Document:

Exhibit 4.3

 

RIGHT OF FIRST REFUSAL 

AND CO-SALE AGREEMENT

 

THIS RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT (this “Agreement”), is made as of 15, 2021 by and among Applied Blockchain, Inc., a Nevada corporation
(the “Company”), the Investors (as defined below) and the Key Holders (as defined below) listed on Schedule A.

 

WHEREAS, each Key Holder
is the beneficial owner of shares of Capital Stock, or of options to purchase Common Stock;

 

WHEREAS, the Company
and the Investors are parties to those certain subscription agreements, of even date herewith (the “Subscription Agreements”),
pursuant to which the Investors have agreed to purchase shares of the Series C Preferred Stock of the Company, par value $0.001 per share
(“Series C Preferred Stock”); and

 

WHEREAS, the Key Holders
and the Company desire to further induce the Investors to purchase the Series C Preferred Stock;

 

NOW, THEREFORE, the Company,
the Key Holders and the Investors agree as follows:

 

1.           Definitions.

 

1.1       “Affiliate”
means, with respect to any specified Investor or Key Holder, any other Person who (A) directly or indirectly, controls, is controlled
by or is under common control with such Investor or such Key Holder, including, without limitation, any general partner, managing member,
officer, director or trustee of such Investor or Key Holder, or (B) any venture capital fund, other investment fund or similar entity
now or hereafter existing which is controlled by one (1) or more general partners, managing members or investment advisers of, or shares
the same management company or investment adviser with, such Investor or such Key Holder.

 

1.2       “Board
of Directors” means the board of directors of the Company.

 

1.3       “Capital
Stock” means (a) shares of Common Stock and Preferred Stock (whether now outstanding or hereafter issued in any context), (b)
shares of Common Stock issued or issuable upon conversion of Preferred Stock, and (c) shares of Common Stock issued or issuable upon exercise
or conversion, as applicable, of stock options, warrants or other convertible securities of the Company, in each case now owned or subsequently
acquired by any Key Holder, any Investor, or their respective successors or permitted transferees or assigns. For purposes of the number
of shares of Capital Stock held by an Investor or Key Holder (or any other calculation based thereon), all shares of Preferred Stock shall
be deemed to have been converted into Common Stock at the then-applicable conversion ratios.

 

1.4       “Change
of Control” means a transaction or series of related transactions in which a Person, or a group of related Persons, acquires
from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company.

 

     

     

    

 

1.5       “Common
Stock” means shares of Common Stock of the Company, $0.01 par value per share.

 

1.6       “Company
Notice” means written notice from the Company notifying the selling Key Holders and each Investor that the Company intends to
exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Key Holder Transfer.

 

1.7       “Investor
Notice” means written notice from any Investor notifying the Company and the selling Key Holder(s) that such Investor intends
to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed Key Holder Transfer.

 

1.8       “Investors”
means the investors party to the Subscription Agreements, each Person to whom the rights of an Investor are assigned pursuant to Section
6.9, each Person who hereafter becomes a signatory to this Agreement pursuant to Section 6.11 and any one of them, as the context
may require.

 

1.9       “Key
Holders” means the persons named on Schedule A hereto, each Person to whom the rights of a Key Holder are assigned pursuant
to Section 3.1, each Person who hereafter becomes a signatory to this Agreement pursuant to Section 6.9 or 6.17 and
any one of them, as the context may require.

 

1.10     “Person”
means any individual, sole proprietorship, partnership, corporation (including any corporation which elects subchapter S status under
the Code), limited liability company, limited liability partnership, business trust, unincorporated association, joint stock corporation,
trust, joint venture or other entity or any government or any agency or instrumentality or political subdivision thereof.

 

1.11     “Preferred
Stock” means collectively, all shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock.

 

1.12     “Proposed
Key Holder Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of
or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Key Holders.

 

1.13     “Proposed
Transfer Notice” means written notice from a Key Holder setting forth the terms and conditions of a Proposed Key Holder Transfer.

 

1.14     “Prospective
Transferee” means any Person to whom a Key Holder proposes to make a Proposed Key Holder Transfer.

 

1.15     “Right
of Co-Sale” means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms
and conditions specified in the Proposed Transfer Notice.

 

1.16     “Right
of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees or assigns, to purchase
some or all of the Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms and conditions specified in the Proposed
Transfer Notice.

 

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1.17     “Secondary
Notice” means written notice from the Company notifying the Investors and the selling Key Holder that the Company does not intend
to exercise its Right of First Refusal as to all shares of any Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms
and conditions specified in the Proposed Transfer Notice.

 

1.18     “Secondary
Refusal Right” means the right, but not an obligation, of each Investor to purchase up to its pro rata portion (based upon the
total number of shares of Capital Stock then held by all Investors on an as-converted basis) of any Transfer Stock not purchased pursuant
to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice.

 

1.19     “Series
A Preferred Stock” means the Series A Preferred Stock, par value $0.001 per share, of the Company.

 

1.20     “Series
B Preferred Stock” means the Series B Preferred Stock, par value $0.001 per share, of the Company.

 

1.21     “Transfer
Stock” means shares of Capital Stock owned by a Key Holder, or issued to a Key Holder after the date hereof (including, without
limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), but does not include any
shares of Series C Preferred Stock or of Common Stock that are issued or issuable upon conversion of Series C Preferred Stock.

 

1.22     “Undersubscription
Notice” means written notice from an Investor notifying the Company and the selling Key Holder that such Investor intends to
exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant to the Right of First Refusal or the Secondary
Refusal Right.

 

2.           Agreement
Among the Company, the Investors and the Key Holders.

 

2.1       Right of First
Refusal.

 

(a)      Grant.
Subject to the terms of Section 3 below, each Key Holder hereby unconditionally and irrevocably grants to the Company a Right
of First Refusal to purchase all or any portion of Transfer Stock that such Key Holder may propose to transfer in a Proposed Key Holder
Transfer, at the same price and on the same terms and conditions as those offered to the Prospective Transferee.

 

(b)      Notice. Each Key Holder proposing to make a Proposed Key Holder Transfer must deliver a Proposed Transfer Notice to the
Company and each Investor not later than forty-five (45) days prior to the consummation of such Proposed Key Holder Transfer. Such Proposed
Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Key Holder
Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Key Holder Transfer. To exercise its Right
of First Refusal under this Section 2, the Company must deliver a Company Notice to the selling Key Holder and the Investors within
fifteen (15) days after delivery of the Proposed Transfer Notice specifying the number of shares of Transfer Stock to be purchased by
the Company. In the event of a conflict between this Agreement and the Company’s Bylaws containing a preexisting right of first
refusal, the terms of the Bylaws will control and compliance with the Bylaws shall be deemed compliance with this Section 2.1(a)
and (b) in full.

 

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(c)      Grant of Secondary Refusal Right to the Investors. Subject to the terms of Section 3 below, each Key Holder hereby
unconditionally and irrevocably grants to the Investors a Secondary Refusal Right to purchase all or any portion of the Transfer Stock
not purchased by the Company pursuant to the Right of First Refusal, as provided in this Section 2.1(c). If the Company does not
provide the Company Notice exercising its Right of First Refusal with respect to all Transfer Stock subject to a Proposed Key Holder Transfer,
the Company must deliver a Secondary Notice to the selling Key Holder and to each Investor to that effect no later than fifteen (15) days
after the selling Key Holder delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an Investor
must deliver an Investor Notice to the selling Key Holder and the Company within ten (10) days after the Company’s deadline for
its delivery of the Secondary Notice as provided in the preceding sentence.

 

(d)      Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company and the Investors pursuant
to Sections 2.1(b) and (c) with respect to some but not all of the Transfer Stock by the end of the ten (10) day period
specified in the last sentence of Section 2.1(c) (the “Investor Notice Period”), then the Company shall, within
five (5) days after the expiration of the Investor Notice Period, send written notice (the “Company Undersubscription Notice”)
to those Investors who fully exercised their Secondary Refusal Right within the Investor Notice Period (the “Exercising Investors”).
Each Exercising Investor shall, subject to the provisions of this Section 2.1(d), have an additional option to purchase all or
any part of the balance of any such remaining unsubscribed shares of Transfer Stock on the terms and conditions set forth in the Proposed
Transfer Notice. To exercise such option, an Exercising Investor must deliver an Undersubscription Notice to the selling Key Holder and
the Company within ten (10) days after the expiration of the Investor Notice Period. In the event there are two (2) or more such Exercising
Investors that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available,
the remaining shares available for purchase under this Section 2.1(d) shall be allocated to such Exercising Investors pro rata
based on the number of shares of Transfer Stock such Exercising Investors have elected to purchase pursuant to the Secondary Refusal Right
(without giving effect to any shares of Transfer Stock that any such Exercising Investor has elected to purchase pursuant to the Company
Undersubscription Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Investors, the Company
shall immediately notify all of the Exercising Investors and the selling Key Holder of that fact.

 

(e)      Forfeiture
of Rights. Notwithstanding the foregoing, if the total number of shares of Transfer Stock that the Company and the Investors have
agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number of shares of Transfer
Stock, then the Company and the Investors shall be deemed to have forfeited any right to purchase such Transfer Stock, and the selling
Key Holder shall be free to sell all, but not less than all, of the Transfer Stock to the Prospective Transferee on terms and conditions
substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Proposed Transfer Notice, it
being understood and agreed that: (i) any such sale or transfer shall be subject to the other terms and restrictions of this Agreement,
including, without limitation, the terms and restrictions set forth in Sections 2.2 and 6.9(b); (ii) any future Proposed
Key Holder Transfer shall remain subject to the terms and conditions of this Agreement, including this Section 2; and (iii) such
sale shall be consummated within forty-five (45) days after receipt of the Proposed Transfer Notice by the Company and, if such sale
is not consummated within such forty-five (45) day period, such sale shall again become subject to the Right of First Refusal and Secondary
Refusal Right on the terms set forth herein.

 

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(f)       Consideration;
Closing. If the consideration proposed to be paid for the Transfer Stock is in property, services or other non-cash consideration,
the fair market value of the consideration shall be as determined in good faith by the Board of Directors and as set forth in the Company
Notice. If the Company or any Investor cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the
Company or such Investor may pay the cash value equivalent thereof, as determined in good faith by the Board of Directors and as set forth
in the Company Notice. The closing of the purchase of Transfer Stock by the Company and the Investors shall take place, and all payments
from the Company and the Investors shall have been delivered to the selling Key Holder, by the later of (i) the date specified in the
Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and (ii) forty-five (45) days after delivery of the
Proposed Transfer Notice.

 

2.2       Right of Co-Sale.

 

(a)      Exercise of Right. If any Transfer Stock subject to a Proposed Key Holder Transfer is not purchased pursuant to Section
2.1 above and thereafter is to be sold to a Prospective Transferee, each respective Investor may elect to exercise its Right of Co-Sale
and participate on a pro rata basis in the Proposed Key Holder Transfer as set forth in Section 2.2(b) below and, subject to Section
2.2(d), otherwise on the same terms and conditions specified in the Proposed Transfer Notice. Each Investor who desires to exercise
its Right of Co-Sale (each, a “Participating Investor”) must give the selling Key Holder written notice to that effect
within fifteen (15) days after the deadline for delivery of the Secondary Notice described above, and upon giving such notice such Participating
Investor shall be deemed to have effectively exercised the Right of Co-Sale.

 

(b)      Shares
Includable. Each Participating Investor may include in the Proposed Key Holder Transfer all or any part of such Participating Investor’s
Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject to the Proposed
Key Holder Transfer (excluding shares purchased by the Company or the Participating Investors pursuant to the Right of First Refusal
or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned by such Participating
Investor immediately before consummation of the Proposed Key Holder Transfer (including any shares that such Participating Investor has
agreed to purchase pursuant to the Secondary Refusal Right) and the denominator of which is the total number of shares of Capital Stock
owned, in the aggregate, by all Participating Investors immediately prior to the consummation of the Proposed Key Holder Transfer (including
any shares that all Participating Investors have collectively agreed to purchase pursuant to the Secondary Refusal Right), plus the number
of shares of Transfer Stock held by the selling Key Holder. To the extent one (1) or more of the Participating Investors exercise such
right of participation in accordance with the terms and conditions set forth herein, the number of shares of Transfer Stock that the
selling Key Holder may sell in the Proposed Key Holder Transfer shall be correspondingly reduced.

 

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(c)       Purchase and Sale Agreement. The Participating Investors and the selling Key Holder agree that the terms and conditions
of any Proposed Key Holder Transfer in accordance with this Section 2.2 will be memorialized in, and governed by, a written purchase
and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and provisions
for such a transaction, and the Participating Investors and the selling Key Holder further covenant and agree to enter into such Purchase
and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Section 2.2.

 

(d)       Allocation
of Consideration.

 

(i)       Subject
to Section 2.2(d)(ii), the aggregate consideration payable to the Participating Investors and the selling Key Holder shall be
allocated based on the number of shares of Capital Stock sold to the Prospective Transferee by each Participating Investor and the selling
Key Holder as provided in Section 2.2(b), provided that if a Participating Investor wishes to sell Preferred Stock, the
price set forth in the Proposed Transfer Notice shall be appropriately adjusted based on the conversion ratio of the Preferred Stock
into Common Stock.

 

(ii)      In the event that the Proposed Key Holder Transfer constitutes a Change of Control, the terms of the Purchase and Sale Agreement
shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Investors and the selling Key
Holder in accordance with Sections 1.1(b)(i) and 1.1(b)(ii) of the Certificate of Designations of the Series C Preferred
Stock and, if applicable, the next sentence as if (A) such transfer were a Deemed Liquidation Event (as defined in the Certificate of
Designations of the Series C Preferred Stock), and (B) the Capital Stock sold in accordance with the Purchase and Sale Agreement were
the only Capital Stock outstanding. In the event that a portion of the aggregate consideration payable to the Participating Investor(s)
and selling Key Holder is placed into escrow and/or is payable only upon satisfaction of contingencies, the Purchase and Sale Agreement
shall provide that (x) the portion of such consideration that is not placed in escrow and is not subject to contingencies (the “Initial
Consideration”) shall be allocated in accordance with Sections 1.1(b)(i) and 1.1(b)(ii) of the Certificate of
Designations of the Series C Preferred Stock as if the Initial Consideration were the only consideration payable in connection with such
transfer, and (y) any additional consideration which becomes payable to the Participating Investor(s) and selling Key Holder upon release
from escrow or satisfaction of such contingencies shall be allocated in accordance with Sections 1.1(b)(i) and 1.1(b)(ii)
of the Certificate of Designations of the Series C Preferred Stock after taking into account the previous payment of the Initial Consideration
as part of the same transfer.

 

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(e)      Purchase
by Selling Key Holder; Deliveries. Notwithstanding Section 2.2(c) above, if any Prospective Transferee(s) refuse(s) to purchase
securities subject to the Right of Co-Sale from any Participating Investor or Investors or upon the failure to negotiate in good faith
a Purchase and Sale Agreement satisfactory to the Participating Investors, no Key Holder may sell any Transfer Stock to such Prospective
Transferee(s) unless and until, simultaneously with such sale, such Key Holder purchases all securities subject to the Right of Co-Sale
from such Participating Investor or Investors on the same terms and conditions (including the proposed purchase price) as set forth in
the Proposed Transfer Notice and as provided in Section 2.2(d)(i); provided, however,
if such sale constitutes a Change of Control, the portion of the aggregate consideration paid by the selling Key Holder to such Participating
Investor or Investors shall be made in accordance with the first sentence of Section 2.2(d)(ii). In connection with such purchase
by the selling Key Holder, such Participating Investor or Investors shall deliver to the selling Key Holder any stock certificate or certificates,
properly endorsed for transfer, representing the Capital Stock being purchased by the selling Key Holder (or request that the Company
effect such transfer in the name of the selling Key Holder). Any such shares transferred to the selling Key Holder will be transferred
to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Stock pursuant to the terms and conditions
specified in the Proposed Transfer Notice, and the selling Key Holder shall concurrently therewith remit or direct payment to each such
Participating Investor the portion of the aggregate consideration to which each such Participating Investor is entitled by reason of its
participation in such sale as provided in this Section 2.2(e).

 

(f)       Additional
Compliance. If any Proposed Key Holder Transfer is not consummated within forty-five (45) days after receipt of the Proposed Transfer
Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer Stock unless they first comply
in full with each provision of this Section 2. The exercise or election not to exercise any right by any Investor hereunder shall
not adversely affect its right to participate in any other sales of Transfer Stock subject to this Section 2.2.

 

2.3       Effect of Failure
to Comply.

 

(a)      Transfer Void; Equitable Relief. Any Proposed Key Holder Transfer not made in compliance with the requirements of this Agreement
shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized
by the Company. Each party hereto acknowledges and agrees that any breach of this Agreement would result in substantial harm to the other
parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably
agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available
at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers
of Transfer Stock not made in strict compliance with this Agreement).

 

(b)      Violation
of First Refusal Right. If any Key Holder becomes obligated to sell any Transfer Stock to the Company or any Investor under this
Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company and/or such Investor may,
at its option, in addition to all other remedies it may have, send to such Key Holder the purchase price for such Transfer Stock as is
herein specified and transfer to the name of the Company or such Investor (or request that the Company effect such transfer in the name
of an Investor) on the Company’s books any certificates, instruments, or book entry representing the Transfer Stock to be sold.

 

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(c)      Violation of Co-Sale Right. If any Key Holder purports to sell any Transfer Stock in contravention of the Right of Co-Sale
(a “Prohibited Transfer”), each Participating Investor who desires to exercise its Right of Co-Sale under Section
2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to purchase from
such Participating Investor the type and number of shares of Capital Stock that such Participating Investor would have been entitled to
sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Section 2.2. The sale
will be made on the same terms, including, without limitation, as provided in Section 2.2(d)(i) and the first sentence of Section
2.2(d)(ii), as applicable, and subject to the same conditions as would have applied had the Key Holder not made the Prohibited Transfer,
except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the
Participating Investor learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Section 2.2. Such Key Holder
shall also reimburse each Participating Investor for any and all reasonable and documented out-of-pocket fees and expenses, including
reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Participating Investor’s
rights under Section 2.2.

 

3.           Exempt Transfers.

 

3.1       Exempted
Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 2.1 and 2.2
shall not apply (a) in the case of a Key Holder that is an entity, upon a transfer by such Key Holder to its stockholders, members, partners
or other equity holders or Affiliates, (b) to a repurchase of Transfer Stock from a Key Holder by the Company at a price no greater than
that originally paid by such Key Holder for such Transfer Stock and pursuant to an agreement containing vesting and/or repurchase provisions
approved by a majority of the Board of Directors, (c) to a pledge of Transfer Stock that creates a mere security interest in the pledged
Transfer Stock or (d) in the case of a Key Holder that is a natural person, upon a transfer of Transfer Stock by such Key Holder made
for bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, including
any life partner or similar statutorily-recognized domestic partner, child (natural or adopted), or any other direct lineal descendant
of such Key Holder (or his or her spouse, including any life partner or similar statutorily-recognized domestic partner) (all of the foregoing
collectively referred to as “family members”), or any other Person approved by the Board of Directors, or any custodian or
trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly
by such Key Holder or any such family members; (e) to any transfer by a Key Holder of Transfer Stock, or any derivate thereof, to any
employee of the Company, or (f) to the sale by the Key Holder of up to ten percent (10%) of the Transfer Stock held by such Key Holder
as of the date that such Key Holder first became party to this Agreement; provided that in the case of clause(s) (a), (c),
(d), (e) or (f), the Key Holder shall deliver prior written notice to the Investors of such pledge, gift or transfer
and such shares of Transfer Stock shall at all times remain subject to the terms and restrictions set forth in this Agreement and such
transferee shall, as a condition to such transfer, deliver a counterpart signature page to this Agreement as confirmation that such transferee
shall be bound by all the terms and conditions of this Agreement as a Key Holder (but only with respect to the securities so transferred
to the transferee), including the obligations of a Key Holder with respect to Proposed Key Holder Transfers of such Transfer Stock pursuant
to Section 2.

 

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3.2       Exempted
Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 2 shall not apply to
the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement or qualified offering
statement (i.e., Regulation A) under the Securities Act of 1933, as amended (a “Public Offering”); or (b) pursuant
to a Deemed Liquidation Event (as defined in the Certificate of Designations of the Series C Preferred Stock).

 

4.         Legend.
Each certificate, instrument, or book entry representing shares of Transfer Stock held by the Key Holders or issued to any permitted
transferee in connection with a transfer permitted by Section 3.1 hereof shall be notated with the following legend:

 

THE SALE, PLEDGE, HYPOTHECATION, OR
TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN
RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.

 

Each Key Holder agrees that the Company may instruct
its transfer agent to impose transfer restrictions on the shares notated with the legend referred to in this Section 4 above to
enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon termination of this
Agreement at the request of the holder.

 

5.           Lock-Up.

 

5.1       Agreement
to Lock-Up. Each Key Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during
the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”)
and ending on the date specified by the Company and the managing underwriter (a) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration
statement for the IPO; or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to
be settled by delivery of Capital Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 5 shall
not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement or to the establishment of a trading plan
pursuant to Rule 10b5-1, provided that such plan does not permit transfers during the restricted period, and shall only be applicable
to the Key Holders if all officers, directors and holders of more than one percent (1%) of the outstanding Common Stock (after giving
effect to the conversion into Common Stock of all outstanding Series C Preferred Stock) enter into similar agreements. The underwriters
in connection with the IPO are intended third-party beneficiaries of this Section 5 and shall have the right, power and authority
to enforce, amend or waive the provisions hereof as though they were a party hereto. Each Key Holder further agrees to execute such agreements
as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5 or that are necessary to
give further effect thereto.

 

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5.2       Stop
Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect
to the shares of Capital Stock of each Key Holder (and transferees and assignees thereof) until the end of such restricted period.

 

6.           Miscellaneous.

 

6.1       Term.
This Agreement shall automatically terminate upon the earlier of (a) except with respect to the provisions of Section 5, immediately prior
to the consummation of the Company’s IPO; (b) the consummation of a Deemed Liquidation Event (as defined in the Certificate of Designations
of the Series C Preferred Stock); or (c) the date that all of the outstanding Series C Preferred Stock is converted to Common Stock.

 

6.2       Stock
Split. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split,
combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement.

 

6.3       Ownership.
Each Key Holder represents and warrants that such Key Holder is the sole legal and beneficial owner of the shares of Transfer Stock subject
to this Agreement and that no other Person or entity has any interest in such shares (other than a community property interest as to which
the holder thereof has acknowledged and agreed in writing to the restrictions and obligations hereunder).

 

6.4       Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York State
and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action
or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising
out of or based upon this Agreement except in the state courts of New York or the Southern District Court of the State of New York, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES
ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS,
THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS
AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

    10

     

    

 

6.5       Notices.

 

(a)       All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon
the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during normal
business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day
after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at their address as set forth in the Investor’s respective
Subscription Agreement or Schedule B hereof, as the case may be, or to such email address or address as subsequently modified by
written notice given in accordance with this Section 6.5. If notice is given to the Company, it shall be sent to the Company at
the offices of the Company at 3811 Turtle Creek Blvd., Suite 2125, Dallas, TX 75219, Attention: Wes Cummins, CEO, President, Treasurer
and Secretary, with a copy to Wick Phillips, 3131 McKinney Avenue, Suite 500, Dallas, Texas 75204, Attention: Matthew Zucker.

 

(b)       Consent
to Electronic Notice. Each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the Nevada Revised
Statutes, as amended or superseded from time to time (“NRS”), by electronic transmission pursuant to Section 75.150
of the NRS (or any successor thereto) at the electronic mail address set forth below such Investor’s or Key Holder’s name
on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that
any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed
to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be
ineffective and deemed to not have been given. Each Investor and Key Holder agrees to promptly notify the Company of any change in its
electronic mail address, and that failure to do so shall not affect the foregoing.

 

6.6       Entire
Agreement. This Agreement (including, the Exhibits and Schedules hereto) together with the Registration Rights Agreement (as defined
in the Subscription Agreements) constitutes the full and entire understanding and agreement between the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly
canceled.

 

6.7       Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    11

     

    

 

6.8       Amendment;
Waiver and Termination. This Agreement may be amended, modified or terminated (other than pursuant to Section 6.1 above) and
the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively)
only by a written instrument executed by (a) the Company, (b) the Key Holders holding a majority of the shares of Transfer Stock then
held by all of the Key Holders, and (c) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of
the then outstanding shares of Series C Preferred Stock held by the Investors (voting as a single separate class and on an as-converted
basis). Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Investors, the Key Holders
and all of their respective successors and permitted assigns whether or not such party, assignee or other shareholder entered into or
approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not be amended, modified
or terminated and the observance of any term hereunder may not be waived with respect to any Investor or Key Holder without the written
consent of such Investor or Key Holder unless such amendment, modification, termination or waiver applies to all Investors and Key Holders,
respectively, in the same fashion, (ii) this Agreement may not be amended, modified or terminated and the observance of any term hereunder
may not be waived with respect to any Investor without the written consent of such Investor, if such amendment, modification, termination
or waiver would adversely affect the rights of such Investor in a manner disproportionate to any adverse effect such amendment, modification,
termination or waiver would have on the rights of the other Investors under this Agreement, and (iii) the consent of the Key Holders shall
not be required for any amendment, modification, termination or waiver if such amendment, modification, termination or waiver does not
apply to the Key Holders. The Company shall give prompt written notice of any amendment, modification or termination hereof or waiver
hereunder to any party hereto that did not consent in writing to such amendment, modification, termination or waiver. No waivers of or
exceptions to any term, condition or provision of this Agreement, in any one (1) or more instances, shall be deemed to be, or construed
as, a further or continuing waiver of any such term, condition or provision.

 

6.9       Assignment
of Rights.

 

(a)      The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted
assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

(b)      Any
successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares of Transfer Stock in accordance
with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or assignment, a counterpart signature
page hereto pursuant to which such successor or permitted assignee shall confirm their agreement to be subject to and bound by all of
the provisions set forth in this Agreement that were applicable to the predecessor or assignor of such successor or permitted assignee.

 

    12

     

    

 

(c)      The rights of the Investors hereunder are assignable without the Company’s consent, it being acknowledged and agreed that
any such assignment shall be subject to and conditioned upon any such assignee’s delivery to the Company and the other Investors
of a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to be subject to and bound by all
of the provisions set forth in this Agreement that were applicable to the assignor of such assignee.

 

(d)      Except
in connection with an assignment by the Company by operation of law to the acquirer of the Company, the rights and obligations of the
Company hereunder may not be assigned under any circumstances.

 

6.10       Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.11       Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series C Preferred Stock after the date hereof, any purchaser of such shares of Series C Preferred Stock may become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement and thereafter shall be deemed an “Investor”
for all purposes hereunder.

 

6.12       Governing
Law. This Agreement shall be governed by the internal law of the State of New York, without regard to conflict of law principles that
would result in the application of any law other than the law of the State of New York.

 

6.13       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

6.14       Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.15       Aggregation
of Stock. All shares of Capital Stock held or acquired by Affiliated entities or Persons shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves
in any manner they deem appropriate.

 

6.16       Specific
Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement,
each Investor shall be entitled to specific performance of the agreements and obligations of the Company and the Key Holders hereunder
and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction.

 

    13

     

    

 

6.17       Additional
Key Holders. In the event that after the date of this Agreement, the Company issues shares of Common Stock, or options to purchase
Common Stock, to any employee or consultant, which shares or options would collectively constitute with respect to such employee or consultant
(taking into account all shares of Common Stock, options and other purchase rights held by such employee or consultant) one percent (1%)
or more of the Company’s then outstanding Common Stock (treating for this purpose all shares of Common Stock issuable upon exercise
of or conversion of outstanding options, warrants or convertible securities, as if exercised or converted), the Company shall, as a condition
to such issuance, cause such employee or consultant to execute a counterpart signature page hereto as a Key Holder, and such person shall
thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable to a Key Holder.

 

[Signature Page Follows]

 

    14

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	APPLIED
    BLOCKCHAIN, INC.
	 	 
	 	By:	 /s/ Wes Cummins
	 	 	 
	 	Name:
    Wes Cummins 
	 	Title:
    Chief Executive Officer, President, Treasurer and Secretary

 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

     

     

    

 

	 	KEY
    HOLDERS:
	 	 
	 	Wes
    Cummins 
	 	Print
    Name Above
	 	 
	 	/s/
    Wes Cummins 
	 	Sign
    Above
	 	 
	 	If
    signer is an entity, specify name and title of authorized signer below:
	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

     

     

    

 

	 	INVESTORS:
	 	 
	 	 
	 	Print
    Name Above
	 	 
	 	 
	 	Sign
    Above
	 	 
	 	If
    signer is an entity, specify name and title of authorized signer below:
	 	 
	 	Name:	 
	 	 	 
	 	Title:	 

 

[Signature Page to Right of First Refusal and Co-Sale Agreement] 

     

     

    

 

SCHEDULE A

 

KEY HOLDERS

 

Name and Address

 

[Name] 

[Address] 

[Phone] 

[Email]Exhibit 4.4

 

RIGHT OF FIRST REFUSAL

AND CO-SALE AGREEMENT

 

THIS RIGHT OF FIRST REFUSAL
AND CO-SALE AGREEMENT (this “Agreement”), is made as of July 30, 2021 by and among Applied Blockchain, Inc., a Nevada
corporation (the “Company”), the Investors (as defined below) and the Key Holders (as defined below) listed on Schedule
A.

 

WHEREAS, each Key Holder
is the beneficial owner of shares of Capital Stock, or of options to purchase Common Stock;

 

WHEREAS, the Company
and the Investors are parties to those certain subscription agreements, of even date herewith (the “Subscription Agreements”),
pursuant to which the Investors have agreed to purchase shares of the Series D Preferred Stock of the Company, par value $0.001 per share
(“Series D Preferred Stock”); and

 

WHEREAS, the Key Holders
and the Company desire to further induce the Investors to purchase the Series D Preferred Stock;

 

NOW, THEREFORE, the Company,
the Key Holders and the Investors agree as follows:

 

1.       Definitions.

 

1.1       “Affiliate”
means, with respect to any specified Investor or Key Holder, any other Person who (A) directly or indirectly, controls, is controlled
by or is under common control with such Investor or such Key Holder, including, without limitation, any general partner, managing member,
officer, director or trustee of such Investor or Key Holder, or (B) any venture capital fund, other investment fund or similar entity
now or hereafter existing which is controlled by one (1) or more general partners, managing members or investment advisers of, or shares
the same management company or investment adviser with, such Investor or such Key Holder.

 

1.2       “Board
of Directors” means the board of directors of the Company.

 

1.3       “Capital
Stock” means (a) shares of Common Stock and Preferred Stock (whether now outstanding or hereafter issued in any context), (b)
shares of Common Stock issued or issuable upon conversion of Preferred Stock, and (c) shares of Common Stock issued or issuable upon exercise
or conversion, as applicable, of stock options, warrants or other convertible securities of the Company, in each case now owned or subsequently
acquired by any Key Holder, any Investor, or their respective successors or permitted transferees or assigns. For purposes of the number
of shares of Capital Stock held by an Investor or Key Holder (or any other calculation based thereon), all shares of Preferred Stock shall
be deemed to have been converted into Common Stock at the then-applicable conversion ratios.

 

1.4       “Change
of Control” means a transaction or series of related transactions in which a Person, or a group of related Persons, acquires
from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company.

 

     

     

    

 

1.5       “Common
Stock” means shares of Common Stock of the Company, $0.001 par value per share.

 

1.6       “Company
Notice” means written notice from the Company notifying the selling Key Holders and each Investor that the Company intends to
exercise its Right of First Refusal as to some or all of the Transfer Stock with respect to any Proposed Key Holder Transfer.

 

1.7       “Investor
Notice” means written notice from any Investor notifying the Company and the selling Key Holder(s) that such Investor intends
to exercise its Secondary Refusal Right as to a portion of the Transfer Stock with respect to any Proposed Key Holder Transfer.

 

1.8       “Investors”
means the investors party to the Subscription Agreements, each Person to whom the rights of an Investor are assigned pursuant to Section
6.9, each Person who hereafter becomes a signatory to this Agreement pursuant to Section 6.11 and any one of them, as the context
may require.

 

1.9       “Key
Holders” means the persons named on Schedule A hereto, each Person to whom the rights of a Key Holder are assigned pursuant
to Section 3.1, each Person who hereafter becomes a signatory to this Agreement pursuant to Section 6.9 or 6.17 and
any one of them, as the context may require.

 

1.10       “Person”
means any individual, sole proprietorship, partnership, corporation (including any corporation which elects subchapter S status under
the Code), limited liability company, limited liability partnership, business trust, unincorporated association, joint stock corporation,
trust, joint venture or other entity or any government or any agency or instrumentality or political subdivision thereof.

 

1.11       “Preferred
Stock” means collectively, all shares of Series C Preferred Stock and Series D Preferred Stock.

 

1.12       “Proposed
Key Holder Transfer” means any assignment, sale, offer to sell, pledge, mortgage, hypothecation, encumbrance, disposition of
or any other like transfer or encumbering of any Transfer Stock (or any interest therein) proposed by any of the Key Holders.

 

1.13       “Proposed
Transfer Notice” means written notice from a Key Holder setting forth the terms and conditions of a Proposed Key Holder Transfer.

 

1.14       “Prospective
Transferee” means any Person to whom a Key Holder proposes to make a Proposed Key Holder Transfer.

 

1.15       “Right
of Co-Sale” means the right, but not an obligation, of an Investor to participate in a Proposed Key Holder Transfer on the terms
and conditions specified in the Proposed Transfer Notice.

 

1.16       “Right
of First Refusal” means the right, but not an obligation, of the Company, or its permitted transferees or assigns, to purchase
some or all of the Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms and conditions specified in the Proposed
Transfer Notice.

 

    2 

     

    

 

1.17       “Secondary
Notice” means written notice from the Company notifying the Investors and the selling Key Holder that the Company does not intend
to exercise its Right of First Refusal as to all shares of any Transfer Stock with respect to a Proposed Key Holder Transfer, on the terms
and conditions specified in the Proposed Transfer Notice.

 

1.18       “Secondary
Refusal Right” means the right, but not an obligation, of each Investor to purchase up to its pro rata portion (based upon the
total number of shares of Capital Stock then held by all Investors on an as-converted to Common Stock basis) of any Transfer Stock not
purchased pursuant to the Right of First Refusal, on the terms and conditions specified in the Proposed Transfer Notice.

 

1.19       “Series
C Preferred Stock” means the Series C Convertible Redeemable Preferred Stock, par value $0.001 per share, of the Company.

 

1.20       “Transfer
Stock” means shares of Capital Stock owned by a Key Holder, or issued to a Key Holder after the date hereof (including, without
limitation, in connection with any stock split, stock dividend, recapitalization, reorganization, or the like), but does not include any
shares of Series D Preferred Stock or of Common Stock that are issued or issuable upon conversion of Series D Preferred Stock.

 

1.21       “Undersubscription
Notice” means written notice from an Investor notifying the Company and the selling Key Holder that such Investor intends to
exercise its option to purchase all or any portion of the Transfer Stock not purchased pursuant to the Right of First Refusal or the Secondary
Refusal Right.

 

		2.	Agreement Among the Company, the Investors and the Key Holders.

 

2.1       Right of First
Refusal.

 

(a)              
Grant. Subject to the terms of Section 3 below, each Key Holder hereby unconditionally and irrevocably grants to
the Company a Right of First Refusal to purchase all or any portion of Transfer Stock that such Key Holder may propose to transfer in
a Proposed Key Holder Transfer, at the same price and on the same terms and conditions as those offered to the Prospective Transferee.

 

(b)              
Notice. Each Key Holder proposing to make a Proposed Key Holder Transfer must deliver a Proposed Transfer Notice to the
Company and each Investor not later than forty-five (45) days prior to the consummation of such Proposed Key Holder Transfer. Such Proposed
Transfer Notice shall contain the material terms and conditions (including price and form of consideration) of the Proposed Key Holder
Transfer, the identity of the Prospective Transferee and the intended date of the Proposed Key Holder Transfer. To exercise its Right
of First Refusal under this Section 2, the Company must deliver a Company Notice to the selling Key Holder and the Investors within
fifteen (15) days after delivery of the Proposed Transfer Notice specifying the number of shares of Transfer Stock to be purchased by
the Company. In the event of a conflict between this Agreement and the Company’s Bylaws containing a preexisting right of first
refusal, the terms of the Bylaws will control and compliance with the Bylaws shall be deemed compliance with this Section 2.1(a)
and (b) in full.

 

    3 

     

    

 

(c)              
Grant of Secondary Refusal Right to the Investors. Subject to the terms of Section 3 below, each Key Holder hereby
unconditionally and irrevocably grants to the Investors a Secondary Refusal Right to purchase all or any portion of the Transfer Stock
not purchased by the Company pursuant to the Right of First Refusal, as provided in this Section 2.1(c). If the Company does not
provide the Company Notice exercising its Right of First Refusal with respect to all Transfer Stock subject to a Proposed Key Holder Transfer,
the Company must deliver a Secondary Notice to the selling Key Holder and to each Investor to that effect no later than fifteen (15) days
after the selling Key Holder delivers the Proposed Transfer Notice to the Company. To exercise its Secondary Refusal Right, an Investor
must deliver an Investor Notice to the selling Key Holder and the Company within ten (10) days after the Company’s deadline for
its delivery of the Secondary Notice as provided in the preceding sentence.

 

(d)              
Undersubscription of Transfer Stock. If options to purchase have been exercised by the Company and the Investors pursuant
to Sections 2.1(b) and (c) with respect to some but not all of the Transfer Stock by the end of the ten (10) day period
specified in the last sentence of Section 2.1(c) (the “Investor Notice Period”), then the Company shall, within
five (5) days after the expiration of the Investor Notice Period, send written notice (the “Company Undersubscription Notice”)
to those Investors who fully exercised their Secondary Refusal Right within the Investor Notice Period (the “Exercising Investors”).
Each Exercising Investor shall, subject to the provisions of this Section 2.1(d), have an additional option to purchase all or
any part of the balance of any such remaining unsubscribed shares of Transfer Stock on the terms and conditions set forth in the Proposed
Transfer Notice. To exercise such option, an Exercising Investor must deliver an Undersubscription Notice to the selling Key Holder and
the Company within ten (10) days after the expiration of the Investor Notice Period. In the event there are two (2) or more such Exercising
Investors that choose to exercise the last-mentioned option for a total number of remaining shares in excess of the number available,
the remaining shares available for purchase under this Section 2.1(d) shall be allocated to such Exercising Investors pro rata
based on the number of shares of Transfer Stock such Exercising Investors have elected to purchase pursuant to the Secondary Refusal Right
(without giving effect to any shares of Transfer Stock that any such Exercising Investor has elected to purchase pursuant to the Company
Undersubscription Notice). If the options to purchase the remaining shares are exercised in full by the Exercising Investors, the Company
shall immediately notify all of the Exercising Investors and the selling Key Holder of that fact.

 

(e)              
Forfeiture of Rights. Notwithstanding the foregoing, if the total number of shares of Transfer Stock that the Company and
the Investors have agreed to purchase in the Company Notice, Investor Notices and Undersubscription Notices is less than the total number
of shares of Transfer Stock, then the Company and the Investors shall be deemed to have forfeited any right to purchase such Transfer
Stock, and the selling Key Holder shall be free to sell all, but not less than all, of the Transfer Stock to the Prospective Transferee
on terms and conditions substantially similar to (and in no event more favorable than) the terms and conditions set forth in the Proposed
Transfer Notice, it being understood and agreed that: (i) any such sale or transfer shall be subject to the other terms and restrictions
of this Agreement, including, without limitation, the terms and restrictions set forth in Sections 2.2 and 6.9(b); (ii)
any future Proposed Key Holder Transfer shall remain subject to the terms and conditions of this Agreement, including this Section
2; and (iii) such sale shall be consummated within forty-five (45) days after receipt of the Proposed Transfer Notice by the Company
and, if such sale is not consummated within such forty-five (45) day period, such sale shall again become subject to the Right of First
Refusal and Secondary Refusal Right on the terms set forth herein.

 

    4 

     

    

 

(f)       Consideration;
Closing. If the consideration proposed to be paid for the Transfer Stock is in property, services or other non-cash consideration,
the fair market value of the consideration shall be as determined in good faith by the Board of Directors and as set forth in the Company
Notice. If the Company or any Investor cannot for any reason pay for the Transfer Stock in the same form of non-cash consideration, the
Company or such Investor may pay the cash value equivalent thereof, as determined in good faith by the Board of Directors and as set forth
in the Company Notice. The closing of the purchase of Transfer Stock by the Company and the Investors shall take place, and all payments
from the Company and the Investors shall have been delivered to the selling Key Holder, by the later of (i) the date specified in the
Proposed Transfer Notice as the intended date of the Proposed Key Holder Transfer; and (ii) forty-five (45) days after delivery of the
Proposed Transfer Notice.

 

2.2       Right of Co-Sale.

 

(a)              
Exercise of Right. If any Transfer Stock subject to a Proposed Key Holder Transfer is not purchased pursuant to Section
2.1 above and thereafter is to be sold to a Prospective Transferee, each respective Investor may elect to exercise its Right of Co-Sale
and participate on a pro rata basis in the Proposed Key Holder Transfer as set forth in Section 2.2(b) below and, subject to Section
2.2(d), otherwise on the same terms and conditions specified in the Proposed Transfer Notice. Each Investor who desires to exercise
its Right of Co-Sale (each, a “Participating Investor”) must give the selling Key Holder written notice to that effect
within fifteen (15) days after the deadline for delivery of the Secondary Notice described above, and upon giving such notice such Participating
Investor shall be deemed to have effectively exercised the Right of Co-Sale.

 

(b)              
Shares Includable. Each Participating Investor may include in the Proposed Key Holder Transfer all or any part of such Participating
Investor’s Capital Stock equal to the product obtained by multiplying (i) the aggregate number of shares of Transfer Stock subject
to the Proposed Key Holder Transfer (excluding shares purchased by the Company or the Participating Investors pursuant to the Right of
First Refusal or the Secondary Refusal Right) by (ii) a fraction, the numerator of which is the number of shares of Capital Stock owned
by such Participating Investor immediately before consummation of the Proposed Key Holder Transfer (including any shares that such Participating
Investor has agreed to purchase pursuant to the Secondary Refusal Right) and the denominator of which is the total number of shares of
Capital Stock owned, in the aggregate, by all Participating Investors immediately prior to the consummation of the Proposed Key Holder
Transfer (including any shares that all Participating Investors have collectively agreed to purchase pursuant to the Secondary Refusal
Right), plus the number of shares of Transfer Stock held by the selling Key Holder. To the extent one (1) or more of the Participating
Investors exercise such right of participation in accordance with the terms and conditions set forth herein, the number of shares of Transfer
Stock that the selling Key Holder may sell in the Proposed Key Holder Transfer shall be correspondingly reduced.

 

    5 

     

    

 

(c)              
Purchase and Sale Agreement. The Participating Investors and the selling Key Holder agree that the terms and conditions
of any Proposed Key Holder Transfer in accordance with this Section 2.2 will be memorialized in, and governed by, a written purchase
and sale agreement with the Prospective Transferee (the “Purchase and Sale Agreement”) with customary terms and provisions
for such a transaction, and the Participating Investors and the selling Key Holder further covenant and agree to enter into such Purchase
and Sale Agreement as a condition precedent to any sale or other transfer in accordance with this Section 2.2.

 

(d)       Allocation
of Consideration.

 

(i)                
Subject to Section 2.2(d)(ii), the aggregate consideration payable to the Participating Investors and the selling Key Holder
shall be allocated based on the number of shares of Capital Stock sold to the Prospective Transferee by each Participating Investor and
the selling Key Holder as provided in Section 2.2(b), provided that if a Participating Investor wishes to sell Preferred
Stock, the price set forth in the Proposed Transfer Notice shall be appropriately adjusted based on the conversion ratio of the Preferred
Stock into Common Stock.

 

(ii)              
In the event that the Proposed Key Holder Transfer constitutes a Change of Control, the terms of the Purchase and Sale Agreement
shall provide that the aggregate consideration from such transfer shall be allocated to the Participating Investors and the selling Key
Holder in accordance with Sections 1.1(a)(i) and 1.1(a)(ii) of the Certificate of Designations of the Series D Preferred
Stock and, if applicable, the next sentence as if (A) such transfer were a Deemed Liquidation Event (as defined in the Certificate of
Designations of the Series D Preferred Stock), and (B) the Capital Stock sold in accordance with the Purchase and Sale Agreement were
the only Capital Stock outstanding. In the event that a portion of the aggregate consideration payable to the Participating Investor(s)
and selling Key Holder is placed into escrow and/or is payable only upon satisfaction of contingencies, the Purchase and Sale Agreement
shall provide that (x) the portion of such consideration that is not placed in escrow and is not subject to contingencies (the “Initial
Consideration”) shall be allocated in accordance with Sections 1.1(a)(i) and 1.1(a)(ii) of the Certificate of
Designations of the Series D Preferred Stock as if the Initial Consideration were the only consideration payable in connection with such
transfer, and (y) any additional consideration which becomes payable to the Participating Investor(s) and selling Key Holder upon release
from escrow or satisfaction of such contingencies shall be allocated in accordance with Sections 1.1(a)(i) and 1.1(a)(ii)
of the Certificate of Designations of the Series D Preferred Stock after taking into account the previous payment of the Initial Consideration
as part of the same transfer.

 

(e)       Purchase
by Selling Key Holder; Deliveries. Notwithstanding Section 2.2(c) above, if any Prospective Transferee(s) refuse(s) to purchase
securities subject to the Right of Co-Sale from any Participating Investor or Investors or upon the failure to negotiate in good faith
a Purchase and Sale Agreement satisfactory to the Participating Investors, no Key Holder may sell any Transfer Stock to such Prospective
Transferee(s) unless and until, simultaneously with such sale, such Key Holder purchases all securities subject to the Right of Co-Sale
from such Participating Investor or Investors on the same terms and conditions (including the proposed purchase price) as set forth in
the Proposed Transfer Notice and as provided in Section 2.2(d)(i); provided, however,
if such sale constitutes a Change of Control, the portion of the aggregate consideration paid by the selling Key Holder to such Participating
Investor or Investors shall be made in accordance with the first sentence of Section 2.2(d)(ii). In connection with such purchase
by the selling Key Holder, such Participating Investor or Investors shall deliver to the selling Key Holder any stock certificate or certificates,
properly endorsed for transfer, representing the Capital Stock being purchased by the selling Key Holder (or request that the Company
effect such transfer in the name of the selling Key Holder). Any such shares transferred to the selling Key Holder will be transferred
to the Prospective Transferee against payment therefor in consummation of the sale of the Transfer Stock pursuant to the terms and conditions
specified in the Proposed Transfer Notice, and the selling Key Holder shall concurrently therewith remit or direct payment to each such
Participating Investor the portion of the aggregate consideration to which each such Participating Investor is entitled by reason of its
participation in such sale as provided in this Section 2.2(e).

 

    6 

     

    

 

(f)       Additional
Compliance. If any Proposed Key Holder Transfer is not consummated within forty-five (45) days after receipt of the Proposed Transfer
Notice by the Company, the Key Holders proposing the Proposed Key Holder Transfer may not sell any Transfer Stock unless they first comply
in full with each provision of this Section 2. The exercise or election not to exercise any right by any Investor hereunder shall
not adversely affect its right to participate in any other sales of Transfer Stock subject to this Section 2.2.

 

2.3       Effect of Failure
to Comply.

 

(a)              
Transfer Void; Equitable Relief. Any Proposed Key Holder Transfer not made in compliance with the requirements of this Agreement
shall be null and void ab initio, shall not be recorded on the books of the Company or its transfer agent and shall not be recognized
by the Company. Each party hereto acknowledges and agrees that any breach of this Agreement would result in substantial harm to the other
parties hereto for which monetary damages alone could not adequately compensate. Therefore, the parties hereto unconditionally and irrevocably
agree that any non-breaching party hereto shall be entitled to seek protective orders, injunctive relief and other remedies available
at law or in equity (including, without limitation, seeking specific performance or the rescission of purchases, sales and other transfers
of Transfer Stock not made in strict compliance with this Agreement).

 

(b)              
Violation of First Refusal Right. If any Key Holder becomes obligated to sell any Transfer Stock to the Company or any Investor
under this Agreement and fails to deliver such Transfer Stock in accordance with the terms of this Agreement, the Company and/or such
Investor may, at its option, in addition to all other remedies it may have, send to such Key Holder the purchase price for such Transfer
Stock as is herein specified and transfer to the name of the Company or such Investor (or request that the Company effect such transfer
in the name of an Investor) on the Company’s books any certificates, instruments, or book entry representing the Transfer Stock
to be sold.

 

(c)              
Violation of Co-Sale Right. If any Key Holder purports to sell any Transfer Stock in contravention of the Right of Co-Sale
(a “Prohibited Transfer”), each Participating Investor who desires to exercise its Right of Co-Sale under Section
2.2 may, in addition to such remedies as may be available by law, in equity or hereunder, require such Key Holder to purchase from
such Participating Investor the type and number of shares of Capital Stock that such Participating Investor would have been entitled to
sell to the Prospective Transferee had the Prohibited Transfer been effected in compliance with the terms of Section 2.2. The sale
will be made on the same terms, including, without limitation, as provided in Section 2.2(d)(i) and the first sentence of Section
2.2(d)(ii), as applicable, and subject to the same conditions as would have applied had the Key Holder not made the Prohibited Transfer,
except that the sale (including, without limitation, the delivery of the purchase price) must be made within ninety (90) days after the
Participating Investor learns of the Prohibited Transfer, as opposed to the timeframe proscribed in Section 2.2. Such Key Holder
shall also reimburse each Participating Investor for any and all reasonable and documented out-of-pocket fees and expenses, including
reasonable legal fees and expenses, incurred pursuant to the exercise or the attempted exercise of the Participating Investor’s
rights under Section 2.2.

 

    7 

     

    

 

		3.	Exempt Transfers.

 

3.1       Exempted
Transfers. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 2.1 and 2.2
shall not apply (a) in the case of a Key Holder that is an entity, upon a transfer by such Key Holder to its stockholders, members, partners
or other equity holders or Affiliates, (b) to a repurchase of Transfer Stock from a Key Holder by the Company at a price no greater than
that originally paid by such Key Holder for such Transfer Stock and pursuant to an agreement containing vesting and/or repurchase provisions
approved by a majority of the Board of Directors, (c) to a pledge of Transfer Stock that creates a mere security interest in the pledged
Transfer Stock, (d) in the case of a Key Holder that is a natural person, upon a transfer of Transfer Stock by such Key Holder made for
bona fide estate planning purposes, either during his or her lifetime or on death by will or intestacy to his or her spouse, including
any life partner or similar statutorily-recognized domestic partner, child (natural or adopted), or any other direct lineal descendant
of such Key Holder (or his or her spouse, including any life partner or similar statutorily-recognized domestic partner) (all of the foregoing
collectively referred to as “family members”), or any other Person approved by the Board of Directors, or any custodian or
trustee of any trust, partnership or limited liability company for the benefit of, or the ownership interests of which are owned wholly
by such Key Holder or any such family members, or (e) to the sale by the Key Holder of up to ten percent (10%) of the Transfer Stock held
by such Key Holder as of the date that such Key Holder first became party to this Agreement; provided that in the case of clause(s)
(a), (c), (d) or (e), the Key Holder shall deliver prior written notice to the Investors of such pledge, gift
or transfer and such shares of Transfer Stock shall at all times remain subject to the terms and restrictions set forth in this Agreement
and such transferee shall, as a condition to such transfer, deliver a counterpart signature page to this Agreement as confirmation that
such transferee shall be bound by all the terms and conditions of this Agreement as a Key Holder (but only with respect to the securities
so transferred to the transferee), including the obligations of a Key Holder with respect to Proposed Key Holder Transfers of such Transfer
Stock pursuant to Section 2.

 

3.2       Exempted
Offerings. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 2 shall not apply to
the sale of any Transfer Stock (a) to the public in an offering pursuant to an effective registration statement or qualified offering
statement (i.e., Regulation A) under the Securities Act of 1933, as amended (a “Public Offering”); or (b) pursuant
to a Deemed Liquidation Event (as defined in the Certificate of Designations of the Series D Preferred Stock).

 

    8 

     

    

 

4.                 
Legend. Each certificate, instrument, or book entry representing shares of Transfer Stock held by the Key Holders or issued
to any permitted transferee in connection with a transfer permitted by Section 3.1 hereof shall be notated with the following legend:

 

THE SALE, PLEDGE, HYPOTHECATION, OR
TRANSFER OF THE SECURITIES REPRESENTED HEREBY IS SUBJECT TO, AND IN CERTAIN CASES PROHIBITED BY, THE TERMS AND CONDITIONS OF A CERTAIN
RIGHT OF FIRST REFUSAL AND CO-SALE AGREEMENT BY AND AMONG THE STOCKHOLDER, THE CORPORATION AND CERTAIN OTHER HOLDERS OF STOCK OF THE CORPORATION.
COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE CORPORATION.

 

Each Key Holder agrees that the Company may instruct
its transfer agent to impose transfer restrictions on the shares notated with the legend referred to in this Section 4 above to
enforce the provisions of this Agreement, and the Company agrees to promptly do so. The legend shall be removed upon termination of this
Agreement at the request of the holder.

 

		5.	Lock-Up.

 

5.1       Agreement
to Lock-Up. Each Key Holder hereby agrees that it will not, without the prior written consent of the managing underwriter, during
the period commencing on the date of the final prospectus relating to the Company’s initial public offering (the “IPO”)
and ending on the date specified by the Company and the managing underwriter (a) lend, offer, pledge, sell, contract to sell, sell any
option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise
transfer or dispose of, directly or indirectly, any shares of Capital Stock held immediately prior to the effectiveness of the registration
statement for the IPO; or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic
consequences of ownership of the Capital Stock, whether any such transaction described in clause (a) or (b) above is to
be settled by delivery of Capital Stock or other securities, in cash or otherwise. The foregoing provisions of this Section 5 shall
not apply to the sale of any shares to an underwriter pursuant to an underwriting agreement or to the establishment of a trading plan
pursuant to Rule 10b5-1, provided that such plan does not permit transfers during the restricted period, and shall only be applicable
to the Key Holders if all officers, directors and holders of more than one percent (1%) of the outstanding Common Stock (after giving
effect to the conversion into Common Stock of all outstanding Series D Preferred Stock) enter into similar agreements. The underwriters
in connection with the IPO are intended third-party beneficiaries of this Section 5 and shall have the right, power and authority
to enforce, amend or waive the provisions hereof as though they were a party hereto. Each Key Holder further agrees to execute such agreements
as may be reasonably requested by the underwriters in the IPO that are consistent with this Section 5 or that are necessary to
give further effect thereto.

 

5.2       Stop
Transfer Instructions. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect
to the shares of Capital Stock of each Key Holder (and transferees and assignees thereof) until the end of such restricted period.

 

    9 

     

    

 

		6.	Miscellaneous.

 

6.1       Term.
This Agreement shall automatically terminate upon the earlier of (a) except with respect to the provisions of Section 5, immediately prior
to the consummation of the Company’s IPO; (b) the consummation of a Deemed Liquidation Event (as defined in the Certificate of Designations
of the Series D Preferred Stock); or (c) the date that all of the outstanding Series D Preferred Stock is converted to Common Stock.

 

6.2       Stock
Split. All references to numbers of shares in this Agreement shall be appropriately adjusted to reflect any stock dividend, split,
combination or other recapitalization affecting the Capital Stock occurring after the date of this Agreement.

 

6.3       Ownership.
Each Key Holder represents and warrants that such Key Holder is the sole legal and beneficial owner of the shares of Transfer Stock subject
to this Agreement and that no other Person or entity has any interest in such shares (other than a community property interest as to which
the holder thereof has acknowledged and agreed in writing to the restrictions and obligations hereunder).

 

6.4       Dispute
Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York State
and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action
or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising
out of or based upon this Agreement except in the state courts of New York or the Southern District Court of the State of New York, and
(c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES
ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS,
THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS,
TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY
DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS
AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS
JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

    10 

     

    

 

6.5       Notices.

 

(a)       All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon
the earlier of actual receipt or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail during normal
business hours of the recipient, and if not sent during normal business hours, then on the recipient’s next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day
after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification
of receipt. All communications shall be sent to the respective parties at their address as set forth in the Investor’s respective
Subscription Agreement or Schedule B hereof, as the case may be, or to such email address or address as subsequently modified by
written notice given in accordance with this Section 6.5. If notice is given to the Company, it shall be sent to the Company at
the offices of the Company at 3811 Turtle Creek Blvd., Suite 2100, Dallas, TX 75219, Attention: Wes Cummins, CEO, President, Treasurer
and Secretary, with a copy to Wick Phillips, 3131 McKinney Avenue, Suite 500, Dallas, Texas 75204, Attention: Matthew Zucker.

 

(b)       Consent
to Electronic Notice. Each Investor and Key Holder consents to the delivery of any stockholder notice pursuant to the Nevada Revised
Statutes, as amended or superseded from time to time (“NRS”), by electronic transmission pursuant to Section 75.150
of the NRS (or any successor thereto) at the electronic mail address set forth below such Investor’s or Key Holder’s name
on the Schedules hereto, as updated from time to time by notice to the Company, or as on the books of the Company. To the extent that
any notice given by means of electronic transmission is returned or undeliverable for any reason, the foregoing consent shall be deemed
to have been revoked until a new or corrected electronic mail address has been provided, and such attempted electronic notice shall be
ineffective and deemed to not have been given. Each Investor and Key Holder agrees to promptly notify the Company of any change in its
electronic mail address, and that failure to do so shall not affect the foregoing.

 

6.6       Entire
Agreement. This Agreement (including, the Exhibits and Schedules hereto) together with the Registration Rights Agreement (as defined
in the Subscription Agreements) constitutes the full and entire understanding and agreement between the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly
canceled.

 

6.7       Delays
or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach
or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting
party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach
or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default
theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any
breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must
be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement
or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

    11 

     

    

 

6.8       Amendment;
Waiver and Termination. This Agreement may be amended, modified or terminated (other than pursuant to Section 6.1 above) and
the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively)
only by a written instrument executed by (a) the Company, (b) the Key Holders holding a majority of the shares of Transfer Stock then
held by all of the Key Holders, and (c) the holders of a majority of the shares of Common Stock issued or issuable upon conversion of
the then outstanding shares of Series D Preferred Stock held by the Investors (voting as a single separate class and on an as-converted
to Common Stock basis). Any amendment, modification, termination or waiver so effected shall be binding upon the Company, the Investors,
the Key Holders and all of their respective successors and permitted assigns whether or not such party, assignee or other shareholder
entered into or approved such amendment, modification, termination or waiver. Notwithstanding the foregoing, (i) this Agreement may not
be amended, modified or terminated and the observance of any term hereunder may not be waived with respect to any Investor or Key Holder
without the written consent of such Investor or Key Holder unless such amendment, modification, termination or waiver applies to all Investors
and Key Holders, respectively, in the same fashion, (ii) this Agreement may not be amended, modified or terminated and the observance
of any term hereunder may not be waived with respect to any Investor without the written consent of such Investor, if such amendment,
modification, termination or waiver would adversely affect the rights of such Investor in a manner disproportionate to any adverse effect
such amendment, modification, termination or waiver would have on the rights of the other Investors under this Agreement, and (iii) the
consent of the Key Holders shall not be required for any amendment, modification, termination or waiver if such amendment, modification,
termination or waiver does not apply to the Key Holders. The Company shall give prompt written notice of any amendment, modification or
termination hereof or waiver hereunder to any party hereto that did not consent in writing to such amendment, modification, termination
or waiver. No waivers of or exceptions to any term, condition or provision of this Agreement, in any one (1) or more instances, shall
be deemed to be, or construed as, a further or continuing waiver of any such term, condition or provision.

 

6.9       Assignment
of Rights.

 

(a)               
The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted
assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto
or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement,
except as expressly provided in this Agreement.

 

(b)              
Any successor or permitted assignee of any Key Holder, including any Prospective Transferee who purchases shares of Transfer Stock
in accordance with the terms hereof, shall deliver to the Company and the Investors, as a condition to any transfer or assignment, a counterpart
signature page hereto pursuant to which such successor or permitted assignee shall confirm their agreement to be subject to and bound
by all of the provisions set forth in this Agreement that were applicable to the predecessor or assignor of such successor or permitted
assignee.

 

(c)               
The rights of the Investors hereunder are assignable without the Company’s consent, it being acknowledged and agreed that
any such assignment shall be subject to and conditioned upon any such assignee’s delivery to the Company and the other Investors
of a counterpart signature page hereto pursuant to which such assignee shall confirm their agreement to be subject to and bound by all
of the provisions set forth in this Agreement that were applicable to the assignor of such assignee.

 

    12 

     

    

 

(d)       Except
in connection with an assignment by the Company by operation of law to the acquirer of the Company, the rights and obligations of the
Company hereunder may not be assigned under any circumstances.

 

6.10       Severability.
The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

 

6.11       Additional
Investors. Notwithstanding anything to the contrary contained herein, if the Company issues additional shares of the Company’s
Series D Preferred Stock after the date hereof, any purchaser of such shares of Series D Preferred Stock may become a party to this Agreement
by executing and delivering an additional counterpart signature page to this Agreement and thereafter shall be deemed an “Investor”
for all purposes hereunder.

 

6.12       Governing
Law. This Agreement shall be governed by the internal law of the State of New York, without regard to conflict of law principles that
would result in the application of any law other than the law of the State of New York.

 

6.13       Titles
and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing
or interpreting this Agreement.

 

6.14       Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying
with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered
shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

 

6.15       Aggregation
of Stock. All shares of Capital Stock held or acquired by Affiliated entities or Persons shall be aggregated together for the purpose
of determining the availability of any rights under this Agreement and such Affiliated Persons may apportion such rights as among themselves
in any manner they deem appropriate.

 

6.16       Specific
Performance. In addition to any and all other remedies that may be available at law in the event of any breach of this Agreement,
each Investor shall be entitled to specific performance of the agreements and obligations of the Company and the Key Holders hereunder
and to such other injunction or other equitable relief as may be granted by a court of competent jurisdiction.

 

    13 

     

    

 

6.17       Additional
Key Holders. In the event that after the date of this Agreement, the Company issues shares of Common Stock, or options to purchase
Common Stock, to any employee or consultant, which shares or options would collectively constitute with respect to such employee or consultant
(taking into account all shares of Common Stock, options and other purchase rights held by such employee or consultant) one percent (1%)
or more of the Company’s then outstanding Common Stock (treating for this purpose all shares of Common Stock issuable upon exercise
of or conversion of outstanding options, warrants or convertible securities, as if exercised or converted), the Company shall, as a condition
to such issuance, cause such employee or consultant to execute a counterpart signature page hereto as a Key Holder, and such person shall
thereby be bound by, and subject to, all the terms and provisions of this Agreement applicable to a Key Holder.

 

[Signature Page Follows]

 

    14 

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Right of First Refusal and Co-Sale Agreement as of the date first written above.

 

	 	COMPANY:
	 	 
	 	APPLIED BLOCKCHAIN, INC.
	 	 
	 	By:	/s/
    David Rench
	 	Name: David Rench
	 	Title: Chief Financial Officer

 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

     

     

    

 

	 	KEY HOLDERS:
	 	 
	 	Wes Cummins
	 	Print Name Above
	 	 
	 	/s/ Wes Cummins
	 	Sign Above
	 	 
	 	If signer is an entity, specify name and
    title of authorized signer below:
	 	 
	 	Name: Wes Cummins                                                         
	 	 
	 	Title: Managing Partner

 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

     

     

    

 

	 	INVESTORS:
	 	 
	 	Cummins
    Family Ltd.
	 	Print
    Name Above
	 	 
	 	/s/
    Wes Cummins
	 	Sign
    Above
	 	 
	 	If
    signer is an entity, specify name and title of authorized signer below:
	 	 
	 	Name: Wes Cummins                                                       
	 	 
	 	Title: CEO

 

[Signature Page to Right of First Refusal and Co-Sale Agreement]

 

     

     

    

 

SCHEDULE A

 

KEY HOLDERS

Name and Address

 

Wes Cummins

3811 Turtle Creek Blvd., Suite 2100

Dallas, TX 75219

 

Cummins Family Ltd

C/o Wes Cummins

3811 Turtle Creek Blvd., Suite 2100

Dallas, TX 75219

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