Document:

intv_ex101.htm

EXHIBIT 10.1
  
 NON-FIXED PRICE
  
 SALES AND PURCHASE AGREEMENT BETWEEN
  
 Bitmain Technologies Limited
 (“Bitmain”)
  
 AND
  
 Integrated Ventures Inc
 (“Purchaser”)
  
 	 
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 	 1.
	 Definitions and Interpretations
	  
	 3
	  

	  
	  
	  
	  
	  

	 2.
	 Sales of Product(s) 
	  
	  5
	  

	  
	  
	  
	  
	  

	 3.
	 Prices and Terms of Payment
	  
	  6
	  

	  
	  
	  
	  
	  

	 4.
	 Product Discount 
	  
	  7
	  

	  
	  
	  
	  
	  

	 5.
	 Shipping of Product(s)
	  
	  8
	  

	  
	  
	  
	  
	  

	 6.
	 Customs
	  
	  9
	  

	  
	  
	  
	  
	  

	 7.
	 Warranty 
	  
	  10
	  

	  
	  
	  
	  
	  

	 8.
	 Representations and Warranties 
	  
	  12
	  

	  
	  
	  
	  
	  

	 9.
	 Indemnification and Limitation of Liability
	  
	  13
	  

	  
	  
	  
	  
	  

	 10.
	 Distribution
	  
	  14
	  

	  
	  
	  
	  
	  

	 11.
	 Intellectual Property Rights
	  
	  14
	  

	  
	  
	  
	  
	  

	 12.
	 Confidentiality and Communications
	  
	  15
	  

	  
	  
	  
	  
	  

	 13.
	 Term of this Agreement 
	  
	  15
	  

	  
	  
	  
	  
	  

	 14.
	 Contact Information 
	  
	  15
	  

	  
	  
	  
	  
	  

	 15.
	 Compliance with Laws and Regulations 
	  
	  15
	  

	  
	  
	  
	  
	  

	 16.
	 Force Majeure
	  
	  17
	  

	  
	  
	  
	  
	  

	 17.
	 Entire Agreement and Amendment
	  
	  17
	  

	  
	  
	  
	  
	  

	 18.
	 Assignment 
	  
	  17
	  

	  
	  
	  
	  
	  

	 19.
	 Severability
	  
	  17
	  

	  
	  
	  
	  
	  

	 20.
	 Personal Data
	  
	  18
	  

	  
	  
	  
	  
	  

	 21.
	 Conflict with the Terms and Conditions 
	  
	  18
	  

	  
	  
	  
	  
	  

	 22.
	 Governing Law and Dispute Resolution 
	  
	  18
	  

	  
	  
	  
	  
	  

	 23.
	 Waiver 
	  
	  19
	  

	  
	  
	  
	  
	  

	 24.
	 Counterparts and Electronic Signatures
	  
	  19
	  

	  
	  
	  
	  
	  

	 25.
	 Further Assurance 
	  
	  19
	  

	  
	  
	  
	  
	  

	 26.
	 Third Party Rights
	  
	  19
	  

	  
	  
	  
	  
	  

	 27.
	 Liquidated Damages Not Penalty 
	  
	  19
	  

 
  
 	 
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 This non-fixed price sales and purchase agreement (this “Agreement”) is made on 12 April 2021 by and between Bitmain Technologies Limited (“Bitmain”) (Company number:            ), with its registered office at Unit A1 of Unit A, 11th Floor, Success Commercial Building, 245-251 Hennessy Road, Hong Kong, and Integrated Ventures Inc (the “Purchaser”) (EIN:                ), with its principal place of business at 73 Buck Rd, Suite 2 Huntingdon Valley, PA 19006.
  
 Bitmain and the Purchaser shall hereinafter collectively be referred to as the “Parties”, and individually as a “Party”.
  
 Whereas:
  
 	 1. 
	 Purchaser fully understands the market risks, the price-setting principles and the market fluctuations relating to the Products sold under this Agreement.

	  
	  

	 2. 
	 Purchaser has purchased the Products through the website of Bitmain (i.e.,https://shop.bitmain.com/, similarly hereinafter) for many times, and is familiar with the purchase order processes of Bitmain’s website.

	  
	  

	 3. 
	 Based on the above consensus, the Purchaser is willing to purchase and Bitmain is willing to supply cryptocurrency mining hardware and other equipment in accordance with the terms and conditions of this Agreement.

 
  
 The Parties hereto agree as follows:
  
 1. Definitions and Interpretations
  
 The following terms, as used herein, have the following meanings:
  
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with such Person; “Person” means any individual, corporation, partnership, limited partnership, proprietorship, association, limited liability company, firm, trust, estate or other enterprise or entity (whether or not having separate legal personality); and “Control” means the power or authority, whether exercised or not, to direct the business, management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, provided that such power or authority shall conclusively be presumed to exist upon possession of beneficial ownership or power to direct the vote of more than fifty percent (50%) of the votes entitled to be cast at a meeting of the members or shareholders of such Person or power to control the composition of a majority of the board of directors of such Person. The terms “Controlled” and “Controlling” have meanings correlative to the foregoing.
  
 “Applicable Law” means any treaty, law, decree, order, regulation, decision, statute, ordinance, rule, directive, code or other document that has legal force under any system of law, including, without limitation, local law, law of any other state or part thereof or international law, and which creates or purports to create any requirement or rule that may affect, restrict, prohibit or expressly allow the terms of this Agreement or any activity contemplated or carried out under this Agreement.
  
 	 
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 “Bank Account” means the bank account information of Bitmain provided in Appendix A of this Agreement.
  
 “Force Majeure” means in respect of either Party, any event or occurrence whatsoever beyond the reasonable control of that Party, which delays, prevents or hinders that Party from performing any obligation imposed upon that Party under this Agreement, including to the extent such event or occurrence shall delay, prevent or hinder such Party from performing such obligation, war (declared or undeclared), terrorist activities, acts of sabotage, blockade, fire, lightning, acts of god, national strikes, riots, insurrections, civil commotions, quarantine restrictions, epidemics, earthquakes, landslides, avalanches, floods, hurricanes, explosions and regulatory and administrative or similar action or delays to take actions of any governmental authority.
  
 “Intellectual Property Rights” means any and all intellectual property rights, including but not limited to those concerning inventions, patents, utility models, registered designs and models, engineering or production materials, drawings, trademarks, service marks, domain names, applications for any of the foregoing (and the rights to apply for any of the foregoing), proprietary or business sensitive information and/or technical know-how, copyright, authorship, whether registered or not, and any neighbor rights.
  
 “Order” means the Purchaser’s request to Bitmain for certain Product(s) in accordance with this Agreement.
  
 “Product(s)” means the merchandise that Bitmain will provide to the Purchaser in accordance with this Agreement.
  
 “Total Purchase Price” means the aggregate amount payable by the Purchaser as set out in Appendix A of this Agreement.
  
 “Warranty Period” means the period of time that the Product(s) are covered by the warranty granted by Bitmain or its Affiliates in accordance with Clause 7 of this Agreement.
  
 “Warranty Start Date” means the date on which the Product(s) are delivered to the carrier. 
  
 Interpretations:
  
 	 i) 
	 Words importing the singular include the plural and vice versa where the context so requires.

	  
	  

	 ii) 
	 The headings in this Agreement are for convenience only and shall not be taken into consideration in the interpretation or construction of this Agreement.

	  
	  

	 iii) 
	 References to Clauses and Appendix(es) are references to Clauses and Appendix(es) of this Agreement.

	  
	  

	 iv) 
	 Unless specifically stated otherwise, all references to days shall mean calendar days.

	  
	  

	 v)
	 Any reference to a code, law, statute, statutory provision, statutory instrument, order, regulation or other instrument of similar effect shall include any re-enactment or amendment thereof for the time being in force.

 
  
 	 
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 2. Sales of Product(s)
  
 Bitmain will provide the Product(s) set forth in Appendix A (attached hereto as part of this Agreement) to the Purchaser in accordance with provisions of Clause 2, Clause 3, Clause 4, Clause 5 and Appendix A of this Agreement, and the Purchaser shall make payment in accordance with the terms specified in this Agreement.
  
 	 2.1. 
	Both Parties agree that the Product(s) shall be sold in accordance with the following steps:

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

	  
	  
	  

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

	  
	  
	  

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

	  
	  
	  

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

	  
	  
	  

	  
	 (v)
	 Bitmain will send a shipping confirmation to the Purchaser after it has delivered the Product(s) to the carrier, and the Order shall be deemed accepted by Bitmain upon Bitmain’s issuance of the shipping confirmation.

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

	  
	  

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

	  
	  

	 2.4. 
	 The Purchaser acknowledges and confirms that the Order is irrevocable and cannot be cancelled by the Purchaser, and that the Product(s) ordered are neither returnable nor refundable. All sums paid by the Purchaser to Bitmain shall not be subject to any abatement, set-off, claim, counterclaim, adjustment, reduction, or defense for any reason. Down payment and payment of Total Purchase Price are not refundable, save as otherwise mutually agreed by the Parties.

 
  
 	 
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 3. Prices and Terms of Payment
  
 	 3.1 
	 The Total Purchase Price (inclusive of any tax payable) shall be paid in accordance with the payment schedule set forth in Appendix B of this Agreement.

	  
	  

	 3.2 
	 In the event that the Purchaser fails to fully settle the respective percentage of the Total Purchase Price before the prescribed deadlines and fails to make a written request to Bitmain no less than five (5) business days prior to the prescribed deadline and obtain Bitmain’s written consent, Bitmain shall be entitled to terminate this Agreement and the Purchase shall be liable for a reasonable liquidated damage (not a penalty) of [20]% of the purchase price of such batch of Products. If there are any remaining balance after deducting the liquidated damage, such remaining balance shall be refunded to the Purchaser free of any interest. If the Purchaser fails to pay the down payment on a timely basis and Bitmain has arranged production or procurement, Bitmain shall be entitled to request the Purchaser to be responsible for the loss related to such production or procurement.

	  
	  

	 3.3 
	 The Total Purchase Price set forth in this Agreement is merely an estimate of the price and not the actual price. The actual price will be determined [one] month before the current batch is shipped and with reference to the market circumstances, provided that the actual price shall not be higher than the estimated price.

	  
	  

	 3.4 
	 Upon receipt of notification of the actual price provided by Bitmain, the Purchaser shall be entitled to three options:

 
  
 	  
	 (i) 
	 continue to perform the Order of the current batch of the Product(s) with the original rated hashrate and pay the remaining amount at the actual price; or

	  
	  
	  

	  
	 (ii) 
	 request Bitmain to increase the rated hashrate in equivalent to the difference in price. Under this circumstance, Bitmain shall have the right to negotiate with the Purchaser for the amount of the additional rated hashrate based on its then inventory; or

	  
	  
	  

	  
	 (iii) 
	 partially or wholly cancel the Order of the current batch of Product(s). Under this circumstance, the Purchaser shall not claim any refund from Bitmain. If the Purchaser has made payments and there is remaining balance, such remaining balance shall be credited to the balance of the Purchaser and its affiliates.

 
  
 	 
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	 Furthermore, the Purchaser shall confirm in writing the result of its exercise of the options under this Clause within two (2) days after Bitmain provides the Purchaser with the actual price, and if it is overdue and no agreement is reached between the Parties, the Purchaser shall be deemed to have voluntarily and irrevocably waived its option under this Clause and the Parties shall continue to perform the Order of the current batch of Product(s) with the original rated hashrate and the Purchaser shall pay the remaining amount at the actual price.

	  
	  

	 3.5 
	 The Parties understand and agree that the applicable prices of the Product(s) are inclusive of applicable bank transaction fee, but are exclusive of any and all applicable import duties, taxes and governmental charges. The Purchaser shall pay or reimburse Bitmain for all taxes levied on or assessed against the amounts payable hereunder. If any payment is subject to withholding, the Purchaser shall pay such additional amounts as necessary, to ensure that Bitmain receives the full amount it would have received had payment not been subject to such with holding.

 
  
 4. Product Discount
  
 Based on the sales results and sales strategy, Bitmain is willing to offer the following discount as set forth in clause 4.1:
  
 	 4.1. 
	 With respect of the signing of this Agreement, Bitmain offers the following discount to the Purchaser:

	  
	  

	 4.1.1. 
	 The Products under this Agreement consists of twelve (12) batches and the discount amount of each batch shall be calculated separately.

	  
	  

	 4.1.2. 
	 Bitmain may provide difference discounts to the Purchaser based on the actual amount of the prepayment and the payment time.

 
  
 Discount Amount = Amount of prepayment * 1% * Number of months prepaid. The amount of prepayment shall be calculated at the end of each month. The number of months prepaid shall be calculated from the month of payment without counting the month of delivery. For clarification, the payment date shall be the date as evidenced in the remittance copy of such payment, and the discount term shall be calculated when the respective amounts under this Agreement have been received by Bitmain in full and without further consideration of the remaining amount. Payment schedules may be further adjusted in accordance with the actual situations.
  
 	 4.1.3. 
	 If the Purchaser fails to make the payments on time, the discount applicable to such batch shall be cancelled.

	  
	  

	 4.2. 
	 No discount will be offered by Bitmain to the Purchaser.

 
  
 	 
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 5. Shipping of Product(s)
  
 	 5.1. 
	 Bitmain shall deliver the Products in accordance with the shipping schedule to the first carrier or the carrier designated by the Purchaser.

	  
	  

	 5.2. 
	 Subject to the limitations stated in Appendix A, the terms of delivery of the Product(s) shall be CIP (carriage and insurance paid to (named place of destination) according to Incoterms 2010) to the place of delivery designated by the Purchaser. Once the Product(s) have been delivered to the carrier, Bitmain shall have fulfilled its obligation to supply the Product(s) to the Purchaser, and the title and risk of loss or damage to the Product(s) shall pass to the Purchaser.

	  
	  

	 5.3. 
	 In the event of any discrepancy between this Agreement and Bitmain’s cargo insurance policy regarding the insurance coverage, the then effective Bitmain cargo insurance policy shall prevail, and Bitmain shall be required to provide the then effective insurance coverage to the Purchaser.

	  
	  

	 5.4. 
	 If Bitmain fails to deliver the Products after thirty (30) days after the prescribed deadline, the Purchaser shall be entitled to cancel the Order of such batch of Products and request Bitmain to refund the price of such undelivered batch of Products together with an interest at 0.0333% per day for the period from the next day of each payment of the price of such batch of Products to the date immediately prior to the request. In the event that the Purchaser does not cancel the Order of the undelivered batch of Products and requests Bitmain to perform its delivery obligation, Bitmain shall continue to perform its delivery obligation and compensate the Purchaser in accordance with Clause 5.5 of this Agreement.

	  
	  

	 5.5. 
	 If Bitmain postpones the shipping schedule of the Products and the Purchaser does not cancel the Order, Bitmain shall make a compensation to the Purchaser on daily basis, the amount of which shall equal to 0.0333% of the price of such undelivered batch of Products, which compensation shall be made in the form of delivery of more rated hashrate. Amount less than one unit of Product shall be credited to the balance of the Purchaser in the user system on Bitmain’s official website, which shall be viewable by the Purchaser.

	  
	  

	 5.6. 
	 There are twelve (12) batches of Products under this Agreement and each batch shall constitute independent legal obligations of and shall be performed separately by the Parties. The delay of a particular batch shall not constitute waiver of the payment obligation of the Purchaser in respect of other batches. The Purchaser shall not be entitled to terminate this Agreement solely on the ground of delay of delivery of a single batch of Products.

	  
	  

	 5.7. 
	 The purchaser shall choose the following shipping method:

	  
	  

	  
	 ☑ Shipping by Bitmain via Fedex/DHL/UPS/other logistics company; ☐ Self-pick

	  
	  

	  
	 Note: Logistics costs shall be borne by the Purchaser. Bitmain may collect payments on behalf of the services providers and issue services invoices if the Purchaser requests Bitmain to send the Products.

	  
	  

	 5.8.
	 Bitmain shall not be responsible for any delivery delay caused by the Purchaser or any third party, including but not limited to the carrier, the customs, and the import brokers, nor shall it be liable for damages, whether direct, indirect, incidental, consequential, or otherwise, for any failure, delay or error in delivery of any Product(s) for any reason whatsoever.

 
  
 	 
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 	 5.9. 
	 Bitmain shall not be responsible and the Purchaser shall be fully and exclusively responsible for any loss of Product(s), personal injury, property damage, other damage or liability caused by the Product(s) or the transportation of the Product(s) either to the Purchaser or any third party, or theft of the Product(s) during transportation from Bitmain to the Purchaser.

	  
	  

	 5.10. 
	 Bitmain has the right to discontinue the sale of the Product(s) and to make changes to its Product(s) at any time, without prior approval from or notice to the Purchaser.

	  
	  

	 5.11. 
	 If the Product(s) is rejected and/or returned back to Bitmain because of any reason and regardless of the cause of such delivery failure, the Purchaser shall be solely and exclusively liable for and shall defend, fully indemnify and hold harmless Bitmain against any and all related expenses, fees, charges and costs incurred, arising out of or incidental to such rejection and/or return (the “Return Expense”). Furthermore, if the Purchaser would like to ask for Bitmain’s assistance in redelivering such Product(s) or assist in any other manner, and if Bitmain at its sole discretion decides to provide this assistance, then in addition to the Return Expense, the Purchaser shall also pay Bitmain an administrative fee in accordance with Bitmain’s then applicable internal policy.

	  
	  

	 5.12. 
	 If the Purchaser fails to provide Bitmain with the delivery place or the delivery place provided by the Purchaser is a false address or does not exist, or the Purchaser reject to accept the Products, any related costs occurred (including storage costs, warehousing charge and labor costs) shall be borne by the Purchaser. Bitmain may issue the Purchaser a notice of self-pick-up and ask the Purchaser to pick up the Products itself. Bitmain shall be deemed to have completed the delivery obligation under this Agreement after two (2) business days following the issue of the self-pick-up notice. After 30 days of the self-pick-up notice, the Purchaser shall be entitled to deal with the Products in any manner as it deems appropriate.

	  
	  

	 5.13. 
	 The Purchaser shall inspect the Products within 2 days (the “Acceptance Time”) after receiving the Products (the date of signature on the carrier’s delivery voucher shall be the date of receipt), if the Purchaser does not raise any written objection within the agreed Acceptance Time, the Products delivered by Bitmain shall be deemed to be in full compliance with the provisions of this Agreement.

 
  
 6. Customs
  
 	 6.1. 
	 Bitmain shall obtain in due time and maintain throughout the term of this Agreement (if applicable), any and all approvals, permits, authorizations, licenses and clearances for the export of the Product(s) that are required to be obtained by Bitmain or the carrier under Applicable Laws.

	  
	  

	 6.2. 
	 The Purchaser shall obtain in due time and maintain throughout the term of this Agreement (if applicable), any and all approvals, permits, authorizations, licenses and clearances required for the import of the Product(s) to the country of delivery as indicated in the shipping information, that are required to be obtained by the Purchaser or the carrier under Applicable Laws, and shall be responsible for any and all additional fees, expenses and charges in relation to the import of the Product(s).

 
  
 	 
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 7. Warranty
   
 	 7.1. 
	 The Warranty Period shall start on the Warranty Start Date and end on the 365th day after the Warranty Start Date. During the Warranty Period, the Purchaser’s sole and exclusive remedy, and Bitmain’s entire liability, will be to repair or replace, at Bitmain’s option, the defective part/component of the Product(s) or the defective Product(s) at no charge to the Purchaser. If the Purchaser requires Bitmain to provide any warranty services, the Purchaser shall create a maintenance order on Bitmain’s website during the Warranty Period (the time of creation of the maintenance order shall be determined by the display time of such order on Bitmain’s website) and send the Product to the place designated by Bitmain within the time limit required by Bitmain. Otherwise, Bitmain shall be entitled to refuse to provide the warranty service.

	  
	  

	 7.2. 
	 The Parties acknowledge and agree that the warranty provided by Bitmain as stated in the preceding paragraph does not apply to the following:

 
  
 	  
	 (i) 
	 normal wear and tear;

	  
	  
	  

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

	  
	  
	  

	  
	 (iii) 
	 damage or loss of the Product(s) caused by undue physical or electrical stress, including but not limited to moisture, corrosive environments, high voltage surges, extreme temperatures, shipping, or abnormal working conditions;

	  
	  
	  

	  
	 (iv) 
	 damage or loss of the Product(s) caused by acts of nature including, but not limited to, floods, storms, fires, and earthquakes;

	  
	  
	  

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

	  
	  
	  

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

	  
	  
	  

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

 
  
 	 
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	 (viii) 
	counterfeit products;
	  
	  
	  

	  
	 (ix) 
	damage or loss of data due to interoperability with current and/or future versions of operating system, software and/or hardware;
	  
	  
	  

	  
	 (x) 
	damage or loss of data caused by improper usage and behavior which is not recommended and/or permitted in the product documentation;
	  
	  
	  

	  
	 (xi) 
	failure of the Product(s) caused by usage of products not supplied by Bitmain; and
	  
	  
	  

	  
	 (xii) 
	hash boards or chips are burnt.
	  
	  
	  

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

 
  
 	 7.3. 
	 Notwithstanding anything to the contrary herein, the Purchaser acknowledges and agrees that the Product(s) provided by Bitmain do not guarantee any cryptocurrency mining time and, Bitmain shall not be liable for any cryptocurrency mining time loss or cryptocurrency mining revenue loss that are caused by downtime of any part/component of the Product(s). Bitmain does not warrant that the Product(s) will meet the Purchaser’s requirements or the Product(s) will be uninterrupted or error free. Except as provided in Clause 7.1 of this Agreement, Bitmain makes no warranties to the Purchaser with respect to the Product(s), and no warranties of any kind, whether written, oral, express, implied or statutory, including warranties of merchantability, fitness for a particular purpose or non-infringement or arising from course of dealing or usage in trade shall apply.

	  
	  

	 7.4. 
	 In the event of any ambiguity or discrepancy between this Clause 7 of this Agreement and Bitmain’s After-sales Service Policy from time to time, it is intended that the After-sales Service Policy shall prevail and the Parties shall comply with and give effect to the After-sales Service Policy. Please refer to the website of Bitmain for detailed terms of warranty and after-sales maintenance. Bitmain has no obligation to notify the Purchaser of the update or modification of such terms.

	  
	  

	 7.5.
	 During the warranty period, if the hardware product needs to be repaired or replaced, the Purchaser shall bear the logistics costs of shipping the Product to the address designated by Bitmain, and Bitmain shall bear the logistics costs of shipping back the repaired or replaced Product to the address designated by the Purchaser. The Purchaser shall bear all and any additional costs incurred due to incorrect or incomplete delivery information provided by the Purchaser and all and any risks of loss or damage to the Product, or the parts or components of the Products during the transportation period (including the transportation period when the product is sent to Bitmain and returned by Bitmain to the Purchaser).

 
  
 	 
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 8. Representations and Warranties
  
 The Purchaser makes the following representations and warranties to Bitmain:
  
 	 8.1. 
	 It has the full power and authority to own its assets and carry on its businesses.

	  
	  

	 8.2. 
	 The obligations expressed to be assumed by it under this Agreement are legal, valid, binding and enforceable obligations.

	  
	  

	 8.3. 
	 It has the power to enter into, perform and deliver, and has taken all necessary action to authorize its entry into, performance and delivery of, this Agreement and the transactions contemplated by this Agreement.

	  
	  

	 8.4. 
	 The entry into and performance by it of, and the transactions contemplated by, this Agreement do not and will not conflict with:

 
  
 	  
	 (i) 
	any Applicable Law;
	  
	  
	  

	  
	 (ii) 
	its constitutional documents; or
	  
	  
	  

	  
	 (iii) 
	any agreement or instrument binding upon it or any of its assets.

 
  
 	 8.5. 
	All authorizations required or desirable:

 
  
 	  
	 (i) 
	 to enable it lawfully to enter into, exercise its rights under and comply with its obligations under this Agreement;

	  
	  
	  

	  
	 (ii) 
	 to ensure that those obligations are legal, valid, binding and enforceable; and

	  
	  
	  

	  
	 (iii) 
	 to make this Agreement admissible in evidence in its jurisdiction of incorporation, 

	  
	  
	  

	  
	 have been or will have been by the time, obtained or effected and are, or will be by the appropriate time, in full force and effect.

 
  
 	 8.6. 
	It is not aware of any circumstances which are likely to lead to:

 
  
 	  
	 (i) 
	 any authorization obtained or effected not remaining in full force and effect;

	  
	  
	  

	  
	 (ii) 
	 any authorization not being obtained, renewed or effected when required or desirable; or

	  
	  
	  

	  
	 (iii) 
	 any authorization being subject to a condition or requirement which it does not reasonably expect to satisfy or the compliance with which has or could reasonably be expected to have a material adverse effect.

 
  
 	 8.7. 
	 (a) It is not the target of economic sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury or Singapore (“Sanctions”), including by being listed on the Specially

 
  
 	 
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	 Designated Nationals and Blocked Persons (SDN) List maintained by OFAC or any other Sanctions list maintained by one of the foregoing governmental authorities, directly or indirectly owned or controlled by one or more SDNs or other Persons included on any other Sanctions list, or located, organized or resident in a country or territory that is the target of Sanctions, and (b) the purchase of the Product(s) will not violate any Sanctions or import and export control related laws and regulations.

	  
	  

	 8.8. 
	All information supplied by the Purchaser is and shall be true and correct, and the information does not contain and will not contain any statement that is false or misleading.

 
  
 9. Indemnification and Limitation of Liability 
  
 	 9.1. 
	 The Purchaser shall, during the term of this Agreement and at any time thereafter, indemnify and save Bitmain and/or its Affiliates harmless from and against any and all damages, suits, claims, judgments, liabilities, losses, fees, costs or expenses of any kind, including legal fees, whatsoever arising out of or incidental to the Products pursuant to this Agreement.

	  
	  

	 9.2. 
	 Notwithstanding anything to the contrary herein, Bitmain and its Affiliates shall under no circumstances, be liable to the Purchaser for any consequential loss, or loss of goodwill, business, anticipated profits, revenue, contract, or business opportunity arising out of or in connection with this Agreement, and the Purchaser hereby waives any claim it may at any time have against Bitmain and its Affiliates in respect of any such damages. The foregoing limitation of liability shall apply whether in an action at law, including but not limited to contract, strict liability, negligence, willful misconduct or other tortious action, or an action inequity.

	  
	  

	 9.3. 
	 Bitmain and its Affiliates’ cumulative aggregate liability pursuant to this Agreement, whether arising from tort, breach of contract or any other cause of action shall be limited to and not exceed the amount of one hundred percent (100%) of the down payment actually received by Bitmain from the Purchaser for the Product(s).

	  
	  

	 9.4. 
	 The Product(s) are not designed, manufactured or intended for use in hazardous or critical environments or in activities requiring emergency or fail-safe operation, such as the operation of nuclear facilities, aircraft navigation or communication systems or in any other applications or activities in which failure of the Product(s) may pose the risk of environmental harm or physical injury or death to humans. Bitmain specifically disclaims any express or implied warranty of fitness for any of the above described application and any such use shall be at the Purchaser’s sole risk.

	  
	  

	 9.5. 
	 The above limitations and exclusions shall apply (1) notwithstanding failure of essential purpose of any exclusive or limited remedy; and (2) whether or not Bitmain has been advised of the possibility of such damages. This Clause allocates the risks under this Agreement and Bitmain’s pricing reflects this allocation of risk and the above limitations.

 
  
 	 
	13/26
	

	 

 
  
 10. Distribution
  
 	 10.1. 
	 This Agreement does not constitute a distributor agreement between Bitmain and the Purchaser. Therefore, the Purchaser is not an authorized distributor of Bitmain.

	  
	  

	 10.2. 
	 The Purchaser shall in no event claim or imply to a third party that it is an authorized distributor of Bitmain or Bitmain (Antminer) or any similar terms, or perform any act that will cause it to be construed as an authorized distributor of Bitmain or Bitmain (Antminer). As between the Purchaser and Bitmain, the Purchaser shall be exclusively and fully responsible for complying with the Applicable Laws regarding repackaging the Product(s) for the Purchaser’s redistribution needs, and shall be solely liable for any and all liabilities or costs directly incurred or incidental to such redistribution.

 
  
 11. Intellectual Property Rights
  
 	 11.1. 
	 The Parties agree that the Intellectual Property Rights in any way contained in the Product(s), made, conceived or developed by Bitmain and/or its Affiliates for the Product(s) under this Agreement and/or, achieved, derived from, related to, connected with the provision of the Product(s) by Bitmain and/or acquired by Bitmain from any other person in performance of this Agreement shall be the exclusive property of Bitmain and/or its Affiliates.

	  
	  

	 11.2. 
	 Notwithstanding anything to the contrary herein, all Intellectual Property Rights in the Product(s) shall remain the exclusive property of Bitmain and/or its licensors. Except for licenses explicitly identified in Bitmain’s Shipping Confirmation or in this Clause 11.2, no rights or licenses are expressly granted, or implied, whether by estoppel or otherwise, in respect of any Intellectual Property Rights of Bitmain and/or its Affiliates or any Intellectual Property residing in the Product(s) provided by Bitmain to the Purchaser, including in any documentation or any data furnished by Bitmain. Bitmain grants the Purchaser a non-exclusive, non-transferrable, royalty-free and irrevocable license of Bitmain and/or its Affiliates’ Intellectual Property Rights to solely use the Product(s) delivered by Bitmain to the Purchaser for their ordinary function, and subject to the Clauses set forth herein. The Purchaser shall in no event violate the Intellectual Property Rights of Bitmain and/or its licensors.

	  
	  

	 11.3. 
	 If applicable, payment by the Purchaser of non-recurring charges to Bitmain for any special designs, or engineering or production materials required for Bitmain’s performance of Orders for customized Product(s), shall not be construed as payment for the assignment from Bitmain to the Purchaser of title to the design or special materials. Bitmain shall be the sole owner of such special designs, engineering or production materials.

 
  
 	 
	14/26
	

	 

 
  
 12. Confidentiality and Communications
  
 	 12.1. 
	 All information concerning this Agreement and matters pertaining to or derived from the provision of Product(s) pursuant to this Agreement between the Parties, whether in oral or written form, or in the form of drawings, computer programs or other, as well as all data derived therefrom (“Confidential Information”), shall be deemed to be confidential and, as such, may not be divulged to any unauthorized person. The Purchaser undertakes and agrees to take all reasonable and practicable steps to ensure and protect the confidentiality of the Confidential Information which cannot be passed, sold, traded, published or disclosed to any unauthorized person.

 
  
 13. Term of this Agreement
  
 	 13.1. 
	 This Agreement will be effective upon Bitmain’s issuance of the shipping confirmation to the Purchaser, provided that if there is more than one shipping confirmation, this Agreement will be effective to the Products contained in each shipping confirmation upon Bitmain’s issuance of the respective shipping confirmation to the Purchaser.

	  
	  

	 13.2. 
	 This Agreement shall remain effective up to and until the delivery of the last batch of Products.

 
  
 14. Contact Information
  
 All communications in relation to this Agreement shall be made to the following contacts:
  
 Purchaser’s business contact:
  
 Name: Steve Rubakh 
  
 Phone:
  
 Email:
  
 Bitmain’s business contact:
  
 Name:
  
 Phone:
  
 Email:
  
 15. Compliance with Laws and Regulations
  
 	 15.1. 
	 The Purchaser undertakes that it will fully comply with all Applicable Laws in relation to export and import control and Sanctions and shall not take any action that would cause Bitmain or any of its Affiliates to be in violation of any export and import control laws or Sanctions. The Purchaser shall also be fully and exclusively liable for and shall defend, fully indemnify and hold harmless Bitmain and/or its Affiliates from and against any and all claims, demands, actions, costs or proceedings brought or instituted against Bitmain and/or its Affiliates arising out of or in connection with any breach by the Purchaser or the carrier of any Applicable Laws in relation to export and import control or Sanction.

 
  
 	 
	15/26
	

	 

 
  
 	 15.2. 
	 The Purchaser acknowledges and agrees that the Product(s) in this Agreement are subject to the export control laws and regulations of all related countries, including but not limited to the Export Administration Regulations (“EAR”) of the United States. Without limiting the foregoing, the Purchaser shall not, without receiving the proper licenses or license exceptions from all related governmental authorities, including but not limited to the U.S. Bureau of Industry and Security, distribute, re-distribute, export, re-export, or transfer any Product(s) subject to this Agreement either directly or indirectly, to any national of any country identified in Country Groups D:1 or E:1 as defined in the EARs. In addition, the Product(s) under this Agreement may not be exported, re-exported, or transferred to (a) any person or entity for military purposes; (b) any person or entity listed on the “Entity List”, “Denied Persons List” or the SDN List as such lists are maintained by the U.S. Government, or (c) an end-user engaged in activities related to weapons of mass destruction. Such activities include but are not necessarily limited to activities related to: (1) the design, development, production, or use of nuclear materials, nuclear facilities, or nuclear weapons; (2) the design, development, production, or use of missiles or support of missiles projects; and (3) the design, development, production, or use of chemical or biological weapons. The Purchaser further agrees that it will not do any of the foregoing in violation of any restriction, law, or regulation of the European Union or an individual EU member state that imposes on an exporter a burden equivalent to or greater than that imposed by the U.S. Bureau of Industry and Security.

 
  
 	 15.3. 
	 The Purchaser undertakes that it will not take any action under this Agreement or use the Product(s) in a way that will be a breach of any anti-money laundering laws, any anti-corruption laws, and/or any counter-terrorist financing laws.

	  
	  

	 15.4. 
	 The Purchaser warrants that the Product(s) have been purchased with funds that are from legitimate sources and such funds do not constitute proceeds of criminal conduct, or realizable property, or proceeds of terrorism financing or property of terrorist, within the meaning given in the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A) and the Terrorism (Suppression of Financing) Act (Chapter 325), respectively. If Bitmain receives, including but not limited to investigation, evidence collection, restriction and other measures, from any competent organizations or institutions, the Purchaser shall immediately cooperate with Bitmain and such competent organizations or institutions in the investigation process, and Bitmain may request the Purchaser to provide necessary security if so required. The Purchaser understands that if any Person resident in Singapore knows or suspects or has reasonable grounds for knowing or suspecting that another Person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge or suspicion came to their attention in the course of business in the regulated sector, or other trade, profession, business or employment, the Person will be required to report such knowledge or suspicion to the Suspicious Transaction Reporting Office, Commercial Affairs Department of the Singapore Police Force. The Purchaser acknowledges that such a report shall not be treated as breach of confidence or violation of any restriction upon the disclosure of information imposed by any Applicable Law, contractually or otherwise.

 
  
 	 
	16/26
	

	 

 
   
 16. Force Majeure
  
 	 16.1. 
	 To the extent that a Party is fully or partially delayed, prevented or hindered by an event of Force Majeure from performing any obligation under this Agreement (other than an obligation to make payment), subject to the exercise of reasonable diligence by the affected Party, the failure to perform shall be excused by the occurrence of such event of Force Majeure. A Party claiming that its performance is excused by an event of Force Majeure shall, promptly after the occurrence of such event of Force Majeure, notify the other Party of the nature, date of inception and expected duration of such event of Force Majeure and the extent to which the Party expects that the event will delay, prevent or hinder the Party from performing its obligations under this Agreement. The notifying Party shall thereafter use its best effort to eliminate such event of Force Majeure and mitigate its effects.

 
  
 	 16.2. 
	 The affected Party shall use reasonable diligence to remove the event of Force Majeure, and shall keep the other Party informed of all significant developments.

	  
	  

	 16.3. 
	 Except in the case of an event of Force Majeure, neither party may terminate this Agreement prior to its expiry date.

 
  
 17. Entire Agreement and Amendment
  
 This Agreement, constitutes the entire agreement of the Parties hereto and can only be amended with the written consent of both Parties or otherwise as mutually agreed by both Parties.
  
 18. Assignment
  
 	 18.1. 
	 Bitmain may freely assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part to its Affiliates or to any third party. The Purchaser may not assign or transfer any of its rights, benefits or obligations under this Agreement in whole or in part without Bitmain’s prior written consent.

	  
	  

	 18.2. 
	 This Agreement shall be binding upon and enure to the benefit of each Party to this Agreement and its successors in title and permitted assigns.

 
  
 19. Severability
  
 To the extent possible, if any provision of this Agreement is held to be illegal, invalid or unenforceable in whole or in part by a court, the provision shall apply with whatever deletion or modification is necessary so that such provision is legal, valid and enforceable and gives effect to the commercial intention of the Parties. The remaining provisions of this Agreement shall not be affected and shall remain in full force and effect.
  
 	 
	17/26
	

	 

 
  
 20. Personal Data
  
 Depending on the nature of the Purchaser’s interaction with Bitmain, some examples of personal data which Bitmain may collect from the Purchaser include the Purchaser’s name and identification information, contact information such as the Purchaser’s address, email address and telephone number, nationality, gender, date of birth, and financial information such as credit card numbers, debit card numbers and bank account information.
  
 Bitmain generally does not collect the Purchaser’s personal data unless (a) it is provided to Bitmain voluntarily by the Purchaser directly or via a third party who has been duly authorized by the Purchaser to disclose the Purchaser’s personal data to Bitmain (the Purchaser’s “authorized representative”) after (i) the Purchaser (or the Purchaser’s authorized representative) has been notified of the purposes for which the data is collected, and (ii) the Purchaser (or the Purchaser’s authorized representative) has provided written consent to the collection and usage of the Purchaser’s personal data for those purposes, or (b) collection and use of personal data without consent is permitted or required by related laws. Bitmain shall seek the Purchaser’s consent before collecting any additional personal data and before using the Purchaser’s personal data for a purpose which has not been notified to the Purchaser (except where permitted or authorized by law).
  
 21. Conflict with the Terms and Conditions
  
 In the event of any ambiguity or discrepancy between the Clauses of this Agreement and the Terms and Conditions from time to time, it is intended that the Clauses of this Agreement shall prevail and the Parties shall comply with and give effect to this Agreement.
  
 22. Governing Law and Dispute Resolution
  
 	 22.1. 
	 This Agreement shall be solely governed by and construed in accordance with the laws of Hong Kong.

	  
	  

	 22.2. 
	 Any dispute, controversy, difference or claim arising out of or relating to this Agreement, including the existence, validity, interpretation, performance, breach or termination hereof or any dispute regarding non-contractual obligations arising out of or relating to this Agreement shall be referred to and finally resolved by arbitration administered by the Hong Kong International Arbitration Center under the UNCITRAL Arbitration Rules in force when the notice of arbitration is submitted. The decision and awards of the arbitration shall be final and binding upon the parties hereto.

 
  
 	 
	18/26
	

	 

 
  
 23. Waiver
  
 Failure by either Party to enforce at any time any provision of this Agreement, or to exercise any election of options provided herein shall not constitute a waiver of such provision or option, nor affect the validity of this Agreement or any part hereof, or the right of the waiving Party to thereafter enforce each and every such provision or option.
  
 24. Counterparts and Electronic Signatures
  
 This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement, and all of which, when taken together, will be deemed to constitute one and the same agreement. The facsimile, email or other electronically delivered signatures of the Parties shall be deemed to constitute original signatures, and facsimile or electronic copies hereof shall be deemed to constitute duplicate originals.
  
 25. Further Assurance
  
 Each Party undertakes to the other Party to execute or procure to be executed all such documents and to do or procure to be done all such other acts and things as may be reasonable and necessary to give all Parties the full benefit of this Agreement.
  
 26. Third Party Rights
  
 A person who is not a Party to this Agreement has no right under the Contracts (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) to enforce or to enjoy the benefit of any term of this Agreement.
  
 27. Liquidated Damages Not Penalty
  
 It is expressly agreed that any liquidated damages payable under this Agreement do not constitute a penalty and that the Parties, having negotiated in good faith for such specific liquidated damages and having agreed that the amount of such liquidated damages is reasonable in light of the anticipated harm caused by the breach related thereto and the difficulties of proof of loss and inconvenience or non feasibility of obtaining any adequate remedy, are estopped from contesting the validity or enforceability of such liquidated damages.
  
 (The rest part of the page is intentionally left in blank)
  
 	 
	19/26
	

	 

 
    
 Signed for and on behalf of Bitmain
   
 	 	 Bitmain Technologies Limited
	
	 	 	 	 
		Signature		
	  
	 Title 
		 
	 	 	 	 

 
  
 Signed for and on behalf of the Purchaser
  
 	 	 Integrated Ventures Inc
	
	 	 	 	 
		Signature		
	  
	 Title 
		 
	 	 	 	 

 
  
 	 
	20/26
	

	 

 
  
 APPENDIX A
  
 1. Products:
  
 	 1.1. 
	 The information (including but not limited to the quantity, rated hashrate, estimated unit price (“Unit Price”), estimated total price (“Total Price (One Item)”), total price for all the items (“Total Purchase Price”) of Products to be purchased by Party B from Party A is as follows (“Products”):

	  
	  

	 1.1.1 
	 Product Type

 
   
 	 Type
	  
 Details
  

	 Product Name
	  
 Super Computing Server,S19j Pro
  

	 Rated hashrate / unit
	  
 ~100TH/s
  

	 Rated power / unit
	  
 ~2950W
  

	 J/T@25°C environment temperature
	  
 ~29.5
  

	 Description
	  
 1.Bitmain undertakes that the error range of “J/T@25°C environment temperature” does not exceed 10%.
  
 2.“Rated hashrate / unit” and “rated power / unit” are for reference only and may defer from each batch or unit. Bitmain makes no representation on “Rated hashrate / unit” and “rated power / unit .
  
 3.Purchaser shall not reject the Products on the grounds that the actual parameters of the delivered Products are not in consistence with the reference indicators.
  

 
  
 	 
	21/26
	

	 

 
  
 	 1.1.2 
	The estimated delivery schedule, reference quantity, total rated hashrate, unit price and total price are as follows:

 
  
 	 Batch
	 Product 
 Name
	 Shipping 
 Schedule
	 Reference 
 Quantity
	 Total Rated 
 Hashrate
 (T)
	 Price 
 (US$/T)
	 Unit Price 
 (US$)
	 Total Price
 (US$)

	  
 1
	 Hash Super 
 Computing
 Server,
  
 S19j pro
	  
 August 2021
	  
 400
	  
 40,000
	  
 83.77
	  
 8,377
	  
 3,350,800

	  
 2
	  
 September 2021
	  
 400
	  
 40,000
	  
 83.77
	  
 8,377
	  
 3,350,800

	  
 3
	  
 October 2021
	  
 400
	  
 40,000
	  
 83.77
	  
 8,377
	  
 3,350,800

	  
 4
	  
 November 2021
	  
 400
	  
 40,000
	  
 77.01
	  
 7,701
	  
 3,080,400

	  
 5
	  
 December 2021
	  
 400
	  
 40,000
	  
 77.01
	  
 7,701
	  
 3,080,400

	  
 6
	  
 January 2022
	  
 400
	  
 40,000
	  
 77.01
	  
 7,701
	  
 3,080,400

	  
 7
	  
 February 2022
	  
 400
	  
 40,000
	  
 64.85
	  
 6,485
	  
 2,594,000

	  
 8
	  
 March 2022
	  
 400
	  
 40,000
	  
 64.85
	  
 6,485
	  
 2,594,000

	  
 9
	  
 April 2022
	  
 400
	  
 40,000
	  
 64.85
	  
 6,485
	  
 2,594,000

	  
 10
	  
 May 2022
	  
 400
	  
 40,000
	  
 58.10
	  
 5,810
	  
 2,324,000

	  
 11
	  
 June 2022
	  
 400
	  
 40,000
	  
 58.10
	  
 5,810
	  
 2,324,000

	  
 12
	  
 July 2022
	  
 400
	  
 40,000
	  
 58.10
	  
 5,810
	  
 2,324,000

 
  
 Total price of the Products listed above:
 Total Purchase Price (tax exclusive): US$34,047,600 
  
 Tax: US$0
  
 Total Purchase Price (tax inclusive): US$34,047,600
  
 	 1.2. 
	 Both Parties confirm and agree that Bitmain may adjust the total quantity based on the total hashrate provided that the total hashrate of the Product(s) actually delivered by Bitmain to the Purchaser shall not be less than the total rated hashrate agreed in Article 1.1 of this Appendix A. Bitmain makes no representation that the quantity of the actually delivered Products shall be the same as the quantity set forth in Article 1.1. of this Appendix A.

 
  
 	 
	22/26
	

	 

 
   
 	 1.3. 
	 In the event that Bitmain publishes any new type of products with less J/T value and suspends the production of the type of the Products as agreed in this Agreement, Bitmain shall be entitled to release itself from any future obligation to deliver any subsequent Products by [10]-day prior notice to the Purchaser and continue to deliver new types of Products, the total rated hashrate of which shall be no less than such subsequent Products cancelled under this Agreement and the price of which shall be adjusted in accordance with the J/T value. In the event that the Purchaser explicitly refuses to accept new types of Products, the Purchaser is entitled to request for a refund of the remaining balance of the purchase price already paid by the Purchaser together with an interest at 0.0333% per day on such balance for the period from the next day following the payment date of such balance to the date immediately prior to the date of request of refund. If the Purchaser accepts the new types of Products delivered by Bitmain, Bitmain shall be obliged to deliver such new types of Products to fulfill its obligations under this Agreement. The Purchaser may request to lower the actual total hashrate of the Products delivered but shall not request to increase the actual total hashrate to the level exceeding the total rated hashrate as set out in this Agreement. After Bitmain publishes new types of Products and if Bitmain has not suspended the production of the types of Products under this Agreement, Bitmain shall continue to delivery such agreed types of Products in accordance with this Agreement and the Purchaser shall not terminate this Agreement or refuse to accept the Products on the grounds that Bitmain has published new type(s) of Products.

 
  
 2. Cargo insurance coverage limitations:
  
 The cargo insurance coverage provided by Bitmain is subject to the following limitations and exceptions:
  
 Exclusions:
  
 	  
	 - 
	 loss damage or expense attributable to willful misconduct of the Assured

	  
	  
	  

	  
	 - 
	 ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured

	  
	  
	  

	  
	 - 
	 loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter insured (for the purpose of this Clause, “packing” shall be deemed to include stowage in a container or liftvan but only when such stowage is carried out prior to attachment of this insurance or by the Assured or their servants)

	  
	  
	  

	  
	 - 
	 loss damage or expense caused by inherent vice or nature of the subject-matter insured

	  
	  
	  

	  
	 - 
	 loss damage or expense proximately caused by delay, even though the delay be caused by a risk insured against (except expenses payable)

	  
	  
	  

	  
	 - 
	 loss damage or expense arising from insolvency or financial default of the owners managers charterers or operators of the vessel

 
  
 	 
	 23/26

	

	 

 
    
 	  
	 - 
	 loss, damage, or expense arising from the use of any weapon of war employing atomic or nuclear fission, and/or fusion or other like reaction or radioactive force or matter.

	  
	  
	  

	  
	 - 
	 Loss, damage or expense arising from unseaworthiness of vessel or craft, unfitness of vessel craft conveyance container or liftvan for the safe carriage of the subject-matter insured, where the Assured or their servants are privy to such unseaworthiness or unfitness, at the time the subject-matter insured is loaded therein.

	  
	  
	  

	  
	 - 
	 The Underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the subject-matter insured to destination, unless the Assured or their servants are privy to such unseaworthiness or unfitness.

	  
	  
	  

	  
	 - 
	 Loss, damage or expense caused by (1) war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom, or any hostile act by or against a belligerent power, (2) capture, seizure, arrest, restraint or detainment (piracy excepted), and the consequences thereof or any attempt threat, (3) derelict mines, torpedoes, bombs, or other derelict weapons of war.

	  
	  
	  

	  
	 - 
	 Loss, damage, or expense caused by strikers, locked-out workmen, or persons taking part in labor disturbances, riots or civil commotion, resulting from strikes, lock-outs, labor disturbances, riots or civil commotions, caused by any terrorist or any person acting from a political motive.

 
   
 3. Bitmain’s BANK ACCOUNT info:
  
 	  
	 Company Name:Bitmain Technologies Limited
  
 Company address : FLAT/RM A1 11/F SUCCESS COMMERCIAL BUILDING 245-251 HENNESSY ROAD HK
  
 Account No. :
  
 Bank name :
  
 Bank address:
  
 Swift Code :
  
 ABA CODE:                         (for US local payment) 

	  
	  

	 4. 
	 The payment shall be arranged by the Purchaser as Appendix B.

	  
	  

	 5. 
	 At any time prior to the delivery, Bitmain is entitled to, by written notice, request the Purchaser to enter into a separate purchase agreement and Bitmain and the Purchaser, if so requested, shall cooperate with Bitmain to enter into such purchase agreement and shall pay the outstanding price for the Products in accordance with the terms and conditions of this Agreement, failing which Bitmain is entitled to request the Purchaser to continue to perform its obligations under this Agreement.

 
  
 	 
	24/26
	

	 

 
   
 	 6. 
	 The Purchaser shall pay [25%] of the Total Purchase Price as down payment to Bitmain within seven (7) days after the signing of this Agreement, with the remaining being settled in accordance with the payment schedule set forth in this Agreement.

	  
	  

	 7. 
	 Without prejudice to the above, the unit price and the Total Purchase Price of the Product(s) and any amount paid by the Purchaser shall be all denominated in USD. Where the Parties agree that the payments shall be made in cryptocurrencies, the exchange rate between the USD and the cryptocurrency selected shall be determined and calculated as follows: (1) in the event that the Purchaser pays for any order placed on Bitmain’s official website (the “Website”, http://www.bitmain.com) which is valid and has not been fully paid yet, the exchange rate between the USD and the cryptocurrency fixed in such placed Order shall apply, or (2) in any other case, the real time exchange rate between the USD and the cryptocurrency displayed on the Website upon payment shall apply. The exchange rate between the USD and the cryptocurrency shall be fixed according to this provision. In any circumstance, the Purchaser shall not ask for any refund due to the change of exchange rate.

 
  
 	 
	25/26
	

	 

 
  
 APPENDIX B
  
 	 Payment
 Percentage
	  
 Payment Date
	  
 Note
	 Example (Assuming this
 Agreement is signed on April 12.)

	 At least 25%
	 seven (7) days after signing of this
 Agreement
  
	 25% of the Total Purchase Price
	 25% of the Total Purchase Price shall be paid by April 19

	 At least 35%
	 six (6) months prior to the shipment
	 35% per month of a single batch
	 35% of the price for August/September/October/Novembe r batch shall be paid by May 30;
 35% of the price for December batch shall be paid by June 30; etc.
  

	 The remaining 40%
	 one (1) month prior to the shipment
	 40% per month of a single batch
	 40% of the price for August batch shall be paid by June 30;
 40% of the price for September batch
 shall be paid by July 30; etc.

 
  
 	 
	26/26Exhibit 10.1

 

 

 

Securities
Purchase Agreement

 

By
and Among

 

Clubhouse
Media Group, Inc.

 

And

 

Eagle
Equities LLC

 

Dated
as of April 13, 2021

 

 

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	Article
    I.	DEFINITIONS	1
	 	 	 	 
	 	Section
    1.01	Definitions.	1
	 	Section
    1.02	Interpretive
    Provisions.	2
	 	 	 	
	Article
    II.	PURCHASE
    AND SALE; AGREEMENTS	3
	 	 	 	 
	 	Section
    2.01	Purchase
    and Sale.	3
	 	Section
    2.02	Deliverables
    at Closing.	3
	 	Section
    2.03	Closing.	3
	 	Section
    2.04	Use
    of Proceeds.	4
	 	 	 	 
	Article
    III.	REPRESENTATIONS
    AND WARRANTIES OF THE COMPANY	4
	 	 	 	 
	 	Section
    3.01	Authorization
    of Transactions.	4
	 	Section
    3.02	Governmental
    Approvals; Non-contravention.	4
	 	Section
    3.03	Brokers.	4
	 	 	 	 
	Article
    IV.	REPRESENTATIONS
    AND WARRANTIES OF BUYER	5
	 	 	 	
	 	Section
    4.01	Authorization
    of Transactions.	5
	 	Section
    4.02	Governmental
    Approvals; Non-contravention.	5
	 	Section
    4.03	Investment
    Representations.	5
	 	Section
    4.04	Brokers.	6
	 	 	 	
	Article
    V.	INDEMNIFICATION	6
	 	 	 	
	 	Section
    5.01	General
    Indemnification.	6
	 	Section
    5.02	Procedures
    for Indemnification.	6
	 	Section
    5.03	Payment.	6
	 	Section
    5.04	Effect
    of Knowledge on Indemnification.	7
	 	 	 	
	Article
    VI.	MISCELLANEOUS	7
	 	 	 	
	 	Section
    6.01	Notices.	7
	 	Section
    6.02	Attorneys’
    Fees	8
	 	Section
    6.03	Amendments;
    No Waivers; No Third-Party Beneficiaries.	8
	 	Section
    6.04	Expenses.	8
	 	Section
    6.05	Further
    Assurances.	8
	 	Section
    6.06	Successors
    and Assigns; Benefit.	9
	 	Section
    6.07	Governing
    Law; Etc.	9
	 	Section
    6.08	Survival.	10
	 	Section
    6.09	Severability.	10
	 	Section
    6.10	Entire
    Agreement.	10
	 	Section
    6.11	Specific
    Performance.	10
	 	Section
    6.12	Construction.	10
	 	Section
    6.13	Counterparts.	10

 

	Exhibit
    A 	Form
    of Promissory Note

 

    	i

     

    

 

SECURITIES
PURCHASE AGREEMENT

 

This
Securities Purchase Agreement (this “Agreement”) is entered into as of April 13, 2021 (the “Closing Date”),
by and among Clubhouse Media Group, Inc., a Nevada corporation (the “Company”) and Eagle Equities LLC, a Nevada limited
liability company (“Buyer”). The Company and the Buyer may be collectively referred to herein as the “Parties”
and individually as a “Party”.

 

WHEREAS,
the Company desires to issue and sell to the Buyer a convertible promissory note of the Company and certain shares of common stock,
par value $0.001 per share of the Company (the “Common Stock”) on the terms set forth herein and the Buyer wishes
to purchase such securities on the terms and conditions provided for herein and the Parties desire to undertake the other actions
and enter into the other agreements as set forth herein;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

Article
I. DEFINITIONS

 

Section
1.01 Definitions. In addition to the terms defined elsewhere in this Agreement, the following terms, as used herein,
have the following meanings:

 

	 	(a)	“Affiliate”
    means, with respect to a specified Person, any other Person that directly or indirectly Controls, is Controlled by or is under
    common Control with, the specified Person.
	 	 	 
	 	(b)	“Business
    Day” means any day except Saturday, Sunday and any legal holiday or a day on which banking institutions in Nevada generally
    are authorized or required by Law or other governmental actions to close.
	 	 	 
	 	(c)	“Contract”
    means any contract, commitment, understanding or agreement (whether oral or written).
	 	 	 
	 	(d)	“Control”
    means (a) the possession, directly or indirectly, of the power to vote 10% or more of the securities or other equity interests
    of a Person having ordinary voting power, (b) the possession, directly or indirectly, of the power to direct or cause the
    direction of the management and policies of a Person, by contractor otherwise, or (c) being a director, officer, executor,
    trustee or fiduciary (or their equivalents) of a Person or a Person that controls such Person.
	 	 	 
	 	(e)	“Governmental
    Entity” means any federal, state, municipal, local or foreign government and any court, tribunal, arbitral body, administrative
    agency, department, subdivision, entity, commission or other governmental, government appointed, quasi-governmental or regulatory
    authority, reporting entity or agency, domestic, foreign or supranational.
	 	 	 
	 	(f)	“Law”
    means any applicable foreign, federal, state or local law (including common law), statute, treaty, rule, directive, regulation,
    ordinances and similar provisions having the force or effect of law or an Order of any Governmental Entity.

 

    	1

     

    

 

	 	(g)	“Liabilities”
    means liabilities, obligations or responsibilities of any nature whatsoever, whether direct or indirect, matured or un-matured,
    fixed or unfixed, known or unknown, asserted or un asserted, choate or inchoate, liquidated or unliquidated, secured or unsecured,
    absolute, contingent or otherwise, including any direct or indirect indebtedness, guaranty, endorsement, claim, loss, damage,
    deficiency, cost or expense.
	 	 	 
	 	(h)	“Lien”
    means, with respect to any property or asset, any lien, security interest, mortgage, pledge, charge, claim, lease, agreement,
    right of first refusal, option, limitation on transfer or use or assignment or licensing, restrictive easement, charge or
    any other restriction of any kind, and any conditional sale or voting agreement or proxy, and including any restriction on
    the ownership, use, voting, transfer, possession, receipt of income or other exercise of any attributes of ownership, in respect
    of such property or asset, and any agreement to give any of the foregoing.
	 	 	 
	 	(i)	“Losses”
    means any losses, damages, deficiencies, Liabilities, assessments, fines, penalties, judgments, actions, claims, costs, disbursements,
    fees, expenses or settlements of any kind or nature, including legal, accounting and other professional fees and expenses.
	 	 	 
	 	(j)	“Order”
    means any judgment, writ, decree, determination, award, compliance agreement, settlement agreement, injunction, ruling, charge,
    judicial or administrative order, determination or other restriction of any Governmental Entity or arbitrator.
	 	 	 
	 	(k)	“Person”
    means a natural person, a corporation, a limited liability company, a partnership, an association, a trust or any other entity
    or organization, including a government or political subdivision or any agency or instrumentality thereof.
	 	 	 
	 	(l)	“Securities
    Act” means the United States Securities Act of 1933, as amended, and the rules and regulation promulgated thereunder.
	 	 	 
	 	(m)	“Transactions”
    means the purchase and sale of the Securities and the other transactions contemplated under the Transaction Documents.
	 	 	 
	 	(n)	“Transaction
    Documents” means this Agreement, the Note and any other agreement, document, certificate or writing delivered or to
    be delivered in connection with this Agreement and any other document related to the Transactions related to the forgoing,
    including, without limitations, those delivered at the Closing.

 

Section
1.02 Interpretive Provisions. Unless the express context otherwise requires, the words “hereof,” “herein,”
and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; terms defined in the singular shall have a comparable meaning when used
in the plural, and vice versa; the terms “Dollars” and “$” mean United States Dollars, unless otherwise
specified herein; references herein to a specific Section, Subsection, Recital or Exhibit shall refer, respectively, to Sections,
Subsections, Recitals or Exhibits of this Agreement; wherever the word “include,” “includes,” or “including”
is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; references herein
to any gender shall include each other gender; references herein to any Person shall include such Person’s heirs, executors,
personal representatives, administrators, successors and assigns; provided, however, that nothing contained in this Section 1.02
is intended to authorize any assignment or transfer not otherwise permitted by this Agreement; references herein to a Person in
a particular capacity or capacities shall exclude such Person in any other capacity; references herein to any contract or agreement
(including this Agreement) mean such contract or agreement as amended, supplemented or modified from time to time in accordance
with the terms thereof; with respect to the determination of any period of time, the word “from” means “from
and including” and the words “to” and “until” each means “to but excluding”; references
herein to any Law or any license mean such Law or license as amended, modified, codified, reenacted, supplemented or superseded
in whole or in part, and in effect from time to time; and references herein to any Law shall be deemed also to refer to all rules
and regulations promulgated thereunder.

 

    	2

     

    

 

Article
II. PURCHASE AND SALE; AGREEMENTS

 

Section
2.01 Purchase and Sale.

 

	 	(a)	Subject
    to the terms and conditions of this Agreement, at the Closing (as defined below), the Company shall issue and sell to Buyer
    a convertible promissory note of the Company in the form as attached hereto as Exhibit A (the “Note”) in the aggregate
    principal amount of $1,100,000 for a purchase price of $1,000,000.00 (the “Purchase Price”), reflecting a $100,000
    original issue discount.
	 	 	 
	 	(b)	Subject
    to the terms and conditions of this Agreement, at the Closing, the Company shall issue and sell to Buyer 165,000 shares of
    Common Stock of the Company (the “Shares” and, together with the Note, the “Securities”) at a purchase
    price of $0.001 per Share, for a resulting total purchase price of $165.00 (the “Share Purchase Price” and, together
    with the Note Purchase Price, the “Purchase Price”).

 

Section
2.02 Deliverables at Closing.

 

	 	(a)	At the Closing, Buyer shall deliver to the Company:

 

	 	(i)	The
    Purchase Price via a check payable to the Company or wire transfer pursuant to the wire transfer instructions as provided
    by the Company to Buyer, provided, however, that the Parties acknowledge and agree that the Company has agreed to pay $10,000
    to the directly to Buyer’s counsel, as instructed on the disbursement memo, paid at the Closing; and
	 	 	 
	 	(ii)	a
    copy of the Note, duly executed by an authorized officer of the Buyer.

 

	 	(b)	At the Closing, the Company shall:

 

	 	(i)	Deliver
    to the Buyer a copy of the Note, duly executed by an authorized officer of the Company; and
	 	 	 
	 	(ii)	Issue
    the Shares to the Buyer and take such actions as required to cause the Buyer to be recorded as the beneficial and record holder
    of the Shares.

 

Section
2.03 Closing. On the terms set forth herein, the closing of the Transactions (the “Closing”) shall take place
by conference call and electronic communication (i.e., emails/pdf) or facsimile, with exchange of original signatures to follow
by mail, on the Closing Date and effective as of 11:59 p.m. Eastern time, on such date.

 

    	3

     

    

 

Section
2.04 Use of Proceeds. The Company covenants and agrees that it shall utilize the Purchase Price to pay for auditing fees
and other necessary costs to get the Company’s SEC filings up to date and compliant, and to pay for legal, organizational
and marketing costs for a planned Regulation A offering.

 

Article
III. REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The
Company represents and warrants to Buyer that the following representations and warranties contained in this Article III are true
and correct as of the Closing Date:

 

Section 3.01 Authorization
of Transactions. The Company is a corporation duly authorized and in good standing in the State of Nevada and has the requisite
power and capacity to execute and deliver the Transaction Documents to which it is a party and to perform its obligations hereunder
and thereunder. The execution, delivery and performance by the Company of the applicable Transaction Documents and the consummation
of the Transactions have been duly and validly authorized by all requisite action on the part of the Company. The Transaction
Documents to which the Company is a party have been duly and validly executed and delivered by The Company. Each Transaction Document
to which the Company is a party constitutes the valid and legally binding obligation of the Company, enforceable against the Company
in accordance with its terms and conditions, except to the extent enforcement thereof may be limited by applicable bankruptcy,
insolvency or other Laws affecting the enforcement of creditors’ rights or by the principles governing the availability
of equitable remedies.

 

Section
3.02 Governmental Approvals; Non-contravention.

 

	 	(a)	No
    consent, Order, action or non-action of, or filing, notification, declaration or registration with, any Governmental Entity
    or Person is necessary for the execution, delivery or performance by the Company of this Agreement or any other Transaction
    Document to which the Company is a party.
	 	 	 
	 	(b)	The
    execution, delivery and performance by the Company of the Transaction Documents to which the Company is a party, and the consummation
    by the Company of the Transactions, do not (i) violate or conflict with any Law or Order to which the Company may be subject,
    (ii) constitute a violation or breach of, be in conflict with, constitute or create (with or without due notice or lapse of
    time or both) a default (or give rise to any right of termination, modification, cancellation or acceleration) of any obligation
    under any Contract to which the Company is a party or to which the Company is subject or by which the Company’s properties,
    assets or rights are bound or (iii) result in the creation or imposition of any Lien upon any of the rights, properties or
    assets of the Company.

 

Section 3.03 Brokers.
Other than Boustead Securities, LLC, the Company has not engaged, or caused to be incurred any Liability or obligation to,
any investment banker, finder, broker or sales agent or any other Person in connection with the origin, negotiation, execution,
delivery or performance of the Transaction Documents to which it is a party, or the Transactions.

 

    	4

     

    

 

Article
IV. REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer
represents and warrants to the Company that the following statements contained in this Article IV are true and correct as of the
Closing Date:

 

Section 4.01 Authorization
of Transactions. Buyer is a limited liability company, duly qualified under the laws of the State of Nevada, and has the requisite
power and capacity to execute and deliver the Transaction Documents to which it is a party and to perform its obligations hereunder
and thereunder. The execution, delivery and performance by Buyer of the applicable Transaction Documents and the consummation
of the Transactions have been duly and validly authorized by all requisite action on the part of Buyer. The Transaction Documents
to which Buyer is a party have been duly and validly executed and delivered by Buyer. Each Transaction Document to which Buyer
is a party constitutes the valid and legally binding obligation of Buyer, enforceable against Buyer in accordance with its terms
and conditions, except to the extent enforcement thereof may be limited by applicable bankruptcy, insolvency or other Laws affecting
the enforcement of creditors’ rights or by the principles governing the availability of equitable remedies.

 

Section
4.02 Governmental Approvals; Non-contravention.

 

	 	(a)	No
    consent, Order, action or non-action of, or filing, notification, declaration or registration with, any Governmental Entity
    is necessary for the execution, delivery or performance by Buyer of this Agreement or any other Transaction Document to which
    Buyer is a party.
	 	 	 
	 	(b)	The
    execution, delivery and performance by Buyer of the Transaction Documents to which Buyer is a party, and the consummation
    by Buyer of the Transactions, do not violate any Laws or Orders to which Buyer is subject or violate, breach or conflict with
    any provision of Buyer’s organizational documents.

 

Section 4.03 Investment
Representations.

 

	 	(a)	Buyer
    understands and agrees that the consummation of this Agreement including the delivery of the Securities as contemplated hereby
    constitute the offer and sale of securities under the Securities Act and applicable state statutes and that the Securities
    are being acquired for Buyer’s own account and not with a present view towards the public sale or distribution thereof,
    except pursuant to sales registered or exempted from registration under the Securities Act.
	 	 	 
	 	(b)	Buyer
    is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.
	 	 	 
	 	(c)	Buyer
    understands that the Securities are being offered and sold to Buyer in reliance upon specific exemptions from the registration
    requirements of United States federal and state securities Laws and that the Company is relying upon the truth and accuracy
    of, and Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of
    Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of Buyer to acquire the
    Securities.
	 	 	 
	 	(d)	At
    no time was Buyer presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement,
    or any other form of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection
    and concurrently with such communicated offer. Buyer is not purchasing the Securities acquired by Buyer hereunder as a result
    of any “general solicitation” or “general advertising,” as such terms are defined in Regulation D
    under the Securities Act, which includes, but is not limited to, any advertisement, article, notice or other communication
    regarding the Securities acquired by Buyer hereunder published in any newspaper, magazine or similar media or on the internet
    or broadcast over television, radio or the internet or presented at any seminar or any other general solicitation or general
    advertisement.

 

    	5

     

    

 

	 	(e)	Buyer
    is acquiring the Securities for its own account as principal, not as a nominee or agent, for investment purposes only, and
    not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part and no other person has
    a direct or indirect beneficial interest in the Securities. Further, Buyer does not have any contract, undertaking, agreement
    or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect
    to the Securities.
	 	 	 
	 	(f)	Buyer,
    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 Securities, and has so
    evaluated the merits and risks of such investment.
	 	 	 
	 	(g)	Buyer
    understands that no United States federal or state agency or any other governmental or state agency has passed on or made
    recommendations or endorsement of the Securities or the suitability of the investment in the Securities nor have such authorities
    passed upon or endorsed the merits of the transactions set forth herein.

 

Section
4.04 Brokers. Buyer has not engaged any investment banker, finder, broker or sales agent or any other Person in connection
with the origin, negotiation, execution, delivery or performance of any Transaction Document to which it is a party, or the Transactions.

 

Article
V. INDEMNIFICATION

 

Section 5.01 General
Indemnification. Each Party (the “Indemnifying Party”) agrees to indemnify, defend and hold harmless the other
Party and such other Party’s Affiliates and each of their respective directors, officers, managers, partners, employees,
agents, equity holders, successors and assigns (each, an “Indemnified Party”), from and against any and all Losses
incurred or suffered by any Indemnified Party arising out of, based upon or resulting from any breach of any representation or
warranty of the Indemnifying Party herein or breach by the Indemnifying Party of, or any failure the Indemnifying Party to perform,
any of the covenants, agreements or obligations contained in or made pursuant to this Agreement or the Transaction Documents by
the Indemnifying Party, other than Losses resulting from a misrepresentation of the Indemnified Party in this Agreement or the
gross negligence of the Indemnified Party.

 

Section
5.02 Procedures for Indemnification. In the event that an Indemnified Party shall incur or suffer any Losses in respect
of which indemnification may be sought under this Article V against the Indemnifying Party, the Indemnified Party shall assert
a claim for indemnification by providing a written notice (the “Notice of Loss”) to the Indemnifying Party stating
the nature and basis of such indemnification. The Notice of Loss shall be provided to the Indemnifying Party as soon as practicable
after the Indemnified Party becomes aware that it has incurred or suffered a Loss.

 

Section
5.03 Payment. Upon a determination of liability under this Article V the Indemnifying Party shall pay or cause to be
paid to the Indemnified Party the amount so determined within five (5) Business Days after the date of such determination. If
there should be a dispute as to the amount or manner of determination of any indemnity obligation owed under this Agreement,
the Indemnifying Party shall nevertheless pay when due such portion, if any, of the obligation that is not subject to
dispute. Upon the payment in full of any amounts due under this Article V with respect to any claim, the Indemnifying Party
shall be subrogated to the rights of the Indemnified Party against any Person with respect to the subject matter of such
claim.

 

    	6

     

    

 

Section 5.04 Effect
of Knowledge on Indemnification. The right to indemnification, reimbursement or other remedy based upon any representations,
warranties, covenants and obligations set forth in this Agreement shall not be affected by any investigation conducted with respect
to, or any knowledge acquired (or capable of being acquired) at any time, whether before or after the execution and delivery of
this Agreement, with respect to the accuracy or inaccuracy of or compliance with any such representation, warranty, covenant or
obligation. The waiver of any condition based upon the accuracy of any representation or warranty, or on the performance of or
compliance with any covenant or obligation, shall not affect the right to indemnification, reimbursement or other remedy based
upon such representations, warranties, covenants or obligations.

 

Article
VI. MISCELLANEOUS

 

Section
6.01 Notices.

 

	 	(a)	Any
    notice or other communications required or permitted hereunder shall be in writing and shall be sufficiently given if personally
    delivered to it or sent by email, overnight courier or registered mail or certified mail, postage prepaid, addressed as follows:

 

if
to the Company, to:

 

Clubhouse
Media Group, Inc.

Attn:
Amir Ben-Yohanan

201
Santa Monica Blvd., Suite 30

Santa
Monica, California 90401

Email:
amir_yoh@yahoo.com

 

With
a copy, which shall not constitute notice, to:

 

Anthony
L.G., PLLC

Attn:
John Cacomanolis

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Email:
jcacomanolis@anthonypllc.com

 

If
to the Buyer, to:

 

Eagle
Equities LLC

Attn:
Yakov Borenstein

390
Whalley Ave New Haven, CT 06511

Email:
yanky@ucapllc.com

 

	 	(b)	Any
    Party may change its address for notices hereunder upon notice to each other Party in the manner for giving notices hereunder.

 

    	7

     

    

 

	 	(c)	Any
    notice hereunder shall be deemed to have been given (i) upon receipt, if personally delivered, (ii) on the day after dispatch,
    if sent by overnight courier, (iii) upon dispatch, if transmitted by email with return receipt requested and received and
    (iv) three (3) days after mailing, if sent by registered or certified mail.

 

Section
6.02 Attorneys’ Fees. In the event that any Party institutes any action or suit to enforce this Agreement or to secure
relief from any default hereunder or breach hereof, the prevailing Party shall be reimbursed by the losing Party for all costs,
including reasonable attorney’s fees, incurred in connection therewith and in enforcing or collecting any judgment rendered
therein.

 

Section
6.03 Amendments; No Waivers; No Third-Party Beneficiaries.

 

	 	(a)	This
    Agreement may be amended, modified, superseded, terminated or cancelled, and any of the terms, covenants, representations,
    warranties or conditions hereof may be waived, only by a written instrument executed by both of the Parties.
	 	 	 
	 	(b)	Every
    right and remedy provided herein shall be cumulative with every other right and remedy, whether conferred herein, at law,
    or in equity, and may be enforced concurrently herewith, and no waiver by any Party of the performance of any obligation by
    another Party shall be construed as a waiver of the same or any other default then, theretofore, or thereafter occurring or
    existing.
	 	 	 
	 	(c)	Neither
    any failure or delay in exercising any right or remedy hereunder or in requiring satisfaction of any condition herein nor
    any course of dealing shall constitute a waiver of or prevent any Party from enforcing any right or remedy or from requiring
    satisfaction of any condition. No notice to or demand on a Party waives or otherwise affects any obligation of that Party
    or impairs any right of the Party giving such notice or making such demand, including any right to take any action without
    notice or demand not otherwise required by this Agreement. No exercise of any right or remedy with respect to a breach of
    this Agreement shall preclude exercise of any other right or remedy, as appropriate to make the aggrieved Party whole with
    respect to such breach, or subsequent exercise of any right or remedy with respect to any other breach.
	 	 	 
	 	(d)	Notwithstanding
    anything else contained herein, no Party shall seek, nor shall any Party be liable for, consequential, punitive or exemplary
    damages, under any tort, contract, equity, or other legal theory, with respect to any breach (or alleged breach) of this Agreement
    or any provision hereof or any matter otherwise relating hereto or arising in connection herewith.

 

Section
6.04 Expenses. Unless otherwise contemplated or stipulated by a Transaction Document, all costs and expenses incurred in
connection with this Agreement shall be paid by the Party incurring such cost or expense.

 

Section
6.05 Further Assurances. Following the Closing, each Party shall execute and deliver such documents and other papers and
take such further action as may be reasonably required to carry out the provisions of the Transaction Documents.

 

    	8

     

    

 

Section
6.06 Successors and Assigns; Benefit. The provisions of this Agreement shall be binding upon and inure to the benefit of
the Parties and their respective successors and assigns. No Party may assign, delegate or otherwise transfer any of its rights
or obligations under this Agreement without the written consent of the other Party. Other than as specifically set forth herein,
including in Article V, nothing in this Agreement shall confer on any Person other than the Parties, and their respective successors
and assigns, any rights, remedies, obligations, or Liabilities under or by reason of this Agreement.

 

Section
6.07 Governing Law; Etc.

 

	 	(a)	This
    Agreement, and all matters based upon, arising out of or relating in any way to the Transactions or the Transaction Documents,
    including all disputes, claims or causes of action arising out of or relating to the Transactions or the Transaction Documents
    as well as the interpretation, construction, performance and enforcement of the Transaction Documents, shall be governed by
    the laws of the United States and the State of Nevada, without regard to any jurisdiction’s conflict-of-laws principles.
	 	 	 
	 	(b)	ANY
    LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS OR THE CONTEMPLATED
    TRANSACTIONS SHALL BE INSTITUTED SOLELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF
    NEW YORK, AND/OR NEVADA, IN EACH CASE LOCATED IN NEW YORK, NEW YORK, OR IN NEVADA, AND EACH PARTY IRREVOCABLY SUBMITS TO THE
    PERSONAL JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING. THE PARTIES IRREVOCABLY AND UNCONDITIONALLY WAIVE
    ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE AND AGREE
    NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT
    IN AN INCONVENIENT FORUM.
	 	 	 
	 	(c)	EACH
    PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
    ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS, THE PERFORMANCE
    THEREOF OR THE FINANCINGS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
    CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
    OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
    OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
    IN THIS Section 6.07(c).
	 	 	 
	 	(d)	Each
    of the Parties acknowledge that each has been represented in connection with the signing of this waiver by independent legal
    counsel selected by the respective Party and that such Party has discussed the legal consequences and import of this waiver
    with legal counsel. Each of the Parties further acknowledge that each has read and understands the meaning of this waiver
    and grants this waiver knowingly, voluntarily, without duress and only after consideration of the consequences of this waiver
    with legal counsel.

 

    	9

     

    

 

Section
6.08 Survival. The representations and warranties in this Agreement shall survive the Closing for a period of 12 months
from the Closing Date, and no claim for indemnification may be made after such time. All covenants and agreements in this Agreement,
and such provisions herein as required to give effect to the same, will survive until fully performed; provided, however, that,
nothing herein shall prevent a Party from making any claim hereunder, or relieve any other Party from any liability hereunder,
after such time for any breach thereof.

 

Section
6.09 Severability. If any provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of
law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect
so long as the economic or legal substance of the Transactions is not affected in any manner adverse to any Party. Upon such determination
that any provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the
Transactions are fulfilled to the extent possible.

 

Section
6.10 Entire Agreement. The Transaction Documents constitute the entire agreement between the Parties with respect to the
subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the Parties
with respect to the subject matter hereof and thereof.

 

Section
6.11 Specific Performance. Each Party agrees that irreparable damage would occur if any provision of this Agreement were
not performed in accordance with the terms hereof and that each Party shall be entitled to seek specific performance of the terms
hereof in addition to any other remedy at law or in equity.

 

Section
6.12 Construction. The table of contents and headings contained in this Agreement are for reference purposes only and will
not affect in any way the meaning or interpretation of this Agreement. In the event of a conflict between language or amounts
contained in the body of this Agreement and language or amounts contained in the Exhibits attached hereto, the language or amounts
in the body of the Agreement shall control. References to Articles or Sections shall refer to those portions of this Agreement.
The use of the terms “hereunder,” “hereof,” “hereto” and words of similar import shall refer
to this Agreement as a whole and not to any particular Article, Section or clause of or Exhibit to this Agreement.

 

Section
6.13 Counterparts. This Agreement may be executed in two or more counterparts, all of which shall be considered one and
the same agreement and shall become effective when counterparts have been signed by each of the Parties and delivered to the other
Parties, it being understood that each Party need not sign the same counterpart. A facsimile copy or electronic transmission of
a signature page shall be deemed to be an original signature page.

 

[Signature
page follows]

 

    	10

     

    

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the Closing Date.

 

	 	Clubhouse
    Media Group, Inc.
	 	 
	 	By:	/s/
    Christopher Young
	 	Name:	Christopher
    Young
	 	Title:	President
	 	 
	 	Eagle
    Equities LLC
	 	 
	 	By:	/s/
    Yakov Borentsein
	 	Name:	Yakov
    Borentsein
	 	Title:	Managing
    Member

 

    	11

     

    

 

Exhibit
A

Promissory
Note

 

(Attached)

 

    	12

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