with an Asset Value different from the adjusted basis
of such property for federal income tax purposes shall be computed with respect to the Asset Value of such property, and any tax
gain or loss not included in Net Profit or Net Loss shall be taken into account and allocated for federal income tax purposes
among the Members pursuant to Section 6.7.

 

(ii)         
In lieu of the depreciation, amortization or other cost recovery deductions taken into account in computing such taxable income
or loss, depreciation, amortization or cost recovery deductions allowable with respect to any property the Asset Value of which
differs from its adjusted tax basis for federal income tax purposes shall be equal to an amount that bears the same ratio to such
beginning Asset Value as the federal income tax depreciation, amortization or other cost recovery deductions for such period bear
to such beginning adjusted tax basis; provided, however, that if the adjusted tax basis of the property at the beginning
of such period is zero, depreciation shall be determined with respect to such asset using any reasonable method selected by the
Managing Member.

 

(iii)       
Any items that are required to be specially allocated pursuant to Section 6.6 shall not be taken into account in determining
Net Profit or Net Loss.

 

(b)         
Allocations of Income, Gain, Loss, Deduction and Credit. Net Profit or Net Loss of the Company or to the extent
appropriate items thereof for any relevant period shall be allocated among the Members in a manner such that the Capital Accounts
of each Member, immediately after giving effect to such allocation, are, as nearly as possible, equal (proportionately) to the
Distributions that would be made to such Member pursuant to Section 6.1(a) if the Company were dissolved and terminated
and its affairs were wound up.

 

6.6.    
Regulatory Allocations. Although the Members do not anticipate that events will arise that will require application of
this Section 6.6, provisions are included in this Agreement governing the allocation of income, gain, loss, deduction and
credit (and items thereof) as may be necessary to provide that the Company’s allocation provisions contain a so-called “Qualified
Income Offset” and comply with all provisions relating to the allocation of so-called “Non-recourse Deductions”
and “Partner Non-recourse Deductions” and the chargeback thereof as set forth in the regulations promulgated under
Section 704(b) of the Code (such regulatory allocations, “Regulatory Allocations”); provided, however,
that the Members intend that all Regulatory Allocations that may be required shall be offset by other Regulatory Allocations or
special allocations of items so that the share of the Net Profit and Net Loss of the Company of each Member will be the same as
it would have been had the events requiring the Regulatory Allocations not occurred. For this purpose the Managing Member, based
on the advice of the Company’s auditors or tax counsel, is hereby authorized to make such special curative allocations as
may be appropriate.

 

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6.7.    
Tax Allocations; Contributed Assets; Revalued Assets; Elections and Limitations.

 

(a)          
Tax Allocations. Except as set forth below, or as otherwise required by law, all items of income, gain, losses, deduction
and credit shall be allocated by the Managing Member for federal, state and local income tax purposes, in the same manner as such
items of income, gain, loss, deduction and credit shall be allocated among such Members pursuant to Section 6.5(b), except
to the extent otherwise required by Section 704(c) of the Code and the regulations promulgated thereunder or as required by law.

 

(b)         
Contributed Assets. In accordance with Section 704(c) of the Code, income, gain, loss and deduction with respect to any
property contributed to the Company with an adjusted basis for federal income tax purposes different from the initial Asset Value
at which such property was accepted by the Company shall, solely for tax purposes, be allocated among the Members so as to take
into account such difference in the manner required by Section 704(c) of the Code and the applicable regulations promulgated thereunder.

 

(c)          
Revalued Assets. If the Asset Value of any asset of the Company is adjusted pursuant to Section 5.2, subsequent
allocations of income, gain, loss and deduction with respect to such asset shall, solely for tax purposes, be allocated among
the Members so as to take into account such adjustment in the same manner as under Section 704(c) of the Code and the applicable
regulations promulgated thereunder.

 

(d)         
Elections and Limitations. The allocations required by this Section 6.7 are solely for purposes of federal, state
and local income taxes and shall not affect either the allocation of Net Profits or Net Losses as between Members or any Member’s
Capital Account. All tax allocations required by this Section 6.7 shall be made using the so called “traditional
method” described in Regulation 1.704-3(b); provided, however, that the Managing Member, upon the advice of
the Company’s auditors or tax counsel, may elect to use the so-called “traditional method with curative allocations”
described in Regulation 1.704-3(c).

 

6.8.      
Changes in Members’ Interest. If during any year of the Company there is a change in any Member’s interest
in the Company, the Managing Member shall confer with the tax advisors to the Company and, in conformity with such advice, allocate
the Net Profit or Net Loss to the Members so as to take into account the varying interests of the Members in the Company in a
manner that complies with the provisions of Section 706 of the Code and the regulations promulgated thereunder.

 

6.9.      
Tax Position. Without providing prior written notice to the Company and obtaining the prior written consent of the Managing
Member, no Member will take a position on such Member’s federal income tax return, in any claim for refund or in any administrative
or legal proceedings that is inconsistent with this Agreement or with any information return filed by the Company.

 

    	- 10 -

    	 

    

 

6.10.   
Information. Upon request of the Class B Member or the Profits Interest Holders, in either case not more than once per
calendar year, the Company shall permit a nationally recognized accounting firm hired by such Member to, during normal business
hours and in a manner that does not interfere with the day to day operations of the Company, visit and inspect any of its property,
corporate books, and financial records related to the Patents, to examine of its books of accounts and other financial records
related to the Patents and its Monetization Activities and Monetization Revenues, and to discuss its affairs, finances, and accounts
with, and to be advised as to the same by, its managers, officers, and employees, in each case, subject to exceptions determined
by the Managing Member for privileged or confidential information. All costs and expenses incurred in connection with the exercise
of the Class B Member or Profits Interest Holders’ rights pursuant to this Section 6.10 shall be paid by the Member so exercising.

 

		7.	MANAGEMENT
                                         AND CONTROL

 

7.1.      
Managing Member; Authority. The Class A Member (the “Managing Member”) shall have the exclusive power
and authority to manage the business, affairs and assets of the Company and its Subsidiaries and to make all decisions with respect
thereto, including, without limitation, the exclusive power and authority to make any and all decisions, in any manner it sees
fit, relating to, and shall otherwise fully, solely, absolutely and irrevocably control in all respects, the Patents and any Monetization
Activities, including by way of example and not limitation: (w) the initiation, direction, termination, conclusion or negotiation
of any assignment, sale or license (whether directly or through multiple tiers or sub-licensees) of any Patent or any other type
of a Monetization Activity of any nature or description; (x) the maintenance or abandonment, in whole or in part, of any one or
more of the Patents; (y) the discretion to allocate revenues from Monetization Activities among multiple portfolios where Monetization
Activities involve more than one portfolio; or (z) the discretion to make or to decline to make Cash Advances. Any action taken
by the Managing Member on behalf of the Company shall constitute the act of and serve to bind the Company. In dealing with the
Managing Member acting on behalf of the Company, no Person shall be required to inquire into the authority of the Managing Member
to bind the Company. Persons and entities dealing with the Company are entitled to rely conclusively on the power and authority
of the Managing Member as set forth in this Agreement. Except as otherwise specifically provided in this Agreement, the Managing
Member shall have all rights and powers of a “Managing Member” under the Act, and shall have all authority, rights
and powers in the management of the Company business to do any and all other acts and things necessary, proper, convenient or
advisable to effectuate the purposes of this Agreement.

 

7.2.            
Officers; Agents. The Managing Member may, from time to time, designate one or more officers and agents to act for the
Company with such titles, if any, as the Managing Member deems appropriate and to delegate to such officers or agents such of
the powers as are granted to the Managing Member hereunder, including the power to execute documents on behalf of the Company,
as the Managing Member may in its sole discretion determine; provided, however, that no such delegation by the Managing
Member shall cause the Persons so appointed or delegated to be deemed a “Managing Member” within the meaning of the
Act. The officers or agents so appointed may include persons holding titles such as Executive Chairman, Chief Executive Officer,
Chief Operating Officer, President, Chief Financial Officer, Deputy Chief Financial Officer, Chief Accounting Officer, Executive
Vice President, Senior Vice President, Vice President, Assistant Vice President, Treasurer, Controller, Secretary or Assistant
Secretary. Any officer may be removed at any time with or without cause. Unless the authority of the agent designated as the officer
in question is limited in the document appointing such officer or is otherwise specified by the Managing Member, any officer so
appointed shall have the same authority to act for the Company as a corresponding officer of a Delaware corporation would have
to act for a corporation in the absence of a specific delegation of authority and all deeds, leases, transfers, contracts, bonds,
notes, checks, drafts or other obligations made, accepted or endorsed by the Company may be signed by the Executive Chairman,
the President, a Vice President (including any Assistant Vice President) or the Treasurer, Chief Financial Officer, Chief Accounting
Officer, Controller, Secretary or Assistant Secretary at the time in office. The Managing Member, in its sole discretion, may
ratify any act previously taken by an officer or agent acting on behalf of the Company.

 

    	- 11 -

    	 

    

 

7.3.            
Reliance by Third Parties. Any Person dealing with the Company or a Member may rely upon a certificate signed by the Managing
Member as to: (a) the identity of the Members, (b) the existence or non-existence of any fact or facts which constitute a condition
precedent to acts by any Member or are in any other manner germane to the affairs of the Company, (c) the persons who or entities
which are authorized to execute and deliver any instrument or document of or on behalf of the Company or (d) any act or failure
to act by the Company or as to any other matter whatsoever involving the Company or any Member.

 

7.4.            
Waiver of Fiduciary Duties. To the fullest extent permitted by applicable law, no Member, in his, her or its capacity as
a Member or Managing Member, shall have any duties or liabilities, including fiduciary duties, to the Company or any other Member
and all such duties or liabilities are hereby irrevocably disclaimed and eliminated. The provisions of this Agreement, to the
extent that they restrict or otherwise modify or eliminate the duties and liabilities, including fiduciary duties, of a Member
otherwise existing at law or in equity, are agreed by the Members to replace any such other duties or liabilities of a Member.

 

 7.5. Tax Matters Partner; Partnership Representative.

 

7.5.1                
To the extent the Company is required to have a “tax matters partner” under Section 6231(a)(7) of the Code (the “Tax
Matters Partner”), the Class A Member shall act as the Tax Matters Partner. The Tax Matters Partner may resign at any
time. The Company shall pay and be responsible for all reasonable third-party costs and expenses incurred by the Tax Matters Partner
in performing its duties and any costs incurred by the Tax Matters Partner in connection with an audit of a Company income tax
return, and any such costs and expenses shall be Cash Advances.

 

7.5.2                
For all taxable years beginning on or after January 1, 2018, the Class A Member (or any other Person designated by the Class A
Member) shall be designated as the “partnership representative” (the “Partnership Representative”),
as defined in Code Section 6223 (as in effect following the effective date of its amendment by Section 1101 of H.R. 1314, the
“Bipartisan Budget Act of 2015”) and the Company and the Members shall complete any necessary actions (including executing
any required certificates or other documents) to effect such designation. The Partnership Representative may resign at any time.
The Company shall pay and be responsible for all third-party costs incurred by the Partnership Representative in performing its
duties and any costs and expenses incurred by the Partnership Representative in connection with an audit of a Company income tax
return, which costs and expenses shall be treated as Cash Advances. The Partnership Representative may make any elections available
to be made as Partnership Representative, including, without limitation, the election described in Code Section 6226(a)(1) (as
in effect following the effective date of its amendment by Section 1101 of the Bipartisan Budget Act of 2015). In the event that
the Company becomes liable for any taxes, interest or penalties under Section 6225 of the Code, (i) each Person that was a Member
of the Company for the taxable year to which such liability relates shall indemnify, defend and hold harmless the Company for
such Person’s allocable share of the amount of such tax liability, including any interest and penalties associated therewith,
(ii) the Company may cause the Members (including any former Member) to whom such liability relates to pay, and each such Member
hereby agrees to pay, such amount to the Company, and such amount shall not be treated as a Capital Contribution, and (iii) without
reduction to a Member’s (or former Member’s) obligations under this Section 7.5.2, any amount paid by the Company
that is attributable to a Member and that is not paid by such Member pursuant to clause (ii) above, shall be treated for purposes
of this Agreement as (A) a distribution to such Member for purposes of Section 6.1, and (B) a reduction to such Member’s
Capital Account balance. The provisions contained in this Section 7.5.2 shall survive the dissolution of the Company and
the withdrawal of any Member or the assignment of any Member’s interest in the Company.

 

    	- 12 -

    	 

    

 

7.5.3                
The Company shall indemnify and hold harmless the Tax Matters Partner or Partnership Representative, as applicable, from and against
any loss, liability, damage, cost or expense (including attorneys’ and accountants’ fees) sustained or incurred as
a result of any act or decision concerning Company tax matters and within the scope of such Member’s responsibility as Tax
Matters Partner or Partnership Representative, as applicable. All amounts indemnified shall be advanced as incurred, and shall
be treated as Cash Advances. The Tax Matters Partner or Partnership Representative, as applicable, shall be entitled to rely on
the advice of outside legal counsel and accountants as to the nature and scope of its responsibilities and authority, and any
act or omission of the Tax Matters Partner or Partnership Representative pursuant to such advice in no event shall subject the
Tax Matters Partner or Partnership Representative to liability to the Company or any Member.

 

7.5.4                
Each Member agrees that any action taken by the Tax Matters Partner or Partnership Representative, as applicable, in connection
with audits of the Company or any other matters relating to taxes shall be binding upon such Members and each such Members further
agrees that such Members shall not treat any Company item inconsistently on such Member’s income tax return with the treatment
of the item on the Company’s return and that such Member shall not independently act with respect to tax audits or tax proceedings
affecting the Company, unless previously authorized to do so in writing by the Tax Matters Representative or Partnership Representative,
as applicable, which authorization may be withheld by the Tax Matters Representative or Partnership Representative, as applicable,
in its sole discretion.

 

7.6.            
Tax Elections. The Class A Member shall have the authority to make, and abstain from making, all Company elections permitted
under the Code.

 

		8.	TRANSFER
                                         OF INTERESTS

 

8.1.            
Transfer of Interests. The Members may not sell, assign, pledge, encumber, dispose of or otherwise transfer (a “Transfer”)
all or any part of the economic or other rights that comprise its interest in the Company without the prior written consent of
the Managing Member, which consent will not be unreasonably withheld (any such transferee agrees to be bound by this Agreement);
provided, that any Member may withdraw or resign as a Member in its sole discretion for no consideration.

 

8.2.            
Drag-Along Right. If the Class A Member proposes a Transfer of all or substantially all of the economic or other rights
that comprise its interest in the Company to one or more third parties that are not Affiliates of any Member, the Class A Member
shall have the right to require each of the Class B Member and Profits Interest Holders to (i) take all actions reasonably necessary
or appropriate to enable the Class A Member to effect such transaction and (ii) sell, Transfer or otherwise dispose of a corresponding
percentage of the economic or other rights that comprise the Class B Member and Profits Interest Holders’ interest in the
Company on the same terms and conditions and at the same time (but at a price that corresponds to such Member’s entitlements
under Section 6.1(a)) as the Class A Member.

 

    	- 13 -

    	 

    

 

8.3.            
Tag-Along Right. If at any time the Class A Member proposes to Transfer all or any part of the economic or other rights
that comprise its interest in the Company (other than a Transfer to a third party who (i) provides services to the Company or
(ii) in connection with a bona fide financing by the Company) to one or more third parties that are not Affiliates of any Member,
prior to such Transfer, the Class A Member shall deliver notice of such Transfer to the Class B Member (the “Transfer
Notice”) and the Class B Member shall have the right for a period of thirty days following delivery of such Transfer
Notice to participate in such Transfer and sell its pro rata share of economic or other rights that comprise its interest in the
Company on the same terms and conditions and at the same time (but at a price that corresponds to such Member’s entitlements
under Section 6.1(a)) as the Class A Member.

 

		9.	AMENDMENTS
                                         TO AGREEMENT

 

9.1.
This Agreement may be amended, modified or waived by the written action of the Managing Member; provided, however,
that (a) no amendment, modification or waiver shall alter or modify Section 4.1, to the extent that such amendment or waiver
alters or modifies the limited liability of any Member, without the consent of such Member, (b) no amendment or waiver shall require
any Member to make additional Capital Contributions to the Company without the written consent of such Member, and (c) no amendment,
modification or waiver shall alter or modify Section 6.1(a), 8.2 or 10.2 (or the related definitions) without
the written consent of each Member. The Managing Member shall cause to be prepared and filed any amendment to the Certificate
of Formation that may be required to be filed under the Act as a consequence of any amendment to this Agreement. Any modification,
waiver or amendment to this Agreement pursuant to this Section 9 shall be binding on all Members.

 

		10.	DISSOLUTION
                                         OF COMPANY

 

10.1.         
Events of Dissolution or Liquidation. The Company will dissolve and its affairs will be wound up as may be determined by
the Managing Member, or upon the earlier occurrence of any other event causing dissolution of the Company under the Act, provided
that, in no event may the Company be dissolved without the prior written consent of the Managing Member; provided further,
that, in no event may the Company file any voluntary or involuntary petition or action for relief under any bankruptcy reorganization,
insolvency or moratorium law or any other applicable law for relief of, or relating to, debtors, now or hereafter in effect, or
seek the appointment of a custodian, receiver, trustee (or other similar official) of the Company or all or any material portion
of the Company’s assets, or the making of any assignment for the benefit of creditors, or the taking of any action in furtherance
of any of the foregoing, in each case, without the prior written consent of the Managing Member. In such event, the Managing Member
will proceed diligently to wind up the affairs of the Company and make final distributions, and will cause the existence of the
Company to be terminated.

 

10.2.         
Liquidation. After termination of the business of the Company, a final allocation shall be made pursuant to Section
6.5 and the assets of the Company shall be distributed in the following order of priority:

 

(a)  
to creditors of the Company, including the Members if a creditor to the extent permitted by law, in satisfaction of liabilities
of the Company (whether by payment thereof or the making of reasonable provision for payment thereof), and reasonable, actual
and documented out-of-pocket expenses incurred by the Class A Member in the performance of such Member’s duties as a Class
A Member, other than liabilities for Distributions to the Members; and then

 

    	- 14 -

    	 

    

 

(b)  
to the Members in accordance with Section 6.1(a).

 

		11.	INDEMNIFICATION

 

11.1.         
General. To the fullest extent permitted by applicable law, the Company shall indemnify, defend, and hold harmless the
Members, the Managing Member and any director, officer, partner, stockholder, controlling Person or employee of the Members and
any Person serving at the request of the Company as a Managing Member, officer, employee, partner, trustee or independent contractor
of another corporation, partnership, limited liability company, joint venture, trust or other enterprise (all of the foregoing
Persons being referred to collectively as “Indemnified Parties” and individually as an “Indemnified
Party”) from any liability, loss or damage incurred by the Indemnified Party by reason of any act performed or omitted
to be performed by the Indemnified Party in connection with the business of the Company and from liabilities or obligations of
the Company imposed on such Person by virtue of such Person’s position with the Company, including reasonable and documented
attorneys’ fees and costs and any amounts expended in the settlement of any such claims of liability, loss or damage (solely
to the extent that the Company has consented in writing to such settlement terms); provided, however, that if the
liability, loss, damage or claim arises out of any action or inaction of an Indemnified Party, indemnification under this Section
11 shall be available only if (a) either (i) the Indemnified Party, at the time of such action or inaction, determined in
good faith that its, his or her course of conduct was in, or not opposed to, the best interests of the Company or (ii) in the
case of inaction by the Indemnified Party, the Indemnified Party did not intend its, his or her inaction to be harmful or opposed
to the best interests of the Company and (b) the action or inaction did not constitute fraud, gross negligence or willful misconduct
by the Indemnified Party; provided, further, however, that the indemnification under this Section 11.1
shall be recoverable only from the assets of the Company and not from any assets of the Member. Unless the Managing Member
determines in good faith that the Indemnified Party is unlikely to be entitled to indemnification under this Section 11
the Company shall pay or reimburse reasonable and documented attorneys’ fees of an Indemnified Party as incurred, provided
that such Indemnified Party executes an undertaking, with appropriate security if requested by the Managing Member, to repay the
amount so paid or reimbursed in the event that a final non-appealable determination by a court of competent jurisdiction that
such Indemnified Party is not entitled to indemnification under this Section 11. The Company may pay for insurance covering
liability of the Indemnified Party for negligence in operation of the Company’s affairs.

 

11.2.         
Exculpation. To the fullest extent permitted by applicable law, no Indemnified Party shall be liable, in damages or otherwise,
to the Company or to the Members for any loss that arises out of any act performed or omitted to be performed by it, him or her
pursuant to the authority granted by this Agreement if (a) either (i) the Indemnified Party, at the time of such action or inaction,
determined in good faith that such Indemnified Party’s course of conduct was in, or not opposed to, the best interests of
the Company or (ii) in the case of inaction by the Indemnified Party, the Indemnified Party did not intend such Indemnified Party’s
inaction to be harmful or opposed to the best interests of the Company and (b) the conduct of the Indemnified Party did not constitute
fraud, gross negligence or willful misconduct by such Indemnified Party. In no event shall the Class A Member or any of its Indemnified
Parties be liable, in damages or otherwise, to the Company or to the Members for any loss that arises out of any act performed
or omitted to be performed by the Class A Member pursuant to this Agreement, unless such action or omission constitutes intentional
common law fraud as determined by a court of competent jurisdiction in a final non-appealable order.

 

    	- 15 -

    	 

    

 

11.3.         
Agreement Supersedes Duties Prescribed at Law or in Equity, etc. Notwithstanding anything to the contrary in this Agreement
or otherwise in law or in equity, to the extent the Class A Member has duties or liabilities relating thereto to the Company or
any Member, the Class A Member acting in connection with the Company’s business or affairs shall not be liable to the Company
or to any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent
that they restrict or eliminate the duties and liabilities or rights and powers of the Class A Member otherwise existing at law
or in equity, are agreed by the Members to replace such other duties, liabilities, rights and powers of such Class A Member to
the maximum extent permitted by law. Whenever in this Agreement the Class A Member is permitted or required to make a decision
in its “discretion” or under a grant of similar authority or latitude, the Class A Member shall be entitled to consider
only such interests and factors as it desires, and shall, to the maximum extent permitted by law, have no duty or obligation to
give any consideration to any interest of or factors affecting any Member or the Company.

 

11.4.         
Persons Entitled to Indemnity. Any Person who is within the definition of “Indemnified Party” at the time of
any action or inaction in connection with the business of the Company shall be entitled to the benefits of this Section 11
as an “Indemnified Party” with respect thereto, regardless of whether such Person continues to be within the definition
of “Indemnified Party” at the time of such Indemnified Party’s claim for indemnification or exculpation hereunder.

 

11.5.         
Procedure Agreements. The Company may enter into an agreement with any of its officers, employees, consultants, counsel
and agents or the Member, setting forth procedures consistent with applicable law for implementing the indemnities provided in
this Section 11.

 

		12.	MISCELLANEOUS

 

12.1.         
General. This Agreement: (a) shall be binding upon the legal successors of the Members, (b) shall be governed by and construed
in accordance with the laws of the State of Delaware and (c) contains the entire agreement as to the subject matter hereof. The
waiver of any of the provisions, terms, or conditions contained in this Agreement shall not be considered as a waiver of any of
the other provisions, terms, or conditions hereof.

 

12.2.         
Notices, Etc. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed
effectively given upon email delivery, personal delivery or receipt (which may be evidenced by a return receipt if sent by registered
mail or by signature if delivered by courier or delivery service or by email return receipt), addressed to such Member at its
address in Schedule 3.1 or otherwise specified by such Member.

 

12.3.         
Gender. Any gender shall be deemed to include the masculine, feminine and neuter genders.

 

12.4.         
Severability. If any provision of this Agreement is determined by a court to be invalid or unenforceable, that determination
shall not affect the other provisions hereof, each of which shall be construed and enforced as if the invalid or unenforceable
portion were not contained herein. That invalidity or unenforceability shall not affect any valid and enforceable application
thereof, and each said provision shall be deemed to be effective, operative, made, entered into or taken in the manner and to
the full extent permitted by law.

 

12.5.         
Headings. The headings used in this Agreement are used for administrative convenience only and do not constitute substantive
matter to be considered in construing the terms of this Agreement.

 

12.6.         
No Third Party Rights. Except for the provisions of Section 7.3, the provisions of this Agreement are for the benefit
of the Company, the Members and permitted assignees and no other Person, including creditors of the Company, shall have any right
or claim against the Company or the Members by reason of this Agreement or any provision hereof or be entitled to enforce any
provision of this Agreement.

 

[Remainder
of page intentionally blank.]

 

    	- 16 -

    	 

    

 

IN
WITNESS WHEREOF, the Members and the Company have executed this Agreement as of the day and year first set forth above.

 

	Members:	MARATHON
    PATENT GROUP, INC.
	 	 	 
	 	By:
    	/s/
    Francis Knuettel II
	 	Name:
    	Francis
    Knuettel II
	 	Title:
    	Chief
    Financial Officer

 

	 	CF
    DB EZ LLC
	 	 
	 	By:	/s/
    Marc K. Furstein 
	 	Name:	Marc
    K. Furstein
	 	Title:	Chief
    Operating Officer

 

	Company: 	CF
    MARATHON LLC
	 	 
	 	By:	/s/
    Marc K. Furstein
	 	Name:
    	Marc
    K. Furstein
	 	Title:
    	Chief
    Operating Officer

 

    	 

    	 

    

 

Schedule
3.1

 

MEMBERS

 

	Member	 	Address
	 	 	c/o
    Intellectual Property Finance Group 
	 	 	1345 Avenue
    of the Americas, 46th Floor
	 	 	New
    York, NY 10105
	 	 	Attention:
    General Counsel – Credit Funds 
	 	 	Fax No.: 917-639-9672
	 	 	Email:
    gc.credit@fortress.com
	 	 	 
	CF
    DB EZ LLC	 	With
    a copy to: 
	 	 	 
	 	 	Ropes
    & Gray LLP
	 	 	Prudential
    Tower, 800 Boylston Street
	 	 	Boston,
    MA 02199-3600
	 	 	Tel:
    617-951-7483
	 	 	Attention:
    Alyson Allen
	 	 	Email:
    alyson.allen@ropesgray.com
	 	 	 
	 	 	11100
    Santa Monica Blvd., Ste. 380
	 	 	Los
    Angeles, CA 90025
	 	 	Attn:
    CFO
	 	 	Email:
    finance@marathonpg.com
	 	 	 
	Marathon
    Patent Group, Inc.	 	With
    a copy to:
	 	 	Sichenzia
    Ross Ference Kesner LLP
	 	 	1185
    Avenue of the Americas, 37th Floor
	 	 	New
    York, NY 10036
	 	 	Attn:
    Harvey Kesner
	 	 	Email:
    hkesner@srfkllp.com

 

    	 

    	 

    

 

Schedule
3.2

 

INITIAL
CAPITAL CONTRIBUTIONS

 

	Member	 	 	 	Property	 	Fair
    Value
	Class
    A Member	 	 	●	 Patents,
Cash Advances and rights under the Restructuring Agreement	 	$3,403,108.57MASTER
SERVICES AGREEMENT

 

This
Master Services Agreement (“Agreement”) is between HYPERTEC SYSTEMS INC., a company incorporated under the
laws of Canada having a place of business at 9300 TransCanada Highway, Ville Saint Laurent, Province of Québec, H4S 1K5
(“Hypertec”)

 

-AND-

 

GLOBAL
BIT VENTURES INC., a company incorporated under the laws of Nevada, having its registered office at 2 Burlington Woods Dr.,
Ste.100 Burlington, MA 01803 (“Customer”).

 

The
parties agree as follows:

 

	1.	SERVICES
	 	 
	1.1	Provision
    of Services: The Customer requests and Hypertec shall provide to the Customer the services and equipment described
    in Schedule A attached hereto as well as each schedule (each a “Service Schedule”) attached to this Agreement
    from time to time (the “Services”) on the terms and conditions set out in this Agreement and the applicable Service
    Schedules.
	 	 
	1.2	Standalone
    Service Schedules: The pricing, terms and conditions set out or referenced in each Service Schedule of this Agreement
    are not dependent upon the Customer taking any or all of the other services or equipment put forward by Hypertec or its Affiliates.
    The Customer may terminate each Service Schedule in accordance with the provisions contained in Section 4, independently of
    any other service or equipment the Customer receives from Hypertec or its Affiliates.
	 	 
	2.	CHARGES
	 	 
	2.1	Charges
    and Taxes: The Customer shall pay the charges as listed in any Service Schedule as amended by section 3.4 in the case
    of a renewal (collectively the “Charges”). The Customer shall also pay applicable commodity taxes, including all
    sales, retail, use, goods and services, value-added, excise and similar taxes levied or assessed by any Government authority,
    as well as surcharges for foreign taxes and withholding, if any (collectively, “Taxes”). The Services shall be
    invoiced on the first of each month for the Services to be rendered during that month with payment terms of net 30 days with
    prior credit approval unless stipulated otherwise in any Service Schedule. The first monthly payment is due at the signing
    of this Agreement. If any legislation authorizes the Customer to purchase Services pursuant to this Agreement without the
    payment of commodity taxes, Customer agrees to supply Hypertec with evidence of such authorization. Any incident of late payment
    shall entail suspension of the Services, should the Customer fail to remedy the late payment within a delay of five (5) business
    days following the delivery of a written notice to the Customer requesting payment of the amount that is due and owing.
	 	 
	2.2	Late
    Payment Charges: Invoiced Charges and Taxes are subject to a late payment charge (“Late Payment Charge”)
    at the rate specified in the invoice, which rate may vary from time to time, calculated from the invoice date, if not paid
    within 30 days of the invoice date. Customer will be responsible for the payment of all costs reasonably incurred by Hypertec
    in collecting or attempting to collect any unpaid Charges or Taxes or Late Payment Charges. Except as provided elsewhere in
    this Agreement, all payments made by Customer will be non-refundable.
	 	 
	2.3	No
    Withholding, Deduction or Set-Off: Customer shall not withhold or deduct any amounts from, or set-off amounts owed
    by Hypertec to Customer against, any amounts invoiced by Hypertec for Charges, Taxes or Late Payment Charges.
	 	 
	2.4	Credits:
    The Customer shall notify Hypertec within 90 days of the date of the applicable invoice, of any charges that should
    not have been billed or that were over-billed. If Hypertec confirms that those charges should not have been billed or were
    over-billed, Hypertec will credit the Customer for those charges.
	 	 
	3.	TERM
	 	 
	3.1	Term
    of the main body of this Agreement: The term of the main body of this Agreement (the “Agreement Term”)
    will begin on the later of the date it is signed by the Customer and the date it is signed by Hypertec. It will expire or
    terminate on the date that the Service Term (as defined in Section 3.4) of the last remaining Service Schedule expires
    or terminates.
	 	 
	3.2	Term
    of Each Service Schedule: Each Service will be provided for the period set out in the relevant Service Schedule (the
    “Initial Service Term”);
	 	 
	3.3	Early
    Provision of Services: If Hypertec begins work to provide any Service, or if Hypertec delivers any Service, before
    the start of the Agreement Term or the relevant Initial Service Term, all work and services provided by Hypertec before either
    of those dates will be considered to have been provided under all of the terms and conditions of this Agreement including
    the relevant Service Schedule.

 

    	Page 1 of 11

     

    

 

	3.4	Renewal
    Term(s): Unless the Customer or Hypertec gives a notice of non-renewal to the other party as described in Section
    3.5, each Service Schedule will automatically be renewed at the end of the Initial Service Term on the same terms and
    conditions for the consecutive renewal period(s) set out in that Service Schedule. If there is no renewal period set out in
    a Service Schedule, then that Service Schedule will expire and the Services provided thereunder will be terminated at the
    end of the Initial Service Term. Each renewal period described above is defined as a “Service Renewal Term”. The
    Initial Service Term and any Service Renewal Term(s) are collectively referred to as the “Service Term”. Hypertec
    may change the Charges for a Service Renewal Term by providing the Customer with at least ninety (90) days advance written
    notice of the change before the end of the then current Initial Service Term or Service Renewal Term, as the case may be.
	 	 
	3.5	Notice
    of Non-Renewal: Either party may send to the other party a written notice, at least thirty (30) days in advance of
    the expiration of the relevant Service Term, as the case may be, that it does not intend to renew a Service Schedule. As a
    result, that Service Schedule will expire and the Services provided thereunder will be terminated at the end of the then current
    Service Term.
	 	 
	4.	TERMINATION
	 	 
	4.1	Early
    Termination by Customer: Customer may terminate a Service it has requested under a Service Schedule (“Terminated
    Service”) at any time before the end of the relevant Service Term by giving notice of termination to Hypertec at least
    30 days before the proposed early termination date. Customer may not terminate a Service except as provided herein. If Customer
    terminates a Service under this Section, the Customer shall pay to Hypertec the Charges defined in paragraph 6 of the Service
    Schedule.
	 	 
	4.2	Termination
    for Cause: Either party may terminate this Agreement or any Service Schedule, or Hypertec may suspend the Services
    in whole or in part, by giving notice in writing to the other party, upon the occurrence of any of the following: (i) the
    other party materially defaults with respect to a material obligation under this Agreement or the applicable Service Schedule
    and does not remedy that default within five (5) days after receiving written notice of the default; or (ii) the other party
    enters into a compulsory or voluntary liquidation, or convenes a meeting of its creditors or has a receiver appointed over
    all or any part of its assets or takes or suffers any similar action in consequence of a debt, or ceases for any reason to
    carry on business. Hypertec has certain additional rights of termination as provided under this Agreement. Customer’s
    failure to pay any invoiced Charges, Taxes or Late Payment Charges when due is a material default with respect to a material
    obligation. Notwithstanding the foregoing, if Hypertec materially defaults with respect to a material obligation in the provision
    of a Service, and Hypertec has not remedied that default within 30 days after receiving written notice of such default, Customer
    shall only be entitled to terminate the Service Schedule for that Service.
	 	 
	4.3	Charges
    Payable: On the termination of this Agreement or a Service Schedule for any reason, all payments required to be made
    to Hypertec by the Customer under the Agreement or that Service Schedule, as applicable, shall be due and payable immediately,
    and Hypertec may apply any prepaid amounts by Customer towards any other amount payable by Customer. Termination of a Service
    Schedule or this Agreement shall not relieve the Customer from any liability, including amounts owing, which accrued before
    the termination became effective. Customer will not be required to pay Termination Charges if Customer terminates this Agreement
    or a Service Schedule in accordance with Section 4.2.
	 	 
	4.4	Additional
    Termination Rights: Hypertec may terminate this Agreement immediately without notice in the event of a change of Control
    of the Customer or other assignment of this Agreement by the Customer without the prior written consent of Hypertec as provided
    in Section 12.3. “Control” means control, as defined in Section 2(3) of the Canada Business Corporations Act,
    and includes control “directly or indirectly in any manner whatever”, as defined in Section 256(5.1) of the Income
    Tax Act (Canada). Notwithstanding the foregoing, Hypertec shall not terminate this Agreement in the event of a change of control
    of the Customer or other assignment to Marathon Patent Group Inc.
	 	 
	4.5	Collaboration:
    In the event of the termination of the present Agreement for any reason, the parties hereby agree to collaborate with
    each other and with their respective suppliers in order to facilitate the migration of material resources and/or to carry
    out any other adjustment required to transfer the Services to another supplier or to the Customer’s premises. Such collaboration
    may be subject to reasonable charges which shall be notified to the other party in advance.
	 	 
	4.6	Default:
    In the event that Customer fails to perform or fulfill any obligations under this Agreement or fails to remedy in the
    event of default as provided in section 4.2 herein, Hypertec may at Hypertec’s option (a) cure such default and the
    cost of such action may be added to Customer’s financial obligations under this Agreement; or (b) as permitted by law,
    take possession of Customer’s Equipment being hosted by Hypertec at the time of default. Hypertec may, at its option,
    hold Customer liable for any difference between any amount that would have been payable under this Agreement during the balance
    of the unexpired term of the Agreement.
	 	 
	5.	SERVICE
    OBLIGATIONS
	 	 
	5.1	Service
    Commitments: Hypertec undertakes to put into place all that is necessary to ensure the continuity and quality of its
    Services. Hypertec shall provide each Service in accordance with this Agreement, including the relevant Service Schedule,
    and any service level agreements that may be specified in that Service Schedule and shall employ the highest degree of care
    in accordance with industry standards, subject to the Force Majeure provisions contained in Section 10.

 

    	Page 2 of 11

     

    

 

	5.2	Rights
    and Remedies: All of Customer’s rights and remedies relating to Hypertec’s failure to meet a service level
    agreement, including credits, refunds or rights of termination, are set out in the relevant Service Schedule. These rights
    and remedies are subject to the limitations of liability set out in Section 7 and are the only remedies for Hypertec’s
    failure to meet a service level agreement or for a service interruption.
	 	 
	5.3	Disclaimer:
    Customer acknowledges that Hypertec does not warrant (i) uninterrupted or error-free Services, or (ii) the content,
    availability, accuracy or any other aspect of any information including all data, files and all other information or content
    in any form, accessible or made available to or by the Customer or End Users (as defined in Section 6.1 below) through the
    use of the Services. During a Service Term, Hypertec may migrate a Service to an alternative service or technology as long
    as the alternative service or technology provides similar functionality for the Service. The definition of “Service”
    includes the alternative service. Hypertec shall not be responsible if any changes in the Services affect the performance
    of equipment, hardware or software other than Hypertec provided equipment or cause it to become obsolete or require modification
    or attention. Hypertec shall provide the Customer with a 60-day prior notice of any such change. Customer acknowledges that
    Hypertec may interrupt the Services, as may be specified in the Service Schedules or in case of emergency, in order to provide
    maintenance in respect of the Services.
	 	 
	5.4	WAIVER:
    THE WARRANTIES PROVIDED IN THIS AGREEMENT REPLACE ALL OTHER WARRANTIES AND CONDITIONS. THE CUSTOMER WAIVES ALL OTHER
    WARRANTIES AND CONDITIONS, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
    PURPOSE, OR AVAILABILITY OR RELIABILITY OF THE SERVICES.
	 	 
	6.	CUSTOMER
    OBLIGATIONS

 

	Obligations:
	 
	6.1	Adhere
    to the Acceptable use policy (AUP) as attached in Schedule B hereto;
	 	 
	6.2	In
    addition to any other obligations of the Customer under this Agreement, the Customer shall:

 

	 	(a)	obtain
    and maintain all third party permissions and consents necessary to permit Hypertec and/or the Hypertec Providers to gain prompt
    and safe access to Customer’s premises so they can perform Hypertec’s obligations under this Agreement;
	 	 	 
	 	(b)	be
    responsible for use of the Services by any of its employees, officers, directors, agents and its end users (collectively,
    “End Users”), and take all necessary measures to ensure that the End Users use the Services in accordance with
    the terms and conditions of this Agreement;
	 	 	 
	 	(c)	comply
    and cause its End Users to comply with (A) the internet acceptable use policy attached to a Service Schedule (as may be amended
    by Hypertec from time to time and made available on Hypertec’s website) for any internet-based Service if the Customer
    is receiving that Service; and (B) any third party software license terms and conditions for software used by the Customer
    and/or its End Users in connection with the use of the Services;
	 	 	 
	 	(d)	not
    tamper with, alter or otherwise rearrange the Services;
	 	 	 
	 	(e)	not
    use or abuse the Services, or permit or assist others to do so in any manner that interferes with the Services or the provision
    of them, or with the networks of Hypertec or any Hypertec Provider or with access to those networks by other users;
	 	 	 
	 	(f)	not
    use or abuse the Services, or permit or assist others to do so for any purpose or in any manner that directly or indirectly
    violates the terms of this Agreement, applicable laws or any third party or Hypertec rights; and
	 	 	 
	 	(g)	ensure
    that at all times, during the Agreement Term, Customer is a business entity duly organized and validly existing and in good
    standing under the laws of its jurisdiction of organization.
	 	 	 
	 	(h)	Comply
    with the Acceptable Customer Policy (ACP) of Hypertec, which disqualifies the customer if in violation with any Federal laws
    of Canada (Including; Corruption of Foreign Public Officials legislation, The Criminal Code, Anti-Money Laundering and Anti-Terrorist
    Financing legislation) the laws of Quebec (Including; Applicable securities legislation, Gaming Control legislation) and if
    the customer is on the Canada Economic Sanctions List or the Public Safety – Listed Terrorist Entities. The customer
    needs to comply at any time on the ACP and continuous screening will be performed every year by Hypertec, as per this process.

 

	6.3	Hypertec
    is not liable for any failure to provide the Services in accordance with this Agreement that arises from Customer’s
    failure to comply with any of the obligations set out in Section 6.1. Also, if a Customer’s failure to comply with any
    of the obligations in Section 6 materially adversely affects Hypertec, the Services or other customers’ ability to receive
    services from Hypertec, Hypertec may take all actions which it reasonably considers necessary to address that material adverse
    effect including the immediate suspension of or restriction on the use of the Services.
	 	 
	6.4	Hypertec
    may impose sanctions including suspension up to termination with any customer who (i) fails to comply with the AUP, and or
    (ii) fails to comply with the ACP.

 

	7.	LIMITATION
    OF LIABILITY
	 	 
	7.1	LIABILITY
    FOR DIRECT DAMAGES: HYPERTEC’S AND THE HYPERTEC PROVIDERS’ TOTAL CUMULATIVE LIABILITY FOR DAMAGES, EXPENSES,
    COSTS, LIABILITY OR LOSSES (COLLECTIVELY, “DAMAGES”) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE
    PROVISION OF SERVICES UNDER THIS AGREEMENT, WHETHER ARISING IN NEGLIGENCE, TORT, STATUTE, EQUITY, CONTRACT, COMMON LAW, OR
    ANY OTHER CAUSE OF ACTION OR LEGAL THEORY EVEN IF HYPERTEC OR A HYPERTEC PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF THOSE
    DAMAGES, IS LIMITED TO DIRECT, ACTUAL, PROVABLE DAMAGES AND WILL IN NO EVENT EXCEED AN AMOUNT EQUAL TO THE TOTAL AGGREGATE
    MONTHLY CHARGES (LESS ALL DISCOUNTS AND CREDITS) PAID BY THE CUSTOMER FOR THE SPECIFIC SERVICE(S) THAT GAVE RISE TO THE DAMAGES
    DURING THE THREE MONTH PERIOD BEFORE THE EVENT GIVING RISE TO THE DAMAGES, LESS AMOUNTS PAID FOR PREVIOUS CLAIMS FOR SUCH
    SERVICE, IF ANY.

 

    	Page 3 of 11

     

    

 

	7.2	NO
    LIABILITY FOR CERTAIN DAMAGES: HYPERTEC IS NOT LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES
    WHATSOEVER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR THE PROVISION OF SERVICES UNDER A SERVICE SCHEDULE (INCLUDING
    LOST PROFITS, ANTICIPATED OR LOST REVENUE, LOSS OF DATA, LOSS OF USE OF ANY INFORMATION SYSTEM, FAILURE TO REALIZE EXPECTED
    SAVINGS OR ANY OTHER COMMERCIAL OR ECONOMIC LOSS, OR ANY THIRD PARTY CLAIM), WHETHER ARISING IN NEGLIGENCE, TORT, STATUTE,
    EQUITY, CONTRACT, COMMON LAW, OR ANY OTHER CAUSE OF ACTION OR LEGAL THEORY EVEN IF HYPERTEC HAS BEEN ADVISED OF THE POSSIBILITY
    OF THOSE DAMAGES. HYPERTEC AND THE HYPERTEC PROVIDERS ARE NOT LIABLE FOR, AND CUSTOMER SHALL BE LIABLE FOR, (I) THE USE OF
    THE SERVICES PROVIDED BY HYPERTEC IN COMBINATION WITH SERVICES, PRODUCTS OR EQUIPMENT PROVIDED BY THE CUSTOMER OR ANY THIRD
    PARTIES, (II) THE FAILURE BY THE CUSTOMER TO PERFORM ITS OBLIGATIONS UNDER THIS AGREEMENT, (III) CUSTOMER’S OR ANY OF
    ITS END USER’S USE OF THE SERVICES OR TRANSMISSION OF CONTENT (AS DEFINED IN SECTION 10), OR (IV) CLAIMS AGAINST HYPERTEC
    OR A HYPERTEC PROVIDER BY AN END USER IN CONNECTION WITH THE SERVICES.
	 	 
	7.3	CUSTOMER
    PROPERTY: HYPERTEC SHALL NOT BE HELD RESPONSIBLE FOR DATA, SOUND, TEXT, IMAGES, ELEMENTS OF FORM, AND APPLICATIONS
    THAT ARE STORED ON THE CUSTOMER’S EQUIPMENT.
	 	 
	7.4	FUNDAMENTAL
    BREACH: SECTION 7 OF THIS AGREEMENT SHALL APPLY EVEN IF THERE IS A BREACH OF AN ESSENTIAL OR FUNDAMENTAL TERM OR A
    FUNDAMENTAL BREACH OF THIS AGREEMENT.
	 	 
	7.5	LIMITATIONS
    FAIR AND REASONABLE: CUSTOMER AGREES THAT THE LIMITATIONS OF LIABILITY SET OUT IN THIS SECTION ARE FAIR AND REASONABLE
    IN THE COMMERCIAL CIRCUMSTANCES OF THIS AGREEMENT AND THAT HYPERTEC WOULD NOT HAVE ENTERED INTO THIS AGREEMENT BUT FOR THE
    CUSTOMER’S AGREEMENT TO LIMIT HYPERTEC’S AND THE HYPERTEC PROVIDERS’ LIABILITY IN THE MANNER, AND TO THE
    EXTENT, PROVIDED FOR IN THIS SECTION.
	 	 
	8.	CONFIDENTIAL
    INFORMATION
	 	 
	8.1	Definition
    of Confidential Information: For the purposes of this Agreement, Confidential Information means all information relating
    to the business and operations of either party, including, without limitation, equipment, software, designs, methods, procedures,
    processes, technology, programs, inventions, applications, configurations, product or service specifications, prices, price
    lists, customer lists, costing, contracts, marketing plans, profits, profit margins, financial information and all other information
    identified as confidential at the time of disclosure or that a reasonable person would consider, from the nature of the information
    and the circumstances of disclosure, to be confidential information. Such confidential information includes original information
    as well as all copies and any reports, analyses, products and other materials derived therefrom;
	 	 
	8.2	Use
    of Confidential Information: The parties hereby undertake to use and protect the Confidential Information as follows:

 

	 	(a)	The
    parties hereby undertake to use the Confidential Information provided strictly for the purposes of this Agreement and shall
    not to divulge, either directly or indirectly, any of the Confidential Information to any individual within their respective
    organizations or any third party, except on a need to know basis;
	 	 	 
	 	(b)	Neither
    party will make use, in any manner whatsoever, whether directly or indirectly of the disclosed Confidential Information for
    its own gain or to personally profit therefrom.
	 	 	 
	 	(c)	The
    parties hereby undertake to use the same degree of care in protecting the discloser’s Confidential Information as they
    would employ in connection with their own Confidential Information, but in no event shall either party use less than reasonable
    diligence in this regard;
	 	 	 
	 	(d)	Upon
    the request of the discloser or upon the termination of the business relationship between the parties, the recipient of Confidential
    Information shall promptly return all the Confidential Information, howsoever recorded, that are in the recipient’s
    possession, or under its control, or shall immediately destroy all such documents and furnish the discloser with written certification
    of their destruction.
	 	 	 
	 	(e)	The
    parties hereby acknowledge and confirm that any breach of the confidentiality obligations will cause to the non-breaching
    party such irreparable harm and prejudice that cannot be fully compensated in damages and therefore, the breaching party hereby
    consents to the non-breaching party seeking injunctive relief.

 

    	Page 4 of 11

     

    

 

	8.3	Consent:
    Consent to disclose information kept by Hypertec regarding the Customer may be taken to be given by the Customer where
    the Customer provides written consent, electronic confirmation via the Internet or consent through other methods, as long
    as an objective document record of Customer consent is provided by the Customer or an independent third party.
	 	 
	8.4	Survival:
    The parties hereby agree their obligation of confidentiality will survive the termination of this Agreement.
	 	 
	9.	CONTENT

 

Customer
acknowledges that Hypertec does not own or have any control over the content, availability, accuracy or any other aspect of any
information, data, files, pictures or content in any form or any type (collectively, the “Content”) accessible or
that may be available to or by the Customer or its End Users through the use of the Services. Hypertec does not monitor the use
of the Services by the Customer or its End Users, unless monitoring is provided as part of a Service and explicitly set out in
a Service Schedule, and has no control over the Customer’s or its End Users’ use of the Services. However, Hypertec
will be entitled to electronically monitor the Services from time to time and disclose any information that is necessary to satisfy
any law, regulation or lawful request or as necessary to operate the Services or to protect the rights or property of itself or
others that are directly related to providing the Services.

 

	10.	FORCE
    MAJEURE

 

If
there is a default or delay in a party’s performance of its obligations under this Agreement (except for the obligation
to make any payments under this Agreement), and the default or delay is caused by circumstances beyond the reasonable control
of that party including but not limited to fire, flood, earthquake, elements of nature, acts of God, epidemic, explosion, power
failure, war, terrorism, revolution, civil commotion, acts of public enemies, law, order, regulation, ordinance or requirement
of any government or its representative or legal body having jurisdiction, or labour unrest such as strikes, slowdowns, picketing
or boycotts, then that party shall not be liable for that default or delay, and shall be excused from further performance of the
affected obligations on a day-by-day basis, if that party uses commercially reasonable efforts to expeditiously remove the causes
of such default or delay in its performance.

 

	11.	INSURANCE

 

	11.1	General:
    All insurance maintained by Hypertec under this Agreement must be with a reputable insurance company. Promptly after
    the effective date of this Agreement, and at each policy renewal or at other times upon request from Customer, Hypertec will
    furnish Customer with certificates of insurance that show the minimum levels of insurance Hypertec must maintain under this
    Agreement. Hypertec will name Customer and its officers, directors, employees, successors, assigns and agents” as additional
    insureds for the Commercial General Liability policy and will cause each of its policies of insurance (and the underlying
    property owner’s policies, as applicable) to contain a waiver of any right of subrogation on the part of the insurer
    against the foregoing parties where permitted by law. The insurance maintained by Hypertec under this Agreement must be primary
    to, and without any right of contribution from, any other insurance that may be available to Customer.
	 	 
	11.2	Worker’s
    Compensation and General Commercial Liability Insurance: Hypertec will maintain, at its expense, during the entire
    term of the present Agreement and any renewals thereof:

 

	 	(a)	“Workers’
    Compensation” insurance, including coverage for all costs, benefits and liabilities under workers’ compensation
    and similar laws that may accrue in favor of any person employed by Hypertec in all geographic areas where Hypertec performs
    Services, and “Employer’s Liability” insurance with limits of liability of not less than US$1,000,000;
	 	 	 
	 	(b)	 “Commercial
    General Liability” insurance including public liability and product liability insurance with limits of not less than
    $5,000,000 per occurrence and $5,000,000 general aggregate to cover loss and damage incurred by Customer in connection with
    this Agreement;
	 	 	 
	 	(c)	“Professional
    Indemnity” or “Errors and Omissions” insurance with limits of not less than $2,000,000 per claim and with
    a retroactive date no later than the date Services commenced.

 

	12.	GENERAL
    PROVISIONS
	 	 
	12.1	Performance
    of Obligations: Hypertec may perform its obligations under this Agreement through its affiliates, agents, suppliers
    or subcontractors (the “Hypertec Providers”), but Hypertec shall not be relieved of its obligations by using the
    Hypertec Providers.
	 	 
	12.2	Entire
    Agreement; Amendment: This Agreement is the entire agreement between the Customer and Hypertec with respect to the
    subject matter, and supersedes all prior agreements, understandings, commitments, undertakings, representations, negotiations
    and discussions on the subject matter, whether written or oral. There are no conditions, agreements, representations, warranties
    or other provisions, express or implied (including through course of dealing), collateral or otherwise, relating to the subject
    matter of this Agreement, which induced either party to enter into this Agreement or on which either party places any reliance,
    other than those set forth in this Agreement. If the Customer issues a purchase order or other document for the Services,
    it will be considered to be for the Customer’s internal use only and any provisions contained herein shall not amend
    or be used to interpret this Agreement. This Agreement shall not be amended other than by an instrument in writing signed
    by both parties and stating that the parties expressly intend to amend this Agreement.

 

    	Page 5 of 11

     

    

 

	12.3	Assignment:
    Neither party may assign this Agreement in whole or in part, including any Service Schedule, without the prior written
    consent of the other party, not to be unreasonably withheld. A change of Control of the Customer shall be considered an assignment
    which would require the prior written consent of Hypertec. Notwithstanding the foregoing, an assignment by Customer shall
    be contingent upon Hypertec determining the Customer’s assignee to be credit worthy and in compliance with any eligibility
    criteria for the Services.
	 	 
	12.4	Interpretation:
    In this Agreement, the headings are for convenience of reference only and shall not affect its construction or interpretation.
    If there is any conflict between the terms of the main body of this Agreement and the Service Schedules, the terms of the
    main body of the Agreement shall govern unless otherwise expressly provided for in writing in a Service Schedule.
	 	 
	12.5	Currency:
    Unless otherwise specified in a Service Schedule, all dollar amounts referred to in this Agreement are expressed in
    Canadian dollars.
	 	 
	12.6	Waivers:
    No waiver of any provision of this Agreement shall bind a party unless consented to in writing by that party. No waiver
    of any provision of this Agreement shall be a waiver of any other provisions, nor shall any waiver be a continuing waiver,
    unless otherwise expressly provided in the waiver.
	 	 
	12.7	Notice:
    All notices provided for shall be given in writing and delivered by personal delivery, prepaid first class registered
    or certified mail, by email or by facsimile. Notices delivered by facsimile shall be considered to have been received upon
    the sender obtaining a bona fide confirmation of such delivery. The address for notice shall be (i) for the Customer, the
    address to which Hypertec sends the Customer’s invoices to the attention of the Customer’s authorized signatory;
    and (ii) for Hypertec, to the business address and attention of the Hypertec sales representative for the Customer. Customer
    shall notify Hypertec of a change in its billing address and any change in its corporate name or any business or trade name
    used in connection with the Services.
	 	 
	12.8	Severability:
    If any provision of this Agreement is found by a court of competent jurisdiction to be invalid, illegal or unenforceable,
    the other provisions of this Agreement shall not be affected or impaired, and the offending provision shall automatically
    be modified to the least extent necessary in order to be valid, legal and enforceable.
	 	 
	12.9	Independent
    Contractors: The present Agreement does not create nor is it intending to create a joint-venture, partnership or other
    form of association and neither party shall have the power to bind the other. The Customer and Hypertec shall remain at all
    times independent contractors and neither party may represent the other.
	 	 
	12.10	Counterparts:
    This Agreement, including any Service Schedule or service order, signed pursuant to a Service Schedule may be signed
    in one or more counterparts, each of which shall be considered an original and all of which, taken together, shall constitute
    one and the same instrument.
	 	 
	12.11	Language:
    The parties have requested that this Agreement and all correspondence and all documentation relating to this Agreement
    be written in the English language. Les parties aux présentes ont exigé que la présente entente, de même
    que toute la correspondance et la documentation relatives à cette entente, soient rédigées en langue
    anglaise.
	 	 
	12.12	Third
    Party Beneficiaries: Nothing in this Agreement, express or implied, shall or is intended to confer on any other person,
    firm or enterprise, any rights, benefits, remedies, obligations or liabilities of this Agreement, other than the Parties,
    their respective successors or permitted assigns.
	 	 
	12.13	Non-Solicitation:
    The Customer undertakes throughout the Agreement Term and any renewals thereof not to hire an employee of Hypertec
    working in the domain similar to the services offered herein. The Customer further undertakes not to solicit or encourage
    an employee of Hypertec to leave his/her job at Hypertec to work with Customer. The following restriction shall not apply
    to any employee of Hypertec who responds to a general offer of employment.
	 	 
	12.14	Applicable
    Law: The present Agreement t is governed and interpreted in accordance with the laws in force in the Province of Quebec
    and the federal laws applicable therein and any proceeding to be taken between the parties shall be submitted to the courts
    of the Judicial District of Montreal having exclusive jurisdiction herein.

 

NEXT
PAGE IS THE SIGNATURE PAGE

 

    	Page 6 of 11

     

    

 

	GLOBAL
    BIT VENTURES INC.	 	HYPERTEC
    SYSTEMS INC.
	 	 	 
	PER:	________________________	 	PER:	________________________
	NAME:	________________________	 	NAME:	________________________
	TITLE:	________________________	 	TITLE:	________________________
	DATE:	________________________	 	DATE:	________________________

 

    	Page 7 of 11

     

    

 

SCHEDULE
A –SERVICE SCHEDULE

 

This
is a Service Schedule to the Master Services Agreement (the “MSA”) between Hypertec Systems Inc. (“Hypertec”)
and the Customer for the provision of the services described herein below (the “Services”). The Services are
to be rendered subject to the terms and conditions set forth in the MSA and in this Service Schedule. Unless otherwise defined
in this Service Schedule, capitalized terms shall have the meaning ascribed to them in the MSA. Notwithstanding anything in this
Service Schedule to the contrary, nothing shall be deemed to restrict in any way the limitation of liability provisions contained
in the MSA.

 

		1.	STANDARD
                                         SERVICES

 

		1.1	Infrastructure
                                         Preventative Maintenance Services

 

Hypertec
shall provide infrastructure preventative maintenance services for the electrical and mechanical infrastructure used to support
the Customer equipment and capacity described in section 4 of the present Schedule. The preventative maintenance services shall
be provided as per manufacturer’s standards.

 

		1.2	Emergency
                                         Repair Services

 

Hypertec
shall provide emergency repair services for the electrical and mechanical infrastructure required to support the capacity described
in section 4 of the present Schedule in the event of an outage of an electrical or mechanical infrastructure component. The emergency
repair services shall be performed Monday to Friday from 8:00AM to 5:00PM excluding statutory holidays (hereinafter “Regular
Business Hours”) within a response time of four (4) hours and a resolution time based on best efforts.

 

		1.3	Remote
                                         Hands Services

 

Hypertec
shall provide one (1) full-time person, who is acceptable to the Customer, acting reasonable, and has the technical expertise
to service the needs of the Customer (the “Dedicated Resource”), at the Site to perform the following remote hands
services during Regular Business Hours:

 

	 	(a)	Hands
    and Eyes Support Services including but not limited to daily monitoring of system readings and rebooting Customer equipment
    as required;
	 	(b)	Daily
    monitoring of local mechanical controls and power utilization;
	 	(c)	Control
    and monitor physical access to the Site;
	 	(d)	Monitoring
    of hash rate performance;
	 	(e)	Hardware
    support services of Customer equipment;
	 	(f)	Software
    support services of Customer equipment;
	 	(g)	Work
    with Customer as requested to maximize hash rate and uptime;
	 	(h)	Shipping
    and receiving of equipment to and from the Site.

 

In
the event that the Customer is not satisfied with the Dedicated Resource, the Customer shall provide Hypertec with ten (10) business
days’ notice requesting Hypertec to replace the Dedicated Resource with another Dedicated Resource who is acceptable to
the Customer, acting reasonably. Hypertec shall use commercially reasonably efforts to source another Dedicated Resource as soon
as is practicable. In the time it takes to source another Dedicated Resource, Hypertec will deploy resource(s) in order to achieve
a similar level of service that the Dedicated Resource was providing. The Customer may also terminate the remote hands service
and associated fees at any time with ten (10) business days’ notice.

 

	 	2.	OPTIONAL
    SERVICES
	 	 	 
	 	2.1	The
    following options are not included within the Service but may be provided by Hypertec at additional charges where such services
    are selected in section 4 below:
	 	 	 
	 	(a)	Managed
    internet bandwidth services;
	 	(b)	Third
    party dedicated telecommunication circuits may be provided by Hypertec at Customer’s additional expense;
	 	(c)	Dedicated
    storage space and;
	 	(d)	Dedicated
    office space.

 

    	Page 8 of 11

     

    

 

	 	3.	TERM

 

	 	3.1	Schedule
    Term: This Service Schedule shall be effective on the date of the signature of the Agreement (the “Effective
    Date”) and it shall remain in force for [ ] months (the “Schedule Term”).
	 	 	 
	 	3.2	Renewal
    of Service Schedule: Unless the Customer or Hypertec gives a notice to the other as described in Section 4.3, this
    Service Schedule will automatically be renewed at the end of the Initial Service Term on the same terms and conditions for
    an additional one (1) year term (a “Service Renewal Term”). At the end of each Service Renewal Term, an
    additional Service Renewal Term will commence unless the Customer or Hypertec gives notice to the other as described in Section
    4.3. The Initial Service Term and any Service Renewal Term(s) are collectively referred to as the “Term”. Hypertec
    may change the Charges for a Service Renewal Term by providing the Customer with at least [ ] days advance written notice
    of the change before the end of the then current Initial Service Term or Service Renewal Term, as the case may be. Notwithstanding
    any other provision of this Service Schedule, the Term with respect to this Service shall not extend beyond the term of the
    Underlying Rights for the applicable site.
	 	 	 
	 	3.3	Notice
    of Non-Renewal: Either party may send to the other a written notice, at least [ ] days in advance of the expiration
    of the Initial Service Term or the Service Renewal Term, as the case may be, that it does not intend to renew this Service
    Schedule, and thereafter, this Service Schedule will expire and the Services provided thereunder will be terminated at the
    end of the Initial Service Term or the current Service Renewal Term, as the case may be.
	 	 	 
	 	3.4	Use
    of Services Beyond Service Term: If Customer has sent a notice of non-renewal but for any reason continues to receive
    and use any Services after the expiry of the Initial Service Term or final Service Renewal Term, the terms and conditions
    of the Service Schedule and the MSA shall continue to apply for so long as Customer receives the Services, except that the
    Charges shall be the monthly term charges for the Services in effect.

 

	 	4.	MONTHLY
    CHARGES AND SERVICE CHARGES
	 	 	 
	 	4.1	Monthly
    Charges and Service Charges: Throughout the Initial Service Term, the Customer shall pay to Hypertec the monthly recurring
    charges (the “MRC”) and the non-recurring charges (the “NRC”) for the Services set out
    below and any applicable charges, including but not limited to features and installation charges. Taxes are not included in
    the rates set out below and shall be the responsibility of the Customer.
	 	 	 
	 	4.1.1	Monthly
    Charges

 

	Service Description	 	 	MRC per Unit	 	 	 	Quantity	 	 	 	Total MRC	 
	Remote Hands Services (Price Per Site Per Dedicated Resource)*	 	 	$[     ]	 	 	 	[     ]	 	 	 	$[     ]	 
	Infrastructure Preventative Maintenance Services (Price per kW of Capacity)	 	 	$[     ]	 	 	 	[     ]	 	 	 	$[     ]	 
	Managed internet bandwidth services (Price Per Mbps)	 	 	$[     ]	 	 	 	[     ]	 	 	 	$[     ]	 
	Dedicated Secure Storage Space (Price per Square Foot)**	 	 	$[     ]	 	 	 	[     ]	 	 	 	$[     ]	 
	Total	 	 	 	$[     ]	 

 

*In
the event, the Customer requires Remote Hands Services outside Regular Business Hours and the Dedicated Resource is available,
there shall be additional charges of $[     ] per hour.

 

**Customer
will pay Supplier for actual metered power used by Customer at the actual kWh rates paid by Supplier to its power provider, on
a monthly basis, multiplied by the PUE (Power Usage Effectiveness). Customer may request from Supplier evidence supporting the
current kWh rates paid.

 

    	Page 9 of 11

     

    

 

	 	4.1.2	Non-Recurring
    Charges

 

	Service Description	 	Total NRC
	Setup fees for 2.0MW of mining infrastructure*	 	$[     ]

*Unless
mutually agreed upon by both Hypertec and Customer, the setup fees shall not be increased if there are additional costs borne
by Hypertec in connection with providing the said capacity.

 

	 	4.1.3	Professional
    Services

 

	Service Description	 	Price Per Hour
	Emergency Repair Services (Price Per Hour) – Regular Business Hours	 	$[     ]
	Emergency Repair Services (Price Per Hour) – Outside Regular Business Hours	 	$[     ]
	Hardware Support Services of Customer Equipment – Regular Business Hours	 	$[     ]*
	Hardware Support Services of Customer Equipment – Outside Regular Business Hours	 	$[     ]*

 

*Hardware
support services rates do not include any parts and/or materials required to fix the Customer equipment. Hypertec shall charge
Customer for any parts and/or materials used to repair Customer equipment.

 

	 	4.2	Services
    Grace Period: Hypertec shall provide the Remote Hands Services, Infrastructure Preventative Maintenance services,
    and other services as needed to ensure a timely deployment at no cost until such time as the hardware purchased by Customer
    in purchase order #2017001 dated September 27, 2017, (the “P.O.”) are running at a hash rate of at least [ ] gigahash
    per second for a period of [ ] consecutive days (referred to as a “Successful Deployment”) as finally determined
    by Hypertec, provided that it is consistent with the hash rate shown on the Customers pool. Notwithstanding the foregoing,
    any managed internet bandwidth services, dedicated storage space and/or power utilized within said storage space shall be
    due and charged to the Customer.
	 	 	 
	 	5.	EARLY
    TERMINATION BY CUSTOMER

 

Customer
may terminate a Service it has requested in this Service Schedule (“Terminated Service”) at any time before the end
of the relevant Term by giving notice of termination to Hypertec at least [ ] days before the proposed early termination date.
If Customer terminates a Service under this Section, the Customer shall pay to Hypertec all Charges and Taxes due for the Terminated
Service up to the date of termination.

 

	 	6.	COMMUNICATION
	 	 	 
	 	6.1	The
    Customer undertakes to provide Hypertec with a single point of contact (“SPOC”) possessing full authorization
    to request any Services from Hypertec, including access cards, electrical circuits, telecommunication circuits, and delivery
    of equipment and support services. The SPOC shall also name Designated Representative(s) to act on his/her behalf if the situation
    so requires. The names of such Designated Representatives and any changes thereto will be forwarded to Hypertec.
	 	 	 
	 	6.2	For
    the purposes of the present Agreement, the SPOC is:

 

	Full Name	 	Charles Allen
	Title	 	Director
	Address	 	2 Burlington Woods Dr., Ste.100 
Burlington, MA 01803
	Telephone Number (Primary)	 	N/A
	Telephone Number (Secondary)	 	N/A
	Fax Number	 	N/A
	E-mail Address	 	 

 

THIS
SCHEDULE FORMS AN INTEGRAL PART OF THE MASTER SERVICES AGREEMENT AND IS GOVERNED BY ITS TERMS AND CONDITIONS.

 

By
signing this Schedule, the Customer indicates that it has read, understands and agrees with all of the terms and conditions
set out or referenced in this Service Schedule.

 

NEXT
PAGE IS THE SIGNATURE PAGE

 

    	Page 10 of 11

     

    

 

	GLOBAL
    BIT VENTURES INC.	 	HYPERTEC
    SYSTEMS INC.
	 	 	 
	PER:	________________________	 	PER:	________________________
	NAME:	________________________	 	NAME:	________________________
	TITLE:	________________________	 	TITLE:	________________________
	DATE:	________________________	 	DATE:	________________________

 

    	Page 11 of 11

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