Document:

Exhibit 4.1

 

 

 

     

     

    

 

 

TABLE OF CONTENTS

 

	 	 	Page
	PARTIES	 	1 
	RECITALS	 	1
	Section 1.	Certain Definitions	3
	(a)	ADR Register	3 
	(b)	ADRs; Direct Registration ADRs	3
	(c)	ADS	3
	(d)	Beneficial Owner	3
	(e)	Custodian	4
	(f)	Deliver, execute, issue et al.	4
	(g)	Delivery Order	4
	(h)	Deposited Securities	4
	(i)	Direct Registration System	4
	(j)	Holder	4
	(k)	Securities Act of 1933	4
	(l)	Securities Exchange Act of 1934	5
	(m)	Shares	5
	(n)	Transfer Office	5
	(o)	Withdrawal Order	5
	Section 2.	Form of ADRs	5
	Section 3.	Deposit of Shares	5
	Section 4.	Issue of ADRs	6
	Section 5.	Distributions on Deposited Securities	7
	Section 6.	Withdrawal of Deposited Securities	7
	Section 7.	Substitution of ADRs	7
	Section 8.	Cancellation and Destruction of ADRs; Maintenance of Records	8
	Section 9.	The Custodian	8
	Section 10.	Lists of Holders	8
	Section 11.	Depositary's Agents	8
	Section 12. 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	9
	Section 13. 	Reports	9
	Section 14.	Additional Shares	10
	Section 15.	Indemnification	10
	Section 16.	Notices	11
	Section 17.	Counterparts	12
	Section 18.	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	12
	Section 19.	Severability	12
	Section 20.	Governing Law; Consent to Jurisdiction	13
	Section 21.	Agent for Service	14
	Section 22.	Waiver of Immunities	15
	Section 23.	Waiver of Jury Trial	15
	TESTIMONIUM		
	SIGNATURES		16

 

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	 	 	Page
	EXHIBIT
    A
	 
	FORM
    OF FACE OF ADR	A-1
	Introductory
    Paragraph	A-1
	(1)	Issuance
    of ADSs	A-2
	(2)	Withdrawal
    of Deposited Securities	A-3
	(3)	Transfers,
    Split-Ups and Combinations of ADRs	A-3
	(4)
    	Certain
    Limitations to Registration, Transfer etc.	A-4
	(5)
    	Liability
    for Taxes, Duties and Other Charges	A-5
	(6)	Disclosure
    of Interests	A-6
	(7)	Charges
    of Depositary	A-7
	(8)	Available
    Information	A-11
	(9)	Execution	A-11
	Signature
    of Depositary	
	Address
    of Depositary's Office	
	FORM
    OF REVERSE OF ADR	A-11
	(10)	Distributions
    on Deposited Securities	A-12
	(11)	Record
    Dates	A-13
	(12)
    	Voting
    of Deposited Securities	A-13
	(13)
    	Changes
    Affecting Deposited Securities	A-15
	(14)	Exoneration	A-16
	(15)	Resignation
    and Removal of Depositary; the Custodian	A-19
	(16)	Amendment	A-19
	(17)	Termination	A-20
	(18)	Appointment;
    Acknowledgements and Agreements	A-21
	(19)	Waiver	A-22
	(20)	Elective
    Distributions in Cash or Shares	A-22

 

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DEPOSIT AGREEMENT dated as of ____________________
__, 2021 (the "Deposit Agreement") among ARGO BLOCKCHAIN PLC and its successors (the "Company"), JPMORGAN
CHASE BANK, N.A., as depositary hereunder (the "Depositary"), and all Holders and Beneficial Owners from time to time
of American Depositary Receipts issued hereunder ("ADRs") evidencing American Depositary Shares ("ADSs")
representing deposited Shares (defined below). The Company hereby appoints the Depositary as depositary for the Deposited Securities and
hereby authorizes and directs the Depositary to act in accordance with the terms set forth in this Deposit Agreement. All capitalized
terms used herein have the meanings ascribed to them in Section 1 or elsewhere in this Deposit Agreement. The parties hereto agree as
follows:

 

1. Certain Definitions.

 

(a)       "ADR
Register" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(b)       "ADRs"
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct Registration
ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct Registration ADRs,
shall be substantially in the form of Exhibit A annexed hereto (the "form of ADR"). The term "Direct Registration
ADR" means an ADR, the ownership of which is recorded on the Direct Registration System. References to "ADRs" shall
include certificated ADRs and Direct Registration ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated
herein and made a part hereof; the provisions of the form of ADR shall be binding upon the parties hereto.

 

(c)       Subject
to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each "ADS" evidenced by an ADR
represents the right to receive, and to exercise the beneficial ownership interests in, the number of Shares specified in the form of
ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary and/or the Custodian and a pro
rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit Agreement and the ADSs. The ADS(s)-to-Share(s)
ratio is subject to amendment as provided in the form of ADR (which may give rise to fees contemplated in paragraph (7) thereof) (Charges
of Depositary).

 

(d)       "Articles
of Association" means the articles of association of the Company, as amended and in effect from time to time.

 

(e)       "Beneficial
Owner" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner
need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder of
the ADR(s) evidencing such ADSs in order to assert any rights or receive any benefits under this Deposit Agreement. The arrangements
between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s ability to
exercise any rights it may have.

 

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(f)       "Custodian"
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute Custodian
appointed pursuant to Section 9.

 

(g)      The
terms "deliver", "execute", "issue", "register", "surrender",
 "transfer" or "cancel", when used with respect to Direct Registration ADRs, shall refer to an entry
or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs in physical certificated
form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or cancellation of certificates representing
the ADRs.

 

(h)      "Delivery
Order" is defined in Section 3.

 

(i)       "Deposited
Securities" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other Shares,
securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited Shares and
other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary assets of
the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and shall at all times
during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing such Deposited Securities.

 

(j)       "Direct
Registration System" means the system for the uncertificated registration of ownership of securities established by The Depository
Trust Company ("DTC") and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs
without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders
entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile Modification System maintained
by DTC which provides for automated transfer of ownership between DTC and the Depositary.

 

(k)       "Holder"
means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement and the
ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced
by the ADR(s) registered in such Holder's name.

 

(l)       "Securities
Act of 1933" means the United States Securities Act of 1933, as from time to time amended.

 

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(m)     "Securities
Exchange Act of 1934" means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(n)      "Shares"
mean the ordinary shares of the Company, and shall include the rights to receive Shares specified in paragraph (1) of the form of ADR
(Issuance of ADSs).

 

(o)      "Transfer
Office" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(p)      "Withdrawal
Order" is defined in Section 6.

 

2. Form of ADRs.

 

(a)       Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be evidenced
by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

 

(b)       Certificated
ADRs. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance with its
customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied on plain
or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required by the Depositary
or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate any special limitations
or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number of ADSs. ADRs in certificated
form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. ADRs in
certificated form bearing the facsimile signature of anyone who was at the time of execution a duly authorized officer of the Depositary
shall bind the Depositary, notwithstanding that such officer has ceased to hold such office prior to the delivery of such ADRs.

 

(c)       Binding
Effect. Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and conditions
of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated ADRs.

 

3. Deposit of Shares.

 

(a)         
Requirements. In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following
in a form satisfactory to it:

 

(i)       a
written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order a
Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a "Delivery
Order");

 

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(ii)       proper
endorsements or duly executed instruments of transfer in respect of such deposited Shares;

 

(iii)        instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or indemnity
therefor; and

 

(iv)       proxies
entitling the Custodian to vote such deposited Shares.

 

(b)          Registration
of Deposited Securities. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit or
pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting Deposited Securities) of the
form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary, the Custodian
or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable, at the cost and expense
of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence satisfactory to it of such registration.
Deposited Securities shall be held by the Custodian for the account and to the order of the Depositary for the benefit of Holders of ADRs
(to the extent not prohibited by law) at such place or places and in such manner as the Depositary shall determine. Notwithstanding anything
else contained herein, in the form of ADR and/or any outstanding ADSs, the Depositary, the Custodian and their respective nominees are
intended to be, and shall at all times during the term of the Deposit Agreement be, the record holder(s) only of the Deposited Securities
represented by the ADSs for the benefit of the Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective
nominees, disclaims any beneficial ownership interest in the Deposited Securities held on behalf of the Holders.

 

(c)          Delivery
of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances expressly
contemplated in this Deposit Agreement. To the extent that the provisions of or governing the Shares make delivery of certificates therefor
impracticable, Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including,
without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company or an accredited
intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments and Delivery Order
referred to herein to the Custodian or the Depositary.

 

4. Issue of ADRs. After any such
deposit of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related
Delivery Order by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the
deposit, by SWIFT, cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject
to this Deposit Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an
ADR or ADRs registered as requested and evidencing the aggregate ADSs to which such person is entitled.

 

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5. Distributions on Deposited Securities.
To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of ADR (Distributions
on Deposited Securities) is not practicable with respect to any Holder, the Depositary may (after consultation with the Company, if
practicable, in the case where the Depository believes such distribution is not practicable with respect to all Holders) make such distribution
as it so deems practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing
the right to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to such Holder's
ADRs (without liability for interest thereon or the investment thereof).

 

6. Withdrawal of Deposited Securities. In
connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby, the Depositary
may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank) and the Holder's written
order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by such ADR to be withdrawn and delivered
to, or upon the written order of, any person designated in such order (a "Withdrawal Order"). Directions from the Depositary
to the Custodian to deliver Deposited Securities shall be given by letter, first class airmail postage prepaid, or, at the request, risk
and expense of the Holder, by SWIFT, cable, telex or facsimile transmission. Delivery of Deposited Securities may be made by the delivery
of certificates (which, if required by law shall be properly endorsed or accompanied by properly executed instruments of transfer or,
if such certificates may be registered, registered in the name of such Holder or as ordered by such Holder in any Withdrawal Order) or
by such other means as the Depositary may deem practicable, including, without limitation, by transfer of record ownership thereof to
an account designated in the Withdrawal Order maintained either by the Company or an accredited intermediary, such as a bank, acting as
a registrar for the Deposited Securities.

 

7. Substitution of ADRs. The Depositary
shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation
thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice that such
ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such execution and delivery
and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

 

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8. Cancellation and Destruction of ADRs; Maintenance
of Records. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy ADRs
in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain or cause its agents
to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof and paragraph (2) of the form of
ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8, in keeping with the procedures
ordinarily followed by stock transfer agents located in the United States or as required by the laws or regulations governing the Depositary.

 

9. The Custodian.

 

(a)         
Rights of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall
be responsible solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt
notice of any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice
to the Custodian being discharged.

 

(b)        
Rights of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days' prior written
notice to the Depositary. Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all
Deposited Securities held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement
(including the ADRs) and, subject to the further limitations set forth in subparagraph (p) of paragraph (14) of the form of ADR (Exoneration),
the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act
on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian having
(i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care
in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction
in which the Custodian is located.

 

10. Lists of Holders. The Company shall
have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and require the
Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary or its agent shall
furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and holdings of ADSs by all Holders
as of a date within seven days of the Depositary's receipt of such request.

 

11. Depositary's Agents. The
Depositary may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary
shall notify the Company of such appointment and shall remain responsible for the performance of such obligations as if no agent
were appointed, subject to paragraph (14) of the form of ADR (Exoneration).

 

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12. Resignation and Removal of the Depositary;
Appointment of Successor Depositary.

 

(a)         
Resignation of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election
to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

(b)        
Removal of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days' prior
written notice of such removal to the Depositary, such removal to take effect the later of (i) the 60th day after such notice
of removal is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed
within the applicable 60-day period as specified in paragraph (17) of the form of ADR (Termination), then the Depositary may elect
to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter govern the Depositary's obligations
hereunder.

 

(c)         
Appointment of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the
Company shall use its commercially reasonable efforts to appoint a successor depositary, which shall be a bank or trust company having
an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and
to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further
act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary,
only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument transferring
to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and fees owing, each of
which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right, title and interest to
the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of all outstanding ADRs. Any such
successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or trust company into or with which the Depositary
may be merged or consolidated, or to which the Depositary shall transfer substantially all its American depositary receipt business, shall
be the successor of the Depositary without the execution or filing of any document or any further act.

 

13. Reports. On or before the first
date on which the Company makes any communication available to holders of Deposited Securities or any securities regulatory
authority or stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or
with an English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy
of all provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the
Company and, promptly upon any change thereto, the Company shall deliver to the Depositary, the Custodian and any Transfer Office, a
copy (in English or with an English translation) of such provisions as so changed. The Depositary and its agents may rely upon the
Company's delivery of all such communications, information and provisions for all purposes of this Deposit Agreement and the
Depositary shall have no liability for the accuracy or completeness of any thereof.

 

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14. Additional Shares. The Company agrees
with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the Company shall
(a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable for Shares or
(iv) rights to subscribe for any such securities or (b) deposit any Shares under this Deposit Agreement, except, in each case, under circumstances
complying in all respects with the Securities Act of 1933. At the reasonable request of the Depositary where it deems necessary, the Company
will furnish the Depositary with legal opinions, in forms and from counsels reasonably acceptable to the Depositary, dealing with such
issues requested by the Depositary. The Depositary will not knowingly accept for deposit hereunder any Shares required to be registered
under the Securities Act of 1933 unless a registration statement is in effect and will use reasonable efforts to comply with written instructions
of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances
as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the requirements of the securities
laws, rules and regulations in the United States.

 

15. Indemnification.

 

(a)          Indemnification
by the Company. The Company shall indemnify, defend and save harmless each of the Depositary, the Custodian and their respective directors,
officers, employees, agents and affiliates against any loss, liability or expense (including reasonable fees and expenses of counsel)
which may arise out of acts performed or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the
same may be amended, modified or supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or
their respective directors, officers, employees, agents and affiliates, except for any liability or expense directly arising out of the
negligence, or willful misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder,
or (ii) by the Company or any of its directors, officers, employees, agents and affiliates.

 

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       The indemnities
set forth in the preceding paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement
or omission or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus
(or preliminary placement memorandum) relating to the offer, issuance, withdrawal or sale of ADSs or the deposit of Shares in connection
therewith, except to the extent any such liability or expense arises out of (i) information relating to the Depositary or its agents (other
than the Company), as applicable, furnished in writing by the Depositary expressly for use in any of the foregoing documents and not changed
or altered by the Company or (ii) if such information is provided, the failure to state a material fact necessary to make the information
provided not misleading.

 

(b)          Indemnification
by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall indemnify, defend and save
harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel resulting therefrom)
incurred by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or
willful misconduct of the Depositary.

 

(c)          Damages
or Lost Profits. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary
nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation, legal
fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable and regardless
of the type of action in which such a claim may be brought.

 

(d)          Survival.
The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution
of any indemnified person.

 

16. Notices.

 

(a)         Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such Holder
on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder shall not affect
the sufficiency of notification to other Holders or to the Beneficial Owners of ADSs held by such other Holders. The Depositary's only
notification obligations under this Deposit Agreement and the ADRs shall be to Holders. Notice to a Holder shall be deemed, for all purposes
of the Deposit Agreement and the ADRs, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s
ADRs.

 

(b)          Notice
to the Depositary or the Company. Notice to the Depositary or the Company shall be deemed given when first received by it at the
address or facsimile transmission number set forth in (i) or (ii), respectively, or by electronic transmission to the e-mail address
set forth below or otherwise provided by the Depositary or the Company to the other in writing, or at such other address or
facsimile transmission number as either may specify to the other by written notice:

 

		(i)	JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York, 10179

Attention: Depositary Receipts Group

Fax: (302) 220-4591

E-mail Address: DR_Global_CSM@jpmorgan.com

 

		(ii)	Argo Blockchain Plc

50 Jermyn Street

Room 4, 1st floor

SW1Y 6LX

Attention: Alex Appleton

E-mail Address: alex@argoblockchain.com

 

Delivery of a notice by means of electronic messaging
shall be deemed to be effective at the time of the initiation of the transmission by the sender (as shown on the sender’s records)
to the email address set forth above, notwithstanding that the intended recipient retrieves the message at a later date, fails to retrieve
such message, or fails to receive such notice on account of its failure to maintain the designated e-mail address, its failure to designate
a substitute e-mail address or for any other reason.

 

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17. Counterparts. This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one instrument.
Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including “.pdf”,
 “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof.

 

18. No Third-Party Beneficiaries; Holders and
Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary,
the Holders, and their respective successors hereunder, and, except to the extent specifically set forth in Section 15 of this Deposit
Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The Holders and Beneficial Owners
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions hereof. A Beneficial Owner shall
only be able to exercise any right or receive any benefit hereunder solely through the Holder of the ADR(s) evidencing the ADSs owned
by such Beneficial Owner.

 

19. Severability. If any provision of
this Deposit Agreement or the ADRs is invalid, illegal or unenforceable in any respect, the remaining provisions contained
herein and therein shall in no way be affected thereby. 

 

    12 

     

    

 

 

 

20. Governing Law; Consent to Jurisdiction.

 

(a)       The
Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the internal laws of the State of New York
without giving effect to the application of the conflict of law principles thereof.

 

(b)       By
the Company or the Depository. The Company irrevocably agrees that any legal suit, action or proceeding against the Company brought
by the Depositary, arising out of or based upon this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated hereby or
thereby, may be instituted in any state or federal court in New York, New York, and irrevocably waives any objection which it may now
or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such
courts in any such suit, action or proceeding. The Company also irrevocably agrees that any legal suit, action or proceeding against the
Depositary brought by the Company, arising out of or based upon this Deposit Agreement or the transactions contemplated hereby, may only
be instituted in a state or federal court in New York, New York.

 

(c)       By
Holders and Beneficial Owners. By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each irrevocably
agree that any legal suit, action or proceeding against or involving Holders or Beneficial Owners brought by the Company or the Depositary,
arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby,
may be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives
any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive
jurisdiction of such courts in any such suit, action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders
and Beneficial Owners each also irrevocably agree that any legal suit, action or proceeding against or involving the Depositary and/or
the Company brought by Holders or Beneficial Owners, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions
contemplated herein, therein, hereby or thereby, including, without limitation, claims under the Securities Act of 1933, may be instituted
only in the United States District Court for the Southern District of New York (or in the state courts of New York County in New York
if either (i) the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute or (ii) the designation of the United States District Court for the Southern District of New York as the exclusive forum for any
particular dispute is, or becomes, invalid, illegal or unenforceable).

 

(d)       Notwithstanding
the foregoing, any action against the Company based on this Deposit Agreement, the ADSs or the ADRs or the transactions contemplated
hereby or thereby, may be instituted by the Depositary in any competent court in England and/or the United States.

 

    13 

     

    

 

 

21. Agent for Service.

 

(a)       Appointment.
The Company has appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, DE 19711, 302-738-6680, as its authorized agent
(the "Authorized Agent") upon which process may be served in any such action arising out of or based on this Deposit
Agreement or the transactions contemplated hereby which may be instituted in any state or federal court in New York, New York by the Depositary
or any Holder, and waives any other requirements of or objections to personal jurisdiction with respect thereto. Subject to the Company’s
rights to replace the Authorized Agent with another entity in the manner required were the Authorized Agent to have resigned, such appointment
shall be irrevocable.

 

(b)       Agent
for Service of Process. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service
of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that may
be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents and agrees
to the service of any and all legal process, summons, notices and documents in any suit, action or proceeding against the Company, by
service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for any reason
prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed to the Company
by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company agrees that the failure
of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way the validity of such service or
any judgment rendered in any suit, action or proceeding based thereon. If, for any reason, the Authorized Agent named above or its successor
shall no longer serve as agent of the Company to receive service of process in New York, the Company shall promptly appoint a successor
that is a legal entity with offices in New York, New York, so as to serve and will promptly advise the Depositary thereof.

 

(c)       Waiver
of Personal Service of Process. In the event the Company fails to continue such designation and appointment in full force and effect,
the Company hereby waives personal service of process upon it and consents that any such service of process may be made by certified or
registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder, and service so
made shall be deemed completed five (5) days after the same shall have been so mailed.

 

    14 

     

    

 

 

22. Waiver of Immunities. To the
extent that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have
attributed to it, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding,
from the giving of any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of
judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any
jurisdiction in which proceedings may at any time be commenced, with respect to its obligations, liabilities or other matters under
or arising out of or in connection with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the
Company, to the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim,
any such immunity and consents to such relief and enforcement.

 

23. Waiver of Jury Trial. EACH PARTY TO
THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR
ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER
DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF
OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY) INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING
UNDER THE UNITED STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended to constitute a waiver
or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act
of 1934, to the extent applicable.

 

[Signature Page Follows.]

 

    15 

     

    

 

 

IN WITNESS WHEREOF, ARGO BLOCKCHAIN PLC and JPMORGAN
CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition of
any beneficial interest therein.

 

	 	ARGO BLOCKCHAIN PLC
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title
	 	 
	 	JPMORGAN CHASE BANK, N.A.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to Deposit Agreement.]

 

    16 

     

    

 

 

EXHIBIT A

ANNEXED TO AND INCORPORATED IN

DEPOSIT AGREEMENT

 

[FORM OF FACE OF ADR]

 

	 	 	No. of ADSs: _________
	Number	 	 
	 	 	 
	 	 	Each ADS represents
	 	 	[ONE (1)] Share[s]
	 	 	 
	 	 	CUSIP:

  

AMERICAN DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN DEPOSITARY SHARES

 

representing

 

ORDINARY SHARES

 

of

 

ARGO BLOCKCHAIN PLC

 

(Incorporated under the laws of England and Wales)

 

JPMORGAN CHASE BANK, N.A., a national banking
association organized under the laws of the United States of America, as depositary hereunder (the "Depositary"),
hereby certifies that ___________________________ is the registered owner (a "Holder") of __________ American
Depositary Shares ("ADSs"), each (subject to paragraph (13) (Changes Affecting Deposited Securities))
representing [one (1)] ordinary share[s] (including the rights to receive Shares described in paragraph (1) (Issuance of
ADSs), "Shares" and, together with any other securities, cash or property from time to time held by the
Depositary in respect or in lieu of deposited Shares, the "Deposited Securities"), of ARGO BLOCKCHAIN PLC, a
corporation organized under the laws of England and Wales (the "Company"), deposited under the Deposit Agreement
dated as of ____________________ __, 2021 (as amended from time to time, the "Deposit Agreement") among the
Company, the Depositary and all Holders and Beneficial Owners from time to time of American Depositary Receipts issued thereunder
("ADRs"), each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which
includes the provisions set forth on the reverse hereof) shall be governed by and construed in cordance with the internal laws of
the State of New York without giving effect to the application of the conflict of law principles thereof. All capitalized terms used
herein, and not defined herein, shall have the meanings ascribed to such terms in the Deposit Agreement.

 

    A-1 

     

    

 

 

 

(1)   Issuance of ADSs.

 

(a) Issuance. This ADR is one of the ADRs
issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer
Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or (ii) rights to receive
Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions.

 

(b) Lending. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs.

 

(c) Representations and Warranties of Depositors.
Every person depositing Shares under the Deposit Agreement represents and warrants that:

 

		(i)	such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally
obtained by such person,

 

		(ii)	all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,

 

		(iii)	the person making such deposit is duly authorized so to do,

 

		(iv)	the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and

 

		(v)	such Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933 ("Restricted
Securities") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of Rule 144 shall not apply and
such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or (B) have been registered under
the Securities Act of 1933. To the extent the person depositing Shares is an "affiliate" of the Company as such term is defined
in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the
Shares to be freely sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted
Securities.

 

    A-2 

     

    

 

 

 

Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs.

 

(d) The Depositary may refuse to accept for such
deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or
the Rules made thereunder.

 

(2)   Withdrawal of Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other
Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or (b) proper instructions
and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in dematerialized
form from, the Custodian's office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR. At the request,
risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested
by the Holder. Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be
restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from time to
time) under the Securities Act of 1933.

 

(3)   Transfers, Split-Ups and Combinations
of ADRs. The Depositary or its agent will keep, at a designated transfer office (the "Transfer Office"), (i) a register
(the "ADR Register") for the registration, registration of transfer, combination and split-up of ADRs, and, in the case
of Direct Registration ADRs, shall include the Direct Registration System, which at all reasonable times will be open for inspection
by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating
to the Deposit Agreement and (ii) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration
System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the
case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery
with the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that the Depositary,
notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute
owner hereof for all purposes and neither the Depositary nor the Company will have any obligation or be subject to any liability under
the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs (4)
and (5), this ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing
the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender
of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of
proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the
ADR Register (and/or any portion thereof) at any time or from time to time when deemed expedient by it. Additionally, at the reasonable
request of the Company, the Depository may close the issuance book portion of the ADR Register in order to enable the Company to comply
with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct
Registration ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized
number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration
ADR, as the case may be, substituted.

 

    A-3 

     

    

 

 

 

(4)  Certain Limitations to Registration, Transfer
etc. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution
in respect thereof, or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities), the withdrawal of any
Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the Custodian
may require:

 

(a)   payment with respect thereto of (i) any stock
transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers
of Shares or other Deposited Securities upon any applicable register and (iii) any applicable charges as provided in paragraph (7) (Charges
of Depositary) of this ADR;

 

(b)   the production of proof satisfactory to it of
(i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation, information
as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law, regulations,
provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and

 

(c)   compliance with such regulations as the Depositary
may establish consistent with the Deposit Agreement.

 

The issuance of ADRs, the acceptance of deposits
of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph
(2) (Withdrawal of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally or in particular instances,
when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary.

 

    A-4 

     

    

 

 

 

(5)   Liability for Taxes, Duties and Other Charges.
If any tax or other similar governmental charges (including any related penalties
and/or interest) shall become payable by or on behalf of the Custodian or the Depositary with respect to this ADR, any Deposited Securities
represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder
hereof to the Depositary and by holding or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof
and thereof, and all prior Holders and Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save
harmless each of the Depositary and its agents in respect of such tax or other governmental charge. Each Holder of this ADR and Beneficial
Owner of the ADSs evidenced hereby, and each prior Holder and Beneficial Owner hereof and thereof (collectively, the "Tax Indemnitors"),
by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek payment
of amounts owing with respect to this ADR under this paragraph (5) from any one or more Tax Indemnitor(s) as determined by the Depositary
in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s).The Depositary may refuse to effect any
registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (Withdrawal
of Deposited Securities), any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct
from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder
hereof any part or all of such Deposited Securities, and may apply such deduction or the proceeds of any such sale in payment of such
tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced
hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate
governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Company; and
the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld
and owing to such authority or agency by the Depositary or the Custodian. To the extent legally permissible and in the Depositary’s
possession, the Depositary will forward to the Company such information from its transfer records as the Company may reasonably request
to enable the Company or its agent to file any necessary reports with governmental authorities or agencies. If the Depositary determines
that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the
Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all or a portion of such property in such amounts
and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the Depositary
shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled
thereto. Each Holder and Beneficial Owner agrees to indemnify the Depositary, the Company, the Custodian and any of their respective
officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority
with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained which obligations shall survive any
transfer or surrender of ADSs or the termination of the Deposit Agreement.

 

    A-5 

     

    

 

 

 

(6)   Disclosure of Interests.

 

(a)  General. To the extent that the provisions
of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or other ownership of, or interests
in, Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such
disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure requirements and ownership limitations and
to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders (and through
any such Holder, the Beneficial Owners of ADSs evidenced by the ADRs registered in such Holder's name) to deliver their ADSs for cancellation
and withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder and/or Beneficial Owner thereof
as a holder of Shares and Holders and Beneficial Owners agree to comply with such instructions. The Depositary agrees to cooperate with
the Company in its efforts to inform Holders of the Company's exercise of its rights under this paragraph and agrees to consult with,
and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or manners
in which it may enforce such rights with respect to any Holder.

 

(b)   Jurisdiction Specific.

 

Notwithstanding any provision of the Deposit Agreement
or of the ADRs and without limiting the foregoing, by being a Holder or Beneficial Owner, each such Holder and Beneficial Owner agrees
to provide such information as the Company may request in a disclosure notice (a "Disclosure Notice") given pursuant
to the United Kingdom Companies Act 2006 (as amended from time to time and including any statutory modification or re-enactment thereof,
the "Companies Act") or the Articles of Association of the Company. By accepting or holding, or owning an interest in,
an ADR, each Holder and Beneficial Owner acknowledges that it understands that failure to comply with a Disclosure Notice may result
in the imposition of sanctions against the Holder or Beneficial Owner in respect of which the non-complying person is or was, or appears
to be or has been, interested as provided in the Companies Act and the Articles of Association which currently may include, subject to
the granting of an appropriate order by the court, the withdrawal of the voting rights of such Holder or Beneficial Owner and the imposition
of restrictions on the rights to receive dividends on and to transfer the Shares indirectly held or owned by such Holder and/or Beneficial
Owner through the ADSs representing such Shares (including the ADRs evidencing such ADSs). In addition, by accepting or holding, or owning
an interest in, an ADR, each Holder and Beneficial Owner agrees to comply with the provisions of the Disclosure Guidance and Transparency
Rules published by the United Kingdom Financial Conduct Authority (as amended from time to time, the "DTRs") with regard
  to the notification to the Company of interests (including indirect interests by holding or owning an interest in ADRs) in Shares and
certain financial instruments, which currently provide, inter alia, that a Holder and Beneficial Owner must notify the Company of the
percentage of its voting rights held or deemed to be held through its direct or indirect holding of certain financial instruments (or
a combination of such holdings), including indirectly by holding or owing an interest in ADRs) if the percentage of those voting rights
(i) reaches, exceeds or falls below 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10% and each 1% threshold thereafter up to 100% as a result of an acquisition
or disposal (including indirectly by holding or owning an interest in ADRs) of Shares or certain financial instruments, or (ii) reaches,
exceeds or falls below such applicable thresholds as a result of events changing the breakdown of voting rights and on the basis of information
disclosed by the Company in accordance with the DTRs. The notification must be effected as soon as possible, but not later than two trading
days after the Holder or Beneficial Owner, as the case may be, (a) learns of the direct or indirect acquisition or disposal or of the
direct or indirect possibility of exercising voting rights, or on which, having regard to the circumstances, should have learned of it,
regardless of the date on which the direct or indirect acquisition, disposal or possibility of exercising voting rights takes effect,
or (b) is informed of the event mentioned in (ii) above.

 

    A-6 

     

    

 

 

 

Any summary of the laws and regulations of the United
Kingdom and of the terms of the Company's constitutional and/or governing documents has been provided by the Company solely for the convenience
of Holders, Beneficial Owners and the Depositary. While such summaries are believed by the Company to be accurate as of the date of the
Deposit Agreement, (i) they are summaries and as such may not include all aspects of the materials summarized applicable to a Holder or
Beneficial Owner, and (ii) these laws and regulations and the Company's constitutional and/or governing documents may change after the
date of the Deposit Agreement. Neither the Depositary nor the Company has any obligation to update any such summaries.

 

(7) Charges of Depositary.

 

(a) Rights of the Depositary. The Depositary
may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits
of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in paragraph (10)
(Distributions on Deposited Securities)), issuances pursuant to a stock dividend or stock split declared by the Company,
or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited
Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced
for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or surrendered, or upon
which a Share Distribution or elective distribution is made or offered (as the case may be). The Depositary may sell (by public or private
sale) sufficient securities and property received  in respect of Share Distributions, Rights and Other Distributions prior to such deposit
to pay such charge.

 

    A-7 

     

    

 

 

 

(b) Additional charges by the Depositary.
The following additional charges shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing
Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a stock
dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution
of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is applicable:

 

		(i)	a fee of U.S.$0.05 or less per ADS held for any Cash distribution made, or for any elective cash/stock dividend offered, pursuant
to the Deposit Agreement,

 

		(ii)	a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the fee for
the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities (for
purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds from
the sale thereof are instead distributed by the Depositary to Holders entitled thereto,

 

		(iii)	an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering
the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against Holders as of the record
date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by
billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions), and

 

		(iv)	a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including,
without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control
regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or other Deposited
Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise
in connection with the Depositary's or its Custodian's compliance with applicable law, rule or regulation (which fees and charges shall
be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary
and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash
dividends or other cash distributions).

 

    A-8 

     

    

 

 

 

(c) Other Obligations and Charges. The Company
will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant to agreements
from time to time between the Company and the Depositary, except:

 

		(i)	stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares);

 

		(ii)	SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders delivering
Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and

 

		(iii)	transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection with
the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities).

 

(d) Foreign Exchange Related Matters. To facilitate
the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other
corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the “Bank”)
and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars (“FX
Transactions”). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be,
acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian
(or other third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

 

The foreign exchange rate applied
to an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider,
in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply
to such currency on the “Disclosure” page (or successor page) of www.adr.com (as
updated by the Depositary from time to time, “ADR.com”). Such applicable foreign exchange rate and spread may (and
neither the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates
and spreads at which comparable transactions are entered into with other customers or the range of foreign
exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency
pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics,
which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the
Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard
to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any
gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related
activity.

 

    A-9 

     

    

 

 

 

Notwithstanding the foregoing,
to the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction
as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

 

Further details relating to
the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on
ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed
from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

 

(e) Disclosure of Potential Depositary Payments.
The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment
and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. 
The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR program
or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.  

 

(f) The right of the Depositary to receive payment
of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any Depositary, upon the
resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred prior to the effectiveness
of such resignation or removal. 

 

    A-10 

     

    

 

 

 

(8) Available Information. The Deposit
Agreement, the provisions of or governing Deposited Securities and any written communications from the Company, which are both received
by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities,
are available for inspection by Holders at the offices of the Depositary and the Custodian, at the Transfer Office, on the U.S. Securities
and Exchange Commission’s website, or upon request from the Depositary (which request may be refused by the Depositary at its
discretion). The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when
furnished by the Company. The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly
files certain reports with the United States Securities and Exchange Commission (the "Commission"). Such reports and
other information may be inspected and copied through the Commission’s EDGAR system or at public reference facilities maintained
by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.

 

(9) Execution. This ADR shall not be valid
for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary.

 

	Dated:	 
	 	 
	 	JPMORGAN CHASE BANK, N.A., as Depositary
	 	 
	 	By	           
	 	Authorized Officer

 

The Depositary's office is located at 383 Madison
Avenue, Floor 11, New York, New York 10179.

 

    A-11 

     

    

 

 

 

 

 

[FORM OF REVERSE OF ADR]

 

(10) Distributions on Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and other
Charges), to the extent practicable, the Depositary will distribute as soon as reasonably practicable to each Holder entitled thereto
on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of Deposited
Securities (on which the following distributions on Deposited Securities are received by the Custodian) represented by ADSs evidenced
by such Holder's ADRs:

 

(a) Cash. Any U.S. dollars available to the
Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution or portion
thereof authorized in this paragraph (10) ("Cash"), on an averaged or other practicable basis, subject to (i) appropriate
adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to certain Holders, and (iii)
deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in
such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis,
(2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary may determine to the extent that
it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority
required for such conversion or transfer, which is obtainable at a reasonable cost and within a reasonable time and (4) making any sale
by public or private means in any commercially reasonable manner.

 

(b) Shares. (i) Additional ADRs evidencing
whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities
consisting of Shares (a "Share Distribution") and (ii) U.S. dollars available to it resulting from the net proceeds of
sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor,
as in the case of Cash.

 

(c) Rights. (i) Warrants or other
instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe
for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities
("Rights"), to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the
Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii)
to the extent the Company does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the
Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish
such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets
therefor, their short duration or otherwise, nothing (and any Rights may lapse).

 

    A-12

     

    

 

 

 

(d) Other Distributions. (i) Securities or
property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and
Rights ("Other Distributions"), by any means that the Depositary may deem equitable and practicable, or (ii) to the extent
the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the
Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.

 

The Depositary reserves the right to utilize a division,
branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of securities hereunder.
Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense
of the Depositary contemplated above and/or under paragraph (7) (Charges of Depositary). Any U.S. dollars available will be distributed
by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt
with by the Depositary in accordance with its then current practices. All purchases and sales of securities will be handled by the Depositary
in accordance with its then current policies, which are currently set forth on ADR.com, the location and contents of which the Depositary
shall be solely responsible for.

 

(11) Record Dates. The Depositary may, after
consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any
corresponding record date set by the Company) for the determination of the Holders who shall be responsible for the fee assessed by the
Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination
of the Holders who shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the
exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so entitled
or obligated.

 

(12) Voting of Deposited Securities.

 

(a)       Notice
of any Meeting or Solicitation. As soon as practicable after receipt of notice of any meeting at which the holders of Shares are
entitled to vote, or of solicitation of consents or proxies from holders of Shares or other Deposited Securities, the Depositary
shall fix the ADS record date in accordance with paragraph (11) above provided that if the Depositary receives a written request
from the Company in a timely manner and at least 30 days prior to the date of such vote or meeting, the Depositary shall, at the
Company's expense, distribute to Holders a notice (the “Voting Notice”) stating (i) final information particular
to such vote and meeting and any solicitation materials, (ii) that each Holder on the record date set by the Depositary will,
subject to any applicable provisions of the laws of England and Wales, the provisions of the Deposit Agreement, the Articles of
Association and the provisions of, or governing, the Deposited Securities, be entitled to instruct the Depositary as to the exercise
of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holder's ADRs and
(iii) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person
designated by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of
ADSs registered in such Holder's name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or
Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or Beneficial
Owner to return any voting instructions to the Depositary in a timely manner.

 

    A-13

     

    

 

 

 

(b)       Voting
of Deposited Securities. Following actual receipt by the ADR department responsible for proxies and voting of Holders’ instructions
(including, without limitation, instructions of any entity or entities acting on behalf of the nominee for DTC), the Depositary shall,
in the manner and on or before the time established by the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited
Securities represented by the ADSs evidenced by such Holders’ ADRs in accordance with such instructions insofar as practicable and
permitted under the provisions of or governing Deposited Securities. The Depositary will not itself exercise any voting discretion in
respect of any Deposited Securities.

 

(c)       Alternative
Methods of Distributing Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to
the extent not prohibited by any law, rule, or regulation or by the rules and/or requirements of the stock exchange on which the ADSs
are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or solicitation of consents
or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders with or otherwise publicizes
to Holders instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website
containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward
their voting instructions as soon as possible. Voting instructions will not be deemed received until such time as the ADR department responsible
for proxies and voting has received such instructions, notwithstanding that such instructions may have been physically received by JPMorgan
Chase Bank, N.A., as Depositary, prior to such time.

 

    A-14

     

    

 

 

 

(13) Changes Affecting Deposited Securities.

 

(a) Subject to paragraphs (4) (Certain
Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other Charges), the Depositary may,
in its discretion, and shall if reasonably requested by the Company, amend
this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on
the record date set by the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or
other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed to Holders or any cash,
securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized
to surrender any Deposited Securities to any person and, irrespective of whether such Deposited Securities are surrendered or
otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in
connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all
or substantially all the assets of the Company. 

 

(b) To the extent the Depositary does not so amend
this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or
property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically
represent its pro rata interest in the Deposited Securities as then constituted.

 

(c) Promptly upon the occurrence of any of the aforementioned
changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable
after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at the Company's expense, to Holders
in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance
with the terms thereof, as soon as reasonably practicable.

 

    A-15

     

    

 

 

 

(14) Exoneration.

 

(a) The Depositary, the Company, and each of
their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders or
Beneficial Owners (A) if any present or future law, rule, regulation, fiat, order or decree of the United States, England and Wales,
the European Union, or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange
or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of
the Company's charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency restrictions,
work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and
immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection
with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without
limitation, voting pursuant to paragraph (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the
performance of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any
exercise or failure to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any
failure to determine that any distribution or action may be lawful or reasonably practicable); (ii) incur or assume no liability to
Holders or Beneficial Owners except to perform its obligations to the extent they are specifically set forth in this ADR and the
Deposit Agreement without gross negligence or willful misconduct and the
Depositary shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners; (iii) in the case of the Depositary
and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any
Deposited Securities, ADSs or this ADR; (iv) in the case of the Company and its agents hereunder be under no obligation to appear
in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities, ADSs or this ADR, which in its
opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and
disbursements of counsel) and liability be furnished as often as may be required; and (v) not be liable to Holders or Beneficial
Owners for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person
presenting Shares for deposit, any Holder, any other person believed by it to be competent to give such advice or information, or in
the case of the Depositary, the Company. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of,
any securities depository, clearing agency or settlement system. 

 

(b) The Depositary. The Depositary shall not
be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch
or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale
of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action,
omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. Notwithstanding
anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to the further limitations set forth in subparagraph
(p) of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from,
any act or omission to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result
of the Custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed
to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing
in the jurisdiction in which the Custodian is located.

 

    A-16

     

    

 

 

 

(c) The Depositary, its agents and the Company
may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them to
be genuine and to have been signed, presented or given by the proper party
or parties. 

 

(d) The Depositary shall be under no obligation to
inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto of any
country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

 

(e) The Depositary and its agents will not be responsible
for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or
for the effect of any such vote.

 

(f) The Depositary may rely upon instructions from
the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

 

(g) The Depositary and its agents may own and deal
in any class of securities of the Company and its affiliates and in ADRs.

 

(h) Notwithstanding anything to the contrary set
forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests for information
maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto
or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation
laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

 

(i) None of the Depositary, the Custodian or the
Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S. tax
paid against such Holder's or Beneficial Owner's income tax liability.

 

(j) The Depositary is under no obligation to provide
the Holders or Beneficial Owners, or any of them, with any information about the tax status of the Company. The Depositary and the Company
shall not incur any liability for any tax or tax consequences that may be incurred by Holders and Beneficial Owners on account of their
ownership or disposition of the ADRs or ADSs.

 

(k) The Depositary shall not incur any liability
for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy
of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity
or worth of the Deposited Securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of
the Deposit Agreement or for the failure or timeliness of any notice from the Company.

 

    A-17

     

    

  

 

 

(l) Notwithstanding anything herein or in the Deposit
Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services and providers of information regarding
matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit
Agreement, and use local agents to provide services such as attendance at meetings of issuers of securities. Although the Depositary and
the Custodian will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third party
providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information
or services.

 

(m) The Depositary shall not be liable for any acts
or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with
any matter arising wholly after the removal or resignation of the Depositary.

 

(n) By holding or owning an ADR or ADS or an interest
therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving Holders or
Beneficial Owners brought by the Company or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs, the ADRs or
the transactions contemplated therein, herein, thereby or hereby, may be instituted in a state or federal court in New York, New York,
and by holding or owning an ADR or ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have
to the laying of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit,
action or proceeding. By holding or owning an ADR or ADS or an interest therein, Holders and Beneficial Owners each also irrevocably agree
that any legal suit, action or proceeding against or involving the Depositary brought by Holders or Beneficial Owners, arising out of
or based upon the Deposit Agreement, the ADSs, the ADRs or the transactions contemplated therein, herein, thereby or hereby, including,
without limitation, claims under the Securities Act of 1933, may only be instituted in the United States District Court for the Southern
District of New York (or in the state courts of New York County in New York if either (i) the United States District Court for the Southern
District of New York lacks subject matter jurisdiction over a particular dispute or (ii) the designation of the United States District
Court for the Southern District of New York as the exclusive forum for any particular dispute is, or becomes, invalid, illegal or unenforceable).

 

(o) The Company has agreed to indemnify the Depositary
and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

 

(p) Neither the Depositary, the Company nor any
of their respective agents shall be liable to Holders or Beneficial Owners for any indirect, special, punitive or consequential
damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or
entity (including, without limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of
action in which such a claim may be brought.

 

    A-18

     

    

 

 

 

(q) No provision of the Deposit Agreement or this
ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities Act
of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

 

(15) Resignation and Removal of Depositary;
the Custodian.

 

(a) Resignation. The Depositary may resign
as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment
of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.  

 

(b) Removal. The Depositary may at any time
be removed by the Company by no less than 60 days' prior written notice of such removal, to become effective upon the later of (i) the
60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such
appointment as provided in the Deposit Agreement.

 

(c) The Custodian. The Depositary may appoint
substitute or additional Custodians and the term "Custodian" refers to each Custodian or all Custodians as the context
requires.

 

(16) Amendment. Subject to the last
sentence of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the Deposit Agreement may be amended by the
Company and the Depositary, provided that any amendment that imposes or increases any fees or charges on a per ADS basis
(other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing
right of Holders or Beneficial Owners, shall become effective 30 days after notice of such amendment shall have been given to the
Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed,
by continuing to hold such ADR, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities
represented thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i)
are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under
the Securities Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either
such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of
Holders or Beneficial Owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws,
rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance
therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with
such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become
effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for
compliance. Notice of any amendment to the Deposit Agreement or form of
ADRs shall not need to describe in detail the specific amendments effectuated thereby, and failure to describe the specific
amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to
the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive the text of such amendment (i.e.,
upon retrieval from the Commission's, the Depositary's or the Company's website or upon request from the Depositary). 

 

    A-19

     

    

 

 

 

(17) Termination. The Depositary may, and
shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination to the
Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have
(i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor
depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been removed as Depositary hereunder,
notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder
on the 60th day after the Company's notice of removal was first provided to the Depositary. Notwithstanding anything to the
contrary herein, the Depositary may terminate the Deposit Agreement without notice to the Company, but subject to giving 30 days’
notice to the Holders, under the following circumstances: (i) in the event of the Company’s bankruptcy or insolvency, (ii) if the
Shares cease to be listed on an internationally recognized stock exchange, (iii) if the Company effects (or will effect) a redemption
of all or substantially all of the Deposited Securities, or a cash or share distribution representing a return of all or substantially
all of the value of the Deposited Securities, or (iv) there occurs a merger, consolidation, sale of all or substantially all assets or
other transaction as a result of which securities or other property are delivered in exchange for or in lieu of Deposited Securities.

 

After the date so fixed for termination, the Depositary
and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions
on Deposited Securities and deliver Deposited Securities being withdrawn. As soon as practicable after the date so fixed for termination,
the Depositary shall use its reasonable efforts to sell the Deposited Securities and shall thereafter (as long as it may lawfully do
so) hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash
then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of
the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect
of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination,
the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its
agents.

 

    A-20

     

    

 

 

 

(18) Appointment; Acknowledgements and Agreements.
Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued in accordance with
the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the
Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its
behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all procedures
necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate
to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such actions to be the conclusive determinant
of the necessity and appropriateness thereof, and (c) acknowledge and agree that (i) nothing in the Deposit Agreement or any ADR shall
give rise to a partnership or joint venture among the parties thereto nor establish a fiduciary or similar relationship among such parties,
(ii) the Depositary, its divisions, branches and affiliates, and their respective agents, may from time to time be in the possession of
non-public information about the Company, Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its
divisions, branches and affiliates may at any time have multiple banking relationships with the Company, Holders, Beneficial Owners and/or
the affiliates of any of them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions
in which parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing contained in the Deposit Agreement
or any ADR(s) shall (A) preclude the Depositary or any of its divisions, branches or affiliates from engaging in such transactions or
establishing or maintaining such relationships, or (B) obligate the Depositary or any of its divisions, branches or affiliates to disclose
such transactions or relationships or to account for any profit made or payment received in such transactions or relationships, (vi) the
Depositary shall not be deemed to have knowledge of any information held by any branch, division or affiliate of the Depositary and (vii)
notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and this ADR, to constitute notice to any and all Beneficial
Owners of the ADSs evidenced by such Holder’s ADRs. For all purposes under the Deposit Agreement and this ADR, the Holder hereof
shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR.

 

    A-21

     

    

 

 

 

(19) Waiver. EACH PARTY TO THE DEPOSIT AGREEMENT
(INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS) HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING
AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES,
THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER
BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY) INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED
STATES FEDERAL SECURITIES LAWS. No provision of the Deposit Agreement or any ADR is intended to constitute a waiver or limitation of any
rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934, to the extent
applicable.

 

(20) Elective Distributions in Cash or Shares. Whenever
the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company
shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such
elective distribution to be made available to Holders. Upon receipt of notice indicating that the Company wishes such elective distribution
to be made available to Holders, the Depositary shall consult with the Company to determine, and the Company shall assist the Depositary
in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders. The
Depositary shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective
distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is reasonably practicable and (iii)
the Depositary shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without
limitation, any legal opinions of counsel in any applicable jurisdiction that the Depositary in its reasonable discretion may request,
at the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute
to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is
made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions are satisfied, the Depositary
shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional
ADSs. The Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate the
Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can be no assurance
that Holders or Beneficial Owners generally, or any Holder and/or Beneficial Owner in particular, will be given the opportunity to receive
elective distributions on the same terms and conditions as the holders of Shares.

 

    A-22Exhibit 10.1

 

ARGO BLOCKCHAIN PLC 

2018 EQUITY INCENTIVE PLAN

 

		1.	Purpose; Eligibility.

 

1.1           General
Purpose. The name of this plan is the Argo Blockchain PLC 2018 Equity Incentive Plan (the “Plan”). The purposes
of the Plan are to: (a) enable Argo Blockchain PLC, incorporated in England and Wales under the company number 11097258 (the “Company”),
and any Affiliate to attract and retain the types of Employees, Consultants and Directors who will contribute to the Company’s long
range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the security
holders of the Company; and (c) promote the success of the Company’s business.

 

1.2           Eligible
Award Recipients. The persons eligible to receive Awards are the Employees, Consultants and Directors of the Company and its Affiliates
and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants and Directors after
the receipt of Awards.

 

1.3           Available
Awards. Awards that may be granted under the Plan are Stock Options.

 

		2.	Definitions.

 

“Acting in Concert” has the meaning
given to it in the United Kingdom City Code on Takeovers and Mergers published by the Panel on Takeovers and Mergers.

 

“Affiliate” means any entity that
is an “affiliate” for the purposes of National Instrument 45-106 - Prospectus Exemptions, as amended from time to time.

 

“Applicable Laws” means the applicable
laws and regulations and the requirements or policies of any governmental or regulatory authority, securities commission or stock exchange
having authority over the Company or the Plan.

 

“Applicable Withholding Taxes”
means any and all taxes and other source deductions or other amounts that an Employer Company or other Company Group entity is required
by law to withhold from any amounts to be paid or credited hereunder. Applicable Withholding Taxes will be denominated in the currency
in which the Award is denominated.

 

“Award” means any Stock Option
granted under the Plan.

 

“Award Agreement” means a written
agreement, contract, certificate or other instrument or document evidencing the terms and conditions of an individual Award granted under
the Plan that may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement will be subject
to the terms and conditions of the Plan.

 

“Board” means the Board of Directors
of the Company, as constituted at any time.

 

“Business Day” means any day on
which the London Stock Exchange is open for business.

 

“Cause” means:

 

With respect to any Participant, unless the applicable Award
Agreement states otherwise:

 

(a)            if
the Participant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a
definition of Cause, the definition contained therein; or

 

     

     

    

 

(b)            if
no such agreement exists, or if such agreement does not define Cause, any act or omission that would entitle the Company to terminate
the Participant’s employment or service agreement without notice or compensation under the common law for just cause, including,
without in any way limiting its meaning under the common law: (i) the indictment for or conviction of an indictable offence or any
summary offence involving material dishonesty or moral turpitude; (ii) material fiduciary breach with respect to the Company or an
Affiliate; (iii) fraud, embezzlement or similar conduct that results in or is reasonably likely to result in harm to the reputation
or business of the Company or any of its Affiliates; (iv) gross negligence or willful misconduct with respect to the Company or an
Affiliate; (v) material violation of Applicable Laws; or (vi) the willful failure of the Participant to properly carry out his
or her duties on behalf of the Company or to act in accordance with the reasonable direction of the Company.

 

With respect to any Director, unless the applicable
Award Agreement states otherwise, a determination by a majority of the disinterested Board members that the Director has engaged in any
of the following:

 

(a)            gross
misconduct or neglect;

 

(b)            willful
conversion of corporate funds;

 

(c)            false
or fraudulent misrepresentation inducing the director’s appointment; or

 

(d)            repeated
failure to participate in Board meetings on a regular basis despite having received proper notice of the meetings in advance.

 

The Committee, in its absolute discretion, will determine
the effect of all matters and questions relating to whether a Participant has been discharged for Cause.

 

“Change in Control” means, unless
otherwise defined in the Participant’s employment or service agreement or in the applicable Award Agreement, the sale of any of
the Ordinary Shares (in one transaction or a series of transactions) that will result in the Offeror of those Ordinary Shares and persons
Acting in Concert with them together acquiring Control of the Company, except where the Offeror is a company and the shareholders of that
company and the proportion of shares in that company held by each of them following completion of the sale are substantially the same
as the shareholders and their shareholdings in the Company immediately before the sale.

 

“Closed Period” has the same meaning
as in the Market Abuse Regulation.

 

“Committee” means a committee
of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 3.3 and Section 3.4;
provided, however, if such a committee does not exist, all references in the Plan to “Committee” will at such time be in reference
to the Board.

 

“Company” means Argo Blockchain
PLC, and any successor thereto.

 

“Company Group” means the Company
and its subsidiaries and Affiliates.

 

“Control” has the meaning given
in section 719 of the United Kingdom Income Tax (Earnings and Pensions) Act 2003.

 

“Consultant” means any individual
or entity that performs bona fide services to the Company or an Affiliate, other than as an Employee or Director.

 

“Continuing Entity” has the meaning
ascribed thereto in Section 12.2.

 

    2 

     

    

 

“Continuous Service” means that
the Participant’s service with the Company or an Affiliate, whether as an Employee, Consultant or Director, is not interrupted or
terminated. The Participant’s Continuous Service will not be deemed to have terminated merely because of a change in the capacity
in which the Participant renders service to the Company or an Affiliate as an Employee, Consultant or Director, or a change in the entity
for which the Participant renders such service, provided that there is no interruption or termination of the Participant’s Continuous
Service. For example, a change in status from an Employee of the Company to a Director of an Affiliate will not constitute an interruption
of Continuous Service. The Committee or its delegate, in its sole discretion, may determine whether Continuous Service will be considered
interrupted in the case of any leave of absence approved by that party, including sick leave, military leave or any other personal or
family leave of absence. The Committee or its delegate, in its sole discretion, may determine whether a Company transaction, such as a
sale or spin-off of a division or subsidiary that employs a Participant, will be deemed to result in a termination of Continuous Service
for purposes of affected Awards, and such decision will be final, conclusive and binding.

 

“Control Period” means the period
commencing on the date of the Change in Control and ending 180 days after the date of the Change in Control.

 

“Dealing Day” a day on which the
London Stock Exchange is open for business.

 

“Dilutive Shares” means on any
date, all shares of the Company which:

 

(a)            have
been issued, or transferred out of treasury, on the exercise of options granted, or in satisfaction of any other awards made, under
any Share Incentive Scheme (including the Plan) during the shorter of:

 

(i)            the
ten years ending on (and including) that date; and

 

(ii)           the
period since one month before such shares were first admitted to the Official List maintained by the United Kingdom Listing
Authority; and

 

(b)            remain
capable of issue, or transfer out of treasury, under any Existing Award.

 

“Director” means a member of the
Board.

 

“Disability” means, unless an
employment agreement or the applicable Award Agreement says otherwise, that the Participant:

 

(a)            is
to a substantial degree unable, due to illness, disease, affliction, mental or physical disability or similar cause, to fulfill
his or her obligations as an officer, consultant or employee of the Employer Company either for any consecutive 12-month period or for
any period of 18 months (whether or not consecutive) in any consecutive 24-month period; or

 

(b)            is
declared by a court of competent jurisdiction to be mentally incompetent or incapable of managing his or her affairs. The determination
of whether an individual has a Disability will be determined under procedures established by the Committee. The Committee may rely on
any determination that a Participant is disabled for purposes of benefits under any long-term disability plan maintained by the Company
or any Affiliate in which a Participant participates.

 

“Effective Date” will mean the
date as of which this Plan is adopted by the Board.

 

“Employee” means any person, including
an officer or Director, employed by the Company or an Affiliate. Mere service as a Director or payment of a director’s fee by the
Company or an Affiliate will not be sufficient to constitute “employment” by the Company or an Affiliate.

 

    3 

     

    

 

“Employer Company” means the Company
Group entity which employs or employed the Optionholder or engages the services of the Director or Consultant as applicable.

 

“Exchange” means the London Stock
Exchange’s main market for listed securities.

 

“Existing Award” means an option
or any other right or award under which shares in the Company may be acquired or received, granted under any Share Incentive Scheme (including
the Plan).

 

“Expiry Date” has the meaning
ascribed thereto in Section 6.1.

 

“Fair Market Value” means whichever
of the following applies

 

(a)            For
the purposes of determining on any Grant Date on which Ordinary Shares are listed on the London Stock Exchange the Option Exercise Price
of an Award, the average of the middle market quotations for an Ordinary Share for the three immediately preceding Dealing Days (but excluding
any Dealing Days that fall in a Closed Period).

 

(b)            If
Fair Market Value has to be determined in relation to any day on which Ordinary Shares are not listed on the London Stock Exchange, the
Committee Board shall determine it to its satisfaction in accordance with the applicable provisions of Part VIII of the Taxation
of Chargeable Gains Act 1992.

 

“Good Reason” means, unless the
applicable Award Agreement states otherwise:

 

(a)            If
a Participant is a party to an employment or service agreement with the Company or its Affiliates and such agreement provides for a definition
of Good Reason, the definition contained therein; or

 

(b)            If
no such agreement exists or if such agreement does not define Good Reason, the occurrence of one or more of the following without the
Participant’s express written consent, which circumstances are not remedied by the Company within 30 days of its receipt of a written
notice from the Participant describing the applicable circumstances (which notice must be provided by the Participant within 90 days of
the Participant’s knowledge of the applicable circumstances): (i) any material, adverse change in the Participant’s duties,
responsibilities, authority, title, status or reporting structure; (ii) a material reduction in the Participant’s base salary
or bonus opportunity; or (iii) a geographical relocation of the Participant’s principal office location by more than 50 kilometres.

 

“Grant Date” means the date on
which the Committee adopts a resolution, or takes other appropriate action, expressly granting an Award to a Participant that specifies
the key terms and conditions of the Award or, if a later date is set forth in such resolution, then such date as is set forth in such
resolution.

 

“ITA” means the Income Tax
Act (Canada), including the regulations promulgated thereunder, as amended from time to time.

 

“Leave of Absence” means any period
during which, pursuant to the prior written approval of the Participant’s Employer Company or by reason of Disability, the Participant
is considered to be on an approved leave of absence or on Disability and does not provide any services to his or her Employer Company
or any other entity in the Company Group.

 

“Market Abuse Regulation” means
Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse.

 

    4 

     

    

 

“Normal Vesting Date” means the
earliest date on which the Option may be exercised, unless an earlier event occurs to cause the Option to lapse or become exercisable.
This date may not be:

 

(a)            earlier
than the Performance Measurement Date (if a Performance Condition has been set); or

 

(b)            later
than the tenth anniversary of the Grant Date.

 

For the avoidance of doubt, an Option may have more
than one Normal Vesting Date.

 

“Notice of Exercise” means a notice
in the form that the Board will approve.

 

“Offeror” means the person who
acquires control of the Company under a Change of Control.

 

“Option” means a Stock Option
granted to a Participant pursuant to the Plan.

 

“Option Exercise Price” means
the price at which an Ordinary Share may be purchased upon the exercise of an Option.

 

“Optionholder” means a Participant
to whom an Option is granted pursuant to the Plan or, if applicable, such other Person who holds an outstanding Option.

 

“Ordinary Share” means an ordinary
share in the capital of the Company, or such other security of the Company as may be designated by the Committee from time to time in
substitution thereof.

 

“Participant” means an eligible
person to whom an Award is granted pursuant to the Plan or, if applicable, such other Person who holds an outstanding Award.

 

“Performance Condition” means
a condition that:

 

(a)            must
be satisfied before an Option may be exercised;

 

(b)            is
linked to the achievement of challenging performance over a period that has the intention of enhancing shareholder value; and

 

(c)            is
specified in the Award Agreement.

 

“Performance Measurement Date”
means the earliest date on which it is possible for the Committee to determine that any Performance Condition has been satisfied.

 

“Permitted Reorganization” means
a reorganization of the Company Group in circumstances where the shareholdings or ultimate ownership remains substantially the same upon
the completion of the reorganization.

 

“Person” means any individual,
sole proprietorship, partnership, firm, entity, unincorporated association, unincorporated syndicate, unincorporated organization, trust,
body corporate, agency and, where the context requires, any of the foregoing when they are acting as trustee, executor, administrator
or other legal representative.

 

“Plan” means this Argo Blockchain
PLC 2018 Equity Incentive Plan, as amended and restated from time to time.

 

“Retirement” or “Retire”
means, unless otherwise defined in the Participant’s employment agreement, executive agreement, service agreement or in the applicable
Award Agreement, the normal retirement age of the Participant pursuant to the applicable benefit plans and regulations of the jurisdiction
of his or her employment, office or consultancy or such earlier retirement age, with consent of the Employer Company.

 

    5 

     

    

 

“Salary” means in relation to
an Employee at any time means the rate of basic annual salary payable to that Employee by the Company Group.

 

“Share Incentive Scheme” means
any arrangement to provide Employees, Directors or Consultants with Ordinary Shares.

 

“Stock Option” means an Option
that is designated by the Committee as a stock option that meets the requirements set out in the Plan.

 

“Subsidiary” means any entity
that is a “subsidiary” for the purposes of National Instrument 45-106 - Prospectus Exemptions, as amended from time
to time.

 

“Substitute Award”
has the meaning set forth in Section [*].

 

“Substitution Event” means a Change
in Control pursuant to which the Ordinary Shares are converted into, or exchanged for, other property, whether in the form of securities
of another Person, cash or otherwise.

 

		3.	Administration.

 

3.1           Authority
of Committee. The Plan will be administered by the Committee or, in the Board’s sole discretion, by the Board. Subject to the
terms of the Plan, the Committee’s charter and Applicable Laws, and in addition to other express powers and authorization conferred
by the Plan, the Committee will have the authority:

 

(a)            to
construe and interpret the Plan and apply its provisions;

 

(b)            to
promulgate, amend, and rescind rules and regulations relating to the administration of the Plan;

 

(c)            to
authorize any person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan;

 

(d)            to
determine when Awards are to be granted under the Plan and the applicable Grant Date;

 

(e)            from
time to time to select, subject to the limitations set forth in this Plan, to determine those Participants to whom Awards will be granted;

 

(f)             to
determine the number of Ordinary Shares to be made subject to each Award;

 

(g)            to
prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment and vesting
provisions, and to specify the provisions of the Award Agreement relating to such grant;

 

(h)            to
amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any outstanding Award;
provided, however, that if any such amendment impairs a Participant’s rights or increases a Participant’s obligations under
his or her Award.

 

(i)             to
determine the duration and purpose of leaves of absences that may be granted to a Participant without constituting termination of their
employment for purposes of the Plan, which periods will be no shorter than the periods generally applicable to Employees under the Company’s
employment policies;

 

    6 

     

    

 

(j)             to
make decisions with respect to outstanding Awards that may become necessary upon a change in control or an event that triggers anti-dilution
adjustments;

 

(k)            to
interpret, administer, reconcile any inconsistency, correct any defect and/or supply any omission in the Plan and any instrument or agreement
relating to, or Award granted under, the Plan;

 

(l)             subject
to applicable law, to delegate to any Director or Employee such duties and powers relating to the Plan as it may see fit;

 

(m)           to
seek recommendations from the Chairman or from the Chief Executive Officer of the Company;

 

(n)           to
appoint or engage a trustee, custodian or administrator to administer or implement the Plan; and

 

(o)           to
exercise discretion to make any and all other determinations that it determines to be necessary or advisable for the administration of
the Plan.

 

The Committee also may modify the purchase price
or the exercise price of any outstanding Award, provided that if the modification effects a repricing, security holder approval will be
required before the repricing is effective.

 

3.2           Committee
Decisions Final. All decisions made by the Committee pursuant to the provisions of the Plan will be conclusive and binding on the
Company and the Participants.

 

3.3           Delegation.
The Committee or, if no Committee has been appointed, the Board, may delegate administration of the Plan to a committee or committees
of one or more members of the Board, and the term “Committee” will apply to any person or persons to whom such authority
has been delegated. The Committee will have the power to delegate to a subcommittee any of the administrative powers the Committee is
authorized to exercise (and references in this Plan to the Board or the Committee will thereafter be to the committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and re-vest in the Board the administration of the Plan. The members of the Committee
will be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the size of the Committee,
add additional members to, remove members (with or without cause) from, appoint new members in substitution therefor, and fill vacancies,
however caused, in the Committee. The Committee will act pursuant to a vote of the majority of its members or, in the case of a Committee
comprised of only two members, the unanimous consent of its members, whether present or not, or by the written consent of the majority
of its members, and minutes will be kept of all of its meetings and copies thereof will be provided to the Board. Subject to the limitations
prescribed by the Plan and the Board, the Committee may establish and follow such rules and regulations for the conduct of its business
as it may determine to be advisable.

 

3.4           Committee
Composition. Except as otherwise determined by the Board, the Committee will consist solely of two or more non-Employee Directors.
Within the scope of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are
not non-Employee Directors the authority to grant Awards to eligible persons. Nothing herein will create an inference that an Award is
not validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not
at all times consist solely of two or more non-Employee Directors.

 

    7 

     

    

 

3.5           Indemnification.
In addition to such other rights of indemnification as they may have as Directors or members of the Committee, and to the extent allowed
by Applicable Laws, the Committee will be indemnified by the Company against the reasonable expenses, including attorney’s fees,
actually incurred in connection with any action, suit or proceeding, or in connection with any appeal therein, to which the Committee
may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan,
and against all amounts paid by the Committee in settlement thereof (provided, however, that the settlement has been approved by
the Company, which approval will not be unreasonably withheld) or paid by the Committee in satisfaction of a judgment in any such action,
suit or proceeding, except in relation to matters as to which it will be adjudged in such action, suit or proceeding that such Committee
did not act in good faith and in a manner that such person reasonably believed to be in the best interests of the Company or, in the
case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within 60
days after the institution of any such action, suit or proceeding, such Committee will, in writing, offer the Company the opportunity
at its own expense to handle and defend such action, suit or proceeding.

 

		4.	Overall Grant Limits.

 

4.1           The
Company may not grant an Award if that grant would result in the total number of Dilutive Shares exceeding 10% of the issued share
capital of the Company.

 

		5.	Eligibility.

 

5.1           Eligibility
for Specific Awards. Awards may be granted to Employees, Consultants and Directors.

 

5.2           Individual
Grant Limits. The grant of Awards under the Plan is subject to the following limitations:

 

(a)            Except
where Section (b) below applies, the Company may not grant an Award to any Employee, Consultant or Director if that grant would
result in the aggregate Fair Market Value of Ordinary Shares subject to Awards made to that Employee, Consultant or Director in that Year
exceeding 200% of that person’s Salary or annual fee income payable to that person by the Company Group as at the proposed Grant
Date.

 

For the purposes of this clause (a), the Fair Market Value
of an Award shall be measured as at its Grant Date.

 

(b)            If
the Committee considers that the circumstances of the proposed Award are exceptional, Section (a) above shall not apply.

 

6.             Option
Provisions. Each Option granted under the Plan will be evidenced by an Award Agreement. Each Option so granted will be subject to
the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the
applicable Award Agreement. The provisions of separate Options need not be identical, but each Option will include (through incorporation
of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:

 

6.1           Term.
No Stock Option will be exercisable after the expiration of ten years from the Grant Date or such shorter period as set out in the Optionholder’s
Option Agreement (the “Expiry Date”), at which time such Option will expire. Notwithstanding any other provision of
this Plan, each Option that would expire during or within ten Business Days immediately following a Closed Period will expire on the date
that is ten Business Days immediately following the end of the Closed Period.

 

6.2           Exercise
Price of a Stock Option. The Option Exercise Price of each Stock Option will be fixed by the Committee on the Grant Date, subject
to all applicable regulatory requirements. The Option Exercise Price will be stated and payable in UK Pounds Stirling.

 

    8 

     

    

 

6.3           Manner
of Exercise. A vested Option or any portion thereof may be exercised by the Optionholder delivering to the Company a Notice of Exercise
signed by the Optionholder or his or her legal personal representative, accompanied by payment in full of the aggregate Option Exercise
Price and any Applicable Withholding Taxes in respect of the Option or portion thereof being exercised, payable, to the extent permitted
by Applicable Laws, either:

 

(a)            in
cash or by certified cheque, bank draft or money order payable to the Company or by such other means as might be specified from time to
time by the Committee; or

 

(b)            in
the discretion of the Committee, upon such terms as the Committee will approve, pursuant to a broker-assisted cashless exercise, whereby
the Optionholder will elect on the Notice of Exercise to receive:

 

(i)            an
amount in cash equal to the cash proceeds realized upon the sale in the capital markets of the Ordinary Shares underlying the Option (or
portion thereof being exercised) by a securities dealer designated by the Company, less the aggregate Exercise Price, any Applicable Withholding
Taxes, and any transfer costs charged by the securities dealer to sell the Ordinary Shares;

 

(ii)           an
aggregate number of Ordinary Shares that is equal to the number of Ordinary Shares underlying the Option (or portion thereof being exercised)
minus the number of Ordinary Shares sold in the capital markets by a securities dealer designated by the Company as required to realize
cash proceeds equal to the aggregate Exercise Price, any Applicable Withholding Taxes and any transfer costs charged by the securities
dealer to sell the Ordinary Shares;

 

(iii)          a
combination of (i) and (ii); or

 

(iv)          in
any other form of legal consideration that may be acceptable to the Committee.

 

Subject to Section 7, upon receipt of payment
in full, the number of Ordinary Shares in respect of which the Option is exercised will be duly issued to the Optionholder as fully paid
and non-assessable, following which the Optionholder will have no further rights, title or interest with respect to such Option or portion
thereof.

 

6.4            Surrender
of Option. As an alternative to the exercise of an Option pursuant to Section 6.3, an Optionholder will be entitled, at his or
her election, to surrender for cancellation, unexercised, any vested Option that is otherwise then exercisable and, in consideration for
such surrender for cancellation, to receive a cash payment in an amount equal to the positive difference, if any, obtained by subtracting
the aggregate Exercise Price of the surrendered Option from the then current Fair Market Value of the Ordinary Shares subject to the surrendered
Option, less Applicable Withholding Taxes. The Committee has the sole discretion to consent to or disapprove of the election of the Optionholder
to surrender any vested Option pursuant to this Section 6.4. If the Committee disapproves of the election, the Optionholder may:
(a) exercise the Option under Section 6.3; or (b) retract the request to surrender such Option and retain the Option. If
the Committee consents to the election, the Company will make the cash payment to the Optionholder in respect of the surrendered Option
within 30 days. Any cash payment in accordance with this Section 6.4 will be payable in UK Pounds Stirling.

 

6.5            Vesting
of Options. Each Option may, but need not, vest and, therefore, become exercisable in periodic installments that may, but need not,
be equal. The Option may be subject to such other terms and conditions on the time or times when it may be exercised (which may be based
on performance or other criteria) as the Committee may deem appropriate. The vesting provisions of individual Options may vary. No Option
may be exercised for a fraction of an Ordinary Share. The Committee may, but will not be required to, provide for an acceleration of vesting
and exercisability in the terms of any Award Agreement upon the occurrence of a specified event.

 

    9 

     

    

 

		7	Termination of Employment, Office or Service Agreement

 

7.1           If
an Optionholder:

 

(a)            dies
while an Employee, Director or Consultant; or

 

(b)            ceases
to be an Employee, Director or Consultant (whether or not following notice and for whatever reason) before the end of any Normal
Vesting Date the Option shall lapse immediately in respect of a number of Ordinary Shares. That number is calculated in accordance
with the formula N x (X/Y) where:

 

(c)            N
= the number of Ordinary Shares in relation to which the Option was originally granted, less any Ordinary Shares in respect of which it
has already been exercised or has lapsed;

 

(d)            X
= the number of days between the date of death or cessation and the end of the Normal Vesting Date; and

 

(e)            Y
= the number of days between the Grant Date and the Normal Vesting Date.

 

7.2           If
an Optionholder dies, personal representatives of a deceased Optionholder may exercise the Option over a number of Ordinary Shares during
the period ending 12 months after the death. If the Option is not exercised, it will lapse at the end of that period. That number of Ordinary
Shares shall be determined as follows:

 

(a)            if
the Optionholder dies on or after the Normal Vesting Date, the number shall be equal to the number of Shares that the Optionholder could
have acquired if the Option had been exercised immediately before the death;

 

(b)            if
the Optionholder dies before the Normal Vesting Date, then the Committee, acting fairly and reasonably, shall;

 

(i)            take
the number of Ordinary Shares that remain after part of the Option has lapsed under Section 7.1;

 

(ii)           apply
a further reduction to reflect the extent to which the Performance Condition was not achieved at the date of death; and

 

(iii)          the
Option shall lapse to that extent.

 

7.3           If
an Optionholder ceases to be an Employee, a Director or a Consultant before any Normal Vesting Date due to any of the following reasons:

 

(a)            injury;
or

 

(b)            ill
health; or

 

(c)            Disability;
or

 

(d)            Retirement;
or

 

(e)            termination
without Cause; or

 

(f)            the
Optionholder’s Employer Company ceasing to be a Company Group entity; or

 

    10 

     

    

 

(g)            the
transfer of the business that employs or engages the Optionholder to a person that is not a Company Group,

 

the remainder of the Option may be exercised (after the application
of Section 7.1 and subject to achieving any Performance Condition) during the 90-day period beginning on the earlier of:

 

(a)            any
Normal Vesting Date; and

 

(b)            the
date on which the Option becomes exercisable under Section 12.

 

If the Option is not exercised, it will lapse at the end
of that period.

 

7.4           If
an Optionholder ceases to be an Employee, a Director or a Consultant before any Normal Vesting Date for any reason other than death and
the reasons set out in Section 7.3, the Committee may in its absolute discretion permit the Optionholder to exercise the remainder
of the Option (after the application of Section 7.1) during the 90-day period beginning on the earlier of:

 

(a)            the
Normal Vesting Date; and

 

(b)            the
date on which the Option becomes exercisable under Rule 12.

 

If the Option is not exercised, it will lapse at the end of
that period.

 

Any decision by the Board to grant permission under this
Section 7.4 shall be made in the 90-day period following the cessation of employment and if the Committee does not make such a decision
within that period, the Option will lapse immediately and in accordance with Section 8.2(i).

 

7.5           If
an Optionholder ceases to be an Employee, Director or Consultant on or after a Normal Vesting Date (or if there is no Normal Vesting Date)
for any reason other than for Cause, the Option may be exercised during the 90-day period following the date of cessation.

 

7.6           The
Committee may permit an Optionholder, who is dismissed for Cause on or after a Normal Vesting Date, to exercise the Option during the
90-day period following the date of dismissal. If the Committee does not make such a decision to permit the exercise within that period,
the Option will lapse at the end of that period in accordance with Section 8.2(i).

 

7.7           The
Committee shall notify the relevant Optionholder of any decision made under Section 7, including any decision not to permit the exercise
of an Option, within a reasonable time after making it.

 

7.8           If
the relevant Award Agreement specifies different Normal Vesting Dates for different parts of an Option, each part of that Option shall
be treated as a separate Option for the purposes of Section 7.

 

7.9           An
Optionholder shall not be regarded as ceasing to be an Employee, Director or Consultant until the Optionholder is no longer an employee,
director or consultant of Company Group entity.

 

8.             Lapse
of Options

 

8.1           An
Optionholder may not transfer or assign, or have any charge or other security interest created over an Option (or any right arising under
it). An Option shall lapse if the relevant Optionholder attempts to do any of those things. However, this Section 8.1 does not prevent
the transmission of an Option to an Optionholder’s personal representatives on the death of the Optionholder.

 

8.2           An
Option shall lapse on the earliest of the following:

 

(a)            any
attempted action by the Optionholder falling within Section 8.1;

 

(b)            when
the Committee decides to the extent that any Performance Condition has become wholly or partly incapable of being met;

 

    11

     

    

 

(c)            any
date on which the Option shall lapse, as specified in the Award Agreement;

 

(d)            to
the extent required by Section 7.1, the date the Optionholder dies or ceases employment;

 

(e)            the
first anniversary of the Optionholder’s death;

 

(f)             the
end of the 90-day period, if Section 7.3 or Section 7.5 applies;

 

(g)            if
the Committee decides under Section 7.4 or Section 7.6 that it will not permit the Optionholder to exercise the Option, the
date the Committee so decides;

 

(h)            the
end of the 90-day period during which exercise is permitted, if the Committee decides under Section 7.4 or Section 7.5 that
it will permit the Optionholder to exercise the Option;

 

(i)             90
days after the Optionholder ceases to be an Employee, Director or Consultant, if the Committee makes no decision under Section 7.4
or Rule 7.6;

 

(j)             when
the Optionholder becomes bankrupt under Part IX of the Insolvency Act 1986, applies for an interim order under Part VIII of
the Insolvency Act 1986, proposes or makes a voluntary arrangement under Part VIII of the Insolvency Act 1986, takes similar steps,
or is similarly affected, under laws of any jurisdiction that correspond to those provisions of the Insolvency Act 1986.

 

9.             Compliance
with Applicable Laws. The Company’s obligation to issue and deliver Ordinary Shares under any Award is subject to: (a) the
completion of such qualification of such Ordinary Shares or obtaining approval of such regulatory authority as the Company will determine
to be necessary or advisable in connection with the authorization, issuance or sale thereof; (b) the admission of such Ordinary Shares
to listing on any stock exchange on which such Ordinary Shares may then be listed; and (c) the receipt from the Participant of such
representations, agreements and undertakings as to future dealings in such Ordinary Shares as the Company determines to be necessary or
advisable in order to safeguard against the violation of the securities laws of any jurisdiction. The Company will take all reasonable
steps to obtain such approvals, registrations and qualifications as may be necessary for the issuance of such Ordinary Shares in compliance
with Applicable Laws and for the listing of such Ordinary Shares on any stock exchange on which such Ordinary Shares are then listed.
Awards may not be granted with a Grant Date or effective date earlier than the date on which all actions required to grant the Awards
have been completed.

 

10.           Miscellaneous.

 

10.1         Acceleration
of Exercisability and Vesting. The Committee will have the power to accelerate the time at which an Award may first be exercised or
the time during which an Award or any part thereof will vest in accordance with the Plan, notwithstanding the provisions in the Award
stating the time at which it may first be exercised or the time during which it will vest.

 

10.2         Shareholder
Rights. Except as provided in the Plan or an Award Agreement, no Participant will be deemed to be the holder of, or to have any of
the rights of a holder with respect to, any Ordinary Shares subject to such Award unless and until such Participant has satisfied all
requirements for exercise of the Award pursuant to its terms, and no adjustment will be made for dividends (ordinary or extraordinary,
whether in cash, securities or other property) or distributions of other rights for which the record date is prior to the date such Ordinary
Share certificate is issued, except as provided in Section 11 hereof.

 

10.3         No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto will confer
upon any Participant any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was
granted or will affect the right of the Company or an Affiliate to terminate: (a) the employment of an Employee with or without
notice and with or without Cause; or (b) the service of a Director pursuant to the Memorandum and Articles of Association of
the Company or an Affiliate, and any applicable provisions of the corporate law of the jurisdiction in which the Company or the
Affiliate is incorporated, as the case may be.

 

    12

     

    

 

10.4         Transfer;
Leave of Absence. For purposes of the Plan, no termination of employment by an Employee will be deemed to result from either: (a) a
transfer of employment to the Company from an Affiliate or from the Company to an Affiliate, or from one Affiliate to another; or (b) a
Leave of Absence, if the Employee’s right to re-employment is guaranteed either by a statute or by contract or under the policy
pursuant to which the Leave of Absence was granted or if the Committee otherwise so provides in writing.

 

10.5         Withholding
Obligations. It is the responsibility of the Participant to complete and file any tax returns that may be required under Canadian
or other applicable jurisdiction’s tax laws within the periods specified in those laws as a result of the Participant’s participation
in the Plan. Notwithstanding any other provision of this Plan, a Participant will be solely responsible for all Applicable Withholding
Taxes resulting from his or her receipt of Ordinary Shares or other property pursuant to this Plan. In connection with the issuance of
Ordinary Shares pursuant to this Plan, a Participant will, at the Participant’s discretion:

 

(a)            pay
to the Company an amount as necessary so as to ensure that the Company is in compliance with the applicable provisions of any federal,
provincial, local or other law relating to the Applicable Withholding Taxes in connection with such issuance;

 

(b)            authorize
a securities dealer designated by the Company, on behalf of the Participant, to sell in the capital markets a portion of the Ordinary
Shares issued hereunder to realize cash proceeds to be used to satisfy the Applicable Withholding Taxes; or

 

(c)            make
other arrangements acceptable to the Company to fund the Applicable Withholding Taxes.

 

11.           Adjustments
upon Changes in Capital. In the event of any stock dividend, stock split, combination or exchange of shares, merger, amalgamation,
arrangement, consolidation, reclassification, spin-off or other distribution (other than normal cash dividends) of the Company’s
assets to shareholders, or any other change in the capital of the Company affecting Ordinary Shares, the Board will make such proportionate
adjustments, if any, as the Board in its discretion deems appropriate to reflect such change (for the purpose of preserving the value
of the Awards), with respect to: (a) the maximum number of Ordinary Shares subject to all Awards stated in Section 4; (b) the
maximum number of Ordinary Shares with respect to which any one person may be granted Awards during any period stated in Section 4;
(c) the number or kind of shares or other securities subject to any outstanding Awards; and (d) the Exercise Price of any outstanding
Options; provided, however, that no adjustment will obligate the Company to issue or sell fractional securities. Notwithstanding anything
in this Plan to the contrary, all adjustments made pursuant to this Section 11 will be made in compliance with section 7(1.4)(c) of
the ITA and subject to the rules of the Exchange, to the extent applicable. The Company will give each Participant notice of an adjustment
hereunder and, upon notice, such adjustment will be conclusive and binding for all purposes.

 

12.           Effect
of Change in Control.

 

12.1         Unless
otherwise provided in an Award Agreement, notwithstanding any provision of the Plan to the contrary, in the event of a Participant’s
termination of Continuous Service without Cause or for Good Reason during the 12-month period following a Change in Control that is not
a Substitution Event or Permitted Reorganization, notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary,
all outstanding Options will become immediately exercisable with respect to 100% of the shares subject to such Options. To the extent
practicable, any actions taken by the Committee under the immediately preceding sentence will occur in a manner and at a time which allows
affected Participants the ability to participate in the Change in Control that is not a Substitution Event or Permitted Reorganization
with respect to the Ordinary Shares subject to their Awards.

 

    13

     

    

 

12.2         Substitution
Event or a Permitted Reorganization. Upon the occurrence of a Substitution Event or a Permitted Reorganization, the surviving or
acquiring entity (the “Continuing Entity”) will, to the extent commercially reasonable, take all necessary steps
to continue the Plan and to continue the Awards granted hereunder or to substitute or replace similar options for the Options
outstanding under the Plan on substantially the same terms and conditions as the Plan. For greater certainty, no consideration other
than Continuing Entity options will be received and the excess of the aggregate fair market value of the securities of the
Continuing Entity subject to the Continuing Entity options immediately after the substitution or replacement over the aggregate
exercise price of such securities under the Continuing Entity options will not exceed the excess of the aggregate Fair Market Value
of the Ordinary Shares subject to the outstanding Options immediately before such substitution or replacement over the aggregate
Exercise Price of such Ordinary Shares. Any such adjustment, substitution or replacement in respect of options will, at all times,
be made in compliance with the provisions of section 7(1.4) of the ITA.

 

In the event that:

 

(a)            the
Continuing Entity does not (or, upon the occurrence of the Substitution Event or Permitted Reorganization, will not) comply with the provisions
of this Section 12.2;

 

(b)            the
Board determines, acting reasonably, that such substitution or replacement is not practicable;

 

(c)            the
Board determines, acting reasonably, that such substitution or replacement would give rise to adverse tax results, under the ITA; or

 

(d)            the
securities of the Continuing Entity are not (or, upon the occurrence of the Substitution Event or Permitted Reorganization, will not be)
listed and posted for trading on a recognizable stock exchange,

 

the outstanding Options will become fully vested
and may be exercised or surrendered by the Participant at any time after the Participant receives written notice from the Board of such
accelerated vesting and prior to the occurrence of the Substitution Event or Permitted Reorganization; provided, however, that such vesting,
exercise or surrender will be, unless otherwise determined in advance by the Board, effective immediately prior to, and will be conditional
on, the consummation of such Substitution Event or Permitted Reorganization. Any Options that have not been exercised or surrendered pursuant
to this Section 12.2 will be forfeited and cancelled without compensation to the holder thereof upon the consummation of such Substitution
Event or Permitted Reorganization.

 

12.3         The
obligations of the Company under the Plan will be binding upon any successor corporation or organization resulting from the merger, consolidation
or other reorganization of the Company, or upon any successor corporation or organization succeeding to all or substantially all of the
assets and business of the Company and its Affiliates, taken as a whole.

 

12.4         In
addition, in the event of a Change in Control, the Committee may in its discretion and upon at least ten days’ advance notice to
the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per Ordinary Share received or to be received by other shareholders of the Company in the event.
In the case of any Option with an exercise price that equals or exceeds the price paid for an Ordinary Share in connection with the Change
in Control, the Committee may cancel the Option without the payment of consideration for it.

 

13.           Amendment
of the Plan and Awards.

 

13.1         Amendment
of Plan and Awards. The Board at any time, and from time to time, may amend or suspend any provision of an Award or the Plan, or terminate
the Plan, subject to those provisions of Applicable Laws (including, without limitation, the rules, regulations and policies of the Exchange),
if any, that require the approval of security holders or any governmental or regulatory body regardless of whether any such amendment
or suspension is material, fundamental or otherwise, and notwithstanding any rule of common law or equity to the contrary.

 

    14

     

    

 

(a)            Without
limiting the generality of the foregoing, the Board may make the following types of amendments to this Plan or any Awards without seeking
security holder approval:

 

(i)            amendments
of a “housekeeping” or administrative nature, including any amendment for the purpose of curing any ambiguity, error or omission
in this Plan, or to correct or supplement any provision of this Plan that is inconsistent with any other provision of this Plan;

 

(ii)           amendments
necessary to comply with the provisions of applicable law (including, without limitation, the rules, regulations and policies of the Exchange);

 

(iii)          amendments
necessary for Awards to qualify for favourable treatment under applicable tax laws;

 

(iv)          amendments
to the vesting provisions of this Plan or any Award;

 

(v)           amendments
to include or modify a cashless exercise feature, payable in cash or Ordinary Shares, which provides for a full deduction of the number
of underlying Ordinary Shares from the Plan maximum;

 

(vi)          amendments
to the termination or early termination provisions of this Plan or any Award, whether or not such Award is held by an insider, provided
such amendment does not entail an extension beyond the original expiry date of the Award; and

 

(vii)         amendments
necessary to suspend or terminate this Plan.

 

(b)            Security
holder approval will be required for the following types of amendments:

 

(i)            any
amendment to increase the maximum number of Ordinary Shares issuable under this Plan, other than pursuant to Section 11;

 

(ii)           any
amendment to this Plan that increases the length of the period after a Closed Period during which Options may be exercised;

 

(iii)          any
amendment that would result in the Exercise Price for any Option granted under this Plan being lower than the Fair Market Value at the
Grant Date of the Option;

 

(iv)          any
amendment that reduces the Exercise Price of an Option or permits the cancellation and reissuance of an Option or other entitlement, in
each case, other than pursuant to Section 11, Section 12.1, or Section 12.2;

 

(v)           any
amendment extending the term of an Option beyond the original Expiry Date, except as provided in Section 6.1;

 

(vi)          any
amendment to the amendment provisions;

 

(vii)         any
amendment that would allow for the transfer or assignment of Awards under this Plan, other than for normal estate settlement purposes;
and

 

(viii)        amendments
required to be approved by security holders under applicable law (including the rules, regulations and policies of the Exchange).

 

13.2         No
Impairment of Rights. Except as expressly set forth herein or as required pursuant to Applicable Laws, no action of the Board or
security holders may materially adversely alter or impair the rights of a Participant under any Award previously granted to the
Participant unless: (a) the Company requests the consent of the Participant; and (b) the Participant consents in
writing.

 

    15

     

    

 

14.           General
Provisions.

 

14.1         Forfeiture
Events. The Committee may specify in an Award Agreement that the Participant’s rights, payments and benefits with respect to
an Award will be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain events, in addition to applicable
vesting conditions of an Award. Such events may include, without limitation, breach of non-competition, non-solicitation, confidentiality,
or other restrictive covenants that are contained in the Award Agreement or otherwise applicable to the Participant, a termination of
the Participant’s Continuous Service for Cause, or other conduct by the Participant that is detrimental to the business or reputation
of the Company and/or its Affiliates.

 

14.2         Other
Compensation Arrangements. Nothing contained in this Plan will prevent the Board from adopting other or additional compensation arrangements,
subject to any required regulatory or security-holder approval if such approval is required; and such arrangements may be either generally
applicable or applicable only in specific cases.

 

14.3         Sub-Plans.
The Committee may from time to time establish sub-plans under the Plan for purposes of satisfying Applicable Laws of various jurisdictions
in which the Company intends to grant Awards. Any sub-plans will contain such limitations and other terms and conditions as the Committee
determines are necessary or desirable. All sub-plans will be deemed a part of the Plan, but each sub-plan will apply only to the Participants
in the jurisdiction for which the sub-plan was designed.

 

14.4         Deferral
of Awards. The Committee may establish one or more programs under the Plan to permit selected Participants the opportunity to elect
to defer receipt of consideration upon exercise of an Award, satisfaction of performance criteria, or other event that absent the election
would entitle the Participant to payment or receipt of Ordinary Shares or other consideration under an Award. The Committee may establish
the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any,
on amounts, shares or other consideration so deferred, and such other terms, conditions, rules and procedures that the Committee
deems advisable for the administration of any such deferral program.

 

14.5         Unfunded
Plan. The Plan will be unfunded. Neither the Company, the Board nor the Committee will be required to establish any special or separate
fund or to segregate any assets to assure the performance of its obligations under the Plan.

 

14.6         Recapitalizations.
Each Award Agreement will contain provisions required to reflect the provisions of Section 11.

 

14.7         Delivery.
Upon exercise of a right granted under this Plan, the Company will issue Ordinary Shares or pay any amounts due within a reasonable period
of time thereafter. Subject to any statutory or regulatory obligations the Company may otherwise have, for purposes of this Plan, 30 days
will be considered a reasonable period of time.

 

14.8         No
Fractional Shares. No fractional Ordinary Shares will be issued or delivered pursuant to the Plan. The Committee will determine whether
cash, additional Awards or other securities or property will be issued or paid in lieu of fractional Ordinary Shares or whether any fractional
shares should be rounded, forfeited or otherwise eliminated.

 

14.9         Other
Provisions. The Award Agreements authorized under the Plan may contain such other provisions not inconsistent with this Plan, including,
without limitation, restrictions upon the exercise of the Awards, as the Committee may deem advisable.

 

    16

     

    

 

14.10       Beneficiary
Designation. Each Participant under the Plan may from time to time name any beneficiary or beneficiaries by whom any right under the
Plan is to be exercised in case of such Participant’s death. Each designation will revoke all prior designations by the same Participant,
will be in a form reasonably prescribed by the Committee and will be effective only when filed by the Participant in writing with the
Company during the Participant’s lifetime.

 

14.11       Expenses.
The costs of administering the Plan will be paid by the Company.

 

14.12       Severability.
The invalidity or unenforceability of any provision of the Plan will not affect the validity or enforceability of any other provision
and any invalid or unenforceable provision will be severed from the Plan.

 

14.13       Plan
Headings. The headings in the Plan are for purposes of convenience only and are not intended to define or limit the construction of
the provisions hereof.

 

14.14       Non-Uniform
Treatment. The Committee’s determinations under the Plan need not be uniform and may be made by it selectively among persons
who are eligible to receive, or actually receive, Awards. Without limiting the generality of the foregoing, the Committee will be entitled
to make non-uniform and selective determinations, amendments and adjustments, and to enter into non-uniform and selective Award Agreements.

 

14.15       Participant
Information.

 

(a)            As
a condition of participating in the Plan, each Participant agrees to comply with all such Applicable Laws and agrees to furnish to the
Company all information and undertakings as may be required to permit compliance with such Applicable Laws. Each Participant will provide
the Company with all information (including personal information) required in order to administer the Plan (the “Participant
Information”).

 

(b)            The
Company may from time to time transfer or provide access to Participant Information to a third-party service provider for purposes of
the administration of the Plan provided that such service providers will be provided with such information for the sole purpose of providing
services to the Company in connection with the operation and administration of the Plan. The Company may also transfer and provide access
to Participant Information to the Employer Company for purposes of preparing financial statements or other necessary reports and facilitating
payment or reimbursement of Plan expenses. By participating in the Plan, each Participant acknowledges that Participant Information may
be so provided and agrees and consents to its provision on the terms set forth herein. The Company will not disclose Participant Information
except: (i) as contemplated above in this Section 14.15(b); (ii) in response to regulatory filings or other requirements
for the information by a governmental authority or regulatory body; or (iii) for the purpose of complying with a subpoena, warrant
or other order by a court, Person or body having jurisdiction over the Company to compel production of the information.

 

(c)            To
the extent that the European Union General Data Protection Regulation ((EU) 2016/679) is applicable, for the purpose of operating the
Plan, the Company will collect and process information relating to Optionholders in accordance with the privacy notice which is on the
Company’s https://www.argomining.co/ website.

 

14.16       Priority
of Agreements. In the event of any inconsistency or conflict between the provisions of the Plan and any Award Agreement, the provisions
of the Plan will prevail. In the event of any inconsistency or conflict between the provisions of the Plan or any Award Agreement, on
the one hand, and a Participant’s employment agreement, executive agreement or service agreement in each case with the Employer
Company, on the other hand, the provisions of the employment agreement, executive agreement or service agreement will prevail.

 

    17

     

    

 

15.           Effective
Date of Plan. The Plan will become effective as of the Effective Date. This Plan applies to Awards granted hereunder on and after
the Effective Date.

 

16.           Termination
or Suspension of the Plan. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 13.1 hereof. No
Awards may be granted under the Plan while the Plan is suspended or after it is terminated, but Awards theretofore granted may extend
beyond that date.

 

17.           Governing
Law. The Plan will be governed by and construed in accordance with the laws of the Canada and the federal laws of Canada applicable
therein.

 

As adopted by the Board of Directors of Argo Blockchain PLC
on July 25, 2018.

 

    18

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