Document:

Document

Exhibit 10.2

HYCROFT MINING HOLDING CORPORATION 
RESTRICTED STOCK UNIT AGREEMENT
(TIME-VESTING)
THIS AGREEMENT (the “Agreement”) is made and entered into as of this __th day of ______, 202_, by and between Hycroft Mining Holding Corporation, a Delaware corporation (the “Corporation”), and _________________ (the “Participant”), pursuant to the HYMC 2020 Performance and Incentive Pay Plan (the “Plan”). This Agreement and the award contained herein are subject to the terms and conditions set forth in the Plan, which are incorporated by reference herein, and the following terms and conditions.  Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Plan.
WITNESSETH:
WHEREAS, the Participant has agreed to accept employment as [TITLE] of the Corporation;
WHEREAS, the Corporation has adopted the Plan in order to promote the interests of the Corporation, its Affiliated Entities and its stockholders by using stock-based and cash-based incentives to attract, retain and motivate its management and other persons to encourage and reward such persons contributing to the performance of the Corporation and to align their interests with the interests of the Corporation’s stockholders; and
WHEREAS, the Compensation Committee (the “Committee”) of the Board of Directors of the Corporation (the “Board”) has determined that it is in the best interests of the Corporation to grant Restricted Stock Units (as defined herein) under the Plan to the Participant on the terms and conditions set forth below to induce, incentivize and reward the Participant.
NOW, THEREFORE, in consideration of the various covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:
1.Award of Restricted Stock Units. In consideration for the Participant’s acceptance of employment as [TITLE] and the continued service of the Participant to the Corporation and its Subsidiaries and Affiliated Entities, and as part of the Plan, effective on the effective date of Participant’s employment by the Corporation (the “Grant Date”), the Corporation hereby awards to the Participant, subject to the further terms and conditions set forth in this Agreement, restricted stock units (the “Restricted Stock Units” or “RSUs”), with a value of $________  as of the Grant Date (the “Grant Date Value”).  The number of RSUs granted shall be determined by the fair market value of the common stock of the Corporation, par value $0.0001 per share (“Common Stock”), which shall be the closing price of the Common Stock on the Nasdaq Capital Market on the Grant Date.
2.No Rights of Stockholder. Until converted as described in Section 6 hereof, the Restricted Stock Units represent the Corporation’s unfunded and unsecured promise to issue 

Exhibit 10.2

shares of Common Stock at a future date, subject to the terms of this Agreement.  The Participant has no rights with respect to the Restricted Stock Units other than rights of a general creditor of the Corporation. Except as set forth in Section 3 hereof, the Participant shall not have any of the rights of a stockholder with respect to unvested Restricted Stock Units. 
3.Dividend Equivalents. Subject to the provisions of Section 5 hereof, in the event that the Corporation declares a dividend on its Common Stock, the Corporation will increase the number of Restricted Stock Units hereunder (i.e., by increasing the award) by the number of units, rounded to the nearest whole number, equal to the result of dividing (a) the per share cash dividend paid by the Corporation on its shares of Common Stock multiplied by the number of unvested Restricted Stock Units awarded to Participant under this Agreement as of the related dividend payment record date by (b) the fair market value of one share of Common Stock on the related dividend payment record date.   Any such additional Restricted Stock Units shall be subject to the same vesting, forfeiture, payment, termination and other terms, conditions and restrictions as the original Restricted Stock Units to which they relate. No additional Restricted Stock Units shall be granted with respect to any Restricted Stock Units which, as of the dividend payment record date, have either vested or been terminated.   
4.Restrictions on Transfer. Except as otherwise provided in this Agreement, the Participant may not sell, transfer, assign, pledge, encumber or otherwise dispose of any of the Restricted Stock Units or the rights granted hereunder (any such disposition or encumbrance being referred to herein as a “Transfer”). Until converted as described in Section 6 hereof, any Transfer or purported Transfer by the Participant of any of the Restricted Stock Units shall be null and void and the Corporation shall not recognize or give effect to such Transfer on its books and records or recognize the person to whom such purported Transfer has been made as the legal or beneficial holder of such Restricted Stock Units. The Restricted Stock Units shall not be subject to sale, execution, pledge, attachment, encumbrance or other process prior to vesting and no person shall be entitled to exercise any rights of the Participant as the holder of such Restricted Stock Units by virtue of any attempted execution, attachment or other process until the Restricted Stock Units are converted as provided in Section 6 hereof. 
5.Vesting of Restricted Stock Units. 
(a)Subject to any forfeiture provisions in this Agreement or in the Plan, and subject to the terms of this Section 5 hereof, continued employment by the Corporation as [TITLE]  and compliance with all of Participant’s obligations under the Employment Agreement dated [DATE] between the Participant and the Corporation (the “Employment Agreement”), the Restricted Stock Units shall vest, in whole and not in part, on the fourth anniversary of the Grant Date.  
(b)Notwithstanding anything to the contrary in this Section 5, in the event of a Change in Control in which the resulting entity does not assume, continue, convert or replace this Agreement, the Restricted Stock Units shall be fully vested and converted into an equivalent number of shares of Common Stock immediately prior to the Change in Control, the Restricted Stock Units shall be fully vested and converted into shares as described in Section 6 and Section 7 hereof. For purposes of this Agreement (i) the Restricted Stock Units awarded hereunder will 
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Exhibit 10.2

not be considered to be assumed, continued, converted or replaced by the resulting entity in connection with the Change in Control unless the Restricted Stock Units are adjusted to prevent dilution of the Participant’s rights hereunder as a result of the Change in Control and (ii) the term Change in Control shall have the definition set forth in Participant’s Employment Agreement.
6.Conversion of Restricted Stock Units into Common Stock upon Vesting. On the Conversion Date (as defined below), the Restricted Stock Units that vested pursuant to the terms of Section 5 hereof, if any, shall be converted into the number of shares of Common Stock equal to the Grant Date Value divided by the fair market value of a share of Common Stock, which shares of Common Stock will be issued to the Participant, or in the event of the Participant’s death, the Participant’s beneficiary pursuant to the Plan. Promptly after the Conversion Date (as defined below), certificates of such shares of Common Stock shall be delivered to the Participant. Except as provided in Section 11(b), the “Conversion Date” shall be the applicable vesting date. For purposes of this Section 6(a), the fair market value shall mean the closing price of a share of Common Stock on a national securities exchange on which such shares of Common Stock may be listed for trading or as determined by the Committee on a vesting date. 
7.Adjustment Provisions. If, during the term of this Agreement, there shall be any merger, reorganization, consolidation, recapitalization, stock dividend, special cash dividend, stock split, reverse stock split, rights offering or extraordinary distribution with respect to the Common Stock, or other change in corporate structure affecting the Common Stock, the Committee shall make or cause to be made an appropriate and equitable substitution, adjustment or treatment with respect to the Restricted Stock Units in a manner consistent with Section 4.3 of the Plan, including a substitution or adjustment in the aggregate number or kind of shares subject to this Agreement, notwithstanding that the Restricted Stock Units are subject to the restrictions on transfer imposed by Section 4 above.  Any securities, awards or rights issued pursuant to this Section 7 shall be subject to the same restrictions as the underlying Restricted Stock Units to which they relate.
8.Tax Withholding. As a condition precedent to the receipt of any Restricted Stock Units hereunder, the Participant agrees to pay to the Corporation, at such times as the Corporation shall determine, such amounts as the Corporation shall deem necessary to satisfy any withholding taxes due on income that the Participant recognizes pursuant to this Award. The obligations of the Corporation under this Agreement and the Plan shall be conditional on such payment or arrangements, and the Corporation and its Subsidiaries and Affiliated Entities shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Participant. In addition, the Participant may elect, unless otherwise determined by the Committee, to satisfy the withholding requirement by having the Corporation withhold shares of Common Stock with a Fair Market Value, as of the date of such withholding, sufficient to satisfy the withholding obligation.
9.Registration. This grant is subject to the condition that if at any time the Board or Committee shall determine, in its discretion, that the listing of the shares of Common Stock subject hereto on any securities exchange, or the registration or qualification of such shares under any federal or state law, or the consent or approval of any regulatory body, shall be necessary or 
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Exhibit 10.2

desirable as a condition of, or in connection with, the grant, receipt or delivery of shares hereunder, such grant, receipt or delivery will not be effected unless and until such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable to the Board or Committee. The Corporation agrees to make every reasonable effort to effect or obtain any such listing, registration, qualification, consent or approval.
10.No Right to Continued Employment or Engagement. In no event shall the granting of the Restricted Stock Units or the other provisions hereof or the acceptance of the Restricted Stock Units by the Participant confer upon the Participant any right to employment by the Corporation, a Subsidiary of the Corporation or an Affiliated Entity for any period of time or to continue his present or any other rate of compensation.
11.Section 409A Compliance.
(a)The intent of the parties is that payments and benefits under this Agreement be excluded from the scope of, or comply with, Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted as such. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Participant and the Corporation of the applicable provision without violating the provisions of Code Section 409A.
(b)[reserved]
(c)For purposes of Code Section 409A, the Participant’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Corporation.
(d)Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.
12.Miscellaneous.  
(a)Assignment; Successors. This Agreement will be binding upon and inure to the benefit of the heirs and representatives of the Participant and the assigns and successors of the Corporation, but neither this Agreement nor any rights hereunder will be assignable or otherwise subject to hypothecation by the Participant (except by will or by operation of the laws of intestate succession) or by the Corporation, except that the Corporation may assign this Agreement to any successor (whether by merger, purchase or otherwise) to all or substantially all of the stock, assets or businesses of the Corporation.
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Exhibit 10.2

(b)Governing Law and Forum for Disputes.  The laws of the State of Colorado will govern the validity, interpretation, construction and performance of this Agreement, without regard to the conflict of laws principles thereof.  Any action or proceeding against the parties relating in any way to this Agreement (a “Dispute”) must be brought and enforced in the courts of the State of Colorado, and the parties irrevocably (i) submit to the jurisdiction of such courts in respect of any such action or proceeding and (ii) waive any right to a trial by jury of any Dispute.
(c)Modification or Amendment.  No failure or delay by the Corporation or the Participant in enforcing or exercising any right or remedy hereunder will operate as a waiver thereof.  No provisions of this Agreement may be modified, waived, or discharged except by a written document signed by an officer or director of the Corporation duly authorized by the Board and the Participant.
(d)Notices.  Notices given pursuant to this Agreement will be in writing and will be deemed received when personally delivered, or on the date of written confirmation of receipt by (i) overnight carrier, (ii) facsimile with confirmation of delivery or by email, (iii) registered or certified mail, return receipt requested, addressee only, postage prepaid, or (iv) such other method of delivery, including electronic transmission, that provides a written confirmation of delivery.  Notice to the Corporation will be directed to:
Hycroft Mining Holding Corporation
8181 E. Tufts, Suite 510
Denver, CO 80237
Attention:  Chief Executive Officer
with a copy to:
Neal, Gerber & Eisenberg, LLP
2 N. LaSalle Street, Suite 1700
Chicago, IL 60602
Attention:  David S. Stone, Esq.
email:  dstone@nge.com
The Corporation may change the person and/or address to whom the Participant must give notice under this Section 12(d) by giving the Participant written notice of such change, in accordance with the procedures described above.  Notices to or with respect to the Participant will be directed to the Participant, or to the Participant’s executors, personal representatives or distributees, if the Participant is deceased, at the Participant’s home address on the records of the Corporation, or such other address provided to the Corporation in accordance with the procedures described above.
(e)Severability.  If any provisions of this Agreement will be found invalid or unenforceable by a court of competent jurisdiction, in whole or in part, then it is the parties’ mutual desire that such court modify such provision(s) to the extent and in the manner necessary to render the same valid and enforceable, and this Agreement will be construed and enforced to 
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Exhibit 10.2

the maximum extent permitted by law, as if such provision(s) had been originally incorporated herein as so modified or restricted, or as if such provision(s) had not been originally incorporated herein, as the case may be.
(f)Entire Agreement.  The Participant acknowledges receipt of this Agreement and agrees that with respect to the Restricted Stock Units (Time-Vesting), together with the obligations of Participant under the Employment Agreement and the ENNNI Agreement, it contains the entire understanding and agreement with the Corporation, superseding any previous oral or written communication, representation, understanding or agreement with the Corporation or any representative thereof.  No term or condition should be construed strictly against any party on the basis that it was drafted by such party.
(g)Headings. The headings in this Agreement are for convenience of reference only and will not limit or otherwise affect the meaning thereof.
(h)Counterparts.  This Agreement may be executed in any number of counterparts, including by facsimile or PDF, each of which shall be deemed an original, and all of which shall constitute one and the same instrument.
[Signature page to follow]
IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the Grant Date.
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Exhibit 10.2

						
	PARTICIPANT

__________            
[Name]

	HYCROFT MINING HOLDING CORPORATION

By:  ________________
Name:    _______________________    
Its:  _____________________________

7Exhibit
10.1

 

SEPARATION
AND RELEASE AGREEMENT

 

This
Separation and Release Agreement (the “Separation Agreement”) dated June 30, 2020, is entered into between Robert
Lowrey, an individual (the “Employee”) and MGT Capital Investments, Inc., a company incorporated under the laws of
Delaware (the “Company”). Each of the parties named above may be referred to as a “Party” and collectively
as the “Parties.”

 

PREAMBLE

 

WHEREAS,
the Employee and Company entered into that certain Employment Agreement dated March 1, 2018 (the “Employment Agreement”),
pursuant to which the Employee served as the Chief Financial Officer of the Company;

 

WHEREAS,
the Employment Agreement expired pursuant to its terms on February 29, 2020, and the Parties relationship was governed pursuant
to terms set forth in a letter agreement, dated January 13, 2020 (the “Letter Agreement); and,

 

WHEREAS,
due to the continued deterioration of the Company’s financial health, the Company determined, at its sole discretion,
to terminate the Employee without cause.

 

NOW,
THEREFORE, in consideration of the mutual benefits and covenants herein contained and other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.
   Separation

 

The
Company hereby terminates Employee without cause, effective on June 30, 2020 (the “Separation Date”).

 

2.    Separation
Payments and Benefits

 

2.1
Within two (2) days of the Release Effective Date (as defined in Section 5.1), Company shall pay Employee $25,000, representing
all compensation earned or deferred through the Separation Date, including salary, and unused accrued vacation days.

 

2.2
Within two (2) days of the Release Effective Date, Company shall pay Employee for unreimbursed business expenses, if any, incurred
through the Separation Date;

 

2.3
Within thirty (30) days of the Release Effective Date, but not before thirty (30) days following the Separation Date, Company
shall pay Employee $19,525 for a board-approved payment representing the amount of unreimbursed taxes paid by Employee; and,

 

2.4
Beginning on the Release Effective Date, provided Employee elects and is eligible for COBRA, Company will pay COBRA health insurance
coverage for the Employee and his family members who are currently covered by such insurance, under the same terms of the current
insurance policy, for a period beginning on the Separation Date and ending on the earlier of: (i) such time as Employee is eligible
for coverage by an employer-sponsored health insurance plan, or, (ii) eighteen (18) months following the Separation Date.

 

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The
Company shall withhold the appropriate amount from the payments under this Section 2 for federal, state, and local tax purposes.

 

3.    Confidential
Information

 

The
Employee acknowledges and agrees that all records with respect to the clients, business associates, consultants, customer or referral
lists, contracting parties and referral sources of the Company, intellectual property, products and services developed and rendered
by the Employee pursuant to and during the terms of the his employment, and proprietary information not generally known to the
public (the “Confidential Information”) are valuable, special and unique and proprietary assets of the Company’s
business. The Employee hereby agrees that he will not at any time, directly or indirectly, disclose any Confidential Information,
in full or in part, in written or other form, to any person, firm, company, association or other entity, or utilize the same for
any reason or purpose whatsoever other than for the sole benefit of and pursuant to written authorization granted by the Company.

 

Confidential
Information shall also include any information (including, but not limited to, technical or non-technical data, a formula, a pattern,
a compilation, a program, a device, a method, a technique, a drawing, a process, trade secrets, financial data, financial plans,
product plans, or a list of actual or potential customers) that: (i) derives economic value, actual or potential, from not being
generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its
disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. In
the case of the Company’s business, the Company’s trade secrets include, without limitation, information regarding
names and addresses of any customers, sales personnel, account invoices, training and educational manuals, administrative manuals,
prospective customer leads, in whatever form, whether or not computer or electronically accessible on-line.

 

4.    Covenants

 

4.1.
NON-DISPARAGEMENT. The Employee and the Company mutually agree that neither Party will disparage or make false or derogatory statements
about each other or any subsidiary or affiliated entity of the Company and any present or past officer, shareholder, director,
employee or agent of the Company in their individual or representative capacities (the “Covered Parties”). The Employee
or the Company may take actions consistent with the provision for breach of this Separation Agreement, including, without limitation,
Section 6.2, should the Employee or the Company, as applicable, determine that the other party has disparaged or made false or
derogatory statements about the Employee, the Company or any of the Covered Parties. For the purposes of this Section 4.1, any
party notified of a breach herein shall have five (5) business days from notification to cure such breach using commercially available
remedies such as permanent removal of the disparaging, false or derogatory Tweets and other posts from social media, and re-posting
corrective statements.

 

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4.2.
NO DISCUSSIONS REGARDING COMPANY BUSINESS MATTERS. In furtherance of Section 4.1 and Section 3, Employee shall not discuss with
the media or general public (including, but not limited to Company vendors, suppliers, contractual counterparties, customers,
suppliers, professional service firms, and Donald Locke) the business policies, operations and practices of the Company or the
Covered Parties without written authorization granted by the Company. Nothing in this Section 4.2 is meant to limit Employee from
responding to legal subpoenas.

 

4.2.
COOPERATION REQUIRED. After the Separation Date, Employee agrees to use his best efforts to transition and provide Company passwords,
files and file access, signatory authorizations, contact information, and other routine requests. Nothing in the foregoing shall
require Employee to create new work product or to act in the capacity as an officer of the Company.

 

5.   Acceptance, Release and Discharge

 

5.1
Employee shall have up to twenty-one (21) days from the date of his receipt of this Agreement to consider the terms and conditions
of this Agreement. Employee may accept this Agreement at any time within the twenty-one (21) day period by executing it and returning
it to Robert Ladd, via email to rladd@mgtci.com, no later than 5:00 p.m. on the twenty first (21st) day after Employee’s
receipt of this Agreement. Thereafter, Employee will have seven (7) days to revoke this Agreement by stating his desire to do
so in writing to Robert Ladd at the address listed above, and delivering it to him no later than 5:00 p.m. on the seventh (7th)
day following the date Employee signs this Agreement. The effective date of this Agreement shall be the eighth (8th) day following
Employee’s signing of this Agreement (the “Release Effective Date”), provided the Employee does not revoke the
Agreement during the revocation period. In the event Employee does not accept this Agreement as set forth above, or in the event
Employee revokes this Agreement during the revocation period, this Agreement, including but not limited to the obligation of the
Company and its subsidiaries and affiliates to provide the payments and/or benefits shall automatically be deemed null and void.

 

5.2
The Company, its officers, directors, agents,
employees, affiliated and/or related companies, ascendant or descendant companies, and successors-in-interest hereby
releases and forever discharges the Employee, his heirs, legatees and assigns, from all claims, demands, actions, suits, proceedings,
causes of action, judgments, or litigation, past, present or and/or future, directly or indirectly, related to or arising from
the Employment Agreement and Letter Agreement or this Separation Agreement, including
without limitation any and all contractual arrangements, verbal or written, executed by and between the Company and the Employee,
and any and all services arising from, relating to, or connected with the Employment Agreement and the
Letter Agreement.

 

5.3
Upon payments in full of all amounts set forth in Sections 2.1 through 2.3, the Employee, his heirs, legatees and assigns, hereby
release and forever discharge the Company, its
officers, directors, agents, employees, affiliated and/or related companies, ascendant or descendant companies, of
and from all claims, demands, actions, suits, proceedings, causes of action, judgments, or litigation, past, present or and/or
future, directly or indirectly, related to or arising from Employee’s employment with the Company, the Employment Agreement,
the Letter Agreement, and/or the termination of Employee’s employment, including
without limitation any and all contractual arrangements, verbal or written, executed by and between the Company and the Employee
and any and all services arising from, relating to, or connected with the Employment Agreement and Letter Agreement.

 

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5.4
Without limiting the generality of the foregoing subparagraph 5.3, this Agreement is intended
to and shall release the Company from any and all claims, including but not limited to any claim(s) under or arising out of (i)
Title VII of the Civil Rights Act of 1964, as amended; (ii) the Americans with Disabilities Act, as amended; (iii) the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) (excluding claims for accrued, vested benefits under
any employee benefit plan of the Company in accordance with the terms of such plan and applicable law); (iv) the Age Discrimination
in Employment Act, as amended, or the Older Workers Benefit Protection Act; (v) the New York State and City Human Rights Laws;
(vi) alleged discrimination or retaliation in employment (whether based on federal, state or local law, statutory or decisional);
(vii) the terms and conditions of Employee’s employment with the Company, the termination of such employment, and/or any
of the events relating directly or indirectly to or surrounding that termination; (viii) any claims under or related to the Employment
Agreement or the Letter Agreement, and (ix) any law (statutory or decisional) providing for attorneys’ fees, costs, disbursements
and/or the like. The releases set forth in this Agreement are not intended to and do not release the Company from any of its obligations
under this Agreement. Notwithstanding the foregoing, nothing in this Agreement shall be construed to prevent Employee from filing
a charge with or participating in an investigation conducted by any governmental agency, including, without limitation, the United
States Equal Employment Opportunity Commission (“EEOC”) or applicable state or city fair employment practices agency,
to the extent required or permitted by law. Nevertheless, Employee understands and agrees that he is waiving any relief available
(including, for example, monetary damages or reinstatement), under any of the claims and/or causes of action waived in paragraphs
5.3 or 5.4, including but not limited to financial benefit or monetary recovery from any lawsuit filed or settlement reached by
the EEOC or anyone else with respect to any claims released and waived in this Agreement.

 

6.    Miscellaneous

 

6.1.
This Separation Agreement constitutes the entire agreement among the Parties relating to its subject matter and supersedes all
prior agreements, discussions, negotiations, and representations whether oral or written, related to its subject matter.

 

6.2.
The Employee agrees to hold harmless and indemnify the Company, its subsidiaries and affiliates, and its shareholders, officers,
directors, agents and employees (hereinafter the “Injured Party,” as applicable), for any claim, loss, damage, cost
and expense, including reasonable attorney’s fees, that the Injured Party may suffer or incur, arising from, in connection
with, or relating to, any violation by the former Party, its subsidiaries, affiliates, successors-in interest, shareholders, officers,
directors, agents and employees, of any of the undertakings contained in this Separation Agreement.

 

6.3.
Each of the Parties certifies that it or he has actively sought the advice of independent legal counsel in this connection and
that it/he voluntarily executed this Separation Agreement with full knowledge and awareness of the contents and consequences thereof.

 

6.4.
Each of the Parties certify that it or he has full powers and authority to execute, conclude, and deliver this Separation Agreement
and give full legal force and effect to the release and discharge sought to be effected thereunder.

 

6.5.
The Parties have specifically requested and agreed that this Separation Agreement shall be governed by and interpreted according
to the laws of the State of Delaware, without regard to the conflicts of laws principles thereof. Any dispute or other litigation
brought by the Parties, which arises from or relates to this Separation Agreement, shall be filed in a court of competent jurisdiction
in Delaware.

 

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6.6.
If any arbitration or litigation is instituted to interpret, enforce, or rescind this Separation Agreement, or with respect to
a claim, dispute, or other matter arising out of or relating to this Separation Agreement, including but not limited to any proceeding
brought under the United States Bankruptcy Code, the prevailing Party on a claim shall be entitled to recover with respect to
the claim, in addition to any other relief awarded, the prevailing Party’s reasonable attorney’s fees, expert witness
fees, and other fees, costs, and expenses of every kind incurred in connection with the arbitration, the litigation, any appeal
or petition for review, the collection of any award, or the enforcement of any order, as determined by the arbitrator or court.

 

6.7.
This Separation Agreement may be executed in any number of counterparts, each of which will constitute an original hereof and
all of which together will constitute one and the same instrument. Each counterpart may be delivered by fax or emailed PDF and
a faxed or emailed PDF copy is as effective as an original.

 

6.8.
Should any one or more of the provisions of this Separation Agreement or of any agreement entered into pursuant to this Agreement
be determined to be illegal or unenforceable, then such illegal or unenforceable provision shall be modified by the proper court
or arbitrator to the extent necessary and possible to make such provision enforceable, and such modified provision and all other
provisions of this Agreement and of each other agreement entered into pursuant to this Agreement shall be given effect separately
from the provisions or portion thereof determined to be illegal or unenforceable and shall not be affected thereby.

 

[SIGNATURE
PAGE FOLLOWS IMMEDIATELY]

 

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IN
WITNESS WHEREOF, the undersigned duly authorized, intending to be legally bound, have executed this Separation Agreement on the
date first written above.

 

	EMPLOYEE:	 	MGT
    CAPITAL INVESTMENTS, INC.
	 	 	 	 
		 	
	Robert
    S. Lowrey	 	Name:	Robert
    Ladd
	 	 	Title:	President
    and Chief Executive Officer

 

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