Document:

Document

EXHIBIT 10.1
EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of August 10, 2021 by and between Ontrak, Inc., a Delaware corporation (“Employer” or “Company”), and Mary Louise Osborne, an individual (“Employee”).
RECITALS
A.    WHEREAS, Employee has experience and expertise applicable to employment with Employer to perform as Chief Customer Officer, Employer has agreed to employ Employee and Employee has agreed to enter into such employment, on the terms set forth in this Agreement.
B.    WHEREAS, Employee acknowledges that this Agreement is necessary for the protection of Employer’s investment in its business, good will, products, methods of operation, information, and relationships with its customers and other employees.
C.    WHEREAS, Employer acknowledges that Employee desires definition of her compensation and benefits, and other terms of her employment.
NOW, THEREFORE, in consideration thereof and of the covenants and conditions contained herein, the parties agree as follows:
AGREEMENT
1.TERM OF AGREEMENT
1.1Term.  The initial term of this Agreement shall begin on August 30, 2021 (the “Commencement Date”) and shall continue until the earlier of: (a) the date on which it is terminated pursuant to Section 5 of this Agreement; or (b) four (4) years following the Commencement Date (“Initial Term”).  After the expiration of the Initial Term, this Agreement will renew for a three (3) year term (the “Renewal Term,” together with the Initial Term, the “Term”), unless either party provides written notice of termination of the Agreement within ninety (90) days of the end of the Initial Term.  As used herein, the “Employment Period” means the period of Employee’s employment hereunder (regardless of whether such period ends prior to the end of the Term and regardless of the reason for Employee’s termination of employment hereunder).
2.EMPLOYMENT
2.1Employment of Employee.  Employer agrees to employ Employee to render services on the terms set forth herein.  Employee hereby accepts such employment on the terms and conditions of this Agreement.  Notwithstanding, this Agreement shall become effective only if Employee completes to the satisfaction of Employer in its sole discretion Employer’s standard background investigation (it shall be deemed completed to Employer’s satisfaction if Employer has not notified Employee to the contrary before the Commencement Date).
2.2Position and Duties.  Employee shall serve as Chief Customer Officer, reporting to Employer’s Chief Executive Officer and shall have the general powers, duties and responsibilities of management usually vested in that office in a corporation and such other powers and duties as may be prescribed from time to time by the Company.
2.3Standard of Performance.  Employee agrees that she will at all times faithfully and industriously and to the best of her ability, experience, and talents perform all the duties that may be required of and 

Mary Louise Osborne– Employment Agreement 

from her pursuant to the terms of this Agreement and consistent with her position.  Such duties shall be performed at either of the Employee’s residence in Pennsylvania or Florida, or upon mutual agreement at such place or places as the interests, needs, business, and opportunities of Employer shall reasonably require or render advisable.
2.4Exclusive Service.  
                 (a) Employee shall devote substantially all of her business energies and abilities and substantially all of her productive time to the performance of her duties under this Agreement (reasonable absences during holidays and vacations excepted), and shall not, without the prior written consent of Employer, render to others any service of any kind (whether or not for compensation) that, in the opinion of Employer, would materially interfere with the performance of her duties under this Agreement, and 
                    (b) Employee shall not, without the prior written consent of Employer, maintain any affiliation with, whether as an agent, consultant, employee, officer, director, trustee or otherwise, nor shall she directly or indirectly render any services of an advisory nature or otherwise to, or participate or engage in, any other business activity.  
3.COMPENSATION
3.1Compensation.  During the Employment Period only, Employer shall pay the amounts and provide the benefits described in this Section 3, and Employee agrees to accept such amounts and benefits in full payment for Employee’s services under this Agreement.
3.2Base Salary.  Employer shall pay to Employee a base salary of three hundred fifty thousand dollars ($350,000) annually in equal bi-weekly installments, less applicable taxes.  Employee’s compensation (including her base salary and bonus set forth in Section 3.3 below) shall be subject to annual review by Employer based on, among other things, Employee’s performance and Employer’s progress towards its milestones and profitability. 
3.3Bonus.  Employee is eligible for a bonus target of 75% of base salary which will be guaranteed for CY2021 and prorated for the remaining 4 months of CY2021 following date of employment and paid quarterly.  The Employer will collaborate with the Employee on measurable goals for CY2022 and beyond, which will allow overachievement to a maximum of 200% of base salary.
3.4Equity Incentive Plan.  In connection with this Agreement and within forty-five days of the Commencement Date, Employee shall receive an option to purchase one hundred thousand (100,000) shares of Employer’s common stock (the “Option”), with a per share exercise price equal to the closing price of a share of the Employer’s common stock on the date the Option is granted, under and subject to all of the provisions of Employer’s 2017 Stock Incentive Plan (the “Plan”) and applicable award agreement, upon and subject to approval by Employer’s Board of Directors (the “Board”) .  The Option will vest over four (4) years from date of its grant with one-fourth (1/4) of the Option vesting one year from the Commencement Date, and the remainder of the Option vesting in equal monthly installments thereafter according to the terms of the Plan and applicable award agreement.  Except as otherwise set forth herein or in the Plan and applicable award agreement, vesting of the Option will cease upon the termination of Employee’s employment with Employer for any reason. 
3.5Fringe Benefits.  Subject to Section 3.7 below, Employee will be entitled:
(a)to participate, on the same basis as other employees of the Company, in any medical, dental, vision, life, short-term and long-term disability insurance and flexible spending accounts (subject to certain co-payments by Employee).  Employee’s participation in such plans shall be subject to all terms and conditions of such plans, including Employee’s ability to satisfy any medical or health requirements imposed by the underwriters of any insurance policies paid to fund the plans; and  
    - 2 -

Mary Louise Osborne– Employment Agreement 

(b)to participate on the first of the month following the date of employment with Employer, on the same basis as other employees of the Company, in the Company’s 401(k) plan, with said participation subject to all terms and conditions of such plans.
3.6Paid Time Off.  Employee shall be entitled to participate in Employer’s flexible vacation policy after 90 days of employment with Employer, subject and pursuant to the terms of such policy as set forth in Employer’s vacation policy.
3.7Deduction from Compensation.  Employer shall deduct and withhold from all compensation payable to Employee all amounts required to be deducted or withheld pursuant to any present or future law, ordinance, regulation, order, writ, judgment, or decree requiring such deduction and withholding.
4.REIMBURSEMENT OF EXPENSES
4.1Travel and Other Expenses.  Employer shall pay to or reimburse Employee for those travel, promotional, professional continuing education and licensing costs (to the extent required), professional society membership fees, seminars and similar expenditures incurred by Employee that Employer determines are reasonably necessary for the proper discharge of Employee’s duties under this Agreement and for which Employee submits appropriate receipts and indicates the amount, date, location and business character in a timely manner.
4.2Liability Insurance.  Employer shall provide Employee with officers and directors’ insurance, or other liability insurance, consistent with its usual business practices, to cover Employee against all insurable events related to her employment with Employer. 
4.3Indemnification.  Promptly upon written request from Employee, Employer shall indemnify, and advance expense to, Employee, to the fullest extent under applicable law, for all judgments, fines, settlements, losses, costs or expenses (including attorney’s fees), arising out of Employee’s activities as an agent, employee, officer or director of Employer, or in any other capacity on behalf of or at the request of Employer.  Such agreement by Employer shall not be deemed to impair any other obligation of Employer respecting indemnification of Employee otherwise arising out of this or any other agreement or promise of Employer or under any statute.
5.TERMINATION
5.1Termination by Employer With Good Cause; Employee Resignation.  Employer may terminate Employee’s employment at any time, with notice for Good Cause (as defined below).  Similarly, Employee may resign her employment with Employer at any time, with notice and without Good Reason (as defined below).  If Employer terminates Employee’s employment with Good Cause, or if Employee resigns without Good Reason, then Employer shall pay Employee her base salary prorated through the date of termination, at the rate in effect at the time notice of termination is given, together with any benefits accrued through the date of termination (collectively the “Accrued Benefits”).  In addition, the stock option award agreements (the “Option Agreements”) for all options to purchase the common stock of the Company granted to Employee during her employment with the Company (the “Options”) shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated by Employer with Good Cause, the Options to the extent then vested and exercisable as of the date Employee’s employment is terminated, and not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within twelve (12) months after such termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier. Except with respect to any outstanding equity compensation agreements and the provisions of Section 4, Employer shall have no further obligations to Employee under this Agreement or any other agreement relating to or arising out of Employee’s status as an employee of Employer (as opposed to some other status with respect to Employer, such as a shareholder or holder of a stock option).
5.2Termination Without Good Cause or for Good Reason.  Employer shall have the right to terminate Employee’s employment (with notice) without Good Cause and Employee shall have the right to 
    - 3 -

Mary Louise Osborne– Employment Agreement 

terminate Employee’s employment (with notice) for Good Reason (each a “Qualifying Termination”).  If there is a Qualifying Termination then the following provisions in this Section 5.2 shall apply:
(a)Employer shall provide Employee with the Accrued Benefits;
(b)On the six (6) month anniversary of the date Employee’s termination becomes effective, Employer shall pay Employee in a lump sum an amount equal to (6) months’ base salary (at the rate in effect at the time of termination, but disregarding any reduction that constitutes Good Reason), plus a pro-rata share of any bonus earned for the year of termination; employee acknowledges that any and all bonuses are at the discretion of the Board and at the advice of the Compensation Committee. 
(c)If Employee timely elects continued coverage under COBRA, Employer will pay Employee’s COBRA premiums necessary to continue Employee’s coverage (including coverage for eligible dependents, if applicable) (“COBRA Premiums”) through the period (the “COBRA Premium Period”) starting on the date of termination and ending on the earliest to occur of: (i) six months following the date of termination or (ii) the date Employee and Employee’s eligible dependents, if applicable, become eligible for group health insurance coverage through a new employer. In the event Employee becomes covered under another employer’s group health plan during the COBRA Premium Period, Employee must immediately notify Employer of such event.
(d)Notwithstanding Section 3.4, the award agreements (the “Stock Agreements”) for all common stock granted to Employee by the Company prior to the termination date (collectively, the “Granted Stock”) and the Option Agreements for the Options shall provide that the Granted Stock and Options will continue to vest (and become exercisable) for a period of twelve (12) months following the date of termination.  In addition, the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, any vested portion of the Options not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within twenty-four (24) months after such termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier.
To be eligible for the severance payment provided for in this Section 5.2, Employee must have executed and not revoked a full and complete general release of any and all claims against Employer and related persons and entities in the standard form then used by Employer (“Release”), within 60 days of the date of termination.  Upon making all of the applicable severance payments and benefits, except with respect to any outstanding equity compensation agreements and the provisions of Section 4, Employer shall have no further obligations to Employee under this Agreement or any other agreement relating to or arising out of Employee’s status as an employee of Employer (as opposed to some other status with respect to Employer, such as a shareholder or holder of a stock option).
5.3Good Cause. For purposes of this Agreement, a termination shall be for “Good Cause” if Employee, in the subjective, good faith opinion of Employer, shall:
(a)Commit an act of fraud, moral turpitude, misappropriation of funds or embezzlement in connection with her duties;
(b)Breach Employee’s fiduciary duty to Employer, including, but not limited to, acts of self-dealing (whether or not for personal profit);
(c)Materially breach this Agreement, the Confidentiality Agreement (defined below), or Employer’s written Codes of Ethics as adopted by the Board; 
(d)Willfully, recklessly or negligently violate any material provision of Employer’s written Employee Handbook, or any applicable state or federal law or regulation;
    - 4 -

Mary Louise Osborne– Employment Agreement 

(e)Fail or refuse (whether willfully, recklessly or negligently) to materially comply with all relevant and material obligations, assumable and personally chargeable to an executive of her corporate rank and responsibilities, under the Sarbanes-Oxley Act and the regulations of the Securities and Exchange Commission promulgated thereunder (for avoidance of doubt any failure by the Company to comply with foregoing laws and regulations shall not be imputed on to Employee for purposes of this provision);
(f)Fail to or refuse to (whether willfully, recklessly or negligently) to perform the responsibilities and duties specified herein (other than a failure caused by temporary disability and provided further that the mere failure to achieve certain goals or objectives (provided Employee has attempted in good faith to achieve such goals and objectives) shall not constitute Good Cause);
(g)Be convicted of, or enter a plea of guilty or no contest to, a felony or misdemeanor under state or federal law in a court of competent jurisdiction, other than a traffic violation or misdemeanor not involving dishonesty or moral turpitude;
(h)Become listed on the federal debarment list prohibiting participation in Medicare or Medicaid; or
(i)Fail to return any compensation amount required to be clawed back or returned to Employer by application of any applicable law or regulation.
The foregoing is an exhaustive list of the items that constitute Cause under this Agreement.  Notwithstanding the foregoing, other than with respect to clause (g), “Good Cause” shall only be found to exist if, prior to Employee’s termination and within ninety (90) days after the Company’s initial awareness of an event of Good Cause, Employer has provided written notice to the Employee describing such Good Cause event(s), and the Employee does not cure such event within ten (10) days following the Employee’s receipt of such notice from the Company, and the date of Employee’s termination of employment due to such Good Cause occurs within ninety (90) days after the expiration of the foregoing ten (10) day cure period.  
5.4Death or Disability.  To the extent consistent with federal and state law, upon written notice to Employee, Employer may terminate Employee’s employment due to Employee’s Disability.  Additionally, Employee’s employment shall terminate on Employee’s death.  “Disability” means (i) Employee’s inability to engage in any substantial, gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) Employee is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident or health plan covering Employer’s employees.  In the event of termination due to death or Disability, Employer shall pay Employee (or her legal representative) her base salary prorated through the date of termination, at the rate in effect at the time of termination, together with any benefits accrued, including, but not limited to, a pro-rata share of any bonus earned for the year of termination, through the date of termination.  Any such bonus shall be payable in the calendar year following the performance year.  Notwithstanding Section 3.4, the Stock Agreements for the Granted Stock and the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated due to Employee’s death or Disability, all then unvested portions of the Granted Stock and Options will immediately vest in full and, in the case of the Options, be exercisable as of the termination date.  In addition, the Option Agreements for the Options shall provide that, notwithstanding any contrary provisions in the Plan, in the event Employee’s employment is terminated due to Employee’s death or Disability, any vested portion of the Options not previously terminated in accordance with the Option Agreements and the Plan, may be exercised within five (5) years after the termination date, or on or prior to the Option Expiration Date (as specified and defined in the respective Stock Option Grant Notices for the Options), whichever is earlier.
5.5Return of Employer Property.  Within five (5) days after the Employees termination of employment, Employee shall return to Employer all products, books, records, forms, specifications, formulae, data processes, designs, papers and writings relating to the business of Employer including without 
    - 5 -

Mary Louise Osborne– Employment Agreement 

limitation proprietary or licensed computer programs, customer lists and customer data, and/or copies or duplicates thereof in Employee’s possession or under Employee’s control.  Employee shall not retain any copies or duplicates of such property and all licenses granted to her by Employer to use computer programs or software shall be revoked on the termination date.
5.6Good Reason.  For purposes of this Agreement, a termination shall be for “Good Reason” if Employer:
(a)Materially reduced the material duties and responsibilities assigned to Employee under this Agreement;
(b)Reduced Employee’s base salary; or
(c)Materially breached this Agreement or any other written agreement with Employee.
(d)Required relocation of employee greater than 50 miles from her current residence.
Notwithstanding the foregoing, “Good Reason” shall only be found to exist if, prior to Employee’s resignation and within ninety (90) days after the initial existence of an event of Good Reason, Employee has provided written notice to the Company describing such alleged Good Reason event(s), and the Company does not cure such event within thirty (30) days following the Company’s receipt of such notice from Employee, and the date of Employee’s termination of employment due to Employee’s resignation for Good Reason occurs within ninety (90) days after the expiration of the foregoing thirty (30) day cure period.  
6.DUTY OF LOYALTY
6.1During the Employment Period, Employee shall not, without the prior written consent of Employer, directly or indirectly render services of a business, professional, or commercial nature to any person or firm, whether for compensation or otherwise, or engage in any activity directly or indirectly competitive with or adverse to the business or welfare of Employer, whether alone, as a partner, or as an officer, director, employee, consultant, or holder of more than one percent (1%) of the capital stock of any other corporation.  Otherwise, Employee may make personal investments in any other business so long as these investments do not require her to participate in the operation of the companies in which she invests.
7.CONFIDENTIAL INFORMATION
7.1Trade Secrets of Employer.  Employee, during the Employment Period, will develop, have access to and become acquainted with various trade secrets and confidential information which are owned by Employer and/or its affiliates and which are regularly used in the operation of the businesses of such entities.  Employee shall not disclose such trade secrets or confidential information, directly or indirectly, or use them in any way, either during the Employment Period or at any time thereafter, except as required in the course of her employment by Employer, provided that the foregoing provisions shall not apply to information that is or becomes public at any time due to no fault of Employee, or which Employee is required to disclose in direct response to a judicial or regulatory order or process.  All files, contracts, manuals, reports, letters, forms, documents, notes, notebooks, lists, records, documents, customer lists, vendor lists, purchase information, designs, computer programs and similar items and information, relating to the businesses of such entities, whether prepared by Employee or otherwise and whether now existing or prepared at a future time, coming into her possession shall remain the exclusive property of such entities, and shall not be removed for purposes other than work-related from the premises where the work of Employer is conducted, except with the prior written authorization by Employer.
7.2Confidential Data of Customers of Employer.  Employee, in the course of her duties, will have access to and become acquainted with financial, accounting, statistical and personal data of 
    - 6 -

Mary Louise Osborne– Employment Agreement 

customers of Employer and of their affiliates.  All such data is confidential and shall not be disclosed, directly or indirectly, or used by Employee in any way, either during the Employment Period (except as required in the course of employment by Employer) or at any time thereafter, provided that the foregoing provisions shall not apply to information that is or becomes public at any time due to no fault of Employee, or which Employee is required to disclose in direct response to a judicial or regulatory order or process.
7.3Inevitable Disclosure.  After Employee’s employment has terminated, Employee shall not accept employment with any competitor of Employer, where the new employment is likely to result in the inevitable disclosure of Employer’s trade secrets or confidential information, or it would be impossible for Employee to perform her new job without using or disclosing trade secrets or confidential information.
7.4Continuing Effect.  The provisions of this Section 7 shall remain in effect after the end of the Employment Period.

8.NO SOLICITATION
8.1No Solicitation of Employees.  Employee agrees that she will not, during her employment with Employer, and for one (1) year thereafter, encourage or solicit any other employee of Employer to terminate his or her employment for any reason, nor will she assist others to do so (provided however that former Company employees and/or Company employees responding to general ads or solicitations shall not be covered by this Section 8.1).  
8.2No Solicitation of Customer.  Employee agrees that she will not, during her employment with Employer, and for two (2) years thereafter, directly or indirectly, utilize any Company information protected under the Confidentiality Agreement to solicit any client or customer of Employer known to her with respect to any business, products or services that are competitive to the products or services offered by Employer, or under development as of the date of the termination of Employee’s employment with Employer for any reason.  
8.3No Competition.  The Employee specifically agrees that during the term of this Agreement and for a period of one (1) year after Employee is terminated or ceases to be employed by Employer for any reason, the Employee will not, directly or indirectly, whether individually or through any entity controlled by Employee, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent, joint venturer, security holder, trustee, partner, consultant, creditor lending credit or money for the purpose of establishing or operating any such business, partnership or otherwise) which is competitive with the then existing business of the Employer. Notwithstanding the foregoing, Employee may own shares of competing companies whose securities are publicly traded, so long as such securities do not constitute five percent or more of the outstanding securities of any such company.
9.INTELLECTUAL PROPERTIES.
To the extent permissible under applicable law, all intellectual properties made or conceived by Employee during the term of this employment by Employer shall be the right and property solely of Employer, whether developed independently by Employee or jointly with others. The Employee will sign the Employer’s standard Employee Innovation, Proprietary Information and Confidentiality Agreement (“Confidentiality Agreement”).
10.OTHER PROVISIONS
10.1Compliance With Other Agreements.  Employee represents and warrants to Employer that the execution, delivery and performance of this Agreement will not conflict with or result in the 
    - 7 -

Mary Louise Osborne– Employment Agreement 

violation or breach of any term or provision of any order, judgment, injunction, contract, agreement, commitment or other arrangement to which Employee is a party or by which she is bound.  
10.2Injunctive Relief.  Employee acknowledges that the services to be rendered under this Agreement and the items described in Sections 6, 7, 8 and 9 of this Agreement are of a special, unique and extraordinary character, that it would be difficult or impossible to replace such services or to compensate Employer in money damages for a breach of this Agreement.  Accordingly, Employee agrees and consents that if she violates any of the provisions of this Agreement, Employer, in addition to any other rights and remedies available under this Agreement or otherwise, shall be entitled to temporary and permanent injunctive relief, without the necessity of posting any bond or other undertaking in connection therewith.
10.3Attorneys’ Fees.  The prevailing party in any suit or other proceeding brought to enforce, interpret or apply any provisions of this Agreement, shall be entitled to recover all costs and expenses (not limited to court costs and including, without limitation, all attorneys’ fees) it incurred in connection with the proceeding and the underlying dispute.
10.4Counsel. The parties acknowledge and represent that, prior to the execution of this Agreement, they have had an opportunity to consult with their respective counsel concerning the terms and conditions set forth herein.  Additionally, Employee represents that he has had an opportunity to receive independent legal advice concerning the taxability of any consideration received under this Agreement.  Employee has not relied upon any advice from Employer and/or its attorneys with respect to the taxability of any consideration received under this Agreement.  Employee further acknowledges that Employer has not made any representations to her with respect to tax issues.
10.5Nondelegable Duties.  This is a contract for Employee’s personal services.  The duties of Employee under this Agreement are personal and may not be delegated or transferred in any manner whatsoever, and shall not be subject to involuntary alienation, assignment or transfer by Employee during her life.
10.6Governing Law.  The validity, construction and performance of this Agreement shall be governed by the laws, without regard to the laws as to choice or conflict of laws, of the State of Delaware.
10.7Venue.  If any dispute arises regarding the application, interpretation or enforcement of any provision of this Agreement, including fraud in the inducement, such dispute shall be resolved by final and binding arbitration pursuant to the terms set forth in Employer’s arbitration policy.
10.8No Punitive Damages. If any dispute arises regarding the application, interpretation or enforcement of any provision of this Agreement, including fraud in the inducement, the parties hereby waive their right to seek punitive damages in connection with said dispute.
10.9Severability.  The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions, and this Agreement shall be construed in all respects as if any invalid or unenforceable provision were omitted.
10.10Binding Effect.  The provisions of this Agreement shall bind and inure to the benefit of the parties and their respective successors and permitted assigns.
10.11Notice.  Any notices or communications required or permitted by this Agreement shall be deemed sufficiently given if in writing and when delivered personally or forty-eight (48) hours after deposit with the United States Postal Service as registered or certified mail, postage prepaid and addressed as follows:
(a)If to Employer, to the principal office of Employer in the State of California, marked “Attention: President”; or
    - 8 -

Mary Louise Osborne– Employment Agreement 

(b)If to Employee, to the most recent address for Employee appearing in Employer’s records.
10.12Headings.  The Section and other headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.
10.13Section 409A Compliance.
(a)This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section 409A”), and, to the extent practicable, this Agreement shall be interpreted and administered in a manner so that any amount or benefit payable hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A and applicable Internal Revenue Service guidance and Treasury Regulations issued thereunder. Terms used in this Agreement shall have the meanings given such terms under Section 409A if, and to the extent required, in order to comply with Section 409A.
(b)For purposes of amounts payable under this Agreement, the termination of employment shall be deemed to be effective upon “separation from service” with Employer, as defined under Section 409A and the guidance issued thereunder.  Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in such following calendar year as necessary to comply with Section 409A.
(c)Notwithstanding anything to the contrary in this Agreement, to the extent required to avoid additional taxes and interest charged under Section 409A, if any of Employer’s stock is publicly traded and Employee is deemed to be a “specified employee” as determined by Employer for purposes of Section 409A, Employee agrees that any non-qualified deferred compensation payments due to her under this agreement in connection with a termination of employment that would otherwise have been payable at any time during the six (6)-month period immediately following such termination of employment shall not be paid prior to, and shall instead be payable in a lump sum on the first day of the seventh (7th) month following Employee’s separation from service (or, if Employee dies during such period, within 30 days after Employee’s death).
(d)Neither Employer nor Employee shall have the right to accelerate or defer the delivery of, offset or assign any payment under this Agreement that constitutes “nonqualified deferred compensation” subject to Section 409A of the Code, except to the extent specifically permitted or required by Section 409A of the Code.
(e)If Employee is entitled to be paid or reimbursed for any taxable expenses under this Agreement, and such payments or reimbursements are includible in Employee’s federal gross taxable income, the amount of such expenses reimbursable in any one calendar year shall not affect the amount reimbursable in any other calendar year, and the reimbursement of an eligible expense must be made no later than December 31 of the year after the year in which the expense was incurred. No right of Employee to reimbursement of expenses under this Agreement shall be subject to liquidation or exchange for another benefit.
(f)Notwithstanding the foregoing, the tax treatment of the payments and benefits provided under this Agreement is not warranted or guaranteed. To the extent that this Agreement or any payment or benefit hereunder shall be deemed not to comply with Section 409A, neither Employer, nor the Board, nor any member of its Compensation Committee, nor any of their successors shall be liable to Employee or to any other person for any taxes, interest, penalties or other monetary amounts owed by Employee as a result of the application of Section 409A or for reporting in good faith any amounts as subject thereto.
10.14Amendment and Waiver.  This Agreement may be amended, modified or supplemented only by a writing executed by each of the parties, which in the case of Employer must be Employer’s CEO.  Either party may in writing waive any provision of this Agreement to the extent such provision is for the benefit of the waiving party.  Any such waiver by Employer must be signed by Employer’s CEO.  No waiver by either 
    - 9 -

Mary Louise Osborne– Employment Agreement 

party of a breach of any provision of this Agreement shall be construed as a waiver of any subsequent or different breach, and no forbearance by a party to seek a remedy for noncompliance or breach by the other party shall be construed as a waiver of any right or remedy with respect to such noncompliance or breach.
10.15Entire Agreement.  This Agreement is the only agreement and understanding between the parties pertaining to the subject matter of this Agreement, and supersedes all prior agreements, summaries of agreements, descriptions of compensation packages, discussions, negotiations, understandings, representations or warranties, whether verbal or written, between the parties pertaining to such subject matter.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement with effectiveness as of the day and year first above written.
EMPLOYEE:
/s/Mary Louise Osborne                        
Mary Louise Osborne                        
EMPLOYER:
ONTRAK, INC.
By /s/Jonathan Mayhew        
Jonathan Mayhew
Chief Executive Officer
    - 10 -Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(this “Agreement”) is dated as of 6 August, 2021, between Mawson Infrastructure Group Inc., a Delaware corporation
(the “Company”), and the purchasers set forth on the signature pages affixed hereto (each, a “Purchaser”
and, collectively, the “Purchasers”).

 

WHEREAS, subject to
the terms and conditions set forth in this Agreement and pursuant to an exemption from the registration requirements of Section 5 of the
Securities Act contained in Section 4(a)(2) thereof, the Company desires to issue and sell to the Purchasers or their nominated custodians,
and Purchasers, severally and not jointly, desire to purchase from the Company, securities of the Company as more fully described in this
Agreement.

 

NOW, THEREFORE, IN CONSIDERATION
of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy of which are
hereby acknowledged, the Company and the Purchasers agree as follows:

 

ARTICLE I.

DEFINITIONS

 

1.1 Definitions. In
addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Business Day”
means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking
institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing”
means the closing of the purchase and sale of the Shares pursuant to Section 2.1 hereof.

 

“Closing Date”
means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and
all conditions precedent to (i) the Purchasers’ obligations to pay the Purchase Price and (ii) the Company’s obligations to
deliver the Shares, in each case, have been satisfied or waived, subject to the provisions of Section 2.1.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Common Stock”
means the common stock of the Company, par value $0.001 per share, and any other class of securities into which such securities may hereafter
be reclassified or changed.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Liens”
means a lien, charge, pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Material Adverse
Effect” means: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, or (ii)
a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any
Transaction Document.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

     

     

    

 

“PPS” means
US$0.80.

 

“SEC Reports”
shall have the meaning ascribed to such term in Section 3.2(d) hereof.

 

“Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares”
has the meaning ascribed to such term in Section 2.1 hereof.

 

“Subsidiary”
means with respect to any entity at any date, any direct or indirect corporation, limited or general partnership, limited liability company,
trust, estate, association, joint venture or other business entity of which (A) more than 30% of (i) the outstanding capital stock
having (in the absence of contingencies) ordinary voting power to elect a majority of the board of directors or other managing body of
such entity, (ii) in the case of a partnership or limited liability company, the interest in the capital or profits of such partnership
or limited liability company or (iii) in the case of a trust, estate, association, joint venture or other entity, the beneficial
interest in such trust, estate, association or other entity business is, at the time of determination, owned or controlled directly or
indirectly through one or more intermediaries, by such entity, or (B) is under the actual control of the Company.

 

“Trading Day”
means a day on which the principal Trading Market is open for trading.

 

“Trading Market”
means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the
NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange or any
tier of the OTC Markets operated by the OTC Markets Group, Inc. (or any successors to any of the foregoing).

 

“Transaction Documents”
means this Agreement and any other documents executed in connection with the transaction contemplated hereunder.

 

“Transfer Agent”
means Computershare Inc., the current transfer agent of the Company, and any successor transfer agent of the Company.

 

ARTICLE II.

PURCHASE AND SALE

 

2.1 Closing. On the
Closing Date, upon the terms and subject to the conditions set forth herein, the Company shall sell, and the Purchasers shall, severally
and not jointly, invest and transfer to the Company the respective amounts set forth on the signature pages attached hereto, in cash (the
“Purchase Price”), in consideration for the number of shares of Common Stock in the respective amounts set forth on
the signature pages attached hereto (the “Shares”), based on dividing the respective Purchase Price of each Purchaser
by the PPS. At or prior to the Closing, the Company and the Purchaser shall deliver the other items set forth in Section 2.2, hereof.
Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, hereof, the Closing shall occur at
the offices of the Company or such other location, including through electronic transmission, as the parties shall mutually agree.

 

2.2 Deliveries.

 

(a)
The Company shall deliver or cause to be delivered to the Purchaser or its nominated custodian (at the Purchaser’s election) the
Shares purchased by such Purchaser in the amounts set forth on the signature page to this Agreement to the address of the Purchaser or
its nominated custodian (at the Purchaser’s election) set forth on the signature page to this Agreement within 5 Business Days
of the Closing Date (whether such Shares be physical stock certificates or book-entry).

 

    - 2 -

     

    

 

(b) On or prior to
the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company the Purchase Price for the aggregate number of
Shares to be purchased by such Purchaser as set forth on the signature page to this Agreement by wire of immediately available funds.

 

2.3 Closing Conditions.

 

(a) The obligations of the
Company hereunder in connection with the Closing are subject to the following conditions being met:

 

		(i)	the accuracy in all material respects on the Closing Date
of the representations and warranties of the Purchaser contained herein (unless as of a specific date therein in which case they shall
be accurate as of such date)

 

		(ii)	all obligations, covenants and agreements of the Purchaser
required to be performed at or prior to the Closing Date shall have been performed; and

 

		(iii)	the delivery by the Purchaser of the item set forth in Section
2.2(b) hereof.

 

(b) The obligation of the
Purchaser hereunder in connection with the Closing are subject to the following conditions being met:

 

		(i)	the accuracy in all material respects when made and on the
Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein);

 

		(ii)	all obligations, covenants and agreements of the Company
required to be performed at or prior to the Closing Date shall have been performed; and

 

		(iii)	the delivery by the Company of the items set forth in Section
2.2(a) hereof.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1 Representations and
Warranties of the Company. The Company hereby makes the following representations and warranties to the Purchasers:

 

(a) The Company is a corporation,
validly existing and in good standing under the laws of Delaware.

 

(b) The Company has the requisite
corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to carry out
its obligations hereunder. The execution and delivery of this Agreement by the Company and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company. Each Transaction Document
to which Company is a party has been duly executed by Company, and when delivered by the Company in accordance with the terms hereof,
will constitute the valid and legally binding obligation of the Company, enforceable against it in accordance with its terms, except:
(i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited
by applicable law (collectively, the “Bankruptcy and Equity Limitations”).

 

    - 3 -

     

    

 

(c) The execution, delivery
and performance by the Company of this Agreement, the issuance and sale of the Shares and the consummation by it of the transactions contemplated
hereby party do not and will not conflict with or violate any provision of the Company’s Certificate of Incorporation, as amended,
or Bylaws. The Shares, upon issuance in accordance with this Agreement will be duly issued, fully paid, and nonassessable.

 

(d) The Company has filed
all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange
Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the
Company was required by law or regulation to file such material) (the foregoing filed materials, including the exhibits thereto and documents
incorporated by reference therein, being collectively referred to herein as the “SEC Reports”). As of their respective
dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable,
and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing.

 

(e) Since the date of the
latest audited financial statements included within the SEC Reports, there has been no event, occurrence or development that has had or
that would reasonably be expected to result in a Material Adverse Effect,.

 

(f) The Shares are duly authorized
and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and
nonassessable, free and clear of all Liens imposed by the Company.

 

(g) There
is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened
against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental
or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the issuance
of the Shares or (ii) would, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse
Effect.

 

(h)
Based on the consolidated financial condition of the Company as of the date of this Agreement, after giving effect to the receipt by the
Company of the proceeds from the sale of the Shares hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount
that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent
liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as
now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the
business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into
account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. As of the date hereof, the Company has no intention to file for reorganization or liquidation under the bankruptcy.

 

    - 4 -

     

    

 

3.2 Representations and
Warranties of the Purchasers. Each Purchaser, severally and not jointly, hereby represents and warrants as of the date hereof, and
as of the Closing Date, to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such
date):

 

(a) Authority. Purchaser
has the requisite power and authority to enter into and to consummate the transactions contemplated by this Agreement and otherwise to
carry out its obligations hereunder. The execution and delivery of this Agreement by Purchaser and the consummation by it of the transactions
contemplated hereby and thereby have been duly authorized by all necessary action on the part of Purchaser. Each Transaction Document
to which Purchaser is a party has been duly executed by the Purchaser, and when delivered by the Purchaser in accordance with the terms
hereof, will constitute the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms,
except for the Bankruptcy and Equity Limitations.

 

(b) Understandings or Arrangements.
The Purchaser is acquiring the Shares as principal for its own account and has no direct or indirect arrangement or understandings with
any other persons to distribute or regarding the distribution of such Shares. The Purchaser is acquiring the Shares hereunder in the ordinary
course of its business.

 

(c) Purchaser Status.
At the time the Purchaser was offered the Shares, it was, and as of the date hereof it is, an “accredited investor” as defined
in Rule 501(a) under the Securities Act. The Purchaser agrees to furnish any additional information requested by the Company to assure
compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Shares.

 

(d) Experience of the Purchaser.
The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of the prospective investment in the Shares, and has so evaluated the merits
and risks of such investment. The Purchaser understands that an investment in the Shares involves a high degree of risk, including the
risks set forth in the SEC Reports since January 1, 2019. The Purchaser is able to bear the economic risk of an investment in the Shares
and, at the present time, is able to afford a complete loss of such investment.

 

(e) Access to Information.
The Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto)
and the SEC Reports and, without derogating from the representations and warranties of the Company hereunder, has been afforded, (i) the
opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning
the terms and conditions of the offering of the Shares and the merits and risks of investing in the Shares; (ii) access to information
about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable
it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.

 

    - 5 -

     

    

 

(f)
Restricted Securities. The Purchaser understands that the Shares are restricted securities within the meaning of the Securities
Act, have not been registered under the Securities Act or any state securities laws and may not be transferred or sold except pursuant
to an effective registration statement or an available exemption therefrom. The Purchaser agrees to the imprinting, so long as is required
by this Section 3.2 (f), of a legend on any of the Shares in the following form:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY
ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER
OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES
ACT.

 

(g)
Private Placement. Purchaser became interested in purchasing the Shares solely because of a substantive, pre-existing relationship
with the Company and direct contact by the Company or one or more of its officers, directors, controlling persons, or agents, and no Shares
were offered or sold to Purchaser by means of any form of general solicitation or general advertising (as such terms are defined in Rule
502 under the Securities Act).

 

(h)
Residence. If Purchaser is an individual, such Purchaser resides in the state or province identified in the address shown on such
Purchaser’s signature page hereto. If Purchaser is a partnership, corporation, limited liability company or other entity, such Purchaser’s
principal place of business is located in the state or province identified in the address shown on such Purchaser’s signature page
hereto.

 

(i)
Foreign Investors. If a Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code
of 1986, as amended), such Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction
in connection with any invitation to subscribe for the Shares or any use of this Agreement, including (a) the legal requirements within
its jurisdiction for the purchase of the Shares; (b) any foreign exchange restrictions applicable to such purchase; (c) any governmental
or other consents that may need to be obtained; and (d) the income tax and other tax consequences, if any, that may be relevant to the
purchase, holding, conversion, redemption, sale, or transfer of the Shares. Each such Purchaser’s subscription and payment for and
continued beneficial ownership of the Shares will not violate any applicable securities or other laws of such Purchaser’s jurisdiction.
Each such Purchaser acknowledges that the Company has taken no action in foreign jurisdictions with respect to the Shares.

 

ARTICLE IV.

REGISTRATION RIGHTS 

 

4.1 Demand Registration
Rights. Subject to and effective as of the Closing Date, the Company shall use its reasonable commercial efforts to (i) prepare and
file with the Commission, promptly following sixty (60) days after the Closing Date, a Registration Statement on Form S-1 (or, if becomes
available, Form S-3), covering the resale of the Shares (“Form S-1” or “Demand Registration”); provided
that it shall be a condition precedent to the inclusion of the Shares that Purchaser shall have, within seven (7) Business Days after
delivery thereof by Company, completed, executed and delivered a customary questionnaire requesting the inclusion of its Shares and providing
the information reasonably requested therein, and (ii) maintain the effectiveness of such Form S-1 for a period of up to one year after
becoming effective, subject to customary exceptions for suspension of such effectiveness of not more than sixty (60) days in the aggregate,
in case that the Board of the Company determines, in its good faith judgment, that maintaining such effectiveness would reasonably be
expected to materially interfere with or require the public disclosure of any material corporate development or plan. Such Form S-1 also
shall cover, to the extent allowable under the Securities Act and the rules promulgated thereunder (including Rule 416), such indeterminate
number of additional Shares resulting from stock splits, stock dividends or similar transactions with respect to the Shares. Company will
pay all expenses associated with such registration, including filing and printing fees, Company’s counsel and accounting fees and
expenses, costs associated with clearing the Shares for sale under applicable state securities laws, and listing fees. In no event shall
Company be responsible for any discounts, commissions, fees of underwriters, selling brokers, dealer managers or similar securities industry
professionals with respect to the Shares being sold, or any legal fees or other costs of the Purchaser.

 

    - 6 -

     

    

 

4.2
Rule 415 Limitation. Notwithstanding anything herein to the contrary, the Company shall not be required to register any Shares (i)
as a result of a limitation on the maximum number of shares of Common Stock permitted to be registered by the staff of the Commission
pursuant to Rule 415 promulgated under the Securities Act or any successor rule providing for offering securities on a continuous or delayed
basis (such Shares, the “Cutback Shares”); provided that (A) the number of Cutback Shares shall be allocated pro rata
among the Purchaser electing to register their Shares in the Form S-1; and (B) if there are any Cutback Shares, the Company shall use
its reasonable commercial efforts to file additional Form S-1 to register those Cutback Shares as soon as practicable (subject to the
immediately following clause (ii)), or (ii) if, and only if, (a) the holder thereof may sell such securities freely in the market pursuant
to Rule 144 without any limitation thereunder on volume or manner of sale, or (b) such Shares have already been disposed of pursuant to
a prior Form S-1.

 

4.3 Other Limitations.
Notwithstanding the foregoing obligations, if the Company furnishes to Purchasers requesting a registration pursuant to this Section
4 a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the Board of Directors
it would be materially detrimental to the Company and its stockholders for such registration statement to either become effective or remain
effective for as long as such registration statement otherwise would be required to remain effective, because such action would (i) materially
interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the
Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer taking
action with respect to such filing for a period of not more than sixty (60) days after the request of the Purchasers is given; provided,
however, that the Company may not invoke this right more than once in any twelve (12) month period.

 

4.4 Piggyback Rights. 

 

(a) If the Company determines
to register any of its securities, either for its own account or the account of a security holder or holders, other than (i) a registration
relating solely to employee benefit plans on Form S-8 (or any successor form) or (ii) a registration relating solely to an SEC Rule 145
transaction on Form S-4 (or any successor form), Company will: include in such registration (and any related qualification under blue
sky laws or other compliance), and in any underwriting involved therein, the Shares, subject to any reductions required due to the SEC’s
interpretation of Rule 415 of the Securities Act.

 

(b) If, in connection with
the underwritten public offering by Company the managing underwriter(s) advise Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number that can be sold in an orderly manner in such offering within
a price range acceptable to Company, Company will include in such registration (i) first, the securities proposed to be sold by Company
in such public offering; and (ii) second, the common stock requested to be included in such registration, pro rata among the selling stockholders
(whether holders of Shares or other stockholders holding rights to be included in such registration) based on the ratio of the number
of shares of common stock that each such selling stockholder has requested that Company include in such registration over the total number
of shares of common stock requested to be included in such registration. To receive such benefits, the Purchaser must agree, if requested
by the managing underwriter(s) for any such offering, to execute a lock up agreement in connection with any such registration for a period
of the date of filing of such registration statement and ending ninety (90) days after effectiveness of said registration statement.

 

    - 7 -

     

    

 

ARTICLE V.

MISCELLANEOUS

 

5.1 Expenses. The Company
shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter
delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of the Shares to the Purchaser
other than income and capital gains taxes of the Purchaser that may be incurred in connection with the transactions contemplated hereby.

 

5.2 Entire Agreement.
The Transaction Documents contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede
all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged
into such documents, exhibits and schedules.

 

5.3 Notices. Any and
all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed
given and effective on the earliest of: (a) the date of transmission, if such notice or communication is delivered via facsimile or e-mail
at the facsimile number or e-mail address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time)
on a Trading Day, (b) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile
or e-mail at the facsimile number or e-mail address set forth on the signature pages attached hereto on a day that is not a Trading Day
or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be
given. The address for such notices and communications shall be as set forth on the signature pages attached hereto.

 

5.4 Amendments; Waivers.
No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed by the Company and
the Purchasers holding at least a majority of the aggregate number of Shares issued or issuable hereunder; provided that any such amendment
or waiver that complies with the foregoing but that disproportionately, materially and adversely affects the rights and/or obligations
of any Purchaser(s) relative to the comparable rights and/or obligations of the other Purchasers shall require the prior written consent
of such adversely affected Purchaser(s). No waiver of any default with respect to any provision, condition or requirement of this Agreement
shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition
or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise
of any such right.

 

5.5 Headings. The headings
herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions
hereof.

 

5.6 Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Neither the Purchaser
nor the Company may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other party
(other than by operation of law).

 

    - 8 -

     

    

 

5.7 Governing Law.
All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by
and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts
of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts
sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting
in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction
contemplated hereby or discussed herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably
waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof
via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices
to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party
shall commence an action or proceeding to enforce any provisions of the Transaction Documents, then the prevailing party in such action,
suit or proceeding shall be reimbursed by the other party for its reasonable attorneys’ fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding.

 

5.8 Survival. The representations
and warranties contained herein shall survive the Closing and the delivery of the Shares.

 

5.9 Execution. This
Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement
and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that
the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original
thereof.

 

5.10 Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force
and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts
to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision,
covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.11 Remedies. In addition
to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, the Purchaser and the Company
will be entitled to specific performance under the Transaction Documents. The parties agree that monetary damages may not be adequate
compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive
and not to assert in any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

5.12 Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein
shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.13 Construction.
The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents
and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall
not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to
share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits,
stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

    - 9 -

     

    

 

5.14 No Third Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for
the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Sections 5.6 and
5.17 hereof.

 

5.15 Replacement of Securities.
If any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be
issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor,
a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.
The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including
customary indemnity) associated with the issuance of such replacement Shares.

 

5.16 Independent Nature
of Purchasers. The obligations of each Purchaser under this Agreement or other transaction document are several and not joint with
the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance of the obligations of any
other Purchaser under this Agreement or any other transaction document. Each Purchaser shall be responsible only for its own representations,
warranties, agreements and covenants hereunder. The decision of each Purchaser to purchase the Shares pursuant to this Agreement has been
made by such Purchaser independently of any other Purchaser and independently of any information, materials, statements or opinions as
to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects
of the Company which may have been made or given by any other Purchaser or by any agent or employee of any other Purchaser, and no Purchaser
or any of its agents or employees shall have any liability to any other Purchaser (or any other person) relating to or arising from any
such information, materials, statements or opinions. Nothing contained herein or in any other transaction document, and no action taken
by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture
or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to
such obligations or the transactions contemplated by this Agreement. Except as otherwise provided in this Agreement or any other transaction
document, each Purchaser shall be entitled to independently protect and enforce its rights arising out of this Agreement or out of the
other transaction documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any proceeding
for such purpose. Each Purchaser has been represented by its own separate legal counsel in connection with the transactions contemplated
hereby.

 

    - 10 -

     

    

 

5.17
Indemnification. 

 

(a) By the Company.
In consideration of each Purchaser’s execution and delivery of the Transaction Documents and
acquiring the Shares and in addition to all of the Company’s other obligations under the Transaction Documents, the Company shall
defend, protect, indemnify and hold harmless each Purchaser and each of their stockholders, partners, members, officers, directors, employees
and direct or indirect investors and any of the foregoing Persons’ agents or other representatives (including, without limitation,
those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Indemnitees”),
as incurred, from and against any and all actions, causes of action, suits, claims, losses, costs, penalties, fees, liabilities and damages,
and expenses in connection therewith (irrespective of whether any such Indemnitee is a party to the action for which indemnification hereunder
is sought), and including reasonable attorneys’ fees and disbursements (the “Indemnified Liabilities”),
incurred by any Indemnitee (unless such action is based solely upon any conduct by such Indemnitee which is finally judicially determined
to constitute fraud, gross negligence, willful misconduct or malfeasance), as a result of, or arising out of, or relating to (a) any untrue
or alleged untrue statement of a material fact contained in the Demand Registration Statement, any prospectus filed in connection with
the Demand Registration Statement or in any amendment or supplement thereto, or arising out of or relating to any omission or alleged
omission of a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances
under which they were made not misleading, except to the extent that (i) such untrue statements, alleged untrue statements, omissions
or alleged omissions are based upon information regarding Purchaser furnished in writing to the Company by Purchaser expressly for use
therein, (b) any misrepresentation or breach of any representation or warranty made by the Company in the Transaction Documents or any
other certificate, instrument or document contemplated hereby or thereby, (c) any breach of any covenant, agreement or obligation of the
Company contained in the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby or (d)
any cause of action, suit or claim brought or made against such Indemnitee by a third party (including for these purposes a derivative
action brought on behalf of the Company) and arising out of or resulting from (i) the execution, delivery, performance or enforcement
of the Transaction Documents or any other certificate, instrument or document contemplated hereby or thereby, or (ii) the status of such
Purchaser as an investor in the Company pursuant to the transactions contemplated by the Transaction Documents. To the extent that the
foregoing undertaking by the Company may be unenforceable for any reason, the Company shall make the maximum contribution to the payment
and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. 

 

(b)
By Purchaser. Each Purchaser shall defend, protect, indemnify and hold harmless the Company and each of its officers, directors,
employees, agents and other representatives (collectively, the “Company Indemnitees”),
as incurred, from and against any and all Indemnified Liabilities incurred by any Company
Indemnitee (unless such action is based solely upon any conduct by such Company Indemnitee which is finally judicially determined to constitute
fraud, gross negligence, willful misconduct or malfeasance), as a result of, or arising out of, or relating to any untrue or alleged untrue
statement of a material fact contained in the Demand Registration Statement, any prospectus filed in connection with the Demand Registration
Statement or in any amendment or supplement thereto, or arising out of or relating to any omission or alleged omission of a material fact
required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made
not misleading, in each case, to the extent, and only to the extent, that such untrue statement
or omission is contained in any information so furnished by such Purchaser to the Company specifically for inclusion in such Demand Registration
Statement or such prospectus; provided, further, however, that the Purchaser shall be liable under this Section 5.17(b) for only
that amount of indemnity claim as does not exceed the net proceeds to such Purchaser as a result of the sale of Shares pursuant to such
Demand Registration Statement.

 

5.18
Trust Purchasers.

 

(a) With
regards to any Purchaser that is a trust (a “Trust”), it is understood and agreed that the trustee of such Trust (the
“Trustee”), enters into and performs this Agreement and the transactions contemplated by it only as trustee of such
Trust and in no other capacity. To the extent permitted by law, the Trustee’s liability to pay any amount or satisfy any obligation
under or in connection with this Agreement is limited to the extent to which the Trustee is actually indemnified out of the assets of
such Trust. This limitation applies despite any other provision of this Agreement and extends to all liabilities and obligations of the
Trustee in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this document or
its performance.

 

(b) No
party to this Agreement may sue the Trustee in any capacity other than as trustee of the Trust, seek the appointment of a receiver, liquidator,
administrator or other similar person to the Trustee or seek to prove in any liquidation, administration or arrangement of or affecting
the Trustee other than in its capacity as trustee of the Trust and in respect of the assets of the Trust from which the Trustee is actually
indemnified.

 

(c) The
provisions of this Section 5.18 do not apply to any obligation or liability of the Trustee to the extent that the Trustee’s right
to be indemnified out of the assets of the Trust has been reduced by fraud, negligence or a material breach of trust provided that nothing
in this paragraph (c) shall make the Trustee liable to any claim for an amount greater than that which each person would have been able
to recover from the assets of the Trust were it not for the reduction of the Trustee’s right of indemnity.

 

(d) The
Trustee is not obliged to do or refrain from doing anything under this Agreement (including, without limitation, incur any liability or
enter into any document) unless the Trustee’s liability is limited in the same manner as set out in this Section 5.18. 

 

[Signature Pages Follow]

 

    - 11 -

     

    

 

IN WITNESS WHEREOF,
the undersigned has duly executed this Securities Purchase Agreement as of the date first indicated above.

 

	MAWSON INFRASTRUCTURE GROUP INC. 	 
	 	 	 
	By:	/s/ James Manning	 
	Name: 	James Manning	 
	Title:	CEO	 

 

Address for Notice:

 

LEVEL 5, 97 PACIFIC HIGHWAY

NORTH SYDNEY NSW C3 2060

Email: legal@mawsoninc.com

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

    - 12 -

     

    

 

[PURCHASER SIGNATURE PAGE TO SECURITIES PURCHASE
AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned has
duly executed this Securities Purchase Agreement as of the date first indicated above.

 

	 	 
	(Name)	 
	 	 
	 	 
	Number of Shares of Common
    stock being purchased	 
	 	 
	 	 
	Aggregate Purchase Price	 
	 	 
	Address for Notice:	 

 

Details of NOMINATED CUSTODIAN for
delivery of Shares:

 

    - 13 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]