Document:

Exhibit
10.4

 

INDEMNIFICATION
AGREEMENT

 

This
Indemnification Agreement (this “Agreement”), dated as of ____________ ___, 20__ (the “Effective
Date”), is made by and between Propanc Biopharma, Inc., a Delaware corporation (the “Company”),
and _______________________ (“Indemnitee”).

 

RECITALS

 

A.
Indemnitee’s service to the Company substantially benefits the Company.

 

B.
Individuals are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided
with adequate assurance of protection through insurance or indemnification against the risks of claims and actions against them
arising out of such service.

 

C.
Indemnitee does not regard the protection currently provided by applicable law, the Company’s governing documents and any
insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without
additional protection.

 

D.
In order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the
Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable
law.

 

E.
This Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s Certificate of Incorporation,
Bylaws and applicable law, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor,
nor shall this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

 

The
parties therefore agree as follows:

 

1.
Definitions.

 

(a)
A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)
Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below),
directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of
the Company’s then outstanding securities; provided that any acquisition or disposition of the Company’s securities
by James Nathanielsz and/or his affiliates shall not be deemed to result in a Change in Control;

 

(ii)
Change in Board Composition. Individuals who on the date of this Agreement are members of the Company’s board of directors
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the members of the
Company’s board of directors (the “Board”) (provided, however, that if the appointment or election
(or nomination for election) of any new member of the Board was approved or recommended by a majority vote of the members of the
Incumbent Board then still in office, such new member shall be considered as a member of the Incumbent Board);

 

(iii)
Corporate Transactions. A merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least half
of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation;
and

 

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(iv)
Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for
the sale or disposition by the Company of all or substantially all of the Company’s assets.

 

For
purposes of this Section 1(a), the following terms shall have the following meanings:

 

(1)
“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”); provided, however, that “Person”
shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company,
and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company.

 

(2)
“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided,
however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason
of (i) the stockholders of the Company approving a merger of the Company with another entity or (ii) the Board approving a sale
of securities by the Company to such Person.

 

(b)
“Corporate Status” describes the status of a person who is or was a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise.

 

(c)
“DGCL” means the General Corporation Law of the State of Delaware.

 

(d)
“Enterprise” means the Company and any other corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company
as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary.

 

(e)
“Expenses” include all retainers, court costs, transcript costs, fees and costs of experts, witness
fees, reasonable attorneys’ fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, and all other disbursements or expenses actually and reasonably, and of the types customarily, incurred
by Indemnitee, or on his or her behalf, in connection with prosecuting, defending, preparing to prosecute or defend, investigating,
being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred
in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other
costs relating to any cost bond, supersede as bond or other appeal bond or their equivalent, and (ii) for purposes of Section
11(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights
under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

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(f)
“Independent Counsel” means a law firm, or a partner or member of a law firm, that is experienced in
matters of corporation law and neither currently is, as of the time the request for indemnification is made nor in the previous
five (5) years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other
than as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar
indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable
standards of professional conduct then-prevailing, would have a conflict of interest in representing either the Company or Indemnitee
in an action to determine Indemnitee’s rights under this Agreement.

 

(g)
“Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or proceeding, or claim, issue or matter therein,
whether brought in the right of the Company, a Subsidiary or otherwise, and whether of a civil, criminal, administrative or investigative
nature, including any appeal therefrom, and including without limitation any such Proceeding pending as of the Effective Date,
in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i)
the fact that Indemnitee is or was a director or officer of the Company or of a Subsidiary, or (ii) the fact or assertion that
he or she is or was serving at the request of the Company or of a Subsidiary as a director, trustee, general partner, managing
member, officer, employee, agent or fiduciary of the Company, a Subsidiary or any other Enterprise, in each case whether or not
serving in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses
can be provided under this Agreement.

 

(h)
“Subsidiary” means any entity of which more than 50% of the outstanding voting securities is owned directly
or indirectly by the Company.

 

(i)
Reference to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving
at the request of the Company” shall include any service as a director, officer, employee or agent of the Company
or of a Subsidiary which imposes duties on, or involves services by, such director, officer, employee or agent with respect to
an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably
believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have
acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement.

 

2.
Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding
by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified
to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (if, and
only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) in connection
with such Proceeding , if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed
to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe
that his or her conduct was unlawful.

 

3.
Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or
in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses in connection with such Proceeding, if Indemnitee acted in
good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification
for Expenses shall be made under this Section 3 in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court competent jurisdiction to be liable to the Company, unless and only to the extent that any court in
which the proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such Expenses as the Court
shall deem proper.

 

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4.
Indemnification for Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to
or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter
therein, the Company shall indemnify Indemnitee against all Expenses in connection therewith. To the extent permitted by applicable
law, if Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, in defense of one
or more but fewer than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses
in connection with (a) each successfully resolved claim, issue or matter and (b) any claim, issue or matter related to any such
successfully resolved claim, issuer or matter. For purposes of this Section 4, the termination of any claim, issue or matter in
such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or
matter.

 

5.
Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status,
a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable
law against all Expenses in connection therewith.

 

6.
Additional Indemnification.

 

(a)
Notwithstanding any limitation in Sections 2, 3 or 4, above, the Company shall indemnify Indemnitee to the fullest extent permitted
by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding
by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid
in settlement (if, and only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably
withheld) in connection with the Proceeding.

 

(b)
For purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to: (i) the fullest extent permitted by the provision of the DGCL that authorizes or contemplates
additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and (ii)
the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

7.
Exceptions. 

 

(a)
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity
or provide any benefit to Indemnitee under this Agreement or otherwise, in connection with any Proceeding (or any part of any
Proceeding):

 

(i)
for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision,
vote or otherwise, except with respect to any excess beyond the amount paid;

 

(ii)
for an accounting or disgorgement of profits pursuant to Section 16(b) of the Exchange Act or similar provisions of federal, state
or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

 

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(iii)
for any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or other
compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under
the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section
304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee
is held liable therefor (including pursuant to any settlement arrangements);

 

(iv)
with respect to (x) remuneration paid to Indemnitee if it is determined by final judgment or other final adjudication that such
remuneration was in violation of law (and, in this respect, both the Company and Indemnitee have been advised that the U.S. Securities
and Exchange Commission believes that indemnification for liabilities arising under the federal securities laws is against public
policy and is, therefore, unenforceable and that claims for indemnification should be submitted to appropriate courts for adjudication,
as indicated in Section 10(d) below); (y) a final judgment or other final adjudication that Indemnitee’s conduct was in
bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct (but only to the extent of such specific
determination); or (z) on account of conduct that is established by a final judgment as constituting a breach of Indemnitee’s
duty of loyalty to the Company or resulting in any personal profit or advantage to which Indemnitee is not legally entitled. For
purposes of this Section 7(a)(iv), a final judgment or other adjudication may be reached in either the underlying proceeding or
action in connection with which indemnification is sought or a separate proceeding or action to establish rights and liabilities
under this Agreement;

 

(v)
initiated by Indemnitee, including against the Company or its directors, officers, employees, agents or other indemnitees, unless
(w) the Board authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (x) the Company provides
the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, or (y) otherwise
authorized in Section 11(d) or (z) otherwise required by applicable law or the Company’s Bylaws. However, indemnification
or advancement of Expenses may be provided by the Company in specific cases if the Board determines it to be appropriate; or

 

(vi)
if prohibited by applicable law.

 

(b)
Any provision in this Agreement to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee under this Agreement for any amounts paid in settlement of a proceeding effected
without the Company’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold consent to any
proposed settlement; provided, however, that the Company may in any event decline to consent to (or to otherwise admit or
agree to any liability for indemnification hereunder in respect of) any proposed settlement if the Company is also a party in
such proceeding and determines in good faith that such settlement is not in the best interests of the Company and its
stockholders.

 

(c)
Any provision in this Agreement to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of
this Agreement to indemnify Indemnitee or otherwise act in violation of any undertaking appearing in and required by the
rules and regulations promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), or in any registration statement filed with the SEC under the Securities Act. Indemnitee acknowledges
that paragraph (h) of Item 512 of Regulation S-K currently generally requires the Company to undertake in connection with any
registration statement filed under the Securities Act to submit the issue of the enforceability of Indemnitee’s rights
under this Agreement in connection with any liability under the Securities Act on public policy grounds to a court of
appropriate jurisdiction and to be governed by any final adjudication of such issue. Indemnitee specifically agrees that any
such undertaking shall supersede the provisions of this Agreement and to be bound by any such undertaking

 

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8.
Advances of Expenses. To the extent indemnity is provided pursuant to Sections 2, 3 or 4, above, or otherwise in this Agreement,
the Company shall advance the Expenses incurred by Indemnitee in connection with any such Proceeding, and such advancement shall
be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the Company of a written
statement or statements requesting such advances from time to time (which shall include invoices received by Indemnitee in connection
with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to
expenditure made that would cause Indemnitee to waive any privilege accorded by applicable law shall not be included with the
invoice). Reimbursements hereunder shall be deemed advances, and shall be unsecured and interest free and made without regard
to Indemnitee’s ability to repay such advances. Indemnitee hereby undertakes to repay any such advance to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to
prevent reimbursement to the extent advancement is prohibited by law, or with respect to Proceeding for which indemnity is not
permitted under this Agreement, but shall apply to any Proceeding referenced in Section 7(b) or 7(c) prior to a determination
that Indemnitee is not entitled to be indemnified by the Company.

 

9.
Procedures for Notification and Defense of Claim.

 

(a)
Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification
or advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written
notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying
the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have
to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute
a waiver by Indemnitee of any rights, except to the extent that such failure or delay materially prejudices the Company.

 

(b)
If, at the time of the receipt of a written notice of a Proceeding pursuant to the terms hereof, the Company has directors’
and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding
to such insurers in accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all
commercially-reasonable actions to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such
Proceeding in accordance with the terms of such policies.

 

(c)
In the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled
to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld,
upon the delivery to Indemnitee of written notice of the Company’s election to do so. After delivery of such notice, approval
of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee for
any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s
assumption of the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s
counsel to the extent (i) the employment of counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or
Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct
of any such defense, such that Indemnitee needs to be separately represented, (iii) the fees and expenses are non-duplicative
and reasonably incurred in connection with Indemnitee’s role in the Proceeding despite the Company’s assumption of
the defense, (iv) the Company is not financially or legally able to perform its defense obligations, or (v) the Company shall
not have retained, or shall not continue to retain, such counsel to defend such Proceeding; provided that Indemnitee’s
counsel conducts the defense of such Proceeding actively and diligently. The Company shall have the right to conduct such defense
as it sees fit in its sole discretion. Regardless of any provision in this Agreement, Indemnitee shall have the right to employ
counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without the consent of Indemnitee,
to assume the defense of any claim brought by or in the right of the Company.

 

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(d)
Indemnitee shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate.

 

(e)
The Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the
Company’s prior written consent, which shall not be unreasonably withheld.

 

(f)
The Company shall have the right to settle any Proceeding (or any part thereof) without the consent of Indemnitee.

 

10.
Procedures upon Application for Indemnification.

 

(a)
To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and as is reasonably necessary or as the Company may reasonably request
to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding.
The Company shall, as soon as reasonably practicable after receipt of such a request for indemnification, advise the Board that
Indemnitee has requested indemnification. Any delay in providing the request will not relieve the Company from its obligations
under this Agreement, except to the extent such failure is prejudicial.

 

(b)
Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination, if required by applicable
law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following four
methods, which shall be at the election of the Board: (A) by a majority vote of the
disinterested directors, even though less than a quorum of the Board, (B) by a committee of disinterested directors
designated by a majority vote of the disinterested directors, even though less than a quorum of the Board, (C) if there are
no such disinterested directors, or if such disinterested directors so direct, by Independent Counsel in a written opinion to
the Board, a copy of which shall be delivered to Indemnitee, or (D) if so directed by the Board, by the stockholders of the
Company; provided, however, that if there has been a Change in Control, then such determination shall be made by Independent
Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). For purposes
of this Agreement, disinterested directors are those members of the Board who are not parties to the action, suit or
proceeding in respect of which indemnification is sought by Indemnitee. If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made by the Company no later than thirty (30) days after such
determination. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable
advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is
reasonably available to Indemnitee and reasonably necessary to such determination. Any reasonable Expenses incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to
the extent permitted by applicable law.

 

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(c)
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b),
the Independent Counsel shall be selected as provided in this Section 10(c). If the Independent Counsel shall be selected by the
Board, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel
so selected. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 11(a), below, the Independent
Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of
professional conduct then-prevailing).

 

(d)
The Company agrees to pay the reasonable fees and expenses of any Independent Counsel and to fully indemnify such counsel against
any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

 

(e)
In the event the Company fails to make timely payments as set forth in Sections 8 or 10(b) above, Indemnitee shall have the
right to apply to any court of competent jurisdiction for the purpose of enforcing Indemnitee’s right to
indemnification or advancement of Expenses pursuant to this Agreement. In such an enforcement hearing or proceeding, the
burden of proof shall be on the Company to prove that indemnification or advancement of Expenses to Indemnitee is not
required under this Agreement or permitted by applicable law. Any determination by the Company (including its board of
directors, a committee thereof, Independent Counsel) or stockholders of the Company, that Indemnitee is not entitled to
indemnification hereunder, shall not be a defense by the Company to the action nor create any presumption that Indemnitee is
not entitled to indemnification or advancement of Expenses hereunder.

 

11.
Remedies of Indemnitee.

 

(a)
Subject to Section 11(e), in the event that (i) a determination is made pursuant to Section 10, above, that Indemnitee is not
entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8, above,
or 11(d), below, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10, above,
within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition of the
Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within thirty (30) days after a determination
has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4 or
5, above, and 11(d), below, within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any
other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any
litigation or other action or proceeding to deny, or to recover from, Indemnitee the benefits provided or intended to be provided
to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in a court of competent jurisdiction of his or her entitlement
to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his or her option, may seek an award in arbitration
with respect to his or her entitlement to such indemnification or advancement of Expenses, to be conducted by a single arbitrator
pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding
seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right
to commence such proceeding pursuant to this Section 11(a); provided, however, that the foregoing clause shall not apply in respect
of a proceeding brought by Indemnitee to enforce his or her rights under Section 4, above. The Company shall not oppose Indemnitee’s
right to seek any such adjudication or award in arbitration in accordance with this Agreement.

 

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(b)
Neither (i) the failure of the Company, the Board, any committee or subgroup of the Board, the Independent Counsel or stockholders
to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the
applicable standard of conduct, nor (ii) an actual determination by the Company, the Board, any committee or subgroup of the Board,
the Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, may be asserted or offered
into evidence as a defense to the action or to create a presumption that Indemnitee has or has not met the applicable standard
of conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is
not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 11 shall be conducted
in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of
that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 11, the Company shall,
to the fullest extent not prohibited by applicable law, have the burden of proving Indemnitee is not entitled to indemnification
or advancement of Expenses, as the case may be.

 

(c)
To the fullest extent not prohibited by applicable law, the Company shall be precluded from asserting in any judicial proceeding
or arbitration commenced pursuant to this Section 11 that the procedures and presumptions of this Agreement are not valid, binding
and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions
of this Agreement. If a determination shall have been made pursuant to Section 10, above, that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section
11, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d)
To the extent not prohibited by applicable law, the Company shall indemnify Indemnitee against all Expenses that are incurred
by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement
or under any directors’ and officers’ liability insurance policies maintained by the Company to the extent Indemnitee
is successful in such action, and, if requested by Indemnitee, the Company shall (as soon as reasonably practicable, but in any
event no later than 30 days, after receipt by the Company of a written request therefor) advance such Expenses to Indemnitee,
subject to the provisions of Section 8, above.

 

(e)
Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required
to be made prior to the final disposition of the Proceeding.

 

12.
Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement
is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee,
whether for Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an
indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances
of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events
and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors,
officers, employees and agents) in connection with such events and transactions.

 

13.
Non-exclusivity; No Limitation on Indemnity Rights. The rights of indemnification and to receive advancement of Expenses
as provided by this Agreement shall not be deemed exclusive of, or in any manner limit, any other rights to which Indemnitee may
at any time be entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a vote
of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or
judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s
certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy
by this Agreement the greater benefits so afforded by such change, subject to the restrictions expressly set forth herein or therein.
Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy,
and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or
hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.

 

    	 	9	 

    	 	 	 

    

 

14.
No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually
received payment for such amounts under any insurance policy, contract, agreement or otherwise.

 

15.
Insurance. The Company shall, to the extent that the Board determines it to be economically reasonable, maintain a policy
of directors’ and officers’ liability insurance, on such terms and conditions as may be approved by the Board.

 

16.
Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment
to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure
such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

17.
Services to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company,
as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so
long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position.
Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation
imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee
in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or
any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries
or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without
notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the
Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Board or, with respect
to service as a director or officer of the Company, the Company’s Certificate of Incorporation or Bylaws or the DGCL. No
such document shall be subject to any oral modification thereof.

 

18.
Duration. This Agreement shall commence as of the Effective Date and continue until and terminate upon the later of (a)
seven (7) years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or a Subsidiary,
or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other Enterprise, as
applicable, or (b) one (1) year after the final termination of any Proceeding, including any appeal, then-pending in respect of
which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by
Indemnitee pursuant to Section 11, above, relating thereto.

 

19.
Successors. This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company,
and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. The Company shall require
and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all
of the business or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 

    	 	10	 

    	 	 	 

    

 

20.
Severability. Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or
fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable
law, to perform its obligations under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions
of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality
and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted
by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to
give the maximum effect to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this
Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to
be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect
to the intent manifested thereby.

 

21.
Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges
that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

 

22.
Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with
respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s
obligations to Indemnitee, as provided by its certificate of incorporation and bylaws, and by applicable law.

 

23.
Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless and only to
the extent executed in writing by the parties hereto. No amendment, alteration or repeal of this Agreement shall adversely affect
any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate
Status prior to such amendment, alteration or repeal. No waiver of any of the provisions of this Agreement shall constitute or
be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver.

 

24.
Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by
registered or certified mail, postage prepaid, sent by facsimile or electronic mail or otherwise delivered by hand, messenger
or courier service addressed:

 

(a)
if to Indemnitee, to Indemnitee’s address, facsimile number or electronic mail address as shown on the signature page of
this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or

 

(b)
if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at Propanc Biopharma,
Inc., 302, 6 Butler Street, Camberwell, VIC, 3124 Australia, or at such other current address as the Company shall have furnished
to Indemnitee, with a copy (which shall not constitute notice) to Sasha Ablovatskiy, Esq., Foley Shechter Ablovatskiy LLP, 1359
Broadway, 20th Floor, Suite 2001, New York, NY 10018.

 

    	 	11	 

    	 	 	 

    

 

Each
such notice or other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if
delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier
service, freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), (ii) if sent
via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle
for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via facsimile, upon confirmation
of facsimile transfer or, if sent via electronic mail, upon confirmation of delivery when directed to the relevant electronic
mail address, if sent during normal business hours of the recipient, or if not sent during normal business hours of the recipient,
then on the recipient’s next business day.

 

25.
Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed
by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules.
Except with respect to any arbitration commenced by Indemnitee pursuant to Section 11(a), above, or by the Company or Indemnitee
pursuant to a written agreement between the Company and Indemnitee providing for such, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in any state or federal court located in the City of New York, New York, and not in any other state or federal court in the
United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of any state
or federal court located in the City of New York, New York for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) appoint, to the extent such party is not otherwise subject to service of process in the State of New
York, VCorp Services (New York), as such party’s agent in the State of New York for acceptance of legal process in connection
with any such action or proceeding against such party with the same legal force and validity as if served upon such party personally
within the State of New York, (iv) waive any objection to the laying of venue of any such action or proceeding in any such state
or federal court located in the City of New York, New York, and (v) waive, and agree not to plead or to make, any claim that any
such action or proceeding brought in any such state or federal court located in the City of New York, New York has been brought
in an improper or inconvenient forum.

 

26.
Counterparts. This Agreement may be executed in multiple counterparts, each of which constitutes an original and all of
which together constitute one and the same instrument. A manually executed counterpart of this Agreement delivered by means of
e-mail as a Portable Document Format file (“.pdf”) (or in any present or future file format intended to preserve the
original graphic and pictorial appearance of a document), or by means of facsimile transmission, constitutes the valid and effective
execution and delivery of this Agreement for all purposes and has the same force and effect for all purposes as the personal delivery
of a manually executed counterpart bearing an original ink signature.

 

27.
Captions. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to
constitute part of this Agreement or to affect the construction thereof.

 

[Signature
page follows]

 

    	 	12	 

    	 	 	 

    

 

The
parties are signing this Indemnification Agreement as of the date stated in the introductory sentence.

 

	 	PROPANC
    BIOPHARMA, INC.
	 	 	 
	 	By:
    	                     
	 	Name:	 
	 	Title:	 

 

	 	INDEMNITEE
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print name)
	 	 
	 	 
	 	(Street address)
	 	 
	 	 
	 	(City, State and ZIP)

 

    	 	13EXECUTION
VERSION

 

This
AGREEMENT (this “Agreement”), effective as of May 1, 2019 (the “Effective Date”)
by and among MGT Capital Investments, Inc., a Delaware corporation (“Supplier”); 500 N 4th
Street LLC, a Delaware limited liability company (“Service Provider”); and Bit5ive LLC, a Florida limited
liability company (“Operator”, and collectively with Supplier and Service Provider, the “Parties”),
for the profit sharing agreement relating to the generation of Bitcoin mining revenues at the designated facility (the “Facility”)
located in Coshocton, OH (the “Project”).

 

Article
I

Conditions Subsequent

 

Supplier
agrees to provide to Service Provider up to 1,800 (or more if agreed to by the Parties) Bitmain S9 Bitcoin miners (each, a “Machine”
and collectively with all related equipment, material and parts, the “Hardware”) necessary to generate
Bitcoin mining revenue at the Facility. Supplier’s obligation to continue performance of any of its obligations under this
Agreement shall be conditioned upon the satisfaction or waiver of the conditions listed below. If any condition subsequent is
not met and Supplier does not waive the condition subsequent in writing, then Supplier shall have the right, notwithstanding the
cure provisions for Events of Default set forth in Article VI, to immediately terminate this Agreement, and thereafter shall have
no further obligation or liability hereunder.

 

1.
Service Provider shall provide the hosting capacity and electric power infrastructure necessary to (i) operate a minimum of 1,200
Machines (the “Initial Delivery”) at the Facility in accordance with the specifications approved by
Operator and attached hereto as Exhibit A by May 15, 2019 (the “Initial Delivery Date”), and (ii) operate
a minimum of 1,800 Machines (the “Minimum Delivery”) at the Facility in accordance with the specifications
approved by Operator and attached hereto as Exhibit A by the later of (x) May 31, 2019 or (y) a date to be mutually agreed to
by the Parties hereto upon at least three (3) days’ prior notice by the Service Provider (such later date, the “Minimum
Delivery Date”); in each case, such that the Machines can operate in good working order, as such is determined by
the Operator in accordance with Prudent Industry Standards (as hereinafter defined).

 

2.
Service Provider shall promptly provide Supplier with access to personnel, facilities, contracts, books, records, documentation,
and any other services, arrangements or agreements as Supplier may reasonably request to complete its due diligence and obtain
board approval with respect this Project.

 

3.
For the duration of the Term of the Project, (i) Service Provider shall promptly provide Supplier and Operator with read-only
access to Service Provider’s electronic wallet account (the “E-Wallet”) into which revenues of
the Project shall be deposited, and (ii) Operator shall promptly provide Supplier and Service Provider with read-only access to
Operator’s mining pool account.

 

4.
Supplier shall have received evidence satisfactory to Supplier that Service Provider has provided the necessary security to the
electricity provider (the “Utility”) sufficient to assure the payment of the Total Electricity Costs
as defined below (the “Utility Deposit”).

 

    	 

    	 

    

 

Article
II

Parties’ Obligations

 

1.
Supplier Obligations. The Parties hereto each agree and acknowledge that subject to and in accordance with the terms and
conditions of this Agreement, Supplier shall be responsible for the following:

 

(a)
Delivering or arranging for the delivery of a number of Machines such that the Initial Delivery is met by the Initial Delivery
Date and that the Minimum Delivery is met by the Minimum Delivery Date;

 

(b)
Replacing any Machine that Operator does not certify as in good working order upon delivery to the Facility, or that subsequently
fails to be in good working order through no fault of Service Provider or Operator, such that in each case, either (x) the Minimum
Delivery is complied with at all times during the Term; or (y) if the Minimum Delivery is not complied with for a continuous period
of two months, Service Provider shall be able to take sell any excess power capacity resulting from Supplier’s failure to
comply with the Minimum Delivery and resell such excess capacity to another Person;

 

(c)
Providing security and maintaining insurance for the Hardware in sufficient amounts at all times prior to the delivery of the
Hardware to the Facility; provided, however, that Supplier at all times retains all rights, title, and interest to and in such
Hardware, other than the Bitcoin mining revenue generated by such Hardware, which shall be subject to the profit sharing agreements
in Article III of this Agreement;

 

(d)
Providing the Service Provider with a security deposit (the “Supplier Security Deposit”) in the amount
of Two Hundred Forty Thousand United States Dollars (USD $240,000.00) to be paid in accordance with the Distribution mechanics
in Section III.1.c and to be held by the Service Provider in a non-commingled bank account (the “Supplier Security
Deposit Account”) as security for the payment by Supplier of any damages for breaches of its obligations hereunder
as determined by a court of competent jurisdiction.

 

2.
Service Provider Obligations. Service Provider shall be responsible for the following:

 

(a)
Purchasing the necessary equipment to accommodate all of the Hardware as soon as possible and subject to Section I.1;

 

(b)
Making the necessary arrangements with the Utility to provide for the electricity, including any related infrastructure, required
for the Project;

 

(c)
Using its commercially reasonable efforts to enter into arrangements (i.e., forward selling of peak power, hedging, trading
and other open market transactions) to reduce the total electricity cost charged by the Utility for the Project (the “Total
Electricity Costs”);

 

(d)
Making payments to the Utility, subject to clause (c) above, to pay in full and on a timely basis for the electricity charges
for the Project;

 

    	 	2	 

    	 	 	 

    

 

(e)
Subject to Article III, allocating the Net Profits of the Project to the appropriate Parties, including any Gross Profits (as
defined below) earned prior to the Effective Date from the use of the Hardware; and

 

(f)
Providing monthly accounting and financial reporting information, and annual tax reporting information, or as either Supplier
or Operator may reasonably request.

 

3.
Operator Obligations. Operator shall be responsible for the following:

 

(a)
Certifying whether the Service Provider has complied with its obligations under Section I.1;

 

(b)
Certification of the Hardware upon delivery to the Facility as to whether such Hardware in is good working order in accordance
with Section I.1;

 

(c)
On-going Facility operations, including approval of the hosting capacity provided by the Service Provider and maintenance of the
Facility with Prudent Industry Standards. “Prudent Industry Practices” means, in connection with the
design and construction of similar projects of a type and size and having geographical and climatic attributes similar to the
Project, those practices, methods, specifications and standards of safety, performance, dependability, efficiency and economy
generally recognized by international industry members as good and proper, and such other practices, methods or acts which, in
the exercise of reasonable judgment by those reasonably experienced in the industry in light of the facts known at the time a
decision is made, would be expected to accomplish the result intended at a reasonable cost and consistent with applicable laws,
reliability, safety and expedition. Prudent Industry Practices are not intended to be limited to the optimum practices, methods
or acts to the exclusion of all others, but rather to be a spectrum of good and proper practices, methods and acts;

 

(d)
Maintenance of the Hardware after delivery to the Facility such that all Hardware in good working order as such is determined
by the Operator in its sole discretion in accordance with Prudent Industry Standards.

 

Article
III

Allocations of Profit; Expenses

 

1.
Determination and Disbursements of Profits. Any Bitcoin mining revenues generated by any of the Hardware commencing on
the Effective Date (the “Revenues”) shall be directed to the E-Wallet of the Service Provider. Subject
to the prior written consent of both Supplier and Operator (the “Authorization”), Service Provider shall,
on at least a monthly basis, distribute such Revenues in accordance with the following (the “Disbursements”):

 

(a)
First, out of the Revenues of the Project, the Service Provider shall pay the Total Electricity Costs to the Utility (any such
remaining amounts, the “Gross Profits”);

 

(b)
Second, to the Operator, the Service Provider shall pay 10% of Gross Profits (such amounts remaining after the payment to the
Operator, the “Net Profits”);

 

    	 	3	 

    	 	 	 

    

 

(c)
Third, the Net Profits shall be split such that 10% of the Gross Profits shall be paid to the Supplier, 40% of the Gross Profits
shall be paid to the Service Provider, and 40% of the Gross Profits shall be paid into the Supplier Security Deposit Account,
until such time that the Supplier Security Deposit is paid in full (the “Supplier Deposit Fulfillment Date”):
and

 

(d)
Subsequent to the Supplier Deposit Fulfillment date, the Disbursements in Section III.1.c. shall be amended such that the Net
Profits (after the Disbursements in Section III.1.a and III.1.b) shall be split equally by the Service Provider and the Supplier.

 

2.
All amount due under this Article are due and payable on a monthly basis by the Service Provider promptly and not more than five
business days after the Authorization. In addition to its termination rights, Supplier, in Supplier’s sole discretion, may
change payment terms if Service Provider becomes delinquent on any payments due and owing under this Agreement. All overdue payments,
for all charges, including damages and losses, shall bear interest at the lesser of [18]% per annum or the highest amount otherwise
allowed by law without prejudice to Supplier’s rights, including without limitation Supplier’s right contained in
Article VI to terminate this agreement for non-payment.

 

Article
IV

Security and Insurance

 

1.
Security of Hardware and Safety. From and after the date the Hardware is delivered to the Facility, (i) Service Provider
shall take all commercially reasonable steps to physically protect the Hardware from damage, ordinary wear and tear (as determined
by the Operator in accordance with Prudent Industry Practices) excepted; and (ii) Operator shall take all commercially reasonable
steps to protect the Hardware from damage from use, ordinary wear and tear (as determined by the Operator in accordance with Prudent
Industry Practices) excepted, including, without limitation, wrap and seal all Hardware in a manner that would ensure the security
and protection of the same from the elements, including dust and moisture, and from damage due to any other cause. Both Service
Provider and Operator shall use the same care to protect the Hardware at any time in its possession or under its control as an
ordinarily prudent person operating a project of a size and nature similar to the Project would use with its own property, but
in any event shall not use less than reasonable care, and shall be responsible for any damage to such property due to any failure
to comply with the provisions of this Section IV. 1. Any costs relating to the physical security of the Hardware while at the
Facility shall be borne by the Service Provider.

 

2.
Service Provider shall, at Service Provider’s own expense and for all relevant periods, maintain: (i) commercial general
liability insurance to protect Service Provider and Supplier against damage to property or persons from the operation, handling
and use of the Hardware with minimum coverage of $1,000,000.00 per occurrence/$2,000,000.00 general aggregate, (ii) broad form
property insurance covering the Hardware at the replacement value as determined by the Supplier (the “Replacement
Value”); and, (iii) if a third party is hauling the Hardware, all risk cargo insurance, at the Replacement Value,
(iv) workers compensation insurance for Service Provider’s employees in amounts required by the laws of the state in which
the work is performed, and (v) such other insurance as may be reasonably requested by Supplier. Other than with respect to any
workers’ compensation insurance, Service Provider shall cause its insurer to issue an endorsement (reasonably acceptable
to each of Supplier and Operator) identifying that each of Supplier and Operator is an “Additional Insured” party
and that all insurance identified in this paragraph shall be primary to that of Supplier and Operator to the extent of Service
Provider’s obligations herein and that Supplier, Operator and their respective insurers agree to waive their subrogation
rights with respect thereto. Service Provider shall provide thirty (30) days’ advance written notice to each of Supplier
and Operator of any material change or the termination of any such policy prior to change or cancellation. Failure to provide
the requisite insurance shall not be deemed as a waiver of this provision.

 

    	 	4	 

    	 	 	 

    

 

3.
Supplier shall, at Supplier’s own expense and for all relevant periods, maintain
(i) commercial general liability insurance to protect Supplier against damage to
property or persons from a defect in any Hardware existing before its delivery to the Facility,
with minimum coverage of $1,000,000.00 per occurrence/$2,000,000.00 general aggregate, and (ii) special
form property insurance for business interruption as a result of physical damage to hardware or software and physical damage or
loss to any software, data or media contained on the Hardware caused by a defect in any Hardware existing before its delivery
to the Facility. Supplier shall cause its insurer to issue an endorsement (reasonably acceptable to each of the Service Provider
and Operator) identifying that each of the Service Provider and Operator are “Additional Insured” parties as their
interests may appear and that all insurance identified in this paragraph shall be primary to that of Service Provider and Operator
to the extent of Supplier’s obligations herein and that Service Provider, Operator and their respective insurers agree to
waive their subrogation rights with respect thereto. Supplier shall provide thirty (30) days’ advance written notice to
each of Service Provider and Operator of any material change or the termination of any such policy prior to change or cancellation.
Failure to provide the requisite insurance shall not be deemed as a waiver of this provision.

 

4.
Operator shall, at Operator’s own expense and for all relevant periods, maintain
(i) commercial general liability insurance to protect Operator against damage to
property or persons resulting from the operation of the Hardware after its delivery to the
Facility, with minimum coverage of $1,000,000.00 per occurrence/$2,000,000.00 general aggregate, and (ii) broad
form property insurance for business interruption as a result of physical damage to the Hardware and/or any other personal property
or equipment at the Facility caused by the operation of the Hardware after its delivery
to the Facility. Operator shall cause its insurer to issue an endorsement (reasonably acceptable to each of Supplier and Service
Provider) identifying that each of Service Provider and Supplier are “Additional Insured” parties as their interests
may appear and that all insurance identified in this paragraph shall be primary to that of the Supplier and Service Provider to
the extent of Operator’s obligations herein and that Service Provider, Supplier and their respective insurers agree to waive
their subrogation rights with respect thereto. Operator shall provide thirty (30) days’ advance written notice to each of
Service Provider and Supplier of any material change or the termination of any such policy prior to change or cancellation. Failure
to provide the requisite insurance shall not be deemed as a waiver of this provision.

 

    	 	5	 

    	 	 	 

    

 

Article
V

Limitations on Liability and Indemnification

 

1.
Warranty. Supplier has selected the Hardware to be delivered hereunder for its own purposes; and upon such delivery at
the Facility, Operator has certified the good working order of the Machines. SUPPLIER EXPRESSLY ACKNOWLEDGES THAT SERVICE PROVIDER
HAS NOT INSPECTED OR CAUSE TO BE INSPECTED THE MACHINERY AND HARDWARE FOR ANY PATENT OR LATENT DEFECTS AND EXPRESSLY AGREES THAT
SERVCE PROVIDER WOULD NOT BE ENTERING INTO THIS AGREEMENT WITHOUT SUCH CERTIFICATION FROM OPERATOR. Supplier acknowledges and
agrees that, in addition to any other obligation it may have under this Agreement, it is obligated to either repair or replace
(at the discretion of Supplier) any Hardware not performing in good working order as certified by the Operator, subject to Section
II.1.b herein.

 

2.
Overall Limitation of Liability. Notwithstanding anything to the contrary contained herein, in no event shall a Party and
its affiliates be liable, alone or in the aggregate, to the other Parties for any damages, claims, demands, suits, causes of action,
losses, costs, expenses and/or liabilities in excess of an amount equal to one hundred percent (100%) of the amounts received
by such Party under Article III (the “Maximum Liability”), regardless of whether such liability arises
out of breach of contract, guaranty or warranty, tort, product liability, indemnity, contribution, strict liability or any other
legal theory. Any damages, claims, demands, suits, causes of action, losses, costs, expenses and/or liabilities of a Party and
its affiliates arising under this Agreement shall be applied towards the foregoing aggregate liability cap (i.e., shall
reduce such Party’s liability under this Agreement on a dollar for dollar basis).

 

3.
Consequential Damages. Notwithstanding anything to the contrary contained in this Agreement, the Parties hereto waive all
claims against each other (and against the parent companies and Affiliates of each, and their respective members, shareholders,
officers, directors, agents and employees) for any consequential, incidental, indirect, special, exemplary or punitive damages
(including loss of actual or anticipated profits, revenues or product; loss by reason of shutdown or non-operation; increased
expense of operation (subject to Section II.2.c), borrowing or financing; loss of use or productivity; and increased cost of capital)
arising out of this Agreement; and, regardless of whether any such claim arises out of breach of contract, guaranty or warranty,
tort, product liability, indemnity, contribution, strict liability or any other legal theory, and each Party hereto hereby releases
the other Parties from any such liability.

 

4.
Releases Valid in All Events. Except in cases of fraud, the Parties intend that the waivers and disclaimers of liability,
releases from liability, limitations and apportionments of liability, and indemnity and hold harmless provisions expressed throughout
this Agreement shall apply even in the event of the negligence (in whole or in part), strict liability, tort liability, fault
or breach of contract (including other legal bases of responsibility such as fundamental breach) of the Party whose liability
is released, disclaimed or limited by any such provision, and shall extend to such Party’s affiliates and their respective
partners, shareholders, directors, officers, employees and agents. Notwithstanding anything herein to the contrary, no waiver,
disclaimer, release, limitation or indemnity shall apply or be effective in the event of the willful misconduct, gross negligence
or criminal act of the Party attempting to enforce such provision.

 

    	 	6	 

    	 	 	 

    

 

5.
INDEMNIFICATION. EACH PARTY HERETO (“INDEMNITOR”) SHALL RELEASE, INDEMNIFY, DEFEND AND HOLD HARMLESS
THE OTHER PARTIES (“INDEMNITEES”) AGAINST ANY CLAIM, DEMAND, LOSS, DAMAGE, LIABILITY, LAWSUIT, CAUSE OF ACTION,
JUDGMENT, PENALTY AND/OR EXPENSE (INCLUDING, BUT NOT LIMITED TO, ATTORNEYS’ FEES, COURT COSTS AND OTHER COSTS OF SUIT),
EACH AS INCURRED, ON ACCOUNT OF PROPERTY DAMAGE OR LOSS, OR PERSONAL INJURIES (INCLUDING ILLNESS, DISABILITY OR DEATH) RESULTING
FROM THE OPERATION, USE OR HANDLING OF THE HARDWARE OR EQUIPMENT OR SERVICES PROVIDED HEREUNDER, TO THE EXTENT CAUSED BY THE GROSS
NEGLIGENCE, FRAUD OR WILFUL MISCONDUCT OF THE INDEMNITOR OR ITS AGENTS AND TRANSFEREES. SUPPLIER SHALL ALSO INDEMNIFY THE SERVICE
PROVIDER FOR ANY EXPENSES INCURRED ON ACCOUNT OF ANY CURRENT AND ON-GOING INVESTIGATION RELATING TO THE SUPPLIER BY THE SECURITIES
AND EXCHANGE COMMISSION.

 

6.
Survival. The provisions of this Article shall survive the termination or expiration of this Agreement.

 

Article
VI

Events of Default and Termination

 

1.
Term. The term of this Agreement shall be the earlier of (x) two years, or (y) when the Parties determine that the Bitcoin
mining business at the Facility is uneconomic. For the avoidance of doubt, the Parties hereby agree that Gross Profits equivalent
to less than USD $1.00 for a continuous period of two months shall be deemed “uneconomic”.

 

2.
Service Provider Events of Default. If any of the following events (each, an “Service Provider Event of Default”)
occurs:

 

(a)
Service Provider fails to make payment in accordance with the terms of this Agreement and such failure continues for a period
of five (5) business days,

 

(b)
Service Provider becomes bankrupt, insolvent or makes an assignment for the benefit of its creditors,

 

(c)
Service Provider fails to maintain the insurance required by Article IV,

 

(d)
Service Provider breaches or fails to comply with its obligations under Article II,

 

(e)
Service Provider violates any material provision of this Agreement,

 

(f)
the Hardware is lost, damaged, stolen, destroyed or seized by a governmental agency after it had been placed at the Facility in
the possession of Service Provider but prior the termination of this Agreement, or

 

    	 	7	 

    	 	 	 

    

 

(g)
a Force Majeure Event that lasts longer than three weeks. “Force Majeure Event” means any event which is not within
the reasonable control of the Party affected, and with the exercise of due diligence, could not reasonably be prevented, avoided
or removed by such Party, and does not result from such Party’s negligence or the negligence of its agents, employees or
subcontractors, which causes the Party affected to be delayed, in whole or in part, or unable to partially or wholly perform its
obligations under this Agreement (other than a lack of funds or finances or any obligation for the payment of money), including:
natural disasters; landslides; drought; fire; flood; wind shear; earthquake; lightning; hail; hurricanes; tornados; tsunamis;
ice and ice storms; perils of sea; volcanic activity; epidemic; war (whether declared, undeclared or threatened) or other armed
conflict; acts of God; riot; explosions; civil disturbance; sabotage; strikes, lockouts or labor disputes (except for strikes,
lockouts or labor disputes isolated to the Party claiming a Force Majeure Event); vandalism; terrorism or threats of terrorism;
blockades. Force Majeure Events shall not include (a) a Party’s financial inability to perform under this Agreement, (b)
a failure of equipment except if caused by a Force Majeure Event, (c) unavailability of spare parts except if caused by a Force
Majeure Event or (d) sabotage by employees, agents or any subcontractors of the Party claiming the Force Majeure Event;

 

then
Supplier may at its option, after three days’ notice in writing of such event exercise, without further notice, any one
or more of the following options: (i) suspend its performance of its obligations, (ii) terminate this Agreement, (iii) retrieve
the Hardware wherever it may be found without becoming liable for trespass, and/or, (iv) in addition to any other remedies Supplier
may have, recover all amounts due together with any damages for injury to the Hardware and all expenses incurred in recovering,
retrieving or repossessing the Hardware.

 

The
Parties acknowledge and agree that because of the unique nature of the Hardware, it is impracticable or extremely difficult to
determine with precision the amount of damages that would or might be incurred by Supplier as a result of Supplier terminating
this Agreement due to an Service Provider Event of Default. It is understood and agreed by the Parties that (A) Supplier shall
be damaged by such termination, (B) it would be impracticable or extremely difficult to fix the actual damages resulting therefrom,
(C) any sums which would be payable under this paragraph are in the nature of liquidated damages, and not a penalty, and are fair
and reasonable, and (D) each such payment represents a reasonable estimate of fair compensation for the losses that may reasonably
be anticipated from such termination.

 

3.
Supplier Events of Default. If any of the following events (each, a “Supplier Event of Default”)
occurs:

 

(a)
Subject to Section II.1.b, Supplier fails to take commercially reasonable steps to repair or replace any defective Hardware in
accordance with the terms of this Agreement and such failure continues for a period of five (5) business days;

 

(b)
Supplier becomes bankrupt, insolvent or makes an assignment for the benefit of its creditors;

 

(c)
Supplier violates any material provision of this Agreement,

 

(d)
a material portion of the Hardware is seized by a governmental agency or pursuant to the order or ruling of a governmental or
judicial authority due to Supplier’s ownership thereof delivery at the Facility but prior the termination of this Agreement;
or

 

(e)
a Force Majeure Event that lasts longer than three weeks;

 

    	 	8	 

    	 	 	 

    

 

then
Service Provider may at its option, after three days’ notice in writing of such event exercise, without further notice,
any one or more of the following options: (i) suspend its performance of its obligations under Article III hereof with respect
to payments to Supplier, (ii) terminate this Agreement, and/or, (iii) in addition to any other remedies Service Provider may have,
recover all amounts due from Supplier hereunder.

 

Article
VII

General Provisions

 

1.
Confidentiality. Unless required by law, each Party shall keep all information submitted by each other Party confidential,
regardless of whether said information is marked “Confidential”. Each Party acknowledges the confidential and proprietary
nature thereof and shall maintain its confidentiality, only use the confidential information for the purpose thereof, provide
such confidential information only to those employees and other parties with the need to know and require all such individuals
to be bound by the terms contained herein. These restrictions on use and disclosure shall not apply to any information (i) independently
developed by a Party, as evidenced by documentation in its possession, or which is lawfully received free of restriction from
another source having the right to so furnish such information; (ii) after it has become generally available to the public without
breach of this Agreement by a Party; or (iii) ordered or required to be released pursuant to applicable law, regulation, or a
verifiable court order, provided that each other Party has been given notice of and, to the extent possible, an opportunity to
contest such order. All copyrights, patents, trade secrets, or other intellectual property rights associated with any ideas, concepts,
techniques, inventions, processes, designs, works of authorship or other know how developed or created by Supplier prior to or
during the term of this Agreement, or developed jointly with the other Parties, shall belong exclusively to Supplier. Supplier
shall have the exclusive right to, and shall bear all of the costs of, acquiring intellectual property rights, such as patents
and copyrights, for any inventions or developments associated with this Agreement and the work or derivative work developed as
a result thereof.

 

2.
No Assignment. No Party hereto may assign its rights and obligations under this Agreement without the prior written consent
of the other Party; provided, however, that any Party may assign its rights and obligations hereto to any wholly
owned subsidiary of such Party without the consent of the other Parties.

 

3.
Notices. Any notice or invoice required or authorized to be given hereunder or any other communications between the Parties
provided for under the terms of this Agreement shall be in writing (unless otherwise provided) and shall be served personally
or by reputable next Business Day express courier service or by email transmission addressed to the relevant Party at the address
stated below or at any other address notified by that Party to the other as its address for service. Any notice so given personally
shall be deemed to have been served on delivery, any notice so given by express courier service shall be deemed to have been served
the next Business Day after the same shall have been delivered to the relevant courier, and any notice so given by email transmission
shall be deemed to have been served on transmission and receipt of confirmation of successful transmission during normal business
hours. As proof of such service it shall be sufficient to produce a receipt showing personal service, the receipt of a reputable
courier company showing the correct address of the addressee or an activity report of the sender’s network showing the confirmation
of successful transmission.

 

    	 	9	 

    	 	 	 

    

 

4.
Governing Law. This Agreement and all matters arising hereunder or in connection herewith shall be governed by, interpreted
under, construed and enforced in accordance with the law of the State of Delaware, without regard to the choice of law principles.

 

5.
Consent to Jurisdiction. Each of the Parties hereby irrevocably consents and agrees that any legal action or proceedings
brought to enforce any arbitral award granted pursuant to may be brought in the United States or New York state courts located
in the borough of Manhattan, City of New York and by execution and delivery of this Agreement, each of the Parties hereby (i)
accepts the jurisdiction of the foregoing courts for purposes of enforcement of any such arbitral award, (ii) irrevocably agrees
to be bound by any final judgment (after any appeal) of any such court with respect thereto, and (iii) irrevocably waives, to
the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any suit, action
or proceedings with respect hereto brought in any such court, and further irrevocably waives to the fullest extent permitted by
law any claim that any such suit, action or proceedings brought in any such court has been brought in an inconvenient forum. Each
of the Parties agrees that a final judgment (after any appeal) in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner to the extent provided by law.

 

6.
WAIVER OF JURY TRIAL. SOLELY TO THE EXTENT ALLOWABLE UNDER APPLICABLE LAW, EACH PARTY HEREBY, TO THE FULLEST EXTENT
PERMITTED BY LAW, WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT.

 

7.
Amendments; Waivers and Consents. No amendment of any provision of this Agreement will be valid unless the same will be
in writing and signed by all Parties. No waiver of, or consent to departure from, any provision of this Agreement, or of or from
any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, will be valid unless
the same will be in writing and signed by the Party making such waiver or consent; nor will such waiver or consent be deemed to
extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way
any rights arising by virtue of any prior or subsequent such default, misrepresentation, or breach of warranty or covenant.

 

8.
Entire Agreement. This Agreement contains the entire understanding of the Parties with respect to the subject matter hereof
and thereof and supersede all prior and contemporaneous discussions, agreements and commitments between the Parties with respect
thereto, and any prior and contemporaneous confidentiality agreements executed by the Parties in respect of the transactions contemplated
by this Agreement, and there are no agreements or understandings between the Parties respecting the subject matter hereof or thereof,
whether oral or written, other than those set forth herein or therein and neither Party has relied upon any representation, express
or implied not contained in this Agreement.

 

    	 	10	 

    	 	 	 

    

 

9.
No Partnership Created. Each Party is an independent contractor and nothing contained herein shall be construed as constituting
any relationship with the other Parties other than that of independent contractors, nor shall it be construed as creating any
relationship whatsoever between any of the Parties, including employer/employee, partners or joint venture parties.

 

10.
Survival. All provisions of this Agreement that are expressly or by implication to come into or continue in force and effect
after the expiration or termination of this Agreement shall remain in effect and be enforceable following such expiration or termination.
The provisions of this shall survive expiration or termination of this Agreement.

 

11.
Further Assurances. Each Party agrees to provide such information, execute and deliver any instruments and documents and
to take such other actions as may be necessary or reasonably requested by any other Party which are not inconsistent with the
provisions of this Agreement and which do not involve the assumptions of obligations other than those provided for in this Agreement,
in order to give full effect to this Agreement and to carry out the intent of this Agreement.

 

12.
Counterparts. This Agreement may be executed by the Parties in one or more counterparts, all of which taken together, shall
constitute one and the same instrument. The facsimile and digital signatures of the Parties shall be deemed to constitute original
signatures, and facsimile and digital copies hereof shall be deemed to constitute duplicate originals.

 

13.
Headings. The headings to Articles, Sections and Exhibits of this Agreement are for ease of reference only and in no way
define, describe, extend or limit the scope of intent of this Agreement or the intent of any provision contained herein. Similarly,
the references to “Service Provider”, “Operator” and “Supplier” in this Agreement are shorthand
used for convenience only.

 

14.
No Rights in Third Parties. Except as otherwise expressly provided herein, this Agreement and all rights hereunder are
intended for the sole benefit of the Parties hereto and shall not imply or create any rights on the part of, or obligations to,
any other Person.

 

15.
Severability. The invalidity of one or more phrases, sentences, clauses, Sections or Articles contained in this Agreement
shall not affect the validity of the remaining portions of this Agreement so long as the material purposes of this Agreement can
be determined and effectuated.

 

16.
Joint Effort. Preparation of this Agreement has been a joint effort of the Parties and the resulting document shall not
be construed more severely against one of the Parties than against the other. Any rule of construction that ambiguities are to
be resolved against the drafting party shall not be employed in the interpretation of this Agreement, or any amendments or Exhibits
hereto.

 

17.
Effectiveness. This Agreement shall be effective on, and shall be binding upon, the Parties hereto upon the full execution
and delivery of this Agreement, as of the Effective Date.

 

18.
English Language Documents. Any document, manual, certificate or notice required or authorized to be given hereunder for
the operation of the Project shall be provided in the English language.

 

19.
Notices, Consents and Approvals in Writing. Except as otherwise expressly provided herein, any consents, authorizations,
notices and approvals contemplated herein shall be in writing.

 

[SIGNATURES
FOLLOW]

 

    	 	11	 

    	 	 	 

    

 

IN
WITNESS WHEREOF, this Agreement has been executed and delivered by the duly authorized representatives of the Parties hereto as
of the date first written above.

 

 

 Bit5ive LLC, as Operator

  

 

    	 	12

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