Document:

Exhibit 10.9

 

AGREEMENT TO DELIVER PROXIES AND

SHAREHOLDER SUPPORT

 

Effective Date: August 27, 2020

 

THIS AGREEMENT (the
 “Agreement”), dated this 27th day of August 2020 (herein “Effective Date”), is by and among
NorthEast Community Bancorp, MHC (the “MHC”), NorthEast Community Bancorp, Inc. (“NECB”),
and NorthEast Community Bank (the “Bank”, and collectively with, the MHC and NECB, “The NorthEast Entities”),
and Stilwell Activist Fund, L.P. (“Activist Fund”), Stilwell Activist Investments, L.P. (“Activist
Investments”), and Stilwell Partners, L.P. (“Stilwell Partners”), and Joseph Stilwell, an individual
(collectively, with Activist Fund, Activist Investments, and Stilwell Partners, “The Stilwell Group,” and each
individually, a “Stilwell Group Member”).

 

WHEREAS, the parties hereto agree
that it is in their mutual interests to enter this Agreement.

 

NOW THEREFORE, in
consideration of the representations, warranties, and agreements contained herein, and other good and valuable consideration, and
intending to be legally bound hereby, the parties mutually agree as follows:

 

1.            Representations and Warranties
of The Stilwell Group. The Stilwell Group represents and warrants as follows:

 

(a)               
The Stilwell Group has fully disclosed in Exhibit A to this Agreement the total number of shares of common stock
of NECB, par value $0.01 per share (“NECB Common Stock”), as to which it is the beneficial owner, and neither
The Stilwell Group, any Stilwell Group Member, nominee nor any of their affiliates has (i) a right to acquire any interest in any
capital stock of NECB, or (ii) a right to vote any shares of capital stock NECB other than as set forth in Exhibit A;

 

(b)               
Each Stilwell Group Member has full power and authority to enter into and perform their obligations under this Agreement,
and the execution and delivery of this Agreement by The Stilwell Group has been duly authorized by The Stilwell Group. This Agreement
constitutes a valid and binding obligation of The Stilwell Group and its affiliates and the performance of its terms will not constitute
a violation of any limited partnership agreement, operating agreement, bylaws, or any agreement or instrument to which The Stilwell
Group or any Stilwell Group Member is a party; and

 

(c)               
Other than as set forth herein, there are no arrangements, agreements or understandings concerning the subject matter of
this Agreement between The Stilwell Group and The NorthEast Entities.

 

2.          Representations
and Warranties of The NorthEast Entities. The NorthEast Entities represent and warrant as follows:

 

(a)       Each
of The NorthEast Entities has full power and authority to enter into and perform its obligations under this Agreement, and the
execution and delivery of this Agreement by The NorthEast Entities has been duly authorized by each of The NorthEast Entities.
This Agreement constitutes a valid and binding obligation of The NorthEast Entities and their affiliates and the performance of
its terms will not constitute a violation of their respective charters, bylaws, or any agreement or instrument to which The NorthEast
Entities or any affiliate thereof is a party; and

 

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(b)       Other
than as set forth herein, there are no arrangements, agreements or understandings concerning the subject matter of this Agreement
between The NorthEast Entities and The Stilwell Group.

 

3.       Covenants.
In the event that The NorthEast Entities determine to undertake a second-step conversion, following the completion of (i) a
public announcement by The NorthEast Entities of their intention to implement a second-step stock conversion, (ii) the procurement
of the required regulatory clearance/approval for a second-step conversion, and (iii) the reorganization of NECB into a fully public
stock holding company (the “second-step conversion”) (“Effective Date of the Covenants”):

 

(a)       The
Stilwell Group will, beginning on the Effective Date of the Covenants and continuing throughout the term of this Agreement, agree
not to do the following, and will secure the agreement of its affiliates not to do the following, directly or indirectly, alone
or in concert with any other person1.

 

(i)                
without NECB’s prior written consent, directly or indirectly, sell, transfer or otherwise dispose of any interest
in The Stilwell Group’s shares of NECB Common Stock to any person The Stilwell Group believes, after reasonable inquiry,
would be the beneficial owner after any such sale or transfer of more than 5% of the outstanding shares of NECB Common Stock;

 

(ii)              
solicit proxies or written consents or assist or participate in any other way in any solicitation of proxies or written
consents, or otherwise become a “participant” in a “solicitation,” in opposition to any recommendation
or proposal of NECB’s Board of Directors, or recommend or request or induce or attempt to induce any other person to take
any such actions, or seek to advise, encourage or influence any other person with respect to the voting of (or the execution of
a written consent in respect of) NECB Common Stock, or grant a proxy with respect to the voting of the capital stock of NECB to
any person or entity other than the Board of Directors of NECB;

 

(iii)            
initiate, propose, submit, encourage or otherwise solicit shareholders of NECB for the approval of one or more shareholder
proposals or the election of a person not supported by NECB’s Board of Directors to its Board of Directors or induce or attempt
to induce any other person to initiate any shareholder proposal, or seek election to, or seek to place a representative or other
affiliate or nominee on, the Board of Directors of any of The NorthEast Entities, or seek removal or resignation of any member
of the Board of Directors of any of The NorthEast Entities;

 

(iv)             
nominate or encourage for the election as director of any of The NorthEast Entities any person who is not approved for nomination
by the Board of Directors of any of The NorthEast Entities, or submit or encourage the submission of any shareholder proposal for
business at a meeting of NECB’s shareholders that is not supported by NECB’s Board of Directors;

 

(v)               
vote for any nominee or nominees for election to the Board of Directors of NECB other than those nominated or supported
by NECB’s Board of Directors;

 

(vi)              propose
or seek to effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange or other disposition of
substantially all the assets of, or other business combination involving, or a tender or exchange offer for securities of,
NECB or the Bank or any material portion of NECB’s or the Bank’s business or assets or any other type of
transaction that would result in a change in control of The NorthEast Entities (any such transaction described herein is a
 “Company Transaction” and any proposal or other action seeking to effect a Company Transaction as
described herein is a “Company Transaction Proposal”);

 

 

1For purposes of this Agreement,
references to NECB, The NorthEast Entities or NECB Common Stock include the new company resulting from the second-step conversion
and its common stock.

 

    2

     

    

 

(vii)           
seek to exercise any control or influence over the management of The NorthEast Entities or the Boards of Directors of The
NorthEast Entities or any of the businesses, operations or policies of The NorthEast Entities;

 

(viii)         
present to NECB, its shareholders or any third party any proposal constituting a Company Transaction or otherwise seek to
effect a change in control of The NorthEast Entities;

 

(ix)             
publicly suggest or announce its willingness or desire to engage in a transaction that would constitute a Company Transaction
or take any action that might require The NorthEast Entities to make a public announcement regarding any such Company Transaction;

 

(x)               
initiate, request, induce or encourage any other person to initiate any Company Transaction Proposal, or otherwise provide
assistance to any person who has made or is contemplating making, or enter into discussions or negotiations with respect to any
proposal constituting any Company Transaction Proposal;

 

(xi)             
form, join in or in any other way participate in a partnership, pooling agreement, syndicate, voting trust or other group
with respect to NECB Common Stock, or enter into any agreement or arrangement, for the purpose of acquiring, holding, voting or
disposing of NECB Common Stock;

 

(xii)           
join with or assist any person or entity in opposing, or make any statement in opposition to, any proposal or director nomination
submitted by NECB’s Board of Directors to a vote of NECB’s shareholders, or join with or assist any person or entity
in supporting or endorsing, or make any statement in favor of, any proposal submitted to a vote of NECB’s shareholders that
is opposed by NECB’s Board of Directors;

 

(xiii)         
disparage any of The NorthEast Entities or their affiliates or resulting companies that may be formed after the second-step
conversion or any of their directors, officers or employees in any public or quasi-public forum; or

 

(xiv)         
except in connection with the enforcement of this Agreement, initiate or participate, by encouragement or otherwise, in
any litigation against The NorthEast Entities or their respective officers and directors, or in any derivative litigation on behalf
of The NorthEast Entities, except for testimony which may be required by law.

 

(b)       Beginning
on the Effective Date of the Covenants and continuing throughout the term of this Agreement, The Stilwell Group agrees, and will
secure the agreement of its affiliates, to: (i) vote all of the shares of NECB’s Common Stock beneficially owned by them
in favor of the nominees for election or re-election as directors of NECB selected by the Board of Directors of NECB and otherwise
support such director candidates; and vote all shares of NECB Common Stock beneficially owned by them in accordance with the recommendations
of NECB’s Board of Directors, including in favor of the approval of any stock incentive plan (“Stock Benefit Plan”)
submitted to shareholders for approval, and will not make any public statement in opposition to the proposal to approve the adoption
of the Stock Benefit Plan.

 

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4.         Notice of Breach and Remedies.

 

(a)               
The parties expressly agree that an actual or threatened breach of this Agreement by any party will give rise to irreparable
injury that cannot adequately be compensated by damages. Accordingly, in addition to any other remedy to which it may be entitled,
each party shall be entitled to seek a temporary restraining order or injunctive relief to prevent a breach of the provisions of
this Agreement or to secure specific enforcement of its terms and provisions. In the event either party institutes any legal action
to enforce such party's rights under, or recover damages for breach of, this Agreement, the prevailing party or parties in such
action shall be entitled to recover from the other party or parties all costs and expenses, including but not limited to reasonable
attorneys' fees, court costs, witness fees, disbursements and any other expenses of litigation or negotiation incurred by such
prevailing party or parties.

 

(b)               
The Stilwell Group and each Stilwell Group Member expressly agree that they will not be excused or claim to be excused from
performance under this Agreement as a result of any material breach by The NorthEast Entities unless and until The NorthEast Entities
are given written notice of such breach and thirty (30) business days either to cure such breach or seek relief in court. If any
of The NorthEast Entities seek relief in court, The Stilwell Group and each Stilwell Group Member irrevocably stipulate that any
failure to perform by The Stilwell Group and/or any Stilwell Group Member or any assertion by The Stilwell Group and/or any Stilwell
Group Member that they are excused from performing their obligations under this Agreement would cause any of The NorthEast Entities
irreparable harm, that The NorthEast Entities shall not be required to provide further proof of irreparable harm in order to obtain
equitable relief and that The Stilwell Group and each Stilwell Group Member shall not deny or contest that such circumstances would
cause The NorthEast Entities irreparable harm. If, after such thirty (30) business day period, The NorthEast Entities have not
either reasonably cured such material breach or obtained relief in court, The Stilwell Group or each Stilwell Group Member may
terminate this Agreement by delivery of written notice to The NorthEast Entities.

 

(c)               
The NorthEast Entities expressly agree that they will not be excused or claim to be excused from performance under this
Agreement as a result of any material breach by The Stilwell Group or any Stilwell Group Member unless and until The Stilwell Group
and each Stilwell Group Member is given written notice of such breach and thirty (30) business days either to cure such breach
or seek relief in court. If The Stilwell Group or any Stilwell Group Member seeks relief in court, The NorthEast Entities irrevocably
stipulate that any failure to perform by The NorthEast Entities or any assertion by The NorthEast Entities that they is excused
from performing their obligations under this Agreement would cause The Stilwell Group and each Stilwell Group Member irreparable
harm, that The Stilwell Group or any Stilwell Group Member shall not be required to provide further proof of irreparable harm in
order to obtain equitable relief and that The NorthEast Entities shall not deny or contest that such circumstances would cause
The Stilwell Group and each Stilwell Group Member irreparable harm. If, after such thirty (30) business day period, The Stilwell
Group or The Stilwell Group Member has not either reasonably cured such material breach or obtained relief in court, The NorthEast
Entities may terminate this Agreement by delivery of written notice to The Stilwell Group and each Stilwell Group Member.

 

5.          Term. This
Agreement shall be effective for five (5) years from the Effective Date and, therefore, will remain in effect until August
27, 2025.

 

6.          Publicity. Any
press release or publicity with respect to this Agreement or any provisions hereof shall be jointly prepared and issued by
the parties hereto. During the term of this Agreement, no party to this Agreement shall cause, discuss, cooperate or
otherwise aid in the preparation of any press release or other publicity concerning any other party to this Agreement or its
operations without the prior approval of such other party, which approval shall not be unreasonably withheld, provided that
the parties shall be entitled to make such filings as each deems necessary to comply with applicable securities laws.

 

    4

     

    

 

7.           Notices. All notices, communications and deliveries required or permitted by this Agreement shall be made in
writing signed by the party making the same, shall specify the Section of this Agreement pursuant to which it is given or being
made and shall be deemed given or made (a) on the date delivered if delivered by telecopy or in person, (b) on the third Business
Day after it is mailed if mailed by registered or certified mail (return receipt requested) (with postage and other fees prepaid),
or (c) on the day after it is delivered, prepaid, to an overnight express delivery service that confirms to the sender delivery
on such day, as follows:

 

	The Stilwell Group:	Megan Parisi

c/o The Stilwell Group

111 Broadway, 12th Floor

New York, New York 10006

Facsimile: 212-269-2675

 

	With a copy to:	E. J. Borrack, Esq.

c/o The Stilwell Group

111 Broadway, 12th Floor

New York, New York 10006

Facsimile: 212-269-2675

 

	The NorthEast Entities:	Kenneth A. Martinek

Chairman and Chief Executive Officer

Northeast Community Bancorp, MHC

NorthEast Community Bancorp, Inc.

NorthEast Community Bank

325 Hamilton Avenue

White Plains, NY 10601

Facsimile: 914.684.0444

 

	With a copy to:	Christina M. Gattuso, Esq.

Kilpatrick Townsend & Stockton LLP

607 14th Street, NW, Suite 900

Washington, DC 20005

Facsimile: 202-204-5611

 

8.                  
Severability. If any term, provision, covenant or restriction of this Agreement is held by any governmental authority
or a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

9.                   Successors
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the
successors and assigns, and transferees by operation of law, of the parties. Except as otherwise expressly provided, this
Agreement shall not inure to the benefit of, be enforceable by or create any right or cause of action in any person,
including any shareholder of NECB, other than the parties to the Agreement. Nothing contained herein shall prohibit any
Stilwell Group Member from transferring any portion or all of the shares of NECB Common Stock owned thereby at any time to
any affiliate of The Stilwell Group or any other Stilwell Group Member but only if the transferee agrees in writing for the
benefit of The NorthEast Entities (with a copy thereof to be furnished to The NorthEast Entities prior to such transfer) to
be bound by the terms of this Agreement (any such transferee shall be included in the terms “The Stilwell Group”
and “Stilwell Group Member”).

 

    5

     

    

 

10.            
Governing Law and Choice of Forum. Unless applicable federal law or regulation is deemed controlling, New York
law shall govern the construction and enforceability of this Agreement. Any and all actions concerning any dispute arising hereunder
shall be filed in a state or federal court, as appropriate, sitting in the State of New York.

 

11.            
Acknowledgement. Notwithstanding any other provision in this Agreement and for the avoidance of doubt, the parties
acknowledge and agree that no provision, term or condition set forth in this Agreement requires any of The NorthEast Entities and/or
any of such entity’s respective Board of Directors to pursue a second-step conversion.

 

12.          Counterparts;
Facsimile. The Agreement may be executed by any number of counterparts and by the parties in separate counterparts,
and signature pages may be delivered by facsimile or by email attachment (in .pdf form), each of which when so executed shall
be deemed to be an original and all or which taken together shall constitute one and the same agreement.

 

13.            
Amendment. This Agreement may not be modified, amended, altered or supplemented except by a written agreement
executed by all of the parties.

 

14.            
Termination. This Agreement shall cease, terminate and have no further force and effect upon the expiration of
the term as set forth in Section 5, unless earlier terminated pursuant to Section 4 hereof or by mutual written agreement of the
parties

 

15.            
Definitions. As used in this Agreement, the following terms shall have the meanings indicated, unless the context
otherwise requires:

 

(a)             
The term “acquire” means every type of acquisition, whether effected by purchase, exchange, operation of law
or otherwise.

 

(b)             
The term “acting
in concert” means (i) knowing participation in a joint activity or conscious parallel action towards a common goal, whether
or not pursuant to an express agreement, or (ii) a combination or pooling of voting or other interests in the securities of an
issuer for a common purpose pursuant to any contract, understanding, relationship, agreement or other arrangement, whether written
or otherwise.

 

(c)            
The term “affiliate” means, with respect to any person, a person or entity that directly, or indirectly through
one or more intermediaries, controls or is controlled by, or is under common control with such other person.

 

(d)             
The term “beneficial owner” shall have the meaning ascribed to it, and be determined in accordance with, Rule
13d-3 of the Securities and Exchange Commission’s Rules and Regulations under the Securities Exchange Act of 1934.

 

(e)             The
term “change in control” denotes circumstances under which: (i) any person or group becomes the beneficial owner
of shares of capital stock of NECB or the Bank representing 25% or more of the total number of votes that may be cast for the
election of the Boards of Directors of NECB or the Bank, (ii) the persons who were directors of NECB or Bank cease to be a
majority of the Board of Directors, in connection with any tender or exchange offer (other than an offer by NECB or the
Bank), merger or other business combination, sale of assets or contested election, or combination of the foregoing, or (iii)
shareholders of NECB or the Bank approve a transaction pursuant to which substantially all of the assets of NECB or the Bank
will be sold.

 

    6

     

    

 

(f)                
The term “control” (including the terms “controlling,” “controlled by,” and “under
common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management,
activities or policies of a person or organization, whether through the ownership of capital stock, by contract, or otherwise.

 

(g)               
The term “group” has the meaning as defined in Section 13(d)(3) of the Securities Exchange Act of 1934.

 

(h)            The term “person” includes an individual, group acting in concert, corporation, partnership, limited liability
company, association, joint stock company, trust, unincorporated organization or similar company, syndicate, or any other entity
or group formed for the purpose of acquiring, holding or disposing of the equity securities of NECB.

 

(i)              The term “transfer” means, directly or indirectly, to sell, gift, assign, pledge, encumber, hypothecate or similarly
dispose of (by operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other
arrangement or understanding with respect to the sale, gift, assignment, pledge, encumbrance, hypothecation or similar disposition
of (by operation of law or otherwise), any NECB Common Stock or any interest in any NECB Common Stock; provided, however, that
a merger or consolidation in which NECB is a constituent corporation shall not be deemed to be the transfer of any common stock
beneficially owned by The Stilwell Group or a Stilwell Group Member.

 

(j)                
The term “vote” means to vote in person or by proxy, or to give or authorize the giving of any consent as a
shareholder on any matter

 

[Signature Page Follows]

 

    7

     

    

 

IN WITNESS WHEREOF, this Agreement has been duly executed
by the undersigned and is effective as of the day and year first written above.

 

 

	THE STILWELL GROUP	 	THE NORTHEAST ENTITIES
	 	 	 
	STILWELL ACTIVIST FUND, L.P.	 	NORTHEAST COMMUNITY BANCORP, MHC
	 	 	 
	 	 	 
	By:	Stilwell Value LLC	 	By:	/s/ Kenneth A. Martinek
		General Partner	 		Kenneth A. Martinek
	 	 		Chairman and Chief Executive Officer
	By:	/s/ Joseph Stilwell	 	 
		Joseph Stilwell, Managing Member	 	 
	 	 	 
	STILWELL ACTIVIST INVESTMENTS, L.P.	 	NORTHEAST COMMUNITY BANCORP, INC.
	 	 	 
	 	 	 
	By:	Stilwell Value LLC	 	By:	/s/ Kenneth A. Martinek
		General Partner	 		Kenneth A. Martinek
	 	 		Chairman and Chief Executive Officer
	By:	/s/ Joseph Stilwell	 	 
		Joseph Stilwell, Managing Member	 	 
	 	 	 
	STILWELL PARTNERS, L.P.	 	NORTHEAST COMMUNITY BANK
	 	 	 
	 	 	 
	By:	Stilwell Value LLC	 	By:	/s/ Kenneth A. Martinek
		General Partner	 		Kenneth A. Martinek
	 	 		Chairman and Chief Executive Officer
	By:	/s/ Joseph Stilwell	 	 
		Joseph Stilwell, Managing Member	 	 
	 	 	 
	 	 	 
	JOSEPH STILWELL	 	 
	 	 	 
	 	 	 
	By:	/s/ Joseph Stilwell	 	 
		Joseph Stilwell	 
	 	 

 

    8Exhibit
10.1

 

Securities
Purchase Agreement

 

This
Securities Purchase Agreement (this “Agreement”),
dated as of March 5, 2021, is entered into by and between MGT Capital Investments, Inc.,
a Delaware corporation (“Company”), and Bucktown Capital, LLC,
a Utah limited liability company, its successors and/or assigns (“Investor”).

 

A.
Company and Investor are executing and delivering this Agreement in reliance upon an exemption from securities registration afforded
by the Securities Act of 1933, as amended (the “1933 Act”), and the rules and regulations promulgated thereunder
by the United States Securities and Exchange Commission (the “SEC”).

 

B.
Investor desires to purchase and Company desires to issue and sell, upon the terms and conditions set forth in this Agreement
a Convertible Promissory Note, in the form attached hereto as Exhibit A, in the original principal amount of $13,210,000.00
(the “Note”), convertible into shares of common stock, $0.001 par value per share, of Company (the “Common
Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

C.
This Agreement, the Note, the Investor Notes (as defined below), and all other certificates, documents, agreements, resolutions
and instruments delivered to any party under or in connection with this Agreement, as the same may be amended from time to time,
are collectively referred to herein as the “Transaction Documents”.

 

D.
For purposes of this Agreement: “Conversion Shares” means all shares of Common Stock issuable upon conversion
of all or any portion of the Note; and “Securities” means the Note and the Conversion Shares.

 

NOW,
THEREFORE, in consideration of the above recitals and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, Company and Investor hereby agree as follows:

 

1.
Purchase and Sale of Securities.

 

1.1.
Purchase of Securities. Company shall issue and sell to Investor and Investor shall purchase from Company the Note. In
consideration thereof, Investor hereby agrees to (i) pay the amount designated as the initial cash purchase price on the signature
page to this Agreement (the “Initial Cash Purchase Price”), and (ii) issue to Company the Investor Notes (the
sum of the initial principal amount of the Investor Notes, together with the Initial Cash Purchase Price, the “Purchase
Price”).

 

1.2.
Form of Payment. On the Closing Date (as defined below), (i) Investor hereby agrees pay the Purchase Price to Company by
delivering the following at the Closing: (A) the Initial Cash Purchase Price, which shall be delivered by wire transfer of immediately
available funds in U.S. Dollars to Company, in accordance with Company’s written wiring instructions; (B) Investor Note
#1 in the principal amount of $1,000,000.00 duly executed by Investor and substantially in the form attached hereto as Exhibit
B (“Investor Note #1”); (C) Investor Note #2 in the principal amount of $1,000,000.00 duly executed by
Investor and substantially in the form attached hereto as Exhibit B (“Investor Note #2”); (D) Investor
Note #3 in the principal amount of $1,000,000.00 duly executed by Investor and substantially in the form attached hereto as Exhibit
B (“Investor Note #3”); (E) Investor Note #4 in the principal amount of $1,000,000.00 duly executed by
Investor and substantially in the form attached hereto as Exhibit B (“Investor Note #4”); (F) Investor
Note #5 in the principal amount of $1,000,000.00 duly executed by Investor and substantially in the form attached hereto as Exhibit
B (“Investor Note #5”); and (G) Investor Note #6 in the principal amount of $5,000,000.00 duly executed
by Investor and substantially in the form attached hereto as Exhibit B (“Investor Note #6”, and together
with Investor Note #1, Investor Note #2, Investor Note #3, Investor Note #4 and Investor Note #5, the “Investor Notes”);
and (ii) Company shall deliver the duly executed Note on behalf of Company, to Investor, against delivery of such Purchase Price.

 

    	1

     

    

 

1.3.
Closing Date. Subject to the satisfaction (or written waiver) of the conditions set forth in Section 5 and Section 6 below,
the date of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be March
5, 2021, or another mutually agreed upon date. The closing of the transactions contemplated by this Agreement (the “Closing”)
shall occur on the Closing Date by means of the exchange by email of signed .pdf documents, but shall be deemed for all purposes
to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi, Utah.

 

1.4.
Collateral for the Note. The Note shall be unsecured.

 

1.5.
Collateral for the Investor Notes. The Investor Notes shall be unsecured.

 

1.6.
Original Issue Discount; Transaction Expense Amount. The Note carries an original issue discount of $2,200,000.00 (the
“OID”). In addition, Company agrees to pay $10,000.00 to Investor to cover Investor’s legal fees, accounting
costs, due diligence, monitoring and other transaction costs incurred in connection with the purchase and sale of the Securities
(the “Transaction Expense Amount”), all of which amount is included in the initial principal balance of the
Note. The “Purchase Price”, therefore, shall be $11,000,000.00, computed as follows: $13,210,000.00 initial
principal balance, less the OID, less the Transaction Expense Amount. The portions of the OID and the Transaction Expense Amount
allocated to the Initial Cash Purchase Price are as set forth on Exhibit C.

 

2.
Investor’s Representations and Warranties. Investor represents and warrants to Company that as of the Closing Date:
(i) this Agreement and the Investor Notes have been duly and validly authorized; (ii) this Agreement constitutes a valid and binding
agreement of Investor enforceable in accordance with its terms; and (iii) Investor is an “accredited investor” as
that term is defined in Rule 501(a) of Regulation D of the 1933 Act.

 

    	2

     

    

 

3.
Company’s Representations and Warranties. Company represents and warrants to Investor that as of the Closing Date:
(i) Company is a corporation duly organized, validly existing and in good standing under the laws of its state of incorporation
and has the requisite corporate power to own its properties and to carry on its business as now being conducted; (ii) Company
is duly qualified as a foreign corporation to do business and is in good standing in each jurisdiction where the nature of the
business conducted or property owned by it makes such qualification necessary; (iii) Company has registered its Common Stock under
Section 12(g) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and is obligated to file
reports pursuant to Section 13 or Section 15(d) of the 1934 Act; (iv) each of the Transaction Documents and the transactions contemplated
hereby and thereby, have been duly and validly authorized by Company and all necessary actions have been taken; (v) this Agreement,
the Note, and the other Transaction Documents have been duly executed and delivered by Company and constitute the valid and binding
obligations of Company enforceable in accordance with their terms; (vi) the execution and delivery of the Transaction Documents
by Company, the issuance of Securities in accordance with the terms hereof, and the consummation by Company of the other transactions
contemplated by the Transaction Documents do not and will not conflict with or result in a breach by Company of any of the terms
or provisions of, or constitute a default under (a) Company’s formation documents or bylaws, each as currently in effect,
(b) any indenture, mortgage, deed of trust, or other material agreement or instrument to which Company is a party or by which
it or any of its properties or assets are bound, including, without limitation, any listing agreement for the Common Stock, or
(c) any existing applicable law, rule, or regulation or any applicable decree, judgment, or order of any court, United States
federal, state or foreign regulatory body, administrative agency, or other governmental body having jurisdiction over Company
or any of Company’s properties or assets; (vii) no further authorization, approval or consent of any court, governmental
body, regulatory agency, self-regulatory organization, or stock exchange or market or the stockholders or any lender of Company
is required to be obtained by Company for the issuance of the Securities to Investor or the entering into of the Transaction Documents;
(viii) none of Company’s filings with the SEC contained, at the time they were filed, any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements made therein, in
light of the circumstances under which they were made, not misleading; (ix) with the exception of the quarterly reports on Form
10-Q for the periods ending June 30, 2020 and September 30, 2020, Company has filed all reports, schedules, forms, statements
and other documents required to be filed by Company with the SEC under the 1934 Act on a timely basis or has received a valid
extension of such time of filing and has filed any such report, schedule, form, statement or other document prior to the expiration
of any such extension; (x) there is no action, suit, proceeding, inquiry or investigation before or by any court, public board
or body pending or, to the knowledge of Company, threatened against or affecting Company before or by any governmental authority
or non-governmental department, commission, board, bureau, agency or instrumentality or any other person, wherein an unfavorable
decision, ruling or finding would have a material adverse effect on Company or which would adversely affect the validity or enforceability
of, or the authority or ability of Company to perform its obligations under, any of the Transaction Documents; (xi) Company has
not consummated any financing transaction that has not been disclosed in a periodic filing or current report with the SEC under
the 1934 Act; (xii) Company is not, nor has it been at any time in the previous twelve (12) months, a “Shell Company,”
as such type of “issuer” is described in Rule 144(i)(1) under the 1933 Act; (xiii) with respect to any commissions,
placement agent or finder’s fees or similar payments that will or would become due and owing by Company to any person or
entity as a result of this Agreement or the transactions contemplated hereby (“Broker Fees”), any such Broker
Fees will be made in full compliance with all applicable laws and regulations and only to a person or entity that is a registered
investment adviser or registered broker-dealer; (xiv) Investor shall have no obligation with respect to any Broker Fees or with
respect to any claims made by or on behalf of other persons for fees of a type contemplated in this subsection that may be due
in connection with the transactions contemplated hereby and Company shall indemnify and hold harmless each of Investor, Investor’s
employees, officers, directors, stockholders, members, managers, agents, and partners, and their respective affiliates, from and
against all claims, losses, damages, costs (including the costs of preparation and attorneys’ fees) and expenses suffered
in respect of any such claimed Broker Fees; (xv) when issued, the Conversion Shares will be duly authorized, validly issued, fully
paid for and non-assessable, free and clear of all liens, claims, charges and encumbrances; (xvi) neither Investor nor any of
its officers, directors, stockholders, members, managers, employees, agents or representatives has made any representations or
warranties to Company or any of its officers, directors, employees, agents or representatives except as expressly set forth in
the Transaction Documents and, in making its decision to enter into the transactions contemplated by the Transaction Documents,
Company is not relying on any representation, warranty, covenant or promise of Investor or its officers, directors, members, managers,
employees, agents or representatives other than as set forth in the Transaction Documents; (xvii) Company acknowledges that the
State of Utah has a reasonable relationship and sufficient contacts to the transactions contemplated by the Transaction Documents
and any dispute that may arise related thereto such that the laws and venue of the State of Utah, as set forth more specifically
in Section 9.2 below, shall be applicable to the Transaction Documents and the transactions contemplated therein; and (xviii)
Company has performed due diligence and background research on Investor and its affiliates including, without limitation, John
M. Fife, and, to its satisfaction, has made inquiries with respect to all matters Company may consider relevant to the undertakings
and relationships contemplated by the Transaction Documents including, among other things, the following: http://investing.businessweek.com/research/stocks/people/person.asp?personId=7505107&ticker=UAHC;
SEC Civil Case No. 07-C-0347 (N.D. Ill.); SEC Civil Action No. 07-CV-347 (N.D. Ill.); and FINRA Case #2011029203701. In addition,
various affiliates of Investor are involved in ongoing litigation with the SEC regarding broker-dealer registration (see
SEC Civil Case No. 1:20-cv-05227 (N.D. Ill.)). Company, being aware of the matters described in subsection (xviii) above, acknowledges
and agrees that such matters, or any similar matters, have no bearing on the transactions contemplated by the Transaction Documents
and covenants and agrees it will not use any such information as a defense to performance of its obligations under the Transaction
Documents or in any attempt to avoid, modify or reduce such obligations.

 

    	3

     

    

 

4.
Company Covenants. Until all of Company’s obligations under all of the Transaction Documents are paid and performed
in full, or within the timeframes otherwise specifically set forth below, Company will at all times comply with the following
covenants: (i) Company will timely file on the applicable deadline all reports required to be filed with the SEC pursuant to Sections
13 or 15(d) of the 1934 Act; (ii) when issued, the Conversion Shares will be duly authorized, validly issued, fully paid for and
non-assessable, free and clear of all liens, claims, charges and encumbrances; (iii) the Common Stock shall be listed or quoted
for trading on any of (a) NYSE, (b) NASDAQ, (c) OTCQX, (d) OTCQB, or (e) OTC Pink; (iv) trading in Company’s Common Stock
will not be suspended, halted, chilled, frozen, reach zero bid or otherwise cease trading on Company’s principal trading
market; (v) Company will not enter into any equity line of credit or other financing transaction that places any limitations or
restrictions on Company’s ability to issue Common Stock to Investor; (vi) Company will not transfer, assign, sell, pledge,
hypothecate or otherwise alienate or encumber the Investor Notes in any way without the prior written consent of Investor, which
consent may be given or withheld in Investor’s sole and absolute discretion; (vii) Company will use the proceeds hereunder
to pay for audit and accounting fees related to the 2020 Form 10-K filing; and (viii) Company will not make any Variable Security
Issuance (as defined below) without Investor’s prior written consent, which consent may be given or withheld in Investor’s
sole and absolute discretion. For purposes hereof, the term “Variable Security Issuance” means any issuance
of Company securities that (A) have or may have conversion rights of any kind, contingent, conditional or otherwise, in which
the number of shares that may be issued pursuant to such conversion right varies with the market price of the Common Stock, or
(B) are or may become convertible into Common Stock (including without limitation convertible debt, warrants or convertible preferred
stock), with a conversion price that varies with the market price of the Common Stock, even if such security only becomes convertible
following an event of default, the passage of time, or another trigger event or condition. For avoidance of doubt, the issuance
of shares of Common Stock under, pursuant to, in exchange for or in connection with any contract or instrument, whether convertible
or not, is deemed a Variable Security Issuance for purposes hereof if the number of shares of Common Stock to be issued is based
upon or related in any way to the market price of the Common Stock, including, but not limited to, Common Stock issued in connection
with a Section 3(a)(9) exchange, a Section 3(a)(10) settlement, or any other similar settlement or exchange.

 

5.
Conditions to Company’s Obligation to Sell. The obligation of Company hereunder to issue and sell the Securities
to Investor at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions:

 

5.1.
Investor shall have executed this Agreement and the Investor Notes and delivered the same to Company.

 

5.2.
Investor shall have delivered the Purchase Price to Company in accordance with Section 1.1 above.

 

6.
Conditions to Investor’s Obligation to Purchase. The obligation of Investor hereunder to purchase the Securities
at the Closing is subject to the satisfaction, on or before the Closing Date, of each of the following conditions, provided that
these conditions are for Investor’s sole benefit and may be waived by Investor at any time in its sole discretion:

 

6.1.
Company shall have executed this Agreement and the Note and delivered the same to Investor.

 

    	4

     

    

 

6.2.
Company shall have delivered to Investor a fully executed Irrevocable Letter of Instructions to Transfer Agent (the “TA
Letter”) substantially in the form attached hereto as Exhibit D acknowledged and agreed to in writing by Company’s
transfer agent (the “Transfer Agent”).

 

6.3.
Company shall have delivered to Investor a fully executed Secretary’s Certificate substantially in the form attached hereto
as Exhibit E evidencing Company’s approval of the Transaction Documents.

 

6.4.
Company shall have delivered to Investor a fully executed Share Issuance Resolution substantially in the form attached hereto
as Exhibit F to be delivered to the Transfer Agent.

 

6.5.
Company shall have delivered to Investor fully executed copies of all other Transaction Documents required to be executed by Company
herein or therein.

 

7.
Reservation of Shares. On the date hereof, Company will reserve 300,000,000 shares of Common Stock from its authorized
and unissued Common Stock to provide for all issuances of Common Stock under the Note (the “Share Reserve”).
Beginning on the earlier of the date that is six (6) months from the Closing Date and the date that is one (1) month from effectiveness
of the Registration Statement (the “Share Reserve Increase Date”), Company agrees to add additional shares
of Common Stock to the Share Reserve if as of the Share Reserve Increase Date the number of shares held in the Share Reserve is
less than two (2) times the number of shares of Common Stock obtained by dividing the fully funded portion of the Outstanding
Balance (as defined in the Note) as of such date by the Conversion Price (as defined in the Note). At all times after the Share
Reserve Increase Date, Company further agrees to add additional shares of Common Stock to the Share Reserve in increments of 10,000,000
shares as and when requested by Investor if as of the date of any such request the number of shares being held in the Share Reserve
is less than two (2) times the number of shares of Common Stock obtained by dividing the fully funded portion of the Outstanding
Balance as of the date of the request by the Conversion Price. Company shall further require the Transfer Agent to hold the shares
of Common Stock reserved pursuant to the Share Reserve exclusively for the benefit of Investor and to issue such shares to Investor
promptly upon Investor’s delivery of a Conversion Notice under the Note. Finally, Company shall require the Transfer Agent
to issue shares of Common Stock pursuant to the Note to Investor out of its authorized and unissued shares, and not the Share
Reserve, to the extent shares of Common Stock have been authorized, but not issued, and are not included in the Share Reserve.
The Transfer Agent shall only issue shares out of the Share Reserve to the extent there are no other authorized shares available
for issuance and then only with Investor’s written consent.

 

8.
Terms of Future Financings. So long as the Note is outstanding, upon any issuance by Company of any security with any term
or condition more favorable to the holder of such security or with a term in favor of the holder of such security that was not
similarly provided to Investor in the Transaction Documents, then Company shall notify Investor of such additional or more favorable
term and such term, at Investor’s option, shall become a part of the Transaction Documents for the benefit of Investor.
Additionally, if Company fails to notify Investor of any such additional or more favorable term, but Investor becomes aware that
Company has granted such a term to any third party, Investor may notify Company of such additional or more favorable term and
such term shall become a part of the Transaction Documents retroactive to the date on which such term was granted to the applicable
third party. The types of terms contained in another security that may be more favorable to the holder of such security include,
but are not limited to, terms addressing conversion discounts, conversion lookback periods, interest rates, original issue discounts,
stock sale price, conversion price per share, warrant coverage, warrant exercise price, and anti-dilution/conversion and exercise
price resets.

 

    	5

     

    

 

9.
Miscellaneous. The provisions set forth in this Section 9 shall apply to this Agreement, as well as all other Transaction
Documents as if these terms were fully set forth therein; provided, however, that in the event there is a conflict between any
provision set forth in this Section 9 and any provision in any other Transaction Document, the provision in such other Transaction
Document shall govern.

 

9.1.
Arbitration of Claims. The parties shall submit all Claims (as defined in Exhibit G) arising under this Agreement
or any other Transaction Document or any other agreement between the parties and their affiliates or any Claim relating to the
relationship of the parties to binding arbitration pursuant to the arbitration provisions set forth in Exhibit G attached
hereto (the “Arbitration Provisions”). For the avoidance of doubt, the parties agree that the injunction described
in Section 9.3 below may be pursued in an arbitration that is separate and apart from any other arbitration regarding all other
Claims arising under the Transaction Documents. The parties hereby acknowledge and agree that the Arbitration Provisions are unconditionally
binding on the parties hereto and are severable from all other provisions of this Agreement. By executing this Agreement, Company
represents, warrants and covenants that Company has reviewed the Arbitration Provisions carefully, consulted with legal counsel
about such provisions (or waived its right to do so), understands that the Arbitration Provisions are intended to allow for the
expeditious and efficient resolution of any dispute hereunder, agrees to the terms and limitations set forth in the Arbitration
Provisions, and that Company will not take a position contrary to the foregoing representations. Company acknowledges and agrees
that Investor may rely upon the foregoing representations and covenants of Company regarding the Arbitration Provisions.

 

9.2.
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State
of Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any
other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Utah. Each party
consents to and expressly agrees that the exclusive venue for arbitration of any dispute arising out of or relating to any Transaction
Document or the relationship of the parties or their affiliates shall be in Salt Lake County, Utah. Without modifying the parties’
obligations to resolve disputes hereunder pursuant to the Arbitration Provisions, for any litigation arising in connection with
any of the Transaction Documents (and notwithstanding the terms (specifically including any governing law and venue terms) of
any transfer agent services agreement or other agreement between the Transfer Agent and Company, such litigation specifically
includes, without limitation any action between or involving Company and the Transfer Agent under the TA Letter or otherwise related
to Investor in any way (specifically including, without limitation, any action where Company seeks to obtain an injunction, temporary
restraining order, or otherwise prohibit the Transfer Agent from issuing shares of Common Stock to Investor for any reason)),
each party hereto hereby (i) consents to and expressly submits to the exclusive personal jurisdiction of any state or federal
court sitting in Salt Lake County, Utah, (ii) expressly submits to the exclusive venue of any such court for the purposes hereof,
(iii) agrees to not bring any such action (specifically including, without limitation, any action where Company seeks to obtain
an injunction, temporary restraining order, or otherwise prohibit the Transfer Agent from issuing shares of Common Stock to Investor
for any reason) outside of any state or federal court sitting in Salt Lake County, Utah, and (iv) waives any claim of improper
venue and any claim or objection that such courts are an inconvenient forum or any other claim, defense or objection to the bringing
of any such proceeding in such jurisdiction or to any claim that such venue of the suit, action or proceeding is improper. Finally,
Company covenants and agrees to name Investor as a party in interest in, and provide written notice to Investor in accordance
with Section 9.9 below prior to bringing or filing, any action (including without limitation any filing or action against any
person or entity that is not a party to this Agreement, including without limitation the Transfer Agent) that is related in any
way to the Transaction Documents or any transaction contemplated herein or therein, including without limitation any action brought
by Company to enjoin or prevent the issuance of any shares of Common Stock to Investor by the Transfer Agent, and further agrees
to timely name Investor as a party to any such action. Company acknowledges that the governing law and venue provisions set forth
in this Section 9.2 are material terms to induce Investor to enter into the Transaction Documents and that but for Company’s
agreements set forth in this Section 9.2 Investor would not have entered into the Transaction Documents.

 

    	6

     

    

 

9.3.
Specific Performance. Company acknowledges and agrees that Investor may suffer irreparable harm in the event that Company
fails to perform any material provision of this Agreement or any of the other Transaction Documents in accordance with its specific
terms. It is accordingly agreed that Investor shall be entitled to one or more injunctions to prevent or cure breaches of the
provisions of this Agreement or such other Transaction Document and to enforce specifically the terms and provisions hereof or
thereof, this being in addition to any other remedy to which the Investor may be entitled under the Transaction Documents, at
law or in equity. Company specifically agrees that following an Event of Default (as defined in the Note) under the Note, Investor
shall have the right to seek and receive injunctive relief from a court or an arbitrator prohibiting Company from issuing any
of its common or preferred stock to any party unless the Note is being paid in full simultaneously with such issuance. Company
specifically acknowledges that Investor’s right to obtain specific performance constitutes bargained for leverage and that
the loss of such leverage would result in irreparable harm to Investor. For the avoidance of doubt, in the event Investor seeks
to obtain an injunction from a court or an arbitrator against Company or specific performance of any provision of any Transaction
Document, such action shall not be a waiver of any right of Investor under any Transaction Document, at law, or in equity, including
without limitation its rights to arbitrate any Claim pursuant to the terms of the Transaction Documents, nor shall Investor’s
pursuit of an injunction prevent Investor, under the doctrines of claim preclusion, issues preclusion, res judicata or other similar
legal doctrines, from pursuing other Claims in the future in a separate arbitration.

 

9.4.
Counterparts. Each Transaction Document may be executed in any number of counterparts, each of which shall be deemed an
original, but all of which together shall constitute one instrument. The parties hereto confirm that any electronic copy of another
party’s executed counterpart of a Transaction Document (or such party’s signature page thereof) will be deemed to
be an executed original thereof.

 

9.5.
Headings. The headings of this Agreement are for convenience of reference only and shall not form part of, or affect the
interpretation of, this Agreement.

 

9.6.
Severability. In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute
or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform to such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law
shall not affect the validity or enforceability of any other provision hereof.

 

9.7.
Entire Agreement. This Agreement, together with the other Transaction Documents, contains the entire understanding of the
parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
Company nor Investor makes any representation, warranty, covenant or undertaking with respect to such matters. For the avoidance
of doubt, all prior term sheets or other documents between Company and Investor, or any affiliate thereof, related to the transactions
contemplated by the Transaction Documents (collectively, “Prior Agreements”), that may have been entered into
between Company and Investor, or any affiliate thereof, are hereby null and void and deemed to be replaced in their entirety by
the Transaction Documents. To the extent there is a conflict between any term set forth in any Prior Agreement and the term(s)
of the Transaction Documents, the Transaction Documents shall govern.

 

9.8.
Amendments. No provision of this Agreement may be waived or amended other than by an instrument in writing signed by both
parties hereto.

 

    	7

     

    

 

9.9.
Notices. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall
be deemed effectively given on the earliest of: (i) the date delivered, if delivered by personal delivery as against written receipt
therefor or by email to an executive officer named below or such officer’s successor, or by facsimile (with successful transmission
confirmation which is kept by sending party), (ii) the earlier of the date delivered or the third Trading Day after deposit, postage
prepaid, in the United States Postal Service by certified mail, or (iii) the earlier of the date delivered or the third Trading
Day after mailing by express courier, with delivery costs and fees prepaid, in each case, addressed to each of the other parties
thereunto entitled at the following addresses (or at such other addresses as such party may designate by five (5) calendar days’
advance written notice similarly given to each of the other parties hereto):

 

If
to Company:

 

MGT
Capital Investments, Inc.

Attn:
Robert Ladd

150
Fayetteville Street, Suite 1110

Raleigh,
North Carolina 27601

 

If
to Investor:

 

Bucktown
Capital, LLC

Attn:
John Fife

303
East Wacker Drive, Suite 1040

Chicago,
Illinois 60601

 

With
a copy to (which copy shall not constitute notice):

 

Hansen
Black Anderson Ashcraft PLLC

Attn:
Jonathan Hansen

3051
West Maple Loop Drive, Suite 325

Lehi,
Utah 84043

 

9.10.
Successors and Assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be
performed by Investor hereunder may be assigned by Investor to a third party, including its affiliates, in whole or in part, without
the need to obtain Company’s consent thereto. Company may not assign its rights or obligations under this Agreement or delegate
its duties hereunder without the prior written consent of Investor.

 

9.11.
Survival. The representations and warranties of Company and the agreements and covenants set forth in this Agreement shall
survive the Closing hereunder notwithstanding any due diligence investigation conducted by or on behalf of Investor. Company agrees
to indemnify and hold harmless Investor and all its officers, directors, employees, attorneys, and agents for loss or damage arising
as a result of or related to any breach or alleged breach by Company of any of its representations, warranties and covenants set
forth in this Agreement or any of its covenants and obligations under this Agreement, including advancement of expenses as they
are incurred.

 

9.12.
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably
request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

 

    	8

     

    

 

9.13.
Investor’s Rights and Remedies Cumulative. All rights, remedies, and powers conferred in this Agreement and the Transaction
Documents are cumulative and not exclusive of any other rights or remedies, and shall be in addition to every other right, power,
and remedy that Investor may have, whether specifically granted in this Agreement or any other Transaction Document, or existing
at law, in equity, or by statute, and any and all such rights and remedies may be exercised from time to time and as often and
in such order as Investor may deem expedient.

 

9.14.
Attorneys’ Fees and Cost of Collection. In the event any suit, action or arbitration is filed by either party against
the other to interpret or enforce any of the Transaction Documents, the unsuccessful party to such action agrees to pay to the
prevailing party all costs and expenses, including attorneys’ fees incurred therein, including the same with respect to
an appeal. The “prevailing party” shall be the party in whose favor a judgment is entered, regardless of whether judgment
is entered on all claims asserted by such party and regardless of the amount of the judgment; or where, due to the assertion of
counterclaims, judgments are entered in favor of and against both parties, then the arbitrator shall determine the “prevailing
party” by taking into account the relative dollar amounts of the judgments or, if the judgments involve nonmonetary relief,
the relative importance and value of such relief. Nothing herein shall restrict or impair an arbitrator’s or a court’s
power to award fees and expenses for frivolous or bad faith pleading. If (i) the Note is placed in the hands of an attorney for
collection or enforcement prior to commencing arbitration or legal proceedings, or is collected or enforced through any arbitration
or legal proceeding, or Investor otherwise takes action to collect amounts due under the Note or to enforce the provisions of
the Note, or (ii) there occurs any bankruptcy, reorganization, receivership of Borrower or other proceedings affecting Borrower’s
creditors’ rights and involving a claim under the Note; then Borrower shall pay the costs incurred by Investor for such
collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding, including,
without limitation, attorneys’ fees, expenses, deposition costs, and disbursements.

 

9.15.
Waiver. No waiver of any provision of this Agreement shall be effective unless it is in the form of a writing signed by
the party granting the waiver. No waiver of any provision or consent to any prohibited action shall constitute a waiver of any
other provision or consent to any other prohibited action, whether or not similar. No waiver or consent shall constitute a continuing
waiver or consent or commit a party to provide a waiver or consent in the future except to the extent specifically set forth in
writing.

 

9.16.
Waiver of Jury Trial. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO DEMAND
THAT ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN ANY WAY RELATED TO THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT,
OR THE RELATIONSHIPS OF THE PARTIES HERETO BE TRIED BY JURY. THIS WAIVER EXTENDS TO ANY AND ALL RIGHTS TO DEMAND A TRIAL BY JURY
ARISING UNDER COMMON LAW OR ANY APPLICABLE STATUTE, LAW, RULE OR REGULATION. FURTHER, EACH PARTY HERETO ACKNOWLEDGES THAT SUCH
PARTY IS KNOWINGLY AND VOLUNTARILY WAIVING SUCH PARTY’S RIGHT TO DEMAND TRIAL BY JURY.

 

9.17.
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of this Agreement
and the other Transaction Documents.

 

9.18.
Voluntary Agreement. Company has carefully read this Agreement and each of the other Transaction Documents and has asked
any questions needed for Company to understand the terms, consequences and binding effect of this Agreement and each of the other
Transaction Documents and fully understand them. Company has had the opportunity to seek the advice of an attorney of Company’s
choosing, or has waived the right to do so, and is executing this Agreement and each of the other Transaction Documents voluntarily
and without any duress or undue influence by Investor or anyone else.

 

[Remainder
of page intentionally left blank; signature page follows]

 

    	9

     

    

 

IN
WITNESS WHEREOF, the undersigned Investor and Company have caused this Agreement to be duly executed as of the date first above
written.

 

SUBSCRIPTION
AMOUNT:

 

	Principal Amount of Note:	 	$	13,210,000.00	 
	 	 	 	 	 
	Initial Cash Purchase Price:	 	$	1,000,000.00	 

 

	 	INVESTOR:
	 	 	 
	 	Bucktown
    Capital, LLC
	 	 	 
	 	By:
    	/s/
    John M. Fife
	 	 	John
    M. Fife, President 

 

	 	COMPANY:
	 	 
	 	MGT
    Capital Investments, Inc.
	 	 	 
	 	By:	/s/
    Robert Ladd
	 	Printed
    Name:	Robert
    Ladd
	 	Title:	CEO

 

[Signature
Page to Securities Purchase Agreement]

 

    	 

     

    

 

ATTACHED
EXHIBITS:

 

	Exhibit
    A	Note
	Exhibit
    B	Form of Investor
    Note
	Exhibit
    C	Allocation of
    Purchase Price
	Exhibit
    D	Irrevocable
    Transfer Agent Instructions
	Exhibit
    E	Secretary’s
    Certificate
	Exhibit
    F	Share Issuance
    Resolution
	Exhibit
    G	Arbitration
    Provisions

 

    	 

     

    

 

Exhibit
G

 

ARBITRATION
PROVISIONS

 

1.
Dispute Resolution. For purposes of this Exhibit G, the term “Claims” means any disputes, claims,
demands, causes of action, requests for injunctive relief, requests for specific performance, liabilities, damages, losses, or
controversies whatsoever arising from, related to, or connected with the transactions contemplated in the Transaction Documents
and any communications between the parties related thereto, including without limitation any claims of mutual mistake, mistake,
fraud, misrepresentation, failure of formation, failure of consideration, promissory estoppel, unconscionability, failure of condition
precedent, rescission, and any statutory claims, tort claims, contract claims, or claims to void, invalidate or terminate the
Agreement (or these Arbitration Provisions (defined below)) or any of the other Transaction Documents. For the avoidance of doubt,
Investor’s pursuit of an injunction or other Claim pursuant to these Arbitration Provisions or with a court will not later
prevent Investor under the doctrines of claim preclusion, issue preclusion, res judicata or other similar legal doctrines from
pursuing other Claims in a separate arbitration in the future. The parties to this Agreement (the “parties”)
hereby agree that the Claims may be arbitrated in one or more Arbitrations pursuant to these Arbitration Provisions (one for an
injunction or injunctions and a separate one for all other Claims). The term “Claims” specifically excludes a dispute
over Calculations. The parties to the Agreement hereby agree that the arbitration provisions set forth in this Exhibit G
(“Arbitration Provisions”) are binding on each of them. As a result, any attempt to rescind the Agreement (or
these Arbitration Provisions) or declare the Agreement (or these Arbitration Provisions) or any other Transaction Document invalid
or unenforceable for any reason is subject to these Arbitration Provisions. These Arbitration Provisions shall also survive any
termination or expiration of the Agreement. Any capitalized term not defined in these Arbitration Provisions shall have the meaning
set forth in the Agreement.

 

2.
Arbitration. Except as otherwise provided herein, all Claims must be submitted to arbitration (“Arbitration”)
to be conducted exclusively in Salt Lake County, Utah and pursuant to the terms set forth in these Arbitration Provisions. Subject
to the arbitration appeal right provided for in Paragraph 5 below (the “Appeal Right”), the parties agree that
the award of the arbitrator rendered pursuant to Paragraph 4 below (the “Arbitration Award”) shall be (a) final
and binding upon the parties, (b) the sole and exclusive remedy between them regarding any Claims, counterclaims, issues, or accountings
presented or pleaded to the arbitrator, and (c) promptly payable in United States dollars free of any tax, deduction or offset
(with respect to monetary awards). Subject to the Appeal Right, any costs or fees, including without limitation attorneys’
fees, incurred in connection with or incident to enforcing the Arbitration Award shall, to the maximum extent permitted by law,
be charged against the party resisting such enforcement. The Arbitration Award shall include default interest (as defined or otherwise
provided for in the Note, “Default Interest”) (with respect to monetary awards) at the rate specified in the
Note for Default Interest both before and after the Arbitration Award. Judgment upon the Arbitration Award will be entered and
enforced by any state or federal court sitting in Salt Lake County, Utah.

 

3.
The Arbitration Act. The parties hereby incorporate herein the provisions and procedures set forth in the Utah Uniform
Arbitration Act, U.C.A. § 78B-11-101 et seq. (as amended or superseded from time to time, the “Arbitration
Act”). Notwithstanding the foregoing, pursuant to, and to the maximum extent permitted by, Section 105 of the Arbitration
Act, in the event of conflict or variation between the terms of these Arbitration Provisions and the provisions of the Arbitration
Act, the terms of these Arbitration Provisions shall control and the parties hereby waive or otherwise agree to vary the effect
of all requirements of the Arbitration Act that may conflict with or vary from these Arbitration Provisions.

 

4.
Arbitration Proceedings. Arbitration between the parties will be subject to the following:

 

4.1
Initiation of Arbitration. Pursuant to Section 110 of the Arbitration Act, the parties agree that a party may initiate
Arbitration by giving written notice to the other party (“Arbitration Notice”) in the same manner that notice
is permitted under Section 9.9 of the Agreement; provided, however, that the Arbitration Notice may not be given by email
or fax. Arbitration will be deemed initiated as of the date that the Arbitration Notice is deemed delivered to such other party
under Section 9.9 of the Agreement (the “Service Date”). After the Service Date, information may be delivered,
and notices may be given, by email or fax pursuant to Section 9.9 of the Agreement or any other method permitted thereunder. The
Arbitration Notice must describe the nature of the controversy, the remedies sought, and the election to commence Arbitration
proceedings. All Claims in the Arbitration Notice must be pleaded consistent with the Utah Rules of Civil Procedure.

 

    	 

     

    

 

4.2
Selection and Payment of Arbitrator.

 

(a)
Within ten (10) calendar days after the Service Date, Investor shall select and submit to Company the names of three (3) arbitrators
that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com)
(such three (3) designated persons hereunder are referred to herein as the “Proposed Arbitrators”). For the
avoidance of doubt, each Proposed Arbitrator must be qualified as a “neutral” with Utah ADR Services. Within five
(5) calendar days after Investor has submitted to Company the names of the Proposed Arbitrators, Company must select, by written
notice to Investor, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties under these Arbitration Provisions.
If Company fails to select one of the Proposed Arbitrators in writing within such 5-day period, then Investor may select the arbitrator
from the Proposed Arbitrators by providing written notice of such selection to Company.

 

(b)
If Investor fails to submit to Company the Proposed Arbitrators within ten (10) calendar days after the Service Date pursuant
to subparagraph (a) above, then Company may at any time prior to Investor so designating the Proposed Arbitrators, identify the
names of three (3) arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Service by written
notice to Investor. Investor may then, within five (5) calendar days after Company has submitted notice of its Proposed Arbitrators
to Investor, select, by written notice to Company, one (1) of the Proposed Arbitrators to act as the arbitrator for the parties
under these Arbitration Provisions. If Investor fails to select in writing and within such 5-day period one (1) of the three (3)
Proposed Arbitrators selected by Company, then Company may select the arbitrator from its three (3) previously selected Proposed
Arbitrators by providing written notice of such selection to Investor.

 

(c)
If a Proposed Arbitrator chosen to serve as arbitrator declines or is otherwise unable to serve as arbitrator, then the party
that selected such Proposed Arbitrator may select one (1) of the other three (3) Proposed Arbitrators within three (3) calendar
days of the date the chosen Proposed Arbitrator declines or notifies the parties he or she is unable to serve as arbitrator. If
all three (3) Proposed Arbitrators decline or are otherwise unable to serve as arbitrator, then the arbitrator selection process
shall begin again in accordance with this Paragraph 4.2.

 

(d)
The date that the Proposed Arbitrator selected pursuant to this Paragraph 4.2 agrees in writing (including via email) delivered
to both parties to serve as the arbitrator hereunder is referred to herein as the “Arbitration Commencement Date”.
If an arbitrator resigns or is unable to act during the Arbitration, a replacement arbitrator shall be chosen in accordance with
this Paragraph 4.2 to continue the Arbitration. If Utah ADR Services ceases to exist or to provide a list of neutrals and there
is no successor thereto, then the arbitrator shall be selected under the then prevailing rules of the American Arbitration Association.

 

(e)
Subject to Paragraph 4.10 below, the cost of the arbitrator must be paid equally by both parties. Subject to Paragraph 4.10 below,
if one party refuses or fails to pay its portion of the arbitrator fee, then the other party can advance such unpaid amount (subject
to the accrual of Default Interest thereupon), with such amount being added to or subtracted from, as applicable, the Arbitration
Award.

 

4.3
Applicability of Certain Utah Rules. The parties agree that the Arbitration shall be conducted generally in accordance
with the Utah Rules of Civil Procedure and the Utah Rules of Evidence. More specifically, the Utah Rules of Civil Procedure shall
apply, without limitation, to the filing of any pleadings, motions or memoranda, the conducting of discovery, and the taking of
any depositions. The Utah Rules of Evidence shall apply to any hearings, whether telephonic or in person, held by the arbitrator.
Notwithstanding the foregoing, it is the parties’ intent that the incorporation of such rules will in no event supersede
these Arbitration Provisions. In the event of any conflict between the Utah Rules of Civil Procedure or the Utah Rules of Evidence
and these Arbitration Provisions, these Arbitration Provisions shall control.

 

4.4
Answer and Default. An answer and any counterclaims to the Arbitration Notice shall be required to be delivered to the
party initiating the Arbitration within twenty (20) calendar days after the Arbitration Commencement Date. If an answer is not
delivered by the required deadline, the arbitrator must provide written notice to the defaulting party stating that the arbitrator
will enter a default award against such party if such party does not file an answer within five (5) calendar days of receipt of
such notice. If an answer is not filed within the five (5) day extension period, the arbitrator must render a default award, consistent
with the relief requested in the Arbitration Notice, against a party that fails to submit an answer within such time period.

 

    	 

     

    

 

4.5
Related Litigation. The party that delivers the Arbitration Notice to the other party shall have the option to also commence
concurrent legal proceedings with any state or federal court sitting in Salt Lake County, Utah (“Litigation Proceedings”),
subject to the following: (a) the complaint in the Litigation Proceedings is to be substantially similar to the claims set forth
in the Arbitration Notice, provided that an additional cause of action to compel arbitration will also be included therein, (b)
so long as the other party files an answer to the complaint in the Litigation Proceedings and an answer to the Arbitration Notice,
the Litigation Proceedings will be stayed pending an Arbitration Award (or Appeal Panel Award (defined below), as applicable)
hereunder, (c) if the other party fails to file an answer in the Litigation Proceedings or an answer in the Arbitration proceedings,
then the party initiating Arbitration shall be entitled to a default judgment consistent with the relief requested, to be entered
in the Litigation Proceedings, and (d) any legal or procedural issue arising under the Arbitration Act that requires a decision
of a court of competent jurisdiction may be determined in the Litigation Proceedings. Any award of the arbitrator (or of the Appeal
Panel (defined below)) may be entered in such Litigation Proceedings pursuant to the Arbitration Act.

 

4.6
Discovery. Pursuant to Section 118(8) of the Arbitration Act, the parties agree that discovery shall be conducted as follows:

 

(a)
Written discovery will only be allowed if the likely benefits of the proposed written discovery outweigh the burden or expense
thereof, and the written discovery sought is likely to reveal information that will satisfy a specific element of a claim or defense
already pleaded in the Arbitration. The party seeking written discovery shall always have the burden of showing that all of the
standards and limitations set forth in these Arbitration Provisions are satisfied. The scope of discovery in the Arbitration proceedings
shall also be limited as follows:

 

(i)
To facts directly connected with the transactions contemplated by the Agreement.

 

(ii)
To facts and information that cannot be obtained from another source or in another manner that is more convenient, less burdensome
or less expensive than in the manner requested.

 

(b)
No party shall be allowed (i) more than fifteen (15) interrogatories (including discrete subparts), (ii) more than fifteen (15)
requests for admission (including discrete subparts), (iii) more than ten (10) document requests (including discrete subparts),
or (iv) more than three (3) depositions (excluding expert depositions) for a maximum of seven (7) hours per deposition. The costs
associated with depositions will be borne by the party taking the deposition. The party defending the deposition will submit a
notice to the party taking the deposition of the estimated attorneys’ fees that such party expects to incur in connection
with defending the deposition. If the party defending the deposition fails to submit an estimate of attorneys’ fees within
five (5) calendar days of its receipt of a deposition notice, then such party shall be deemed to have waived its right to the
estimated attorneys’ fees. The party taking the deposition must pay the party defending the deposition the estimated attorneys’
fees prior to taking the deposition, unless such obligation is deemed to be waived as set forth in the immediately preceding sentence.
If the party taking the deposition believes that the estimated attorneys’ fees are unreasonable, such party may submit the
issue to the arbitrator for a decision. All depositions will be taken in Utah.

 

(c)
All discovery requests (including document production requests included in deposition notices) must be submitted in writing to
the arbitrator and the other party. The party submitting the written discovery requests must include with such discovery requests
a detailed explanation of how the proposed discovery requests satisfy the requirements of these Arbitration Provisions and the
Utah Rules of Civil Procedure. The receiving party will then be allowed, within five (5) calendar days of receiving the proposed
discovery requests, to submit to the arbitrator an estimate of the attorneys’ fees and costs associated with responding
to such written discovery requests and a written challenge to each applicable discovery request. After receipt of an estimate
of attorneys’ fees and costs and/or challenge(s) to one or more discovery requests, consistent with subparagraph (c) above,
the arbitrator will within three (3) calendar days make a finding as to the likely attorneys’ fees and costs associated
with responding to the discovery requests and issue an order that (i) requires the requesting party to prepay the attorneys’
fees and costs associated with responding to the discovery requests, and (ii) requires the responding party to respond to the
discovery requests as limited by the arbitrator within twenty-five (25) calendar days of the arbitrator’s finding with respect
to such discovery requests. If a party entitled to submit an estimate of attorneys’ fees and costs and/or a challenge to
discovery requests fails to do so within such 5-day period, the arbitrator will make a finding that (A) there are no attorneys’
fees or costs associated with responding to such discovery requests, and (B) the responding party must respond to such discovery
requests (as may be limited by the arbitrator) within twenty-five (25) calendar days of the arbitrator’s finding with respect
to such discovery requests. Any party submitting any written discovery requests, including without limitation interrogatories,
requests for production subpoenas to a party or a third party, or requests for admissions, must prepay the estimated attorneys’
fees and costs, before the responding party has any obligation to produce or respond to the same, unless such obligation is deemed
waived as set forth above.

 

    	 

     

    

 

(d)
In order to allow a written discovery request, the arbitrator must find that the discovery request satisfies the standards set
forth in these Arbitration Provisions and the Utah Rules of Civil Procedure. The arbitrator must strictly enforce these standards.
If a discovery request does not satisfy any of the standards set forth in these Arbitration Provisions or the Utah Rules of Civil
Procedure, the arbitrator may modify such discovery request to satisfy the applicable standards, or strike such discovery request
in whole or in part.

 

(e)
Each party may submit expert reports (and rebuttals thereto), provided that such reports must be submitted within sixty (60) days
of the Arbitration Commencement Date. Each party will be allowed a maximum of two (2) experts. Expert reports must contain the
following: (i) a complete statement of all opinions the expert will offer at trial and the basis and reasons for them; (ii) the
expert’s name and qualifications, including a list of all the expert’s publications within the preceding ten (10)
years, and a list of any other cases in which the expert has testified at trial or in a deposition or prepared a report within
the preceding ten (10) years; and (iii) the compensation to be paid for the expert’s report and testimony. The parties are
entitled to depose any other party’s expert witness one (1) time for no more than four (4) hours. An expert may not testify
in a party’s case-in-chief concerning any matter not fairly disclosed in the expert report.

 

4.6
Dispositive Motions. Each party shall have the right to submit dispositive motions pursuant Rule 12 or Rule 56 of the Utah
Rules of Civil Procedure (a “Dispositive Motion”). The party submitting the Dispositive Motion may, but is
not required to, deliver to the arbitrator and to the other party a memorandum in support (the “Memorandum in Support”)
of the Dispositive Motion. Within seven (7) calendar days of delivery of the Memorandum in Support, the other party shall deliver
to the arbitrator and to the other party a memorandum in opposition to the Memorandum in Support (the “Memorandum in
Opposition”). Within seven (7) calendar days of delivery of the Memorandum in Opposition, as applicable, the party that
submitted the Memorandum in Support shall deliver to the arbitrator and to the other party a reply memorandum to the Memorandum
in Opposition (“Reply Memorandum”). If the applicable party shall fail to deliver the Memorandum in Opposition
as required above, or if the other party fails to deliver the Reply Memorandum as required above, then the applicable party shall
lose its right to so deliver the same, and the Dispositive Motion shall proceed regardless.

 

4.7
Confidentiality. All information disclosed by either party (or such party’s agents) during the Arbitration process
(including without limitation information disclosed during the discovery process or any Appeal (defined below)) shall be considered
confidential in nature. Each party agrees not to disclose any confidential information received from the other party (or its agents)
during the Arbitration process (including without limitation during the discovery process or any Appeal) unless (a) prior to or
after the time of disclosure such information becomes public knowledge or part of the public domain, not as a result of any inaction
or action of the receiving party or its agents, (b) such information is required by a court order, subpoena or similar legal duress
to be disclosed if such receiving party has notified the other party thereof in writing and given it a reasonable opportunity
to obtain a protective order from a court of competent jurisdiction prior to disclosure, or (c) such information is disclosed
to the receiving party’s agents, representatives and legal counsel on a need to know basis who each agree in writing not
to disclose such information to any third party. Pursuant to Section 118(5) of the Arbitration Act, the arbitrator is hereby authorized
and directed to issue a protective order to prevent the disclosure of privileged information and confidential information upon
the written request of either party.

 

4.8
Authorization; Timing; Scheduling Order. Subject to all other portions of these Arbitration Provisions, the parties hereby
authorize and direct the arbitrator to take such actions and make such rulings as may be necessary to carry out the parties’
intent for the Arbitration proceedings to be efficient and expeditious. Pursuant to Section 120 of the Arbitration Act, the parties
hereby agree that an Arbitration Award must be made within one hundred twenty (120) calendar days after the Arbitration Commencement
Date. The arbitrator is hereby authorized and directed to hold a scheduling conference within ten (10) calendar days after the
Arbitration Commencement Date in order to establish a scheduling order with various binding deadlines for discovery, expert testimony,
and the submission of documents by the parties to enable the arbitrator to render a decision prior to the end of such 120-day
period.

 

    	 

     

    

 

4.9
Relief. The arbitrator shall have the right to award or include in the Arbitration Award (or in a preliminary ruling) any
relief which the arbitrator deems proper under the circumstances, including, without limitation, specific performance and injunctive
relief, provided that the arbitrator may not award exemplary or punitive damages.

 

4.10
Fees and Costs. As part of the Arbitration Award, the arbitrator is hereby directed to require the losing party (the party
being awarded the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without regard
to any statutory fines, penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid costs
and fees of the Arbitration, and (b) reimburse the prevailing party for all reasonable attorneys’ fees, arbitrator costs
and fees, deposition costs, other discovery costs, and other expenses, costs or fees paid or otherwise incurred by the prevailing
party in connection with the Arbitration.

 

5.
Arbitration Appeal.

 

5.1
Initiation of Appeal. Following the entry of the Arbitration Award, either party (the “Appellant”) shall
have a period of thirty (30) calendar days in which to notify the other party (the “Appellee”), in writing,
that the Appellant elects to appeal (the “Appeal”) the Arbitration Award (such notice, an “Appeal
Notice”) to a panel of arbitrators as provided in Paragraph 5.2 below. The date the Appellant delivers an Appeal Notice
to the Appellee is referred to herein as the “Appeal Date”. The Appeal Notice must be delivered to the Appellee
in accordance with the provisions of Paragraph 4.1 above with respect to delivery of an Arbitration Notice. In addition, together
with delivery of the Appeal Notice to the Appellee, the Appellant must also pay for (and provide proof of such payment to the
Appellee together with delivery of the Appeal Notice) a bond in the amount of 110% of the sum the Appellant owes to the Appellee
as a result of the Arbitration Award the Appellant is appealing. In the event an Appellant delivers an Appeal Notice to the Appellee
(together with proof of payment of the applicable bond) in compliance with the provisions of this Paragraph 5.1, the Appeal will
occur as a matter of right and, except as specifically set forth herein, will not be further conditioned. In the event a party
does not deliver an Appeal Notice (along with proof of payment of the applicable bond) to the other party within the deadline
prescribed in this Paragraph 5.1, such party shall lose its right to appeal the Arbitration Award. If no party delivers an Appeal
Notice (along with proof of payment of the applicable bond) to the other party within the deadline described in this Paragraph
5.1, the Arbitration Award shall be final. The parties acknowledge and agree that any Appeal shall be deemed part of the parties’
agreement to arbitrate for purposes of these Arbitration Provisions and the Arbitration Act.

 

5.2
Selection and Payment of Appeal Panel. In the event an Appellant delivers an Appeal Notice to the Appellee (together with
proof of payment of the applicable bond) in compliance with the provisions of Paragraph 5.1 above, the Appeal will be heard by
a three (3) person arbitration panel (the “Appeal Panel”).

 

(a)
Within ten (10) calendar days after the Appeal Date, the Appellee shall select and submit to the Appellant the names of five (5)
arbitrators that are designated as “neutrals” or qualified arbitrators by Utah ADR Services (http://www.utahadrservices.com)
(such five (5) designated persons hereunder are referred to herein as the “Proposed Appeal Arbitrators”). For
the avoidance of doubt, each Proposed Appeal Arbitrator must be qualified as a “neutral” with Utah ADR Services, and
shall not be the arbitrator who rendered the Arbitration Award being appealed (the “Original Arbitrator”).
Within five (5) calendar days after the Appellee has submitted to the Appellant the names of the Proposed Appeal Arbitrators,
the Appellant must select, by written notice to the Appellee, three (3) of the Proposed Appeal Arbitrators to act as the members
of the Appeal Panel. If the Appellant fails to select three (3) of the Proposed Appeal Arbitrators in writing within such 5-day
period, then the Appellee may select such three (3) arbitrators from the Proposed Appeal Arbitrators by providing written notice
of such selection to the Appellant.

 

(b)
If the Appellee fails to submit to the Appellant the names of the Proposed Appeal Arbitrators within ten (10) calendar days after
the Appeal Date pursuant to subparagraph (a) above, then the Appellant may at any time prior to the Appellee so designating the
Proposed Appeal Arbitrators, identify the names of five (5) arbitrators that are designated as “neutrals” or qualified
arbitrators by Utah ADR Service (none of whom may be the Original Arbitrator) by written notice to the Appellee. The Appellee
may then, within five (5) calendar days after the Appellant has submitted notice of its selected arbitrators to the Appellee,
select, by written notice to the Appellant, three (3) of such selected arbitrators to serve on the Appeal Panel. If the Appellee
fails to select in writing within such 5-day period three (3) of the arbitrators selected by the Appellant to serve as the members
of the Appeal Panel, then the Appellant may select the three (3) members of the Appeal Panel from the Appellant’s list of
five (5) arbitrators by providing written notice of such selection to the Appellee.

 

    	 

     

    

 

(c)
If a selected Proposed Appeal Arbitrator declines or is otherwise unable to serve, then the party that selected such Proposed
Appeal Arbitrator may select one (1) of the other five (5) designated Proposed Appeal Arbitrators within three (3) calendar days
of the date a chosen Proposed Appeal Arbitrator declines or notifies the parties he or she is unable to serve as an arbitrator.
If at least three (3) of the five (5) designated Proposed Appeal Arbitrators decline or are otherwise unable to serve, then the
Proposed Appeal Arbitrator selection process shall begin again in accordance with this Paragraph 5.2; provided, however,
that any Proposed Appeal Arbitrators who have already agreed to serve shall remain on the Appeal Panel.

 

(d)
The date that all three (3) Proposed Appeal Arbitrators selected pursuant to this Paragraph 5.2 agree in writing (including via
email) delivered to both the Appellant and the Appellee to serve as members of the Appeal Panel hereunder is referred to herein
as the “Appeal Commencement Date”. No later than five (5) calendar days after the Appeal Commencement Date,
the Appellee shall designate in writing (including via email) to the Appellant and the Appeal Panel the name of one (1) of the
three (3) members of the Appeal Panel to serve as the lead arbitrator in the Appeal proceedings. Each member of the Appeal Panel
shall be deemed an arbitrator for purposes of these Arbitration Provisions and the Arbitration Act, provided that, in conducting
the Appeal, the Appeal Panel may only act or make determinations upon the approval or vote of no less than the majority vote of
its members, as announced or communicated by the lead arbitrator on the Appeal Panel. If
an arbitrator on the Appeal Panel ceases or is unable to act during the Appeal proceedings, a replacement arbitrator shall be
chosen in accordance with Paragraph 5.2 above to continue the Appeal as a member of the Appeal Panel. If Utah ADR Services
ceases to exist or to provide a list of neutrals, then the arbitrators for the Appeal Panel shall be selected under the then prevailing
rules of the American Arbitration Association.

 

(d)
Subject to Paragraph 5.7 below, the cost of the Appeal Panel must be paid entirely by the Appellant.

 

5.3
Appeal Procedure. The Appeal will be deemed an appeal of the entire Arbitration Award. In conducting the Appeal, the Appeal
Panel shall conduct a de novo review of all Claims described or otherwise set forth in the Arbitration Notice. Subject to the
foregoing and all other provisions of this Paragraph 5, the Appeal Panel shall conduct the Appeal in a manner the Appeal Panel
considers appropriate for a fair and expeditious disposition of the Appeal, may hold one or more hearings and permit oral argument,
and may review all previous evidence and discovery, together with all briefs, pleadings and other documents filed with the Original
Arbitrator (as well as any documents filed with the Appeal Panel pursuant to Paragraph 5.4(a) below). Notwithstanding the foregoing,
in connection with the Appeal, the Appeal Panel shall not permit the parties to conduct any additional discovery or raise any
new Claims to be arbitrated, shall not permit new witnesses or affidavits, and shall not base any of its findings or determinations
on the Original Arbitrator’s findings or the Arbitration Award.

 

5.4
Timing.

 

(a)
Within seven (7) calendar days of the Appeal Commencement Date, the Appellant (i) shall deliver or cause to be delivered to the
Appeal Panel copies of the Appeal Notice, all discovery conducted in connection with the Arbitration, and all briefs, pleadings
and other documents filed with the Original Arbitrator (which material Appellee shall have the right to review and supplement
if necessary), and (ii) may, but is not required to, deliver to the Appeal Panel and to the Appellee a Memorandum in Support of
the Appellant’s arguments concerning or position with respect to all Claims, counterclaims, issues, or accountings presented
or pleaded in the Arbitration. Within seven (7) calendar days of the Appellant’s delivery of the Memorandum in Support,
as applicable, the Appellee shall deliver to the Appeal Panel and to the Appellant a Memorandum in Opposition to the Memorandum
in Support. Within seven (7) calendar days of the Appellee’s delivery of the Memorandum in Opposition, as applicable, the
Appellant shall deliver to the Appeal Panel and to the Appellee a Reply Memorandum to the Memorandum in Opposition. If the Appellant
shall fail to substantially comply with the requirements of clause (i) of this subparagraph (a), the Appellant shall lose its
right to appeal the Arbitration Award, and the Arbitration Award shall be final. If the Appellee shall fail to deliver the Memorandum
in Opposition as required above, or if the Appellant shall fail to deliver the Reply Memorandum as required above, then the Appellee
or the Appellant, as the case may be, shall lose its right to so deliver the same, and the Appeal shall proceed regardless.

 

    	 

     

    

 

(b)
Subject to subparagraph (a) above, the parties hereby agree that the Appeal must be heard by the Appeal Panel within thirty (30)
calendar days of the Appeal Commencement Date, and that the Appeal Panel must render its decision within thirty (30) calendar
days after the Appeal is heard (and in no event later than sixty (60) calendar days after the Appeal Commencement Date).

 

5.5
Appeal Panel Award. The Appeal Panel shall issue its decision (the “Appeal Panel Award”) through the
lead arbitrator on the Appeal Panel. Notwithstanding any other provision contained herein, the Appeal Panel Award shall (a) supersede
in its entirety and make of no further force or effect the Arbitration Award (provided that any protective orders issued by the
Original Arbitrator shall remain in full force and effect), (b) be final and binding upon the parties, with no further rights
of appeal, (c) be the sole and exclusive remedy between the parties regarding any Claims, counterclaims, issues, or accountings
presented or pleaded in the Arbitration, and (d) be promptly payable in United States dollars free of any tax, deduction or offset
(with respect to monetary awards). Any costs or fees, including without limitation attorneys’ fees, incurred in connection
with or incident to enforcing the Appeal Panel Award shall, to the maximum extent permitted by law, be charged against the party
resisting such enforcement. The Appeal Panel Award shall include Default Interest (with respect to monetary awards) at the rate
specified in the Note for Default Interest both before and after the Arbitration Award. Judgment upon the Appeal Panel Award will
be entered and enforced by a state or federal court sitting in Salt Lake County, Utah.

 

5.6
Relief. The Appeal Panel shall have the right to award or include in the Appeal Panel Award any relief which the Appeal
Panel deems proper under the circumstances, including, without limitation, specific performance and injunctive relief, provided
that the Appeal Panel may not award exemplary or punitive damages.

 

5.7
Fees and Costs. As part of the Appeal Panel Award, the Appeal Panel is hereby directed to require the losing party (the
party being awarded the least amount of money by the arbitrator, which, for the avoidance of doubt, shall be determined without
regard to any statutory fines, penalties, fees, or other charges awarded to any party) to (a) pay the full amount of any unpaid
costs and fees of the Arbitration and the Appeal Panel, and (b) reimburse the prevailing party (the party being awarded the most
amount of money by the Appeal Panel, which, for the avoidance of doubt, shall be determined without regard to any statutory fines,
penalties, fees, or other charges awarded to any part) the reasonable attorneys’ fees, arbitrator and Appeal Panel costs
and fees, deposition costs, other discovery costs, and other expenses, costs or fees paid or otherwise incurred by the prevailing
party in connection with the Arbitration (including without limitation in connection with the Appeal).

 

6.
Miscellaneous.

 

6.1
Severability. If any part of these Arbitration Provisions is found to violate or be illegal under applicable law, then
such provision shall be modified to the minimum extent necessary to make such provision enforceable under applicable law, and
the remainder of the Arbitration Provisions shall remain unaffected and in full force and effect.

 

6.2
Governing Law. These Arbitration Provisions shall be governed by the laws of the State of Utah without regard to the conflict
of laws principles therein.

 

6.3
Interpretation. The headings of these Arbitration Provisions are for convenience of reference only and shall not form part
of, or affect the interpretation of, these Arbitration Provisions.

 

6.4
Waiver. No waiver of any provision of these Arbitration Provisions shall be effective unless it is in the form of a writing
signed by the party granting the waiver.

 

6.5
Time is of the Essence. Time is expressly made of the essence with respect to each and every provision of these Arbitration
Provisions.

 

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