Document:

EX-10.1

   

  Exhibit 10.1

   

   

   

   

   

   

   

   

   

   

   

   

  SALES AND PURCHASE AGREEMENT BETWEEN

  Crypt Solutions, Inc. as Seller 

   

  AND

   

  CleanSpark, Inc.

  as Purchaser 

   

   

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  Contents

   

  			
	1.
	Definitions and Interpretations
	3

	2.
	Sales of Product(s)
	5

	3.
	Prices and Terms of Payment
	6

	4.
	Delivery of Product(s)
	7

	5.
	Warranty
	7

	6.
	Representations and Warranties
	9

	7.
	Indemnification and Limitation of Liability
	11

	8.
	Distribution
	12

	9.
	Intellectual Property Rights
	13

	10.
	Confidentiality and Communications
	13

	11.
	Term of this Agreement
	14

	12.
	Notices
	14

	13.
	Compliance with Laws and Regulations
	14

	14.
	Force Majeure
	15

	15.
	Entire Agreement and Amendment
	16

	16.
	Assignment
	16

	17.
	Severability
	16

	18.
	Personal Data
	16

	19.
	Governing Law and Dispute Resolution
	17

	20.
	Waiver
	17

	21.
	Counterparts and Electronic Signatures
	17

	22.
	Further Assurance
	18

	23.
	Liquidated Damages Not Penalty
	18

	 

   

   

   

   

   

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  ACTIVE/113512750.2 

   

  

   

  This sale and purchase agreement (this “Agreement”) is made on September __, 2022, by and between Crypt Solutions, Inc., a Massachusetts corporation (“Crypt”), with its registered office at 30 Cove Island Road, South Hadley, MA 01075, USA, and CleanSpark, Inc., a Nevada corporation (the “Purchaser”), with its principal place of business at 2370 Corporate Circle, Suite 160, Henderson, NV 89074.

   

  Crypt and the Purchaser shall hereinafter collectively be referred to as the “Parties”, and individually as a “Party”.

   

  Whereas:

   

  1.	Purchaser fully understands the market risks, the price-setting principles and the market fluctuations relating to the Products sold under this Agreement.

  2.	Crypt purchases the Products (as defined below) from Bitmain, a supplier of cryptocurrency mining hardware and other equipment.

  3.	The Purchaser is willing to purchase, and Crypt is willing to supply, cryptocurrency mining hardware and other equipment in accordance with the terms and conditions of this Agreement.

   

  The Parties hereto agree as follows:

   

  1.	Definitions and Interpretations

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

   

  “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person; “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity (whether or not having separate legal personality); and “Control” means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, provided that, in the case of a Person that is an entity, such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the equity holders of such Person or power to control the composition of a majority of the board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing. 

   

  “Applicable Law” means any treaty, law, decree, order, regulation, decision, statute, ordinance, rule, directive, code or other document that has legal force under any system of law, including, without limitation, local law, law of any other state or part thereof or international law, and which creates or purports to create any requirement or rule that may 

   

   

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  affect, restrict, prohibit or expressly allow the terms of this Agreement or any activity contemplated or carried out under this Agreement.

   

  “Bank Account” means the bank account information that Crypt specifies in its invoices.

   

  “Bitmain” means Bitmain Technologies Limited (Company number: 2024301), with its registered office at Unit A1 of Unit A, 11th Floor, Success Commercial Building, 245-251 Hennessy Road, Hong Kong.

   

  “F.O.B.” means “free on board” as defined in the Uniform Commercial Code. 

   

  “Force Majeure” means in respect of either Party, any event or occurrence whatsoever beyond the reasonable control of that Party, which delays, prevents or hinders that Party from performing any obligation imposed upon that Party under this Agreement including to the extent such event or occurrence shall delay, prevent or hinder such Party from performing such obligation, war (declared or undeclared), terrorist activities, acts of sabotage, blockade, fire, lightning, acts of god, national strikes, riots, insurrections, civil commotions, quarantine restrictions, epidemics, earthquakes, landslides, avalanches, floods, hurricanes, explosions and regulatory and administrative or similar action or delays to take actions of any governmental authority.

   

  “Intellectual Property Rights” means any and all intellectual property rights, including but not limited to those concerning inventions, patents, utility models, registered designs and models, engineering or production materials, drawings, trademarks, service marks, domain names, applications for any of the foregoing (and the rights to apply for any of the foregoing), proprietary or business sensitive information and/or technical know-how, copyright, authorship, whether registered or not, and any neighbor rights.

   

  “Product(s)” means the cryptocurrency mining hardware and other equipment or merchandise as set out in Appendix A of this Agreement. 

   

  “Total Purchase Price” means the aggregate purchase price payable by the Purchaser as set out in Appendix A of this Agreement.

   

  “Warranty Period” means the period of time that the Product(s) are covered by the warranty granted by Bitmain or its Affiliates in accordance with its relevant service policy.

   

  “Warranty Start Date” means the date on which the Product(s) are delivered to the carrier. Interpretations:

   

   

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  (i) Words importing the singular include the plural and vice versa where the context so requires.

   

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

   

  (iii) References to Clauses and Appendix(es) are references to Clauses and Appendix(es) of this Agreement.

   

  (iv) Unless specifically stated otherwise, all references to days shall mean calendar days.

   

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

   

  (vi) The word “including” shall be deemed to be followed by the words “without limitation”.

   

  2.	Sales of Product(s)

  Crypt will provide the Product(s) set forth in Appendix A (attached hereto as part of this Agreement) to the Purchaser in accordance with provisions of Clause 2, Clause 3, Clause 4 and Appendix A of this Agreement, and the Purchaser shall make payment in accordance with the terms specified in this Agreement.

   

  2.1.	Both Parties agree that the Product(s) shall be sold in accordance with the following steps:

  (i)	The Purchaser shall pay the Total purchase Price in accordance with Appendix B of this Agreement.

  (ii)	Upon receipt of each payment from the Purchaser, Crypt will provide a payment receipt to the Purchaser.

  (iii)	  Crypt will send a self-pick-up notice to the Purchaser once the Products are available for pick-up.

   

  2.2.	If Bitmain or its reseller postpones, modifies or cancels the delivery schedule of the Products, Crypt may similarly postpone, modify or cancel the delivery schedule of the Products to the Purchaser without the Purchaser’s prior consent. For the avoidance of doubt, to the extent Bitmain cancels the Product(s) or portion thereof, Crypt shall refund in full any payments with respect to the Product(s) or portion, free of any interest.

   

  2.3.	For the avoidance of doubt, the Purchaser is entitled to resell the Products to the Purchaser’s customers, including as packaged or bundled with other products.

   

   

   

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  3.	Prices and Terms of Payment 

  3.1	The Total Purchase Price (exclusive of any tax payable) shall be paid by the Purchaser in the following ways, in each case, in accordance with the payment schedule set forth in Appendix B of this Agreement:  

  (i)	No less than US$ 1,733,000 out of the Total Purchase Price shall be paid by the Purchaser with Bitmain coupons; and 

  (ii)	Purchaser may apply additional Bitmain coupons if permitted by Bitmain (if not permitted, said Bitmain coupons shall remain available on Purchaser’s Bitmain account for future purchases); and

  (iii)	The remaining amounts shall be paid in cash to the Bank Account. 

   

  3.2	The payment date shall be the date as evidenced in the remittance copy of such payment. Interest shall not be charged when the respective amounts have been received by Crypt in full according to the agreed payment schedule. 

   

  3.3	In the event that the Purchaser fails to fully settle the respective percentage of the Total Purchase Price with respect to the Products before the applicable prescribed deadline(s) in accordance with Appendix B of this Agreement, Crypt shall, at its sole discretion, be entitled to request the Purchaser to pay a reasonable liquidated damage (with the understanding such amount is  reasonable and shall not constitute a penalty as set forth in Clause 23 of this Agreement) of 20% of the Total Purchase Price (“Liquidated Damages”) within sixty (60) days after such applicable deadline.  In the event that the Purchaser fails to pay the Liquidated Damages after the expiration of the applicable final payment deadline, Crypt shall be entitled to terminate this Agreement, or resell the Products to other customers. If there is any remaining balance of the Purchaser after deducting the Liquidated Damages, such remaining balance shall be refunded to the Purchaser free of any interest. If the Purchaser fails to make payments in accordance with the payment schedule as set forth in Appendix B on a timely basis and Bitmain has arranged production or procurement, Crypt shall be entitled to request the Purchaser to be responsible for the loss related to such production or procurement and the liability of the Purchaser shall be no less than 20% of the Total Purchase Price. 

   

  3.4	The Parties understand and agree that the Total Purchase Price is inclusive of applicable bank transaction, but is exclusive of any and all shipping costs, applicable taxes, import/export duties, taxes and fees and governmental charges. The Purchaser shall pay or reimburse Crypt for all taxes levied (including, without limitation, any sales, use, value added, VAT, GST, PST or other taxes of a similar nature imposed by  any federal, state or local taxing authority) on or assessed against the amounts payable hereunder upon receipt of documentation thereof. If any payment is subject to tax withholding, the Purchaser shall pay such additional amounts as necessary, to 

   

   

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  ensure that Crypt receives the full amount it would have received had payment not been subject to such tax withholding. Except for the fees explicitly agreed to be borne by Crypt, any other fees not included in the Total Purchase Price shall be borne by the Purchaser. Pursuant to the relevant tax-related laws and regulations, the Parties are responsible for their own tax expenses related to this Agreement in accordance with their own tax payment obligations. 

   

  3.5	 To the extent that Cryptech receives Bitmain coupons related to this SPA, such coupons shall be applied to or transferred to Purchaser’s Bitmain account for use on future purchases.  

   

  4.	Delivery of Product(s)

   

  4.1.	Crypt may issue the Purchaser a notice of self-pick-up to require the Purchaser to pick up the Products at Bitmain’s facility in Malaysia, Indonesia or Thailand, as the case may be, once the Products are available for pick up in accordance with the schedule set forth in Appendix A. Once the notice of self-pick-up has been issued by Crypt, Crypt shall be deemed to have fulfilled its obligation to supply the Products to the Purchaser. For the avoidance of doubt, the Products shall be fully covered by Bitmain’s then effective cargo insurance policy, the limitations of which are set out in Appendix A. 

   

  4.2.	There is one batch of Products under this Agreement. 

   

  4.3.	Crypt shall not be responsible for any delivery delay caused by the Purchaser or any third party, including but not limited to carriers, customs, and import brokers, nor shall it be liable for damages, whether direct, indirect, incidental, consequential, or otherwise, for any failure, delay or error in delivery of any Product(s) for any reason whatsoever. 

   

  4.4.	In the event Bitmain discontinues sale of or make changes to the Products to Crypt, Crypt has the right to discontinue the sale of the Product(s) and to make changes to its Product(s) at any time accordingly.

   

  4.5.	If the Product(s) are rejected and/or returned because of any reason and regardless of the cause of such delivery failure, the Purchaser shall be solely and exclusively liable for and shall defend, fully indemnify and hold harmless Crypt against any and all related  expenses, fees, charges and costs incurred, arising out of or incidental to such rejection and/or return (the “Return Expenses”). Furthermore, if the Purchaser requests for Crypt’s assistance with respect to redelivery of such Product(s) or assist in any other manner, and if Crypt at its sole discretion decides to provide assistance or agrees to assist, then in addition to the Return Expenses, the Purchaser shall also pay Crypt an administrative fee mutually agreed upon by both parties.

   

   

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  4.6.	If the Purchaser fails to pick up the Products upon issuance of a notice of self-pick-up by Crypt, any related costs occurred (including storage costs, warehousing charge and labor costs) shall be borne by the Purchaser. 

   

  5.	Warranty

  5.1.	The Warranty Period shall start on the Warranty Start Date and end on the 365th day after the Warranty Start Date. During the Warranty Period, the Purchaser’s sole and exclusive remedy, and Crypt’s entire liability, will be to have Bitmain repair or replace (subject to Bitmain’s option) the defective part/component of the Product(s) or the defective Product(s) at no charge to the Purchaser.  

   

  5.2.	The Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding paragraph does not apply to the following:

  (i)	normal wear and tear;

  (ii)	damage resulting from accident, abuse, misuse, neglect, improper handling or improper installation;

  (iii)	damage or loss of the Product(s) caused by undue physical or electrical stress, including but not limited to moisture, corrosive environments, high voltage surges, extreme temperatures, shipping, or abnormal working conditions;

  (iv)	damage or loss of the Product(s) caused by acts of nature including, but not limited to, floods, storms, fires, and earthquakes;

  (v)	failure of the Purchaser to use the Product(s) in accordance with the manual, specifications, operation descriptions or operation conditions provided by Bitmain or Crypt in writing;

  (vi)	alterations by persons other than Bitmain or Crypt, associated partners or authorized service facilities;

  (vii)	Product(s), on which the original software has been replaced or modified by persons other than Bitmain or Crypt, associated partners or authorized service facilities;

  (viii)	counterfeit products;

  (ix)	damage or loss of data due to interoperability with current and/or future versions of operating system, software and/or hardware;

  (x)	damage or loss of data caused by improper usage and behavior which is not recommended and/or permitted in the product documentation;

  (xi)	failure of the Product(s) caused by usage of products not supplied by Bitmain or Crypt;

  (xii)	the non-operation of the Product(s) during the replacement/maintenance period or caused by other reasons;

  (xiii)	confiscation, seizure, search or other actions taken by government agencies such as customs; and

  (xiv)	hash boards or chips are burnt.

   

   

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  In case the warranty is voided, the Purchaser may request Bitmain to provide it repair services, and the Purchaser shall bear all related expenses and costs.

   

  5.3.	Notwithstanding anything to the contrary herein, the Purchaser acknowledges and agrees that the Product(s) provided by Crypt do not guarantee any cryptocurrency mining time and, Crypt shall not be liable for any cryptocurrency mining time loss or cryptocurrency mining revenue loss that are caused by downtime of any part/component of the Product(s). Crypt does not warrant that the Product(s) will meet the Purchaser’s requirements or the Product(s) will be uninterrupted or error free. To the extent permitted by laws, except as provided in Clause 6 of this Agreement, Crypt makes no warranties of any kind with respect to the Product(s), and no warranties of any kind to the Purchaser, whether written, oral, express, implied or statutory, including warranties of merchantability, fitness for a particular purpose or non-infringement or arising from course of dealing or usage in trade shall apply.

   

  5.4.	In the event of any ambiguity or discrepancy between this Clause 5 of this Agreement and Bitmain’s After-sales Service Policy from time to time, it is intended that the After-sales Service Policy shall prevail and the Parties shall comply with and give effect to the After-sales Service Policy.

   

  5.5.	During the Warranty Period, if the Products need to be repaired or replaced, the Purchaser shall bear the logistics costs of shipping the Product to the address designated by Bitmain, and Bitmain shall bear the logistics costs of shipping the repaired or replaced Product to the address designated by the Purchaser. The Purchaser shall bear all and any additional costs incurred due to incorrect or incomplete delivery information provided by the Purchaser and all and any risks of loss or damage to the Product, or the parts or components of the Products during any shipping periods. 

   

  6.	Representations and Warranties

  6A.  Crypt makes the following representations and warranties to the Purchaser:

  6.1.	This Agreement is the legal, valid, binding obligations of Crypt, enforceable against it in accordance with its terms;

  6.2.	It has the power to enter into, perform and deliver, and has taken all necessary action to authorize its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement;

  6.3.	All corporate action on its part and on the part of each of its officers and directors necessary for the authorization, execution and delivery of this Agreement and the performance of its obligations hereunder has been taken;

  6.4.	All authorizations required or desirable:

  (i)	to enable it lawfully to enter into, exercise its rights under and comply with its obligations under this Agreement;

  (ii)	to ensure that those obligations are legal, valid, binding and enforceable; and

   

   

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  (iii)	to make this Agreement admissible in evidence in its jurisdiction of incorporation,

  have been or will have been by the time, obtained or effected and are, or will be by the appropriate time, in full force and effect.

  6.5.	It is not aware of any circumstances which will likely lead to:

  (i)	any authorization obtained or effected not remaining in full force and effect;

  (ii)	any authorization not being obtained, renewed or effected when required or desirable; or

  (iii)	any authorization being subject to a condition or requirement which it does not reasonably expect to satisfy or the compliance with which has or would have a material adverse effect.

  6.6.	Neither the execution and delivery of this Agreement nor the performance of the obligations contemplated hereby will:

  (i)	conflict with or result in any violation of or constitute a breach of any of the terms or provisions of or result in the acceleration of any obligation under, or constitute a default under any provision of any material contract or any other obligation to which Crypt is a party or under which Crypt is subject or bound,

  (ii)	violate any judgment, order, injunction, decree or award of any governmental authority, against, or affecting or binding upon, Crypt or upon the assets, property or business of Crypt, or

  (iii)	constitute a violation by Crypt of any Applicable Law of any jurisdiction as such law relates to Crypt or to the property or business of Crypt.

  6.7.	(a) It is not the target of economic sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or Singapore (“Sanctions”), including by being listed on the Specially Designated Nationals and Blocked Persons (SDN) List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons included on any other Sanctions list, or located, organized or resident in a country or territory that is the target of Sanctions, and (b) the sale of the Product(s) will not violate any Sanctions or import and export control related laws and regulations.

   

  6B.   The Purchaser makes the following representations and warranties to Crypt:

  6.8.	It has the full power and authority to own its assets and carry on its businesses;

  6.9.	This Agreement is the legal, valid, binding obligations of the Purchaser, enforceable against it in accordance with its terms;

  6.10.	It has the power to enter into, perform and deliver, and has taken all necessary action to authorize its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement; 

   

   

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  6.11.	The entry into and performance by it of, and the transactions contemplated by, this Agreement do not and will not conflict with:

  (i)	any Applicable Law;

  (ii)	its constitutional documents; or

  (iii)	any agreement or instrument binding upon it or any of its assets.

   

  6.12.	All authorizations required or desirable:

  (i)	to enable it lawfully to enter into, exercise its rights under and comply with its obligations under this Agreement;

  (ii)	to ensure that those obligations are legal, valid, binding and enforceable; and

  (iii)	to make this Agreement admissible in evidence in its jurisdiction of incorporation,

  have been or will have been by the time, obtained or effected and are, or will be by the appropriate time, in full force and effect.

   

  6.13.	It is not aware of any circumstances which will lead to:

  (i)	any authorization obtained or effected not remaining in full force and effect;

  (ii)	any authorization not being obtained, renewed or effected when required or desirable; or

  (iii)	any authorization being subject to a condition or requirement which it does not reasonably expect to satisfy or the compliance with which has or could reasonably be expected to have a material adverse effect.

  6.14.	It is not the target of economic sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or Singapore (“Sanctions”), including by being listed on the Specially Designated Nationals and Blocked Persons (SDN) List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons included on any other Sanctions list, or located, organized or resident in a country or territory that is the target of Sanctions, and (b) the purchase of the Product(s) will not violate any Sanctions or import and export control related laws and regulations.

  6.15.	All information supplied by the either Party is and shall be true and correct, and the information does not contain and will not contain any statement that is false or misleading.

   

  7.	Indemnification and Limitation of Liability

  7.1.	During the term of this Agreement and at any time thereafter:

  (i)	the Purchaser shall indemnify and save Crypt and/or its Affiliates from and against any and all damages, suits, claims, judgments, liabilities, losses, fees, costs or expenses of any kind, including legal fees (collectively, “Losses”), 

   

   

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  whatsoever arising out of or incidental to the Products pursuant to this Agreement.

  (ii)	each Party shall indemnify and save the other Party and/or its Affiliates from and against any and all Losses whatsoever arising out of or incidental to (a) a breach of this Agreement, or (b) such first Party’s willful misconduct or gross negligence; provided that in no event shall Crypt be liable to the Purchaser and/or its Affiliates for Losses attributable to Bitmain’s direct or indirect breach of its agreement with Crypt.

  7.2.	Notwithstanding anything to the contrary herein, each Party and its Affiliates shall under no circumstances, be liable to the Purchaser and its Affiliates for any consequential loss, loss of goodwill, business, anticipated profits, revenue, contract, or business opportunity arising out of or in connection with this Agreement, and each Party hereby waives any claim it may at any time have against the other party and its Affiliates in respect of any such damages. In addition, Crypt shall not be responsible for any direct, specific, incidental, accidental or indirect loss arising from the use of the Product(s), including but not limited to the loss of commercial profits. The foregoing limitation of liability shall apply whether in an action at law, including but not limited to contract, strict liability, negligence, willful misconduct or other tortious action, or an action in equity.

  7.3.	Crypt and its Affiliates’ cumulative aggregate liability pursuant to this Agreement, whether arising from tort, breach of contract or any other cause of action, shall be limited to and not exceed the amount of one hundred percent (100%) of the payments actually received by Crypt from the Purchaser for the Product(s).

  7.4.	The Product(s) are not designed, manufactured or intended for use in hazardous or critical environments or in activities requiring emergency or fail-safe operation, such as the operation of nuclear facilities, aircraft navigation or communication systems or in any other applications or activities in which failure of the Product(s) may pose the risk of environmental harm or physical injury or death to humans. In addition to the disclaimer of warranties set forth in Clause 5.3 of this Agreement, Crypt specifically disclaims any express or implied warranty of fitness for any of the above described application and any such use shall be at the Purchaser’s sole risk.

  7.5.	The above limitations and exclusions shall apply (1) notwithstanding if any exclusive or limited remedy is found to have failed its essential purpose; and (2) whether or not indemnifying party has been advised of the possibility of such damages. The Parties acknowledge the limitation of liability and the allocation of risks in this Clause 7 is an  essential element of the basis of the bargain between the Parties under this Agreement and Crypt’s pricing reflects this allocation of risk and the above limitations. 

   

  8.	Distribution

   

   

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  8.1.	This Agreement does not constitute a distributor agreement between Crypt and the Purchaser. Therefore, the Purchaser is not an authorized distributor of Crypt.

  8.2.	The Purchaser shall in no event claim or imply to a third party that it is an authorized distributor of Crypt or its Affiliates, or perform any act that will cause it to be construed as an authorized distributor of Crypt or its Affiliates. As between the Purchaser and Crypt, the Purchaser shall be exclusively and fully responsible for complying with the Applicable Laws regarding repackaging the Product(s) for the Purchaser’s redistribution needs, and shall be solely liable for any and all liabilities or costs directly incurred or incidental to such redistribution.

   

  9.	Intellectual Property Rights

  9.1.	The Parties agree that the Intellectual Property Rights in any way contained in the Product(s), made, conceived or developed by Bitmain and/or its Affiliates for the Product(s) under this Agreement and/or, achieved, derived from, related to, connected with the provision of the Product(s) by Bitmain and/or acquired by Bitmain from any other person in performance of this Agreement shall be the exclusive property of Bitmain and/or its Affiliates.

  9.2.	Notwithstanding anything to the contrary herein, all Intellectual Property Rights in the Product(s) shall remain the exclusive property of Bitmain and/or its licensors. Except for licenses explicitly identified in Bitmain’s delivery confirmation or in this Clause 9.2, no rights or licenses are expressly granted, or implied, whether by estoppel or otherwise, in respect of any Intellectual Property Rights of Bitmain and/or its Affiliates or any Intellectual Property residing in the Product(s) provided to the Purchaser, including in any documentation or any data furnished by Bitmain. Crypt grants a non-exclusive, royalty-free and irrevocable sublicense of Bitmain and/or its Affiliates’ Intellectual Property Rights to solely use the Product(s) for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall in no event knowingly violate the Intellectual Property Rights of Bitmain and/or its licensors.

  9.3.	The Purchaser shall not illegally use or infringe the Intellectual Property Rights of the Product in any other measure. Otherwise, Crypt shall have the right to request the Purchaser to take immediate remedial measures and assume full responsibilities, including but not limited to ceasing the infringement immediately, eliminating the impact, and compensating Crypt and/or its suppliers for all losses arising out of the illegal use or infringement, etc.

  9.4.	The Purchaser shall not use any technical means to disassemble, mapping or analyze the Products that the Purchaser obtains publicly, and shall not reverse engineer or  otherwise attempt to derive or obtain information about the function, manufacture or  operation of the Products, to retrieve relevant technical information of the Products and use it for commercial purposes. Otherwise, The Purchaser shall be liable for losses caused to Crypt in accordance with Clause 9.3.

   

   

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  10.	Confidentiality and Communications

  10.1.	All information concerning this Agreement and matters pertaining to or derived from the provision of Product(s) pursuant to this Agreement between the Parties, whether in oral or written form, or in the form of drawings, computer programs or other, as well as all data derived therefrom (“Confidential Information”), shall be deemed to be confidential and, as such, may not be divulged to any unauthorized person. The Purchaser undertakes and agrees to take all reasonable and practicable steps to ensure and protect the confidentiality of the Confidential Information which cannot be passed, sold, traded, published or disclosed to any unauthorized person.

   

  11.	Term of this Agreement

  11.1.	The Parties agree that, unless this Agreement specifies otherwise, no Party shall terminate this Agreement in advance.

  11.2.	This Agreement shall be effective upon signing of this Agreement and shall remain effective up to and until the delivery of all the Products.

   

  12.	Notices 

  12.1.	All notices, requirements, requests, claims, and other communications in relation to this  Agreement shall be in writing, and shall be given or made by delivery in person, by an  internationally recognized overnight courier service, by facsimile or registered or certified  mail (postage prepaid, return receipt requested) or electronic mail to the respective Parties at the addresses specified below or at such other address for a Party as may be specified in  a notice given in accordance with this Clause 12.1: 

  If to Crypt: 

  Name: Patty Stefanelli 

  Phone: +1 4133353545

  Email: patty@cryptech.solutions 

   

  If to Purchaser: 

  Name: Zachary Bradford, CEO

  Phone: 702-989-7692

  Email: zach@cleanspark.com

   

   

   

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  ACTIVE/113512750.2 

   

  

   

  12.2.	The Purchaser undertakes that the documents, materials, vouchers, order information, payment account information, credential numbers, mobile phone numbers, transaction instructions and so on provided by the Purchaser shall be true, correct, complete and effective, and the information does not contain any statement that is false or misleading. 

   

  13.	Compliance with Laws and Regulations

  13.1.	The Purchaser acknowledges and agrees that the Product(s) in this Agreement are subject to export control laws and regulations, including but not limited to the Export Administration Regulations (“EAR”) of the United States. Without limiting the foregoing, the Purchaser shall not knowingly export, re-export, or transfer, directly or indirectly, any Product(s) subject to this Agreement without receiving the proper licenses or license exceptions from all applicable governmental authorities, including but not limited to the U.S. Department of Commerce Bureau of Industry and Security. With respect to any export transactions under this Agreement, the Purchaser and Crypt will reasonably cooperate to promote compliance with all applicable export laws and regulations. Crypt agrees to provide the Purchaser with accurate and complete information regarding the Products that is reasonably necessary for Purchaser to comply with applicable export laws, including all applicable Export Control Classification Numbers (ECCNs), information regarding eligibility of the Products for license exceptions, and any other information reasonably requested by Purchaser from time to time for the purposes of export. Crypt further agrees to promptly inform Purchaser of any changes to such information, including as a result of changes to the applicable export laws or regulations.

  13.2.	The Purchaser undertakes that it will not take any action under this Agreement or use the Product(s) in a way that will be a breach of any applicable anti-money laundering laws, anti-corruption laws, and/or counter-terrorist financing laws.

   

  14.	Force Majeure

  To the extent that a Party is fully or partially delayed, prevented or hindered by an event of Force Majeure from performing any obligation under this Agreement (other than an obligation to make payment), subject to the exercise of reasonable diligence by the affected Party, the failure to perform shall be excused by the occurrence of such event of Force Majeure. A Party claiming that its performance is excused by an event of Force Majeure shall, promptly after the occurrence of such event of Force Majeure, notify the other Party of the nature, date of inception and expected duration of such event of Force Majeure and the extent to which the Party expects that the event will delay, prevent or hinder the Party from performing its obligations under this Agreement. The notifying Party shall thereafter use its best effort to eliminate such event of Force Majeure and mitigate its effects.

   

   

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  ACTIVE/113512750.2 

   

  

   

   

  14.1.	The affected Party shall use reasonable diligence to remove the event of Force Majeure, and shall keep the other Party informed of all significant developments.

  14.2.	Except in the case of an event of Force Majeure, neither party may terminate this Agreement prior to its expiry date.

  14.3.	The Parties agree that, except for the prohibition of production and sale of Super Computing Server by the local government, other related government actions shall not be deemed as Force Majeure.

   

  15.	Entire Agreement and Amendment

  This Agreement constitutes the entire agreement of the Parties hereto and can only be amended with the written consent of both Parties or otherwise as mutually agreed by both Parties.

   

  16.	Assignment

  16.1.	Crypt may assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part to its Affiliates or, with Purchaser’s consent, which Purchaser shall not unreasonably withhold, to any third party. The Purchaser may not assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part without Crypt's prior written consent (not to be unreasonably withheld).

   

  16.2.	This Agreement shall be binding upon and enure to the benefit of each Party to this Agreement and its successors in title and permitted assigns.

   

  17.	Severability

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

   

  18.	Personal Data

  18.1.	Depending on the nature of the Purchaser’s interaction with Crypt, some examples of personal data which Crypt may collect from the Purchaser include the Purchaser’s name and identification information, contact information such as the Purchaser’s address, email address and telephone number, nationality, gender, date of birth, and financial information such as bank account information.

   

   

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  ACTIVE/113512750.2 

   

  

   

  18.2.	Crypt generally does not collect the Purchaser’s personal data unless (a) it is provided to Crypt voluntarily by the Purchaser directly or via a third party who has been duly authorized by the Purchaser to disclose the Purchaser’s personal data to Crypt (the Purchaser’s “authorized representative”) after (i) the Purchaser (or the Purchaser’s authorized representative) has been notified of the purposes for which the data is collected, and (ii) the Purchaser (or the Purchaser’s authorized representative) has provided written consent to the collection and usage of the Purchaser’s personal data for those purposes, or (b) collection and use of personal data without consent is permitted or required by related laws. Crypt shall seek the Purchaser’s consent before collecting any additional personal data and before using the Purchaser’s personal data for a purpose which has not been notified to the Purchaser (except where permitted or authorized by law).

   

  19.	Governing Law and Dispute Resolution

  19.1.	This Agreement shall be solely governed by and construed in accordance with the laws of the Commonwealth of Massachusetts without regard to its conflicts of laws principles.

  19.2.	Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination, enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration to be administered by JAMS pursuant to its Comprehensive Arbitration Rules (the “Comprehensive Rules”), and in accordance with the Expedited Procedures in those Rules, except to the extent modified by the provisions of this Section 19.2; provided, however, that any party may seek provisional or ancillary remedies, such as preliminary injunctive relief, from a court having jurisdiction, before, during or after the pendency of any arbitration proceeding. The arbitration shall be before a three-arbitrator panel unless the parties agree to a single arbitrator. Within 15 days after the commencement of arbitration, each party shall select one person to act as arbitrator, and the two so selected shall select a third arbitrator within 30 days of the commencement of the arbitration. If a party does not select an arbitrator within the allotted time, or if the arbitrators selected by the parties are unable or fail to agree upon the third arbitrator within the allotted time, the arbitrator shall be designated by JAMS. All arbitrators shall serve as neutral, independent and impartial arbitrators. All such arbitrations shall be held in the Commonwealth of Massachusetts or such other location as the parties may mutually agree, and the arbitrator(s) shall apply the law of the Commonwealth of Massachusetts to the dispute exclusive of conflict or choice of law rules.

   

  20.	Waiver

  Failure by either Party to enforce at any time any provision of this Agreement, or to exercise any election of options provided herein shall not constitute a waiver of such provision or 

   

   

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  ACTIVE/113512750.2 

   

  

   

  option, nor affect the validity of this Agreement or any part hereof, or the right of the waiving Party to thereafter enforce each and every such provision or option.

   

  21.	Counterparts and Electronic Signatures

  This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement, and all of which, when taken together, will be deemed to constitute one and the same agreement. The facsimile, email or other electronically delivered signatures of the Parties shall be deemed to constitute original signatures, and facsimile or electronic copies hereof shall be deemed to constitute duplicate originals.

   

  22.	Further Assurance

  Each Party undertakes to the other Party to execute or procure to be executed all such documents and to do or procure to be done all such other acts and things as may be reasonable and necessary to give all Parties the full benefit of this Agreement.

   

  23.	Liquidated Damages Not Penalty

  It is expressly agreed that any liquidated damages payable under this Agreement do not constitute a penalty and that the Parties, having negotiated in good faith for such specific liquidated damages and having agreed that the amount of such liquidated damages is reasonable in light of the anticipated harm caused by the breach related thereto and the difficulties of proof of loss and inconvenience or non-feasibility of obtaining any adequate remedy, are estopped from contesting the validity or enforceability of such liquidated damages.

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

   

   

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  ACTIVE/113512750.2 

   

  

   

  Each Party represents and warrants that its signatory whose signature appears below has been and is on the date of this Agreement duly authorized by all necessary corporate or other appropriate action to execute this Agreement.

   

   

  Signed for and on behalf of Crypt

   

  Crypt Solutions, Inc.

   

   

  Signature /s/ Patty Stefanelli

  Name: Patty Stefanelli

  Title: COO

   

   

  Signed for and on behalf of the Purchaser

   

  CleanSpark, Inc.

   

  Signature /s/ Zach Bradford 

  Name: Zach Bradford		 Title: CEO

   

   

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  ACTIVE/113512750.2 

   

  

   

  APPENDIX A

   

  1.	Products

   

  1.1.	The information (including but not limited to the quantity, rated hashrate, unit price, total price for all the items of Products (“Total Purchase Price”) to be purchased by the Purchaser from Crypt is as follows:

   

  1.1.1	Product Type

   

  		
	Type
	Details

	Product Name
	HASH Super Computing Server, S19j Pro

	Rated hashrate/unit
	~100TH/s

	 
Rated power/unit
	~2950W

	J/T@25°C environment temperature
	~29.5

	 
 
 
 
Description
	Crypt undertakes that the error range of “J/T@25°C environment temperature” does not exceed 10%.
“Rated hashrate / unit” and “rated power / unit” are for reference only and may defer from each batch or unit. Crypt makes no representation on “Rated hashrate / unit” and “rated power / unit”.
Purchaser shall not reject the Products on the grounds that the parameters of the delivered Products are not consistent with the reference indicators.

   

   

   

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  ACTIVE/113512750.2 

   

  

   

   

  1.1.2	Price, quantity and delivery:

   

  							
	Batch
	Product Name
	Delivery Schedule
	Reference Quantity
	Total Rated Hashrate (T)
	Price (US$/T)
	Total Price
(US$)

	1
	HASH Super Computing Server, S19j Pro
	December 2022*
	10,000
	1,000,000
	30
	30,000,000

  *Note: Notwithstanding the Delivery Schedule set forth in the above table, Cryptech anticipates an early pick up date in October 2022, but the Parties expressly agree and confirm that it shall not be considered or deemed a breach of this Agreement by Cryptech should pick up not occur until December 2022.

   

  1.1.3	Total Purchase Price is US$ 30,000,000, exclusive of any and all shipping costs, applicable taxes, import/export duties, taxes and fees and governmental charges. 

   

  1.2.	Both Parties confirm and agree that, if and to the extent that Crypt’s supplier does not provide Product(s) with sufficient hashrate to Crypt, Crypt may adjust the total quantity based on the total hashrate provided that the total hashrate of the Product(s) actually delivered to the Purchaser shall not be less than the total rated hashrate agreed in Article 1.1 of this Appendix A. Crypt makes no representation that the quantity of the actually delivered Products shall be the same as the quantity set forth in Article 1.1. of this Appendix A.

   

  1.3.	 In the event that Bitmain publishes any new type of products with less J/T value and suspends the production of the type of the Products as agreed in this Agreement, Crypt shall be entitled to release itself from any future obligation to deliver any subsequent Products by 10-day prior notice to the Purchaser and continue to deliver new types of Products to the Purchaser, the total rated hashrate of which shall be no less than such subsequent Products cancelled under this Agreement and the price of which shall be adjusted in accordance with the J/T value. In the event that the Purchaser explicitly refuses to accept new types of Products, the Purchaser is entitled to request for a refund of the remaining balance of the purchase price already paid by the Purchaser together with an interest at 0.0333% per day on such balance for the period from the next day following the payment date of such balance to the date immediately prior to the date of request of refund. If the Purchaser accepts the new types of Products delivered by Bitmain, Crypt shall be obliged to deliver such new types of Products to 

   

   

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  ACTIVE/113512750.2 

   

  

   

  fulfill its obligations under this Agreement. The Purchaser may request to lower the actual total hashrate of the Products delivered but shall not request to increase the actual total hashrate to the level exceeding the total rated hashrate as set out in this Agreement. After Bitmain publishes new types of Products and if Bitmain has not suspended the production of the types of Products under this Agreement, Crypt shall continue to delivery such agreed types of Products in accordance with this Agreement and the Purchaser shall not terminate this Agreement or refuse to accept the Products on the grounds that Bitmain has published new type(s) of Products.

   

  2.	Cargo Insurance Coverage Limitations:

   

  The cargo insurance coverage provided by Crypt is subject to the following limitations and exceptions:

   

  Exclusions:

   

  -	loss damage or expense attributable to willful misconduct of the assured

  -	ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured

  -	loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter insured (for the purpose of this Clause, “packing” shall be deemed to include stowage in a container or liftvan but only when such stowage is carried out prior to attachment of this insurance or by the assured or their servants)

  -	loss damage or expense caused by inherent vice or nature of the subject-matter insured  

  -	loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against (except expenses payable)

  -	loss damage or expense arising from insolvency or financial default of the owners managers charterers or operators of the vessel

  -	loss, damage, or expense arising from the use of any weapon of war employing atomic or nuclear fission, and/or fusion or other like reaction or radioactive force or matter.

  -	Loss, damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft conveyance container or liftvan for the safe carriage of the subject- matter insured, where the Assured or their servants are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein.

  -	The underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the subject-matter insured to destination, unless the Assured or their servants are privy to such unseaworthiness or unfitness.

   

   

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  ACTIVE/113512750.2 

   

  

   

  -	Loss, damage or expense caused by (1) war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power, (2) capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof or any attempt threat, (3) derelict mines, torpedoes, bombs, or other derelict weapons of war.

  -	Loss, damage, or expense caused by strikers, locked-out workmen, or persons taking part in labor disturbances, riots or civil commotion, resulting from strikes, lock-outs, labor disturbances, riots or civil commotions, caused by any terrorist or any person acting from a political motive.

   

  3.	Without prejudice to the above, the Unit Price and the Total Purchase Price of the Product(s) and any amount paid by the Purchaser shall be all denominated in USD. Where the Parties agree that the payments shall be made in cryptocurrencies, the exchange rate between the USD and the cryptocurrency selected shall be determined and calculated as follows: The real time exchange rate between the USD and the cryptocurrency displayed on the Bitmain’s website upon payment shall apply. The exchange rate between the USD and the cryptocurrency shall be fixed according to this provision. In any circumstance, the Purchaser shall not ask for any refund due to the change of exchange rate.

   

   

   

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  ACTIVE/113512750.2 

   

  

   

  APPENDIX B

  Payment Schedule 

   

  			
	Payment Percentage 
	Payment Date
	 Note 

	 
10%
	The date of signing this Agreement  
	10% of the Total Purchase Price 

	Remaining 90%
	Before October 7, 2022
	90% of the Total Purchase Price (payable pursuant to Section 3.1 of SPA)

   

   

   

  
 

   

   

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  ACTIVE/113512750.2Exhibit 10.4

 

THE SYMBOL “[**]” DENOTES PLACES WHERE CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH
(i) NOT MATERIAL AND (ii) OF THE TYPE THAT THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS AS PRIVATE OR CONFIDENTIAL.

 

BITGO CUSTODIAL SERVICES AGREEMENT

 

This Custodial Services Agreement (the “Agreement”)
is made as of the later date of the signatures below (the “Effective Date”) by and between XCHANGE Intermediação
S.A., a Brazil Corporation (“Client”) and BitGo Trust Company, Inc., a trust company duly organized and chartered in South
Dakota, (“Trust Company”). This Agreement governs Client’s use of the Custodial Services and the Wallet Services (each
as defined below, and collectively, the “Services”) provided or made available by Trust Company.

 

1.    SERVICES.

 

1.1.    Custodian.

 

Trust Company through the “Custodial Services”
enables Client to create one or more custody accounts (each a “Custodial Account”), controlled and secured by Trust Company
in accordance with this Agreement, to store certain supported digital currencies and digital tokens (“Digital Assets”) or
certain fiat currencies such as Dollars or Euros (“Fiat Currency”). Trust Company is a trust company under § 51-A of
the South Dakota Banking Law and is licensed to act as custodian of Client’s Digital Assets on Client’s behalf.

 

1.2.    Wallet
Software and Non-Custodial Wallet Service.

 

Trust Company also provides Client with the option
to create non-custodial wallets that support certain Digital Assets via an API and web interface (“Wallet Services”). Wallet
Services are provided by BitGo, Inc., an affiliate of Trust Company (“BitGo Inc.’’). Wallet Services provide access
to wallets where BitGo Inc. holds a minority of the keys, and Client is responsible for holding a majority of the keys (“Client
Keys”).

 

1.3.    Fiat
Services.

 

		(A)	Client may elect to store Fiat Currency with Trust Company (“Fiat Services”). Trust Company has no right, interest, or
title in such Fiat Currency. Trust Company hereby confirms that the Fiat Currency is not an asset on the balance sheet of Trust Company.

 

		(B)	Trust Company will hold any Fiat Currency received by Trust Company on behalf of Client, at Trust Company’s discretion, in one
or more omnibus bank accounts (“Omnibus Account”), at depository institutions (a “Bank”) or in money market accounts
(“Money Market Account”). Each Omnibus Account shall be in the name of Trust Company for the benefit of Client and shall be
maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Each Omnibus Account constitutes
a banking relationship between Trust Company and Bank and shall not constitute a custodial relationship between Trust Company and Bank
and does not create or represent any relationship between Client and any Bank. Likewise, any Money Market Account shall be in the name
of Trust Company and shall be maintained separately and apart from Trust Company’s business, operating, and reserve accounts. Such
Money Market Accounts constitute an investment account between Trust Company and the asset management firm of such Money Market Account
and do not create or represent any relationship between Client and any asset management firm.

 

		(C)	Client acknowledges and agrees that Trust Company may hold some or any portion of Fiat Currency in accounts that may or may not receive
interest or other earnings. Client hereby agrees that the amount of any such interest or earnings attributable to such Fiat Currency may
be retained by Trust Company as additional consideration for its services. In addition, Trust Company may receive earnings or compensation
for an Omnibus Account or Money Market Account either in the form of services provided at a reduced rate, the payment of any shareholder
service fees, or similar compensation. Client agrees that any such compensation shall be retained by Trust Company and no portion of any
such compensation shall be paid to or for Client.

 

     

     

    

1.4.    API
Access.

 

		(A)	Most Services are provided through https://www.bitgo.com/ or any associated websites or application
programming interfaces (“APIs”) (collectively, the “Company Site”). Client may elect to utilize the APIs either
directly or indirectly within an independently developed application (“Developer Application”).

 

		(B)	All API-based services are subject to usage limits. If Client exceeds a usage limit, Trust Company may provide assistance to seek
to reduce Client usage so that it conforms to that limit. If Client is unable or unwilling to abide by the usage limits, Client will order
additional quantities of the applicable Services promptly upon request or pay Trust Company’s invoices for excess usage.

 

1.5.    Fees.

 

The fees associated with the Services shall be
calculated, invoiced and paid in accordance with Schedule A (“Fee Schedule”). Trust Company reserves the right to revise its
Fee Schedule at any time following the Initial Term, provided that Trust Company will provide Client with at least 30 days’ advance
notice of any such revision. Within such 30-day period, Client may terminate the Agreement in accordance with Section 4.10(A) of this
Agreement and discontinue the Custodial Services hereunder at no additional charge to Client.

 

1.6.    No
Investment Advice or Brokerage.

 

Trust Company does not provide investment, tax,
or legal advice, nor does Trust Company broker transactions on Client’s behalf. Client acknowledges that Trust Company has not provided
and will not provide any advice, guidance or recommendations to Client with regard to the suitability or value of any Digital Assets,
and that Trust Company has no liability regarding any selection of a Digital Asset that is held by Client through Client’s Custodial
Account and the Custodial Services or the Wallet Services. All deposit and withdrawal transactions are executed based on Client’s
instructions, and Client is solely responsible for determining whether any investment, investment strategy, or related transaction involving
Digital Assets is appropriate for Client based on Client’s investment objectives, financial circumstances, and risk tolerance. Client
should seek legal and professional tax advice regarding any transaction.

 

1.7.    Acknowledgement
of Risks.

 

		(A)	Client acknowledges that Digital Assets are not covered by the Federal Deposit Insurance Corporation, the Securities Investor Protection
Corporation or any other governmental, quasi-governmental, regulatory or industry-backed insurance or protection program of any kind.

 

		(B)	Client acknowledges that using Digital Assets and any related networks and protocols, involves serious risks. It is Client’s
duty to learn about all the risks involved with Digital Assets and any related protocols and networks. Trust Company makes no representations
or warranties regarding the value of Digital Assets or the security or performance of any related network or protocol.

 

2.    CUSTODIAL
ACCOUNT.

 

2.1.    Registration.

 

To use the Custodial Services, Client must create
a Custodial Account by providing Trust Company with all information requested. Trust Company may, in its sole discretion, refuse to allow
Client to establish a Custodial Account, or limit the number of Custodial Accounts.

 

2.2.    General.

 

The Custodial Services allow Client to deposit
supported Digital Assets from a public blockchain address Client controls to Client’s Account, and to withdraw supported Digital
Assets from Client’s Custodial Account to a public blockchain address Client controls, in each case, pursuant to instructions Client
provides through the Company Site (each such transaction is a “Custody Transaction’’). The Digital Assets stored in
Client’s Custodial Account are not commingled with other Digital Assets without express action taken by Client and are held in custody
pursuant to the terms of this Agreement. Trust Company reserves the right to refuse to process or to cancel any pending Custody Transaction:
as required by Applicable Law; to enforce transaction, threshold, and condition limits; or if Trust

 

     2

     

    

Company
reasonably believes that the Custody Transaction may violate or facilitate the violation of any applicable law, regulation or rule of
a governmental authority or self-regulatory organization. Trust Company cannot reverse a Custody Transaction which has been broadcast
to a Digital Asset network. As used in this Agreement, “Applicable Law” means any applicable statute, rule, regulation, regulatory
guideline, order, law, ordinance or code; the common law and laws of equity; any binding court order, judgment or decree; any applicable
industry code, rule, guideline, policy or standard enforceable by law (including as a result of participation in a self-regulatory organization),
and any official interpretations of any of the foregoing.

 

2.3.    Custodial
Instructions.

 

Trust Company acts upon instructions (“Instructions”)
given by Client or Client’s authorized representatives (“Authorized Person”) that are received and verified by Trust
Company in accordance with its procedures and this Agreement. Instructions shall continue in full force and effect until cancelled or
executed. If any Instructions are ambiguous or conflicting, Trust Company shall refuse to execute such Instructions until any ambiguity
or conflict has been resolved. Trust Company may refuse to execute Instructions if in Trust Company’s opinion such Instructions
are outside the scope of its duties under this Agreement or are contrary to any Applicable Law. Trust Company may rely in the performance
of its duties under this Agreement and without liability on its part, upon any Instructions believed by it in good faith in accordance
with Trust Company’s verification procedures to be given by an Authorized Person and upon any notice, request, consent, certificate
or other instrument believed by it in good faith to be genuine and to be signed or furnished by an Authorized Person. Trust Company does
not guarantee the identity of any user, receiver, requestee, or other party to a Custody Transaction. Client must verify all transaction
information prior to submitting Instructions to Trust Company. Client is responsible for losses and liabilities resulting from inaccurate
Instructions (e.g., if Client provides the wrong destination address to Trust Company for executing a withdrawal transaction).

 

2.4.    Digital
Asset Deposits and Withdrawals.

 

Client must manage and keep secure any and all
information or devices associated with deposit and withdrawal verification procedures, including YubiKeys and passphrases or other security
or confirmation information (see Section 4.5). Trust Company reserves the right to charge network fees (a.k.a. miner fees) to process
a Digital Asset transaction on Client’s behalf. Trust Company will notify Client of the network fee at or before the time Client
authorizes the transaction.

 

2.5.    Digital
Asset Access Time.

 

		(A)	Trust Company requires up to 24 hours (excluding weekends and federal holidays) between any request to withdraw Digital Assets from
Client’s Custodial Account and submission of Client’s withdrawal to the applicable Digital Asset network. Client acknowledges
and agrees that a Custody Transaction facilitated by Trust Company may not be withdrawn upon less than 24 hours’ notice to Trust
Company. Such notice shall be initiated from Client’s Custodial Account. The time of such request shall be considered the time of
transmission of such notice from Client’s Custodial Account.

 

		(B)	Trust Company reserves the right to take additional time beyond the 24hr period in (A) if such time is required to verify security
processes for large or suspicious transactions. Any such processes will be executed reasonably and in accordance with Trust Company documented
protocols, which may change from time to time at the sole discretion of Trust Company.

 

		(C)	Trust Company makes no representations or warranties with respect to the availability and/or accessibility of the Digital Assets.
Trust Company will make reasonable efforts to ensure that Client initiated deposits are processed in a timely manner, but Trust Company
makes no representations or warranties regarding the amount of time needed to complete processing of deposits which is dependent upon
factors outside of Trust Company’s control.

 

2.6.    Fiat
Currency Deposits and Withdrawals.

 

		(A)	Trust Company shall not accept, for the benefit of Client, Fiat Currency deposits from third parties. Fiat Currency deposits shall
only be accepted from banks that have been approved through Trust Company’s BSA/AML program and are in the name of an individual
or an institution named on the Custodial Account. This prohibition may be modified by mutual written agreement of Client and Trust Company
in

 

     3

     

    

order to accommodate Client’s receipt
of deposits from its subscribers and may be subject to additional terms, conditions, and fees.

 

		(B)	Fiat Currency withdrawals are only permitted to bank accounts that have been approved through Trust Company’s BSA/AML program
and are in the name of an individual or an institution named on the recipient’s account.

 

2.7.    Wire
Transfers.

 

Custodian accepts wire deposits and processes
wire withdrawals only from or to Client Bank Accounts. Wire deposits sent before 3pm ET by domestic wire from a Client Bank Account will
typically settle and be credited to Client’s Fiat Account on the same day or next business day. Wire withdrawals initiated before
3pm ET will typically be processed on the same day or next business day. Wire deposits may not be credited and wire withdrawals may not
be processed outside of normal banking hours. Client agrees and understands that wire deposit settlement times and wire withdrawal transfer
times are subject to bank holidays, the internal processes and jurisdictions of Client or Account Holder’s bank and the internal
processes of Custodian’s bank.

 

2.8    Supported
Digital Assets.

 

The Custodial Services are available only in connection
with those Digital Assets that Trust Company supports. The Digital Assets that Trust Company supports may change from time to time in
Trust Company’s discretion. Prior to initiating a deposit of Digital Assets to Trust Company, Client must confirm that Trust Company
offers Custodial Services for that specific Digital Asset. The list of supported Digital Assets is available at: https://www.bitgo.com/resources/multicurrency.
By initiating a deposit of Digital Assets to a Custodial Account, Client attests that Client has confirmed that the Digital Asset being
transferred is supported by Trust Company. Under no circumstances should Client attempt to use the Custodial Services to deposit or store
any Digital Assets that are not supported by Trust Company. Depositing or attempting to deposit Digital Assets that are not supported
by Trust Company will result in such Digital Asset being unretrievable by Client and Trust Company. Trust Company assumes no obligation
or liability whatsoever regarding any unsupported Digital Asset sent or attempted to be sent to it, or regarding any attempt to use the
Custodial Services for Digital Assets that Trust Company does not support. Trust Company may from time to time determine types of Digital
Assets that will be supported or cease to be supported by the Custodial Services. Trust Company shall provide Client with 30 days’
prior written notice before ceasing to support a Digital Asset, unless Trust Company is required to cease such support sooner to comply
with Applicable Law (in which event Trust Company will provide as much notice as is practicable under the circumstances).

 

2.9.    Advanced
Protocols.

 

Unless specifically announced on the Trust Company
website or through some other official public statement of Trust Company, Trust Company does not support metacoins, colored coins, side
chains, or other derivative, enhanced, or forked protocols, tokens, or coins which supplement or interact with a Digital Asset supported
by Trust Company (collectively, “Advanced Protocols”). Client shall not use its Custodial Account to attempt to receive, request,
send, store, or engage in any other type of transaction involving an Advanced Protocol. Trust Company assumes absolutely no responsibility
whatsoever in respect to Advanced Protocols.

 

2.10.    Operation
of Digital Asset Protocols.

 

		(A)	Trust Company does not own or control the underlying software protocols which govern the operation of Digital Assets supported on
the Trust Company platform. By using the Custodial Services, Client acknowledges and agrees that (i) Trust Company is not responsible
for operation of the underlying protocols and that Trust Company makes no guarantee of their functionality, security, or availability;
and (ii) the underlying protocols are subject to sudden changes in operating rules (a.k.a. “forks”), and (iii) that such forks
may materially affect the value, function, and/or even the name of the Digital Assets that Client stores in Client’s Custodial Account.
In the event of a fork, Client agrees that Trust Company may temporarily suspend Trust Company operations with respect to the affected
Digital Assets (with or without advance notice to Client) and that Trust Company may, in its sole discretion, decide whether or not to
support (or cease supporting) either branch of the forked protocol entirely. Client acknowledges

 

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and agrees that Trust Company assumes
absolutely no liability whatsoever in respect of an unsupported branch of a forked protocol or its determination whether or not to support
a forked protocol.

 

		(B)	Client agrees that all “airdrops” (free distributions of certain Digital Assets) and forks will be handled by Trust Company
pursuant to its fork policy (the “Fork Policy”) (www.bitgo.com/resources/bitgo-fork-policy).
Client acknowledges that Trust Company is under no obligation to support any airdrops or forks, or handle them in any manner, except as
detailed above and in the Fork Policy. Client further acknowledges that Trust Company, at its sole discretion, may update the Fork Policy
from time to time and post it on Trust Company’s website and Client agrees that Client is responsible for reviewing any such updates.
Client is under no obligation to provide notification to Client of any modification to the Fork Policy.

 

2.11.    Account
Statements.

 

		(A)	Trust Company will provide Client with an electronic account statement every calendar quarter, or as otherwise expressly agreed to
in writing between Client and Trust Company. Each account statement will identify the amount of each Digital Asset in Client’s Custodial
Account at the end of the period and set forth all transactions in Client’s account during that period. Each statement will be provided
via the Trust Company’s website and will bee-mailed or mailed if requested by Client. Please note there may be an additional fee
for paper statements.

 

		(B)	Client is solely responsible for notifying Trust Company in writing if Client requires Trust Company to send periodic statements of
the Client’s account to subscribers of the Client. If required, it is the Client’s sole responsibility to keep the list of
subscribers along with delivery addresses current to ensure Trust Company can fulfill its responsibility to provide periodic statements.
It is Client’s sole responsibility to make the determination if Client is required to provide statements to its subscribers to comply
with Applicable Law.

 

		(C)	To value Digital Assets held in the Client’s account, the Trust Company will electronically obtain USD equivalent prices from
digital asset market data providers or other sources, with amounts rounded up to the seventh decimal place to the right. Trust Company
cannot guarantee the accuracy or timeliness of prices received and the prices are not to be relied upon for any investment decisions for
the Client’s account.

 

2.12.    Independent
Verification.

 

If Client is subject to Rule 206(4)-2 under the
Investment Advisers Act of 1940, Trust Company shall, upon written request, provide Client authorized independent public accountant confirmation
of or access to information sufficient to confirm (i) Client’s Digital Assets as of the date of an examination conducted pursuant
to Rule 206(4)-2(a)(4), and (ii) Client’s Digital Assets are held either in a separate account under Client’s name or in accounts
under Client’s name as agent or trustee for Client’s clients.

 

2.13.    Third-Party
Payments.

 

The Custodial Services are not intended to facilitate
third-party payments of any kind. As such, Trust Company has no control over, or liability for, the delivery, quality, safety, legality
or any other aspect of any goods or services that Client may purchase or sell to or from a third party (including other users of Custodial
Services) involving Digital Assets that Client intends to store, or have stored, in Client’s Custodial Account.

 

2.14.    Support
and Service Level Agreement.

 

		(A)	Trust Company will: (i) provide reasonable technical support to Client, by email or telephone, during Trust Company’s normal
business hours (8:30 a.m. to 5 p.m. CST); (ii) respond to support requests in a timely manner, and (iii) resolve such issues by providing
updates and/or workarounds to Client, consistent with the severity level of the issues identified in such requests and their impact on
Client’s business operations.

 

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		(B)	Trust Company will use commercially reasonable efforts: (i) to make the Services available under the terms of our Service Level Agreement
at https://www.bitgo.com/resources/bitgo- service-level-agreement; and (ii) to make Custodial Accounts
available via the internet 24 hours a day, 7 days a week.

 

2.15.    Suspension,
Termination, and Cancellation.

 

		(A)	Trust Company may suspend or restrict Client’s access to the Custodial Services and/or deactivate, terminate or cancel Client’s
Custodial Account if:

 

		(i)	Trust Company is so required by a facially valid subpoena, court order, or binding order of a government authority;

 

		(ii)	Trust Company reasonably suspects Client of using Client’s Custodial Account in connection with a Prohibited Use or Prohibited
Business, as set forth in Appendix 1 to this Agreement;

 

		(iii)	Trust Company perceives a risk of legal or regulatory non-compliance associated with Client’s Custodial Account activity;

 

		(iv)	Trust Company service partners are unable to support Client’s use;

 

		(v)	Client takes any action that Trust Company deems as circumventing Trust Company’s controls, including, but not limited to, opening
multiple Custodial Accounts, abusing promotions which Trust Company may offer from time to time, or otherwise making a misrepresentation
of Client’s Custodial Account;

 

		(vi)	Client breaches the terms of this Agreement; or (vii) Client fails to pay fees for a period of 90 days.

 

		(B)	If Trust Company suspends or restricts Client’s access to the Custodial Services and/or deactivates, terminates or cancels Client’s
Custodial Account for any reason, Trust Company will provide Client with notice of Trust Company’s actions via email unless prohibited
by Applicable Law. Client acknowledges that Trust Company’s decision to take certain actions, including limiting access to, suspending,
or closing Client’s Custodial Account, may be based on confidential criteria that are essential to Trust Company’s risk management
and security protocols. Client agrees that Trust Company is under no obligation to disclose the details of its risk management and security
procedures to Client.

 

		(C)	Client will be permitted to withdraw Digital Assets and Fiat Currency associated with Client’s Custodial Account for ninety
(90) days after Custodial Account deactivation or cancellation unless such withdrawal is prohibited Applicable Law (including but not
limited to applicable sanctions programs or a facially valid subpoena, court order, or binding order of a government authority).

 

2.16.    Clearing
and Settlement Services.

 

		(A)	Trust Company may offer clearing and settlement services (the “Settlement Services”) that facilitate the settlement of
transactions of Digital Assets or Fiat Currency between Client and Client’s trade counterparty that also has a Custodial Account
with Trust Company (“Settlement Partner”). Client acknowledges that the Settlement Service is an application programming interface
(API) product complemented by a Web user interface (UI). Clients may utilize the Settlement Services by way of a number of options, including
settlement of one-sided requests with counterparty affirmation; one-sided requests with instant settlement; and two-sided requests with
reconciliation. Client understands that the Digital Assets available for use within the Settlement Services may not include all of Client’s
Digital Assets under custody.

 

		(B)	The Settlement Services allow Client to submit, through the Trust Company’s settlement platform, a request to settle a purchase
or sale of Digital Assets with a Settlement Partner. Client authorizes Trust Company to accept Client’s cryptographic signature
submitted by way of the Settlement Services API. When a cryptographic signature is received by way the Settlement Services along with
the settlement transaction details, Client is authorizing Trust Company to act on Client’s direction to settle such transaction.

 

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		i)	A one-sided request with counterparty affirmation requires Client
to submit a request, including its own cryptographic signature on the trade details, via API calls. Trust Company will notify the Settlement
Partner and lock funds of both parties while waiting for the Settlement Partner to affirm the request. Trust Company will settle the
trade immediately upon affirmation and the locked funds will be released.

 

		ii)	A one-sided request with instant settlement requires one side of the trade to submit a request, including cryptographic signatures
of both parties to the trade, via API calls. Trust Company will settle the trade immediately.

 

		iii)	A two-sided request with reconciliation requires that both Client and Settlement Partner submit requests via API calls, with each
party providing their own cryptographic signatures. Trust Company will reconcile the trades and settle immediately upon successful reconciliation.

 

		iv)	In any one-sided or two sided request, the Settlement Partner must be identified and selected by Client prior to submitting a settlement
request.

 

		v)	Client may submit a balance inquiry through the settlement platform, to verify that Settlement Partner has a sufficient balance of
Digital Asset to be transacted before the Parties execute a transaction. This balance inquiry function is to be utilized only for the
purpose of executing a trade transaction to ensure the Settlement Partner has sufficient fiat currency (funds) or Digital Assets to settle
the transaction. Client hereby expressly authorizes and consents to Trust Company providing access to such information to Client’s
Settlement Partner in order to facilitate the settlement.

 

		vi)	Client and Settlement Partner’s Custodial Accounts must have sufficient funds or Digital Assets prior to initiating any settlement
request. The full amount of assets required to fulfill a transaction are locked until such order has been completed. All orders are binding
on Client and Client’s Custodial Account. Trust Company does not guarantee that any settlement will be completed by any Settlement
Partner. Client may not be able to withdraw an offer (or withdraw its acceptance of an offer) prior to completion of a settlement and
Trust Company shall not be liable for the completion of any order after a cancellation request has been submitted.

 

		vii)	Client acknowledges and accepts responsibility for ensuring only an appropriate Authorized Person of their Custodial Account has access
to the API key(s).

 

		viii)	Client further understands and agrees that Client is solely responsible for any decision to enter into a settlement by way of the
Settlement Services, including the evaluation of any and all risks related to any such transaction and has not relied on any statement
or other representation of Trust Company. Client understands that Trust Company is a facilitator and not a counterparty to any settlement;
and, as a facilitator, Trust Company bears no liability with respect to any transaction and does not assume any clearing risk.

 

		ix)	Any notifications that Client may receive from the trading platform regarding trades are Client’s responsibility to review in
a timely manner.

 

		(C)	Upon execution of the settlement, the Settlement Services shall provide Client, by electronic means, a summary of the terms of the
transaction, including: the type of Digital Asset purchased or sold; the delivery time; and the purchase or sale price. Settlement of
a transaction is completed in an off-chain trading account by way of offsetting journal transactions within Trust Company’s Digital
Asset Off-chain Settlement System. On-chain synchronization occurs at the time the withdrawal from Client’s trading account takes
place (other than through a subsequent Settlement Services transaction).

 

		(D)	Trust Company reserves the right to refuse to settle any transaction, or any portion of any transaction, for any reason, at its sole
discretion. Trust Company bears no responsibility if any such order was placed or active during any time the Settlement Services system
is unavailable or encounters an error; or, if any such order triggers certain regulatory controls.

 

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		(E)	Client understands and agrees that Trust Company may charge additional fees for the Settlement Services furnished to Client as indicated
in the Fee Schedule attached as Schedule A and any amendments to Schedule A.

 

		(F)	Clearing and settlement transactions shall be subject to all applicable laws and the rules and regulations of all federal, state and
self-regulatory agencies. Client acknowledges receipt of the statement on Material Risks of Investing in Digital Currencies, identified
as Appendix A to this Addendum.

 

3.    WALLET
SERVICES

 

3.1.    General.

 

The Wallet Services do not send or receive money
or digital assets. The Wallet Services enable Client to interface with virtual currency networks to view and transmit information about
a public cryptographic key commonly referred to as a blockchain address. Client assumes all responsibility and liability for securing
the Client Keys (see Section 4.5). Further, Client assumes all responsibility and liability for creation, storage, and maintenance of
any backup keys associated with accounts created using the Wallet Services.

 

3.2.    Terms;
Conflict.

 

Client’s use of the Wallet Services is subject
to the terms and conditions set forth at https://www.bitgo.com/terms (the “Wallet Terms”).
In the event of a conflict between the Wallet Terms and the terms of this Agreement, the terms of this Agreement shall control.

 

4.    USE
OF SERVICES; TERM AND TERMINATION.

 

4.1.    Company
Site and Content.

 

Trust Company hereby grants Client a limited,
nonexclusive, non transferable, revocable, royalty-free license, subject to the terms of this Agreement, to access and use the Company
Site and related content, materials, information (collectively, the “Content”) solely for approved purposes as permitted by
Trust Company from time to time. Any other use of the Company Site or Content is expressly prohibited and all other right, title, and
interest in the Company Site or Content is exclusively the property of Trust Company and its licensors. Client shall not copy, transmit,
distribute, sell, license, reverse engineer, modify, publish, or participate in the transfer or sale of, create derivative works from,
or in any other way exploit any of the Content, in whole or in part, “www.bitgo.com,” “BitGo,” “BitGo Custody,”
“Trust Company” and all logos related to the Custodial Services or displayed on the Company Site are either trademarks or
registered marks of Trust Company or its licensors. Client may not copy, imitate or use them without Trust Company’s prior written
consent in each instance.

 

4.2.    Website
Accuracy.

 

Although Trust Company intends to provide accurate
and timely information on the Company Site, the Company Site (including, without limitation, the Content, but excluding any portions thereof
that are specifically referenced in this Agreement) may not always be entirely accurate, complete, or current and may also include technical
inaccuracies or typographical errors. In an effort to continue to provide Client with as complete and accurate information as possible,
such information may be changed or updated from time to time without notice, including without limitation information regarding Trust
Company policies, products and services. Accordingly, Client should verify all information before relying on it, and all decisions based
on information contained on the Company Site are Client’s sole responsibility and Trust Company shall have no liability for such
decisions. Links to third-party materials (including without limitation websites) may be provided as a convenience but are not controlled
by Trust Company. Trust Company is not responsible for any aspect of the information, content, or services contained in any third-party
materials or on any third-party sites accessible from or linked to the Company Site.

 

4.3.    Third-Party
or Non-Permissioned Use.

 

Except for fund administrators, Client shall not
grant permission to a third party or non- permissioned user to access or connect to Client’s Custodial Account, either through the
third party’s product or service or through the Company Site. Client acknowledges that granting permission to a third party or non-permissioned
user to take

 

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specific
actions on Client’s behalf does not relieve Client of any of Client’s responsibilities under this Agreement and may violate
the terms of this Agreement. Client is fully responsible for all acts or omissions of any third party or non-permissioned user with access
to Client’s Custodial Account. Further, Client acknowledges and agrees that Client will not hold Trust Company responsible for,
and will indemnify Trust Company from, any liability arising out of or related to any act or omission of any third party or non-permissioned
user with access to Client’s Custodial Account. Client must notify Trust Company immediately if a third party or non-permissioned
user accesses or connects to Client’s Custodial Account by contacting Client’s Custodial Account representative or by emailing
security@bitgo.com from the email address associated with Client’s Custodial Account.

 

4.4.    Prohibited
Use.

 

Client acknowledges and agrees that Trust Company
may monitor use of the Services and the resulting information may be utilized, reviewed, retained and or disclosed by Trust Company for
its internal purposes or in accordance with Applicable Law.

 

4.5.    Security;
Client Responsibilities.

 

		(A)	Client is responsible for maintaining adequate security and control of any and all Client Keys, IDs, passwords, hints, personal identification
numbers (PINs), noncustodial wallet keys, API keys, yubikeys, 2-factor authentication devices or backups, or any other codes that Client
uses to access the Services. Any loss or compromise of the foregoing information and/or Client’s personal information may result
in unauthorized access to Client’s Custodial Account by third-parties and the loss or theft of Digital Assets or Fiat Currency.
Client is responsible for keeping Client’s email address and telephone number up to date in Client’s profile in order to receive
any notices or alerts that Trust Company may send Client. Trust Company assumes no responsibility for any loss that Client may sustain
due to compromise of login credentials due to no fault of Trust Company and/or failure to follow or act on any notices or alerts that
Trust Company may send to Client. In the event Client believes Client’s Custodial Account information has compromised, Client will
contact Trust Company Support immediately at security@bitgo.com.

 

		(B)	Client will maintain an updated and current list of Authorized Persons at all times and will immediately notify Trust Company of any
changes to the list of Authorized Persons, including for termination of employment, or otherwise. Client agrees that Trust Company may
rely on the list of Authorized Persons. Client shall make available all necessary documentation and Know Your Customer identification,
as reasonably requested by Trust Company to verify: (i) the identity of each Authorized Person; (ii) that each Authorized Person is eligible
to be deemed an “Authorized Person” as defined in this Agreement; and (iii) the party(ies) requesting the changes in the list
of Authorized Persons have valid authority to request changes on behalf of Client. Client will ensure that all Authorized Persons will
be adequately trained to safely and securely access the Trust Services, including understanding of general security principles regarding
passwords and physical security of computers, keys, and personnel.

 

		(C)	Client will immediately notify Trust Company of any unauthorized access, use or disclosure of Client’s Account credentials,
or any relevant breach or suspected breach of security (including breach of Client’s systems, networks or developer applications).
Client will provide Trust Company with all relevant information Trust Company reasonably requests to assess the security of the assets,
Custodial Accounts and wallets.

 

4.6.    Taxes.

 

It is Client’s sole responsibility to determine
whether, and to what extent, any taxes apply to any deposits or withdrawals Client conducts through the Custodial Services, and to withhold,
collect, report and remit the correct amount of taxes to the appropriate tax authorities. Client’s deposit and withdrawal history
is available by accessing Client’s Custodial Account through the Company Site or by contacting Trust Company directly.

 

4.7.    Third
Party Providers.

 

Client acknowledges and agrees that the Services
may be provided from time to time by, through or with the assistance of affiliates of or vendors to Trust Company, including BitGo Inc.
as described above. Client shall receive

 

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notice of
any material change in the entities that provide the Custodial Services. Trust Company shall be responsible for any breach of this Agreement
caused by such affiliates or any vendor.

 

4.8.    Developer
Applications.

 

		(A)	Subject to Trust Company’s acceptance of Client as a developer, and subject to Client’s performance of its obligations
under this Agreement, Trust Company grants Client a nonassignable, non-transferrable, revocable, personal and nonexclusive license under
Trust Company’s applicable intellectual property rights to use and reproduce the SDK solely to develop or test a website or application
(“Developer Application”).

 

		(B)	Client agrees that all users of any Developer Application will be subject to the same use restrictions as Client (including under
Section 4.4 (Prohibited Use) and Appendix 1).

 

		(C)	Client is solely responsible and has sole liability for Client’s end users that access or use the Trust Services via the Developer
Application. Client is responsible for the accuracy, quality and legality of Developer Application content and user data. Client will
comply with, and ensure that Client’s Developer Application and end users comply with all Applicable Law.

 

4.9.    Term.

 

This Agreement will commence on the Effective
Date and will continue for twenty-six (26) months, unless earlier terminated in accordance with the terms of this Agreement (the “Initial
Term”). After the Initial Term, this Agreement will automatically renew for successive one-year periods (each a “Renewal Term”),
unless either party notifies the other of its intention not to renew at least 60 days prior to the expiration of the then-current Term.
“Term” means the Initial Term and any Renewal Term.

 

4.10.    Termination
by Client.

 

		(A)	From the Effective Date of this Agreement through the duration of the Initial Term, Client may only terminate this Agreement by submitting
to Trust Company a onetime early termination fee equal to thirty percent (30%) of the Monthly Minimum stated in the Fee Schedule applicable
to Client multiplied by the remaining months left in Client’s Initial Term (the “Early Termination Fee”).

 

		(B)	After the Initial Term, Client may terminate this Agreement at any time for any reason upon 30 days’ prior written notice and/or
cancel Client’s Custodial Account by withdrawing all balances and contacting Trust Company at support@bitgo.com.
Client will not be charged for canceling Client’s Custodial Account, although Client will be required to pay any outstanding amounts
owed to Trust Company. Client authorizes Trust Company to cancel or suspend any pending deposits or withdrawals at the time of cancellation.

 

		(C)	Client may terminate this Agreement during the Initial Term if Trust Company breaches a material term of this Agreement and fails
to cure such breach within 30 days following written notice thereof from Client.

 

5.    TRUST
COMPANY OBLIGATIONS.

 

5.1.    Bookkeeping.

 

Trust Company will keep timely and accurate records
as to the deposit, disbursement, investment, and reinvestment of the Digital Assets and Fiat Currency. Trust Company will maintain accurate
records and bookkeeping of the Custodial Services as required by Applicable Law and in accordance with Trust Company’s internal
document retention policies.

 

5.2.    Insurance.

 

Trust Company will obtain and maintain insurance
coverage in such types and amounts as are commercially reasonable for the Custodial Services provided hereunder. Client acknowledges that
any insurance related to theft of

 

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coins will
apply to Custodial Services only (where keys are held by Trust Company) and not Wallet Services for non-custodial accounts (where keys
are held by Client).

 

5.3.    Standard
of Care.

 

Trust Company will use commercially reasonable
efforts in performing its obligations under this Agreement. Subject to the terms of this Agreement, Trust Company shall not be responsible
for any loss or damage suffered by Client as a result of the Trust Company performing such duties unless the same results from an act
of fraud, willful default or gross negligence on the part of the Trust Company. Trust Company shall not be responsible for the title,
validity or genuineness of any of the Digital Assets or Fiat Currency (or any evidence of title thereto) received or delivered by it pursuant
to this Agreement.

 

5.4.    Business
Continuity Plan.

 

Trust Company has established a business continuity
plan that will support its ability to conduct business in the event of a significant business disruption (“SBD”). This plan
is reviewed and updated annually, and can be updated more frequently, if deemed necessary by Trust Company in its sole discretion. Should
Trust Company be impacted by an SBD, Trust Company aims to minimize business interruption as quickly and efficiently as possible. To receive
more information about Trust Company’s business continuity plan, please send a written request to security@bitgo.com.

 

6.    DISPUTE
RESOLUTION.

 

THE PARTIES AGREE THAT ALL CONTROVERSIES ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE USE OF THE SERVICES (“DISPUTES”), WHETHER ARISING PRIOR, ON, OR SUBSEQUENT TO
THE EFFECTIVE DATE, SHALL BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE CITY OF NEW YORK.

 

7.    REPRESENTATIONS,
WARRANTIES, AND COVENANTS; DISCLAIMERS.

 

7.1.    By
Client.

 

Client represents, warrants, and covenants to
Trust Company that:

 

		(A)	Client operates in full compliance with all Applicable Law in each jurisdiction in which Client operates, including without limitation
U.S. securities laws and regulations, efforts to fight the funding of terrorism and money laundering, the USA PATRIOT Act and Bank Secrecy
Act and all related regulations and requirements.

 

		(B)	To the extent that Client utilizes the Settlement Services on behalf of any third party, Client hereby
agrees and represents that (i) it has adopted procedures, (the “Client AML/KYC Program”) designed to elicit and verify information
from all third parties to substantiate the representations, warranties agreements contained in the Agreement as well as Client’s
compliance with all applicable laws and governmental rules and regulations; (ii) it will provide copies of its AML/KYC Program
policies and procedures to Trust Company, and any amendments; (iii) it is in compliance with its AML/KYC
Program in all material respects; (iv) that all information that has been or will in the future be provided Trust Company regarding Client’s
AML/KYC Program is accurate and complete in all material respects; (v) it has not omitted any information regarding its AML/KYC Program
necessary to prevent any information provided to Trust Company from being misleading; (vi) it will maintain all records of its
compliance and customer identification program reviews and related customer personally identifiable information in accordance with all
applicable privacy laws; (vii) it will provide to Trust Company copies, or make readily accessible during normal business hours, any or
all records of its AML/KYC Program reviews at the request of Trust Company; (viii) that it will provide Trust Company an annual certification
as to the effectiveness of its AML/KYC Program and a yearly random sample of its AML/KYC Program reviews for use in evaluating the effectiveness
of its compliance with this Agreement; and (ix) it will provide Trust Company notice of any third party requiring enhanced due diligence
in accordance with guidelines under its AML/KYC Program. The provisions of this paragraph B is contingent upon the written approval of
Trust Company as to the application of this paragraph B.

 

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		(C)	Client shall have conducted and satisfied any and all due diligence procedures required by Applicable Law with respect to such third
parties prior to placing with Trust Company any Digital Assets or Fiat Currency associated with such third party.

 

		(D)	Client will not use any Services for any illegal activity, including without limitation illegal gambling, money laundering, fraud,
blackmail, extortion, ransoming data, the financing of terrorism, other violent activities or any prohibited market practices, including
without limitation the prohibited activities and business set forth in Appendix 1.

 

		(E)	Client is currently and will remain at all times in good standing with all relevant government agencies, departments, regulatory or
supervisory bodies in all relevant jurisdictions in which Client does business, including but not limited to and as applicable, FINRA,
the Municipal Securities Rulemaking Board, SIPC, the National Futures Association, the Commodity Futures Trading Commission and the Securities
and Exchange Commission, and Client will immediately notify Trust Company if Client ceases to be in good standing with any applicable
regulatory authority;

 

		(F)	Client will promptly provide such information as Trust Company may reasonably request from time to time regarding (i) Client’s
policies, procedures, and activities which relate to the Custodial Services in any manner, as determined by Trust Company in its sole
and absolute discretion, and (ii) any transaction which involves the use of the Services, to the extent reasonably necessary to comply
with Applicable Law, or the guidance or direction of, or request from any regulatory authority or financial institution, provided that
such information may be redacted to remove confidential commercial information not relevant to the requirements of this Agreement;

 

		(G)	Client either owns or possesses lawful authorization to transact with all Digital Assets involved in the Custody Transactions;

 

		(H)	Client has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise accepting
this Agreement for Client has full legal capacity and authorization to do so;

 

		(I)	All information provided by Client to Trust Company in the course of negotiating this Agreement and the on-boarding of Client as Trust
Company’s customer and user of the Custodial Services is complete, true, and accurate in all material respects, including with respect
to the ownership of Client, no material information has been excluded; and no other person or entity has an ownership interest in Client
except for those disclosed in connection with such onboarding; and

 

		(J)	Client is not owned in part or in whole, nor controlled by any person or entity that is, nor is it conducting any activities on behalf
of, any person or entity that is (i) the subject of any sanctions administered or enforced by the U.S. Department of the Treasury’s
Office of Foreign Assets Control, the U.S. Department of State, or any other Governmental Authority with jurisdiction over Trust Company
or its affiliates with respect to U.S. sanctions laws; (ii) identified on the Denied Persons, Entity, or Unverified Lists of the U.S.
Department of Commerce’s Bureau of Industry and Security; or (iii) located, organized or resident in a country or territory that
is, or whose government is, the subject of U.S. economic sanctions, including, without limitation, Cuba, Iran, North Korea, Sudan, or
Syria.

 

7.2.    By
Trust Company.

 

Trust Company represents, warrants, and covenants
to Client that:

 

		(A)	Trust Company will safekeep the Digital Assets and segregate all Digital Assets from both the (i) property of Trust Company, and (ii)
assets of other customers of Trust Company, except for Digital Assets specifically moved into shared accounts by Client;

 

		(B)	Trust Company will maintain adequate capital and reserves to the extent required by Applicable Law;

 

		(C)	Trust Company is duly organized, validly existing and in good standing under the laws of the State of South Dakota, has all corporate
powers required to carry on its business as now conducted, and is duly qualified to do business in each jurisdiction where such qualification
is necessary;

 

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		(D)	Trust Company has the full capacity and authority to enter into and be bound by this Agreement and the person executing or otherwise
accepting this Agreement for Trust Company has full legal capacity and authorization to do so.

 

7.3.    Notification.

 

Without limitation of either party’s rights
or remedies, each party shall immediately notify the other party if, at any time after the Effective Date, any of the representations,
warranties, or covenants made by it under this Agreement fail to be true and correct as if made at and as of such time. Such notice shall
describe in reasonable detail the representation, warranty, or covenant affected, the circumstances giving rise to such failure and the
steps the notifying party has taken or proposes to take to rectify such failure.

 

7.4.    DISCLAIMER.

 

EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT
AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE CUSTODIAL SERVICES ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE”
BASIS WITHOUT ANY REPRESENTATION OR WARRANTY, WHETHER EXPRESS, IMPLIED OR STATUTORY. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW,
TRUST COMPANY SPECIFICALLY DISCLAIMS ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND/OR NON-INFRINGEMENT.
TRUST COMPANY DOES NOT MAKE ANY REPRESENTATIONS OR WARRANTIES THAT ACCESS TO THE SITE, ANY PART OF THE TRUST COMPANY CUSTODIAL SERVICES,
OR ANY OF THE MATERIALS CONTAINED THEREIN, WILL BE CONTINUOUS, UNINTERRUPTED, OR TIMELY; BE COMPATIBLE OR WORK WITH ANY SOFTWARE, SYSTEM
OR OTHER SERVICES; OR BE SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE.

 

7.5.    Computer
Viruses.

 

Trust Company shall not bear any liability, whatsoever,
for any damage or interruptions caused by any computer viruses, spyware, scareware, Trojan horses, worms or other malware that may affect
Client’s computer or other equipment, or any phishing, spoofing or other attack, unless such damage or interruption directly resulted
from Trust Company’s gross negligence, fraud, or willful misconduct. Trust Company advises the regular use of a reputable and readily
available virus screening and prevention software. Client should also be aware that SMS and email services are vulnerable to spoofing
and phishing attacks and should use care in reviewing messages purporting to originate from Trust Company. Client should always log into
Client’s Custodial Account through the Company Site to review any deposits or withdrawals or required actions if Client has any
uncertainty regarding the authenticity of any communication or notice.

 

8.    CONFIDENTIALITY,
PRIVACY, DATA SECURITY

 

8.1.    Confidentiality.

 

		(A)	As used in this Agreement, “Confidential Information” means any non-public, confidential or proprietary information of
a party (“Discloser”) including, without limitation information relating to Discloser’s business operations or business
relationships, financial information, pricing information, business plans, customer lists, data, records, reports, trade secrets, software,
formulas, inventions, techniques, and strategies. The terms of this Agreement are the Confidential Information of each party. A party
receiving Confidential Information of Discloser (“Recipient”) will not disclose it to any third party without the prior written
consent of the Discloser, except as provided in subsection (B) below or to such party’s officers, directors, agents, employees,
consultants, contractors and professional advisors who need to know the Confidential Information and who are informed of, and who agree
to be or are otherwise bound by obligations of confidentiality no less restrictive than, the obligations set forth herein. Recipient will
protect such Confidential Information from unauthorized access, use and disclosure. Recipient shall not use Discloser’s Confidential
Information for any purpose other than to perform its obligations or exercise its rights under this Agreement. The obligations herein
shall not apply to any (i) information that is or becomes generally publicly available through no fault of the recipient, (ii) information
that the recipient obtains from a third party (other than in connection with this Agreement) that, to recipient’s best knowledge,
is not bound by a confidentiality agreement prohibiting such disclosure; (iii) information that

 

     13

     

    

is independently developed or acquired
by the recipient without the use of or reference to Confidential Information of Discloser.

 

		(B)	Notwithstanding the foregoing, Recipient may disclose Confidential Information of Discloser to the extent required under Applicable
Law; provided, however, Recipient shall first notify Discloser (to the extent legally permissible) and shall afford Discloser a reasonable
opportunity to seek a protective order or other confidential treatment. For the purposes of this Agreement, no affiliate of Trust Company
shall be considered a third party; provided that Trust Company causes such entity to undertake the obligations in this Section 8.

 

		(C)	“Confidential Information” includes all documents and other tangible objects containing or representing Confidential Information
and all copies or extracts thereof or notes derived therefrom that are in the possession or control of Recipient and all of the foregoing
shall be and remain the property of the Discloser. At Discloser’s request, Recipient shall return or destroy all Confidential Information;
provided, however, Recipient may retain one copy of Confidential Information (i) if required by law or regulation, or (ii) pursuant to
a bona fide and consistently applied document retention policy; provided, further, that in either case, any Confidential Information so
retained shall remain subject to the confidentiality obligations of this Agreement.

 

8.2.    Privacy.

 

Client acknowledges that Client has read and agrees
to the Trust Company Privacy Policy, available at https://www.bitgo.com/privacy.

 

8.3.    Security.

 

Trust Company has implemented and will maintain
a reasonable information security program that includes policies and procedures that are reasonably designed to safeguard Trust Company’s
electronic systems and Client’s Confidential Information (as defined below) from, among other things, unauthorized disclosure, access,
or misuse. In the event of a Data Security Incident (as defined below) and in addition to any other actions required under Applicable
Law, Trust Company shall promptly notify Client and such notice shall include the following information: (i) the timing and nature of
the Data Security Incident, (ii) the information related to Client that was compromised, including the names of any individuals’
acting on Client’s behalf in his or her corporate capacity whose personal information was compromised, (iii) when the Data Security
Incident was discovered, and (iv) remedial actions that have been taken and that Trust Company plans to take. “Data Security Incident”
is defined as any incident whereby (a) an unauthorized person (whether within Trust Company or a third party) acquired or accessed Client’s
information, or (b) Client’s information is otherwise lost, stolen or compromised.

 

9.    INDEMNIFICATION.

 

9.1.    Indemnities.

 

		(A)	Client will indemnify and hold harmless Trust Company, its affiliates and service providers, and each of its or their respective officers,
directors, agents, employees, and representatives (collectively the “Trust Company Indemnitees”) from and against any liabilities,
damages, losses, costs and expenses, including but not limited to attorneys’ fees and costs and any fines, fees or penalties imposed
by any regulatory authority (collectively, “Losses”), arising out of or incurred in connection with, and defend each of them
from and against any third-party claim, demand, action or proceeding (a “Claim”) arising out of or related to (i) Client’s
use of the Services; (ii) Client’s breach of this Agreement, (iii) any breach or inaccuracy of any of Client’s representations,
warranties or covenants in this Agreement; (iv) Client’s failure to provide true and accurate information in connection with the
onboarding process or any failure to promptly update such information, (v) Client’s violation of any Applicable Law, or the rights
of any third party, or (vi) any Dispute between Client and a third party; except where such Claim directly results from the gross negligence,
fraud or willful misconduct of Trust Company.

 

		(B)	Trust Company will indemnify and hold harmless Client, from and against any liabilities, damages, losses, costs and expenses, including
but not limited to attorneys’ fees and costs and any fines, fees or penalties imposed by any regulatory authority (collectively,
“Losses”), arising out of or incurred in connection with, and defend each of them from and against any third-party claim,
demand, action or

 

     14

     

    

proceeding (a “Claim”) arising
out of or related to (i) Trust Company’s breach of this Agreement, (ii) any breach or inaccuracy of any of Trust Company’s
representations, warranties or covenants in this Agreement; (iii) Trust Company’s violation of any Applicable Law, or the rights
of any third party, or (iv) any Dispute between Trust Company and a third party; except where such Claim directly results from the gross
negligence, fraud or willful misconduct of Client.

 

		(C)	In addition, in connection with any Developer Application, Client will indemnify and hold harmless the Trust Company Indemnitees from
and against any Losses arising out of any Claim brought against Trust Company or a Representative by a third party arising out of or incurred
in connection with any Claim arising out of relating to: (i) Client’s content, Developer Application, trademarks, logos or marks
infringing any third party intellectual property rights; (ii) Client’s development, marketing, operation, use, licensing, support
or distribution of Client’s Developer Application; (iii) a dispute between Client and any end user; (d) a security breach of involving
a Developer Application or Client’s computers, or systems; (g) the unauthorized use, access or disclosure of confidential or personal
information, private keys, or authentication credentials held by Client or Client’s computers or systems.

 

9.2.    Indemnification
Process.

 

		(A)	Trust Company will (i) provide Client with prompt notice of any indemnifiable Claim under Section 9.1 (provided that the failure to
provide prompt notice shall only relieve Client of its obligation to the extent it is materially prejudiced by such failure and can demonstrate
such prejudice); (ii) permit Client to assume and control the defense of such action upon Client’s written notice to Trust Company
of Client’s intention to indemnify; and (iii) upon Client’s written request, and at no expense to Trust Company, provide to
Client all available information and assistance reasonably necessary for Client to defend such Claim. Trust Company shall be permitted
to participate in the defense and settlement of any Claim with counsel of Trust Company’s choice at Trust Company’s expense
(unless such retention is necessary because of Client’s failure to assume the defense of such Claim, in which event Client shall
be responsible for all such fees and costs). Client will not enter into any settlement or compromise of any such Claim, which settlement
or compromise would result in any liability to any Trust Company Indemnitee or constitute any admission of or stipulation to any guilt,
fault or wrongdoing, without Trust Company’s prior written consent.

 

		(B)	Client acknowledges and agrees that any Losses imposed on Trust Company (whether in the form of fines, penalties, or otherwise) as
a result of a violation by Client of any Applicable Law, may at Trust Company’s discretion, be passed on to Client and Client acknowledges
and represents that Client will be responsible for payment to Trust Company of all such Losses.

 

10.    Limitations
of Liability.

 

10.1.    NO
CONSEQUENTIAL DAMAGES.

 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN SECTION 10.3 BELOW, IN NO EVENT SHALL TRUST COMPANY, ITS AFFILIATES AND SERVICE PROVIDERS,
OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE FOR ANY LOST PROFITS OR ANY SPECIAL, INCIDENTAL,
INDIRECT, INTANGIBLE, OR CONSEQUENTIAL DAMAGES, WHETHER BASED IN CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, ARISING OUT
OF OR IN CONNECTION WITH AUTHORIZED OR UNAUTHORIZED USE OF THE COMPANY SITE OR THE TRUST COMPANY CUSTODIAL SERVICES, OR THIS AGREEMENT,
EVEN IF TRUST COMPANY HAS BEEN ADVISED OF OR KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES.

 

10.2.    LIMITATION
ON DIRECT DAMAGES.

 

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
LAW AND SUBJECT TO THE EXCEPTIONS PROVIDED IN SECTION 10.3 BELOW, IN NO EVENT SHALL TRUST COMPANY, ITS AFFILIATES AND SERVICE PROVIDERS,
OR ANY OF THEIR RESPECTIVE OFFICERS, DIRECTORS, AGENTS, EMPLOYEES OR REPRESENTATIVES, BE LIABLE (I) FOR ANY AMOUNT GREATER THAN

 

     15

     

    

THE FEES
PAID OR PAYABLE TO TRUST COMPANY UNDER THIS AGREEMENT DURING THE 18 -MONTH PERIOD IMMEDIATELY PRECEDING THE INCIDENT GIVING RISE TO SUCH
LIABILITY.

 

10.3.    EXCEPTIONS
TO EXCLUSIONS AND LIMITATIONS OF LIABILITY.

 

THE EXCLUSIONS AND LIMITATIONS OF LIABILITY IN
SECTION 10.1 AND SECTION 10.2 WILL NOT APPLY TO (I) A BREACH BY TRUST COMPANY OF ITS CONFIDENTIALITY OBLIGATIONS OR (II) TRUST COMPANY’S
FRAUD, WILLFUL MISCONDUCT, OR GROSS NEGLIGENCE. TRUST COMPANY’S LIABILITY FOR GROSS NEGLIGENCE SHALL BE LIMITED TO THE VALUE OF
THE AFFECTED DIGITAL ASSETS OR FIAT CURRENCY.

 

11.    Miscellaneous.

 

11.1.    Notice.

 

All notices under this Agreement shall be given
in writing, in the English language, and shall be deemed given when personally delivered, when sent by email or confirmed fax, or three
days after being sent by prepaid certified mail or internationally recognized overnight courier to the addresses set forth in the signature
blocks below (or such other address as may be specified by party following written notice given in accordance with this Section).

 

11.2.    No
Publicity.

 

The Parties will not make any public statement,
including any press release, media release, or blog post which mentions or refers to another Party or a partnership between Client and
Trust Company, without the prior written consent of the other Party.

 

11.3.    Entire
Agreement.

 

This Agreement, any appendices or attachments
to this Agreement, the Trust Company Privacy Policy, and all disclosures, notices or policies available on the Trust Company website that
are specifically referenced in this Agreement, comprise the entire understanding and agreement between Client and Trust Company as to
the Custodial Services, and supersedes any and all prior discussions, agreements, and understandings of any kind (including without limitation
any prior versions of this Agreement) and every nature between and among Client and Trust Company. Section headings in this Agreement
are for convenience only and shall not govern the meaning or interpretation of any provision of this Agreement.

 

11.4.    No
Waiver.

 

The waiver by a party of any breach or default
will not constitute a waiver of any different or subsequent breach or default.

 

11.5.    Amendments.

 

Any modification or addition to this Agreement
must be in a writing signed by a duly authorized representative of each of the parties. Client agrees that Trust Company shall not be
liable to Client or any third party for any modification or termination of the Custodial Services, or suspension or termination of Client’s
access to the Custodial Services, except to the extent otherwise expressly set forth herein.

 

11.6.    Assignment.

 

Client may not assign any rights and/or licenses
granted under this Agreement without the prior written consent of Trust Company. Trust Company may not assign any of its rights or delegate
any of its duties without the prior written consent of Client; except that Trust Company may assign this Agreement without the prior consent
of Client to any Trust Company affiliates or subsidiaries or pursuant to a transfer of all or substantially all of Trust Company’s
business and assets, whether by merger, sale of assets, sale of stock, or otherwise. Any attempted transfer or assignment in violation
hereof shall be null and void. Subject to the foregoing, this Agreement will bind and inure to the benefit of the parties, their successors,
and permitted assigns.

 

     16

     

    

11.7.    Severability.

 

If any provision of this Agreement shall be determined
to be invalid or unenforceable, such provision will be changed and interpreted to accomplish the objectives of the provision to the greatest
extent possible under any applicable law and the validity or enforceability of any other provision of this Agreement shall not be affected.

 

11.8.    Survival.

 

All provisions of this Agreement which by their
nature extend beyond the expiration or termination of this Agreement, including, without limitation, sections pertaining to suspension
or termination, Custodial Account cancellation, debts owed to Trust Company, general use of the Company Site, disputes with Trust Company,
indemnification, and general provisions, shall survive the termination or expiration of this Agreement.

 

11.9.    Governing
Law.

 

The laws of the State of New York, without regard
to principles of conflict of laws, will govern this Agreement and any claim or dispute that has arisen or may arise between Client and
Trust Company, except to the extent governed by federal law of the United States of America.

 

11.10.    Force
Majeure.

 

Trust Company shall not be liable for delays,
suspension of operations, whether temporary or permanent, failure in performance, or interruption of service which result directly or
indirectly from any cause or condition beyond the reasonable control of Trust Company, including but not limited to, any delay or failure
due to any act of God, natural disasters, act of civil or military authorities, act of terrorists, including but not limited to cyber-related
terrorist acts, hacking, government restrictions, exchange or market rulings, civil disturbance, war, strike or other labor dispute, fire,
interruption in telecommunications or Internet services or network provider services, failure of equipment and/or software, other catastrophe
or any other occurrence which are beyond the reasonable control of Trust Company.

 

12.    Relationship
of the Parties.

 

Nothing in this Agreement shall be deemed or is
intended to be deemed, nor shall it cause, Client and Trust Company to be treated as partners, joint ventures, or otherwise as joint associates
for profit, or either Client or Trust Company to be treated as the agent of the other.

 

IN WITNESS WHEREOF, this Agreement is executed
as of the Effective Date.

 

	BITGO TRUST COMPANY, INC.	 	XCHANGE INTERMEDIAÇÃO S.A.
	   	 	 
	By:  	[**]	 	By:	[**]
	 	Name:	[**]	 	 	Name:	[**]
	 	Title:	[**]	 	 	Title:	[**]

 

 

	Address for Notice:	 	Address for Notice:
	 	 	 
	 	 	 
	6216 Pinnacle Place

Suite 101

Sioux Falls, SD 57108

Attn: Legal

Email: [**]	 	Av. Chedid Jafet 75, 30 Floor

Attn: Legal Department

Email: [**]

     17

     

    

APPENDIX 1: PROHIBITED USE, PROHIBITED BUSINESSES
AND CONDITIONAL USE

 

Prohibited Use

 

Client may not use Client’s Custodial Account
to engage in the following categories of activity (“Prohibited Uses”). The Prohibited Uses extend to any third party that
gains access to the Custodial Services through Client’s account or otherwise, regardless of whether such third party was authorized
or unauthorized by Client to use the Custodial Services associated with the Custodial Account. The specific types of use listed below
are representative, but not exhaustive. If Client is uncertain as to whether or not Client’s use of Custodial Services involves
a Prohibited Use, or have questions about how these requirements applies to Client, please contact Trust Company at support@bitgo.com.
By opening a Custodial Account, Client confirms that Client will not use Client’s Custodial Account to do any of the following:

 

		·	Unlawful Activity: Activity which would violate, or assist in violation of any law, statute, ordinance, or regulation, sanctions
programs administered in the countries where Trust Company conducts business, including, but not limited to, the U.S. Department of Treasury’s
Office of Foreign Assets Control (“OFAC”), or which would involve proceeds of any unlawful activity; publish, distribute or
disseminate any unlawful material or information.

 

		·	Abusive Activity: Actions which impose an unreasonable or disproportionately large load on Trust Company’s infrastructure,
or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to the Site
that contains viruses, Trojan horses, worms, or any other harmful or deleterious programs; attempt to gain unauthorized access to the
Site, other Custodial Accounts, computer systems or networks connected to the Site, through password mining or any other means; use Custodial
Account information of another party to access or use the Site; or transfer Client’s Custodial Account access or rights to Client’s
Custodial Account to a third party, unless by operation of law or with the express permission of Trust Company.

 

		·	Abuse Other Users: Interfere with another Trust Company user’s access to or use of any Custodial Services; defame, abuse,
extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity
and intellectual property) of others; incite, threaten, facilitate, promote, or encourage hate, racial intolerance, or violent acts against
others; harvest or otherwise collect information from the Site about others, including, without limitation, email addresses, without proper
consent.

 

		·	Fraud: Activity which operates to defraud Trust Company, Trust Company users, or any other person; provide any false, inaccurate,
or misleading information to Trust Company.

 

		·	Gambling: Lotteries; bidding fee auctions; sports forecasting or odds making; fantasy sports leagues with cash prizes; Internet
gaming; contests; sweepstakes; games of chance.

 

		·	Intellectual Property Infringement: Engage in transactions involving items that infringe or violate any copyright, trademark,
right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access
to counterfeit music, movies, software, or other licensed materials without the appropriate authorization from the rights holder; use
of Trust Company intellectual property, name, or logo, including use of Trust Company trade or service marks, without express consent
from Trust Company or in a manner that otherwise harms Trust Company, or Trust Company’s brand; any action that implies an untrue
endorsement by or affiliation with Trust Company.

 

		·	Written Policies: Client may not use the Custodial Account or the Custodial Services in a manner that violates, or is otherwise
inconsistent with, any operating instructions promulgated by Trust Company.

 

Prohibited Businesses

 

The following categories of businesses, business
practices, and sale items are barred from the Custodial Services (“Prohibited Businesses”). The specific types of use listed
below are representative, but not exhaustive. If Client is uncertain as to whether or not Client’s use of the Custodial Services
involves a Prohibited Business or has questions about how these requirements apply to Client, please contact us at support@bitgo.com.

 

     18

     

    

By opening a Custodial Account, Client confirms
that Client will not use the Custodial Services in connection with any of the following businesses, activities, practices, or items:

 

		·	Restricted Financial Services: Check cashing, bail bonds, collections agencies.

 

		·	Intellectual Property or Proprietary Rights Infringement: Sales, distribution, or access to counterfeit music, movies, software,
or other licensed materials without the appropriate authorization from the rights holder.

 

		·	Counterfeit or Unauthorized Goods: Unauthorized sale or resale of brand name or designer products or services; sale of goods
or services that are illegally imported or exported or which are stolen.

 

		·	Regulated Products and Services: Marijuana dispensaries and related businesses; sale of tobacco, e-cigarettes, and e-liquid;
online prescription or pharmaceutical services; age restricted goods or services; weapons and munitions; gunpowder and other explosives;
fireworks and related goods; toxic, flammable, and radioactive materials; products and services with varying legal status on a state-by-state
basis.

 

		·	•Drugs and Drug Paraphernalia: Sale of narcotics,
controlled substances, and any equipment designed for making or using drugs, such as bongs, vaporizers, and hookahs.

 

		·	•Pseudo-Pharmaceuticals: Pharmaceuticals and other
products that make health claims that have not been approved or verified by the applicable local and/or national regulatory body.

 

		·	Substances designed to mimic illegal drugs: Sale of a legal substance that provides the same effect as an illegal drug (e.g.,
salvia, kratom).

 

		·	Adult Content and Services: Pornography and other obscene materials (including literature, imagery and other media); sites
offering any sexually-related services such as prostitution, escorts, pay-per view, adult live chat features.

 

		·	Multi-level Marketing: Pyramid schemes, network marketing, and referral marketing programs.

 

		·	Unfair, Predatory or Deceptive Practices: Investment opportunities or other services that promise high rewards; sale or resale
of a service without added benefit to the buyer; resale of government offerings without authorization or added value; sites that we determine
in our sole discretion to be unfair, deceptive, or predatory towards consumers.

 

		·	Gambling Services.

 

		·	Weapons Manufacturers/Vendors.

 

		·	Hate Groups.

 

		·	Money Services: Gift cards; prepaid cards; sale of in-game currency unless the merchant is the operator of the virtual world;
act as a payment intermediary or aggregator or otherwise resell any of the Custodial Services.

 

		·	Crowdfunding.

 

		·	Resell any of the Custodial Services or software.

 

		·	High-risk Businesses: any businesses that we believe pose elevated financial risk or legal liability.

 

Conditional Use

 

Express written consent and approval from Trust
Company must be obtained prior to using Custodial Services for the following categories of business and/or use (“Conditional Uses”).
Consent may be requested by contacting Trust Company at support@bitgo.com. Trust Company may also
require Client to agree to additional conditions, make supplemental representations and warranties, complete enhanced on-boarding procedures,
and operate subject to restrictions if

 

     19

     

    

Client uses
the Custodial Services in connection with any of the following businesses, activities, or practices:

 

		·	Charities: Acceptance of donations for nonprofit enterprise.

 

		·	Games of Skill: Games which are not defined as gambling under this Agreement or by Applicable Law, but which require an entry
fee and award a prize.

 

		·	Religious/Spiritual Organizations: Operation of a for-profit religious or spiritual organization.

 

		·	Digital Currency Services: Operation of a Bitcoin (“BTC”) ATM, BTC mining, BTC exchange, or other high-risk Digital
Currency service.

 

     20

     

    

SCHEDULE A: FEE SCHEDULE

 

The
monthly minimum fee adjustment is effective as of the 1st day of March, 2022. The parties hereto agree that the fees associated
with the Custodial Services for Client shall be as set forth below. All capitalized terms not defined herein shall have the meaning ascribed
to that term in the Agreement.

 

1.    Fees.

 

For the avoidance of doubt, no fees, as set forth
in this Fee Schedule, shall be owed or due by Client for Services performed during the first six (6) months following the Effective Date
of the Agreement. For Services performed during months seven (7) and eight (8), following the Effective Date of the Agreement, Client
shall receive a discount of [**]% on all fees set forth in this Fee Schedule. Beginning with the ninth (9th) month following the Effective
Date of the Agreement, Client shall pay the full amount of fees owed under this Fee Schedule.

 

2.    Onboarding
Fee.

 

The Client implementation fee set forth below
is a one-time, flat fee assessed to cover onboarding and implementation costs (the “Onboarding Fee”): The Onboarding Fee will
be $[**] due upon the Effective Date.

 

3.    Digital
Custody Fee.

 

The Digital Custodial Fee is a tiered fee charged
monthly that is a percentage of the U.S. Dollar value of Client’s monthly Digital Assets held in custodial wallets (“AUC”)
and is based on a per cryptocurrency basis and defined in the AUC schedule below. Tiers are cumulative.

 

	
    Assets Under
    Custody Fee(1):

	
    Range of
    Assets Under Custody ($ USD)

	
    Basis Points
    (bps)

	$0 - $200M	[**]
	$200M - $1B	[**]
	$1B - $2B	[**]
	$2B - $5B	[**]
	$5B and above	[**]

 

		1	AUC Fees are assessed at the end of each calendar month based on the USD volume of average holdings (per asset type) and are billed
monthly.

 

4.    Transaction
Fee.

 

Transaction Fees are charged on all outgoing transactions
from custodial and noncustodial Digital Asset wallets that leave the Client’s Account. Fees are assessed at the end of each calendar
month and based on a per-cryptocurrency basis as defined in the Transaction Fee schedule below. Tiers are cumulative.

 

	
    Transaction
    Fee(1):

	
    Range of
    Transaction Volume ($ USD)

	
    Basis Points
    (bps)

	$0 - $1B	[**]
	$51 and above	[**]

 

		1	Transaction Fees are calculated on outgoing transactions only. For clarity, transfers by Client to Non-custodial wallets offered under
this Agreement under Client’s account will not be assessed Transaction Fees. Transaction Fees are also exclusive of any network
fees charged by the underlying blockchain.

 

For the purpose of calculating fees please consult:

https://www. bitgo. com/resources/price-feeds for current
information on how BitGo computes USD value of digital currencies.

 

     21

     

    

4.    Settlement
Fee.

 

__________[**]____________ bps

 

5.    Monthly
Minimum Fee.

 

Aggregate monthly fees (Digital Asset Custody
Fees + Transaction Fees + Settlement Fees) are subject to a minimum charge of US$[**] (“Monthly Minimum Fee”) per month.

 

6.    Optional
Services.

 

Client may order the following additional Service
by initialing below:

 

_____[**]_____Customer API Endpoint:

 

7.    Payment
Terms.

 

Client shall pay such fees and expenses to Trust
Company within [**] days after the date of Trust Company’s invoice. Invoices may be provided by electronic delivery. Payments shall
be made to Trust Company in U.S. Dollars or Bitcoin. If any invoice is disputed in good faith, Client shall pay all undisputed amounts
and the disputed amount will be due and payable within [**] days after any such dispute has been resolved either by agreement of the parties
or in accordance with dispute resolution procedures in the Agreement. All late payments and any disputed payments made after the resolution
of such dispute shall bear interest accruing from the original payment due date through the date that such amounts are paid at the lower
interest rate of (A) [**]% per month and (B) the highest interest rate allowed by Applicable Law. Notwithstanding the foregoing, failure
to pay fees and expenses by Client [**] days after the date of Trust Company’s invoice (or the date enumerated in the Fee Schedule)
for undisputed payments, or [**] days after the resolution of disputed amounts, shall constitute a material breach of this Agreement.
Client agrees that, without limitation of Trust Company’s other rights and remedies, Trust Company shall have the right and authority,
in its discretion, to liquidate any and all Digital Assets in Client’s Account to cover any unpaid fees and expenses.

 

If a correct taxpayer number is not provided to
Trust Company, Client understands and agrees that Client may be subject to backup withholding tax at the appropriate rate on any interest
and gross proceeds paid to the account for the benefit of Client. Backup withholding taxes are sent to the appropriate taxing authority
and cannot be refunded by Trust Company.

 

8.    [Intentionally
Removed.]

 

9.    Special
Terms.

 

Trust Company agrees to waive application of Client’s
fee payment obligation of Section 7 hereof for [**] ([**]) months following the Effective Date of the Agreement. Trust Company further
agrees to reduce the Monthly Minimums obligation of Client pursuant to Section 5 by [**] percent ([**]%) for the first [**] ([**]) months
following the Effective Date.

 

 

     22

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