Document:

Exhibit 4.2 

 

ARGO BLOCKCHAIN PLC

 

and

 

WILMINGTON SAVINGS FUND SOCIETY, FSB

 

as Trustee

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of [•], 2021

 

to the Indenture dated as of [•], 2021

 

[•]% Senior Notes due 2026

 

     

     

    

 

TABLE OF CONTENTS

 

	Article 1	APPLICATION OF FIRST SUPPLEMENTAL INDENTURE AND CREATION OF THE NOTES	2
	 
	 	Section 1 .01.	Application of First Supplemental Indenture	2
	 
	 	Section 1.02.	Creation of the Notes	2
	 
	Article 2	DEFINITIONS	2
	 
	 	Section 2.01.	Certain Terms Defined in the Base Indenture	2
	 
	 	Section 2.02.	Definitions	2
	 
	Article 3	FORM AND TERMS OF THE NOTES	4
	 
	 	Section 3.01.	Form and Dating	4
	 
	 	Section 3.02.	Terms of the Notes	5
	 
	 	Section 3.03.	Optional Redemption	6
	 
	 	Section 3.04.	Optional Redemption Upon Change of Control	7
	 
	 	Section 3.05.	Open Market Repurchases	8
	 
	Article 4	CERTAIN COVENANTS	9
	 
	 	Section 4.01.	Merger, Consolidation or Sale of Assets	9
	 
	 	Section 4.02.	Reporting	10
	 
	 	Section 4.03.	Payment of Taxes	10
	 
	Article 5	EVENTS OF DEFAULT	12
	 
	 	Section 5.01.	Events of Default	12
	 
	Article 6	MISCELLANEOUS	13
	 
	 	Section 6.01.	Trust Indenture Act Controls	13
	 
	 	Section 6.02.	New York Law to Govern	13
	 
	 	Section 6.03.	Counterparts	13
	 
	 	Section 6.04.	Severability	13
	 
	 	Section 6.05.	Ratification	14
	 
	 	Section 6.06.	Effectiveness	14
	 
	 	Section 6.07.	Trustee Makes No Representation	14
	 
	 	Section 6.08.	Electronic Means	14
	 
	 	Section 6.09.	OFAC Certification and Covenant	15

 

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FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of [•], 2021, between Argo Blockchain plc, a public limited company incorporated
under the laws of England and Wales (the “Company”), and Wilmington Savings Fund Society, FSB, as trustee (the
 “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company and the Trustee executed
and delivered an Indenture, dated as of [•], 2021 (the “Base Indenture” and, together with the First Supplemental
Indenture, the “Indenture”) to provide for the issuance by the Company from time to time of Securities to be
issued in one or more series as provided in the Indenture;

 

WHEREAS, Section 9.1 of the Base Indenture
provides, among other things, that the Company and the Trustee may enter into one or more indentures supplemental to the Base Indenture,
without the consent of any Holders of Securities, to establish the form or terms of Securities of any series as permitted by Sections
2.1 and 3.1 of the Base Indenture;

 

WHEREAS, the Company desires to execute
this First Supplemental Indenture, pursuant to Section 2.1 of the Base Indenture, to establish the form and, pursuant to Section 3.1
of the Base Indenture, to provide for the issuance, of a series of its senior notes designated as its [•]% Senior Notes due 2026
(the “Notes”), in an initial aggregate principal amount of $[●]. The Notes are a series of Securities
as referred to in Section 3.1 of the Base Indenture;

 

WHEREAS, the Company has requested and hereby
requests that the Trustee execute and deliver this First Supplemental Indenture;

 

WHEREAS, the execution and delivery of this
First Supplemental Indenture has been duly authorized by the Company and all things necessary have been done by the Company to make this
First Supplemental Indenture, when executed and delivered by the Company, a valid and binding supplement to the Base Indenture and agreement
of the Company;

 

WHEREAS, all things necessary have been
done by the Company to make the Notes, when executed by the Company and authenticated and delivered by the Trustee in accordance with
the provisions of the Base Indenture, the valid and binding obligations of the Company; and

 

WHEREAS, all conditions precedent provided
for in the Base Indenture relating to this First Supplemental Indenture have been complied with.

 

NOW, THEREFORE, in consideration of the
premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee mutually covenant and agree for
the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows:

 

     

     

    

 

Article 1

APPLICATION OF FIRST SUPPLEMENTAL INDENTURE

AND CREATION OF THE NOTES

 

Section 1.01.     Application
of First Supplemental Indenture.

 

Notwithstanding any other provision of this First
Supplemental Indenture, all provisions of this First Supplemental Indenture with specific Article numbers or Section numbers
refer to Articles and Sections contained in this First Supplemental Indenture and not the Base Indenture or any other document. All Initial
Notes and Additional Notes, if any, shall be treated as a single class for all purposes of the Indenture, including waivers, amendments,
redemptions and offers to purchase. Notwithstanding any other provision of this First Supplemental Indenture, the provisions of this First
Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes
established by this First Supplemental Indenture.

 

Section 1.02.     Creation
of the Notes.

 

In accordance with Sections 2.1 and 3.1 of the
Base Indenture, the Company hereby creates the Notes as a separate series of its Securities issued pursuant to the Indenture, as supplemented
by this First Supplemental Indenture. The Notes shall be issued initially in an aggregate principal amount of $[●].

 

Article 2

DEFINITIONS

 

Section 2.01.     Certain
Terms Defined in the Base Indenture.

 

For purposes of this First Supplemental Indenture,
all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture.

 

Section 2.02.     Definitions.
(a) For the benefit of the Holders of the Notes, the following terms shall have the meanings set forth in this Section 2.02:

 

“Additional Amounts”
has the meaning specified in Section 4.04(a) of this First Supplemental Indenture.

 

“Additional Notes” has
the meaning specified in Section 3.02(b) of this First Supplemental Indenture.

 

“Authorized Officers”
has the meaning specified in Section 6.08 of this First Supplemental Indenture.

 

“Change of Control” has
the meaning specified in Section 3.04 of this First Supplemental Indenture.

 

“Change in Tax Law” has
the meaning specified in Section 3.05 of this First Supplemental Indenture.

 

“Code” has the meaning
specified in Section 4.04(b)(vi) of this First Supplemental Indenture.

 

“Continuing Director”
means a director who either was a member of the board of directors of the Company on the Issue Date or who becomes a member of the Board
of Directors subsequent to that date and whose election, appointment or nomination for election by the stockholders of the Company is
duly approved by a majority of the continuing directors on the Board of Directors at the time of such approval by such election or appointment.

 

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“Depositary” has the
meaning specified in Section 3.01(c) of this First Supplemental Indenture.

 

“Electronic Means” shall
mean the following communications methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization
codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for
use in connection with its services under the Base Indenture, as supplemented by this First Supplemental Indenture.

 

“Global Notes” means
the Notes in the form of Global Securities issued to the Depositary or its nominee, substantially in the form of Exhibit A
of this First Supplemental Indenture.

 

“Initial Notes” has the
meaning specified in Section 3.02(b) of this First Supplemental Indenture.

 

“Instructions” has the
meaning specified in Section 6.08 of this First Supplemental Indenture.

 

“Issue Date” means [•],
2021, the original issue date of the Notes.

 

“Notes” has the meaning
specified in the recitals of this First Supplemental Indenture.

 

“Notes Par Call Date”
has the meaning specified in Section 3.03(b) of this First Supplemental Indenture.

 

“OFAC” has the meaning
specified in Section 6.09(a) of this First Supplemental Indenture.

 

“Relevant Date” has
the meaning specified in Section 4.04(b) of this First Supplemental Indenture.

 

“Relevant Taxing Jurisdiction”
has the meaning specified in Section 4.04(a) of this First Supplemental Indenture.

 

“Sanctions” has the meaning
specified in Section 6.09(a) of this First Supplemental Indenture.

 

“Surviving Person” has
the meaning specified in Section 4.01(a) of this First Supplemental Indenture.

 

“Taxes” has the meaning
specified in Section 4.04(a) of this First Supplemental Indenture.

 

“Voting Stock” of any
specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote generally in the election
of the board of directors of such Person.

 

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Article 3

FORM AND TERMS OF THE NOTES

 

Section 3.01.     Form and
Dating.

 

a) Form. The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed
on behalf of the Company by an Officer or Officers, as provided for in the Base Indenture, of the Company. The Notes may have notations,
legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication.
The Notes and any beneficial interest in the Notes shall be in minimum denominations of $25.00 and integral multiples of $25.00 in excess
thereof.

 

b) Base Indenture. The terms and notations
contained in the Notes shall constitute, and are hereby expressly made, a part of the Base Indenture, and the Company and the Trustee,
by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

c) Global Notes. The Notes shall be issued
initially in the form of fully registered Global Securities, which shall be deposited on behalf of the purchasers of the Notes represented
thereby with The Depository Trust Company, New York, New York (the “Depositary”) or its custodian and registered
in the name of Cede & Co., the Depositary’s nominee, duly executed by the Company and authenticated by the Trustee.

 

d) Book-Entry Provisions. This Section 3.01(d) shall
apply only to the Global Notes deposited with or on behalf of the Depositary. The Company shall execute and the Trustee shall, in accordance
with this Section 3.01(d), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary or the
nominee of the Depositary and shall be delivered by the Trustee to the Depositary or its custodian.

 

e) Paying Agent. The Company initially appoints
the Trustee as Paying Agent for the payment of the principal of (and premium, if any) and interest on the Notes and the Corporate Trust
Office of the Trustee, is hereby designated as the Place of Payment where the Notes may be presented for payment.

 

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Section 3.02.     Terms
of the Notes. The following terms relating to the Notes are hereby established:

 

a) Title. The Notes shall constitute a series
of Securities having the title “[•]% Senior Notes due 2026”.

 

b) Principal Amount. The aggregate principal
amount of the Notes that may be initially authenticated and delivered under the Indenture (the “Initial Notes”)
shall be $[•] (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Base Indenture). The Company may from time to time, without the consent
of the Holders of Notes, issue additional Notes (in any such case “Additional Notes”) having the same terms
as to status, redemption or otherwise (except the price to public, the issue date and, if applicable, the initial interest accrual date
and the initial interest payment date) that may constitute a single fungible series with the Initial Notes; provided that if any such
Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have one or
more separate CUSIP numbers. Any Additional Notes and the Initial Notes shall constitute a single series under the Indenture and all
references to the Notes shall include the Initial Notes and any Additional Notes unless the context otherwise requires.

 

c) Maturity Date. The entire outstanding
principal amount of the Notes shall be payable on [•], 2026 (the “Maturity Date”).

 

d) Interest Rate. The rate at which the
Notes shall bear interest shall be [•]% per annum; the date from which interest shall accrue on the Notes shall be [•], 2021,
or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall
be [•], [•], [•] and [•] of each year and on the Maturity Date, beginning [•]; the interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the
Notes (or predecessor Notes) are registered (which shall initially be the Depositary) at the close of business on the Regular Record Date
for such interest, which shall be the [•], [•], [•] or [•] (whether or not a Business Day), as the case may be, preceding
such Interest Payment Date, and the [•] immediately preceding the Maturity Date. Interest shall be computed on the basis of a 360-day
year comprised of twelve 30-day months. For so long as the Notes are represented in global form by one or more Global Securities, all
payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the Depositary
or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event that definitive
Notes shall have been issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately
available funds to the accounts of the registered Holders thereof; provided, that the Company may elect to make such payments at the office
of the Paying Agent in the City of Wilmington, Delaware; and provided further, that the Company may at its option pay interest by check
to the registered address of each Holder of a definitive Note.

 

e) Currency. The currency of denomination
of the Notes is United States Dollars. Payment of principal of and interest and premium, if any, on the Notes shall be made in United
States Dollars.

 

f) Sinking Fund. The Notes are not subject
to any sinking fund.

 

g) Additional Interest. At the Company’s
election, the sole remedy with respect to an Event of Default due to a failure to comply with reporting requirements under the Trust Indenture
Act or under Section 4.02 below, for the first 180 calendar days after the occurrence of such Event of Default, consists exclusively
of the right to receive additional interest on the Notes at an annual rate equal to (1) 0.25% for the first 90 calendar days after
such default and (2) 0.50% for calendar days 91 through 180 after such default. On the 181st day after such Event of Default, if
such violation is not cured or waived, the Trustee or the Holders of not less than 25% of the outstanding principal amount of the Notes
(with a copy to the Trustee) may declare the principal, together with accrued and unpaid interest, if any, on the Notes to be due and
payable immediately. If the Company chooses to pay such additional interest, the Company must notify the Trustee and the Holders of the
Notes by certificate of the Company’s election at any time on or before the close of business on the first Business Day following
the Event of Default and the Company shall deliver to the trustee an Officer’s Certificate (upon which the Trustee may rely absolutely)
to that effect stating (i) the amount of such additional interest that is payable and (ii) the date on which such additional
interest is payable. Unless and until the Trustee receives such a certificate, the Trustee may assume without inquiry that no election
to pay such additional interest has been made and no such additional interest is payable and the Trustee shall not have any duty to verify
the Company’s calculations of additional interest.

 

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Section 3.03.     Optional
Redemption.

 

a) The provisions of Article 11 of the Base
Indenture, as supplemented by the provisions of this First Supplemental Indenture, shall apply to the Notes.

 

b) Except as provided in Section 3.04
or Section 3.05 below, the Notes shall not be redeemable by the Company at its option prior to [•], 2023 (the “Notes
Par Call Date”).

 

c) The Notes shall be redeemable for cash in whole
or in part at any time at the Company’s option (i) on or after [•], 2023 and prior to [•], 2024, at a price equal
to 102% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after [•],
2024 and prior to [•], 2025, at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but excluding,
the date of redemption, and (iii) on or after [•], 2025 and prior to the Maturity Date, at a price equal to 100% of their principal
amount, plus accrued and unpaid interest to, but excluding, the Redemption Date.

 

d) In each case, redemption shall be upon notice
not fewer than 10 days and not more than 60 days prior to the Redemption Date, except that redemption notices may be delivered more than
60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a discharge of the Indenture.
If less than all of the Notes are to be redeemed, the particular Notes to be redeemed will be selected not more than 45 days prior to
the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption, by lot, or in the Trustee’s
discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized denomination
(which will not be less than the minimum authorized denomination) for such Notes. The Trustee will promptly notify the Company in writing
of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be
redeemed. Beneficial interests in any of the Notes or portions thereof called for redemption that are registered in the name of the Depositary
will be selected by The Depository Trust Company in in accordance with its applicable provisions. The Trustee shall have no obligation
to calculate any redemption price or any component thereof, and the Trustee shall be entitled to receive and conclusively rely upon an
Officer’s Certificate delivered by the Company that specifies any redemption price.

 

e) Unless the Company defaults on the payment of
the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption.

 

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Section 3.04.     Optional
Redemption Upon Change of Control.

 

a) The provisions of Article 11 of the Base
Indenture, as supplemented by the provisions of this First Supplemental Indenture, shall apply to the Notes.

 

b) Prior to the Notes Par Call Date, the
Notes shall be redeemable for cash in whole but not in part at the Company’s option at any time within 90 days of the
occurrence of a Change of Control, at a price equal to 100.5% of their principal amount, plus accrued and unpaid interest to, but
excluding, the Redemption Date.

 

c) Redemption shall be upon notice not fewer than
10 days and not more than 60 days prior to the Redemption Date.

 

d) Unless the Company defaults on the payment of
the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes called for redemption.

 

e) A “Change of Control” will be deemed
to have occurred at the time after the Notes are originally issued if:

 

		1)	any “Person” (as such term is used in Sections 13(d) and 14(d) of the Securities and Exchange Act of 1934 (the
 “Exchange Act”)) is or becomes the “Beneficial Owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange
Act, except that for purposes of this clause (1) such Person shall be deemed to have “Beneficial Ownership” of all shares
that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly
or indirectly, of more than 50.0% of the total voting power of the Voting Stock of the Company;

 

		2)	the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or
the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than a transaction
following which, in the case of a merger or consolidation transaction, holders of securities that represented 100.0% of the Voting Stock
of the Company immediately prior to such transaction (or other securities into which such securities are converted as part of such merger
or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving
Person in such merger or consolidation transaction immediately after such transaction and in substantially the same proportion as before
the transaction;

 

		3)	“Continuing Directors” cease to constitute at least a majority of the Company’s board of directors; or

 

		4)	 if after the Notes are initially listed on the Nasdaq Global Select Market or another national securities exchange in the United States,
the Notes fail, or at any point cease, to be listed on the Nasdaq Global Select Market or such other national securities exchange. For
the avoidance of doubt, it shall not be a Change of Control if after the Notes are initially listed on the Nasdaq Global Select Market
or another securities exchange, such Notes are subsequently listed on a different securities exchange and the prior listing is terminated.

 

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Section 3.05.     Optional
Redemption for Changes in Withholding Taxes.

 

The provisions of Article 11 of the Indenture, as supplemented
by the provisions of this First Supplemental Indenture, shall apply to the Notes.

 

The Company may, at its option, redeem the Notes, in whole but not
in part, upon not less than 10 days’ nor more than 60 days’ notice to the Holders (which shall be irrevocable), at a redemption
price equal to 100% of the principal amount thereof, plus accrued and unpaid interest (if any) thereon to the redemption date (subject
to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), then due
and which will become due on the date of redemption as a result of the redemption or otherwise, if due to a Change in Tax Law the Company
has, or would, on the next date on which any amount would be payable with respect to such Notes, become obligated to pay to the Holder
or beneficial owner of any Notes any Additional Amounts; provided, however, that the Company determines, in its reasonable judgment,
that the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it; and provided further
that at the time such notice is given, such obligation to pay Additional Amounts remains in effect. For the avoidance of doubt, reasonable
measures do not include changing the jurisdiction of incorporation of the Company or any successor to the Company.

 

For purposes hereof, a “Change in Tax
Law” shall mean any change in or an amendment to the laws, treaties, regulations or rulings of the Relevant Taxing Jurisdiction,
including any change in the application, administration or administrative or judicial interpretation of such laws, treaties, regulations
or rulings; which change or amendment has not been publicly announced as formally proposed before, and which becomes effective on or after
the Issue Date.

 

Notice of any such redemption shall be irrevocable. Prior to the publication,
or where relevant, mailing of any notice of redemption pursuant to the foregoing, the Company will deliver to the Trustee:

 

(1) an Officers’ Certificate stating that the Company is
entitled to effect such redemption and setting forth in reasonable detail a statement of facts showing that the conditions precedent to
the right of the Company so to redeem have occurred (including that such obligation to pay such Additional Amounts cannot be avoided by
the Company or any surviving entity taking reasonable measures available to it); and

 

(2) a written opinion of independent counsel of recognized standing
reasonably satisfactory to the Trustee to the effect that the Company or any surviving entity, as the case may be, is or would be obligated
to pay such Additional Amounts as a result of a Change in Tax Law.

 

The Trustee shall accept and shall be entitled
to rely absolutely on such Officer’s Certificate and opinion of counsel as sufficient evidence of the satisfaction of the conditions
precedent referred to above, without further inquiry, in which event it will be conclusive and binding on the Holders.

 

The foregoing provisions shall apply mutatis mutandis
to any successor Person, after such successor Person becomes a party to the Indenture, with respect to a Change in Tax Law occurring after
the time such successor Person becomes a party to the Indenture.

 

Section 3.06.     Open
Market Repurchases. Notwithstanding any provision herein or in the Base Indenture to the contrary, the Company may purchase Notes
from investors who are willing to sell from time to time, either in the open market at prevailing prices or in private transactions at
negotiated prices. Notes that the Company purchases may, at the Company’s discretion, be held, resold or canceled.

 

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Article 4

CERTAIN COVENANTS

 

The following covenants shall be applicable to
the Company for so long as any of the Notes are Outstanding. Nothing in this Article will, however, affect the Company’s rights
or obligations under any other provision of the Base Indenture or this First Supplemental Indenture.

 

Section 4.01.     Merger,
Consolidation or Sale of Assets.

 

The Company shall not merge or consolidate with
or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company) or sell, transfer, lease,
convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance of doubt, a pledge of assets
pursuant to any secured debt instrument of the Company or its Subsidiaries shall not be deemed to be any such sale, transfer, lease, conveyance
or disposition) in one transaction or series of related transactions unless:

 

a) the Company shall be the surviving Person (the
 “Surviving Person”) or the Surviving Person (if other than the Company) formed by such merger or consolidation
or to which such sale, transfer, lease, conveyance or disposition is made shall be organized and existing under the laws of England and
Wales, the United States of America, any state thereof or the District of Columbia, or of another country which is a member of the Organization
for Economic Cooperation and Development;

 

b) the Surviving Person (if other than the Company)
expressly assumes, by supplemental indenture in form reasonably satisfactory to the Trustee, executed and delivered to the Trustee by
such Surviving Person, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes Outstanding,
and the due and punctual performance and observance of all the covenants and conditions of the Indenture to be performed by the Company;

 

c) immediately after giving effect to such transaction
or series of related transactions, no Default or Event of Default shall have occurred and be continuing; and

 

d) in the case of a merger where the Surviving
Person is other than the Company, the Company or such Surviving Person shall deliver, or cause to be delivered, to the Trustee, an Officer’s
Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply
with this Section 4.01 and that all conditions precedent in the Indenture relating to such transaction have been complied with; provided
that in giving an Opinion of Counsel, counsel may rely on an Officers’ Certificate as to any matters of fact, including as to the
satisfaction of clause (c) above.

 

The Surviving Person (if other than the Company)
will succeed to, and be substituted for, and may exercise every right and power of, the Company under the Notes and the Indenture, and
the Company will be automatically and unconditionally released and discharged from its obligations under the Notes and the Indenture.

 

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Section 4.02.     Reporting.

 

So long as the Notes are issued and outstanding and the Company is, at any time, not subject to the reporting requirements of the Exchange
Act, the Company agrees to make available to Holders and the Trustee its audited annual consolidated financial statements and unaudited
interim consolidated financial statements within the time periods that were specified and applicable to the Company under the Exchange
Act immediately prior to the Company no longer being subject to the reporting requirements of Exchange Act. All such financial statements
will be prepared, in all material respects, in accordance with International Financial Reporting Standards or U.S. Generally Accepted
Accounting Principles, as applicable. For the avoidance of doubt, the filing or furnishing of the foregoing financial statements or other information to the Securities and
Exchange Commission, or the publication thereof on the Company's website, shall be deemed effective delivery of such information to the
Holders and the Trustee.

 

Delivery of such reports, information and documents
to the Trustee pursuant to this Section 4.02 is for informational purposes only and the Trustee’s receipt of such shall not
constitute actual or constructive knowledge or notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on an Officer’s Certificate). The Trustee shall have no duty to review or analyze reports, information and documents delivered to
it. Additionally, the Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance
with the any of the covenants hereunder, to determine whether any such information, reports or other documents are filed or furnished
with the Securities and Exchange Commission, on any website or on any protected online data system or to participate in any conference
calls.

 

Section 4.03.     Payment
of Taxes.

 

The Company will pay or discharge or cause to be
paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the
Company or upon the income, profits or property of the Company, except where the failure to do so would not be reasonably expected to
have a material adverse effect on the business, assets, financial condition or results of operations of the Company; provided, however,
that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment or charge whose
amount, applicability or validity is being contested in good faith by appropriate proceedings.

 

Section 4.04.     Payment
of Additional Amounts.

 

(a) All payments that the Company makes under or with respect
to the Notes will be made free and clear of and without withholding or deduction for or on account of any present or future taxes or any
duty, levy, impost, assessment or similar governmental charges in the nature of Tax (collectively, “Taxes”).
If the Company is required to withhold or deduct any amount for or on account of any such Taxes imposed or levied by or on behalf of the
United Kingdom or any political subdivision or governmental authority thereof or therein having the power to tax (the “Relevant
Taxing Jurisdiction”), from any payment made under or with respect to the Notes, the Company shall pay such additional amounts
(“Additional Amounts”) as may be necessary to ensure that the net amount received by each Holder of the
Notes after such withholding or deduction will be not less than the amount the Holder would have received if such Taxes had not been withheld
or deducted.

 

(b) The Company shall not, however, pay Additional Amounts to
a Holder or beneficial owner of Notes in respect or on account of:

 

(i) any Taxes that would not have been imposed, assessed, levied
or collected but for the existence of a present or former business or personal connection between the Holder or beneficial owner (or a
fiduciary, settler, beneficiary, partner, member or shareholder of, or possessor of power over the relevant holder, if the relevant holder
is an estate, nominee, trust, partnership or corporation) of the applicable Notes and the United Kingdom (including, but not limited to,
citizenship, nationality, residence, domicile, physical presence or existence of a business, a permanent establishment, a place of business
or a place of management present or deemed present within the United Kingdom) other than the mere receipt, ownership, holding or disposition
of such Notes, or the receipt of any payments or the exercise or enforcement of rights under such Notes;

 

(ii) any Taxes that would not have been imposed, assessed, levied
or collected but for the fact that, where presentation is required, the applicable Note was presented for payment more than 30 days after
the Relevant Date (as defined below) except to the extent that a Holder would have been entitled to such Additional Amounts if it had
presented the Note on any day during such 30-day period;

 

(iii) any Taxes that would not have been imposed, assessed, levied
or collected had the Holder or beneficial owner of the applicable Notes complied on a timely basis, with a written request of the Company
for any applicable information or certification that would have, if provided on a timely basis, permitted the payment to be made without
withholding or deduction (or with a reduced rate of withholding or deduction);

 

    10

     

    

 

 

(iv) any estate, inheritance, gift, sales, excise, transfer, personal
property or similar Taxes;

 

(v) any Taxes payable other than by deduction or withholding from
payments under, or with respect to, the applicable Notes;

 

(vi) any withholding or deduction required to be made from a payment
pursuant to Sections 1471-1474 of the Internal Revenue Code of 1986, as amended (the “Code”), as of the Issue
Date, any current or future regulations or official interpretations thereof, any similar law or regulations adopted pursuant to an intergovernmental
agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant
to Section 1471(b)(1) of the Code;

 

(vii) any Taxes that were imposed with respect to any payment
on a Note to any fiduciary or partnership or person other than the sole beneficial owner of such payment to the extent that no Additional
Amounts would have been payable had the beneficial owner of the applicable Note been the Holder of such Note; or

 

(viii) any Taxes that are payable on account of any combination
of (i) through (vii) above.

 

For purposes of the foregoing, the “Relevant Date”
means, in respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the monies payable
has not been received by the Paying Agent on or prior to such due date, the Relevant Date means the first date on which, the full amount
of such monies having been so received and being available for payment to Holders, notice to that effect has been duly given to the Holders.

 

(c) The Company shall (i) make such withholding or deduction
required by applicable law and (ii) remit the full amount deducted or withheld to the relevant taxing authority in accordance with
applicable law. The Company will use its reasonable efforts to obtain tax receipts from each tax authority evidencing the payment of any
Taxes so deducted or withheld.

 

(d)  Wherever in the Indenture or the Notes there are mentioned,
in any context, (1) the payment of principal, (2) interest or (3) any other amount payable on or with respect to any of
the Notes, such reference shall be deemed to include payment of Additional Amounts as described under this heading to the extent that,
in such context, Additional Amounts are, were or would be payable in respect thereof.

 

(e) At least 30 days prior to each date on which any payment under
or with respect to the Notes is to be made (unless an obligation to pay Additional Amounts arises less than 35 days prior to that payment
date, in which case it shall be promptly thereafter), if the Company shall be obligated to pay Additional Amounts with respect to such
payment, the Company shall deliver to the Trustee and the Paying Agent, if other than the Trustee, an Officers’ Certificate stating
that such Additional Amounts will be payable and the amounts so payable and shall set forth such other information (other than the identities
of Holders and beneficial owners) necessary to enable the Trustee or the Paying Agent, as the case may be, to pay such Additional Amounts
to Holders and beneficial owners on the payment date.

 

(f) The Company shall furnish to the Trustee within a reasonable
time certified copies of tax receipts evidencing the payment by the Company of any Taxes imposed or levied by the Relevant Taxing Jurisdiction.
If, notwithstanding the reasonable efforts of the Company to obtain such receipts, the same are not obtainable, then the Company shall
provide the Trustee with other evidence reasonably satisfactory to the Trustee of such payment by the Company provided, however,
that in no event shall the Company be required to disclose any information that it reasonably deems to be confidential. The Trustee shall
not have any duty to verify the Company’s calculations of Additional Amounts.

 

(g) This Section 4.04 shall survive any termination, defeasance
or discharge of the Indenture and shall apply mutatis mutandis to any jurisdiction in which any successor person to the Company is organized,
incorporated or otherwise resident for tax purposes and any political subdivision or taxing authority or agency thereof or therein.

 

    11

     

    

 

 

Section 4.05.     Exchange
Listing.

 

After the Notes are initially listed on the
Nasdaq Global Select Market or another national securities exchange, the Company will use commercially reasonable efforts to cause
the Notes to continue be listed on the Nasdaq Global Select Market or another national securities exchange in the United States.
However, the Company may alternatively, but need not, list the Notes on any other [stock] [securities] exchange that is a
 “recognized stock exchange” within the meaning of section 1005 of the United Kingdom Income Tax Act 2007. For the
avoidance of doubt, it shall not be a default in the performance, or breach, of this covenant if the Company uses commercially
reasonable efforts to cause the Notes to continue be listed on the Nasdaq Global Select Market or another securities exchange and is
unable to do so notwithstanding such efforts.

 

Article 5

EVENTS OF DEFAULT

 

Section 5.01.     Events
of Default.

 

Solely for the benefit of the Holders of the Notes,
Section 5.1 of the Base Indenture is hereby deleted in its entirety and replaced with the following:

 

“Section 5.1. Events of Default.

 

“Event of Default”,
wherever used herein with respect to the Notes means any one of the following events (whatever the reason for such Event of Default and
whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court
or any order, rule or regulation of any administrative or governmental body):

 

(1) default in the payment of any
interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30 days;

 

(2) default in the payment of the
principal of any Note when due and payable;

 

(3) default in the performance,
or breach, of any covenant of the Company in the Indenture with respect to the Notes, and continuance of such default or breach for a
period of 60 days after there has been sent to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in principal amount of the Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder;

 

(4) the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding under
any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the
Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition
of or in respect of the Company under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Company or of any substantial part of its property, or ordering the winding up
or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 90 consecutive days; or

 

(5) the commencement by the Company
of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition
or answer or consent seeking reorganization or relief under any applicable federal or state law, or the consent by it to the filing of
such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar
official of the Company or of any substantial part of its property, or the making by the Company of an assignment for the benefit of creditors,
or the admission by the Company in writing of its inability to pay its debts generally as they become due, or the taking of corporate
action by the Company in furtherance of any such action.”

 

    12 

     

    

 

The Trustee shall not be deemed to have notice
or be charged with knowledge of an Event of Default hereunder (except for those described in paragraphs (1) and (2) above, including
with respect to any premium, if the Trustee is then the Paying Agent) unless written notice of such default or Event of Default from the
Company or any Holder is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Notes and the Indenture.

 

The Trustee may withhold notice to the Holders
of any Event of Default, except with respect to Events of Default listed in (1) and (2) above, if the Trustee in good faith
determines the withholding of notice to be in the interest of the Holders.

 

Article 6

MISCELLANEOUS

 

Section 6.01.     Trust
Indenture Act Controls.

 

If any provision of this First Supplemental Indenture
limits, qualifies or conflicts with another provision which is required to be included in this First Supplemental Indenture by the Trust
Indenture Act, the required provision shall control. If any provision of this First Supplemental Indenture modifies or excludes any provision
of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this First Supplemental
Indenture as so modified or to be excluded, as the case may be.

 

Section 6.02.     New
York Law to Govern.

 

This First Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 6.03.     Counterparts.

 

This First Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages that are executed
by manual signatures that are scanned, photocopied or faxed or by other electronic signing created on an electronic platform (such as
DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee, shall constitute effective execution
and delivery of this First Supplemental Indenture for all purposes. Signatures of the parties hereto that are executed by manual signatures
that are scanned, photocopied or faxed or by other electronic signing created on an electronic platform (such as DocuSign) or by digital
signing (such as Adobe Sign), in each case that is approved by the Trustee, shall be deemed to be their original signatures for all purposes
of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original.

 

Anything in the Base Indenture, this First Supplemental
Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated by the Base Indenture, this
First Supplemental Indenture, the Notes and any document to be signed in connection with the Base Indenture, this First Supplemental Indenture
or the Notes (including the Trustee’s Certificate of Authentication on the Notes, amendments, waivers, consents and other modifications,
Officer’s Certificates, Company Requests, Company Orders and Opinions of Counsel and other issuance, authentication and delivery
documents) or the transactions contemplated hereby may be signed by manual signatures that are scanned, photocopied or faxed or other
electronic signatures created on an electronic platform (such as DocuSign) or by digital signature (such as Adobe Sign), in each case
that is approved by the Trustee, and contract formations on electronic platforms approved by the Trustee, and the keeping of records in
electronic form, are hereby authorized, and each shall be of the same legal effect, validity or enforceability as a manually executed
signature in ink or the use of a paper-based recordkeeping system, as the case may be.

 

Section 6.04.     Severability.
If any provision of this First Supplemental Indenture or the Notes shall be held to be illegal or unenforceable under applicable law,
then the remaining provisions hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained
therein.

 

    13 

     

    

 

Section 6.05.     Ratification.

 

The Base Indenture, as supplemented by this First
Supplemental Indenture, is in all respects ratified and confirmed. All provisions included in this First Supplemental Indenture supersede
any conflicting provisions included in the Base Indenture, unless not permitted by law. The Trustee accepts the trusts created by the
Base Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of
the Indenture.

 

Section 6.06.     Effectiveness.

 

The provisions of this First Supplemental Indenture
shall become effective as of the date hereof.

 

Section 6.07.     Trustee
Makes No Representation.

 

The recitals and statements contained herein and
in the Notes are made solely by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof.
The Trustee makes no representation as to the validity, adequacy or sufficiency of this First Supplemental Indenture or the Notes. The
Trustee shall not be accountable for the use or application by the Company of Notes or the proceeds thereof. All rights, protections,
privileges, indemnities, immunities and benefits granted or afforded to the Trustee under the Base Indenture shall be deemed incorporated
herein by this reference and shall be deemed applicable to all actions taken, suffered or omitted to be taken by the Trustee in each of
its capacities hereunder, and each agent, custodian and other Person employed to act under this First Supplemental Indenture.

 

Section 6.08.     Electronic
Means.

 

The Trustee shall have the right to accept and
act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to the Base Indenture,
as supplemented by this First Supplemental Indenture and delivered using Electronic Means; provided, however, that the Company shall provide
to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized Officers”)
and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever
a person is to be added or deleted from the listing. If the Company elects to give the Trustee Instructions using Electronic Means and
the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed
controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions
and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the
incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring
that only Authorized Officers transmit such Instructions to the Trustee and that the Company and all Authorized Officers are solely responsible
to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt
by the Company. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the
Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse
by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting
Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by
the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee
immediately upon learning of any compromise or unauthorized use of the security procedures.

 

    14 

     

    

 

Section 6.09.     OFAC
Certification and Covenant.

 

a) The Company covenants and represents that neither
they nor any of their affiliates, subsidiaries, directors or officers are the target or subject of any sanctions enforced by the US Government,
(including, the Office of Foreign Assets Control of the US Department of the Treasury (“OFAC”)), the United
Nations Security Council, the European Union, HM Treasury, or other relevant sanctions authority (collectively “Sanctions”).

 

b) The Company covenants and represents that neither
they nor any of their affiliates, subsidiaries, directors or officers will use any payments made pursuant to the Indenture, as supplemented
by this First Supplemental Indenture, (i) to fund or facilitate any activities of or business with any person who, at the time of
such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business with
any country or territory that is the target or subject of Sanctions, or (iii) in any other manner that will result in a violation
of Sanctions by any person.

 

[Remainder of page intentionally left blank.]

 

    15 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this First Supplemental Indenture to be duly executed.

 

Dated:

 

	 	ARGO BLOCKCHAIN PLC
	 	 	 
	 	By:	 
	 	 	Name: Peter Wall
	 	 	Title: Chief Executive Officer

 

	 	WILMINGTON SAVINGS FUND SOCIETY, FSB,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Signature
Page to First Supplemental Indenture

 

    

     

    

 

EXHIBIT A

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF.
THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE ONLY
IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE
FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY
OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

ARGO BLOCKCHAIN PLC

 

[•]% Senior Note due 2026

 

	No.	 	Principal Amount
	CUSIP No. [•]	 	$[•]
	ISIN No. [•]	 	 

 

Argo Blockchain plc, a public limited company incorporated
under the laws of England and Wales (hereinafter called the “Company”, which term includes any successor Person
under the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of [•] United States Dollars (U.S. $[•]) on [•], 2026 (the “Maturity Date”) and
to pay interest thereon from [•], 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, quarterly on January 31, April 30, July 31 and October 31 in each year and on the Maturity Date (each an “Interest
Payment Date”), beginning [•] at the rate of [•]% per annum, until the principal hereof is paid or duly made available
for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in such
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the [•], [•], [•] or [•] (whether or not a Business Day),
as the case may be, preceding such Interest Payment Date, and the [•] immediately preceding the Maturity Date. Any such interest
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to
the Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in whose name
this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Company, notice whereof shall be given to Holders of the Notes not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

The amount of interest payable for any interest
period, including interest payable for any partial interest period, will be computed on the basis of a 360-day year comprised of twelve
30-day months. If an interest payment date falls on a non-Business Day, the applicable interest payment will be made on the next Business
Day and no additional interest will accrue as a result of such delayed payment.

 

Payment of the principal of (and premium, if any)
and the interest on this Note shall be made at the designated office of the Trustee (as defined below) at WSFS Bank Center, 500 Delaware
Avenue, 11th Floor, Wilmington, Delaware 19801, in such currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global
Securities, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds
to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. In the event
that definitive Notes shall have been issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer
of immediately available funds to the accounts of the registered Holders thereof; provided, that the Company may at its option pay interest
by check to the registered address of each Holder of a definitive Note.

 

    A-1

     

    

 

This Note is one of the duly authorized series
of Securities of the Company, designated as the Company’s “[•]% Senior Notes due 2026”, initially limited to an
aggregate principal amount of $[•] all issued or to be issued under and pursuant to an Indenture (the “Base Indenture”),
dated as of [•], 2021, between the Company and Wilmington Savings Fund Society, FSB, as trustee (hereinafter referred to as the “Trustee”),
as supplemented by the First Supplemental Indenture thereto, dated as of [•], 2021 (the “First Supplemental Indenture,”
and, together with the Base Indenture, the “Indenture”). Reference is hereby made to the Indenture for a description
of the respective rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders
of the Notes.

 

The Notes may not be redeemed prior to the Maturity
Date, except as described in Article 3 of the First Supplemental Indenture.

 

The Notes are not subject to any sinking fund.

 

If an Event of Default with respect to the Notes
shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in
the Indenture.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders
of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series affected thereby.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities
of any series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the right of the Holder of this Note, which is absolute and unconditional, to receive
payment of the principal of and interest on this Note at the times herein and in the Indenture prescribed and to institute suit for the
enforcement of any such payment unless the Holder of this Note shall have consented to the impairment of such right.

 

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered in the Security register, upon surrender of this Note for registration
of transfer at the office or agency of the Company in any place where the principal of (and premium, if any) and interest on this Note
are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes of this
series and of any authorized denominations and of a like aggregate principal amount and tenor, shall be issued to the designated transferee
or transferees.

 

The Notes are issuable only in registered form
without coupons in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof. Subject to certain limitations
therein set forth in the Indenture and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this
series in different authorized denominations, as requested by the Holders surrendering the same.

 

    A-2

     

    

 

No service charge shall be made for any such registration
of transfer or for exchange of this Note, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of a Note, other than in certain cases
(if any) provided in the Indenture.

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered
as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.

 

The Indenture contains provisions whereby (i) the
Company may be discharged from its obligations with respect to the Notes (subject to certain exceptions) or (ii) the Company may
be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits
with the Trustee money or U.S. Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes of this series,
and satisfies certain other conditions, all as more fully provided in the Indenture.

 

This Note shall be governed by and construed in
accordance with the laws of the State of New York.

 

All terms used in this Note which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

Unless the certificate of authentication hereon
has been executed by or on behalf of the Trustee under the Indenture by the manual signature (which may be scanned, photocopied or faxed
or otherwise signed electronically (including by DocuSign or Adobe Sign)) of one of its authorized signatories, this Note shall not be
entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

 

    A-3

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed as of the date first written above.

 

	 	ARGO BLOCKCHAIN PLC
	 	 	 
	 	By:	 
	 	 	Name: Peter Wall
	 	 	Title: Chief Executive Officer

 

Signature
Page to Argo Blockchain plc Global Note

 

    

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture as of the date first written above.

 

	 	WILMINGTON SAVINGS FUND SOCIETY, FSB,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Authentication
Certificate to Argo Blockchain plc Global Note

 

    

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription
on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations.

 

	TEN COM - as tenants	UNIF GIFT MIN ACT - Custodian
	in common	(Cust) (Minor)
	TEN ENT - as tenants by	Under Uniform Gifts to
	the entireties	Minor Act
	JT TEN - as joint tenants	 
	with right of survivorship and	 
	not as tenants in common	(State)

 

	Additional abbreviations may also be used though not in the above list.
	 
	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
	 
	 
	(Please insert Assignee’s legal name)
	 
	 
	(Please insert Social Security or other identifying number of Assignee)
	 
	 
	(Please print or typewrite name and address including postal zip code of Assignee)
	 
	the within Note of ARGO BLOCKCHAIN PLC and does hereby irrevocably constitute and appoint attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises.
	Dated:	 	 
	 	 	 
	 	Your	 
	 	Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 

 

[NOTICE: The signature to this assignment must correspond with the
name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatever.]RESCISSION
AGREEMENT AND MUTUAL RELEASE

 

THIS
RESCISSION AGREEMENT AND MUTUAL RELEASE (“Agreement”) is made and entered into as of October 22, 2021, by and among Arvana
Inc., a Nevada corporation (“Company”), Altaf Nazerali, a Canadian resident individually and on behalf of Valor Invest Ltd.,
International Portfolio Management Inc, 681315 B.C. Ltd., John Baring and Raymond Wicki
(“Sellers”), and Alkiviades David, a British resident (“Buyer”). The Company, Buyer and Seller are sometimes
referred to herein as the “parties” collectively or as a “party” individually.

RECITALS

 

WHEREAS,
the Company, Sellers and Buyer are parties to that certain Confidential Term Sheet, dated May 21, 2021, (“Term Sheet”) pursuant
to which Buyer and Sellers were to cause the Company to enter into an asset purchase agreement (“Asset Purchase”) with an
asset owned or controlled by Buyer.

 

WHEREAS,
to induce Buyer to enter into an Asset Purchase with Company, the Sellers determined to grant irrevocable proxies to Buyer that represented
voting control over more than ninety percent (90%) of the Company’s outstanding shares (“Proxies”), in addition to
which action the Company indicated its intention to appoint two (2) new directors to its board of directors (Mathew Bentley Hoover &
Carl Dawson, hereinafter “Directors”) and to solicit the resignation of two of its then existing directors.

 

WHEREAS,
the parties now desire to unwind and rescind the Term Sheet to disclaim any intention of entering into an Asset Purchase due to, among
other reasons, certain events that have occurred subsequent to the execution of the Term Sheet, including the inability of the parties
to reach agreement on the structure of the anticipated Asset Purchase; and

 

WHEREAS,
to accomplish the unwinding and recission of the Term Sheet, Buyer desires to effectively terminate the Proxies herewith, and to solicit
the resignation of the Directors with immediate effect on the terms and subject to the conditions set forth below.

 

NOW,
THEREFORE, the parties hereby agree as follows:

 

1. RESCISSION
OF TERM SHEET

 

On
the terms and subject to the conditions of this Agreement, the Company, Sellers and Buyer each agree, in consideration of their mutual
covenants and agreement, that the Term Sheet is hereby rescinded in its entirety, and that none of the parties hereto shall have any
further rights or duties thereunder, except for those defined in this Agreement.

 

2. REVOCATION
OF PROXIES AND RESIGNATION OF DIRECTORS

 

Buyer
agrees to revoke the Proxies granted by Sellers and to solicit the Directors to submit their respective resignations to the Company with
immediate effect (specimen resignation form attached hereto).

 

3.
 MUTUAL REPRESENTATIONS AND WARRANTIES; COVENANTS

 

Each
party represents and warrants to the other party that:

3.1
Authorization. All corporate action on the part of the respective parties, nominees, officers, directors and shareholders as necessary
for the authorization, execution and delivery of this Agreement and the performance of all obligations hereunder has been taken. This
Agreement constitutes a valid and legally binding obligation of the parties, enforceable in accordance with its respective terms.

 

3.2
Corporate Organization of the Company. The Company is a corporation duly organized, validly existing and in good standing under the laws
of the state of incorporation and has full corporate power and authority to carry on its business as it is now being conducted.

 

3.3
Agreement Not in Contravention. Neither the execution and delivery of this Agreement, nor the consummation of the actions provided for
herein will (i) result in a material breach of or constitute a material default or give rise to any right of termination, cancellation
or acceleration under the terms, conditions, or provisions of any agreement or other instrument to which each of the parties is a party,
or (ii) violate any order, writ, injunction, decree, law, statute, rule or regulation applicable to any of the parties.

 

3.4
Information and Statements. No representation or warranty made by or on behalf of the parties with respect to the Term Sheet or the anticipated
Asset Purchase contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements
so made, in light of the circumstances under which they are made, not misleading.

 

4. MUTUAL
RELEASE

 

4.1
Each party on behalf of itself and its respective partners, agents, assigns, heirs, officers, directors, employees executors, and attorneys
(“Affiliates”) hereby forever and finally releases, relieves, acquits, absolves and discharges the other party and their
Affiliates from any and all losses, claims, debts, liabilities, demands, obligations, promises, acts, omissions, agreements, costs and
expenses, damages, injuries, suits, actions and causes of action, of whatever kind or nature, whether known or unknown, suspected or
unsuspected, contingent or fixed, that they may have against the other party and their Affiliates, including without limitation claims
for indemnification, based upon, related to, or by reason of any matter, cause, fact, act or omission occurring or arising at any moment
out of the Term Sheet.

 

4.2
Each party acknowledges that this mutual release does not constitute any admission of liability whatsoever on the part of any of the
undersigned.

 

4.3
Each party represents and warrants that there has been no assignment or transfer of or giving of a security interest in or encumbrance
upon any interest in any claim which he/it or his/its Affiliates may have against any other party. Each of the parties further represents
that such party: (i) has carefully read this Agreement; (ii) knows the contents of this Agreement; (iii) has had the advice of counsel
of such party’s choosing in connection with the subject matter hereof, and the advice thereof is reflected in the provisions of
this Agreement; and (iv) has not been influenced to any extent whatsoever in doing so by any other party or by any other person or entity,
except for those representations, statements and promises expressly set forth herein.

 

5. THE
EFFECTIVE DATE

 

5.1
This Agreement shall become effective when executed and delivered by all of the parties hereto (“Effective Date”).

6. INDEMNIFICATION

 

Each
party shall defend, indemnify, and hold the other parties harmless from and against any and all losses, damages, liabilities and expenses
(including penalties and attorneys’ fees) which are incurred or suffered by or imposed upon any other party arising out of or relating
to (i) any failure or breach by a party to perform any of his/its covenants, agreements or obligations under this Agreement, or (ii)
any inaccuracy or incompleteness of the representations and warranties of a party contained in this Agreement.

 

7. ENTIRE
AGREEMENT

 

This
Agreement, and any instruments and agreements to be executed pursuant to this Agreement, sets forth the entire understanding of the parties
hereto with respect to its subject matter, merges and supersedes all prior and contemporaneous understandings with respect to its subject
matter and may not be waived or modified, in whole or in part, except by a writing signed by each of the parties hereto. No waiver of
any provision of this Agreement in any instance shall be deemed to be a waiver of the same or any other provision in any other instance.
Failure of any party to enforce any provision of this Agreement shall not be construed as a waiver of its rights under such provision.

 

8. SUCCESSORS
AND ASSIGNS

 

This
Agreement shall be binding upon, enforceable against and inure to the benefit of, the parties hereto and their respective heirs, administrators,
executors, personal representatives, successors and assigns, and nothing herein is intended to confer any right, remedy or benefit upon
any other person. This Agreement may not be assigned by any party hereto except with the prior written consent of the other parties,
which consent shall not be unreasonably withheld.

 

9. GOVERNING
LAW

 

This
Agreement will be construed and enforced in accordance with and governed by the laws of the State of Utah, without reference to principles
of conflicts of law. Each of the parties consents to the jurisdiction of the federal courts whose districts encompass any part of the
State of Utah in connection with any dispute arising under this Agreement and hereby waives, to the maximum extent permitted by law,
any objection, including any objection based on forum non conveniens, to the bringing of such proceeding in such jurisdictions. Each
party hereby agrees that if another party to this Agreement obtains a judgment against it in such a proceeding, the party which obtained
such judgment may enforce same by summary judgment in the courts of any country having jurisdiction over the party against whom such
judgment was obtained, and each party hereby waives any defenses available to it under local law and agrees to the enforcement of such
a judgment. Each party to this Agreement irrevocably consents to the service of process in any such proceeding by the mailing of copies
thereof by registered or certified mail, postage prepaid, to such party at its address set forth herein. Nothing herein shall affect
the right of any party to serve process in any other manner permitted by law.

 

10. COUNTERPARTS

 

This
Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

11. CONSTRUCTION

 

Headings
contained in this Agreement are for convenience only and shall not be used in the interpretation of this Agreement. References herein
to articles and sections are to the articles, and sections, respectively, of this Agreement. As used herein, the singular includes the
plural, and the masculine, feminine and neuter gender each includes the others where the context so indicates. Any item that is disclosed
in a representation or warranty shall be deemed disclosed for all purposes and for every representation and warranty.

 

12. Severability

 

If
any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, this Agreement shall be
interpreted and enforceable as if such provision were severed or limited, but only to the extent necessary to render such provision and
this Agreement enforceable.

 

13. SPECIFIC
PERFORMANCE

 

The
parties agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the
terms thereof and that, prior to the termination of this Agreement pursuant to its terms, the parties shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at law or equity.

 

14. NOTICE

 

All
communications, notices, requests, consents or demands given or required under this Agreement shall be in writing and shall be deemed
to have been duly given when delivered to, or received by prepaid registered or certified mail or recognized overnight courier addressed
to, or upon receipt of a facsimile sent to, the party for whom intended, as follows, or to such other address or facsimile number as
may be furnished by such party by notice in the manner provided herein:

 

If
to Company:

 

Arvana
Inc.

299
South Main Street, 13th Floor

Salt
Lake City

Utah
84111

Attention:
Ruairidh Campbell, Chief Executive Officer

Phone
Number: (801) 232-7395

E-mail:
ruairidhcampbell@msn.com

 

If
to Sellers:

 

Altaf
Nazerali

3001-788
Richards Street

Vancouver

British
Columbia, Canada V6B 0C7

Phone
Number: (360) 223-9911

E-mail:
aly.nazerali@ipm.bc.ca

If
to Buyer:

 

Alkiviades
David

23768
Malibu Road

Malibu

California
90265

Phone
Number: (310) 703-7575

E-mail:
alki@filmon.com

 

15. SURVIVAL.

 

All
representations, warranties, covenants and agreements of the parties contained in this Agreement, or in any instrument, certificate,
opinion or other writing provided for herein, shall survive the Effective Date.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.

 

Arvana
Inc.

 

/s/
Ruairidh Campbell

By:
Ruairidh Campbell

Its:
Chief Executive Officer

 

Altaf
Nazerali

 

/s/
Altaf Nazerali

Altaf
Nazerali, individually and on the behalf of Valor Invest Ltd., International Portfolio Management Inc, 681315
B.C. Ltd., John Baring and Raymond Wicki

 

Alkiviades
David

 

/s/
Alkiviades David

Alkiviades
David

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