Document:

Document

Exhibit 10.1

LITHIA MOTORS, INC.
SHORT-TERM INCENTIVE PLAN
(Effective January 1, 2021)

1.  PURPOSE

The purpose of the Plan is to motivate and reward eligible employees by making a portion of their cash compensation dependent on the achievement of certain Performance Goals related to the performance of Lithia Motors, Inc. (the “Company”) and its affiliates. The Plan replaces the Company’s Performance Bonus Plan effective January 1, 2021.

2.  DEFINITIONS

The following definitions shall be applicable throughout the Plan:

(a) “Award” means the amount of a cash incentive payable under the Plan to a Participant with respect to a Performance Period.

(b) “Board” means the Board of Directors of the Company, as constituted from time to time.

(c) “Committee” means the Compensation Committee of the Board.

(d) “Participant” means any officer or key employee of the Company who is designated as a Participant by the Committee.

(e) “Performance Goal” means a goal determined by the Committee with respect to each Performance Period utilizing one or more of the following factors and any adjustment(s) thereto established by the Committee: (i) operating income, operating cash flow and operating expense; (ii) earnings before interest, taxes, depreciation and amortization; (iii) earnings; (iv) free cash flows; (v) market share; (vi) sales; (vii) revenue; (viii) profits before interest and taxes; (ix) expenses; (x) cost of goods sold; (xi) profit/loss or profit margin; (xii) working capital; (xiii) return on capital, equity or assets; (xiv) earnings per share; (xv) economic value added; (xvi) stock price; (xvii) price/earnings ratio; (xviii) debt or debt-to-equity; (xix) accounts receivable; (xx) write-offs; (xxi) cash; (xxii) assets; (xxiii) liquidity; (xxiv) operations; (xxv) intellectual property (e.g., patents); (xxvi) product development; (xxvii) regulatory activity; (xxviii) manufacturing, production or inventory; (xxix) mergers and acquisitions or divestitures; (xxx) financings; (xxxi) individual performance; (xxxii) strategic performance; (xxxiii) customer satisfaction; (xxxiv) total shareholder return; and/or (xxxv) any other performance factor selected by the Committee, each with respect to the Company and/or one or more of its affiliates or operating units and may be relative to any designated comparison group of companies. 

(f) “Performance Period” means any period determined by the Committee, in its sole discretion. The Committee may establish different Performance Periods for different Participants, and the Committee may establish concurrent or overlapping Performance Periods.

(g) “Plan” means this Lithia Motors, Inc. Short-Term Incentive Plan, as amended from time to time.
    1

Exhibit 10.1

3.  ADMINISTRATION

The Plan shall be administered by the Committee, which shall have the discretionary authority to interpret the provisions of the Plan, including all decisions on eligibility to participate, the establishment of payment targets and the amount of the Awards payable under the Plan. The decisions of the Committee shall be final and binding on all parties making claims under the Plan. The Committee may delegate its administrative authority in whole or in part with respect to Awards issued to Participants who are not executive officers.

4.  ELIGIBILITY

Officers and key employees of the Company shall be eligible to participate in the Plan as determined at the sole discretion of the Committee.

5.  AMOUNT OF AWARDS

With respect to each Participant, the Committee will establish one or more Performance Periods, an individual Participant incentive target for each Performance Period and the Performance Goal or Goals to be met during such Performance Periods. The maximum amount of any Awards that can be paid under the Plan to any Participant during any fiscal year is $10,000,000. The Committee reserves the right, in its sole discretion, to increase, reduce, or eliminate the amount of an Award otherwise payable to a Participant with respect to any Performance Period.

6.  PAYMENT OF AWARDS

(a) A Participant must be employed on the date the Award is to be paid. The Committee may make exceptions to this requirement in the case of retirement, death, or disability or under other circumstances, as determined by the Committee in its sole discretion.

(b) Any distribution made under the Plan shall be made in cash and occur within a reasonable period of time after the end of the Performance Period in which the Participant has earned the Award but may occur prior to the end of the Performance Period, subject to any restrictions as may be necessary to cause such payment to comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations and interpretations promulgated thereunder (collectively, “Section 409A”). The Committee shall make a determination in writing that the terms and conditions underlying the payment of an Award have been satisfied. Notwithstanding the foregoing, in order to comply with the short-term deferral exception under Section 409A, if the Committee waives the requirement that a Participant must be employed on the date the Award is to be paid, payout shall occur no later than the 15th day of the third month following the end of the relevant Performance Period.

7.  GENERAL

(a) Tax Withholding. The Company shall have the right to deduct from all Awards any federal, state, or local income and/or payroll taxes required by law to be withheld with respect to 
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Exhibit 10.1

such payments. The Company also may withhold from any other amount payable by the Company or any affiliate to the Participant an amount equal to the taxes required to be withheld from any Award.

(b) Claim to Awards and Employment Rights. Nothing in the Plan shall confer on any Participant the right to continued employment with the Company or any of its affiliates, or affect in any way the right of the Company or any affiliate to terminate the Participant’s employment at any time, and for any reason, or change the Participant’s responsibilities. Awards represent unfunded and unsecured obligations of the Company and a holder of any right hereunder in respect of any Award shall have no rights other than those of a general unsecured creditor to the Company.

(c) Beneficiaries. To the extent the Committee permits beneficiary designations, any payment of Awards due under the Plan to a deceased Participant shall be paid to the beneficiary duly designated by the Participant in accordance with the Company’s practices. If no such beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s legal representative. A beneficiary designation may be changed or revoked by a Participant at any time, provided the change or revocation is filed with the Committee prior to the Participant’s death.

(d) Non-Transferability. A person’s rights and interests under the Plan, including any Award previously made to such person or any amounts payable under the Plan, may not be assigned, pledged, or transferred except, in the event of a Participant’s death, to a designated beneficiary as provided in the Plan, or in the absence of such designation, by will or the laws of descent and distribution.

(e) Clawback. The Company requires reimbursement of any performance-based compensation awarded or paid to a Participant where: (a) the payment was predicated upon achieving financial results that were later the subject of a restatement of the Company’s financial statements and (b) a lower payment would have been made to the Participant based upon the restated financial results. In each case, the Company will, to the extent practicable, seek to recover from the Participant the amount by which the Participant’s award or payment for the relevant period exceeded the lower payment that would have been made based on the restated financial results.

(f) Expenses. The expenses of administering the Plan shall be borne by the Company.

(g) Pronouns. Masculine pronouns and other words of masculine gender shall refer to both men and women.

(h) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

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Exhibit 10.1

(i) Governing Law. The validity, construction, and effect of the Plan, any rules and regulations relating to the Plan, and any Award shall be determined in accordance with the laws of the State of Oregon and applicable Federal law. 

(j)  Section 409A. The Plan and payments hereunder are intended to be exempt from the requirements of Section 409A to the maximum extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4) or otherwise.  To the extent Section 409A is applicable to the Plan or any payments under the Plan, it is intended that the Plan and such payments comply with the deferral, payout and other limitations and restrictions imposed under Section 409A.  Notwithstanding any other provision of the Plan to the contrary, the Plan shall be interpreted, operated and administered in a manner consistent with such intentions.  If a Participant is a “specified employee,” within the meaning of Section 409A, then to the extent necessary to avoid subjecting the Participant to the imposition of any additional tax under Section 409A, amounts that would otherwise be payable under the Plan during the six-month period immediately following the Participant’s “separation from service,” within the meaning of Section 409A(a)(2)(A)(i) of the Code, shall not be paid to the Participant during such period, but shall instead be accumulated and paid to the Participant (or, in the event of the Participant’s death, the Participant’s beneficiary) in a lump sum on the first business day after the earlier of the date that is six months following the Participant’s separation from service or the Participant’s death.  Notwithstanding any other provision of the Plan to the contrary, the Committee, to the extent it deems necessary or advisable in its sole discretion, reserves the right, but shall not be required, to unilaterally amend or modify the Plan so that any payment qualifies for exemption from or complies with Section 409A; provided, however, that the Committee makes no representations that payments under the Plan shall be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying to payments under the Plan. 

(j) Amendments and Termination. The Committee may terminate the Plan at any time, provided such termination shall not affect the payment of any Awards accrued under the Plan prior to the date of the termination. The Committee may, at any time, or from time to time, amend or suspend and, if suspended, reinstate, the Plan in whole or in part, provided however, that any amendment of the Plan shall be subject to the approval of the Company’s shareholders to the extent required to comply with the requirements of any applicable laws, regulations, or rules.
    4Exhibit 10.1

 

 

 

 

[****]
Certain information in this exhibit has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both (i) not
material and (ii) would likely cause competitive harm to the registrant if publicly disclosed.

 

 

SALES AND PURCHASE AGREEMENT

 

BETWEEN

 

Bitmain Technologies Limited

(“Bitmain”)

 

AND

 

Riot Blockchain, Inc.

(“Purchaser”)

 

 

    	  

    	 

    

 

 

	1.   Definitions and Interpretations	3
	2.   Sales of Product(s)	5
	3.   Prices and Terms of Payment	6
	4.   Shipping of Product(s)	6
	5.   Customs	8
	6.   Warranty	8
	7   Representations and Warranties	9
	8   Indemnification and Limitation of Liability	10
	9   Distribution	11
	10   Intellectual Property Rights	11
	11   Confidentiality and Communications	12
	12   Term and Termination of this Agreement	12
	13   Contact Information	13
	14   Compliance with Laws and Regulations	14
	15   Force Majeure	15
	16   Entire Agreement and Amendment	15
	17   Assignment	15
	18   Severability	15
	19   Personal Data	16
	20   Conflict with the Terms and Conditions	16
	21   Governing Law and Dispute Resolution	16
	22   Waiver	16
	23   Counterparts and Electronic Signatures	17
	24   Further Assurance	17
	25   Third Party Rights	17

 

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This agreement (this
“Agreement”) is made on December 18, 2020 by and between Bitmain Technologies Limited (“Bitmain”)
(Company number: [****]), with its registered office at Unit A1 of Unit A, 11th Floor, Success Commercial Building, 245-251 Hennessy
Road, Hong Kong, and Riot Blockchain, Inc. (the “Purchaser”) with its principal place of business at 202 6th Street,
Suite 401, Castle Rock, CO 80104, USA.

Bitmain 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.	Purchaser
has purchased Products through the website of Bitmain (i.e., https://shop.bitmain.com/,
similarly hereinafter), and is generally
familiar with the purchase order processes of Bitmain’s
website.

		3.	Based on the above consensus, the Purchaser
is willing to purchase and Bitmain 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 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 members or shareholders 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 affect, restrict, prohibit or expressly
allow the terms of this Agreement or any activity contemplated or carried out under this Agreement.

 

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“Bank
Account” means the bank account information of Bitmain provided in Appendix A of this Agreement.

“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.

“Insolvency
Event” in the context of the Purchaser means any of the following events:

		i)	a receiver, receiver and manager, judicial manager, official manager,
trustee, administrator or similar official is appointed, or steps are taken for such appointment, over all or any part of the assets,
equipment or undertaking of the Purchaser;

		ii)	if the Purchaser stops or suspends payments to its creditors generally,
is unable to or admits its inability to pay its debts as they fall due, seeks to enter into any composition or other arrangement
with its creditors, is declared or becomes bankrupt or insolvent or enters into liquidation; 

		iii)	a petition is presented, a proceeding is commenced, an order is made
or an effective resolution is passed or any other steps are taken by any person for the liquidation, winding up, insolvency, judicial
management, administration, reorganisation, reconstruction, dissolution or bankruptcy of the Purchaser, otherwise than for the
purpose of a bona fide scheme of solvent amalgamation or reconstruction; or

		iv)	if any event, process or circumstance analogous or having a substantially
similar effect to any of the above, in any applicable jurisdiction, commences or exists.

“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.

“Order”
means the Purchaser’s request to Bitmain for certain Product(s) in accordance with this Agreement.

“Order Confirmation”
means Bitmain’s acceptance of the Order.

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“Product(s)”
means the merchandise that Bitmain will provide to the Purchaser in accordance with this Agreement.

“Total
Purchase Price” means the aggregate amount 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 Clause 6 of this Agreement.

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

Interpretations:

		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.

		2.	Sales of Product(s)

Bitmain
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, Clause 5 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 place the Order through
Bitmain’s website or through other methods accepted by Bitmain, and such Order shall constitute an irrevocable offer to purchase
specific Product(s) from Bitmain. 

		(ii)	After
receiving the Order, Bitmain will send an order receipt confirmation email to the Purchaser. The Purchaser’s Order will be
open and valid for Bitmain
to issue an Order Confirmation for a period of twenty-four (24) hours
after its placement, and prior to the expiration of such period,
Bitmain will have the right to cancel the Order at its sole discretion if the Purchaser fails to pay the down payment in accordance
with Appendix A of this Agreement. 

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		(iii)	The Purchaser’s Order shall be deemed
accepted by Bitmain upon Bitmain’s issuance of the Order Confirmation and the Purchaser
shall pay the Total Purchase Price in accordance with Appendix A of this Agreement. 

		(iv)	Upon receipt of the Total Purchase Price, Bitmain
will provide a payment receipt to the Purchaser. 

		(v)	Bitmain will send a shipping confirmation to
the Purchaser after it has delivered the Product(s) to the carrier.

		2.2.	Both
Parties acknowledge and agree that the order receipt confirmation shall not constitute nor be construed as Bitmain’s acceptance
of the Purchaser’s Order, but mere acknowledgement of the receipt of the Purchaser’s
Order and the Total Purchase Price.

		2.3.	Both Parties acknowledge and agree that in
case of product unavailability, Bitmain shall have the right to cancel the Order after it has issued the order receipt confirmation
without any penalty or liability. 

The
Purchaser acknowledges and confirms that the Order is irrevocable and cannot be cancelled by the Purchaser, and that the Product(s)
ordered are neither returnable nor refundable. All sums paid by the Purchaser to Bitmain shall not be subject to any abatement,
set-off, claim, counterclaim, adjustment, reduction, or defense for any reason except for non-shipment of the Products pursuant
to Section 4.3. Payment of Total Purchase Price is not
refundable, save as otherwise mutually agreed by the Parties or Bitmain’s non-shipment of the Products pursuant to
Section 4.3.

		3.	Prices and Terms of Payment

		3.1	The Purchaser shall pay the Total Purchase
Price in accordance with Appendix A of this Agreement. 

		3.2	The
Parties understand and agree that the applicable prices of the Product(s) are inclusive of applicable bank transaction fees,
export duties, but are exclusive of any and all applicable import duties,
taxes and governmental charges. The Purchaser shall pay or reimburse Bitmain for all taxes levied on or assessed against the amounts
payable hereunder. If any payment is subject to withholding, the Purchaser shall pay such additional amounts as necessary, to ensure
that Bitmain receives the full amount it would have received had payment not been subject to such withholding. 

		4.	Shipping of Product(s)

 

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		4.1	The
Purchaser must indicate place of delivery, and Bitmain will ship the Product(s) to such designated place. If the Purchaser fails
to provide Bitmain with the delivery place or the delivery place provided by the Purchaser is a false address or does not exist,
Bitmain may issue the Purchaser a notice of self-pick-up (which shall specify the self-pick-up location) and ask the Purchaser
to pick up the Products itself. The earliest date for self-pick-up mentioned in the above notice shall be deemed as the delivery
date. Bitmain shall be deemed to have completed the delivery obligation under this Agreement when the Purchaser receives the above
notice. The Purchaser shall pick up all the Products within five (5)
working days after receiving the notice from Bitmain. Otherwise, Bitmain
is entitled to charge the Purchaser the storage fee, warehousing charge and other fees according to the standard of USD 2/ unit
/ day.

		4.2	Subject
to the limitations stated in Appendix A, the terms of delivery of the Product(s) shall be CIP (carriage and insurance paid according
to Incoterms 2010) to the place of delivery designated by the Purchaser. Once the Product(s) have been delivered to the carrier
and the full purchase price of the Products is adequately covered by insurance during international
transport with the beneficiary of such insurance being the Purchaser,
Bitmain shall have fulfilled its obligation to supply the Product(s) to the Purchaser, and the title and risk of loss or damage
to the Product(s) shall pass to the Purchaser.

		4.3	All delivery dates in Appendix A are estimated,
but not guaranteed. In the case that Purchaser has fulfilled its payment obligations in accordance with the terms and conditions
of this Agreement and Bitmain fails to deliver the Products within the shipping period listed in Appendix A, the Purchaser is entitled
to submit a written reminder to Bitmain. If Bitmain fails to deliver the Products within 30 days after receiving the written reminder
from the Purchaser, the Purchaser is entitled, to: (i) request to terminate this Agreement and require Bitmain to return the amounts
paid by the Purchaser without setoff or adjustment (Bitmain shall not pay any interests in this respect), or (ii) continue to perform
this Agreement and require Bitmain to deliver the Products. 

		4.4	Bitmain shall not be responsible for any delivery
delay caused by the Purchaser or any third party, including but not limited to the carrier, the customs, and the 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. 

		4.5	Subject to the Products being adequately covered
by insurance during delivery of the Products to the Purchaser, Bitmain
shall not be responsible and the Purchaser shall be fully and exclusively responsible for any loss of Product(s), personal injury,
property damage, other damage or liability caused by the Product(s) or the transportation of the Product(s) either to the Purchaser
or any third party, or theft of the Product(s) during transportation from Bitmain to the Purchaser. 

		4.6	Bitmain has the right to discontinue the sale
of the Product(s) and to make changes to its Product(s) at any time, without prior approval from or notice to the Purchaser.

 

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		4.7	If the Product(s) is rejected and/or returned
back to Bitmain 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 Bitmain against any and all related expenses, fees, charges and
costs incurred, arising out of or incidental to such rejection and/or return (the “Return Expense”). Furthermore,
if the Purchaser would like to ask for Bitmain’s assistance in redelivering such Product(s) or assist in any other manner,
and if Bitmain at its sole discretion decides to provide this assistance, then in addition to the Return Expense, the Purchaser
shall also pay Bitmain an administrative fee in accordance with Bitmain’s then applicable internal policy.

		5.	Customs

		5.1	Bitmain shall obtain in due time and maintain
throughout the term of this Agreement (if applicable), any and all approvals, permits, authorizations, licenses and clearances
for the export of the Product(s) that are required to be obtained by Bitmain or the carrier under Applicable Laws. 

		5.2	The Purchaser shall obtain in due time and
maintain throughout the term of this Agreement (if applicable), any and all approvals, permits, authorizations, licenses and clearances
required for the import of the Product(s) to the country of delivery as indicated in the Shipping Information, that are required
to be obtained by the Purchaser or the carrier under Applicable Laws, and shall be responsible for any and all additional fees,
expenses and charges in relation to the import of the Product(s).

		6.	Warranty

		6.1	Bitmain warrants to the Purchaser that during
the Warranty Period, each Product will conform to the applicable product requirements and specifications and perform and operate
as intended and as set forth on Bitmain’s website for each Product. The
Warranty Period shall start on the Warranty Start Date and end on the 365th day after the Warranty Start Date
or 90 days after return shipment of a repaired Product covered by this warranty.
During the Warranty Period, the Purchaser’s sole and exclusive remedy, and Bitmain’s entire liability, will be to repair
or replace, at Bitmain’s option, the defective part/component of the Product(s) or the defective Product(s) at no charge
to the Purchaser including, but not limited to, any applicable testing or shipping charges.

		6.2	The
Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding paragraph does not apply to the
following items caused by the Purchaser:

		(i)	normal wear and tear;

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

 

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		(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)	damage caused by operator error, or non-compliance
with instructions as set out in accompanying documentation;

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

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

		(viii)	use of 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; and

		(xii)	hash boards or chips are burnt. 

In case the warranty
is voided, Bitmain may, at its sole discretion, provide repair service to the Purchaser, and the Purchaser shall bear all related
expenses and costs.

		6.3	Notwithstanding anything to the contrary herein,
the Purchaser acknowledges and agrees that the Product(s) provided by Bitmain do not guarantee any cryptocurrency mining time and,
Bitmain 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). Bitmain does not warrant that the Product(s) will meet the Purchaser’s requirements
or the Product(s) will be uninterrupted or error free. Except as provided in Clause 6.1 of this Agreement, Bitmain makes no warranties
to the Purchaser with respect to the Product(s), and no warranties of any kind, 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. 

 

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		6.4	In the event of any ambiguity or discrepancy between this Clause
6 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.

		7	Representations and Warranties

The Purchaser
makes the following representations and warranties to Bitmain:

		7.1	It
has the full power and authority to purchase the Products and
carry on its businesses.

		7.2	The obligations expressed to be assumed by
it under this Agreement are legal, valid, binding and enforceable obligations.

		7.3	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.

		7.4	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.

		7.5	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.

		7.6	It is not aware of any circumstances which
are likely to 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.

		7.7	(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 purchase of the Product(s) will not violate any Sanctions or import and export control related
laws and regulations.

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

		8	Indemnification and Limitation of Liability

		8.1	Each party shall,
during the term of this Agreement and at any time thereafter, indemnify and save each other harmless
from and against any and all damages, suits, claims, judgments, liabilities, losses, fees, costs or expenses of any kind, including
legal fees, whatsoever arising out of or incidental to the Products pursuant to this Agreement, including but not limited,
to any Product(s) infringing on Intellectual Property Rights of a third party.

		8.2	Notwithstanding
anything to the contrary herein, neither party shall
under no circumstances, be liable to each other for any consequential
loss, or 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 in respect of any such damages.
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. 

		8.3	Each Parties’ 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 Total Purchase Price actually
received by Bitmain from the Purchaser and paid by the Purchaser to Bitmain for
the Product(s). 

		8.4	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. Bitmain 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. 

 

    	11  

    	 

    

 

 

		8.5	The
above limitations and exclusions shall apply (1) notwithstanding failure of essential purpose of any exclusive or limited remedy;
and (2) whether or not such party has
been advised of the possibility of such damages. This Clause allocates the risks under this Agreement and the pricing
reflects this allocation of risk and the above limitations. 

		9	Distribution

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

		9.2	The Purchaser shall in no event claim or imply
to a third party that it is an authorized distributor of Bitmain or Bitmain (Antminer) or any similar terms, or perform any act
that will cause it to be construed as an authorized distributor of Bitmain or Bitmain (Antminer). As between the Purchaser and
Bitmain, 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. 

		10	Intellectual Property Rights

		10.1	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.

		10.2	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 shipping
confirmation or in this Clause 10.2, 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 by Bitmain to the Purchaser, including in any documentation or
any data furnished by Bitmain. Bitmain grants the Purchaser a non-exclusive, non-transferrable, royalty-free and irrevocable license
of Bitmain and/or its Affiliates’ Intellectual Property Rights to solely use the Product(s) delivered by Bitmain to the Purchaser
for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall in no event violate the Intellectual
Property Rights of Bitmain and/or its licensors.

 

    	12  

    	 

    

 

		10.3	If applicable, payment by the Purchaser of
non-recurring charges to Bitmain for any special designs, or engineering or production materials required for Bitmain’s performance
of Orders for customized Product(s), shall not be construed as payment for the assignment from Bitmain to the Purchaser of title
to the design or special materials. Bitmain shall be the sole owner of such special designs, engineering or production materials.

		11	Confidential Information and Disclosure

		11.1	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 Parties undertake and
agree 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.

		11.2	Notwithstanding Section 11.1, Bitmain acknowledges
and agrees that Purchaser is a U.S. publicly traded company and may be required to disclose this Agreement and its related terms,
in order to comply with applicable securities laws, including its disclosure obligations under the U.S. Securities Exchange Act
of 1934, as amended.

		12	Term and Termination of this Agreement

		12.1	This Agreement will be effective upon Bitmain’s
issuance of the shipping confirmation to the Purchaser, provided that if there is more than one shipping confirmation, this Agreement
will be effective to the Products contained in each shipping confirmation upon Bitmain’s issuance of the respective shipping
confirmation to the Purchaser.

		12.2	Bitmain shall be entitled to terminate this
Agreement with immediate effect upon written notice to the Purchaser if:

		(i)	the Purchaser fails to comply in any material
respect of this Agreement, and where that failure is capable of being remedied, fails to remedy it within thirty (30) days of being
required by Bitmain to do so;

		(ii)	it is or becomes unlawful for the Purchaser
to perform or comply with any of its material obligations under this Agreement or all or a material part of the obligations of
the Purchaser under this Agreement are not or cease to be valid, binding and enforceable; or

		(iii)	an Insolvency Event occurs in respect of the
Purchaser.

 

    	13  

    	 

    

		12.3	The
Purchaser shall be entitled to terminate this Agreement with immediate effect upon written notice to Bitmain if Bitmain fails to
deliver the Product(s) to the carrier in accordance with the delivery dates indicated in the shipping confirmation, and fails to
remedy it within the time period pursuant to Section 4.3 of
being required by the Purchaser to do so.

		12.4	This Agreement shall also be automatically
terminated between the Parties if the Order is cancelled because of any reason stated in this Agreement.

		12.5	Termination
of this Agreement shall be without prejudice to the rights and liabilities of the Parties accrued prior to or as a result of such
termination, including those related to antecedent breaches. Termination of this Agreement for any cause or otherwise shall not
release a Party from any liability which at the time of termination has already accrued to the other Party or which thereafter
may accrue in respect of any act or omission prior to such termination. The rights and obligations of the Parties under Clause
1 (Definitions and Interpretations), Clause 10 (Intellectual Property Rights), Clause 11 (Confidential
Information and Disclosure),
Clause 12 (Term and Termination of this Agreement), Clause 13 (Contact Information), Clause 14 (Compliance with Laws and Regulations)
and Clause 21 (Governing Law and Dispute Resolution) shall survive the termination of this Agreement.

		13	Contact Information

All communications
in relation to this Agreement shall be made to the following contacts:

Purchaser’s
business contact:

Name: Jeff McGonegal

Phone:
+1 303-794-2000, [****]

Email:
[****]

Bitmain’s
business contact:

Name: Peng LI

Phone: [****]

Email:
[****]

		14	Compliance with Laws and Regulations

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

 

    	14  

    	 

    

 

		14.2	The Purchaser acknowledges and agrees that
the Product(s) in this Agreement are subject to the export control laws and regulations of all related countries, including but
not limited to the Export Administration Regulations (“EAR”) of the United States. Without limiting the foregoing,
the Purchaser shall not, without receiving the proper licenses or license exceptions from all related governmental authorities,
including but not limited to the U.S. Bureau of Industry and Security, distribute, re-distribute, export, re-export, or transfer
any Product(s) subject to this Agreement either directly or indirectly, to any national of any country identified in Country Groups
D:1 or E:1 as defined in the EARs. In addition, the Product(s) under this Agreement may not be exported, re-exported, or transferred
to (a) any person or entity listed on the “Entity List”, “Denied Persons List” or the SDN List as such
lists are maintained by the U.S. Government, or (b) an end-user engaged in activities related to weapons of mass destruction. Such
activities include but are not necessarily limited to activities related to: (1) the design, development, production, or use of
nuclear materials, nuclear facilities, or nuclear weapons; (2) the design, development, production, or use of missiles or support
of missiles projects; and (3) the design, development, production, or use of chemical or biological weapons. The Purchaser further
agrees that it will not do any of the foregoing in violation of any restriction, law, or regulation of the European Union or an
individual EU member state that imposes on an exporter a burden equivalent to or greater than that imposed by the U.S. Bureau of
Industry and Security. 

		14.3	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 anti-money laundering laws, any
anti-corruption laws, and/or any counter-terrorist financing laws.

		14.4	The Purchaser warrants that the Product(s)
have been purchased with funds that are from legitimate sources and such funds do not constitute proceeds of criminal conduct,
or realizable property, or proceeds of terrorism financing or property of terrorist, within the meaning given in the Corruption,
Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A) and the Terrorism (Suppression of Financing)
Act (Chapter 325), respectively. The Purchaser understands that if any Person resident in Singapore knows or suspects or has reasonable
grounds for knowing or suspecting that another Person is engaged in criminal conduct or is involved with terrorism or terrorist
property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated
sector, or other trade, profession, business or employment, the Person will be required to report such knowledge or suspicion to
the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force. The Purchaser acknowledges
that such a report shall not be treated as breach of confidence or violation of any restriction upon the disclosure of information
imposed by any Applicable Law, contractually or otherwise.

 

    	15  

    	 

    

 

		15	Force Majeure

		15.1	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.

		15.2	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.

		16	Entire Agreement and Amendment

This
Agreement, including Appendix A, attached hereto and incorporated by reference herein,
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.

		17	Assignment

Bitmain may freely
assign this Agreement in whole or in part to its Affiliates or to any third party. The Purchaser may not assign this Agreement
in whole or in part without Bitmain’s prior written consent.

		18	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.

		19	Personal Data

Depending
on the nature of the Purchaser’s interaction with Bitmain, some examples of personal data which Bitmain 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 credit card
numbers, debit card numbers and bank account information.

 

    	16  

    	 

    

Bitmain
generally does not collect the Purchaser’s personal data unless (a) it is provided to Bitmain 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
Bitmain (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. Bitmain 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).

		20	Conflict with the Terms and Conditions

In the
event of any ambiguity or discrepancy between the Clauses of this Agreement and the Terms and Conditions from time to time, it
is intended that the Clauses of this Agreement shall prevail and the Parties shall comply with and give effect to this Agreement.

		21	Governing Law and Dispute Resolution

		21.1	This Agreement shall
be solely governed by and construed in accordance with the laws of Hong Kong, as modified
by the United Nations Convention on Contracts for the International Sale of Goods (the “UNCISG”).

		21.2	Any dispute, controversy,
difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance,
breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to this Agreement
shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Center under the
UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted. The law of
this arbitration clause shall
be Hong Kong law, as modified and subject to the UNCISG. The seat of arbitration shall be Hong Kong. The arbitration proceedings
shall be conducted in English. The number of arbitrators shall be three unless otherwise subsequently agreed in writing by the
Parties.

		22	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 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.

 

    	17  

    	 

    

 

		23	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.

		24	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.

		25	Third Party Rights

A person who
is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws
of Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.

 

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

 

 

    	18  

    	 

    

 

Signed for and
on behalf of Bitmain

Bitmain
Technologies Limited

 

 

By: /s/
Jihan Wu

Name: Jihan
Wu

Title: CEO

 

 

Signed for and
on behalf of the Purchaser

Riot Blockchain,
Inc.

 

By: /s/
Jeffrey McGonegal

Name: Jeffrey
McGonegal

Title: Chief
Executive Officer

 

 

 

    	19  

    	 

    

 

APPENDIX
A

 

This
Appendix A (this “Appendix A”) specifies the Products sold by Bitmain Technologies Limited (“Bitmain”)
to Riot Blockchain, Inc. (the “Purchaser”) (Bitmain and the Purchaser, collectively, the “Parties”
and each a “Party”) pursuant to the purchase and sale agreement (the “Agreement”) between the Parties,
as well as the specific payment and delivery terms applicable to the Products under the Agreement.

 

		1.	Per the Purchaser’s request, Bitmain
will provide the following Product(s) upon full payment in accordance with the terms specified hereunder to the Purchaser on or
before the dates specified herein:

	Description of Product(s)	Price
	
        Estimated

        Unit price
	Units	Total
	
        Antminer S19 Pro 110TH/s,

        1-31 May 2021
	US$3,160.00	1,000	US$3,160,000.00
	
        Antminer S19 Pro 110TH/s,

        1-30 Jun 2021
	US$3,070.00	1,000	US$3,070,000.00
	
        Antminer S19 Pro 110TH/s,

        1-31 Jul 2021
	US$3,070.00	1,000	US$3,070,000.00
	First Carrier: Estimated Shipping cost to USA via Aircargo	TBD
	[****]Discount	US$722,610.00
	TOTAL PRODUCT PURCHASE PRICE: US$8,577,390.00
	Address for delivery	[****]

 

		2.	The Parties confirm that the total hashrate
of the Products under this Agreement shall not be less than 330,000.00 TH/s.

		3.	Where the actual Products provided by Bitmain
are not in consistence with the description listed in Article 1 of Appendix A, provided that all the following three requirements
are met, the unit price and/or quantity of the Products can be adjusted by Bitmain based on the actual type of the Products before
delivery. The types, quantity and unit price of the actual delivered Products shall be subject to the statement issued by Bitmain.
the Purchaser shall not refuse to accept the Products on the grounds that the types, quantity and/or unit price of the actual delivered
Products are inconsistent with Article 1 of Appendix A:

 

    	20  

    	 

    

 

		(1)	The total hashrate of the Products actually
delivered by Bitmain to the Purchaser shall not be less than the total hashrate as stipulated in Article 2 of Appendix A;

		(2)	The Products actually delivered by Bitmain
to the Purchaser are S19 Pro Series Products; and

		(3)	The total price of the Products actually delivered
by Bitmain to the Purchaser shall not exceed the Total Purchase Price of the Products as stipulated in Article 1 of Appendix A.

		4.	Bitmain’s BANK ACCOUNT info: 

Company
Name:Bitmain Technologies Limited

Company
address:FLAT/RM A1 11/F SUCCESS COMMERCIAL BUILDING 245-251
HENNESSY ROAD HK

Account
No.: [****]

Bank
name: [****]

Bank
address: [****]

Swift Code: [****]

		5.	The payment shall be arranged by the Purchaser
as follows: 

		(1)	Thirty
percent (30%) of the Total Purchase Price of the Product(s) as listed above (or the corresponding Proforma Invoice) shall be paid
as a refundable down payment within
forty-eight (48) hours upon the Order Confirmation/Signing of the Contract by the Purchaser, otherwise the Order will be canceled
and Bitmain shall not be required to review and/or to confirm the Order; 

		(2)	The Purchaser shall pay the twenty percent
(20%) of the Total Purchase Price of the Product(s) as listed above (or the corresponding Proforma Invoice) prior to December 31,
2020;

		(3)	The Purchaser shall pay the remaining fifty
percent (50%) of the Total Purchase Price of the Product(s) as listed above (or the corresponding Proforma Invoice) in equal monthly
installments due as follows:

		a)	Fifteen percent (15%) no later than 45 days
prior to each scheduled delivery period or before March 15, 2021 (the “Due Date”) as to the first (1st)
installment of the Products to be shipped to the Purchaser in May 2021; 

		b)	Twenty percent (20%) no later than 45 days
prior to each scheduled delivery period or April 15, 2021 (the “Due Date”) as to the second (2nd)
installment of the Products to be shipped to the Purchaser in May 2021; and

 

    	21  

    	 

    

 

		c)	Fifteen percent (15%) no later than 45 days
prior to each scheduled delivery period or May 15, 2021 (the “Due Date”) as to the third (3rd) and
final installment of the Products to be shipped to the Purchaser in June 2021. 

		(4)	In case the Purchaser fails to meet any of
the above payment due date, the Order will be canceled and the down payment will not be refunded by Bitmain to the Purchaser. Payments
shall be made in United States Dollars (USD) by wire transfer to Bitmain’s Bank Account, or in any other currency and by
any other payment method as may be agreed by both Parties. Bitmain will send a payment receipt to the Purchaser after confirming
the remittance of each installment of the Total Purchase Price specified above no later than the second (2nd) day after it receives
the same.

		6.	Subject to the timely
payment of the Purchase Price as specified in the foregoing Article 5 of
this Appendix A, Bitmain shall deliver the Products described in this Appendix A to the Purchaser pursuant to the terms and conditions
set forth in the Agreement at the address for delivery specified by the Purchaser in this Appendix A (as may be updated from time
to time by providing written notice to Bitmain no less than ten (10) days in advance of each of the delivery dates listed below)
according to the following schedule:

		a)	1,000 Units on or before May 31, 2021;

		b)	1,000 Units on or before June 30, 2021;

		c)	The remaining 1,000 Units on or before July 31, 2021. 

		7.	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: (1) in the event that the Purchaser pays
for any order placed on Bitmain’s official website (the “Website”, http://www.bitmain.com)
which is valid and has not been fully paid yet, the exchange rate between United States Dollars
and the cryptocurrency fixed in such placed order shall
apply, or (2) in any other case, the real time exchange rate between the USD and the cryptocurrency displayed on the 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.

	8.		The Parties hereby acknowledge and agree that the terms
of this Appendix A form an integral part of the essential terms and conditions of the Agreement, are incorporated by reference
into and made part of the Agreement, and represent the final agreement of the Parties with respect to the purchase and sale of
the Products specified herein. The Parties hereby further acknowledge and agree, for the avoidance of doubt, that where the terms
of this Appendix A and the Agreement conflict, the terms of this Appendix A shall control in all respects.

 

 

 

    	22

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