Document:

Exhibit 10.4

 

CONFIDENTIAL

 

	INTERNATIONAL
    SALES CONTRACT	No.
    [ ZY0220211163]

 

This
INTERNATIONAL SALES CONTRACT (the “Contract”) is made between the Seller and the Buyer after consensus has been reached by
both Parties on the cooperation of [A1166](the “Product”) during the Term of this Contract.

 

	THE
    SELLER: CANAAN CONVEY CO., LTD.	THE
    BUYER: [Cosmos Capital Limited]
	 	 
	Address:
    Zpark building 27 Tower C floor 2 201, Haidian District,	Address:
    [Level 5, 97 Pacific Highway, North Sydney,
	Beijing,
    China	NSW
    Australia]
	Business
    Registration No: 91110108MA018GQHX2	Tel/Fax:
    [+61 499 400 900]
	Tel/Fax:
    +86 10-58741865	E-mail:
    [james@cosmoscapital.io]
	E-mail:
    sales@canaan.io	 

 

1.
PRODUCT & DELIVERY

 

1.1
PRODUCT SPECIFICATIONS & PRICE LIST.

 

	Description
    of Products	 	Quantity
    (UNIT)	 	Per
    Thera Hash Price(USD/T)	 	Unit
    Price (USD)	 	Subtotal
    (USD)
	[A1166]	 	[1000]	 	[77]	 	[6,237]	 	[6,237,000]
	Total
    (USD)	 	 	 	[6,237,000]

 

1.2
The [A1166] is in three different specifications in terms of Hash performance, [72T,75T and 81T]. The product Buyer
receives will be a mix of these three according to the production output. The price difference will be adjusted at the last shipment
in [April 2021]. The Buyer agrees with this option upon Seller’s email notice. The Buyer should replenish the
corresponding payment after receiving the notice.

 

1.3
The cost of Delivery & Insurance of the Products from the Seller’s warehouse to the final destination station of the Buyer
will be covered by the Buyer, and other specific rights and obligations in delivery shall be determined according to the Trading
Term. 1.4 The Total Value of this Contract will be adjusted according to the final shipment mix of miner model and T-Hash. The Buyer
will pay the difference if there is.

 

1.5
The Seller has the right to terminate this Contract if the Buyer fails to pay the first payment on time stipulated in this Contract.

 

2.
PAYMENT & THE PAYER’S ACCOUNT.

 

The
Buyer shall pay [100]% of total payment $[6,237,000] before _______[31st March] 

 

	Seller	 	Buyer
	Bank
    Name	 	AGRICULTURAL
                                            BANK OF CHINA BEIJING BRANCH

    HAIDONG
    sub-

    branch,
    P.R. China
	 	Bank
    Name	 	NATIONAL
    AUSTRALIA  BANK
	 	 	 	 	 	 	 
	Address	 	No.11
    DING XUYUAN ROAD  HAIDIAN DISTRICT BEIJING  CHINA	 	Address	 	333
    George Street  Sydney, NSW 2000
	 	 	 	 	 	 	 
	Beneficiary
    Name	 	CANAAN
    CONVEY CO LTD	 	Beneficiary
    Name	 	Cosmos
    Capital Limited
	 	 	 	 	 	 	 
	Beneficiary
    Address	 	ROOM110,
    1ST FLOOR BEIJING  VENTURE ROAD 36, HAIDIAN  DIST BEIJING CHINA	 	Beneficiary
    Address	 	Level
    5, 97 Pacific Highway, North Sydney, NSW 2060
	 	 	 	 	 	 	 
	A/C
    No.	 	11250514040001478	 	A/C
    No.	 	MOSCAUSD01
	 	 	 	 	 	 	 
	Swift
    Code	 	ABOCCNBJ010	 	Swift
    Code	 	NATAAU3303M

 

3.
TRADING TERM.

 

[                    ]To:
[                     ],
Port of Loading:
[                     ] ,
Shipping Address:
[                     ] ,
Shipping Method: [                  ],
Shipping Date: depending on the actual logistic availability in  [End of March or April] or another date agreed by the two
parties and/or after the payment paid in full.

 

    1

     

    

 

CONFIDENTIAL

 

The
unfilled information of this article shall be based on the notification from e-mail of the Buyer on the home page of the Contract.
Any modification of the Trading Term shall be agreed by the Seller and the Buyer.

 

4.
BUYER’S OBLIGATIONS.

 

4.1.
The payer of the payment must be the Buyer of the Contract or in accordance with THE PAYER’S ACCOUNT set forth above. The Buyer
shall obtain a prior written consent by the Seller if there is any inconformity with the payer of the payment.

 

4.2.
the Buyer warrants that it has legitimate business license and administrative license, and that it will operate lawfully and with integrity.

 

4.3.
If the Buyer delays in the payments, it shall pay the compensation to the Seller, which shall be the sum of non-paid amount × the
days postponed/365 × 10%. The Seller may terminate this Contract if the delay caused by the Buyer exceeds 30 days.

 

4.4.
A default mining pool will be set for each product of the Seller before leaving the factory to test whether the product operates normally,
and the Buyer shall change the mining pool settings by itself when the product is used for the first time. The Buyer recognizes and agrees
that the Seller shall not be liable for any loss of revenue when changing settings and/or that arising from the Buyer's failure to change
the mining pool settings.

 

5.
DELIVERY.

 

5.1.
Trade terms in the Contract are based on Incoterms 2010 of the International Chamber of Commerce.

 

5.2.
Under the trade term specified under this Contract, if the Seller is responsible for insurance and freight transportation, it has the
right to choose the third-party company that provides the service.

 

5.3.
All delivery dates are approximate, and as stipulated by the trading term the Seller shall not be liable for any damages of any kind
resulting from delay in delivery.

 

5.4.
The Seller shall not be liable for any loss or damage suffered by the Buyer resulting directly or indirectly from, or through, or arising
out of any delay in shipment or delivery of any Product, or resulting directly or indirectly from or through delay arising out of any
of the following: fire, flood, strike, epidemic, accident, civil commotion, riot or war, shortage of labor, fuel, materials or supplies,
regulations, priorities, orders or embargoes imposed by any civil or military government; or any other cause or causes (whether or not
similar to the foregoing) beyond the reasonable control of the Seller.

 

6.
INSPECTION AND ACCEPTANCE.

 

The
Buyer shall examine the goods as soon as possible after their arrival at destination and shall notify the Seller in writing of any lack
of conformity of the goods within 3 days from the date when the Buyer discovers or ought to have discovered the lack of conformity. In
any case the Buyer shall have no remedy for lack of conformity if it fails to notify the Seller thereof within 15 days from the date
of arrival of the goods at the agreed destination. The products will be deemed as consistent with the agreement by both parties if the
Buyer fails to do so in the above-mentioned inspection and acceptance period.

 

7.
CLAIM.

 

Any
claim by the Buyer concerning the goods shipped hereunder shall be filed within 30 days after the arrival of the goods at the port of
destination and supported by a survey report issued by a survey or approved by the Seller for the Seller’s examination. Claims
in respect of matters within the scope of responsibility of the insurance company, shipping company, transportation organization and/or
post office will not be entertained by the Seller.

 

8.
WARRANTIES.

 

8.1.
The Seller guarantees that all products and all documents related with the products, include drawings, technical standards, product specifications(if
any). delivered to the Buyer will, at the time of such delivery, be free and clear of all liens, security interests and other encumbrances
and will conform, in all material respects, to the Specifications. If there is any act of intellectual property infringement, the Seller
will claim for compensation through relevant ways.

 

8.2.
The Buyer guarantees that none of the Buyer, any of its subsidiaries or, to the best knowledge of the Buyer or its representative, any
director, officer, shareholders or employee of the Buyer or any of its subsidiaries is an entity or person who is a) the target of any
Sanctions Law, or b) located, controlled, organized, or resident in a country or territory that is, or whose government currently is,
the target of countrywide sanctions imposed by any sovereign government sanctions authorities.

 

    2

     

    

 

CONFIDENTIAL

 

8.3.
The Buyer guarantees that it is and will be in compliance with any applicable anti-money laundering, anti-terrorist or economic sanctions
legislation, regulation or guideline, in respect of the source of funds, making the transaction, or using the products herein.

 

8.4
The Seller gives a guarantee for all delivered goods 360 days from the date of the delivery. If during this period defects in the Goods
are revealed, the Seller shall repair or replace, free of charge, any part proven defective in material, performance or workmanship,
but mining earnings will not be compensated. In this condition, the Buyer shall pay the inbound shipping and the Seller will pay the
return shipping.

 

8.5
The Exclusions of Quality Warrants: a) The installation, operation, usage, maintenance and examination and repair of the products
are not applied to the technical requirements of the products or the requirements of the Products Manual; b) The damages are made by
the Buyer or any third party intentionally or carelessly;. c) The normal damages of the products; d) The damage resulting from
improper repair; e) The damage resulting from force majeure; and f) Other conditions irrelevant with the Seller.

 

9.
Compliance & Sanctions.

 

The
Buyer and its customers who purchased the products in the stream of commerce shall not export, re-export, transfer or otherwise release
products provided by the Seller, directly or indirectly, to or for: i) a U.S. prohibited destination, such as Iran, Syria, North Korea,
Crimean region, Venezuela and Cuba, or a national thereof wherever located, or to any other country subject to restriction under applicable
laws and regulations of any countries and international organizations; ii) any sanctioned person or entity identified on the U.S. Consolidated
Screening List (see https://2016.export.gov/ecr/eg_main_023148.asp) or subject to sanctions administered by the U.S. Department
of Treasury’s Office of Foreign Assets Control (OFAC) (see http://sanctionssearch.ofac.treas.gov/); and iii) the design,
production or use of military, nuclear, missile or chemical & biological weapons activities or systems and any party engaged in such
activity.

 

10.
LIABILITY FOR BREACH.

 

10.1.
After this Contract comes into effect, the Seller and the Buyer shall fully perform their obligations as stipulated in this Contract.
If either Party fails to perform or partially performs its contractual obligations, it shall be liable for such breach and shall compensate
all losses resulting thereof to the other Party.

 

10.2.
If the Buyer cancels the order except upon the Seller’s written consent, the Seller shall have the right to deduct all the Buyer’s
payment, plus all costs and losses it sustains arising from the Buyer’s cancellation of an order without the Seller’s written
consent and the Seller shall also have the right to refuse to perform the delivery obligation under the Contract.

 

10.3.
In the event that the Seller suffers any loss or receives any complaint as a result of the breach of this Contract by the Buyer, or any
other circumstances cause or may cause the damage of the Seller 's interests by the Buyer’s breach, then the Seller has the right
to unilaterally suspend or terminate this Contract and require the Buyer to be liable for all losses to the Seller and assume related
liabilities. 10.4. According to the agreed delivery date of the Contract, if the Seller cannot deliver the products on schedule for the
Buyer’s reasons or the Buyer fails to take the products according to the agreed delivery date, the Seller can require the storage
charges as 0.2%/per day on the value of goods not delivered. The Seller has the right to unilaterally suspend or terminate the Contract
and refuse to perform the delivery obligation under the Contract if the ordered goods cannot be delivered more than 30 days after agreed
delivery date due to the Buyer’s responsibility.

 

10.5.
If there are damages or losses in the Buyer due to the quality or delivery of the products or the Seller, the Buyers remedy is limited
to replacement under the Seller warranty. All other representations, express or implied, warranty, or liability relating to the condition
or use of the product are specifically disallowed, and in no event shall the Seller be liable to Buyer, or any third party, for any direct
and indirect consequential or incidental damages.

 

10.6.
The Buyer shall, defend, indemnify, and hold harmless the Seller, its affiliates and their respective officers, directors, employees,
agents, servants, subcontractors, and distributors from and against any and all actions, claims, demands, suits, judgments, liabilities,
expenses (including but not limited to reasonable attorney’s fees), losses, or damages of whatever nature arising out of or relating
to (i) any breach by the Buyer of any representation, warranty, covenant or obligation hereunder; and (ii) any third-party claims to
the extent caused by acts or omissions of the Buyer.

 

    3

     

    

 

CONFIDENTIAL

  

10.7.
If the Seller breaches the Contract, it shall be liable for compensation and to perform its obligations within the prescribed time limit.

 

10.8.
Notwithstanding any other provision in this contract, neither party shall be liable to the other party for any loss of profit or revenues,
loss of opportunity, loss of goodwill or reputation, and /or any indirect or consequential losses whatsoever, even if advised of the
possibility of such damages.

 

11.
FORCE MAJEURE.

 

Neither
Party shall be liable for the delays in certificate, stocking, shipment or delivery due to force majeure. The affected Party shall notify
the other Party that the delivery date of products exported overseas is determined by the customs clearance time and logistics speed
at home abroad. Under all the conditions of force majeure, the Seller will not responsible for the delay and failure of delivery or any
problems of the quality of the Products.

 

12.
APPLICABLE LAW AND JURISDICTION.

 

This
Contract shall be governed by and construed in accordance with the laws of P.R.China excluding conflict of laws provisions which may
direct the application of another jurisdiction’s laws. Any disputes arising from or in connection with this Contract shall be submitted
to the Hangzhou Arbitration Commission in Hangzhou, China for arbitration which shall be conducted in accordance with its arbitration
rules in effect at the time of applying for arbitration. The language to be used in the arbitral proceedings shall be Chinese. The arbitral
award is final and binding upon both parties.

 

13.
ATTORNEYS’ FEES.

 

The
Prevailing Party in any dispute shall have the right to collect from the other party its reasonable costs, necessary disbursements, and
attorneys’ fees incurred in enforcing this Contract. The “Prevailing Party” means the party in whose favor a(n) arbitral
award, judgment, decree, or final order is rendered, and also means the party obtaining substantially the relief sought, whether by compromise,
settlement, or judgment.

 

14.
CONFIDENTIALITY.

 

14.1.
Either Party must keep the any Confidential Information obtained from the other Party, as well as this cooperation and the specific content
of this Contract in strict confidence. For the purpose of this Agreement, “Confidential Information” shall mean any and all
information (whether in oral, written or electronic form) including technical or other information imparted in confidence or disclosed
by one party to the other or otherwise obtained by one party relating to the other’s business, finance or technology, know-how,
trade secrets, intellectual property, assets, strategy, products and customers, including without limitation information relating to
management, financial, marketing, technical and other arrangements or operations of any person, firm, or organisation associated with
that Party;

 

14.2.
Either Party shall not use such Confidential Information for any purpose other than that specified herein nor disclose such information
to any company or individual other than The Seller or The Buyer, unless agreed by the other Party. Either Party shall only disclose the
Confidential Information to its Representatives (i) who need to know the Confidential Information for the purpose of the performance
of the Agreement, (ii) who are bound by confidentiality obligations at least as restrictive as those contained herein. For the purpose
of this Agreement, “Representative” means any affiliates, directors, officers, financier and prospective financier, employees,
agents and advisors.

 

14.3.
However, such confidential information may be disclosed as required by laws and regulations, listing rules, judicial organs, regulatory
agencies, or as otherwise provided herein. This Article shall survive the termination, suspension, invalidation or invalidity of this
Contract or any articles herein, and remain binding on both Parties.

 

    4

     

    

 

CONFIDENTIAL

 

15.
MISCELLANEOUS.

 

This
Article shall survive the termination, suspension, invalidation or invalidity of this Contract or any articles herein, and remain binding
on both Parties.

 

This
Contract shall constitute the entire agreement of both parties and supersede all prior oral or written agreement, commitments and understandings
with respect to the transaction hereof. The English language text of this Contract shall prevail over any translations thereof. If any
provision of this Contract is held to be invalid or unenforceable by a court of competent jurisdiction, then that provision will be enforced
to the maximum extent permissible in conformance with the intent of the parties, and the remaining provisions will remain in full force
and effect. This Contract shall come into force from the seal or signature date by both parties, and this Contract is made out in four
original copies, two copies to be held by each party in witness thereof.

 

Appendices
A and B are inseparable attachments to this Contract and the parties shall abide by the provisions of these appendices.

 

(No
text below)

 

    5

     

    

 

CONFIDENTIAL

 

(Signature
Page of this INTERNATIONAL SALES CONTRACT)

 

	SELLER:	CANAAN CONVEY CO., LTD.	BUYER: 	Cosmos Capital Limited
	 	 	 	 
	Seal and Signature:	/s/ Edward Lu	Seal and Signature:	/s/ James Manning
	 	 	 	 
	Date: 2021.3.26	 	Date: 2021.3.26	 

 

    6

     

    

 

CONFIDENTIAL

 

Appendix
A: Declaration for Integrity

 

As
the cooperative customer of the Seller, the Buyer would like to eliminate illegal actions together with the Seller, including but not
limited to commercial bribery; and the Buyer warrants that:

 

1.The
Buyer prohibits itself and/or its relevant employees, officers or principals to provide any presents, money or any tangible or intangible
interests through any other methods (other than reasonable and customary business souvenir, meal and entertaining proven acceptable under
Chinese law. For souvenir, any souvenir that is priced over 500RMB is deemed inappropriate and unacceptable).

 

2.If
the Buyer authorizes itself and/or its relevant employees, officers or principals to engage in any of the aforesaid actions, the Seller
is entitled to terminate the cooperation with the Buyer and cancel the Contract entered into by the parties. At the same time, the Buyer
agrees to pay the fine for breach of this Declaration, which shall be all losses, damages, costs, legal fees, penalties and all damages
caused to the Seller from such acts and any other restitution provided by law.

 

3.If
the Buyer and/or its relevant employees, officers or principals treat the Seller’s employees and/or their families secretly, or
provide any interests to the Seller’s employees and/or their families, the Buyer shall immediately notify the Seller; if the Buyer
fails to do so, the above Article 2 may be applied.

 

4.If
the Seller’s employees ask for any tangible or intangible interests from the Buyer and/or its employees, the Buyer will notify
the Seller immediately and coordinate with the Seller to deal with such employees according to the laws. The Seller may terminate the
cooperation with the Buyer permanently if the Buyer conceals such acts of asking for bribes.

 

    7

     

    

 

CONFIDENTIAL

 

Appendices
B: Technical acceptance standards

 

The
following custom parameters are:

 

1,Device
name: [A1166]

 

2,Hashrate:the
whole machine is stable at[72/75/81]TH/s([-3]%~ [+3] %)without overclocking

 

3,Power
Consumption: [3400] ( [-5] %~[+5] %)@Wall-Plug

 

4,Power
Supply AC Input:[185]V ~ [285] V

 

5,Operating
Temperature:[-5]°C ~ [35]°C

 

6,Cooling method: [Wind Cooling]

 

 

8Exhibit 10.5

 

FOR USE WITH U.S. BORROWERS WITH U.S. EQUIPMENT

 

DATE: JANUARY 27, 2021

 

EQUIPMENT FINANCE AND SECURITY AGREEMENT

 

1.
DISCLOSURE STATEMENT

 

	Lender	 	
    FOUNDRY DIGITAL LLC

     

    Address:

    1100 Pittsford Victor Road, Pittsford, NY 14534

    Attention: Mike Colyer

    Tel. No.: 585.432.0963

    E-mail: mcolyer@foundrydigital.com

	 	 	 
	Borrower	 	
    COSMOS INFRASTRUCTURE LLC

     

    Address: 1299 Farnam Street Suite 300, Omaha, NE

    68102, USA

    Attention: James Manning

    Tel. No.: +61 499 400 900

    E-mail: james@cosmoscapital.io

	 	 	 
	Facility:	 	Equipment finance term facility
	 	 	 
	
    Total Amount to be Advanced by Lender in U.S. Dollars:

    (the “Loan”)
	 	$ 1,056,000
	 	 	 
	Interest Rate	 	16.5 % per annum
	 	 	 
	
    Administration Fee

    (the “Administration Fee”)
	 	$6,500.00 per advance of any portion of the Loan disbursed under this Agreement
	 	 	 
	Payment Structure	 	
    The Loan shall be repaid by way of blended payments of interest,
principal, and other applicable fees (“Blended Payments”) to be paid in accordance with the payment schedule attached
as Schedule “A” (the “Payment Schedule”) with the final payment due on July 29, 2022.

     

    Notwithstanding the foregoing, an Administration Fee shall be paid
    by Borrower to Lender concurrently with the advance of any portion of the Loan disbursed under this Agreement.

 

    1

    

    

 

	Financed Property: 

(the “Property”)	 	The assets, property and undertakings described in Schedule “B” hereto, as such schedule may be amended, supplemented and / or replaced from time to time by the Lender, including all additions, parts, attachments and accessories from time to time and any software, hardware, power supply equipment and / or power cartridges used from time to time.
	 	 	 
	Vendor of the Property: 

(the “Vendor”)	 	MicroBT
	 	 	 
	Proposed Location of Storage of the Property: 

(the “Initial Designated Location”)	 	Compute North LLC 

3215 Global Drive Pl. 

Kearney, NE 68847
	 	 	 
	Amount of Liability Insurance Required See Section 13(a):	 	$1,320,000
	 	 	 
	Other Additional Provisions:	 	None
	 	 	 
	Details of First Blocked Wallet: 

(“Blocked Wallet A”)	 	A Wallet owned and controlled by Genesis Global Trading, Inc. (“Genesis Trading”) for the purposes of selling Mined Digital Currency pursuant to a Direction and Payment Agreement by and among Borrower, Lender and Genesis Trading, with a public address to be provided by Lender to Borrower in writing.
	 	 	 
	Details of Second Blocked Wallet: 

(“Blocked Wallet B”)	 	A cloud-based wallet with multi-party computation (MPC) protocol supported by Curv, Inc. with a public address to be provided by Lender to Borrower in writing.

 

2.
DEFINED TERMS AND INTERPRETATION.

 

In this Agreement the following terms have the following
meanings:

 

“Acceleration” has the meaning ascribed
to it in Section 23 in this Agreement;

 

“Administration Fee” has the meaning ascribed to
it in Section 1 (Disclosure Statement) in this Agreement;

 

“Airdrop” means a distribution of a new
token or tokens of Digital Currency resulting from the ownership of a pre-existing token of Digital Currency;

 

“Applicable Law” has the meaning ascribed
to it in Section 12(a) in this Agreement;

 

“Blended Payments” has the meaning ascribed
to it in Section 1 (Disclosure Statement) in this Agreement;

 

    2

    

    

 

“Blocked Wallet
A” has the meaning ascribed to it in Section 1 (Disclosure Statement) in this Agreement or means such other wallet as may
be agreed to by Lender and Borrower in writing from time to time;

 

“Blocked Wallet
B” has the meaning ascribed to it in Section 1 (Disclosure Statement) in this Agreement or means such other wallet as may
be agreed to by Lender and Borrower in writing from time to time;

 

“Blocked Wallets” means, collectively,
Blocked Wallet A and Blocked Wallet B.

 

“Borrower” has the meaning ascribed to
it in Section 1 (Disclosure Statement) in this Agreement;

 

“Business Day” means
a day on which Lender is open for business, following the New York Stock Exchange calendar of holidays;

 

“Charge” means any
mortgage, charge, pledge, hypothecation, lien (statutory or otherwise), assignment, financial lease, title retention agreement or arrangement,
security interest or other encumbrance of any nature however arising, or any other security agreement or arrangement creating in favour
of any creditor a right in respect of the Collateral that is prior to the right of any other creditor in respect of the Collateral;

 

“Collateral” means
the (a) Equipment; (b) Mined Digital Currency; (c) any rights or interests the Borrower may have in Blocked Wallet A and Blocked Wallet
B; (d) all Material Agreements relating to any of (a) to (c) in this definition including without limitation those Material Agreements
set out in Schedule “C”; and (e) any Proceeds relating to any of (a) to (d) in this definition.

 

“Communication”
means any notice, demand, request, consent, approval or other communication which is required or permitted by this Agreement to be given
or made by a party;

 

“Critical Services” has the meaning ascribed
to it in Section 15(c) in this Agreement;

 

“Designated Location”
means the Initial Designated Location or such other location as may be agreed to by the Lender in writing from time to time;

 

“Designated Pool” has the meaning ascribed
to it in Section 14(f) in this Agreement;

 

“Digital Currency”
means all Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Ether Classic (ETC), Litecoin (LTC), or other digital currency or cryptocurrency
including without limitation those arising from a Hard Fork, Airdrop or otherwise;

 

“Equipment” means:
(a) the Property; (b) the Supplemental Property; (c) all additions, parts, attachments and accessories to the Property and / or the Supplemental
Property from time to time; (d) any software, hardware, power supply equipment and / or power cartridges used from time to time in connection
with (a) to (c) in this definition; (e) all goods, intangibles, money, documents of title, chattel paper, and instruments relating to
(a) to (d) in this definition; and (f) any substitutions, repairs, replacements relating to any of (a) to (e) in this definition;

 

“Hard Fork” means
a permanent divergence in the blockchain (e.g., when non-upgraded nodes cannot validate blocks created by upgraded nodes that follow newer
consensus rules, or an Airdrop or any other event which results in the creation of a new token of Digital Currency);

 

“Host” has the meaning ascribed to it
in Section 18 in this Agreement;

 

“Host / Landlord Accommodations” has
the meaning ascribed to it in Section 18 in this Agreement;

 

“Importation Costs” has the meaning ascribed
to it in Section 4 in this Agreement;

 

“Initial Designated Location”
has the meaning ascribed to it in Section 1 (Disclosure Statement) in this Agreement;

 

    3

    

    

 

“Interest Rate”
means the interest rate set out in Section 1 (Disclosure Statement) in this Agreement or any Post Default Risk Adjusted Interest Rate
or Permitted Cure Risk Adjusted Interest Rate in effect from time to time in accordance with Section 26(a) and 26(b) hereof;

 

“Landlord” has the meaning ascribed to
it in Section 18 in this Agreement;

 

“Lender” has the meaning ascribed to
it in Section 1 (Disclosure Statement) in this Agreement;

 

“Loan” has the meaning ascribed to it
in Section 1 (Disclosure Statement) in this Agreement;

 

“Loan Documents”
means this Agreement, any liquidity direction agreement entered into by the Borrower, the Lender, and Genesis Global Trading, Inc., any
Host / Landlord Accommodations, and any other instruments and agreements entered into between Lender and Borrower or executed by Borrower
in favour of Lender relating to this Agreement;

 

“Material Agreements”
means all agreements, permits, licenses, including without limitation any lease agreements, pooling agreements or hosting agreements that
is, in each case, directly or indirectly related or connected to this Agreement;

 

“Mined Digital Currency”
means any and all Digital Currency mined or otherwise generated by, or in connection with, the Equipment from time to time;

 

“Mining Pool” means
a protocol for a group of miners to pool their collective mining equipment to mine Digital Currency and share in the Digital Currency
mined by the Equipment in accordance with a distribution scheme agreed to by such miners;

 

“Obligations” means
all present and future indebtedness, liabilities and obligations of Borrower to Lender under this Agreement and any other Loan Documents
including without limitation the obligation to make all Blended Payments hereunder;

 

“Overclock” has the meaning ascribed
to it in Section 14(b) in this Agreement;

 

“Payment Schedule” has the meaning ascribed
to it in Section 1 (Disclosure Statement) in this Agreement;

 

“Person” includes
any individual, trust, corporation, partnership, sole proprietorship, limited partnership, joint venture, unincorporated organization,
association, institution, entity, party or government (including any division, agency or department thereof) and the successors, heirs
and assigns of each;

 

“Permitted Cure”
means (i) where an Acceleration has occurred, Lender has agreed in writing to withdraw such Acceleration; and (ii) whether or not an Acceleration
has occurred, Lender has confirmed in writing that an existing Event of Default has been cured by Borrower in form and substance satisfactory
to Lender in its sole and unfettered discretion;

 

“Permitted Cure Risk Adjusted Interest Rate”
has the meaning ascribed to it in 26(b) in this Agreement;

 

“PMSI” means a purchase money security
interest;

 

“Post Default Risk Adjusted Interest Rate”
has the meaning ascribed to it in Section 26(a) of this Agreement;

 

“Previously Approved Mining
Strategy” means Borrower’s approved strategy for mining Digital Currency from the Equipment set out in Schedule “D”,
or such other strategy as may be approved by Lender in writing from time to time in its sole and unfettered discretion;

 

“Proceeds” has the meaning set out in
the UCC;

 

    4

    

    

 

“Property” has the meaning ascribed to
it in Section 1 (Disclosure Statement) in this Agreement;

 

“Receiver”
means a receiver and / or a receiver and manager;

 

“Scheduled Final Payment Date”
has the meaning ascribed to it in Section 1 (Disclosure Statement) in this Agreement;

 

“Supplemental Property” means the assets,
property and undertakings (if any described) in Schedule “E”;

 

“Taxes” has the meaning ascribed to it
in Section 5 in this Agreement;

 

“Term” has the meaning ascribed to it
in Section 8 of this Agreement;

 

“Total Loss” has the meaning ascribed
to it in Section 22(r) of this Agreement;

 

“UCC” means the Uniform Commercial
Code.

 

“Vendor” has the meaning ascribed to
it in Section 1 (Disclosure Statement) in this Agreement.

 

Unless the context otherwise requires,
all references herein to any statute or any provision thereof will include such statute or provision as it may be amended, restated, re-enacted
or replaced from time to time. If the context so requires, words importing number shall be deemed to include a greater or lesser number,
words importing gender shall be deemed to include the other gender or the body corporate and words importing the body corporate shall
be deemed to include either gender. The words “hereto”, “herein”, “hereof”, “hereunder”,
“this Agreement” and similar expressions mean and refer to this Agreement. The headings in this Agreement are for convenience
only and shall not define or limit any of the terms hereof.

 

3.
PURPOSE AND ADVANCE OF LOAN

 

Subject to the terms and conditions herein Lender
agrees to advance the Loan to Borrower for the sole purpose of Borrower purchasing the Property. Lender shall (and Borrower hereby directs
Lender to) advance the Loan by disbursing the Loan directly to the Vendor to complete the acquisition of the Property. If for any reason
after the Loan is disbursed, the Property is not delivered to Borrower and / or Borrower does not accept the Property, Borrower agrees
to immediately reimburse Lender the amount of the Loan. Borrower appoints Lender as Borrower’s agent for the sole and limited purpose
of completing the acquisition of the Property in accordance with this Section 3.

 

4.
ORDER, DELIVERY AND INSTALLATION OF EQUIPMENT

 

Borrower is solely responsible for arranging the
order, delivery and installation of the Property entirely at its own risk and expense, and in particular, shall pay any and all delivery
and installation charges. Lender shall not be liable to Borrower for any delay in, or failure of, or refusal to accept, delivery of the
Property. If Borrower acquires the Property outside of the United States of America, Borrower shall arrange for the importation of the
Property and pay any and all costs, charges, taxes, duties and other expenses arising from and / or relating to such importation (collectively,
“Importation Costs”).

 

5.
INTEREST AND PRINCIPAL PAYMENTS

 

Borrower shall pay Lender the Blended
Payments set out in the Payment Schedule in the amounts and at the times specified in the Payment Schedule. All Blended Payments and other
amounts due under this Agreement shall be made together with all applicable taxes (collectively, “Taxes”) in immediately
available funds in U.S. Dollars and shall be payable to Lender at its address shown above or to such other place or in such other manner
as Lender may at any time or times designate in writing. Interest at the Interest Rate shall be calculated monthly on the principal of
the Loan and any other Obligations then outstanding until repaid in full, on the basis of the actual number of days elapsed in a year,
being 365 or 366, as the case may be, and is payable monthly in arrears.

 

    5

    

    

  

6.
PREPAYMENTS

 

Subject to Applicable Law, Borrower agrees that
it shall only be entitled prepay the Loan during the Term by paying the aggregate of: (i) all Blended Payments required to be paid under
the Payment Schedule up until and including on the Scheduled Final Payment Date regardless of whether such Blended Payments have come
due on the date of prepayment; and (ii) and all other Obligations then outstanding.

 

7.
CONDITIONS PRECEDENT

 

Lender shall have no obligation to advance any
funds pursuant to this Agreement until all of the following conditions precedent are fulfilled to the satisfaction of Lender in its sole
and unfettered discretion:

 

 (a) all of the representations and warranties made by Borrower in this Agreement shall be true and accurate as of the date of the advance of funds, as if they had been made on that date;

   

 (b) Borrower shall have provided Lender with a certificate of insurance or other evidence satisfactory to Lender of compliance with the insurance requirements set forth in this Agreement including without limitation under Section 13 hereof;

 

 (c) Borrower shall have provided Lender with an invoice or bill of sale from the Vendor for the Equipment, and provided Lender with evidence in form and substance satisfactory to Lender in its sole and unfettered discretion that the amount of the Loan shall be sufficient to complete a purchase of the Equipment and cover all Importation Costs if applicable;

 

 (d) Lender shall be satisfied in its sole and unfettered discretion that Vendor will deliver the Equipment to Borrower upon receipt of the advance and that the Equipment once obtained by Borrower will be kept at all times at the Designated Location;

 

 (e) Lender shall have obtained satisfactory Host / Landlord Accommodations from all applicable Hosts and Landlords;

 

 (f) on the advance date, Borrower shall have paid Lender all fees and other amounts that are then due under this Agreement, including, but not limited to, the Administration Fee;

 

 (g) Lender shall have received such financial and other information relating to Borrower as it shall have reasonably requested;

 

 (h) Lender shall have received an officer’s (secretary’s) certificate from Borrower in form and substance acceptable to Lender in its sole and unfettered discretion, inclusive of a certificate of incumbency, supporting resolutions from Borrower, and a certified copy of Borrower’s constating documents;

 

 (i) [RESERVED];

 

 (j) Lender’s security interest in the Collateral shall be duly registered, filed and perfected such that Lender has a first ranking security interest in the Collateral, and Lender shall have received such other documents relative to its security interest, as Lender may reasonable require; and

 

 (k) on the advance date Borrower shall have not failed to observe or perform any of its covenants in this Agreement. 

 

8. TERM

 

The term of the Loan will start on
the date of this Agreement and end on the earlier of: (i) an Acceleration; (ii) the date this Agreement is terminated in accordance with
the terms hereof; and (iii) the Scheduled Final Payment Date (such period, the “Term”).

 

    6

    

    

 

9.
IDENTITY OF EQUIPMENT

 

Borrower shall affix to the Equipment, and not
remove, conceal or alter, any labels, plates or other identification supplied by Lender indicating Lender’s security interest. Borrower
acknowledges that the Equipment is and shall remain personal and movable property and shall take such steps as may be requested by Lender
to prevent any person from acquiring any rights in any Equipment by reason of the Equipment being claimed or deemed to be real property
or part thereof. Lender’s security interest in the Equipment shall be in no way impaired by the absence of any such label, plate
or other identification setting out Lender’s security interest.

 

10.
NO WARRANTIES FROM LENDER

 

 (a) Borrower acknowledges and agrees that: (i) it has selected all Equipment and the Vendor and manufacturer thereof; (ii) it is solely responsible for the use of and results obtained from the Equipment; (iii) it has not relied on Lender’s skill or judgment in any way in selecting the Equipment; and (iv) Lender has made no representation or warranty with respect to Equipment, including its condition, safety, design, durability, capability, workmanship, quality, operation, compliance with law, suitability or fitness for the use intended by Borrower, patent or intellectual property infringement, latent or patent defects, its freedom from Charges, or with respect to any other matter or thing whatsoever. All representations, warranties and conditions, whether express or implied, statutory or otherwise from Lender regarding the Equipment, are hereby excluded.

 

 (b) Lender shall not be liable to Borrower or any other Person for any liability, claim, loss, cost, damage or expense of any kind or nature caused directly or indirectly by the Equipment or any deficiency or defect thereof or the use, ownership or maintenance thereof or for any loss of business or other damages whatsoever and howsoever caused (including indirect, special, consequential, punitive or exemplary damages).

 

 (c) Lender shall not
be liable to Borrower or any other Person for any liability, claim, loss, cost, damage or expense of any kind or nature caused
directly or indirectly by a Designated Pool, and that the performance of a Designated Pool shall not in any way affect
Borrower’s duty to pay the Blended Payments and perform its other Obligations as set forth in this Agreement or any other Loan
Documents.

 

 (d) Borrower acknowledges and agrees that neither the manufacturer, the Vendor, nor any salesperson, representative or other agent of the manufacturer or Vendor, is an agent of Lender or is authorized to waive or alter any term or condition of this Agreement and no representation or warranty as to the Equipment or any other matter by the manufacturer or Vendor, nor the fact that the Lender and or its affiliates may receive a referral fee from the Vendor, manufacturer, or any Hosts / Landlords, shall in any way affect Borrower’s duty to pay the Blended Payments and perform its other Obligations as set forth in this Agreement or any other Loan Documents.

 

11.
USE OF EQUIPMENT

 

All Equipment is at Borrower’s risk and
shall be used by Borrower for commercial purposes only. Borrower shall not affix the Equipment to real or immovable property nor to any
goods, chattels or movable property not otherwise financed hereunder without the prior written consent of Lender. Borrower shall ensure
that the Equipment is used only by competent and qualified operators and not for any illegal or improper purpose, and in the case of any
software related to the Equipment, same is used in accordance with each applicable licence thereof.

 

12.
MAINTENANCE OF EQUIPMENT

 

		(a)	Borrower shall, at its own expense: (i) keep the Equipment in
its original condition and working order, normal wear and tear only excepted, (ii) use, operate, maintain, repair, overhaul and service
the Equipment (including furnishing all material necessary for the operation and maintenance of the Equipment); and (iii) maintain all
records, logs and other materials, in compliance with all manufacturer and Vendor recommendations, all requirements to maintain all applicable
warranties and insurance in effect and all applicable laws, orders, rules, regulations and directives of any federal, provincial, state,
local or foreign government agencies, departments, boards or authorities (collectively, “Applicable Law”). At the
request of Lender, Borrower shall furnish to Lender proof of required maintenance of the Equipment.

 

    7

    

    

 

		(b)	Borrower shall immediately give notice to Lender of any Total
Loss.

 

		(c)	Borrower may alter or modify Equipment only with the prior written
consent of Lender and, in the case of software, subject to the terms of and in compliance with any license for that software.

 

13.
INSURANCE

 

		(a)	Borrower shall obtain and maintain, at its own expense, a public or third party liability insurance in
respect of the Equipment and all risk insurance (including extended coverage, earthquake and flood endorsements) against loss or damage
to such Equipment, including coverage for fire, theft, and such other risks of loss as are customarily covered by insurance on such type
of Equipment in such amounts, in such form, with such deductibles and with such insurers, all as shall be satisfactory to Lender; provided
that: (i) the amount of insurance at any time covering damage to or loss of Equipment shall not be less than the greater of the full replacement
value of the Equipment and the aggregate instalments of the Blended Payments for such Equipment then remaining unpaid; and (ii) each liability
insurance policy shall provide coverage of not less than the amount specified in the Disclosure Statement.

 

		(b)	The liability insurance policy will name Borrower and Lender as insureds, and each property policy will
name Lender (and contain an endorsement designating Lender) as additional insured and lender’s loss payee thereof. Each policy (i)
shall contain a standard mortgage endorsement clause; (ii) shall require the insurer to give Lender at least 30 days prior written notice
of any alteration in the terms of such policy or the cancellation thereof; and (iii) will provide that no act, omission or misrepresentation
by Borrower or any other named insured will affect the rights thereunder of Lender and its successors and assigns. Borrower shall furnish
Lender with a certificate of insurance or other evidence satisfactory to Lender of such insurance coverage provided that Lender shall
be under no duty either to ascertain the existence of or to examine such insurance policy or to advise Borrower in the event such insurance
coverage shall not comply with the requirements hereof.

 

		(c)	If Borrower fails to insure Equipment as required hereunder, Lender
may, but shall not be required to, obtain such insurance itself and the cost of the insurance shall be for the account of Borrower and
due on the date of the next scheduled Blended Payment together with interest on such amount, to be charged at the Interest Rate applicable
to the next scheduled Blended Payment. Borrower consents to Lender’s release, upon Borrower’s failure to obtain appropriate
insurance coverage, of any and all information necessary to obtain required insurance.

 

		(d)	Borrower will at its expense make all proofs of loss and take
all other steps necessary to recover insurance benefits, unless advised in writing by Lender that Lender desires to do so, which Lender
may do at Borrower’s expense. Borrower hereby irrevocably appoints Lender, with full power of substitution and coupled with an
interest, as Borrower’s attorney-in-fact to make claim for, receive payment of and execute and endorse all documents, cheques or
drafts issued with respect to any claim under any insurance policy relating to the Equipment.

 

14.
BORROWER’S COVENANTS

 

Borrower acknowledges and agrees that it shall:

 

		(a)	permit Lender or its agents to, upon twenty-four (24) hours’
notice, during normal business hours, fully inspect the Collateral including any documents (including maintenance records) relating thereto
and take copies thereof, to determine Borrower’s compliance with this Agreement or the condition of the Collateral or for any other
purpose;

 

    8

    

    

 

		(b)	not use the Equipment in a manner that will result in the clock
rate of the Equipment exceeding the clock rate pre-set in the Equipment by the manufacturer (“Overclock”), without
the express prior written consent of Lender;

 

		(c)	not use any hardware or software with the Equipment or alter any
existing hardware or software without Lender’s prior written consent;

 

		(d)	not alter its strategy for the mining of Digital Currency (including,
without limitation, the type of Digital Currency that will be mined) from the Previously Approved Mining Strategy or use the Equipment
in a manner contrary or inconsistent with the Previously Approved Mining Strategy without Lender’s prior written consent;

 

		(e)	upon Lender’s request, provide Lender in writing with all
information requested by Lender regarding the Collateral including serial numbers, models, and makes;

 

		(f)	upon Lender’s request, only mine the Equipment as part of
a Mining Pool, designated by the Lender in its sole and commercially reasonable discretion (a “Designated Pool”);

 

		(g)	keep the Collateral free and clear of all seizures, forfeitures,
Charges, claims, privileges, debts or taxes of any nature whatsoever and not, without the prior written consent of Lender, lease or otherwise
relinquish possession (except for required or scheduled maintenance) of the Equipment or any part thereof;

 

		(h)	 not change its name, amalgamate or otherwise
                                                           merge its business with the business of any other Person without Lender’s prior written consent; and

 

		(i)	not change the location of the Equipment from the Designated Location without Lender’s prior written consent.

 

15.
BORROWER’S REPORTING OBLIGATIONS

 

Borrower acknowledges and agrees that it shall (at the sole
cost of Borrower):

 

		(a)	upon or prior to receipt of the Equipment provide Lender with
a list of any serial numbers associated with the Equipment;

 

		(b)	at all times, provide Lender with access to any reporting and
/ or monitoring software used in connection with the Equipment, including any such software provided by the Host(s) and / or Landlord(s)
of the Designated Location to Borrower in connection with the Equipment;

 

		(c)	if Borrower owns the Designated Location, on the first Business
Day of each month, provide evidence of the payment of all utilities, internet, telephone, electricity, and other similar or critical
services necessary for the ordinary course operation of the Equipment (collectively, “Critical Services”) due in the
prior month;

 

		(d)	if Borrower does not own the Designated Location, on the first
Business Day of each month provide:

 

		(i)	evidence of any payments required to be made under any agreements
with Host(s) and / or Landlord(s) of the Designated Location;

 

		(ii)	if any agreement between Borrower and the Host(s) and / or
Landlord(s) of the Designated Location requires Borrower to pay any Critical Services, evidence of the payment of such Critical Services
due in the prior month;

 

    9

    

    

 

		(e)	on the fifth Business Day of each month, provide Lender with a
report certified by an officer of Borrower, in form and substance satisfactory to Lender, in its sole and unfettered discretion, certifying
that Borrower continues to own and be in possession and control of the Equipment, and setting out:

 

		(i)	any repairs done to the Equipment in the prior month;

 

		(ii)	any Digital Currency rewards issued in connection with the
Equipment during the prior month; and

 

		(iii)	the uptime of the Equipment in the prior month;

 

		(f)	on the first Business Day of each fiscal quarter, provide Lender
with information, in form and substance, satisfactory to Lender, in its sole and unfettered discretion, regarding the performance of
the Equipment, including but not limited to the firmware and/or software running on the Equipment;

 

		(g)	immediately, and in any event, within twenty four (24) hour, after
Borrower learns of any event that has disrupted and / or prevented the continuous mining of Digital Currency to the Blocked Wallets by
the Equipment (including without limitation any loss of electricity, loss of internet connection, software issues, or viruses), notify
Lender, in writing with reasonable detail of such event and provide Lender with Borrower’s proposed course of action to recommence
the mining of Digital Currency; and

 

		(h)	as soon as possible, and, in any event, within five (5) days, after Borrower learns of the
                                                                              following, notify Lender, in writing with reasonable detail of: (i) any proceeding instituted or threatened to be instituted against
                                                                              Borrower in any court or before any commission or any regulatory body (federal, provincial, territorial, local or foreign); (ii) the
                                                                              occurrence of any event, circumstance or claim, that could reasonably be expected to have a material adverse effect on Borrower,
                                                                              Borrower’s ability to perform its Obligations, any of the Collateral or the rights of Lender under or in connection with this
                                                                              Agreement; (iii) the occurrence of any Event of Default; or (iv) any material loss of or damage to the Collateral.

 

16. BORROWER’S
REPRESENTATIONS AND WARRANTIES

 

Borrower represents and warrants to Lender on the date hereof
that:

 

		(a)	Borrower is duly formed and organized, validly existing and in
good standing under the laws of the jurisdiction of its formation and is entitled to conduct its business in all jurisdictions in which
it carries on business or has assets;

 

		(b)	the execution, delivery and performance by Borrower of this Agreement,
and all Loan Documents are within Borrower’s powers, have been duly authorized by all necessary action, and do not contravene or
result in a breach or default under: (i) Borrower’s organizational (constating) documents including without limitation any articles,
bylaws, trust indentures, partnership agreements or shareholders agreements; (ii) any Applicable Law; or (iii) contractual restriction
binding on or affecting Borrower;

 

		(c)	no authorization or approval or other action by, and no notice
to or filing with, any governmental authority or regulatory body is required for the due execution, delivery and performance by Borrower
of this Agreement and all Loan Documents;

 

		(d)	this Agreement and all Loan Documents constitute legal, valid
and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms;

 

		(e)	it has the right, power and authority to assign its right, title
and interest in and to any and all of the Material Agreements to Lender upon the terms and conditions hereof (except for any Material
Agreement which by the provisions thereof or by law is not assignable or which requires the consent of any third party(s) to its assignment
unless Borrower has obtained the consent of such third party(s) in form and substance acceptable to Lender in its sole and unfettered
discretion);

 

		(f)	Borrower’s principal place of business, chief place of business,
registered office and chief executive office is at the address specified on the first page of this Agreement, and its full legal name
(including any French versions thereof) is specified on the signature page of this Agreement;

 

		(g)	Borrower will not house and / or store the Equipment at any location
other than the Designated Location;

 

    10

    

    

 

		(h)	Borrower is duly registered, in all applicable States within the
United States of America, for the payment and/or collection of Taxes;

 

		(i)	The Collateral is free and clear of all seizures, forfeitures,
Charges, or claims;

 

		(j)	there are no actions, suits or proceedings pending, or to the
knowledge of Borrower, threatened, before any court, administrative agency, arbitrator or governmental body which may, if determined
adversely to Borrower, materially compromise its ability to perform its obligations under this Agreement other than those disclosed to
Lender in writing;

 

		(k)	all financial statements that are delivered from time to time
by Borrower to Lender pursuant to this Agreement shall have been prepared in accordance with generally accepted accounting standards
applied on a consistent basis and shall fairly state in all material respects the financial condition of Borrower and its consolidated
subsidiaries (subject to normal year-end adjustments) as at the date thereof, and all other financial and other information, budgets,
timetables, certificates, plans, specifications and other material provided to Lender in connection with this Agreement are (or will
be, as the case may be) true and accurate;

 

		( )	Borrower has, or will have at the time of receipt of
the Collateral, all licenses, permits and consents as are required under any Applicable Law in connection with its possession, use or
operation of the Collateral; and

 

		(a)	Borrower has not failed to observe or perform any of its
covenants in this Agreement.

 

17.
LENDER’S RIGHT TO MAKE PAYMENTS

 

If Borrower fails to perform any of its obligations
under this Agreement, Lender may, but need not, perform the obligation or cause it to be performed, in each case such performance shall
not be deemed a waiver or cure of any breach of this Agreement resulting from such failure. The cost of performing the obligation shall
be for the account of Borrower and due on the date of the next scheduled Blended Payment together with interest on such amount, to be
charged at the Interest Rate applicable to the next scheduled Blended Payment.

 

18.
HOSTS / LANDLORDS

 

Borrower shall obtain and deliver to Lender such
waivers and subordination agreements (collectively, “Host / Landlord Accommodations”) in form and substance acceptable
to Lender in its sole and unfettered discretion, as Lender may request from any entity that may host the Equipment (“Hosts”),
and / or the owners, landlords and mortgagees of any real property upon which the Equipment may be located (collectively, “Landlords”)
including without limitation any applicable Hosts and / or Landlords in respect of the Designated Location.

 

19.
SECURITY INTEREST

 

		(a)	As security for the payment and performance of the Obligations,
Borrower mortgages and charges to Lender, and grants to Lender a security interest in (inclusive of a PMSI), and Lender takes a security
interest in (inclusive of a PMSI), all of Borrower’s right, title and interest in and to the Collateral.

 

		(b)	Borrower and Lender do not intend to postpone the attachment of
the security interest created hereby, and the security interests will attach when: (i) this Agreement has been executed, or in the case
of after-acquired Collateral, that Collateral has been acquired by Borrower; (ii) value has been given; and (iii) Borrower has rights
in the Collateral, or in the case of after-acquired Collateral, acquires rights in the Collateral.

 

		(c)	The security interest created by this Agreement is, in addition
and without prejudice to any other security interests now or later, held by Lender. No security interests held by Lender will be exclusive
of or dependent upon or merge in any other security interests, and Lender may exercise its rights under such security interests independently
or in combination.

 

    11

    

    

 

		(d)	Borrower shall, at Lender’s reasonable request, at any time
and from time to time, authenticate, execute and deliver to Lender such financing statements, documents and other agreements and instruments
(and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by Lender) and do such other acts
and things or cause third parties to do such other acts and things as Lender may deem necessary or desirable in its sole discretion in
order to establish and maintain a valid, attached and perfected security interest in the Collateral in favor of Lender (free and clear
of all other liens, claims, encumbrances and rights of third parties whatsoever, whether voluntarily or involuntarily created) to secure
payment of the Indebtedness, and in order to facilitate the collection of the Collateral. Borrower irrevocably hereby makes, constitutes
and appoints Lender (and all persons designated by Lender for that purpose) as Borrower’s true and lawful attorney and agent-in-fact
to execute and file such financing statements, documents and other agreements and instruments and do such other acts and things as may
be necessary to preserve and perfect Lender’s security interest in the Collateral. Borrower acknowledges and agrees that its appointment
of Lender as its attorney and agent-in-fact for the purposes specified in this Agreement is an appointment coupled with an interest and
shall be irrevocable until termination of this Agreement in accordance with the terms of this Agreement.

 

20.
MATERIAL AGREEMENTS

 

		(a)	Borrower specifically acknowledges and agrees that by virtue of
the execution and delivery of this Agreement, Lender does not assume, and Borrower hereby releases and holds harmless Lender from responsibility
for, the payment of any sums due or to become due under any of the Material Agreements or the performance of any obligations to be performed
under or with respect to any of the Material Agreements by Borrower.

 

		(b)	Lender may, however, at its option, upon the occurrence and during
the continuance of an Event of Default, assume or perform any such obligations which Lender considers necessary or desirable to obtain
the benefit of any Material Agreement free of any set-off, deduction or abatement, and any money so expended by Lender shall form part
of the Obligations and bear interest at the Interest Rate.

 

		(c)	If there shall be a default under any of the Material Agreements
on the part of Borrower, for any reason, Lender may, upon the occurrence and during the continuance of such default, at its option, without
assuming any of the obligations of Borrower under the relevant Material Agreements and without waiving or releasing Borrower from any
of the terms hereof or any of the Obligations, cure the default. The cost of curing the default (including any monetary default) shall
be for the account of Borrower and due on the date of the next scheduled Blended Payment together with interest on such amount, to be
charged at the Interest Rate applicable to the next scheduled Blended Payment.

 

		(d)	Notwithstanding anything in this Agreement to the contrary, nothing
herein shall constitute an assignment or attempted assignment of any Material Agreement which by the provisions thereof or by law is
not assignable or which requires the consent of any third party to its assignment unless such consent has been obtained. In each such
case, Borrower shall, upon the request of Lender, use its commercially reasonable efforts to obtain the consent of any necessary third
party to its assignment hereby, in form and substance acceptable to Lender, and to its further assignment by Lender to any third party
who may acquire same as a result of the exercise by Lender of remedies after default, provided however, that Borrower in satisfying such
commercially reasonable efforts shall not be required to make any third party expenditures (other than its own legal counsel) or to assume
any additional material liability to the third party. Upon such consent being obtained or waived, this Assignment shall apply to the
applicable Material Agreement without regard to this section and without the necessity of any further assurance to effect the assignment
thereof.

 

		(e)	Unless and until consent to assignment is obtained as provided
above, Borrower shall, to the extent it may do so by law or pursuant to the provisions of the document or interest therein referred to,
hold all benefit to be derived from the applicable Material Agreements in trust for Lender, (including, without limitation, Borrower’s
beneficial interest in any Material Agreement which may be held in trust for Borrower by a third party) as additional security for payment
of the Obligations and shall deliver up all such benefit to Lender, forthwith upon demand by Lender.

 

    12

    

    

 

21.
MINED DIGITAL CURRENCY

 

		(a)	Borrower agrees that all Mined Digital Currency shall (both before
and after an Event of Default, subject only to Section 27(b) hereof) be immediately deposited in Blocked Wallet A.

 

		(b)	Unless an Event of Default is existing and continuing, Borrower
shall be entitled to sell any Mined Digital Currency in the ordinary course.

 

		(c)	If an Event of Default is existing and continuing, all rights
and licenses of Borrower granted hereunder will cease and Borrower shall only be entitled to sell and/or trade Mined Digital Currency
with the written consent of the Lender.

 

		(d)	Any Mined Digital Currency not deposited in Blocked Wallet A shall
by held in trust by Borrower on behalf of Lender, and shall forthwith be delivered to Lender.

 

		(e)	Lender and Borrower agree that Lender shall have two wallet administrators for Blocked Wallet B with the
power to add new users, designate whitelisted addresses and create transaction rules for Blocked Wallet B, in its sole and unfettered
discretion. Lender and Borrower agree that the Lender’s administrators shall, subject to Section Error! Reference source not
found. hereof, whitelist two addresses for withdrawals made from Blocked Wallet B: (i) an address to be designated by the Lender;
and (ii) an address to be designated by the Borrower.

 

		(f)	Without in any way limiting the Lender’s ability to create
transaction rules for Blocked Wallet B in its sole and unfettered discretion, and subject to Section Error! Reference source not found.
hereof, the following transaction rules shall be created by Lender in respect of Blocked Wallet B: (i) a transaction rule allowing
Borrower to make withdrawals from Blocked Wallet B (the “Borrower Withdrawal Rule”); and (ii) a transaction rule allowing
Lender to make withdrawals from Blocked Wallet B.

 

22.
EVENTS OF DEFAULT

 

The occurrence or happening of any
one or more of the following events shall constitute a “Default” and if such Default is still occurring following the
applicable cure period, it shall be deemed an “Event of Default”:

 

		(a)	Borrower does not pay any of the Obligations owing to Lender when
due;

 

		(b)	Borrower fails to pay any amounts in respect of Critical Services
when due;

 

		(c)	Borrower is in default or breach of any agreements with Landlords
and / or Hosts for the Designated Location;

 

		(d)	All Obligations owing to Lender have not been repaid in full by
the Scheduled Final Payment Date;

 

		(e)	Any of the Equipment is disconnected from its power source and
such Equipment is not reconnected to a comparable power source within five (5) Business Days;

 

		(f)	A Host or Landlord ceases to provide (or provides notice that
it intends to cease providing) any services that are required for the continuous mining of Digital Currency by the Equipment and such
services are not resumed within five (5) Business Days of the original termination of the services;

 

		(g)	Subject to Section 27(b) hereof, any Mined Digital Currency is
deposited in a wallet that is not one of the Blocked Wallets;

 

		(h)	Subject to Section 27(b) hereof, Borrower or any party acting
on behalf of Borrower attempts to direct any Mined Digital Currency to a wallet that is not one of the Blocked Wallets;

 

    13

    

    

 

		(i)	Borrower does not observe or perform any of the terms, conditions
or covenants to be observed or performed by Borrower under this Agreement, the other Loan Documents or any other agreement or document
existing at any time between Borrower and Lender;

 

		(j)	any representation or warranty made by Borrower in this Agreement
or in any document or certificate furnished to Lender in connection with or pursuant to this Agreement shall prove to be incorrect at
any time in any respect;

 

		(k)	without Lender’s prior written consent, Borrower removes
any Equipment from the Designated Location;

 

		(l)	without Lender’s prior written consent, Borrower parts with
possession of any Equipment or purports to (or does) sell, assign, transfer, sublet or otherwise suffer a Charge of any kind upon or
against any interest in this Agreement or the Collateral;

 

		(m)	Borrower prevents or attempts to prevent Lender from having full
unencumbered access to the Blocked Wallets;

 

		(n)	Borrower at any time fails to maintain in effect any insurance
required hereunder;

 

		(o)	Borrower fails to make any payments when due to any Hosts or Landlords,
or otherwise in is breach of any of its agreements with any Hosts or Landlords;

 

		(p)	the Equipment is used in a manner not consistent with standard
industry practice that may result in accelerated depreciation to the value of the Equipment;

 

		(q)	Borrower Overclocks the Equipment without the express written
prior consent of Lender;

 

		(r)	the Equipment is lost, stolen, substantially destroyed, condemned
or seized (collectively, a “Total Loss”) or Borrower loses control and / or possession of the Equipment;

 

		(s)	Borrower becomes insolvent or bankrupt; Borrower becomes subject
to proceedings under the United States Bankruptcy Code (the “US Code”), or any similar legislation in any applicable
jurisdiction; Borrower files a notice of intention to file a proposal under the US Code, institutes any proceedings seeking an order
for relief under the US Code or any similar legislation or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution,
winding-up, dissolution, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy,
insolvency or reorganization or relief of debtors, or fails to file an answer or any other pleading denying the material allegations
in any such proceeding instituted against it; an application for a Bankruptcy order is filed against Borrower or Borrower files an assignment
for the benefit of creditors under the US Code; or if Borrower takes any corporate action to authorize or effect any of the foregoing
actions;

 

		(t)	a Receiver, trustee, liquidator, custodian or other similar official
is appointed in respect of Borrower or any of Borrower’s property;

 

		(u)	any court, government or governmental agency condemns, seizes
or otherwise appropriates, or takes custody or control of, all or a materially substantial portion of the property of Borrower;

 

		(v)	Borrower ceases to carry on its business, or any material part
of its business;

 

		(w)	any final, non-appealable judgment shall be rendered against Borrower
which remains unsatisfied for thirty (30) days following the rendering of such judgment;

 

		(x)	the holder of a security interest delivers a notice of intention
to enforce its security or takes possession of all or any part of Borrower property, or a distress, execution or other similar process
is levied against all or any part of that property;

 

    14

    

    

 

		(y)	Borrower suffers the loss or suspension of any licences, permits
or other operating authorities required for the operation of its business or any part of it, and such loss is material to the operation
of its business, taken as a whole; or

 

		(z)	Any other reason not specified
herein that materially impairs Borrower’s ability to perform its obligations under the Agreement.

 

23.
ACCELERATION

 

If any Event of Default occurs, Lender may in
its sole and unfettered discretion, declare the entire unpaid principal advanced hereunder, all interest accrued and unpaid thereon and
all fees, charges, costs and other Obligations to be immediately due and payable, whereupon all such amounts shall become and be immediately
due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower,
and irrespective of whether or not Borrower purports to cure such Event of Default (an “Acceleration”).

 

24.
CURING EVENTS OF DEFAULT

 

Borrower shall be permitted to cure the Defaults
referenced following the occurrence of such Default, as set forth below:

 

		(a)	If a Default occurs pursuant to Sections 22(a), 22(b),
or 22(d), Borrower shall have one (1) Business Day to cure such Default before an Event of Default shall be deemed to have occurred.

 

25.
SECURITY INTERESTS ENFORCEABLE

 

The occurrence of an Event of Default will cause
the security interest granted hereunder to become enforceable without the need for any action or notice by Lender, and irrespective of
whether Borrower subsequently purports to cure such Event of Default.

 

26.
DEFAULT INTEREST

 

 (a) Upon the occurrence of an Event of Default and an Acceleration, and subject to Section 26(b) hereof, the Interest Rate for all purposes under this Agreement shall immediately be deemed to be the Interest Rate applicable prior to the Event of Default plus ten percent (10%) per annum (the “Post Default Risk Adjusted Interest Rate”) and any reference herein to the Interest Rate shall be deemed to be a reference to the Post Default Risk Adjusted Interest Rate.

 

 (b) Following implementation of the Post Default Risk Adjusted Interest Rate, if a Permitted Cure occurs within thirty (30) days of the date of the occurrence of the underlying Event of Default, the Post Default Risk Adjusted Interest Rate shall cease to apply and the Interest Rate for all purposes under this Agreement shall thereafter be deemed to be the Interest Rate applicable prior to the Event of Default (the “Permitted Cure Risk Adjusted Interest Rate”) and any reference herein to the Interest Rate shall be deemed to be a reference to the Permitted Cure Risk Adjusted Interest Rate.

 

 (c) It is the intent of the parties that the Interest Rate, the Post Default Risk Adjusted Interest Rate, the Permitted Cure Risk Adjusted Interest Rate, and other charges to Borrower under this Agreement shall be lawful; therefore, if for any reason the interest or other charges payable under this Agreement are found by a court of competent jurisdiction, in a final determination, to exceed the limit which Lender may lawfully charge Borrower, then the obligation to pay interest and other charges shall automatically be reduced to such limit and, if any amount in excess of such limit shall have been paid, then such amount shall be refunded to Borrower.

 

    15

    

    

 

27. REMEDIES OF LENDER

 

If the security interests granted hereunder
become enforceable, Lender may enforce its rights by any one or more of the following remedies:

 

		(a)	by taking possession of the Collateral or any part of it, and
collecting, demanding, suing, enforcing, recovering, receiving amounts in respect of the Collateral, and for that purpose entering into
and upon any lands, buildings, and premises and doing any act and taking any proceedings in the name of Borrower, or otherwise, as Lender
considers necessary;

 

		(b)	by directing any Mined Digital Currency to a digital wallet designated
by Lender that is not one of the Blocked Wallets, and/or by suspending or terminating Borrower’s access to Blocked Walled B, including
without limitation, by removing or altering the Borrower Withdrawal Rule and / or removing Borrower’s signing authority in respect
of Blocked Wallet B;

 

		(c)	by applying from time to time, in whole or in part, any Mined
Digital Currency received by Lender to reduce the Obligations of Borrower;

 

		(d)	by exercising any rights granted to Lender under any Host / Landlord
Accommodations;

 

		(e)	by proceedings in any court of competent jurisdiction for the
appointment of a Receiver of all or any part of the Collateral;

 

		(f)	by demanding that that Borrower deliver the Collateral to Lender;

 

		(g)	by proceedings in any court of competent jurisdiction for the
sale or foreclosure of all or any part of the Collateral;

 

		(h)	by filing proofs of claim and other documents to establish its
claims in any proceeding or proceedings relating to Borrower;

 

		(i)	by appointment by instrument in writing of a Receiver of all or
any part of the Collateral;

 

		(j)	by sale or lease by Lender of all or any part of the Collateral,
whether or not it has taken possession of the Collateral;

 

		(k)	by retaining any of the Collateral in satisfaction of all or part
of the Obligations; and

 

		(l)	by any other remedy or proceeding authorized or permitted by this
Agreement or by law or equity, including all of the rights and remedies of Lender under the UCC.

 

Without limiting any of the foregoing,
on an occurrence of an Event of Default, Lender shall have all of the rights, title and interest in and to the Material Agreements, without
modifying or discharging any of Borrower’s Obligations to Lender.

 

    16

    

    

 

With respect to
Collateral, upon the occurrence and during the continuance of an Event of Default, Lender may exercise from time to time any rights
and remedies available to it under any other applicable law in addition to, and not in lieu of, any rights and remedies expressly
granted in this Agreement or in any of the other document or instrument executed in connection herewith, including, but not limited
to, the UCC, and all of Lender’s rights and remedies shall be cumulative and non-exclusive to the extent permitted by law. In
particular, but not by way of limitation of the foregoing, Lender may, without notice, demand or legal process of any kind, take
possession of any or all of the Collateral (in addition to Collateral of which it already has possession), wherever it may be found,
and for that purpose may pursue the same wherever it may be found, and may enter onto any of Borrower’s premises where any of
the Collateral may be, and search for, take possession of, remove, keep and store any of the Collateral until the same shall be sold
or otherwise disposed of, and Lender shall have the right to store the same at any of Borrower’s premises without cost to
Lender. At Lender’s request, Borrower shall, at Borrower’s expense, assemble the Collateral and make it available to
Lender at one or more places to be designated by Lender and reasonably convenient to Lender and Borrower. Borrower recognizes that
if Borrower fails to perform, observe or discharge any of its Indebtedness under this Agreement, no remedy at law will provide
adequate relief to Lender, and agrees that Lender shall be entitled to temporary and permanent injunctive relief in any such case
without the necessity of proving actual damages. Subject to Applicable Law, any notification of intended disposition of any of the
Collateral required by law will be deemed to be a reasonable authenticated notification of disposition if given at least ten (10)
days prior to such disposition and such notice shall (i) describe Lender and Borrower, (ii) describe the Collateral that is the
subject of the intended disposition, (iii) state the method of the intended disposition, (iv) state that Borrower is entitled to an
accounting of the Obligations and state the charge, if any, for an accounting and (v) state the time and place of any public
disposition or the time after which any private sale is to be made. Lender may disclaim any warranties that might arise in
connection with the sale, lease or other disposition of the Collateral and has no obligation to provide any warranties at such time.
Any Proceeds of any disposition by Lender of any of the Collateral may be applied by Lender to the payment of expenses in connection
with the Collateral, including, without limitation, legal expenses and reasonable attorneys’ fees, and any balance of such
Proceeds and all other payments received by Lender during the continuance of a Default may be applied by Lender toward the payment
of such of the Indebtedness, and in such order of application, as Lender may from time to time elect.

 

28. RECEIVER

 

After the security interests granted
hereunder have become enforceable, Lender may, upon and during an Event of Default, appoint by instrument in writing any qualified Person
to be a Receiver of the Collateral and may remove any Person so appointed and appoint another qualified Person in its stead. Any Receiver
appointed under this Agreement may exercise any one or more of the following powers:

 

		(a)	to take possession of the Collateral and for that purpose to enter
into and upon any lands, buildings, and premises and to do any act and take any proceedings in the name of Borrower, or otherwise, as
the Receiver considers necessary;

 

		(b)	to carry on or concur in carrying on the business of Borrower
as it pertains to the Collateral (including, without limiting the generality of the powers contained in this Agreement, payment of the
obligations of Borrower whether or not they are due and cancellation or amendment of any contracts) and the employment and discharge
of those agents, managers, employees and others upon terms and with salaries, wages or remuneration as the Receiver thinks proper;

 

		(c)	to repair and keep in repair the Collateral or any part of it,
and to do all acts and things necessary to protect the Collateral;

 

		(d)	to make any arrangement or compromise that the Receiver thinks
expedient in the interests of Lender or Borrower and to assent to any modification or change in or omission from the provisions of this
Agreement;

 

		(e)	to exchange any part of the Collateral for any other property
suitable for the purposes of Borrower upon terms that seem expedient, and either with or without payment or exchange of money or equality
of exchange or otherwise;

 

		(f)	to raise on the security of the Collateral or any part of it,
by mortgage, charge or otherwise, any sum of money required for the repair, insurance or protection of the Collateral, or any other purposes
mentioned in this Agreement, or as may be required to pay off or discharge any lien, charge or encumbrance upon the Collateral or any
part of it, that would or might have priority over the security interest of Lender; and

 

		(g)	whether or not the Receiver has taken possession, to sell or lease
or concur in the sale or leasing of any of the Collateral or any part of it after giving Borrower not less than 20 days’ written
notice of the Receiver’s intention to sell or lease, and to effect any sale or lease by conveying, transferring or assigning in
the name of or on behalf of Borrower or otherwise; and any sale or lease may be made either at public sale or lease (including public
auction or closed tender), or by private sale or lease, as the Receiver may determine, and any sale or lease may be made from time to
time as to the whole or any part of the Collateral; and the Receiver may rescind or vary any contract for the sale or
lease of any of the Collateral or any part of it, and may resell and re-lease without being liable for any loss occasioned by doing so;
and the Receiver may sell or lease any of the Collateral for cash or credit, or part cash and part credit, or otherwise as may appear
to be most advantageous, and at the prices that can be reasonably obtained for the Collateral, and if a sale or lease is on credit neither
the Receiver nor Lender will be accountable for or charged with any monies until actually received.

 

    17

    

    

 

29. FORECLOSURE / SALE

 

The provisions of Section 28(g) will also apply
to a sale or lease of any of the Collateral by Lender under Section 27(j).

 

30. LIABILITY OF RECEIVER

 

A Receiver appointed and exercising powers under
this Agreement will not be liable for any resulting loss unless the loss is caused by the Receiver’s own gross negligence or wilful
default, and when so appointed the Receiver will be considered to be the agent of Borrower.

 

31. EFFECT OF APPOINTMENT OF RECEIVER

 

Immediately upon Lender taking possession of any
Collateral or appointing a Receiver, all powers, functions, rights and privileges of the directors and officers of Borrower concerning
the Collateral will cease, except as otherwise consented to in writing by Lender.

 

32. VOLUNTARY FORECLOSURE

 

Upon and during an Event of Default, Lender may
elect to retain all or part of the Collateral in satisfaction of the Obligations or any part of them. Lender may designate any part of
the Obligations to be satisfied by the retention of all or part of the Collateral which Lender considers to have a net realizable value
approximating the amount of the designated part of the Obligations, in which case only the designated part of the Obligations will be
considered to be satisfied by the retention of the Collateral or part of the Collateral as applicable. For greater certainty, if Lender
elects to retain all or part of the Collateral, Lender shall be solely entitled to any Digital Currency subsequently mined or otherwise
generated by, or in connection with, the Equipment retained by Lender.

 

33. APPOINTMENT OF ATTORNEY

 

In addition to the power of attorney granted in
Section 13(d) herein, Borrower irrevocably appoints Lender, and any officer or agent of Lender, with full power of substitution, effective
upon the occurrence of an Event of Default, to be the attorney of Borrower with full power and authority in the place of Borrower and
in the name of Borrower or in its own name, to take all appropriate action and to execute all documents and instruments as, in the opinion
of the attorney acting reasonably, may be necessary or desirable to accomplish the purposes of this Agreement, and generally to use the
name of Borrower and to do all things as may be necessary or incidental to the exercise of all or any of the powers conferred on Lender
under this Agreement. These powers are coupled with an interest and are irrevocable until this Agreement is terminated and the security
interests granted to Lender are released. Nothing in this Section affects the right of Lender or any other Person, to sign and file or
deliver, as applicable, any financing statements, financing change statements, notices, verification agreements and other documents relating
to the Collateral and this Agreement as Lender or the other Person considers appropriate.

 

34. PROCEEDS OF DISPOSITION

 

The Proceeds of any sale, lease or other disposition
of the whole or any part of the Collateral will be applied to the Obligations, and any surplus remaining in the hands of the Receiver
or Lender will be distributed as required by the UCC or other Applicable Law.

 

    18

    

    

 

35. DEALINGS OF
LENDER

 

Lender will not be obliged to exhaust
its recourse against Borrower or any other Person or against any other security interests it may hold in respect of the Obligations before
realizing upon or otherwise dealing with the Collateral in any manner Lender considers desirable. Lender may grant extensions of time
and other indulgences, take and give up security, accept compositions, grant releases and discharges and otherwise deal with Borrower
and any other Person, and with any or all of the Collateral, and with other security and sureties, as Lender may see fit, all without
prejudice to the Obligations or to the rights and remedies of Lender under this Agreement. The powers conferred on Lender under this Agreement
are solely to protect the respective interests of Lender in the Collateral and will not impose any duty upon Lender to exercise any such
powers.

 

36. EXPENSES

 

Borrower will reimburse Lender for all fees (including
legal fees) and out of pocket expenses incurred in preparing this Agreement and any other Loan Documents (whether or not the transactions
contemplated by this Agreement are consummated) in an amount not to exceed ten-thousand dollars ($10,000), in responding to requests from
Borrower for waivers, amendments and other matters, and in enforcing and preserving its security interest in the Collateral and Lender’s
rights under this Agreement and the Loan Documents.

 

37. STATUTORY WAIVERS

 

To the fullest extent permitted by Applicable
Law, Borrower waives all of the rights, benefits and protections given by the provisions of any existing or future statute which imposes
limitations upon the powers, rights or remedies of Lender or upon the methods of realization of security, including any seize or sue or
anti-deficiency statute or any similar provisions of any other statute.

 

38. AGREEMENT ABSOLUTE; NON-CANCELLABLE

 

This Agreement cannot be cancelled or terminated
except as expressly provided herein. Borrower’s obligation to pay all Obligations hereunder is absolute and unconditional and is
not subject to any delay, reduction, set-off, defence, withholding, deduction, claim, counterclaim or recoupment for any reason at all,
including any failure, destruction, repossession or theft of the Collateral, loss of use of the Collateral (including if the Equipment
does not operate as intended by Borrower, or at all), any representations by the manufacturer or the Vendor of the Equipment, any past,
present or future claims of Borrower against Lender under this Agreement or otherwise, any fundamental breach of contract or for any other
cause, whether similar or dissimilar to the foregoing, it being the intention of the parties hereto that all Obligations shall continue
to be payable in all events in the manner and at the times required hereby. If the Equipment is unsatisfactory for any reason, Borrower
shall make any claim solely against the manufacturer or the Vendor thereof and shall, nevertheless, pay Lender all Obligations.

 

39. CURRENCY INDEMNITY

 

All amounts payable by Borrower under
this Agreement, whether Blended Payments or otherwise, shall be paid to Lender in U.S. dollars (the “Original Currency”).
If Borrower makes payment of any liability or obligation of Borrower to Lender under this Agreement in a currency (the “Other
Currency”) other than the Original Currency (whether voluntarily or pursuant to an order or judgment of a court or tribunal
of any jurisdiction), such payment shall constitute a discharge of the liability of Borrower hereunder in respect of such liability or
obligation only to the extent of the amount of the Original Currency which Lender purchases in the United States with the amount Lender
receives on the date of receipt in accordance with Lender’s normal practice. If the amount of the Original Currency which Lender
is able to purchase is less than the amount of such currency originally due to it in respect of such relevant liability or obligation,
Borrower shall indemnify and save Lender harmless from and against any loss or damage arising as a result of such deficiency. This indemnity
shall constitute an obligation separate and independent from the other liabilities and obligations contained herein, shall give rise to
a separate and independent cause of action, shall apply irrespective of any indulgence granted by Lender from time to time and shall continue
in full force and effect notwithstanding any judgment or order in respect of any amount due hereunder or under any judgment or order.

 

    19

    

    

 

40. GENERAL INDEMNITY

 

Borrower acknowledges and agrees that it shall:

 

		(a)	pay when due, and indemnify and save Lender harmless from, all
Taxes, fees, assessments or other levies imposed on the Collateral or the delivery, purchase, lease, use, ownership, operation, possession,
sale, storage or return thereof or any Blended Payments, whether assessed to Lender or Borrower, and any fines, penalties or forfeitures
relating to the Collateral. Borrower will immediately deliver proof of payment of such amounts to Lender. The licensing and registration
of any item any Collateral and any renewal thereof required under Applicable Law shall be the sole responsibility of Borrower and shall
be effected by Borrower on a timely basis in accordance with Applicable Law; and

 

		(b)	indemnify and save Lender harmless from and against all liabilities,
claims, losses, costs, claims, demands, damages, awards, actions and causes of action and other expenses of any nature whatsoever (including
reasonable legal fees, but excluding special, exemplary, punitive or consequential damages) arising, directly or indirectly, as a result
of this Agreement or any breach hereof by Borrower, or the inaccuracy of any representation or warranty made by Borrower under or in
connection herewith or in any other way relating to the use, operation, ownership, manufacture, design, durability, capability, workmanship,
quality, compliance with law, suitability, selection, purchase, character, safety, condition, delivery, refusal by Borrower to accept
delivery, possession, sale, storage or return of any Collateral, including damage or injury (including death) of Persons or property,
and whether caused by Borrower’s negligence or otherwise; provided that Borrower shall not have any obligation hereunder to Lender
with respect to liabilities arising from the gross negligence or willful misconduct of Lender.

 

41. SURVIVAL

 

All indemnities provided by Borrower to Lender
under this Agreement, including, without limitation, under Sections 39 and 40, shall survive and continue in full force and effect notwithstanding
any matter or thing, including termination of this Agreement, the end of the Term, any other release or discharge from this Agreement
of any Collateral, the sale or disposition of any Collateral or the release or discharge of Borrower to pay any Blended Payments due hereunder.

 

42. RIGHTS OF SET-OFF

 

At any time that Borrower has failed (beyond any
grace permitted by Lender) to perform or observe any of its covenants in this Agreement, Lender is authorized at any time to set-off and
apply any funds held by it and for the credit of Borrower against any and all of the obligations of Borrower.

 

43. CONFIDENTIALITY

 

This Agreement has been provided to Borrower on
the understanding that its contents may not be revealed or discussed with any other party, except with the prior written approval of Lender,
to Borrower’s professional advisors, or pursuant to any legal or regulatory requirement (collectively, a “Legal Requirement”).
Borrower may only disclose the contents of this Agreement pursuant to a Legal Requirement if it: (a) promptly notifies Lender so that
Lender may take appropriate lawful preventative action; (b) provides only the information that is legally required to be disclosed by
Legal Requirement; and (c) exercises reasonable efforts to obtain assurance that the information will not be further disclosed.

 

44. ENTIRE AGREEMENT

 

This Agreement and the Loan Documents
constitute the entire agreement between the parties and supersede all proposals or prior agreements, oral or written, and all other communications
between Lender and Borrower with respect to the subject matter hereof.

 

    20

    

    

 

45. COPY OF AGREEMENT

 

Borrower hereby acknowledges having received an
executed copy of this Agreement and waives all rights to receive from Lender a copy of any financing statement, financing statement (transition),
financing change statement or verification statement filed at any time in respect of Borrower and / or the Collateral.

 

46. FURTHER ASSURANCES

 

Borrower will execute, acknowledge, register,
record, publish or file, as the case may be, all such further documents and do all such further acts as may be reasonably requested by
Lender or necessary or proper to carry out more effectively the purposes of this Agreement , to protect Lender’s rights herein or
therein and to perfect, protect, preserve and render opposable in all applicable jurisdictions, Lender’s interest in all Collateral.

 

47. NOTICE

 

Any Communication must be in writing and either:

 

		(a)	personally delivered;

 

		(b)	sent by prepaid registered mail; or

 

		(c)	sent by e-mail or functionally equivalent electronic means of
communication, charges (if any) prepaid.

 

Any Communication must be sent to the intended
recipient at its address set out in the Disclosure Statement or at any other address as any party may from time to time advise the other
by Communication given in accordance with this Section 48. Any Communication delivered to the party to whom it is addressed will be deemed
to have been given and received on the day it is so delivered at that party’s address, provided that if that day is not a Business
Day then the Communication will be deemed to have been given and received on the next Business Day. Any Communication transmitted by email
or other equivalent form of electronic communication will be deemed to have been given and received on the day on which it was transmitted
(but if the Communication is transmitted on a day which is not a Business Day or after 5:00 p.m. (local time of Lender)), the Communication
will be deemed to have been received on the next Business Day. Any Communication given by registered mail will be deemed to have been
received on the fifth Business Day after which it is so mailed. If a strike or lockout of postal employees is then in effect, or generally
known to be impending, every Communication must be effected by personal delivery or by facsimile, email or functionally equivalent electronic
transmission.

 

Any Communication sent to Lender shall additionally
be sent by carbon copy to its counsel HMB Legal Counsel at the address set out below:

 

HMB Legal Counsel

500 West Madison, Suite 3700

Chicago, Illinois 60661

Attn: Ati P. Khatri

Email: akhatri@hmblaw.com

 

With a copy to:

 

Notices@foundrydigital.com

Attn: Legal

 

48. RELATIONSHIP OF THE PARTIES

 

Nothing contained in this Agreement shall be
deemed or construed by the parties, or by any third party, to create the relationship of a partnership or joint venture between the
parties hereto, it being understood and agreed that no provision contained herein shall be deemed to create any relationship between
the parties hereto other than the relationship of Borrower and Lender.

 

    21

    

    

 

49. MISCELLANEOUS

 

		(a)	If any provision shall be held to be invalid or unenforceable
in any jurisdiction, the validity and enforceability of the remaining provisions shall not in any way be affected or impaired. Without
prejudice to the ability of Lender to enforce this Agreement and all Loan Documents in any other proper jurisdiction, Borrower irrevocably
submits to the jurisdiction of any court of competent jurisdiction as set forth in Section 51 for any action or proceeding arising out
of or relating to this Agreement, the other Loan Documents or the transactions contemplated hereby or thereby and Borrower irrevocably
agrees that all claims in respect of any such action or proceeding may be heard and determined in such court.

 

		(b)	For the purposes of this Agreement, a rate of interest is or is
to be calculated on the basis of a period which is less than a full calendar year, the yearly rate of interest to which the said rate
is equivalent is the said rate multiplied by the actual number of days in the calendar year for which such calculation is made and divided
by the number of days in such period.

 

		(c)	This Agreement may be executed in any number of counterparts,
each of which so executed shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the
same instrument.

 

		(d)	Time is of the essence hereof.

 

		(e)	The failure of or delay by Lender to enforce an obligation or
exercise a right or remedy under any provision of this Agreement or to exercise any election in this Agreement shall not be construed
as a waiver of such provision, and the waiver of a particular obligation in one circumstance will not prevent Lender from subsequently
requiring compliance with the obligation or exercising the right or remedy in the future. No waiver or modification by Lender of any
provision of this Agreement shall be deemed to have been made unless expressed in writing and signed by Lender.

 

		(f)	This Agreement, and all other Loan Documents shall be binding
upon and enure to the benefit of the parties hereto or thereto and their heirs, executors, administrators, successors and permitted assigns.
Borrower may not assign this Agreement and the other Loan Documents or any obligations, rights and / or interests hereunder or thereunder
without the prior written consent of Lender. Lender may without the consent of Borrower sell, assign or otherwise dispose of its obligations,
rights and / or interests in, or grant a security interest in, this Agreement, the Collateral and/or the Collateral individually or together,
in whole or in part. If Borrower is given written notice of any such sale, assignment, other disposition or grant of a security interest,
it shall immediately make all applicable Blended Payments and other amounts hereunder or thereunder directly to the applicable transferee.
Borrower consents to Lender disclosing to any actual or potential transferee any information regarding Borrower in the possession of
Lender.

 

		(g)	Where there shall be more than one Borrower, their obligations
hereunder shall be joint and several.

 

		(h)	Each provision of this Agreement is distinct and severable. If
any provision of this Agreement, in whole or in part, is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality,
invalidity or unenforceability of that provision will not affect the legality, validity or enforceability of the remaining provisions
of this Agreement, or the legality, validity or enforceability of that provision in any other jurisdiction.

 

		(i)	This Agreement may be executed and delivered by the Parties in
one or more counterparts, each of which will be an original, and each of which may be delivered by facsimile, e-mail or other functionally
equivalent electronic means of transmission, and those counterparts will together constitute one and the same instrument.

 

		(j)	Lender and Borrower confirm that they have expressly required
that this Agreement, all Schedules and all Related Documents be drafted in English.

 

    22

    

    

 

50. GOVERNING LAW

 

		(a)	THIS AGREEMENT SHALL BE GOVERNED AND CONTROLLED BY THE INTERNAL
LAWS OF THE STATE OF NEW YORK, BUT EXCLUDING, TO THE EXTENT APPLICABLE, PERFECTION OF THE SECURITY INTERESTS IN COLLATERAL LOCATED OUTSIDE
OF THE STATE OF NEW YORK, WHICH SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED AND CONTROLLED BY THE LAWS OF THE RELEVANT JURISDICTION
IN WHICH SUCH COLLATERAL IS LOCATED.

 

		(b)	TO INDUCE LENDER TO ACCEPT THIS AGREEMENT, BORROWER IRREVOCABLY
AGREES THAT, SUBJECT TO LENDER'S SOLE AND ABSOLUTE ELECTION, ALL ACTIONS OR PROCEEDINGS IN ANY WAY, MANNER OR RESPECT, ARISING OUT OF
OR FROM OR RELATED TO THIS AGREEMENT OR THE COLLATERAL HELD IN THE UNITED STATES SHALL BE LITIGATED IN COURTS HAVING SITUS WITHIN THE
CITY OF NEW YORK, STATE OF NEW YORK. BORROWER HEREBY CONSENTS AND SUBMITS TO THE JURISDICTION OF ANY LOCAL, STATE OR FEDERAL COURTS LOCATED
WITHIN SAID CITY AND STATE. BORROWER HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND AGREES THAT ALL SUCH SERVICE OF PROCESS
MAY BE MADE UPON BORROWER BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO BORROWER AT THE ADDRESS SET FORTH FOR
NOTICE IN THIS AGREEMENT AND SERVICE SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED.

 

		(c)	BORROWER AND LENDER EACH HEREBY WAIVE ALL RIGHTS TO TRIAL BY JURY
IN ANY ACTION OR PROCEEDING WHICH PERTAINS DIRECTLY OR INDIRECTLY TO THIS AGREEMENT, THE INDEBTEDNESS, THE COLLATERAL, ANY ALLEGED TORTIOUS
CONDUCT BY BORROWER OR LENDER OR WHICH, IN ANY WAY, DIRECTLY OR INDIRECTLY, ARISES OUT OF OR RELATES TO THE RELATIONSHIP BETWEEN BORROWER
AND LENDER. IN NO EVENT SHALL LENDER BE LIABLE FOR LOST PROFITS OR OTHER SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES.

 

Signature Page Follows

 

    23

    

    

 

Dated as of the date first written above: January 27,
2021

 

		COSMOS INFRASTRUCTURE LLC Per:
	 	 
	 	Per:	/s/ James Manning
	 	 	Name: James Manning
	 	 	Title: CEO
	 	 	 
	 	Per:	/s/ Liam Wilson
	 	 	Name: Liam Wilson
	 	 	Title: COO
	 	 
	 	FOUNDRY DIGITAL LLC
	 	 	 
	 	Per:	/s/ Mike Colyer
	 	 	Name: Mike Colyer
	 	 	Title: CEO

 

    24

    

    

 

SCHEDULE “A”

Payment
Schedule

 

	 	= Customer Input field = Genesis Inputs  

 

	Inputs	 	 	 	 	Payment Summary	 	 	 
	Equipment Purchase Amount	 	$	1,320,000	 	 	Total Principal Payment	 	$	1,056,000.00	 
	Down Payment (%)	 	 	20	%	 	Total Interest Payment	 	$	137,940.00	 
	Down Payment ($)	 	$	264,000	 	 	 	 	 	 	 
	Initial Loan Size	 	$	1,056,000	 	 	Total Cost + Principal	 	$	1,193,940.00	 
	Tenor (mo)	 	 	18	 	 	 	 	 	 	 
	Payments Per Year	 	 	12	 	 	 	 	 	 	 
	Machine Cost	 	$	2,640	 	 	Machine Type	 	 	MicroBT M30S	 
	Price per Terahash Average	 	$	30.00	 	 	Hashrate (Th)	 	 	88	 
	Number of Machines Purchased	 	 	500	 	 	Power Consumption (Watts)	 	 	3344	 
	Interest Rate (% ann)	 	 	16.5	%	 	 	 	 	 	 
	 	 	 	 	 	 	J/TH	 	 	38.00	 
	Price of Machine including financing	 	$	2,916	 	 	Negotiated purchase price ($/TH)	 	$	30.00	 
	Price of Machine Delta Average	 	$	276	 	 	Number of Machines	 	 	500	 
	Delta Price per Terahash Average	 	$	3.14	 	 	Machine Cost	 	$	2,640.00	 
	Total % increase in Machine cost	 	 	10.5	%	 	 	 	 	 	 
	Payment Lag (mo) (0, 1 or 2 month options)*	 	 	0	 	 	Expected Delivery Date	 	 	2/1/2020	 
	Loan Start Date	 	 	1/27/2021	 	 	Total Hash Power (PH)	 	 	44	 
	Total Payment Time	 	 	18	 	 	 	 	 	 	 
	 	 	 	 	 	 	Shipping and Duties per Unit	 	$	256.56	 
	 	 	 	 	 	 	Shipping and Duties Total	 	$	128,280.00	 

 

	Start	 	Date	 	Month	 	Cycle (Days)	 	Principal Balance	 	 	Principal Pmt	 	 	Interest Pmt	 	 	Total Pmt	 
	1/27/2021	 	2/26/2021	 	1	 	30.00	 	$	1,056,000.00	 	 	$	58,666.67	 	 	$	14,520.00	 	 	$	73,186.67	 
	2/26/2021	 	3/28/2021	 	2	 	30.00	 	$	997,333.33	 	 	$	58,666.67	 	 	$	13,713.33	 	 	$	72,380.00	 
	3/28/2021	 	4/27/2021	 	3	 	30.00	 	$	938,666.67	 	 	$	58,666.67	 	 	$	12,906.67	 	 	$	71,573.33	 
	4/27/2021	 	5/27/2021	 	4	 	30.00	 	$	880,000.00	 	 	$	58,666.67	 	 	$	12,100.00	 	 	$	70,766.67	 
	5/27/2021	 	6/26/2021	 	5	 	30.00	 	$	821,333.33	 	 	$	58,666.67	 	 	$	11,293.33	 	 	$	69,960.00	 
	6/26/2021	 	7/26/2021	 	6	 	30.00	 	$	762,666.67	 	 	$	58,666.67	 	 	$	10,486.67	 	 	$	69,153.33	 
	7/26/2021	 	8/25/2021	 	7	 	30.00	 	$	704,000.00	 	 	$	58,666.67	 	 	$	9,680.00	 	 	$	68,346.67	 
	8/25/2021	 	9/24/2021	 	8	 	30.00	 	$	645,333.33	 	 	$	58,666.67	 	 	$	8,873.33	 	 	$	67,540.00	 
	9/24/2021	 	10/24/2021	 	9	 	30.00	 	$	586,666.67	 	 	$	58,666.67	 	 	$	8,066.67	 	 	$	66,733.33	 
	10/24/2021	 	11/23/2021	 	10	 	30.00	 	$	528,000.00	 	 	$	58,666.67	 	 	$	7,260.00	 	 	$	65,926.67	 
	11/23/2021	 	12/23/2021	 	11	 	30.00	 	$	469,333.33	 	 	$	58,666.67	 	 	$	6,453.33	 	 	$	65,120.00	 
	12/23/2021	 	1/22/2022	 	12	 	30.00	 	$	410,666.67	 	 	$	58,666.67	 	 	$	5,646.67	 	 	$	64,313.33	 
	1/22/2022	 	2/21/2022	 	13	 	30.00	 	$	352,000.00	 	 	$	58,666.67	 	 	$	4,840.00	 	 	$	63,506.67	 
	2/21/2022	 	3/23/2022	 	14	 	30.00	 	$	293,333.33	 	 	$	58,666.67	 	 	$	4,033.33	 	 	$	62,700.00	 
	3/23/2022	 	4/22/2022	 	15	 	30.00	 	$	234,666.67	 	 	$	58,666.67	 	 	$	3,226.67	 	 	$	61,893.33	 
	4/22/2022	 	5/22/2022	 	16	 	30.00	 	$	176,000.00	 	 	$	58,666.67	 	 	$	2,420.00	 	 	$	61,086.67	 
	5/22/2022	 	6/21/2022	 	17	 	30.00	 	$	117,333.33	 	 	$	58,666.67	 	 	$	1,613.33	 	 	$	60,280.00	 
	6/21/2022	 	7/29/2022	 	18	 	38.00	 	$	58,666.67	 	 	$	58,666.67	 	 	$	806.67	 	 	$	59,473.33	 

 

    25

    

    

 

SCHEDULE “B”

 

DESCRIPTION OF PROPERTY

 

(500) units

Manufacturer: MicroBT

Model: Whatsminer M30S

Average TH: 88

 

Serial Numbers to Follow

 

    26

    

    

 

Schedule “C”

 

Material Agreements.

 

Compute North Co-Location Agreement dated June
29, 2019.

 

    27

    

    

 

Schedule “D”

 

Previously Approved Mining Strategy.

 

Current strategy is to mine and liquidate.

 

    28

    

    

 

Schedule “E”

 

Supplemental Property

 

None.

 

 

 

29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00328-of-00352.parquet"}]]