Document:

Exhibit 10.2

 

 

 

August 10, 2022

 

STRICTLY CONFIDENTIAL

 

Bo YU

Director

BIT Mining Limited

Unit 813&815, Level 8, Core F

Cyberport 3, 100 Cyberport Road

Hong Kong

 

 

Mr. YU:

 

This letter (the “Agreement”)
constitutes the agreement between Revere Securities, LLC (“Revere”, or the “Placement Agent”), a
company incorporated under the laws of the State of Delaware, and BIT Mining Limited (the “Company”), pursuant to which
the Placement Agent shall serve as the exclusive placement agent for the Company, on a “reasonable best efforts” basis, in
connection with the proposed placement (the “Placement”) of the Class A ordinary shares of the Company (the “Shares”),
including Class A ordinary shares represented by American Depositary Shares (the “ADSs”), or preferred shares,
debt securities, warrants, either individually or as units composed of one or more of the other securities (collectively hereinafter referred
to as the “Securities”). The terms of the Placement shall be mutually agreed upon by the Company and the purchasers
(each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein constitutes that the
Placement Agent would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue any Securities
or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in connection with
the Placement, including but not limited to the Purchase Agreement (as defined below), shall be collectively referred to herein as the
 “Transaction Documents.” The date of the closing of the Placement shall be referred to herein as the “Closing
Date.” The Company expressly acknowledges and agrees that the obligations of the Placement Agent hereunder are on a reasonable
best efforts basis only and that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the
Securities and does not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent
with respect to securing any other financing on behalf of the Company. Following the prior written consent of the Company, the Placement
Agent may retain other brokers or dealers to act as sub-Agent or selected-dealers on its behalf in connection with the Placement. The
sale of the Securities to any Purchaser will be evidenced by a securities purchase agreement (the “Purchase Agreement”)
between the Company and such Purchaser in a form mutually agreed upon by the Company and the Placement Agent. Prior to the signing of
any Purchase Agreement, executive officers of the Company will be available upon reasonable notice and during normal business hours to
answer inquiries from prospective Purchasers.

 

SECTION
1.          REPRESENTATIONS AND WARRANTIES OF THE COMPANY. Each of the representations and warranties (together with any related
disclosure schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement
shall be incorporated herein by reference into this Agreement (as though fully restated herein) and shall be, as of the date of the Purchase
Agreement and as of the Closing Date, made to, and in favor of, the Placement Agent.

 

SECTION
2.          REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good
standing of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws
of the States applicable to the offers and sales of the Securities by such Placement Agent, (iv) is and will be a corporate entity validly
existing under the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations
under this Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement
Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions of
this Agreement and the requirements of applicable law.

 

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SECTION
3.          COMPENSATION. The Placement is anticipated to be at least US$10 million of gross proceeds. The actual size of the
Placement, the precise number of Shares to be offered by the Company and the offering price will be the subject of continuing negotiations
between the Company and Revere. In consideration of the services to be provided for hereunder, the Company shall pay to the Placement
Agent the following compensation with respect to the Securities which they are placing:

 

A.           A cash fee (the “Cash Fee”) equal to an aggregate of two percent (2.0%) of the aggregate gross proceeds
raised in the Placement. The Cash Fee shall be paid at the Closing of the Placement; provided, however, that such Cash Fee shall be reduced
to one percent (1.0%) of the aggregate gross proceeds raised in each Placement from investors listed on Addendum B hereto (the
 “Reduced Compensation Investors”).

 

B.            As additional compensation for the Placement Agent’s services, the Company shall issue to Revere or its designees
at the Closing warrants (the “Placement Agent’s Warrants”) to purchase that number of the Shares equal to five
percent (5.0%) of the aggregate number of Shares underlying the Securities sold in the Placement. The Placement Agent’s Warrants
will be exercisable at any time and from time to time, in whole or in part, during the two and a half-year period commencing six (6) months
from the effective date of the Placement, at a price per share equal to 125.0% of the price per share of the securities sold in the Placement.
The Placement Agent’s Warrants will provide for registration rights (including a one-time demand registration right and unlimited
piggyback rights) and customary anti-dilution provisions (for stock dividends and splits and recapitalizations) and anti-dilution protection
(adjustment in the number and price of such warrants and the shares underlying such warrants) resulting from corporate events (which would
include dividends, reorganizations, etc.).

 

C.            Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company will be responsible for and will pay all expenses relating
to the Placement, including, without limitation, (a) all filing fees and expenses relating to the registration of the securities with
the Commission; (b) all fees and expenses relating to the listing of the ADSs on a national exchange, if applicable; (c) all fees, expenses
and disbursements relating to the registration or qualification of the securities under the “blue sky” securities laws of
such states and other jurisdictions as Placement Agent may reasonably designate (including, without limitation, all filing and registration
fees, and the reasonable fees and disbursements) unless such filings are not required in connection with the Company’s proposed
listing on a national exchange, if applicable; (d) all fees, expenses and disbursements relating to the registration, qualification or
exemption of the securities under the securities laws of such foreign jurisdictions as the Placement Agent’s may reasonably designate;
(e) the costs of all mailing and printing of the Placement documents; (f) transfer and/or stamp taxes, if any, payable upon the transfer
of securities from the Company to the Placement Agent; and (g) the fees and expenses of the Company’s accountants; and (h) a maximum
of $25,000 for non-accountable expenses, and a maximum of $75,000 for reasonable legal fees and disbursements for Revere’s counsel
and other out-of-pocket expenses; provided, however, that any accountable costs and expenses must be accompanied by reasonable evidence
in support for reimbursement. The Placement Agent may deduct from the net proceeds of the Placement payable to the Company on the Closing
Date the expenses set forth herein to be paid by the Company to the Placement Agent. The Company shall be responsible for the Placement
Agent’s external counsel legal costs detailed in this Section irrespective of whether the Placement is consummated or not, subject
to $50,000 in the event that there is not a Closing.

 

D.            The Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified
herein in the event at a determination shall be made by FINRA to the effect that such Placement Agent’s aggregate compensation
is in excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION
4.          INDEMNIFICATION. The Company agrees to the indemnification and other agreements set forth in the Indemnification
Provisions (the “Indemnification”) attached hereto as Addendum A, the provisions of which are incorporated herein
by reference and shall survive the termination or expiration of this Agreement. If the Company subsequently enters into an underwriting
agreement or a placement agent agreement in connection with a Placement, the indemnification and contribution provisions to be provided
thereunder shall supersede this Section 4 (including Addendum A) in all respects with respect to all claims relating to or arising out
of such Placement, in which case this Section 4 (including Addendum A) shall cease to have any effect.

 

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SECTION
5.           ENGAGEMENT TERM. The Placement Agent engagement hereunder shall begin on the date hereof and end until the earlier
of (i) fourteen (14) days thereafter and (ii) the final closing date of the Placement (such date, the “Termination Date”
and the period of time during which this Agreement remains in effect is referred to herein as the “Term”). Notwithstanding
anything to the contrary contained herein, the provisions concerning the Company’s obligation to pay any fees actually earned pursuant
to Section 3 hereof, expense reimbursement pursuant to Section 3 hereof and the provisions concerning Tail Financings, confidentiality,
indemnification and contribution contained herein and the Company’s obligations contained in the Indemnification Provisions will
survive any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement and
subject to the provisions in Section 3.C, all actual and accountable out-of-pocket expenses related to a Placement (including actual
and accountable reimbursement to the Placement Agent’s counsel) due to the Placement Agent shall be paid by the Company to the
Placement Agent on or before the Termination Date (in the event such fees are earned or owed as of the Termination Date), provided, however,
that any of such costs and expenses must be accompanied by reasonable evidence in support for reimbursement. The Placement Agent agree
not to use any confidential information concerning the Company provided to such Placement Agent by the Company for any purposes other
than those contemplated under this Agreement.

 

SECTION
6.           PLACEMENT AGENT’ INFORMATION. The Company agrees that any information or advice rendered by the Placement
Agent in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except
as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner (other than
to its legal counsel and other advistors in connection with a Placement) without such Placement Agent’s prior written consent.

 

SECTION
7.           NO FIDUCIARY RELATIONSHIP. This Agreement does not create and shall not be construed as creating rights enforceable
by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions hereof. The Company
acknowledges and agrees that the Placement Agent is nor shall the Placement Agent be construed as a fiduciary of the Company and the
Placement Agent shall have any duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue
of this Agreement or the retention of the Placement Agent hereunder, all of which are hereby expressly waived.

 

SECTION
8.          CLOSING. The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject
to the accuracy, when made and on the Closing Date, of the representations and warranties on the part of the Company contained herein
and in the Purchase Agreement, to the accuracy of the statements of the Company made in any certificates pursuant to the provisions hereof,
to the performance by the Company of their obligations hereunder, and to each of the following additional terms and conditions, except
as otherwise disclosed to and acknowledged and waived by the Placement Agent by the Company:

 

A.            No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by
any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities; and no injunction,
restraining order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the
Closing Date which would prevent the issuance or sale of the Securities.

 

B.             The Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full
force and effect and shall contain representations, warranties and covenants of the Company as agreed between the Company and the Purchasers.

 

C.             Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates
and documents as the Placement Agent may reasonably request.

 

If any of the conditions specified
in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates, written statements
or letters furnished to the Placement Agent or to Placement Agent’s counsel pursuant to this Section 8 shall not be reasonably satisfactory
in form and substance to the Placement Agent and to Placement Agent’s counsel, all obligations of the Placement Agent hereunder
may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall
be given to the Company in writing.

 

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SECTION
9.           COVENANTS AND OBLIGATIONS.A. 

 

A.            Tail Financing. In the event that Revere does not consummate the Placement as contemplated by this Agreement, Revere
shall be entitled to a cash fee equal to two percent (2.0%) of the gross proceeds received by the Company from the sale of the Securities
to any investor actually introduced by Revere to the Company during the Engagement Period (the “Tail Financing”), and
such Tail Financing is consummated at any time during the twelve (12) month period following the expiration of the Engagement Period,
provided that such financing is by a party actually introduced to the Company in a Placement in which the Company has direct knowledge
of such party’s participation. The Placement Agent will provide the company a list of all parties introduced to the company.

 

SECTION
10.        GOVERNING LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New
York applicable to agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without
the prior written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and
their respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement
or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts
of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this Agreement, the
Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts.
Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If either
party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such action
or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred with the investigation,
preparation and prosecution of such action or proceeding.

 

SECTION
11.        ENTIRE AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement
and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter
hereof. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect
such provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement
may not be amended or otherwise modified or waived except by an instrument in writing signed by both Placement Agent and the Company.
The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery of
the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or .pdf signature page were an original thereof.

 

SECTION
12.        CONFIDENTIALITY. The Placement Agent (i) will keep the Confidential Information (as such term is defined below)
confidential and will not (except as required by applicable law or stock exchange requirement, regulation or legal process (“Legal
Requirement”), without the Company’s prior written consent, disclose to any person any Confidential Information, and
(ii) will not use any Confidential Information other than in connection with the Placement. The Placement Agent further agrees to disclose
the Confidential Information only to its Representatives (as such term is defined below) who need to know the Confidential Information
for the purpose of the Placement, and who are informed by such Placement Agent of the confidential nature of the Confidential Information.
The term “Confidential Information” shall mean, all confidential, proprietary and non-public information (whether written,
oral or electronic communications) furnished by the Company to a Placement Agent or its Representatives in connection with such Placement
Agent’s evaluation of the Placement. The term “Confidential Information” will not, however, include information which
(i) is or becomes publicly available other than as a result of a disclosure by a Placement Agent or its Representatives in violation
of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives on a non-confidential basis from a
third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure by the Company or any of its Representatives,
or (iv) is or has been independently developed by a Placement Agent and/or the Representatives without use of any Confidential Information
furnished to it by the Company. The term “Representatives” shall mean with respect to the Placement Agent, such Placement
Agent’s directors, board committees, officers, employees, financial advisors, attorneys and accountants. This provision shall be
in full force until the earlier of (a) the date that the Confidential Information ceases to be confidential and (b) two years from the
date hereof. Notwithstanding any of the foregoing, in the event that the Placement Agent or any of its Representatives are required by
Legal Requirement to disclose any of the Confidential Information, such Placement Agent and its Representatives will furnish only that
portion of the Confidential Information which such Placement Agent or its Representative, as applicable, is required to disclose by Legal
Requirement as advised by counsel, and will use reasonable efforts to obtain reliable assurance that confidential treatment will be accorded
the Confidential Information so disclosed.

 

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SECTION
13.        NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder
shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is sent to the email address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day,
(b) the next business day after the date of transmission, if such notice or communication is sent to the email address on the signature
pages attached hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third
business day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt
by the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the
signature pages hereto.

 

SECTION
14.         Press Announcements. The Company agrees that, with the Company’s
prior written consent, the Placement Agent shall, from and after any Closing, have the right to reference the Placement and the Placement
Agent’s role in connection therewith in the Placement Agent’ marketing materials and on its website and to place advertisements
in financial and other newspapers and journals, in each case at its own expense.

 

[Signature
page to follow]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 

 

 

	Very truly yours,	 
	 	 
	REVERE SECURITIES LLC	 
	 	 
	By:	/s/ Dajiang Guo	 
	 	 
	Dajiang GUO	 
	Senior Managing Director	 
	Head of Investment Banking	 
	Revere Securities LLC	 
	650 Fifth Avenue, 35th Floor	 
	New York, NY 10022	 
	T:212-688-2238	 
	 	 
	 	 
	Accepted and Agreed to as of	 
	the date first written above:	 
	 	 
	 	 
	By:	/s/ Bo Yu	 
	 	 	 
	Name:	 
	Title:	 
	Bo YU	 
	Director	 
	BIT Mining Limited	 
	Unit 813&815, Level 8, Core F	 
	Cyberport 3, 100 Cyberport Road	 
	Hong Kong	 

 

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Addendum A

 

INDEMNIFICATION PROVISIONS

 

In connection with the engagement
of Revere Securities LLC (“Revere”, the “Placement Agent”) by BIT Mining Limited (the “Company”)
pursuant to a letter agreement dated as of the date hereof, by and among the Company and the Placement Agent, as it may be amended from
time to time in writing (the “Agreement”), the Company hereby agrees as follows:

 

1.             To the extent permitted by law, the Company will indemnify the Placement Agent and its affiliates, directors, officers, employees
and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange
Act of 1934) (collectively, the “Indemnified Persons”) against all losses, claims, damages, expenses and liabilities,
as incurred (including the reasonable fees and expenses of counsel), relating to or arising out of (i) any actions taken or omitted to
be taken by the Company (except for such untrue statement of a material fact or omission to state
a material fact based on written information furnished to the Company in writing by the Placement Agent), (ii) any activities of
any Indemnified Persons pursuant to the Agreement, except, with regard to the Indemnified Persons, to the extent that any losses, claims,
damages, expenses or liabilities (or actions in respect thereof) are found in a final judgment (not subject to appeal) by a court of law
to have resulted primarily and directly from any Indemnified Person’s willful misconduct or gross negligence in performing the services
described herein, as the case may be.

 

2.             Promptly after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect
to which such Placement Agent is entitled to indemnity hereunder, such Placement Agent will notify the Company in writing of such claim
or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will employ
counsel reasonably satisfactory to such Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding
sentence, the Placement Agent will be entitled to employ counsel separate from counsel for the Company and from any other party in such
action if counsel for such Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional
responsibility for the same counsel to represent both the Company and such Placement Agent. In such event, the reasonable fees and disbursements
of no more than one such separate counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or
proceeding provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement
Agent, which will not be unreasonably withheld.

 

3.             The Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by the Agreement.

 

4.             If for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold such Placement Agent harmless,
then the Company shall contribute to the amount paid or payable by such Placement Agent, as the case may be, as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company
on the one hand, and such Placement Agent on the other, but also the relative fault of the Company on the one hand and such Placement
Agent on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The
amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include
any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions
hereof, no Placement Agent’s share of the liability hereunder shall be in excess of the amount of fees actually received, or to
be received, by such Placement Agent under the Agreement (excluding any amounts received as reimbursement of expenses incurred by such
Placement Agent).

 

5.             These Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement
is completed and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise
have to any indemnified party under the Agreement or otherwise.

 

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Addendum B

Reduced Compensation Investors

 

    8Exhibit 10.3

 

June 10, 2022

 

BIT Mining Limited

Units 813&815, Level 8, Core F, Cyberport 3

100 Cyberport Road

Hong Kong

 

Attn: Bo Yu, Chairman & Chief Operating Officer

 

Dear Mr. Yu:

 

This letter agreement (this
 “Agreement”) constitutes the agreement between BIT Mining Limited (the “Company”) and H.C. Wainwright &
Co., LLC (“Wainwright”), that Wainwright shall serve as the exclusive agent, advisor or underwriter in any public or
private offering, including, but not limited to, registered direct offering (each, an “Offering”) of securities of
the Company (the “Securities”) during the Term (as hereinafter defined) of this Agreement. The terms of each Offering
and the Securities issued in connection therewith shall be mutually agreed upon by the Company and Wainwright and nothing herein implies
that Wainwright would have the power or authority to bind the Company and nothing herein implies that the Company shall have an obligation
to issue any Securities. It is understood that Wainwright’s assistance in an Offering will be subject to the satisfactory completion
of such investigation and inquiry into the affairs of the Company as Wainwright deems appropriate under the circumstances and to the receipt
of all internal approvals of Wainwright in connection with an Offering. The Company expressly acknowledges and agrees that Wainwright’s
involvement in an Offering is strictly on a reasonable best efforts basis and that the consummation of an Offering will be subject to,
among other things, market conditions. The execution of this Agreement does not constitute a commitment by Wainwright to purchase the
Securities and does not ensure a successful Offering of the Securities or the success of Wainwright with respect to securing any other
financing on behalf of the Company. Wainwright may retain other brokers, dealers, agents or underwriters on its behalf in connection with
an Offering.

 

A.            Compensation;
Reimbursement. At the closing of each Offering (each, a “Closing”), the Company shall compensate Wainwright as
follows:

 

		1.	Cash Fee. The Company shall pay to Wainwright a cash fee, or as to an underwritten Offering an
underwriter discount, equal to 7.0% of the aggregate gross proceeds raised in each Offering (the “Cash Fee”); provided,
however, that such Cash Fee shall be reduced to 3.0% of the aggregate gross proceeds raised in each Offering from Vine Grass Garden Limited,
Ancient Ark Century Limited and the investors with whom the Company has prior relationship and are listed on Annex A hereto (the
 “Reduced Compensation Investors”). In addition, the Company shall pay to Wainwright a cash fee equal to 6.0% of the
aggregate gross proceeds received from the cash exercise of any warrants issued in an Offering (to be reduced to 3.0% of the aggregate
gross proceeds received by the Company from the cash exercise of any warrants issued in an Offering to the Reduced Compensation Investors).
The fee payable on such exercise of warrants shall be paid to Wainwright promptly following receipt by the Company and in any event within
five (5) business days from the date(s) on which the consideration paid for the exercise of such warrants is received by the
Company.

 

     

     

    

 

		2.	Warrant Coverage. The Company shall issue to Wainwright or its designees at each Closing, warrants
(the “Wainwright Warrants”) to purchase that number of ordinary shares of the Company equal to 6.0% of the aggregate
number of ordinary shares placed in each Offering (and if an Offering includes a “greenshoe” or “additional investment”
component, such number of shares of common stock underlying such “greenshoe” or “additional investment” component,
with the Wainwright Warrants issuable upon the exercise of such component); provided, however, that such Wainwright Warrants coverage
shall be reduced to 1.0% with respect to the aggregate gross proceeds raised in each Offering from the Reduced Compensation Investors.
Upon any exercise for cash of any warrants issued to investors in each Offering, the Company shall issue to Wainwright (or its designees),
within five (5) business days of the Company’s receipt of the exercise price, the Wainwright Warrants to purchase that number
of ordinary shares of the Company equal to 6.0% of the aggregate number of such ordinary shares underlying the warrants that have been
so exercised (to be reduced to 1.0% of the aggregate number of such ordinary shares underlying the warrants that have been so exercised
by the Reduced Compensation Investors). If the Securities included in an Offering are convertible, the Wainwright Warrants shall be determined
by dividing the gross proceeds raised in such Offering by the Offering Price (as defined hereunder). The Wainwright Warrants shall be
in a customary form reasonably acceptable to Wainwright, have a term of five (5) years and an exercise price equal to 125% of the
offering price per share (or unit, if applicable) in the applicable Offering and if such offering price is not available, the market price
of the common stock on the date an Offering is commenced multiplied by 125% (such price, the “Offering Price”); provided,
however, that Wainwright Warrants may not be exercised within 180 days following the consummation of an applicable Offering; provided,
further, that if warrants are issued to investors in an Offering, the Wainwright Warrants shall have the same terms as the warrants issued
to investors in the applicable Offering, except that such Wainwright Warrants shall have an exercise price equal to 125% of the Offering
Price.

 

		3.	Expense Allowance. Out of the proceeds of each Closing, the Company also agrees to pay Wainwright
(a)  $35,000 for non-accountable expenses; (b) up to $75,000 for fees and expenses of legal counsel and other out-of-pocket
expenses; plus the additional amount payable by the Company pursuant to Paragraph D.3 hereunder and, if applicable, the costs associated
with the use of a third-party electronic road show service (such as NetRoadshow); provided, however, that any accountable costs and expenses
must be accompanied by reasonable evidence in support for reimbursement; provided, further, that such amount in no way limits or impairs
the indemnification and contribution provisions of this Agreement.

 

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		4.	Tail. Wainwright shall be entitled to compensation under clauses (1) and (2) hereunder,
calculated in the manner set forth therein, with respect to any public or private offering or other financing or capital-raising transaction
of any kind (“Tail Financing”) to the extent that such financing or capital is provided to the Company by investors
whom Wainwright had contacted during the Term or introduced to the Company during the Term, if such Tail Financing is consummated at any
time within the 12-month period following the expiration or termination of this Agreement; provided, however, that Wainwright shall provide
a written list of investors that it had contacted or introduced during the Term within ten (10) business days following the conclusion
of the Term.

 

B.            Term
and Termination of Engagement; Exclusivity. The term of Wainwright’s exclusive engagement will begin on the date hereof and
end thirty (30) days thereafter (the “Initial Term”); provided, however, that if an Offering is consummated within
the Initial Term, the term of this Agreement shall be extended by an additional thirty (30) day period (the “Extension Term,”
and together with the Initial Term, the “Term”). For clarity, the term “Term” shall mean the Initial Term
if there is no Extension Term. Notwithstanding anything to the contrary contained herein, the Company agrees that the provisions relating
to the payment of fees, reimbursement of expenses, tail, indemnification and contribution, confidentiality, conflicts, independent contractor
and waiver of the right to trial by jury will survive any termination or expiration of this Agreement. Notwithstanding anything to the
contrary contained herein, the Company has the right to terminate the Agreement for cause in compliance with FINRA Rule 5110(g)(5)(B)(i).
The exercise of such right of termination for cause eliminates the Company’s obligations with respect to the provisions relating
to the tail fees. Notwithstanding anything to the contrary contained in this Agreement, in the event that an Offering pursuant to this
Agreement shall not be carried out for any reason whatsoever during the Term, the Company shall be obligated to pay to Wainwright its
actual and accountable out-of-pocket expenses related to an Offering (including the fees and disbursements of Wainwright’s legal
counsel) and, if applicable, for electronic road show service used in connection with an Offering; provided, however, that any of such
costs and expenses must be accompanied by reasonable evidence in support for reimbursement. During the Term: (i) the Company will
not, and will not permit its representatives to, other than in coordination with Wainwright, contact or solicit institutions, corporations
or other entities or individuals as potential purchasers of the Securities and (ii) the Company will not pursue any financing transaction
which would be in lieu of an Offering. Furthermore, the Company agrees that during the Term, all inquiries from prospective investors
will be referred to Wainwright. Additionally, except as set forth hereunder, the Company represents, warrants and covenants that no brokerage
or finder’s fees or commissions are or will be payable by the Company or any subsidiary of the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other third-party with respect to any Offering.

 

C.            Information;
Reliance. The Company shall furnish, or cause to be furnished, to Wainwright all information reasonably requested by Wainwright for
the purpose of rendering services hereunder and conducting due diligence (all such information being the “Information”).
In addition, the Company agrees to make available to Wainwright upon reasonable request from time to time the officers, directors, accountants,
counsel and other advisors of the Company. The Company recognizes and confirms that Wainwright (a) will use and rely on the Information,
including any documents provided to investors in each Offering (the “Offering Documents”) which shall include any Purchase
Agreement (as defined hereunder), and on information available from generally recognized public sources in performing the services contemplated
by this Agreement without having independently verified the same; (b) does not assume responsibility for the accuracy or completeness
of the Offering Documents or the Information and such other information; and (c) will not make an appraisal of any of the assets
or liabilities of the Company. Upon reasonable request, the Company will meet with Wainwright or its representatives to discuss all information
relevant for disclosure in the Offering Documents and will cooperate in any investigation undertaken by Wainwright thereof, including
any document included or incorporated by reference therein. At each Offering, at the reasonable request of Wainwright, the Company shall
deliver or cause to be delivered such legal letters (including, without limitation, negative assurance letters), opinions, comfort letters,
officers’ and secretary certificates and good standing certificates, all in form and substance reasonably satisfactory to Wainwright
and its counsel as is customary for such Offering. Wainwright shall be a third party beneficiary of any representations, warranties, covenants,
closing conditions and closing deliverables made by the Company in any Offering Documents, including representations, warranties, covenants,
closing conditions and closing deliverables made to any investor in an Offering.

 

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D.            Related
Agreements. At each Offering, the Company shall enter into the following additional agreements:

 

		1.	Underwritten Offering. If an Offering is an underwritten Offering, the Company and Wainwright shall
enter into a customary underwriting agreement in form and substance reasonably satisfactory to Wainwright and its counsel.

 

		2.	Best Efforts Offering. If an Offering is on a best efforts basis, the sale of Securities to the
investors in the Offering will be evidenced by a purchase agreement (“Purchase Agreement”) between the Company and
such investors in a form reasonably satisfactory to the Company and Wainwright. Wainwright shall be a third party beneficiary with respect
to the representations, warranties, covenants, closing conditions and closing deliverables included in the Purchase Agreement. Prior to
the signing of any Purchase Agreement, officers of the Company with responsibility for financial affairs will be available to answer inquiries
from prospective investors.

 

		3.	Escrow, Settlement and Closing. If each Offering is not settled via delivery versus payment (“DVP”),
the Company and Wainwright shall enter into an escrow agreement with a third party escrow agent pursuant to which Wainwright’s compensation
and expenses shall be paid from the gross proceeds of the Securities sold. If the Offering is settled in whole or in part via DVP, Wainwright
shall arrange for its clearing agent to provide the funds to facilitate such settlement; provided, however, if the clearing firm provides
the funds in a best efforts offering and subsequent to such delivery an investor fails to provide the necessary funds to the clearing
agent for such purchase of Securities, Wainwright shall instruct the clearing agent to promptly return any such Securities to the Company
and the Company shall promptly return such investor’s purchase price to the clearing agent. The Company shall pay Wainwright closing
costs, which shall also include the reimbursement of the out-of-pocket cost of the escrow agent or clearing agent, as applicable, which
closing costs shall not exceed $15,950.

 

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		4.	FINRA Amendments. Notwithstanding anything herein to the contrary, in the event that Wainwright
determines that any of the terms provided for hereunder shall not comply with a FINRA rule, including but not limited to FINRA Rule 5110,
then the Company shall agree to amend this Agreement (or include such revisions in the final underwriting agreement) in writing upon the
reasonable request of Wainwright to comply with any such rules; provided that any such amendments shall not provide for terms that are
less favorable to the Company than are reflected in this Agreement.

 

E.            Confidentiality.
In the event of the consummation or public announcement of any Offering, Wainwright shall have the right to disclose its participation
in such Offering, including, without limitation, the Offering at its cost of “tombstone” advertisements in financial and other
newspapers and journals.

 

F.            Indemnity.

 

		1.	In connection with the Company’s engagement of Wainwright hereunder, the Company hereby agrees to
indemnify and hold harmless Wainwright and its affiliates, and the respective controlling persons, directors, officers, members, shareholders,
agents and employees of any of the foregoing (collectively the “Indemnified Persons”), from and against any and all
claims, actions, suits, proceedings (including those of shareholders), damages, liabilities and expenses incurred by any of them (including
the reasonable fees and expenses of counsel), as incurred, whether or not the Company is a party thereto (collectively a “Claim”),
that are (A) related to or arise out of (i) any actions taken or omitted to be taken (including any untrue statements made or
any statements omitted to be made) by the Company, or (ii) any actions taken or omitted to be taken by any Indemnified Person in
connection with the Company’s engagement of Wainwright, or (B) otherwise relate to or arise out of Wainwright’s activities
on the Company’s behalf under Wainwright’s engagement, and the Company shall reimburse any Indemnified Person for all expenses
(including the reasonable fees and expenses of counsel) as incurred by such Indemnified Person in connection with investigating, preparing
or defending any such claim, action, suit or proceeding, whether or not in connection with pending or threatened litigation in which any
Indemnified Person is a party. The Company will not, however, be responsible for any Claim that is finally judicially determined to have
resulted from the gross negligence or willful misconduct of any such Indemnified Person for such Claim. The Company further agrees that
no Indemnified Person shall have any liability to the Company for or in connection with the Company’s engagement of Wainwright except
for any Claim incurred by the Company as a result of such Indemnified Person’s gross negligence or willful misconduct.

 

		2.	The Company further agrees that it will not, without the prior written consent of Wainwright, settle,
compromise or consent to the entry of any judgment in any pending or threatened Claim in respect of which indemnification may be sought
hereunder (whether or not any Indemnified Person is an actual or potential party to such Claim), unless such settlement, compromise or
consent includes an unconditional, irrevocable release of each Indemnified Person from any and all liability arising out of such Claim.

 

    5

     

    

 

		3.	Promptly upon receipt by an Indemnified Person of notice of any complaint or the assertion or institution
of any Claim with respect to which indemnification is being sought hereunder, such Indemnified Person shall notify the Company in writing
of such complaint or of such assertion or institution but failure to so notify the Company shall not relieve the Company from any obligation
it may have hereunder, except and only to the extent such failure results in the forfeiture by the Company of substantial rights and defenses.
If the Company is requested by such Indemnified Person, the Company will assume the defense of such Claim, including the employment of
counsel for such Indemnified Person and the payment of the fees and expenses of such counsel, provided, however, that such counsel shall
be satisfactory to the Indemnified Person and provided further that if the legal counsel to such Indemnified Person reasonably determines
that the use of counsel chosen by the Company to represent such Indemnified Person would present such counsel with a conflict of interest
or if the defendant in, or target of, any such Claim, includes an Indemnified Person and the Company, and legal counsel to such Indemnified
Person reasonably concludes that there may be legal defenses available to it or other Indemnified Persons different from or in addition
to those available to the Company, such Indemnified Person will employ its own separate counsel (including local counsel, if necessary)
to represent or defend him, her or it in any such Claim and the Company shall pay the reasonable fees and expenses of such counsel. If
such Indemnified Person does not request that the Company assume the defense of such Claim, such Indemnified Person will employ its own
separate counsel (including local counsel, if necessary) to represent or defend him, her or it in any such Claim and the Company shall
pay the reasonable fees and expenses of such counsel. Notwithstanding anything herein to the contrary, if the Company fails timely or
diligently to defend, contest, or otherwise protect against any Claim, the relevant Indemnified Person shall have the right, but not the
obligation, to defend, contest, compromise, settle, assert crossclaims, or counterclaims or otherwise protect against the same, and shall
be fully indemnified by the Company therefor, including without limitation, for the reasonable fees and expenses of its counsel and all
amounts paid as a result of such Claim or the compromise or settlement thereof. In addition, with respect to any Claim in which the Company
assumes the defense, the Indemnified Person shall have the right to participate in such Claim and to retain his, her or its own counsel
therefor at his, her or its own expense.

 

		4.	The Company agrees that if any indemnity sought by an Indemnified Person hereunder is held by a court
to be unavailable for any reason then (whether or not Wainwright is the Indemnified Person), the Company and Wainwright shall contribute
to the Claim for which such indemnity is held unavailable in such proportion as is appropriate to reflect the relative benefits to the
Company, on the one hand, and Wainwright on the other, in connection with Wainwright’s engagement referred to above, subject to
the limitation that in no event shall the amount of Wainwright’s contribution to such Claim exceed the amount of fees actually received
by Wainwright from the Company pursuant to Wainwright’s engagement. The Company hereby agrees that the relative benefits to the
Company, on the one hand, and Wainwright on the other, with respect to Wainwright’s engagement shall be deemed to be in the same
proportion as (a) the total value paid or proposed to be paid or received by the Company pursuant to the applicable Offering (whether
or not consummated) for which Wainwright is engaged to render services bears to (b) the fee paid or proposed to be paid to Wainwright
in connection with such engagement.

 

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		5.	The Company’s indemnity, reimbursement and contribution obligations under this Agreement (a) shall
be in addition to, and shall in no way limit or otherwise adversely affect any rights that any Indemnified Person may have at law or at
equity and (b) shall be effective whether or not the Company is at fault in any way.

 

		6.	If the Company subsequently enters into an underwriting agreement or a placement agent agreement in connection
with an Offering, the indemnification and contribution provisions to be provided thereunder shall supersede this Section E in all
respects with respect to all Claims relating to or arising out of such Offering, in which case this Section E shall cease to have
any effect.

 

G.            Limitation
of Engagement to the Company. The Company acknowledges that Wainwright has been retained only by the Company, that Wainwright is providing
services hereunder as an independent contractor (and not in any fiduciary or agency capacity) and that the Company’s engagement
of Wainwright is not deemed to be on behalf of, and is not intended to confer rights upon, any shareholder, owner or partner of the Company
or any other person not a party hereto as against Wainwright or any of its affiliates, or any of its or their respective officers, directors,
controlling persons (within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”)), employees or agents. Unless otherwise expressly agreed in writing by Wainwright,
no one other than the Company is authorized to rely upon this Agreement or any other statements or conduct of Wainwright, and no one other
than the Company is intended to be a beneficiary of this Agreement. The Company acknowledges that any recommendation or advice, written
or oral, given by Wainwright to the Company in connection with Wainwright’s engagement is intended solely for the benefit and use
of the Company’s management and directors in considering a possible Offering, and any such recommendation or advice is not on behalf
of, and shall not confer any rights or remedies upon, any other person or be used or relied upon for any other purpose. Wainwright shall
not have the authority to make any commitment binding on the Company. The Company, in its sole discretion, shall have the right to reject
any investor introduced to it by Wainwright.

 

H.            Limitation
of Wainwright’s Liability to the Company. Wainwright and the Company further agree that neither Wainwright nor any of its affiliates
or any of its or their respective officers, directors, controlling persons (within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act), employees or agents shall have any liability to the Company, its security holders or creditors,
or any person asserting claims on behalf of or in the right of the Company (whether direct or indirect, in contract, tort, for an act
of negligence or otherwise) for any losses, fees, damages, liabilities, costs, expenses or equitable relief arising out of or relating
to this Agreement or the services rendered hereunder, except for losses, fees, damages, liabilities, costs or expenses that arise out
of or are based on any action of or failure to act by Wainwright and that are finally judicially determined to have resulted solely from
the gross negligence or willful misconduct of Wainwright.

 

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I.            Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be fully performed therein. Any disputes that arise under this Agreement, even after the termination of this Agreement, will
be heard only in the state or federal courts located in the City of New York, State of New York. The parties hereto expressly agree to
submit themselves to the jurisdiction of the foregoing courts in the City of New York, State of New York. The parties hereto expressly
waive any rights they may have to contest the jurisdiction, venue or authority of any court sitting in the City and State of New York.
In the event Wainwright or any Indemnified Person is successful in any action, or suit against the Company, arising out of or relating
to this Agreement, the final judgment or award entered shall be entitled to have and recover from the Company the costs and expenses incurred
in connection therewith, including its reasonable attorneys’ fees. Any rights to trial by jury with respect to any such action,
proceeding or suit are hereby waived by Wainwright and the Company.

 

J.            Notices.
All notices hereunder will be in writing and sent by certified mail, hand delivery, overnight delivery or e-mail, if sent to Wainwright,
at the address set forth on the first page hereof, e-mail: notices@hcwco.com, Attention: Head of Investment Banking, and if sent
to the Company, to the address set forth on the first page hereof, e-mail: zhengdn@btc.com, Attention: Chief Executive Officer. Notices
sent by certified mail shall be deemed received five days thereafter, notices sent by hand delivery or overnight delivery shall be deemed
received on the date of the relevant written record of receipt, notices sent by e-mail shall be deemed received as of the date and time
they were sent.

 

K.            Conflicts.
The Company acknowledges that Wainwright and its affiliates may have and may continue to have investment banking and other relationships
with parties other than the Company pursuant to which Wainwright may acquire information of interest to the Company. Wainwright shall
have no obligation to disclose such information to the Company or to use such information in connection with any contemplated transaction.

 

L.            Anti-Money
Laundering. To help the United States government fight the funding of terrorism and money laundering, the federal laws of the United
States require all financial institutions to obtain, verify and record information that identifies each person with whom they do business.
This means Wainwright must ask the Company for certain identifying information, including a government-issued identification number (e.g.,
a U.S. taxpayer identification number) and such other information or documents that Wainwright considers appropriate to verify the Company’s
identity, such as certified articles of incorporation, a government-issued business license, a partnership agreement or a trust instrument.

 

    8

     

    

 

M.            Miscellaneous.
The Company represents and warrants that it has all requisite power and authority to enter into and carry out the terms and provisions
of this Agreement and the execution, delivery and performance of this Agreement does not breach or conflict with any agreement, document
or instrument to which it is a party or bound. This Agreement shall not be modified or amended except in writing signed by Wainwright
and the Company. This Agreement shall be binding upon and inure to the benefit of both Wainwright and the Company and their respective
assigns, successors, and legal representatives. If any provision of this Agreement is determined to be invalid or unenforceable in any
respect, such determination will not affect such provision in any other respect, and the remainder of the Agreement shall remain in full
force and effect. This Agreement may be executed in counterparts (including electronic counterparts), each of which shall be deemed an
original but all of which together shall constitute one and the same instrument. Signatures to this Agreement transmitted by electronic
mail in “portable document format” (.pdf) form, or by any other electronic means intended to preserve the original graphic
and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing the original signature.
The undersigned hereby consents to receipt of this Agreement in electronic form and understands and agrees that this Agreement may be
signed electronically. In the event that any signature is delivered by electronic mail (including any electronic signature covered by
the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable
law, e.g., www.docusign.com) or otherwise by electronic transmission evidencing an intent to sign this Agreement, such electronic mail
or other electronic transmission shall create a valid and binding obligation of the undersigned with the same force and effect as if such
signature were an original. Execution and delivery of this Agreement by electronic mail or other electronic transmission is legal, valid
and binding for all purposes.

 

*********************

 

    9

     

    

 

In acknowledgment that the
foregoing correctly sets forth the understanding reached by Wainwright and the Company, please sign in the space provided below, whereupon
this letter shall constitute a binding Agreement as of the date indicated above.

 

	 	Very truly yours,
	 	 
	 	H.C. WAINWRIGHT & CO., LLC
	 	 
	 	 
	 	By:	/s/ Mark W. Viklund
	 	 	Name: Mark W. Viklund
	 	 	Title: Chief Executive Officer
	 	 	Date: June 10, 2022

 

 

Accepted and Agreed:

 

BIT Mining Limited

 

 

	By:	/s/ Bo Yu	 
	 	Name: Bo Yu	 
	 	Title: Chairman & COO	 

 

    10

     

    

 

Annex A

Additional Reduced Compensation Investors

 

Chicago Venture Partners (CVP)

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