<SEC-DOCUMENT>0001663577-18-000614.txt : 20181231
<SEC-HEADER>0001663577-18-000614.hdr.sgml : 20181231
<ACCEPTANCE-DATETIME>20181231171732
ACCESSION NUMBER:		0001663577-18-000614
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20181231
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181231
DATE AS OF CHANGE:		20181231

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLEANSPARK, INC.
		CENTRAL INDEX KEY:			0000827876
		STANDARD INDUSTRIAL CLASSIFICATION:	COGENERATION SERVICES & SMALL POWER PRODUCERS [4991]
		IRS NUMBER:				870449945
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-53498
		FILM NUMBER:		181260322

	BUSINESS ADDRESS:	
		STREET 1:		70 NORTH MAIN STREET, STE. 105
		CITY:			BOUNTIFUL
		STATE:			UT
		ZIP:			84010
		BUSINESS PHONE:		801-224-4405

	MAIL ADDRESS:	
		STREET 1:		70 NORTH MAIN STREET, STE. 105
		CITY:			BOUNTIFUL
		STATE:			UT
		ZIP:			84010

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	STRATEAN INC.
		DATE OF NAME CHANGE:	20141201

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMARTDATA CORP
		DATE OF NAME CHANGE:	19880120
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>WASHINGTON, D.C. 20549<BR>
____________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B><BR>
<BR>
Date of Report (Date of earliest event reported): <B><U>December 31, 2018</U></B><BR>
<BR>
<B><U>CleanSpark, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>Nevada</U></B></TD>
    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>000-53498</U></B></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>87-0449945</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(State or other jurisdiction of incorporation)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(I.R.S. Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="vertical-align: top; width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>70 North Main Street, Ste. 105</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>Bountiful, Utah</U></B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B><U>84010</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0">Registrant&rsquo;s telephone number, including area code: <B>(801)
244-4405</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">________________________________________________</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Former name or former address, if changed since
        last report)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 23.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.05pt">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange Act. [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SECTION 1 - REGISTRANT'S BUSINESS AND OPERATIONS</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">On December 31, 2018, CleanSpark, Inc. (the &ldquo;Company&rdquo;)
entered into a Securities Purchase Agreement (the &ldquo;SPA&rdquo;) with an otherwise unaffiliated third-party institutional investor
(the &ldquo;Investor&rdquo;), pursuant to which the Company issued to the Investor a Senior Secured Redeemable Convertible Debenture
(the &ldquo;Debenture&rdquo;) in the aggregate face value of $5,250,000. The Debenture has a maturity date two years from the issuance
date and the Company has agreed to pay compounded interest on the unpaid principal balance of the Debenture at the rate equal 7.5%
per annum. Interest is payable on the date the applicable principal is converted or on maturity. The interest must be paid in cash
and, in certain circumstances, may be paid in shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The transactions described above closed on December 31, 2018. In
connection with the issuance of the Debenture and pursuant to the terms of the SPA, the Company issued to the Investor a Common
Stock Purchase Warrant to acquire up to 3,083,333 shares of common stock for a term of three years (the &ldquo;Warrant&rdquo;)
on a cash-only basis at an exercise price of $2.00 per share with respect to 1,250,000 Warrant Shares, $2.50 with respect to 1,000,000
Warrant Shares, $5.00 with respect to 500,000 Warrant Shares and $7.50 with respect to 333,333 Warrant Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the terms of the SPA, the Investor agreed to tender
to the Company the sum of $5,000,000, of which the Company received the full amount as of the closing. As of the closing, the number
of warrant shares was 3,083,333.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the Securities Purchase Agreement, the Company agreed
to sell the Debenture, the shares of common stock issuable upon conversion of the Debenture, the Warrant and the shares of common
stock issuable upon exercise of the Warrant pursuant to an effective shelf registration statement on Form S-3 (Registration No
333-228063), declared effective by the Securities and Exchange Commission on November 20, 2018, and a related prospectus supplement
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Prior to the maturity date, provided that no trigger event has occurred,
the Company will have the right at any time upon 30 trading days&rsquo; prior written notice, in its sole and absolute discretion,
to redeem all or any portion of the Debenture then outstanding by paying to the Investor an amount equal to 140% of the of the
portion of the Debenture being redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Investor may convert the Debenture into shares of the Company&rsquo;s
common stock at a conversion price equal to 95% of the mathematical average of the 5 lowest individual daily volume weighted average
prices of the common stock, less $.05 per share, during the period beginning on the issuance date and ending on the maturity date.
There is a floor price of $0.12 per share. In the event certain equity conditions exist, the Company may require that the Investor
convert the Debenture. In no event shall the Debenture be allowed to effect a conversion if such conversion, along with all other
shares of Company common stock beneficially owned by the Investor and its affiliates would exceed 4.9% of the outstanding shares
of the common stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The foregoing description of the terms of the above transactions
do not purport to be complete and are qualified in their entirety by reference to the provisions of such agreements, the forms
of which are filed as exhibits to this Current Report on Form 8-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SECTION 2 - FINANCIAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Item 2.03 &ndash; Creation
of a Direct Financial Obligation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information set forth in Items 1.01 is
incorporated into this Item 2.03 by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SECTION 9 &ndash; <FONT STYLE="font-family: Times New Roman, Times, Serif; text-transform: uppercase">Financial
Statements and Exhibits</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>Item 9.01 Financial Statements
and Exhibits. </B></FONT></P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0 0 0 1in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex4_1.htm">Form of Senior Secured Redeemable Convertible Debenture dated December 31, 2018 issued to the Investor.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex4_2.htm">Form of Common Stock Purchase Warrant dated December 31, 2018 issued to the Investor.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex5_1.htm">Opinion of The Doney Law Firm</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.1</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex10_1.htm">Form of Securities Purchase Agreement dated December 31, 2018 between Gopher Protocol Inc. and the Investor.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Courier New, Courier, Monospace"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="ex10_2.htm">Form of IP Security Agreement dated December 31, 2018 between CleanSpark, Inc. and the Investor.</A></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 54.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CleanSpark, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Courier New, Courier, Monospace; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Zachary Bradford</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Zachary Bradford<BR>
CFO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Date: December 31, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B><U>Debenture</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt/94% Times New Roman, Times, Serif; margin: 0 4.9pt 23pt 5.5pt; text-align: justify; text-indent: -0.5pt"><FONT STYLE="color: Black">NEITHER
THE ISSUANCE NOR SALE OF THE SECURITIES REPRESENTED BY THIS INSTRUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>CLEANSPARK,
INC.</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B>SENIOR SECURED
REDEEMABLE CONVERTIBLE DEBENTURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
of Debenture</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Designation
and Amount</U>.</B> This Senior Secured Redeemable Convertible Debenture (&ldquo;<B>Debenture</B>&rdquo;) is issued and delivered
to the holder of this Debenture (each, a &ldquo;<B>Holder</B>&rdquo; and collectively, the &ldquo;<B>Holders</B>&rdquo;) by CleanSpark,
Inc., a Nevada corporation (&ldquo;<B>Corporation</B>&rdquo;), in the aggregate face value of $5,250,000.00 (&ldquo;<B>Face Value</B>&rdquo;)
on December 31, 2018 (&ldquo;<B>Issuance Date</B>&rdquo;). The Corporation will pay the Face Value to Investor in full on the
Maturity Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in; color: red"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ranking</U>.
</B>This Debenture will rank senior to all common stock, preferred stock, existing and future indebtedness of the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interest</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Commencing
on the Issuance Date, this Debenture will accrue compound interest (&ldquo;<B>Interest</B>&rdquo;) at a rate equal to 7.5% per
annum, subject to adjustment as provided in this Debenture (&ldquo;<B>Interest Rate</B>&rdquo;)<FONT STYLE="letter-spacing: 0pt">,
of the </FONT>Face Value<FONT STYLE="letter-spacing: 0pt">. The Interest Rate will retroactively increase by 10% per annum upon
each occurrence of any Trigger Event (e.g. to 17.5% upon the first Trigger Event). Interest will be payable with respect to any
portion of the Face Value of the Debenture upon any of the following: (a) upon redemption of the Debenture in accordance with
<B>Section I.F</B>; (b) upon conversion of all or any portion of the Debenture in accordance with <B>Section I.G</B>, only with
respect to that portion which is converted; (c) when, as and if otherwise declared by the board of directors of the Corporation;
and (d) the Maturity Date.</FONT> The Interest Rate used for calculation of the Liquidation Value, Early Redemption Price and
Accrual, as applicable, and the amount of Interest owed will be calculated and determined at close of the Trading Market immediately
prior to the Notice Time.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Interest,
as well as any applicable Liquidation Value or Conversion Premium payable hereunder, will be paid: (a) provided no Trigger Event
has occurred, in the Corporation&rsquo;s sole and absolute discretion, immediately in cash; or (b) following the occurrence of
a Trigger Event, or if Corporation does not for any reason whatsoever timely notify and pay Holder as provided in <B>Section I.G.1.c
</B>below, in shares of Common Stock valued at the Market Price. In no event will the Market Price be below the par value per
share. All amounts that are required or permitted to be paid in cash pursuant to this Debenture will be paid by wire transfer
of immediately available funds to an account designated by Holder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>So
long as any portion of this Debenture is outstanding, the Company will not repurchase shares of Common Stock other than as payment
of the exercise or conversion price of a convertible security or payment of withholding tax, and no dividends or other distributions
will be paid, declared or set apart with respect to any Common Stock, except for Purchase Rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Protective
Provision</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT STYLE="color: Black">So
long as any portion of this Debenture is outstanding, the Corporation will not, without written approval of the Holders of a majority
of the Debenture then outstanding, alter or amend this Debenture.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>A
&ldquo;<B>Deemed Liquidation Event</B>&rdquo; will mean: (a) a merger or consolidation in which the Corporation is a constituent
party or a subsidiary of the Corporation is a constituent party and the Corporation issues shares of its capital stock pursuant
to such merger or consolidation, except any such merger or consolidation involving the Corporation or a subsidiary in which the
shares of capital stock of the Corporation outstanding immediately prior to such merger or consolidation continue to represent,
or are converted into or exchanged for shares of capital stock that represent, immediately following such merger or consolidation,
at least a majority, by voting power, of the capital stock of the surviving or resulting corporation or if the surviving or resulting
corporation is a wholly owned subsidiary of another corporation immediately following such merger or consolidation, the parent
corporation of such surviving or resulting corporation; (b) Corporation issues securities that are senior to the Debenture in
any respect, (c) Holder does not receive the number of Conversion Shares stated in a Conversion Notice with 5 Trading Days of
the Notice Time; (d) trading of the Common Stock is halted or suspended by the Trading Market or any U.S. governmental agency
for 5 or more consecutive trading days; or (e) the sale, lease, transfer, exclusive license or other disposition, in a single
transaction or series of related transactions, by the Corporation or any subsidiary of the Corporation of all or substantially
all the assets of the Corporation and its subsidiaries taken as a whole, or the sale or disposition (whether by merger or otherwise)
of one or more subsidiaries of the Corporation if substantially all of the assets of the Corporation and its subsidiaries taken
as a whole are held by such subsidiary or subsidiaries. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B><FONT STYLE="letter-spacing: 0pt">The
Corporation will not have the power to close or effect a voluntary Deemed Liquidation Event unless the agreement or plan of merger
or consolidation for such transaction provides that the consideration payable to the stockholders of the Corporation will be allocated
among the holders of capital stock of the Corporation in accordance with <B>Section I.E</B>, and the required amount is paid to
Holder prior to or upon closing, effectuation, or occurrence of the Deemed Liquidation Event.</FONT></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT STYLE="color: Black">Upon
any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, after payment or provision for
payment of debts and other liabilities of the Corporation, prior to any distribution or payment made to any other creditors or
the holders of any Preferred Stock or Common Stock by reason of their ownership thereof, the Holders of this Debenture will be
entitled to be paid out of the assets of the Corporation available for distribution to its creditors an amount with respect to
the then-outstanding Face Value, plus an amount equal to any accrued but unpaid <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Interest
</U></FONT>thereon (collectively with the Face Value, the &ldquo;<B>Liquidation Value</B><FONT STYLE="letter-spacing: 0pt">&rdquo;).
If, upon any liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary, the amounts payable
with respect to the Debenture are not paid in full, the Holders will share equally and ratably in any distribution of assets of
the Corporation in proportion to the liquidation preference and an amount equal to all accumulated and unpaid Interest, if any,
to which each such Holder is entitled.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If,
upon any liquidation, dissolution or winding up of the Corporation, the assets of the Corporation will be insufficient to make
payment in full to all Holders, then the assets distributable to the Holders will be distributed among the Holders at the time
outstanding, ratably in proportion to the full amounts to which they would otherwise be respectively entitled.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Redemption</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporation<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">&rsquo;</FONT>s
Redemption Option</U>. </B> On the Maturity Date, the Corporation may redeem paying Holder in cash an amount per share equal to
100% of the Liquidation Value for the shares redeemed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Early
Redemption</U>. </B>Prior to the Maturity Date, provided that no Trigger Event has occurred, the Corporation will have the right
at any time upon 30 Trading Days&rsquo; prior written notice, in its sole and absolute discretion, to redeem all or any portion
of the Debenture then outstanding by paying Holder in cash by wire transfer of immediately available funds an amount (the &ldquo;<B>Early
Redemption Price</B>&rdquo;) equal to 140% of the then-outstanding Face Value.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mandatory
Redemption</U>. </B> If the Corporation determines to liquidate, dissolve or wind-up its business and affairs, or effect any Deemed
Liquidation Event, the Corporation will, within three Trading Days of such determination and prior to effectuating any such action,
redeem this Debenture for cash, by wire transfer of immediately available funds to an account designated by Holder, at the Early
Redemption Price set forth in <B>Section I.F.2</B> if the event is prior to the Maturity Date, or at the Liquidation Value if
the event is on or after the Maturity Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Redemption</U>.</B> In order to redeem any portion of this Debenture then outstanding, 30 Trading Days prior to payment the
Corporation must deliver written notice (each, a &ldquo;<B>Redemption Notice</B>&rdquo;) to Holder setting forth (a) the Face
Value the Corporation is redeeming, (b) the applicable Interest Rate, Liquidation Value and Early Redemption Price, and (c) the
calculation of the amount paid. Upon receipt of full payment in cash for the entire Debenture, each Holder will promptly submit
to the Corporation such Holder&rsquo;s Debenture. For the avoidance of doubt, the delivery of a Redemption Notice shall not affect
Holder&rsquo;s rights under <B>Section I.G</B> until after receipt of cash payment by Holder.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Mechanics
of Conversion</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>a.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
or any portion of the Face Value of the Debenture may be converted, in part or in whole, into shares of Common Stock, at any time
or times after the Issuance Date, in the sole and absolute discretion of Holder or, subject to the terms and conditions hereof,
the Corporation; (i) if at the option of Holder, by delivery of one or more written notices to the Corporation or its transfer
agent (each, a &ldquo;<B>Holder Conversion Notice</B>&rdquo;), of the Holder&rsquo;s election to convert any or all of the Debenture
or (ii) if at the option of the Corporation, if the Equity Conditions are met, delivery of written notice to Holder (each, a &ldquo;<B>Corporation
Conversion Notice</B>&rdquo; and, with the Holder Conversion Notice, each a &ldquo;<B>Conversion Notice</B>&rdquo;), of the Corporation&rsquo;s
election to convert all of any portion of the Debenture.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>b.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
Delivery Notice (as defined below) will set forth the amount of Face Value of Debenture being converted, the Conversion Premium,
and the minimum number of Conversion Shares due as of the time the Delivery Notice is given (the &ldquo;<B>Notice Time</B>&rdquo;),
and the calculation thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>c.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
soon as practicable, and in any event within 1 Trading Day after the Notice Date, time being of the essence, the Corporation will
do all of the following: (i) transmit the Delivery Notice by facsimile or electronic mail to the Corporation&rsquo;s transfer
agent (the &ldquo;<B>Transfer Agent</B>&rdquo;), copying Holder, with instructions to immediately comply with the Delivery Notice
and deliver the number of Conversion Shares stated in the Delivery Notice forthwith; (ii) either (A) if the Corporation is approved
through The Depository Trust Corporation (&ldquo;<B>DTC</B>&rdquo;), authorize and instruct the credit by the Transfer Agent of
the number of Conversion Shares set forth in the Delivery Notice, to Holder&rsquo;s or its designee&rsquo;s balance account with
the DTC Fast Automated Securities Transfer (FAST) Program, through its Deposit/Withdrawal at Custodian (DWAC) system, or (B) only
if the Corporation is not approved through DTC, issue and surrender to a common carrier for overnight delivery to the address
as specified in the Delivery Notice a certificate bearing no restrictive legend, registered in the name of Holder or its designee,
for the number of Conversion Shares set forth in the Delivery Notice; and (iii) if it contends that the Delivery Notice is in
any way incorrect, so notify Holder and provide a thorough written explanation and its own calculation, or the Delivery Notice
and the calculations therein will conclusively be deemed correct for all purposes. The Corporation will at all times diligently
take or cause to be taken all actions necessary to cause the Conversion Shares to be issued forthwith. If the Conversion Shares
are not registered for resale, Investor will provide a legal opinion that they are exempt from registration. Under no circumstances
will the Corporation issue a share certificate bearing a restrictive legend.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>d.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
during or at the end of the Measurement Period the Holder is entitled to receive additional Conversion Shares with regard to an
Initial Notice, Holder may at any time deliver one or more additional written notices to the Corporation or its transfer agent
(each, an &ldquo;<B>Additional Notice</B>&rdquo; and with the Initial Notice, each a &ldquo;<B>Delivery Notice</B>&rdquo;) setting
forth the additional number of Conversion Shares to be delivered, and the calculation thereof.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>e.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>If
the Corporation for any reason does not issue or cause to be issued to the Holder within 3 Trading Days after the date of a Delivery
Notice, the number of Conversion Shares stated in the Delivery Notice, then, in addition to all other remedies available to the
Holder, as liquidated damages and not as a penalty, the Corporation will pay in cash to the Holder on each day after such 2nd
Trading Day that the issuance of such Conversion Shares is not timely effected an amount equal to 2% of the product of (i) the
aggregate number of Conversion Shares not issued to the Holder on a timely basis and to which the Holder is entitled and (ii)
the highest Closing Price of the Common Stock between the date on which the Corporation should have issued such shares to the
Holder and the actual date of receipt of Conversion Shares by Holder. It is intended that the foregoing will serve to reasonably
compensate Holder for any delay in delivery of Conversion Shares, and not as punishment for any breach by the Corporation. The
Corporation acknowledges that the actual damages likely to result from delay in delivery are difficult to estimate and would be
difficult for Holder to prove.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>f.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
any other provision: all of the requirements of <B>Section I.F</B> and this <B>Section I.G</B> are each independent covenants;
the Corporation&rsquo;s obligations to issue and deliver Conversion Shares upon any Delivery Notice are absolute, unconditional
and irrevocable; any breach or alleged breach of any representation or agreement, or any violation or alleged violation of any
law or regulation, by any party or any other person will not excuse full and timely performance of any of the Corporation&rsquo;s
obligations under these sections; and under no circumstances may the Corporation seek or obtain any temporary, interim or preliminary
injunctive or equitable relief to prevent or interfere with any issuance of Conversion Shares to Holder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>g.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company
acknowledges and agrees that monetary damages would be difficult to quantify and prove, and that Holder would not have an adequate
remedy at law for any failure to fully perform under this <B>Section G</B>. If for any reason whatsoever Holder does not timely
receive the number of Conversion Shares stated in any Delivery Notice, Holder will be entitled to a compulsory remedy of immediate
specific performance, temporary, interim and, preliminary and final injunctive relief requiring Corporation and its transfer agent,
attorneys, officers and directors to immediately issue and deliver the number of Conversion Shares stated by Holder, which requirement
will not be stayed for any reason, without the necessity of posting any bond, and which Corporation may not seek to stay or appeal.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>h.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of Common Stock are to be issued upon conversion of this Debenture, but rather the Corporation will round up
to the nearest full share. The Holder will not be required to deliver the original of this Debenture in order to effect a conversion
hereunder. The Corporation will pay any and all taxes which may be payable with respect to the issuance and delivery of any Conversion
Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Holder
Conversion</U>.</B> In the event of a conversion of any portion of this Debenture pursuant to a Holder Conversion Notice, the
Corporation will (a) satisfy the payment of Conversion Premium as provided in <B>Section I.C.2,</B> and (b) issue to the Holder
of this Debenture a number of Conversion Shares equal to the Face Value divided by the applicable Conversion Price with respect
to the amount of Debenture converted; all in accordance with the procedures set forth in <B>Section I.G.1</B>.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Corporation
Conversion</U>.</B> The Corporation will have the right to send the Holder a Corporation Conversion Notice at any time in its
sole and absolute discretion, if the Equity Conditions are met as of the time such Corporation Conversion Notice is given. Upon
any conversion of any portion of this Debenture pursuant to a Corporation Conversion Notice, the Corporation will on the date
of such notice (a) satisfy the payment of Conversion Premium as provided in <B>Section I.C.2</B>, and (b) issue to the Holder
of this Debenture a number of Conversion Shares equal to the Face Value divided by the applicable Conversion Price with respect
to the amount of Debenture converted; all in accordance with the procedures set forth in <B>Section I.G.1</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Splits</U>.</B> If the Corporation at any time on or after the issuance of this Debenture subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common Stock into a greater number of
shares, the applicable Conversion Price, Adjustment Factor, Maximum Triggering Level, Minimum Triggering Level, and other share
based metrics in effect immediately prior to such subdivision will be proportionately reduced and the number of shares of Common
Stock issuable will be proportionately increased. If the Corporation at any time on or after such Issuance Date combines (by combination,
reverse stock split or otherwise) one or more classes of its outstanding shares of Common Stock into a smaller number of shares,
the applicable Conversion Price, Adjustment Factor, Maximum Triggering Level, Minimum Triggering Level, and other share based
metrics in effect immediately prior to such combination will be proportionately increased and the number of Conversion Shares
will be proportionately decreased. Any adjustment under this Section will become effective at the close of business on the date
the subdivision or combination becomes effective.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rights</U>.
</B>In addition to any other adjustments, if at any time the Corporation grants, issues or sells any options, convertible securities
or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common
Stock (the &ldquo;<B>Purchase Rights</B>&rdquo;), then Holder will be entitled to acquire, upon the terms applicable to such Purchase
Rights, the aggregate Purchase Rights which Holder could have acquired if Holder had held the number of shares of Common Stock
acquirable upon conversion of the entire Debenture held by Holder immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
</B> The following terms will have the following meanings:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black"><B>a.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Conversion Premium</B>&rdquo; with respect to any amount of this Debenture that is converted prior to the
Maturity Date means the Face Value of the amount converted, multiplied by the product of (i) the applicable Interest Rate, and
(ii) the number of whole years between the Issuance Date and the Maturity Date.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>b.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Conversion Price</B>&rdquo; means, if there has never been a Trigger Event, a price per share of Common Stock
equal to 95% of the Market Price less $0.05 per share, but no less than $0.12 per share, subject to adjustment as otherwise provided
herein. Upon the occurrence of each Trigger Event the percentage in the preceding sentence will decrease by 10% (e.g. to 85% upon
the first Trigger Event).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>c.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Conversion Shares</B>&rdquo; means all shares of Common Stock that are required to be or may be issued upon
conversion of this Debenture.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>d.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Equity Conditions</B>&rdquo; means on each day during the Measuring Period, (i) the Common Stock is not under
chill or freeze from DTC, (ii) the Common Stock is designated for trading on a OTCQB or higher stock market and shall not have
been suspended from trading on such market, and delisting or suspension by the Trading Market has not been threatened or pending,
either in writing by such market or because Company has fallen below the then effective minimum listing maintenance requirements
of such market; (iii) the Corporation has delivered Conversion Shares upon all conversions or redemptions of this Debenture in
accordance with their terms to the Holder on a timely basis; (iv) the Corporation will have no knowledge of any fact that would
cause both of the following (A) a registration statement not to be effective and available for the resale of all Conversion Shares,
and (B) Section 3(a)(9) under the Securities Act of 1933, as amended, not to be available for the issuance of all Conversion Shares,
or Securities Act Rule 144 not to be available for the resale of all the Conversion Shares without restriction; (v) there has
been a minimum of 5 times the amount of Face Value of the Debenture then being converted by the Corporation in aggregate trading
volume in the prior 20 Trading Days; (vi) all shares of Common Stock to which Holder is entitled have been timely received into
Holder&rsquo;s designated account in electronic form fully cleared for trading; (vi) the Corporation otherwise shall have been
in compliance with and shall not have breached any provision, covenant, representation or warranty of any Transaction Document;
and (vii) not more than 3 Trigger Events shall have occurred.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>e.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;Maturity Date</B>&rdquo; means the date that is the 2-year anniversary of the Issuance Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>f.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Market Price</B>&rdquo; means the mathematical average of the 5 lowest individual daily volume weighted average
prices of the Common Stock during the Measuring Period, which may be non-consecutive.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>g.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Measuring Period</B>&rdquo; means the period beginning on the Issuance Date and ending on the Maturity Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>h.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B> &ldquo;<B>Securities Purchase Agreement</B>&rdquo; means the Securities Purchase Agreement or other agreement pursuant
to which the Debenture is issued, including all exhibits thereto and all related Transaction Documents as defined therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>i.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B> &ldquo;<B>Trading Day</B>&rdquo; means any day on which the Common Stock is traded on the Trading Market.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>j.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></B>&ldquo;<B>Trading Market</B>&rdquo; means OTCQB or whatever higher market is at the applicable time, the principal
U.S. trading exchange or market for the Common Stock. All Trading Market data will be measured as provided by the appropriate
function of the Bloomberg Professional service of Bloomberg Financial Markets or its successor performing similar functions.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
Limitation</U>.</B> Notwithstanding any other provision, at no time may the Corporation issue shares of Common Stock to Holder
which, when aggregated with all other shares of Common Stock then deemed beneficially owned by Holder, would result in Holder
owning more than 4.99% of all Common Stock outstanding immediately after giving effect to such issuance, as determined in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder; provided, however, that Holder may
increase such amount to 9.99% upon not less than 61 days&rsquo; prior notice to the Corporation. Corporation and its transfer
agent will immediately provide Holder with the then total number of outstanding shares of Common Stock at any time upon request.
No provision of this paragraph may be waived by Holder or the Corporation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conversion
at Maturity</U>.</B> Subject to the foregoing paragraph, provided no Trigger Event has occurred, on the Maturity Date, all remaining
outstanding Debenture will be automatically converted into shares of Common Stock at the Conversion Price.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Trigger
Event</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Any
occurrence of any one or more of the following, at any time and for any reason whatsoever, will constitute a &ldquo;<B>Trigger
Event</B>&rdquo;:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>a.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holder
does not timely receive the number of Conversion Shares stated in any Conversion Notice, time being of the essence; or Holder
does not timely receive the number of Warrant Shares stated in any Exercise Notice, time being of the essence</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>b.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
issuance of restricted shares if Holder provides a legal opinion that shares may be issued without restrictive legend, or the
issuance of a certificate if Holder requests electronic delivery via DTC;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>c.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
violation of or failure to timely perform any covenant or provision of this Debenture, the Securities Purchase Agreement, or any
Transaction Document, related to payment of cash, registration, authorization, reservation, issuance or delivery of Conversion
Shares or Warrant Shares, time being of the essence;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>d.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
violation of or failure to perform any covenant or provision of this Debenture, the Securities Purchase Agreement, the Warrant,
or any Transaction Document, which in the case of a default that is curable, is not related to payment of cash, registration,
reservation or delivery of Conversion Shares, and has not occurred before, is not cured within 5 Trading Days of written notice
thereof;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>e.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
representation or warranty made in the Securities Purchase Agreement or any Transaction Document is untrue or incorrect in any
respect as of the date when made or deemed made;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>f.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
occurrence of any default or event of default under any material agreement, lease, document or instrument to which the Corporation
or any subsidiary is obligated with a value of $250,000 or more, including without limitation of an aggregate of at least $250,000
of indebtedness, not disclosed in the Disclosure Schedules;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>g.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While
any Registration Statement is required to be maintained effective pursuant to any Transaction Document, the effectiveness of the
Registration Statement lapses for any reason, including, without limitation, the issuance of a stop order, or the Registration
Statement, or the prospectus contained therein, is unavailable to Holder sale of all Conversion Shares and all Warrant Shares
for any 10 or more Trading Days, which may be non-consecutive;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>h.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
suspension from trading or the failure of the Common Stock to be trading or listed on the Trading Market, or failure to meet the
requirements for continued listing on the Trading Market;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>i.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation&rsquo;s notice, written or oral, to Holder, including without limitation, by way of public announcement or through
any of its attorneys, agents, or representatives, of its intention not to comply, as required, with a Conversion Notice at any
time, including without limitation any objection or instruction to its transfer agent not to comply with any notice from Holder;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>j.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bankruptcy,
insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted by or
against the Corporation or any subsidiary and, if instituted against the Corporation or any subsidiary by a third party, an order
for relief is entered or the proceedings are not dismissed within 30 days of their initiation;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>k.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, or other similar official of the
Corporation or any subsidiary or of any substantial part of its property, or the making by it of an assignment for the benefit
of creditors, or the execution of a composition of debts, or the occurrence of any other similar federal, state or foreign proceeding,
or the admission by it in writing of its inability to pay its debts generally as they become due, the taking of corporate action
by the Corporation or any Subsidiary in furtherance of any such action or the taking of any action by any person to commence a
foreclosure sale or any other similar action under any applicable law;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>l.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Corporation or any of
its subsidiaries and are not stayed or satisfied within 30 days of entry;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>m.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation does not for any reason timely comply with any applicable reporting requirement of the Securities Exchange Act of
1934, as amended, and the regulations promulgated thereunder, including without limitation timely filing when first due all public
reports and filings;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>n.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
regulatory, administrative or enforcement proceeding is initiated against Corporation or any subsidiary (except to the extent
an adverse determination would not have a material adverse effect on the Company&rsquo;s business, properties, assets, financial
condition or results of operations or prevent the performance by the Company of any material obligation under the Transaction
Documents);</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>o.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
material provision of this Debenture is at any time for any reason, other than pursuant to the express terms thereof, cease to
be valid and binding on or enforceable against the parties thereto, or the validity or enforceability thereof shall be contested
by any party thereto, or a proceeding shall be commenced by the Corporation or any subsidiary or any governmental authority having
jurisdiction over any of them, seeking to establish the invalidity or unenforceability thereof, or the Corporation or any subsidiary
denies that it has any liability or obligation purported to be created under this Debenture; or</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>p.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
failure of one or more Equity Conditions other than (v).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>2.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
is intended that all adjustments made following a Trigger Event will serve to reasonably compensate Holder for the change in circumstances,
potential consequences and increased risk in light of the occurrence of a Trigger Event, and not as a penalty or punishment for
any breach by the Corporation. The Corporation acknowledges that the actual damages likely to result from a Trigger Event are
difficult to estimate and would be difficult for Holder to prove.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black"><B>II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 40.5pt"><FONT STYLE="color: Black"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>.
</B>Any and all notices to the Corporation will be addressed to the Corporation<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>&rsquo;</U></FONT>s
Chief Executive Officer at the Corporation<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>&rsquo;</U></FONT>s
principal place of business on file with the Secretary of State of the State of <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Nevada</U></FONT>.
Any and all notices or other communications or deliveries to be provided by the Corporation to any Holder hereunder will be in
writing and delivered personally, by electronic mail or facsimile, sent by a nationally recognized overnight courier service addressed
to each Holder at the electronic mail, facsimile telephone number or address of such Holder appearing on the books of the Corporation,
or if no such electronic mail, facsimile telephone number or address appears, at the principal place of business of the Holder.
Any notice or other communication or deliveries hereunder will be deemed given and effective on the earliest of (1) the date of
transmission, if such notice or communication is delivered via facsimile or electronic mail prior to 5:30 p.m. New York time,
(2) the date after the date of transmission, if such notice or communication is delivered via facsimile or electronic mail later
than 5:30 p.m. but prior to 11:59 p.m. New York time on such date, (3) the second business day following the date of mailing,
if sent by nationally recognized overnight courier service, or (4) upon actual receipt by the party to whom such notice is required
to be given, regardless of how sent.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Lost
or Mutilated Debenture</U>.</B> Upon receipt of evidence reasonably satisfactory to the Corporation (an affidavit of the registered
Holder will be satisfactory) of the ownership and the loss, theft, destruction or mutilation of any certificate evidencing this
Debenture, and in the case of any such loss, theft or destruction upon receipt of indemnity reasonably satisfactory to the Corporation
<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>(provided that if the Holder is a financial institution or
other institutional investor its own agreement will be satisfactory) </U></FONT>or in the case of any such mutilation upon surrender
of such certificate, the Corporation will, at its expense, execute and deliver in lieu of such certificate a new certificate of
like kind representing the Face Value represented by such lost, stolen, destroyed or mutilated certificate and dated the date
of such lost, stolen, destroyed or mutilated certificate.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Headings</U>.
</B>The headings contained herein are for convenience only, do not constitute a part of this Debenture and will not be deemed
to limit or affect any of the provisions hereof.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">IN
WITNESS WHEREOF, the undersigned <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>have</U></FONT> executed this
Debenture on December 31, 2018.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal; color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal; color: Black">Signed: _________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal; color: Black">Name: _________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal; color: Black">Title: ___________________</FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Warrant</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-weight: normal">THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED
OR QUALIFIED UNDER ANY STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS SUCH
SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN ACCORDANCE WITH SUCH ACT AND APPLICABLE STATE SECURITIES LAWS.</FONT></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>Warrant No. _______</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify"><B>No. of Shares of Common Stock:
[1,250,000][1,000,000][500,000][333,333] shares</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>WARRANT&nbsp;</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>to Purchase Common Stock of</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center"><B>CleanSpark, Inc.</B><BR>
<B>a Nevada Corporation</B></P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">This Warrant certifies
that ____________________ (&ldquo;Purchaser&rdquo;), is entitled to purchase from CleanSpark, Inc., a Nevada corporation (the &ldquo;Company&rdquo;),
[1,250,000][1,000,000][500,000][333,333] shares of Common Stock (or any portion thereof) at an exercise price of $[2.00][2.50][5.00][7.50]
per share of Common Stock, all on the terms and conditions hereinafter provided.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 1. <U>Certain
Definitions</U>. As used in this Warrant, unless the context otherwise requires:</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Articles</U>&rdquo;
shall mean the Articles of Incorporation of the Company, as in effect from time to time.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Common
Stock</U>&rdquo; shall mean the Company&rsquo;s authorized common stock, $0.001 par value per share.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Exercise
Price</U>&rdquo; shall mean the exercise price per share of Common Stock set forth above, as adjusted from time to time pursuant
to Section 3 hereof.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Securities
Act</U>&rdquo; shall mean the Securities Act of 1933, as amended.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Warrant</U>&rdquo;
shall mean this Warrant and all additional or new warrants issued upon division or combination of, or in substitution for, this
Warrant. All such additional or new warrants shall at all times be identical as to terms and conditions and date, except as to
the number of shares of Common Stock for which they may be exercised.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Warrant
Stock</U>&rdquo; shall mean the shares of Common Stock purchasable by the holder of this Warrant upon the exercise of such Warrant.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">&ldquo;<U>Warrantholder</U>&rdquo;
shall mean the Purchaser, as the initial holder of this Warrant, and its nominees, successors or assigns, including any subsequent
holder of this Warrant to whom it has been legally transferred.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 2. <U>Exercise
of Warrant; Vesting</U>.&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchaser
may, at any time and from time to time, exercise this Warrant, in whole or in part. This warrant expires in three years from the
date hereof.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
The Warrantholder shall exercise this Warrant by means of delivering to the Company at its office identified in Section 14 hereof
(i) a written notice of exercise, including the number of shares of Warrant Stock to be delivered pursuant to such exercise, (ii)
this Warrant and (iii) payment equal to the Exercise Price in accordance with Section 2(b)(ii). In the event that any exercise
shall not be for all shares of Warrant Stock purchasable hereunder, the Company shall deliver to the Warrantholder a new Warrant
registered in the name of the Warrantholder, of like tenor to this Warrant and for the remaining shares of Warrant Stock purchasable
hereunder, within ten (10) days of any such exercise. Such notice of exercise shall be in the Subscription Form set out at the
end of this Warrant.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 60pt">(ii) The Warrantholder
may elect to pay the Exercise Price to the Company either by cash, certified check or wire transfer.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
exercise of this Warrant and delivery of the Subscription Form with proper payment relating thereto, the Company shall cause to
be delivered to the Warrantholder via DWAC the aggregate number of fully-paid and nonassessable shares of Common Stock issuable
upon such exercise.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Warrant Stock to be delivered in accordance with this Section 2 shall be in such denominations as may be specified in said notice
of exercise and shall be registered in the name of the Warrantholder or such other name or names as shall be designated in said
notice. Such certificate or certificates shall be deemed to have been issued and the Warrantholder or any other person so designated
to be named therein shall be deemed to have become the holder of record of such shares, including to the extent permitted by law
the right to vote such shares or to consent or to receive notice as stockholders, as of the time said notice is delivered to the
Company as aforesaid.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall pay all expenses payable in connection with the preparation, issue and delivery of stock certificates under this
Section 2, resulting from the exercise of the Warrant and the issuance of Warrant Stock hereunder.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
shares of Warrant Stock issuable upon the exercise of this Warrant in accordance with the terms hereof shall be validly issued,
fully paid and nonassessable, and free from all liens and other encumbrances thereon, other than liens or other encumbrances created
by the Warrantholder.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
no event shall any fractional share of Common Stock of the Company be issued upon any exercise of this Warrant. If, upon any exercise
of this Warrant, the Warrantholder would, except as provided in this paragraph, be entitled to receive a fractional share of Common
Stock, then the Company shall deliver in cash to such holder an amount equal to such fractional interest.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 3. <U>Adjustment
of Exercise Price and Warrant Stock</U>.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time prior to the Expiration Date, the number of outstanding shares of Common Stock is (i) increased by a stock dividend
payable in shares of Common Stock or by a subdivision or split-up of shares of Common Stock, or (ii) decreased by a combination
of shares of Common Stock, then, following the record date fixed for the determination of holders of Common Stock entitled to receive
the benefits of such stock dividend, subdivision, split-up, or combination, the Exercise Price shall be adjusted to a new amount
equal to the product of (I) the Exercise Price in effect on such record date and (II) the quotient obtained by dividing (x) the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">number of shares of Common Stock outstanding
on such record date (without giving effect to the event referred to in the foregoing clause (i) or (ii)), by (y) the number of
shares of Common Stock which would be outstanding immediately after the event referred to in the foregoing clause (i) or (ii),
if such event had occurred immediately following such record date. In addition, the Exercise Price may be adjusted in other circumstances
set forth in Article 5 of Exhibit A of the Articles.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
each adjustment of the Exercise Price as provided in Section 3 (a), the Warrantholder shall thereafter be entitled to subscribe
for and purchase, at the Exercise Price resulting from such adjustment, the number of shares of Warrant Stock equal to the product
of (i) the number of shares of Warrant Stock existing prior to such adjustment and (ii) the quotient obtained by dividing (I) the
Exercise Price existing prior to such adjustment by (II) the new Exercise Price resulting from such adjustment.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 42pt">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time prior to the Expiration Date, there occurs an event which would cause the automatic conversion (&ldquo;Automatic Conversion&rdquo;)
of the Warrant Stock into shares of the Company&rsquo;s common stock (&ldquo;Common Stock&rdquo;) in accordance with the Articles,
then any Warrant shall thereafter be exercisable, prior to the Expiration Date, into the number of shares of Common Stock into
which the Warrant Stock would have been convertible pursuant to the Charter if the Automatic Conversion had not taken place.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 4. <U>Division
and Combination</U>. This Warrant may be divided or combined with other Warrants upon presentation at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Warrantholder or its agent or attorney. The Company shall pay all expenses in connection with the preparation, issue and delivery
of Warrants under this Section 4, including any transfer taxes resulting from the division or combination hereunder. The Company
agrees to maintain at its aforesaid office books for the registration of the Warrants.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 5. <U>Reclassification,
Etc</U>. In case of any reclassification or change of the outstanding Common of the Company (other than as a result of a subdivision,
combination or stock dividend), or in case of any consolidation of the Company with, or merger of the Company into, another corporation
or other business organization (other than a consolidation or merger in which the Company is the continuing corporation and which
does not result in any reclassification or change of the outstanding Common Stock of the Company) at any time prior to the Expiration
Date, then, as a condition of such reclassification, reorganization, change, consolidation or merger, lawful provision shall be
made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Warrantholder,
so that the Warrantholder shall have the right prior to the Expiration Date to purchase, at a total price not to exceed that payable
upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable upon such
reclassification, reorganization, change, consolidation or merger by a holder of the number of shares of Common Stock of the Company
which might have been purchased by the Warrantholder immediately prior to such reclassification, reorganization, change, consolidation
or merger, in any such case appropriate provisions shall be made with respect to the rights and interest of the Warrantholder to
the end that the provisions hereof (including provisions for the adjustment of the Exercise Price and of the number of shares purchasable
upon exercise of this Warrant) shall thereafter be applicable in relation to any shares of stock and other securities and property
thereafter deliverable upon exercise hereof.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 6. <U>Reservation
and Authorization of Capital Stock</U>. The Company shall at all times reserve and keep available for issuance such number of its
authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 7. <U>Stock
and Warrant Books</U>. The Company will not at any time, except upon dissolution, liquidation or winding up, close its stock books
or Warrant books so as to result in preventing or delaying the exercise of any Warrant.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 8. <U>Limitation
of Liability</U>. No provisions hereof, in the absence of affirmative action by the Warrantholder to purchase Warrant Stock hereunder,
shall give rise to any liability of the Warrantholder to pay the Exercise Price or as a stockholder of the Company (whether such
liability is asserted by the Company or creditors of the Company).</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 9. <U>Registration
Rights</U>. For as long as the Warrant remains outstanding, the Company covenants that it shall at all times maintain one or more
current and effective registration statements that the Warrantholder may utilize for the resale of all Warrant Shares.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 10. <U>Transfer</U>.
Subject to compliance with the Securities Act and the applicable rules and regulations promulgated thereunder, this Warrant and
all rights hereunder shall be transferable in whole or in part. Any such transfer shall be made at the office or agency of the
Company at which this Warrant is exercisable, by the registered holder hereof in person or by its duly authorized attorney, upon
surrender of this Warrant together with the assignment hereof properly endorsed, and promptly thereafter a new warrant shall be
issued and delivered by the Company, registered in the name of the assignee. Until registration of transfer hereof on the books
of the Company, the Company may treat the Purchaser as the owner hereof for all purposes.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 11. <U>Investment
Representations; Restrictions on Transfer of Warrant Stock</U>. Unless a current registration statement under the Securities Act
shall be in effect with respect to the Warrant Stock to be issued upon exercise of this Warrant, the Warrantholder, by accepting
this Warrant, covenants and agrees that, at the time of exercise hereof, and at the time of any proposed transfer of Warrant Stock
acquired upon exercise hereof, such Warrantholder will deliver to the Company a written statement that the securities acquired
by the Warrantholder upon exercise hereof are for the account of the Warrantholder or are being held by the Warrantholder as trustee,
investment manager, investment advisor or as any other fiduciary for the account of the beneficial owner or owners for investment
and are not acquired with a view to, or for sale in connection with, any distribution thereof (or any portion thereof) and with
no present intention (at any such time) of offering and distributing such securities (or any portion thereof).</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 12. <U>Loss,
Destruction of Warrant Certificates</U>. Upon receipt of evidence satisfactory to the Company of the loss, theft, destruction or
mutilation of any Warrant and, in the case of any such loss, theft or destruction, upon receipt of indemnity and/or security satisfactory
to the Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to
purchase the same aggregate number of shares of Common Stock.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 13. <U>Amendments</U>.
The terms of this Warrant may be amended, and the observance of any term herein may be waived, but only with the written consent
of the Company and the Warrantholder.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 14. <U>Notices
Generally</U>. Any notice, request, consent, other communication or delivery pursuant to the provisions hereof shall be in writing
and shall be sent by one of the following means: (i) by registered or certified first class mail, postage prepaid, return receipt
requested; (ii) by facsimile transmission with confirmation of receipt; (iii) by nationally recognized courier service guaranteeing
overnight delivery; or (iv) by personal delivery, and shall be properly addressed to the Warrantholder at the last known address
or facsimile number appearing on the</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">books of the Company, or, except as
herein otherwise expressly provided, to the Company at its principal executive office, or such other address or facsimile number
as shall have been furnished to the party giving or making such notice, demand or delivery.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 15. <U>Successors
and Assigns</U>. This Warrant shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective
permitted successors and assigns.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">Section 16. <U>Governing
Law</U>. In all respects, including all matters of construction, validity and performance, this Warrant and the obligations arising
hereunder shall be governed by, and construed and enforced in accordance with the laws of the State of Nevada.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify; text-indent: 24pt">IN WITNESS WHEREOF,
the Company has caused this Warrant to be signed in its name by its Chief Executive Officer.</P>

<P STYLE="font: 12pt/13pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: justify">Dated: December 31, 2018</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.75pt; text-align: justify">CleanSpark, Inc.<BR>
a Nevada Corporation</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.75pt; text-align: justify">By: ___________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.75pt; text-align: justify">Name: Zach Bradford</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.75pt">Title: CFO</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 203.75pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><IMG SRC="image_001.gif" ALT="" STYLE="height: 89px; width: 624px"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">December 31, 2018</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CleanSpark, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">70 North Main Street, Ste. 105</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Bountiful, Utah 84010</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B><I>Re: CleanSpark, Inc., Registration Statement on Form S-3</I></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">You have requested our opinion, as counsel
to CleanSpark, Inc., a Nevada corporation (the &#8220;Company&#8221;), with respect to certain matters in connection with the offering
of a $5,250,000 face value Senior Secured Redeemable Convertible Debenture (the &#8220;Debenture&#8221;), a Common Stock Purchase
Warrant (the &#8220;Warrant&#8221;) to acquire up to 3,083,333 shares (the &#8220;Warrant Shares&#8221;) of the Company&#8217;s
common stock (the &#8220;Common Stock&#8221;), the shares of our Common Stock underlying the Debenture and the Warrant Shares and
100,000 shares of common stock that may be sold pursuant to a Registration Statement on Form S-3 (Registration Statement No. 333-228063)
(the &#8220;Registration Statement&#8221;), filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;) under
the Securities Act of 1933, as amended (the &#8220;Act&#8221;), and declared effective by the Commission on November 20, 2018,
the related prospectus included within the Registration Statement (the &#8220;Base Prospectus&#8221;), and the prospectus supplement,
dated December 31, 2018, and filed with the Commission pursuant to Rule 424(b) (2) of the Rules and Regulations of the Act (the
&#8220;Prospectus Supplement&#8221;). The Base Prospectus and the Prospectus Supplement are collectively referred to as the &#8220;Prospectus.&#8221;
The Shares are to be sold as described in the Registration Statement and the Prospectus.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In rendering the opinion set forth below, we
have reviewed: (a) the Registration Statement and the exhibits attached thereto; (b) the Prospectus (c) the Company's Articles
of Incorporation; (d) the Company's Bylaws; (e) certain records of the Company's corporate proceedings as reflected in its minute
books; (f) the Certification of Officer issued from S. Matthew Schtultz, CEO of the Company; and (g) such statutes, records and
other documents as we have deemed relevant. In our examination, we have assumed the genuineness of all signatures, the authenticity
of all documents submitted to us as originals, and conformity with the originals of all documents submitted to us as copies thereof.
In addition, we have made such other examinations of law and fact, as we have deemed relevant in order to form a basis for the
opinion hereinafter expressed.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based upon the foregoing, we are of the opinion
that:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the shares of common stock being offered by the Company and which
are being registered in the Registration Statement have been duly authorized, and when distributed and sold in the manner referred
to in the Registration Statement will be legally issued, fully paid, and non-assessable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">2)</FONT></TD><TD><FONT STYLE="font-size: 11pt">The shares of common stock underlying the Warrant will be validly issued, fully paid and non-assessable
and will be a binding obligation of the Company under the law of the State of Nevada when issued by the Company if the exercise
price is received by the Company. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">The shares of common stock underlying the Debenture will be validly
issued, fully paid and non-assessable and will be a binding obligation of the Company under the law of the State of Nevada when
issued by the Company pursuant to terms and conditions of the Debenture. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This opinion is based on Nevada general corporate
law, including the statutory provisions, all applicable provisions of the Nevada constitution and reported judicial decisions interpreting
those laws.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Doney Law Firm</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Scott Doney</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Scott Doney, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">WE HEREBY CONSENT to the use of our opinion
in connection with the Form S-3 Registration Statement, as amended, and Prospectus filed with the Securities and Exchange Commission
as counsel for the registrant, CleanSpark, Inc. We also consent to our name being used in said Registration Statement.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">The Doney Law Firm</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Scott Doney</U></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Scott Doney, Esq.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TYPE>EX-10.1
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<FILENAME>ex10_1.htm
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center"><FONT STYLE="color: Black"><U>SECURITIES
PURCHASE AGREEMENT </U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">This
Securities Purchase Agreement (&ldquo;<B>Agreement</B>&rdquo;) is made and entered into on December 31, 2018 (&ldquo;<B>Effective
Date</B>&rdquo;), by and between CleanSpark, Inc.<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>, a Nevada
</U></FONT>corporation (&ldquo;<B>Company</B>&rdquo;), and the investor whose name appears on the signature page hereto (&ldquo;<B>Investor</B>&rdquo;).</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="color: Black"><U>Recitals</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black"><B>A.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
parties desire that, upon the terms and subject to the conditions herein, Investor will purchase for $5 Million a Debenture that
is convertible into Common Stock and a Warrant; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>B.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
offer and sale of the Securities provided for herein are being made pursuant to a current and effective shelf Registration Statement.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="color: Black"><U>Agreement</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">In
consideration of the foregoing, the receipt and adequacy of which are hereby acknowledged, Company and Investor agree as follows:</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.
<FONT STYLE="font-weight: normal">In addition to the terms defined elsewhere in this Agreement and the Transaction Documents,
capitalized terms that are not otherwise defined have the meanings set forth in the Glossary of Defined Terms attached hereto
as </FONT>Exhibit 1<FONT STYLE="font-weight: normal">.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"><FONT STYLE="color: Black">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
and Sale</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purchase
Amount</U>. <FONT STYLE="font-weight: normal">Subject to the terms and conditions herein and the satisfaction of the conditions
to Closing set forth below, for an aggregate purchase price of $5,000,000.00 (&ldquo;</FONT>Purchase Amount<FONT STYLE="font-weight: normal">&rdquo;),
Investor hereby irrevocably agrees to purchase a Debenture in the aggregate Face Value of $5,250,000.00 with a 5.0% original issue
discount (OID) and a Warrant and Common Stock, all in accordance with the terms, provisions, and schedule set forth in this Agreement
and in the Transaction Documents.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Deliveries</U>.
<FONT STYLE="font-weight: normal">The following documents will be fully executed and delivered at the Closing:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>1.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debenture,
in the form attached hereto as <B>Exhibit 2</B>;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Transfer
Agent Instructions, in the form attached hereto as <B>Exhibit 3</B>;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Legal
Opinion, in the form attached hereto as <B>Exhibit 4</B>;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Officer&rsquo;s
Certificate, in the form attached hereto as <B>Exhibit 5</B>;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Secretary&rsquo;s
Certificate, in the form attached hereto as <B>Exhibit 6</B>;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>6.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrant,
in the form attached hereto as <B>Exhibit 7</B>; and</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><FONT STYLE="color: Black"><B>7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IP
Security Agreement, in the form attached hereto as <B>Exhibit 8</B>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closing
Conditions</U>. <FONT STYLE="font-weight: normal">The consummation of the transactions contemplated by this Agreement (&ldquo;</FONT>Closing<FONT STYLE="font-weight: normal">&rdquo;)
is subject to the satisfaction of each of the following conditions:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>All
documents, instruments and other writings required to be delivered by Company to Investor pursuant to any provision of this Agreement
or in order to implement and effect the transactions contemplated herein have been fully executed and delivered, including without
limitation those enumerated in <B>Section II.B</B> above;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
Common Stock is listed for and currently trading on the same or higher Trading Market and Company is in compliance with all requirements
to maintain listing on the Trading Market, the Company has received no <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>notice
of any suspension or delisting with respect to the trading of </U></FONT>the shares of Common Stock on <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>such
Trading Market, and </U></FONT>Company is not aware of any current facts or circumstances that, with the passage of time, would
reasonably be expected to cause such disqualification;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The
representations and warranties of Company and Investor set forth in this Agreement are true and correct in all material respects
as if made on such date (except for representations and warranties expressly made as of a specified date, which will be true as
of such date);</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT STYLE="color: Black">No
material breach or default has occurred under any Transaction Document or any other agreement between Company and Investor<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>;</U></FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Company
<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>has</U></FONT> the number of duly authorized shares of Common
Stock reserved for issuance as required pursuant to the terms of this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>There
is not then in effect any law, rule or regulation prohibiting or restricting the transactions contemplated in any Transaction
Document, or requiring any consent or approval which will not have been obtained, nor is there any completed, ongoing, pending,
threatened or, to Company&rsquo;s knowledge, contemplated proceeding or investigation which may have the effect of prohibiting
or adversely affecting any of the transactions contemplated by this Agreement, including without limitation the sale, issuance,
listing, trading or resale of any Shares on the Trading Market; no statute, rule, regulation, executive order, decree, ruling
or injunction will have been enacted, entered, promulgated or adopted by any court or governmental authority of competent jurisdiction
that prohibits the transactions contemplated by this Agreement, and no actions, suits or proceedings will be completed, ongoing,
pending, threatened or, to Company&rsquo;s knowledge, contemplated by any person other than Investor or any Affiliate of Investor,
that seek to enjoin or prohibit the transactions contemplated by this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Except
as set forth under the corresponding section of the Disclosure Schedules, any rights of first refusal, preemptive rights, rights
of participation, or any similar right to participate in the transactions contemplated by this Agreement, if any, have been waived
in writing; and</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Registration Statement is current and effective.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Closings</U>.
<FONT STYLE="font-weight: normal">Immediately when all conditions set forth in </FONT>Section II.C <FONT STYLE="font-weight: normal">have
been fully satisfied, Company will issue and sell to Investor and Investor will purchase the Debenture, the Warrant, and 100,000
shares of Common Stock by payment to Company of $5,000,000.00 in cash, by wire transfer of immediately available funds to an account
designated by Company.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">III.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
Regarding Transaction</U>. <FONT STYLE="font-weight: normal">Except as set forth under the corresponding section of the Disclosure
Schedules, if any, Company hereby represents and warrants to, and as applicable covenants with, Investor as of the Closing:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
and Qualification</U>.</B> Company and each Subsidiary is an entity duly incorporated or otherwise organized, validly existing
and in good standing under the laws of the jurisdiction of its incorporation or organization, as applicable, with the requisite
power and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither Company
nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation,
bylaws or other organizational or charter documents, except as would not reasonably be expected to result in a Material Adverse
Effect. Each of Company and each Subsidiary is duly qualified to conduct business and is in good standing as a foreign corporation
or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification
necessary, except where the failure to be so qualified or in good standing, as the case may be, would not reasonably be expected
to result in a Material Adverse Effect and there is no completed, pending, threatened or, to the knowledge of Company, contemplated
proceeding in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority
or qualification.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT><B><U><FONT STYLE="color: Black">Authorization;
Enforcement</FONT></U><FONT STYLE="color: Black">.</FONT></B><FONT STYLE="color: Black"> Company has the requisite corporate power
and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise
to carry out its obligations hereunder or thereunder. The execution and delivery of each of the Transaction Documents by Company
and the consummation by it of the transactions contemplated hereby or thereby have been duly authorized by all necessary action
on the part of Company and no further consent or action is required by Company. Each of the Transaction Documents has been, or
upon delivery will be, duly executed by Company and, when delivered in accordance with the terms hereof, will constitute the valid
and binding obligation of Company, enforceable against Company in accordance with its terms, except (a) as limited by general
equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
enforcement of creditors&rsquo; rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (c) insofar as indemnification and contribution provisions may be limited by
applicable law<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>.</U></FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Conflicts</U>.</B> The execution, delivery and performance of the Transaction Documents by Company, the issuance and sale of the
Securities and the consummation by Company of the other transactions contemplated thereby do not and will not (a) conflict with
or violate any provision of Company&rsquo;s or any Subsidiary&rsquo;s certificate or articles of incorporation, bylaws or other
organizational or charter documents, (b) conflict with, or constitute a default (or an event that with notice or lapse of time
or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of Company or any
Subsidiary, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse
of time or both) of, any material agreement, credit facility, debt or other instrument (evidencing Company or Subsidiary debt
or otherwise) or other understanding to which Company or any Subsidiary is a party or by which any property or asset of Company
or any Subsidiary is bound or affected, (c) conflict with or result in a violation of any material law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which Company or a Subsidiary is subject
(including U.S. federal and state securities laws and regulations), or by which any property or asset of Company or a Subsidiary
is bound or affected, or (d) conflict with or violate the terms of any material agreement by which Company or any Subsidiary is
bound or to which any property or asset of Company or any Subsidiary is bound or affected; except in the case of each of clauses
(b), (c) and (d), such as would not reasonably be expected to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U>.
</B> T<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>here</U></FONT> is no action, suit, inquiry, notice of
violation, proceeding or investigation completed, ongoing, pending, threatened or, to the knowledge of Company, contemplated against
or affecting Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or
administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an &ldquo;<B>Action</B>&rdquo;),
which would reasonably be expected to have a Material Adverse Effect or challenge the legality, validity or enforceability of
any of the Transaction Documents. The Commission has not issued any stop order or other order suspending the effectiveness of
any registration statement filed by Company or any Subsidiary under the Exchange Act or the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT><B><U><FONT STYLE="color: Black">Filings,
Consents and Approvals</FONT></U><FONT STYLE="color: Black">.</FONT></B><FONT STYLE="color: Black"> Neither Company nor any Subsidiary
is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with,
any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery
and performance by Company of the Transaction Documents, other than required federal and state securities filings, and such filings
and approvals as are required to be made or obtained under the applicable Trading Market rules in connection with the transactions
contemplated hereby, each of which has been, or if not yet required to be filed will be, timely filed<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>.</U></FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance
of Shares</U>.</B> The Conversion Shares and Warrant Shares will be duly authorized and, when issued upon the conversion of the
Debenture or the exercise of the Warrant, respectively, in accordance with their respective terms, will be duly and validly issued,
fully paid and nonassessable, free and clear of all Liens except those created by the Investor.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT><B><U><FONT STYLE="color: Black">Disclosure;
Non-Public Information</FONT></U><FONT STYLE="color: Black">. </FONT></B><FONT STYLE="color: Black">Company will timely file a
Prospectus Supplement, and a current report on Form 8-K (&ldquo;<B>Current Report</B>&rdquo;) describing the material terms and
conditions of this Agreement, a copy of which has been provided to Investor prior to the Effective Date. There is no adverse material
information regarding Company that has not been disclosed to Investor prior to the Effective Date. <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>All
information that Company has provided to Investor t</U></FONT>hat constitutes or might constitute material, non-public information
will be included in the Current Report. Notwithstanding any other provision, except with respect to information that will be,
and only to the extent that it actually is, timely publicly disclosed by Company pursuant to the foregoing sentence, neither Company
nor any other Person acting on its behalf has provided Investor or its representatives, agents or attorneys with any information
that constitutes or might constitute material, non-public information, including without limitation this Agreement and the Exhibits
and Disclosure Schedules hereto. No information contained in the Disclosure Schedules constitutes material non-public information.
Company understands and confirms that Investor will rely on the foregoing representations and covenants in effecting transactions
in securities of Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Integrated Offering</U>.</B> Neither Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly
or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that
would cause this offering to be integrated with prior offerings by Company that cause a violation of the Act or any applicable
stockholder approval provisions, including, without limitation, under the rules and regulations of the Trading Market.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
Condition.</U></B></FONT> <FONT STYLE="color: Black">The Public Reports set forth as of the dates thereof all outstanding secured
and unsecured Indebtedness of Company or any Subsidiary, or for which Company or any Subsidiary has commitments, and any material
default with respect to any Indebtedness. Company does not intend to incur debts beyond its ability to pay such debts as they
mature, taking into account the timing and amounts of cash to be payable on or in respect of its debt, and represents that it
will not do so.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Section
5 Compliance</U>.</B> All information provided to Investor regarding Company, its business and the transactions contemplated hereby,
including without limitation the Disclosure Schedules and the representations and warranties in this Agreement, and the other
statements made by Company in the Transaction Documents, do not contain any material untrue statement or omit to state a material
fact necessary to make any of them, in light of the circumstances in which it was made, not misleading. Company is not aware of
any facts or circumstances that would cause the transactions contemplated by the Transaction Documents, when consummated, to violate
Section 5 of the Act or other federal or state securities laws or regulations.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investment
Company</U>. </B>Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Debenture, will
not be or be an Affiliate of, an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as
amended. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acknowledgments
Regarding Investor</U>.</B> Company&rsquo;s decision to enter into this Agreement has been based solely on the independent evaluation
by Company and its representatives, and Company acknowledges and agrees that:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>a.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor
is not, has never been, and as a result of the transactions contemplated by the Transaction Documents will not become an officer,
director, insider or control person of Company, or to Company&rsquo;s knowledge 10% or greater shareholder or otherwise an affiliate
of Company as defined under Rule 12b-2 of the Exchange Act;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>b.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor
and its representatives have not made and do not make any representations, warranties or agreements with respect to the Securities,
this Agreement, or the transactions contemplated hereby other than those specifically set forth in <B>Section III.C</B> below;
Company has not relied upon, and expressly disclaims reliance upon, any and all written or oral statements or representations
made by any persons prior to this Agreement;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>c.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
conversion of Debenture and resale of Conversion Shares will result in dilution, which may be substantial; the number of Conversion
Shares will increase in certain circumstances; and Company&rsquo;s obligation to issue and deliver Conversion Shares in accordance
with this Agreement and the Debenture is absolute and unconditional regardless of the dilutive effect that such issuances may
have; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1.5in"><FONT STYLE="color: Black"><B>d.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor
is acting solely in the capacity of arm&rsquo;s length purchaser with respect to this Agreement and the transactions contemplated
hereby; neither Investor nor any of its Affiliates, agents or representatives has or is acting as a legal, financial, investment,
accounting, tax or other advisor to Company, or fiduciary of Company, or in any similar capacity; neither Investor nor any of
its Affiliates, agents or representatives has provided any legal, financial, investment, accounting, tax or other advice to Company;
any statement made in connection with this Agreement or the transactions contemplated hereby is not advice or a recommendation,
and is merely incidental to Investor&rsquo;s purchase of the Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Bad Actor Disqualification</U>.</B> Neither Company, any predecessor of Company, any affiliate of Company, any director, executive
officer, other officer of Company participating in the offering, or any beneficial owner of 20% or more of Company&rsquo;s outstanding
voting equity securities is subject to any bad actor disqualification as provided in Rule 506(d) of Regulation D, and Company
is not aware of any current facts or circumstances that, with the passage of time, would reasonably be expected to cause such
disqualification.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Not
a Shell</U>. </B> Company is not a shell company as defined in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Statement</U>.</B> The Registration Statement is current and effective.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
Regarding Company</U>. <FONT STYLE="font-weight: normal">Except as set forth in any Public Reports and attached exhibits, or under
the corresponding section of the Disclosure Schedules, if any, Company hereby represents and warrants to, and as applicable covenants
with, Investor as of the Closing:</FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capitalization</U>.
</B>The capitalization of the Company as of the Effective Date is as described in the Public Reports or Disclosure Schedules.
No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the
transactions contemplated by the Transaction Documents which has not been waived or satisfied. Except as a result of the purchase
and sale of the Securities, there are no outstanding options, warrants, script rights to subscribe to, calls or commitments of
any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any
Person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings or arrangements
by which Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or securities convertible
into or exercisable for shares of Common Stock. The issuance and sale of the Shares will not obligate Company to issue shares
of Common Stock or other securities to any Person, other than Investor, and will not result in a right of any holder of Company
securities to adjust the exercise, conversion, exchange, or reset price under such securities. All of the outstanding shares of
capital stock of Company are validly issued, fully paid and nonassessable, have been issued in material compliance with all federal
and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights
to subscribe for or purchase securities. N<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>o</U></FONT> further
approval or authorization of any stockholder, the Board of Directors of Company or others is required for the issuance and sale
of the Shares. There are no existing or contemplated subscription or investment agreements, stockholder agreements, voting agreements
or other similar agreements with respect to Company&rsquo;s capital stock to which Company is a party or, to the knowledge of
Company, between or among any of Company&rsquo;s stockholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiaries</U>.
</B>All of the direct and indirect subsidiaries of Company are set forth in the Public Reports or the corresponding section of
the Disclosure Schedules. <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Company</U></FONT> owns, directly
or indirectly, all of the capital stock or other equity interests of each Subsidiary, and all of such directly or indirectly owned
capital stock or other equity interests are owned free and clear of any Liens. A<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>ll
</U></FONT>the issued and outstanding shares of capital stock of each Subsidiary are duly authorized, validly issued, fully paid,
nonassessable and free of preemptive and similar rights to subscribe for or purchase securities.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Public
Reports; Financial Statements</U>.</B> <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Company</U></FONT> has
filed all required Public Reports for the one year preceding the Effective Date. <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>As
</U></FONT>of their respective dates or as subsequently amended, the Public Reports complied in all material respects with the
requirements of the Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, as applicable,
and none of the Public Reports, when filed and, as applicable, amended, contained any untrue statement of a material fact or omitted
to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading. The financial statements of Company included in the Public Reports, as amended, comply
in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing. Such financial statements have been prepared in accordance with GAAP, except as may
be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by GAAP, and fairly present in all material respects the financial position of Company and its
consolidated subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended,
subject, in the case of unaudited statements, to normal, <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>immaterial,
</U></FONT>year-end audit adjustments.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Material
Changes</U>.</B> Since the end of the most recent year for which an Annual Report on Form 10-K has been filed with the Commission,
(a) there has been no event, occurrence or development that has had, or that would reasonably be expected to result in, a Material
Adverse Effect, (b) Company has not incurred any liabilities (contingent or otherwise) other than (i) trade payables and accrued
expenses incurred in the ordinary course of business consistent with past practice, and (ii) liabilities not required to be reflected
in Company&rsquo;s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (c)
Company has not altered its method of accounting, (d) Company has not declared or made any dividend or distribution of cash or
other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital
stock, and (e) Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing
Company equity incentive plans. Company does not have pending before the Commission any request for confidential treatment of
information.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Litigation</U>.
</B> T<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>here</U></FONT> is no Action completed, ongoing, pending,
threatened or, to the knowledge of Company, contemplated, that would reasonably be expected to result in a Material Adverse Effect.
Neither Company nor any Subsidiary, nor any current director or officer thereof, nor to the knowledge of Company any former director
or officer of Company, and greater than 5% shareholder of Company, or any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary
duty. There has not been, is not ongoing, pending or threatened, and to the knowledge of Company is not contemplated, any investigation
by the Commission or any law enforcement agency involving Company or any current director or officer of Company, or to the knowledge
of Company any former director or officer of Company, and greater than 5% shareholder of Company, or any director or officer thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Bankruptcy</U>.</B> The Company has not filed and, to the Company&rsquo;s knowledge no other Person has filed or commenced, any
petition or application, or any judicial or administrative proceeding commenced which has not been discharged, with respect to
the Company or any Subsidiary or with respect to any of the properties or assets of Company or any Subsidiary under any applicable
law relating to bankruptcy, insolvency, reorganization, fraudulent transfer, compromise, arrangement of debt, creditors&rsquo;
rights and no general assignment has been made by the Company or any Subsidiary for the benefit of creditors.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>7.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Labor
Relations</U>.</B> <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>No</U></FONT> material labor dispute exists
or, to the knowledge of Company, is imminent with respect to any of the employees of Company, which would reasonably be expected
to result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>8.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Compliance</U>.
</B><FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Neither</U></FONT> Company nor any Subsidiary (a) is in
material default under or in material violation of (and no event has occurred that has not been waived that, with notice or lapse
of time or both, would result in a default by Company or any Subsidiary under), nor has Company or any Subsidiary received notice
of a claim that it is in material default under or that it is in material violation of, any indenture, loan or credit agreement
or any other similar agreement or instrument to which it is a party or by which it or any of its properties is bound (whether
or not such default or violation has been waived), (b) is in violation of any order of any court, arbitrator or governmental body,
or (c) is or has been in violation of any statute, rule or regulation of any governmental authority, including without limitation
all foreign, federal, state and local laws applicable to its business, except in each case as would not reasonably be expected
to have a Material Adverse Effect.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Regulatory
Permits</U>.</B> Company and each Subsidiary possess all certificates, authorizations and permits issued by the appropriate federal,
state, local or foreign regulatory authorities necessary to conduct their respective businesses as described in the Public Reports,
except where the failure to possess such permits would not, individually or in the aggregate, reasonably be expected to result
in a Material Adverse Effect (&ldquo;<B>Material Permits</B>&rdquo;), and neither Company nor any Subsidiary has received any
notice of proceedings relating to the revocation or modification of any Material Permit.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Title
to Assets</U>.</B> Company and each Subsidiary have <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>good and
marketable title in fee simple to all real property owned by them that is material to the business of Company and each Subsidiary
and</U></FONT> good and marketable title in all personal property owned by them that is material to the business of Company and
each Subsidiary, in each case free and clear of all Liens, except for Liens that do not materially affect the value of such property
and do not materially interfere with the use made and proposed to be made of such property by Company and each Subsidiary and
Liens for the payment of federal, state or other taxes, the payment of which is neither delinquent nor subject to penalties. Any
real property and facilities held under lease by Company and each Subsidiary are held by them under leases which, to the Company&rsquo;s
knowledge, are valid, subsisting and enforceable leases and as to which Company and each Subsidiary are in compliance, except
where such noncompliance could not reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Patents
and Trademarks</U>.</B> <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Company</U></FONT> and each Subsidiary
have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names,
copyrights, licenses and other similar rights that are necessary or material for use in connection with their respective businesses
as described in the Public Reports and which the failure to so have would have a Material Adverse Effect (collectively, &ldquo;<B>Intellectual
Property Rights</B>&rdquo;). Neither Company nor any Subsidiary has received a written notice that the Intellectual Property Rights
used by Company or any Subsidiary <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>violates</U></FONT> or <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>infringes
</U></FONT>upon the rights of any Person. To the knowledge of Company, all such Intellectual Property Rights are enforceable and
there is no existing infringement by another Person of any of the Intellectual Property Rights of Company or each Subsidiary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Insurance</U>.
</B> Company and each Subsidiary are insured by insurers of recognized financial responsibility against such losses and risks
and in such amounts as are prudent and customary in the businesses in which Company and each Subsidiary are engaged, including
but not limited to directors and officers insurance coverage at least equal to the Purchase Amount. To Company&rsquo;s knowledge,
such insurance contracts and policies are in full force and complete in all material respects. Neither Company nor any Subsidiary
has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to continue its business without an increase in cost that
would constitute a Material Adverse Effect.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Transactions
with Affiliates and Employees</U>.</B> None of the officers or directors of Company and, to the knowledge of Company, none of
the employees of Company is presently a party to any transaction with Company or any Subsidiary (other than for services as employees,
officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director
or such employee or, to the knowledge of Company, any entity in which any officer, director, or any such employee has a substantial
interest or is an officer, director, trustee or partner, in each case in excess of $120,000 other than (i) for payment of salary
or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of Company and (iii) for other employee
benefits, including stock option agreements under any equity incentive plan of Company.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Certain
Fees</U>.</B> No brokerage or finder&rsquo;s fees or commissions are or will be payable to any broker, financial advisor or consultant,
finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement
as a result of any action by the Company or any Person acting on its behalf. Notwithstanding any other provision, Investor will
have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a
type contemplated in this section that may be due in connection with the transactions contemplated by this Agreement or the other
Transaction Documents.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Registration
Rights</U>.</B> No Person has any right to cause Company to effect the registration under the Act of any securities of Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></FONT><B><U><FONT STYLE="color: Black">Listing
and Maintenance Requirements</FONT></U><FONT STYLE="color: Black">.</FONT></B><FONT STYLE="color: Black"> The Common Stock is
registered pursuant to Section 12 of the Exchange Act, and Company has taken no action designed to, or which to its knowledge
is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has Company received
any notification that the Commission is contemplating terminating such registration. Company has not, in the 12 months preceding
the Effective Date, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect
that Company is not in compliance with the listing or maintenance requirements of such Trading Market. <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Company
is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all listing and
maintenance requirements of the Trading Market on which the Common Stock is currently quoted.</U></FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Tax
Status</U>.</B> <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Company</U></FONT> and each of its Subsidiaries
has made or filed all federal, state and foreign income and all other tax returns, reports and declarations required by any jurisdiction
to which it is subject (unless and only to the extent that Company and each of its Subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes). Company has not executed a waiver with respect to the
statute of limitations relating to the assessment or collection of any foreign, federal, statute or local tax. None of Company&rsquo;s
tax returns is presently being audited by any taxing authority. Company would not be classified as a PFIC for its most recently
completed taxable year, and does not expect to be classified as a PFIC for its current taxable year.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Foreign
Corrupt Practices</U>.</B> Neither Company, nor to the knowledge of Company, any agent or other person acting on behalf of Company,
has (a) directly or indirectly, used any corrupt funds for unlawful contributions, gifts, entertainment or other unlawful expenses
related to foreign or domestic political activity, (b) made any unlawful payment to foreign or domestic government officials or
employees or to any foreign or domestic political parties or campaigns from corporate funds, (c) failed to disclose fully any
contribution made by Company, or made by any person acting on its behalf of which Company is aware, which is in violation of law,
or (d) violated in any material respect any provision of the Foreign Corrupt Practices Act of 1977, as amended.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Accountants</U>.
</B>Company&rsquo;s accountants are set forth <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>in the Public
Reports and </U></FONT>such accountants are an independent registered public accounting firm.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Disagreements with Accountants or Lawyers</U>.</B> There are no material disagreements presently existing, or reasonably anticipated
by Company to arise, between Company and the accountants or lawyers formerly or presently employed by Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Powers
of Attorney</U>.</B> There are no outstanding powers of attorney executed on behalf of the Company or any Subsidiary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>24.</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Computer
and Technology Security</U>.</B> Company has taken reasonable steps to safeguard the information technology systems utilized in
the operation of the business of Company, including the implementation of procedures designed to minimize the risk that such information
technology systems have any disabling codes or instructions, timer, copy protection device, clock, counter or other limiting design
or routing and any back door, virus, malicious code or other software routines or hardware components that in each case permit
unauthorized access or the unauthorized disablement or unauthorized erasure of data or other software by a third party, and, to
Company&rsquo;s knowledge, to date there have been no successful unauthorized intrusions or breaches of the security of its information
technology systems.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Data
Privacy</U>.</B> Company has: (a) complied with, and is presently in compliance in all material respects with, all applicable
laws in connection with data privacy, information security, data security and/or personal information; (b) complied in all material
respects with, and is presently in material compliance with, its policies and procedures applicable to data privacy, information
security, data security, and personal information; (c) not experienced any material incident in which personal information or
other sensitive data was or may have been stolen or improperly accessed; and Company is not aware of any facts suggesting the
likelihood of the foregoing, including without limitation, any breach of security or receipt of any notices or complaints from
any Person regarding personal information or other data.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties of Investor</U>. <FONT STYLE="font-weight: normal">Investor hereby represents and warrants to Company as of the
Closing as follows:</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black; letter-spacing: 0pt"><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-underline-style: double"><U>&nbsp;</U></FONT></B></FONT><B><U><FONT STYLE="color: Black">Organization;
Authority</FONT></U><FONT STYLE="color: Black">.</FONT></B><FONT STYLE="color: Black"> Investor is an entity validly existing
and in good standing under the laws of the jurisdiction of its organization with full right, company power and authority to enter
into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations thereunder.
The execution, delivery and performance by Investor of the transactions contemplated by this Agreement have been duly authorized
by all necessary company or similar action on the part of Investor. Each Transaction Document to which it is a party has been,
or will be, duly executed by Investor, and when delivered by Investor in accordance with the terms hereof, will constitute the
valid and legally binding obligation of Investor, enforceable against it in accordance with its terms, except (a) as limited by
general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors&rsquo; rights generally, (b) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies, and (c) insofar as indemnification and contribution provisions may be limited by
applicable law<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>.</U></FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investor
Status</U>. </B> At the time Investor was offered the Shares, it was, and at the Effective Date it is: (a) an accredited investor
as defined in Rule 501(a) under the Act; and (b) not a registered broker-dealer, member of FINRA, or an affiliate thereof.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Experience
of Investor</U>.</B> Investor, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the
Securities, and has so evaluated the merits and risks of such investment. Investor is able to bear the economic risk of an investment
in the Securities and, at the present time, is able to afford a complete loss of such investment.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership</U>.
</B> Investor is acquiring the Debenture as principal for its own account.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Short Sales</U>.</B> Neither Investor nor any Affiliate holds any short position in, nor has engaged in any Short Sales of the
Common Stock, or engaged in any hedging transactions with regard to the Shares prior to the Effective Date.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="color: Black">IV.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Securities
and Other Provisions</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Investor
Due Diligence</U>. <FONT STYLE="font-weight: normal">Investor will have the right and opportunity to conduct customary due diligence
with respect to any Registration Statement or Prospectus in which the name of Investor or any Affiliate of Investor appears.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Furnishing
of Information</U>. <FONT STYLE="font-weight: normal">As long as Investor owns any Securities, Company will timely file all reports
required to be filed by Company after the Effective Date pursuant to the Exchange Act. As long as Investor owns any Securities,
Company will prepare and make publicly available such information as is required for Investor to sell its Conversion Shares under
Rule 144. Company further covenants that, as long as Investor owns any Securities, Company will take such further action as Investor
may reasonably request, all to the extent required from time to time to enable Investor to sell its Conversion Shares without
registration under the Act within the limitation of the exemptions provided by Rule 144.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Integration</U>.
<FONT STYLE="font-weight: normal">Company will not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security, as defined in Section 2 of the Act, that would be integrated with the offer or sale of the Securities to Investor
for purposes of the rules and regulations of any Trading Market such that it would require stockholder approval prior to the closing
of such other transaction unless stockholder approval is obtained before the closing of such subsequent transaction.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure
and Publicity</U>. <FONT STYLE="font-weight: normal">Company will provide to Investor, for review and approval prior to filing
or issuing, that portion of any current, periodic or public report, registration statement, press release, public statement or
communication relating to or referencing Investor, any Transaction Documents or the transactions contemplated thereby, any such
approval not to be unreasonably withheld. </FONT></FONT></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shareholders
Rights Plan</U>. <FONT STYLE="font-weight: normal">No claim will be made or enforced by Company or, to the knowledge of Company,
any other Person that Investor is an &ldquo;Acquiring Person&rdquo; under any shareholders rights plan or similar plan or arrangement
in effect or hereafter adopted by Company, or that Investor could be deemed to trigger the provisions of any such plan or arrangement,
in either such case, by virtue of receiving Shares under the Transaction Documents or under any other agreement between Company
and Investor. Company will conduct its business in a manner so that it will not become subject to the Investment Company Act of
1940, as amended.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Non-Public Information</U>. <FONT STYLE="font-weight: normal">Company covenants and agrees that neither it nor any other Person
acting on its behalf will, provide Investor or its agents or counsel with any information that Company believes or reasonably
should believe will constitute material non-public information after Closing. On and after Closing, neither Investor nor any Affiliate
of Investor will have any duty of trust or confidence that is owed directly, indirectly, or derivatively, to Company or the stockholders
of Company, or to any other Person who is the source of material non-public information regarding Company. Company understands
and confirms that Investor will be relying on the foregoing in effecting transactions in securities of Company, including without
limitation sales of the Shares.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification
of Investor</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="color: Black"><U>Obligation
to Indemnify</U>. <FONT STYLE="font-weight: normal">Subject to the provisions of this </FONT>Section IV.G<FONT STYLE="font-weight: normal">,
Company will indemnify and hold Investor, its Affiliates, managers and advisors, and each of their officers, directors, shareholders,
partners, employees, representatives, agents and attorneys, and any person who controls Investor within the meaning of Section
15 of the Act or Section 20 of the Exchange Act (collectively, &ldquo;</FONT>Investor Parties<FONT STYLE="font-weight: normal">&rdquo;
and each a &ldquo;</FONT>Investor Party<FONT STYLE="font-weight: normal">&rdquo;), harmless from any and all losses, liabilities,
obligations, claims, contingencies, damages, reasonable costs and expenses, including all judgments, amounts paid in settlements,
court costs and reasonable attorneys&rsquo; fees and costs of investigation (collectively, &ldquo;</FONT>Losses<FONT STYLE="font-weight: normal">&rdquo;)
that any Investor Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties,
covenants or agreements made by Company in this Agreement or in the other Transaction Documents, (b) any untrue statement <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">or
alleged untrue statement </FONT>of a material fact contained in the Registration Statement, Prospectus, Prospectus Supplement,
or <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">any information incorporated by reference therein</FONT>, or
arising out of or based upon any omission or alleged omission to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading, or (c) any action by a creditor or stockholder
of Company who is not an Affiliate of an Investor Party, challenging the transactions contemplated by the Transaction Documents;
provided, however, that Company will not be obligated to indemnify any Investor Party for any Losses finally adjudicated to be
caused solely by (i) a false statement of material fact contained within written information provided by such Investor Party expressly
for the purpose of including it in the applicable Registration Statement, Prospectus, Prospectus Supplement, or (ii) such Investor
Party&rsquo;s unexcused material breach of an express provision of this Agreement or another Transaction Document willful misconduct
or violation of applicable law.</FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; color: blue; text-align: left; text-indent: 1in"><FONT STYLE="font-weight: normal; text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black"><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Procedure
for Indemnification</U>.</B> If any action will be brought against an Investor Party in respect of which indemnity may be sought
pursuant to this Agreement, such Investor Party will promptly notify Company in writing, and Company will have the right to assume
the defense thereof with counsel of its own choosing. Investor Parties will have the right to employ separate counsel in any such
action and participate in the defense thereof, but the reasonable fees and expenses of such counsel will be at the expense of
Investor Parties except to the extent that (a) the employment thereof has been specifically authorized by Company in writing,
(b) Company has failed after a reasonable period of time to assume such defense and to employ counsel or (c) in such action there
is, in the reasonable opinion of such separate counsel, a material conflict <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>with
respect to the dispute in question </U></FONT>on any material issue between the position of Company and the position of <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Investor
Parties such that it would be inappropriate for one counsel to represent Company and</U></FONT> Investor Parties. Company will
not be liable to Investor Parties under this Agreement (i) for any settlement by an Investor Party effected without Company&rsquo;s
prior written consent, which will not be unreasonably withheld or delayed; or (ii) to the extent, but only to the extent that
a loss, claim, damage or liability is <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>either </U></FONT>attributable
to Investor&rsquo;s breach of any of the representations, warranties, covenants or agreements made by Investor in this Agreement
or in the other Transaction Documents. In no event will the Company be liable for the reasonable fees and expenses for more than
one separate firm of attorneys (plus local counsel as applicable) to represent all Investor Parties.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">3.<FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
than the liability of Investor to Company for uncured material breach of the express provisions of this Agreement<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">,
no Investor Party will have any liability to Company or any Person asserting claims on behalf of or in right of Company as a result
of acquiring the </FONT>Securities <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">under this Agreement.</FONT></FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Reservation
of Shares</U>. <FONT STYLE="font-weight: normal">Company has reserved from its duly authorized Common Stock for issuance pursuant
to the Transaction Documents authorized shares of Common Stock in the amount required by the Transaction Documents and will at
all times maintain such reserve (the &ldquo;</FONT>Reserved Amount<FONT STYLE="font-weight: normal">&rdquo;). If Company shall
issue any securities or make any change to its capital structure which would change the number of shares of Common Stock into
which the Debenture shall be convertible at the then current Conversion Price, Company will at the same time make proper provision
so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Debenture. Company (i) acknowledges that it has irrevocably instructed its transfer
agent to issue certificates for the Common Stock issuable upon conversion of the Debenture, and agrees that its issuance of the
Debenture will constitute full authority to its officers and agents who are charged with the duty of executing stock certificates
to execute and issue the necessary certificates for shares of Common Stock in accordance with the terms and conditions of the
Debenture.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Activity
Restrictions</U>. <FONT STYLE="font-weight: normal">For so long as Investor or any of its Affiliates holds any Shares, neither
Investor nor any Affiliate will: (1) vote any shares of Common Stock owned or controlled by it, sign or solicit any proxies, attend
or be present at a shareholder meeting for purposes of determining a quorum, or seek to advise or influence any Person with respect
to any voting securities of Company, except in accordance with the recommendation of Company&rsquo;s </FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">board
of directors; (2) engage or participate in any actions, plans or proposals which relate to or would result in (a) acquiring additional
securities of Company, alone or together with any other Person, which would result in beneficially owning or controlling more
than 9.99% of the total outstanding Common Stock or other voting securities of Company, (b) an extraordinary corporate transaction,
such as a merger, reorganization or liquidation, involving Company or any of its Subsidiaries, (c) a sale or transfer of a material
amount of assets of Company or any of its Subsidiaries, (d) any change in the present board of directors or management of Company,
including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e)
any material change in the present capitalization or dividend policy of Company, (f) any other material change in Company&rsquo;s
business or corporate structure, including but not limited to, if Company is a registered closed-end investment company, any plans
or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company
Act of 1940, (g) changes in Company&rsquo;s charter, bylaws or instruments corresponding thereto or other actions which may impede
the acquisition of control of Company by any Person, (h) a class of securities of Company being delisted from a national securities
exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association,
(i) a class of equity securities of Company becoming eligible for termination of registration pursuant to Section 12(g)(4) of
the Act, or (j) any action, intention, plan or arrangement similar to any of those enumerated above; or (3) request Company or
its directors, officers, employees, agents or representatives to amend or waive any provision of this section.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Shorting</U>. <FONT STYLE="font-weight: normal">For so long as Investor holds any Securities, neither Investor nor any of its
Affiliates will engage in or effect, directly or indirectly, any Short Sale of Common Stock. For the avoidance of doubt, Investor
selling Conversion Shares after Investor has delivered a Conversion Notice to Company is not a Short Sale. There will be no restriction
or limitation of any kind on Investor&rsquo;s right or ability to sell or transfer any or all of the Conversion Shares at any
time, in its sole and absolute discretion. Investor may not sell, transfer or assign the Debenture or any of its rights under
this Agreement. </FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Splits</U>. <FONT STYLE="font-weight: normal">If Company at any time on or after the Effective Date subdivides (by any stock split,
stock dividend, recapitalization or otherwise) or combines (by combination, reverse stock split or otherwise) one or more classes
of its outstanding shares of Common Stock into a greater or lesser number of shares, the share numbers, prices and other amounts
set forth in this Agreement, as in effect immediately prior to such subdivision or combination, will be proportionately reduced
or increased, as applicable, effective at the close of business on the date the subdivision or combination becomes effective.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsequent
Financings</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 60pt"><FONT STYLE="font-weight: normal; color: Black">&#9;</FONT><FONT STYLE="color: Black">1.<FONT STYLE="font-weight: normal">&#9;As
long as Investor holds any Securities, Company will not enter into any agreement that in any way restricts its ability to enter
into any agreement, amendment or waiver with Investor, including without limitation any agreement to offer, sell or issue to Investor
any preferred stock, common stock or other securities of Company. </FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 60pt"><FONT STYLE="font-weight: normal; color: Black">&#9;</FONT><FONT STYLE="color: Black">2.<FONT STYLE="font-weight: normal">&#9;Until
six months after Closing, Company will not enter into any financing that uses a shelf registration, contains registration rights
or otherwise provides for the issuance of free trading stock, other than: (a) with Investor, (b) in connection with a strategic
transaction, or (c) the sale of restricted Common Stock at a fixed price. For the avoidance of doubt, Company may enter into any
unregistered financing of nonconvertible debt or restricted stock with no registration rights.</FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-weight: normal; color: Black"></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 60pt"><FONT STYLE="font-weight: normal; color: Black">&#9;</FONT><FONT STYLE="color: Black">3.<FONT STYLE="font-weight: normal">&#9;As
long as any part of the Debenture is outstanding, Company will not agree or enter into any equity or convertible financing pursuant
to which shares of Common Stock or Common Stock equivalents may effectively be issued at a variable price or where the price or
number of shares are subject to any type of variability or reset feature. Provided, however, that Company may enter into any transaction:
(a) with Investor, (b) for unregistered, non-convertible debt, (c) for restricted stock with no registration rights, (d) for Common
Stock at a fixed price at no more than a 5% discount to the most recent closing price of the Common Stock on the Trading Market,
(e) reasonably equivalent value given as consideration for a strategic acquisition, or (f) that includes an immediate, unconditional
offer to Investor to purchase the Debenture by wire transfer of immediately available funds in the amount of 140% of the then
outstanding Liquidation Value.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 60pt"><FONT STYLE="color: Black"><FONT STYLE="font-weight: normal"></FONT>4.<FONT STYLE="font-weight: normal">&nbsp;So long as
any part of the Debenture is outstanding, upon any issuance by Company or any of its subsidiaries of any security with any term
more favorable to the holder of such security or with a term in favor of the holder of such security that was not similarly provided
to Investor, then Company will notify Investor of such additional or more favorable term and such term, at Investor&rsquo;s option,
shall become a part of the transaction documents with Investor. The types of terms contained in another security that may be more
favorable to the holder of such security include, but are not limited to, terms addressing conversion discounts, prepayment rate,
conversion look back periods, interest rates, original issue discounts, stock sale price, private placement price per share, and
warrant coverage.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Right
of First Refusal</U>. <FONT STYLE="font-weight: normal">If at any time while any Securities are outstanding, Company has a bona
fide offer of capital or financing from any person, that Company intends to act upon, then Company must first offer such opportunity
to Investor to provide such capital or financing to Company on the same terms as each respective person&rsquo;s terms. Except
as otherwise provided in any Transaction Documents, should Investor be unwilling or unable to provide such capital or financing
to Company within 5 Trading Days from Investor&rsquo;s receipt of written notice of the offer from Company, then Company may obtain
such capital or financing from that respective person upon the exact same terms and conditions offered by Company to Investor,
which transaction must be completed within 15 days after the date of the notice. If Company does not receive the capital or financing
from the respective person within 15 days after the date of the respective notice, then Company must again offer the capital or
financing opportunity to Investor as described above, and the process detailed above shall be repeated.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="color: Black"><B>V.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Security
Agreement</U>.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of Security Interest</U>.</B> To secure the Obligations, Company, as debtor, hereby assigns and grants to Investor, as secured
party, a continuing first-position lien on and security interest in, all right, title and interest of the Company, whether now
owned or existing or hereafter created, acquired, or arising, in and to all of the Collateral.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Change
in Name or Locations</U>.</B> Company&rsquo;s legal name and jurisdiction of organization are correctly set forth in the Public
Reports. Company has not transacted business at any time during the immediately preceding five-year period, and does not currently
transact business, under any other legal names or trade names. Company&rsquo;s chief executive office and principal place of business
is at, and the Company keeps and shall keep all of its books and records relating to receivables only at the location identified
in the Public Reports, and the Company has no other executive offices or places of business. Company hereby agrees that if the
location of the Collateral changes from the locations it is currently located in, or if Company changes its name or form or jurisdiction
of organization, or establishes a name in which it may do business, Company will immediately notify Investor in writing of the
additions or changes.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations
and Warranties</U>.</B> Company represents, warrants and covenants to Investor that: (a) Company has good, marketable and indefeasible
title to the Collateral, except as disclosed in the Disclosure Schedules, has not made any prior sale, pledge, encumbrance, assignment
or other disposition of any of the Collateral, and except as disclosed in the Disclosure Schedules, the Collateral is free from
all encumbrances and rights of setoff of any kind except the lien in favor of Investor created by this Agreement; (b) except as
herein provided, Company will not hereafter without Investor&rsquo;s prior written consent sell, pledge, encumber, assign or otherwise
dispose of any of the Collateral or permit any right of setoff, lien or security interest to exist thereon except to Investor,
except for dispositions of Collateral in the ordinary course of business; (c) Company will defend the Collateral against all claims
and demands of all persons at any time claiming the same or any interest therein; and (d) <B>Exhibit 9</B> attached hereto contains
a true, complete, and current listing of all patents, trademarks, tradestyles, copyrights, and other intellectual property rights
(including all registrations and applications therefor) owned by Company as of the date hereof that are registered with any governmental
authority. Company shall promptly notify Investor in writing of any additional intellectual property rights acquired or arising
after the date hereof, and shall submit to the Investor a supplement to <B>Exhibit 9</B> to reflect such additional rights, provided
Company&rsquo;s failure to do so shall not impair the Investor&rsquo;s security interest therein.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants</U>.
</B>Company covenants that it will:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(i) from time
to time and at all reasonable times allow Investor, by or through any of its officers, agents, attorneys, or accountants, to examine
or inspect the Collateral, and obtain valuations and audits of the Collateral, at Investor&rsquo;s expense, wherever located.
Company shall do, obtain, make, execute and deliver all such additional and further acts, things, deeds, assurances and instruments
as Investor may require to assure to Investor its rights hereunder and in or to the Collateral, and the proceeds thereof, including
waivers from landlords, warehousemen and mortgagees;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(ii) keep the
Collateral in good order and repair consistent with commercially reasonable past practices at all times and immediately notify
Investor of any event causing a material loss or decline in value of the Collateral, whether or not covered by insurance, and
the amount of such loss or depreciation;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(iii) only
use or permit the Collateral to be used in accordance with all applicable federal, state, county and municipal laws and regulations;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(iv) to the
extent applicable, have and maintain insurance at all times with respect to all Collateral against risks of fire (including so
called extended coverage), theft, sprinkler leakage, and other risks (including risk of flood if any Collateral is maintained
at a location in a flood hazard zone) as Investor may reasonably require, in such form, in the minimum amount of the outstanding
principal of the Note and written by such companies as may be reasonably satisfactory to Investor; each such casualty insurance
policy shall contain a standard Investor's Loss Payable Clause issued in favor of Investor under which all losses thereunder shall
be paid to Investor as Investor's interest may appear; such policies shall expressly provide that the requisite</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">insurance cannot
be altered or canceled without at least thirty (30) days prior written notice to Investor and shall insure Investor notwithstanding
the act or neglect of Company; upon Investor&rsquo;s demand, Company shall furnish Investor with evidence of insurance as Investor
may reasonably require; in the event of failure to provide insurance as herein provided, Investor may, at its option, obtain such
insurance and Company shall pay to Investor, on demand, the cost thereof; proceeds of insurance may be applied by Investor to
reduce the Obligations or to repair or replace Collateral, all in Investor 's sole discretion;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(v) If any
of the Collateral is, at any time, in the possession of a bailee, Company will promptly notify Investor thereof and, if requested
by Investor, shall promptly obtain an acknowledgment from the bailee, in form and substance satisfactory to Investor, that the
bailee holds such Collateral for the benefit of Investor and shall act upon the instructions of Investor, without the further
consent of Company;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(vi) Company
will not change its legal name or transact business under any other trade name without first giving 30&nbsp;days&rsquo; prior
written notice of its intent to do so to the Investor; and</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in"><FONT STYLE="color: Black">(vii) Company
will promptly pay when due all taxes, assessments and governmental charges and levies upon or against Company or any of the Collateral,
in each case before the same become delinquent and before penalties accrue thereon, unless and to the extent that the same are
being contested in good faith by appropriate proceedings which prevent foreclosure or other realization upon any of the Collateral
and preclude interference with the operation of Company&rsquo;s business in the ordinary course, and Company shall have established
adequate reserves therefor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Negative
Pledge; No Transfer</U>. </B> Company will not sell or offer to sell or otherwise transfer or grant or allow the imposition of
a lien, encumbrance or security interest of any kind upon the Collateral or use any portion thereof in any manner inconsistent
with this Agreement or with the terms and conditions of any policy of insurance thereon. The Company shall warrant and defend
the Collateral against any claims and demands of all persons at any time claiming the same or any interest in the Collateral adverse
to the Investor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. </B>Company hereby irrevocably authorizes Investor at any time and from time to time to file in any UCC jurisdiction
any initial financing statements and amendments thereto that (a) indicate the Collateral (i) as all assets of Company or words
of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9
of the UCC or such jurisdiction, or (ii) as being of an equal or lesser scope or with greater detail, and (b) contain any other
information required by part 5 of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement
or amendment, including, but not limited to (i) whether Company is an organization, the type of organization and (ii) any organization
identification number issued to Company. Company agrees to furnish any such information to Investor promptly upon request. Company
also ratifies its authorization for Investor to have filed in any UCC jurisdiction any like initial financing statements or amendments
thereto if filed prior to the date hereof.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Events
of Default</U>.</B> Company shall, at Investor&rsquo;s option, be in default under this Agreement upon the happening of any of
the following events or conditions (each, an &ldquo;<B>Event of Default</B>&rdquo;): (a) a failure to pay any amount due under
the Debenture, this Agreement or any Transaction Document within 5 business days of the date the same is due; (b) the failure
by Company to perform any of its other obligations under the Debenture, this Agreement or any Transaction Document within 10 business
days of notice from Investor of the same; (c) falsity, inaccuracy or material breach by Company of any written warranty, representation
or statement made or furnished to Investor by or on behalf of Company; (d) an uninsured material loss, theft, damage, or destruction
to any of the Collateral, or the entry of any judgment against Company or any lien against or the making of any levy, seizure
or attachment of or on the Collateral; (e) the failure of Investor to have a perfected first priority security interest in the
Collateral; (f) any indication or evidence received by Investor that Company may have directly or indirectly been engaged in any
type of activity that might reasonably be expected to result in the forfeiture of any property of Company to any governmental
entity, federal, state or local; (g) the occurrence of any 3 or more Trigger Events under the Debenture; or (h) the Closing Price
of the Common Stock is below $0.15 per share for 30 consecutive days or more.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.
</B> Upon the occurrence of any Event of Default and at any time thereafter, Investor may declare all Obligations secured hereby
immediately due and payable and shall have, in addition to any remedies provided herein or by any applicable law or in equity,
all the remedies of a secured party under the UCC. Investor&rsquo;s remedies include, but are not limited to, to the extent permitted
by law, the right to (a) peaceably by its own means or with judicial assistance enter Company's premises and take possession of
the Collateral without prior notice to Company or the opportunity for a hearing, (b) render the Collateral unusable, (c) dispose
of the Collateral on Company's premises, and (d) require Company to assemble the Collateral and make it available to Investor
at a place designated by Investor. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type
customarily sold on a recognized market, Investor will give Company reasonable notice of the time and place of any public sale
thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirements
of commercially reasonable notice shall be met if such notice is sent to Company at least 5 business days before the time of the
intended sale or disposition. Expenses of retaking, holding, preparing for sale, selling or the like shall include Investor 's
reasonable attorney's fees and legal expenses, incurred or expended by Investor to enforce any payment due it under this Agreement
either as against Company, or in the prosecution or defense of any action, or concerning any matter growing out of or connection
with the subject matter of this Agreement and the Collateral pledged hereunder. Company waives all relief from all appraisement
or exemption laws now in force or hereafter enacted.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
of Expenses</U>.</B> At its option, Investor may, but is not required to: discharge taxes, liens, security interests or such other
encumbrances as may attach to the Collateral; pay for required insurance on the Collateral; and pay for the maintenance, appraisal
or reappraisal, and preservation of the Collateral, as determined by Investor to be necessary.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Preservation
of Rights</U>. </B> No delay or omission on Investor&rsquo;s part to exercise any right or power arising hereunder will impair
any such right or power or be considered a waiver of any such right or power, nor will Investor&rsquo;s action or inaction impair
any such right or power. Investor 's rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies
which Investor may have under other agreements, at law or in equity.</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="color: Black"><B>VI.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Provisions</U>.</B></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice</U>.
<FONT STYLE="font-weight: normal">Unless a different time of day or method of delivery is specifically provided in the Transaction
Documents, any and all notices or other communications or deliveries required or permitted to be provided hereunder will be in
writing and will be deemed given and effective on the earliest of: (a) the date of transmission, if such notice or communication
is delivered via facsimile or electronic mail prior to 5:00 p.m. New York time on a Trading Day and an electronic confirmation
of delivery is received by the sender, (b) the next Trading Day after the date of transmission, if such notice or communication
is delivered later than 5:00 p.m. New York time or on a day that is not a Trading Day, (c) the next Trading Day following the
date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom
such notice is required to be given. The addresses for such notices and communications are such other address as may be designated
in writing, in the same manner, by such Person.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments;
Waivers</U>. <FONT STYLE="font-weight: normal">No provision of this Agreement may be waived or amended except in a written instrument
signed, in the case of an amendment, by Company and Investor or, in the case of a waiver, by the party against whom enforcement
of any such waiver is sought. No waiver of any default with respect to any provision, condition or requirement of this Agreement
will be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision,
condition or requirement hereof, nor will any delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Third-Party Beneficiaries</U>. <FONT STYLE="font-weight: normal">Except as otherwise set forth in </FONT>Section IV.G<FONT STYLE="font-weight: normal">,
this Agreement and the Transaction Documents will inure solely to the benefit of the parties hereto, and is not for the benefit
of, nor may any provision hereof be enforced by, any other Person. Other than the Investor Parties described in </FONT>Section
IV.G<FONT STYLE="font-weight: normal">, a Person who is not a party to this Agreement shall not have any rights under the Contracts
(Rights of Third Parties) Law, 2014 of the Cayman Islands to enforce any term of this Agreement or any Transaction Document.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees
and Expenses</U>. <FONT STYLE="font-weight: normal">Company has paid a flat rate documentation fee of $5,000 to Investor in connection
with drafting this Agreement and the other Transaction Documents. Except as otherwise provided in this Agreement, each party will
pay the fees and expenses of its own advisers, counsel, accountants and other experts, if any, and all other expenses incurred
by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. Company
acknowledges and agrees that Investor&rsquo;s counsel solely represents Investor, and does not represent Company or its interests
in connection with the Transaction Documents or the transactions contemplated thereby. Company will pay all stamp and other taxes
and duties, if any, levied in connection with the sale or issuance of the Shares to Investor.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Severability</U>.
<FONT STYLE="font-weight: normal">If any provision of this Agreement is held to be invalid or unenforceable in any respect, the
validity and enforceability of the remaining terms and provisions of this Agreement will not in any way be affected or impaired
thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable substitute therefor,
and upon so agreeing, will incorporate such substitute provision in this Agreement.</FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Replacement
<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">of </FONT>Certificates</U>. <FONT STYLE="font-weight: normal">If
any certificate or instrument evidencing any Shares is mutilated, lost, stolen or destroyed, Company will issue or cause to be
issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably satisfactory to Company of such loss, theft or destruction and customary
and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances will also
pay any reasonable third-party costs associated with the issuance of such replacement certificates.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>. <FONT STYLE="font-weight: normal">All matters between the parties, including without limitation questions concerning
the construction, validity, enforcement and interpretation of the Transaction Documents will be governed by and construed and
enforced in accordance with the laws of the U.S. Virgin Islands, without regard to the principles of conflicts of law that would
require or permit the application of the laws of any other jurisdiction, except for corporation law matters applicable to Company
which will be governed by the corporate law of its jurisdiction of formation. The parties hereby waive all rights to a trial by
jury. In any action, arbitration or proceeding, including appeal, arising out of or relating to any of the Transaction Documents
or otherwise involving the parties, the prevailing party will be awarded its reasonable attorneys&rsquo; fees and other costs
and expenses reasonably incurred in connection with the <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">investigation,
</FONT>preparation, prosecution or defense of such action or proceeding.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Arbitration</U>.
<FONT STYLE="font-weight: normal">Any dispute, controversy, claim or action of any kind arising out of, relating to, or in connection
with this Agreement, or in any way involving Company and Investor or their respective Affiliates, including any issues of arbitrability,
will be resolved solely by final and binding arbitration in English before a retired judge at JAMS, or its successor, in the Territory
of the Virgin Islands, pursuant to the most expedited and Streamlined Arbitration Rules and Procedures available. Any interim
or final award may be entered and enforced by any court of competent jurisdiction. The final award will include the prevailing
party&rsquo;s reasonable arbitration, expert witness and attorney fees, costs and expenses. Notwithstanding the foregoing, Investor
may in its sole discretion bring an action in Nevada, California or Utah in aid of arbitration or for temporary, preliminary or
provisional relief pending completion of arbitration. </FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Remedies</U>.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">1.<FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of Investor
and Company will be entitled to specific performance under the Transaction Documents, and equitable and injunctive relief to prevent
any actual or threatened breach under the Transaction Documents, to the full extent permitted under applicable laws. </FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 1in"><FONT STYLE="color: Black">2.<FONT STYLE="font-weight: normal">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Without
limitation of the foregoing, Company acknowledges that the rights and benefits of Investor pursuant to Section I.G.1. of the Debenture
are unique and that no adequate remedy exists at law if Company breaches or fails timely perform any of its obligations thereunder,
that it would be difficult to determine the amount of damages resulting therefrom, that it would cause irreparable injury to Investor,
and that any potential harm to Company would </FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0in"><FONT STYLE="font-weight: normal; color: Black">be
adequately and fully compensable with monetary damages; accordingly, Investor will be entitled to a compulsory remedy of immediate
specific performance, temporary, interim, preliminary and final injunctive relief to enforce the provisions thereof, including
without limitation requiring Company and its transfer agent, attorneys, officers and directors to immediately take all actions
necessary to issue and deliver the number of Conversion Shares stated by Investor, and prohibiting any Common Stock from being
issued or transferred until after all Conversion Shares have been received by Investor in electronic form and fully cleared for
trading, which requirements will not be stayed for any reason, without the necessity of posting any bond. Company hereby absolutely,
unconditionally and irrevocably waives all objections and rights to oppose any motion, application or request by Investor to issue
any number of Conversion Shares, and all rights to stay or appeal any resulting order, and any appeal filed by Company or on its
behalf will be immediately and automatically dismissed. Company further acknowledges that it has an adequate remedy at law with
respect to Section I.G.1. of the Debenture in a claim for money damages; accordingly, Company may not restrain or enjoin its transfer
agent, Investor or any brokers from receiving or reselling any Conversion Shares, and any action for temporary, preliminary or
final injunctive relief filed by Company or on its behalf will be immediately and automatically dismissed.</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">J.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Payment
Set Aside</U>. <FONT STYLE="font-weight: normal">To the extent that Company makes a payment or payments to Investor pursuant to
any Transaction Document or Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds
of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to Company, a trustee, receiver
or any other person under any law, including, without limitation, any bankruptcy law, state or federal law, common law or equitable
cause of action, then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied
will be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had
not occurred.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">K.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Headings</U></FONT>.
<FONT STYLE="font-weight: normal">The titles and headings in this Agreement and the Transaction Documents are for convenience
only, do not constitute a part of this Agreement and will not be deemed to limit or affect any of the provisions hereof</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">L.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Time
of the Essence</U>. <FONT STYLE="font-weight: normal">Time is of the essence with respect to all provisions of this Agreement,
the Debenture, and all Transaction Documents.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">M.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Survival</U>.
<FONT STYLE="font-weight: normal">The representations and warranties contained herein will survive the Closing and the delivery
of the Shares until all Debenture issued to Investor have been converted or redeemed. Neither party will be under any obligation
to update or supplement any of its representations or warranties following the Closing due to a change that occurred after the
Closing.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">N.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>Construction</U>.
<FONT STYLE="font-weight: normal">The parties agree that each of them and/or their respective counsel has reviewed and had an
opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities
are to be resolved against the drafting party will not be employed in the interpretation of the Transaction Documents or any amendments
hereto.</FONT></FONT> <FONT STYLE="font-weight: normal">The language used in this Agreement will be deemed to be the language chosen
by the parties to express their mutual intent, and no rules of strict construction will be applied against any party. All currency
references in any Transaction Document are to U.S. dollars.</FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">O.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Further
Assurances</U>. <FONT STYLE="font-weight: normal">Each party will take all further actions and execute all further documents as
may be reasonably necessary to implement the provisions and carry out the intent of this Agreement fully and effectively. </FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">P.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Execution</U>.
<FONT STYLE="font-weight: normal">This Agreement may be executed in two or more counterparts, all of which when taken together
will be considered one and the same agreement and will become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature
is delivered by portable document format, facsimile or electronic transmission, such signature will create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">Q.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Entire
Agreement</U>. <FONT STYLE="font-weight: normal">This Agreement, including the Exhibits <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">hereto,
which are hereby incorporated herein by reference, contains</FONT> the entire agreement and understanding of the parties<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">,
and supersedes</FONT> all prior and contemporaneous agreements<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">,
term sheets, letters, discussions, communications and</FONT> understandings, both oral and written, <FONT STYLE="text-underline-style: double; letter-spacing: 0pt">which
the parties acknowledge have been merged into this Agreement. No party, representative, advisor, attorney or agent</FONT> has
relied upon any collateral contract, agreement, assurance, promise, understanding, statement or representation not expressly set
forth herein. The parties hereby absolutely, unconditionally and irrevocably waive all rights and remedies, at law and in equity,
directly or indirectly arising out of or relating to, or which may arise as a result of, any Person&rsquo;s reliance on any such
statement or assurance<FONT STYLE="text-underline-style: double; letter-spacing: 0pt">.</FONT></FONT></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories
on the Effective Date.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>Company:</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><U>CLEANSPARK,
INC.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">By: _________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Name:
______________</FONT>_</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Title:
________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black"><B>Investor:</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">Investor Name</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">By: _________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Name:
______________</FONT>_</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Title:
________________</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0"><FONT STYLE="color: Black">&nbsp;</FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="color: Black"><B>&nbsp;</B></FONT></P>



<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="color: Black"><B>Exhibit
1</B></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="color: Black"><U>Glossary
of Defined Terms</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>$</B>&rdquo;
means the currency of the United States of America, in which all dollar amounts in the Transaction Documents will be expressed.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Act</B>&rdquo;
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Action</B>&rdquo;
has the meaning set forth in <B>Section III.A.4</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Affiliate</B>&rdquo;
means any Person that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with a Person, as such terms are used in and construed under Rule 144 under the Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Agreement</B>&rdquo;
means this Securities Purchase Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Closing</B>&rdquo;
has the meaning set forth in <B>Section II.D</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Collateral&rdquo;
</B>means all assets of the Company, including without limitation all personal property wherever located, both now owned and hereafter
acquired, including, but not limited to, all equipment, fixtures, inventory, goods, documents, general intangibles, accounts,
deposit accounts (unless a security interest would render a nontaxable account taxable), receivables, contract rights (including,
but not limited to, all of Company&rsquo;s rights in franchise agreements, license agreements and market development agreements),
chattel paper, patents, trademarks and copyrights (and the good will associated with and registrations and licensing of them),
instruments, letter of credit rights and investment property, capital stock, partnership, membership and equity interests, of
any kind or nature, and all additions and accessions to, all spare and repair parts, special tools, equipment and replacements
for, software used in, all returned or repossessed goods the sale of which gave rise to, and all accessions, additions, amendments,
modifications, replacements, and substitutions to, of or for the foregoing, and all proceeds, supporting obligations and products
of the foregoing, except as set forth in the Disclosure Schedules. All terms which are used in this definition which are defined
in the UCC shall have the same meanings herein as such terms are defined in the UCC, unless this Agreement shall otherwise specifically
provide.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Commission&rdquo;
</B>means the U.S. Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Common
Stock&rdquo;</B> means the Common Stock of Company and any replacement or substitute thereof, or any share capital into which
such Common Stock will have been changed or any share capital resulting from a reclassification of such Common Stock.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Company</B>&rdquo;
has the meaning set forth in the first paragraph of the Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Conversion
Shares&rdquo;</B> includes all shares of Common Stock potentially issuable in relation to the Debenture, including Common Stock
that must be issued upon conversion of the Debenture, and Common Stock that must or may be issued in payment of any Interest or
Conversion Premium.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Debenture&rdquo;
</B>means the Senior Secured Subordinated Debenture issued by Company, in the form attached as <B>Exhibit 2</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Disclosure
Schedules&rdquo;</B> means the disclosure schedules of Company attached hereto as Exhibit 9. The Disclosure Schedules contain
no material non-public information.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;DTC&rdquo;
</B>means The Depository Trust Company, or any successor performing substantially the same function for Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Exchange
Act&rdquo;</B> means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission
thereunder.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Effective
Date</B>&rdquo; has the meaning set forth in the first paragraph of the Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Equity
Conditions</B>&rdquo; has the meaning set forth in the Debenture.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;GAAP&rdquo;
</B>means U.S. generally accepted accounting principles applied on a consistent basis during the periods involved.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Indebtedness&rdquo;
</B>means (a) any liabilities for borrowed money or amounts owed in excess of $250,000, other than trade accounts payable incurred
in the ordinary course of business, (b) all guaranties, endorsements and other contingent obligations in respect of Indebtedness
of others, whether or not the same are or should be reflected in Company<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>&rsquo;</U></FONT>s
balance sheet, or the notes thereto, except guaranties by endorsement of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business; and (c) the present value of any lease payments in excess of $250,000 due under
leases required to be capitalized in accordance with GAAP.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Intellectual
Property Rights</B>&rdquo; has the meaning set forth in <B>Section III.B.11</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>&ldquo;Investor&rdquo;
</U></B></FONT><FONT STYLE="color: Black">has the meaning set forth in the first paragraph of the Agreement<FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><U>.</U></FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Legal
Opinion&rdquo;</B> means an opinion from Company&rsquo;s legal counsel, in the form attached as <B>Exhibit 4</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Liens&rdquo;
</B>means a lien, charge, security interest or encumbrance in excess of $250,000, or a right of first refusal, preemptive right
or other restriction.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Material
Adverse Effect&rdquo;</B> includes any material adverse effect on (a) the legality, validity or enforceability of any Transaction
Document, (b) the results of operations, assets, business, or financial condition of Company and the Subsidiaries, taken as a
whole, which is not disclosed in the Public Reports prior to the Effective Date, (c) Company&rsquo;s ability to perform in any
material respect on a timely basis its obligations under any Transaction Document, or (d) the sale, issuance, registration, listing,
resale and trading on the Trading Market of the Conversion Shares.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Material
Permits</B>&rdquo; has the meaning set forth in <B>Section III.B.9</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black; background-color: white"><B>&ldquo;Obligations&rdquo;
</B>include the full and punctual observance and performance of all present and future duties, covenants, and responsibilities
due to Investor by Company under this Agreement, the Debenture and the other Transaction Documents, including without limitation
all present and future obligations and liabilities of Company for the payment of money (extending to all principal amounts, interest,
late charges, fees, and all other charges and sums, as well as all costs and expenses payable by Company).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Officer&rsquo;s
Certificate&rdquo;</B> means a certificate executed by an authorized officer of Company, in the form attached as <B>Exhibit 5</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Person&rdquo;
</B>means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government, or an agency or subdivision thereof, or other entity of any kind.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Prospectus</B>&rdquo;
means the final prospectus filed for the Registration Statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Prospectus
Supplement</B>&rdquo; means the supplement to the Prospectus complying with Rule 424(b) of the Securities Act that is timely filed
with the Commission and delivered by the Company to Investor.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Public
Reports</B>&rdquo; means the reports filed with the Commission by the Company pursuant to the Exchange Act (see <B>Exhibit 9</B>).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>&ldquo;Purchase
Amount&rdquo;</U></B></FONT> <FONT STYLE="color: Black">has the meaning set forth in <FONT STYLE="text-underline-style: double; letter-spacing: 0pt"><B><U>Section
II.A.1</U></B><U>.</U></FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Receivables</B>&quot;
include all accounts receivable and all rights to the payment of a monetary obligation, whether or not earned by performance,
and whether evidenced by an account, chattel paper, instrument, general intangible, or otherwise.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Registration
Statement</B>&rdquo; means a valid, current and effective shelf Registration Statement on Form S-3, File No. 333-228063, registering
all Securities for sale, including the prospectus therein, amendments and supplements to such Registration Statement or prospectus,
including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement, and any information contained or incorporated by reference in a prospectus
filed with the Commission in connection with the Registration Statement, to the extent such information is deemed under the Act
to be part of any registration statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Secretary&rsquo;s
Certificate</B>&rdquo; means a certificate, in the form attached as <B>Exhibit 6</B>, signed by the secretary of Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Shares</B>&rdquo;
include the Conversion Shares and the Warrant Shares.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Securities</B>&rdquo;
include the Debenture, the Warrant, the Conversion Shares and the Warrant Shares.</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Short
Sale&rdquo;</B> means a &ldquo;short sale&rdquo; as defined in Rule 200 of Regulation SHO of the Exchange Act.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black"><B>&ldquo;Subsidiary&rdquo;
</B>means any Person owned or controlled by the Company, or in which Company, directly or indirectly, owns a majority of the capital
stock or similar interest that would be disclosable pursuant to Regulation S-K, Item 601(b) (21).</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;Trading
Day&rdquo; <FONT STYLE="font-weight: normal">means any day on which the Common Stock is traded on the Trading Market; provided
that it will not include any day on which the Common Stock is (a) scheduled to trade for less than 5 hours, or (b) suspended from
trading.</FONT></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="font-weight: normal; color: Black">&ldquo;</FONT><FONT STYLE="color: Black">Trading
Market<FONT STYLE="font-weight: normal">&rdquo; has the meaning set forth in the Debenture.</FONT></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Transaction
Documents</B>&rdquo; means this Agreement, the other agreements, certificates and documents referenced herein or the form of which
is attached hereto, and the exhibits, schedules and appendices hereto and thereto.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Transfer
Agent</B>&rdquo; means the transfer agent for Company.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Transfer
Agent Instructions</B>&rdquo; means a letter agreement executed by Company, its current transfer agent, and any successor transfer
agent for the Common Stock, in the form attached as <B>Exhibit 3</B>.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>UCC</B>&rdquo;
means the Uniform Commercial Code as adopted and applied in any applicable jurisdiction, including without limitation Company&rsquo;s
jurisdiction of formation.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left; text-indent: 0.5in"><FONT STYLE="color: Black">&ldquo;<B>Warrant</B>&rdquo;
means the Common Stock Purchase Warrant issued by Company, in the form attached hereto as <B>Exhibit 7</B>.</FONT></P>


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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Black"><B><U>IP Security
Agreement</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B><U>Grant
of Security Interest Agreement</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B><U>in
United States Patents and Trademarks</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="text-transform: uppercase; color: Black"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">FOR GOOD
AND VALUABLE CONSIDERATION, the receipt and sufficiency of which are hereby acknowledged, CleanSpark, Inc., a Nevada corporation
(&ldquo;<B>Grantor</B>&rdquo;), having its place of business at 70 North Main Street, Suite 105, Bountiful, UT 84010, hereby grants
to ______________________________ (&ldquo;<B>Grantee</B>&rdquo;), having its place of business at ______________________________,
a security interest in all of the Grantor's right, title and interest in, to and under the following (all of the following items
or types of property being herein collectively referred to as the &ldquo;<B>Patent and Trademark Collateral</B>&rdquo;), whether
presently existing or hereafter arising or acquired:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">(i) each
United States patent and patent application, including each patent and patent application referred to on <U>Schedule A</U> hereto;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">(ii) each
United States trademark, trademark registration and trademark application, and all of the goodwill of the business connected with
the use of, and symbolized by, each trademark, trademark registration and trademark application, including each trademark, trademark
registration and trademark application referred to in <U>Schedule B</U> hereto;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">(iii) all
products and proceeds of the foregoing, including any claim by the Grantor against third parties for past, present or future infringement
of any Patent, or past, present or future infringement or dilution of any trademark or trademark registration, including any patent
or trademark listed on <U>Schedule A</U> or <U>Schedule B</U> hereto, or for injury to the goodwill associated with any trademark
or trademark registration.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">THIS GRANT
is granted pursuant to the security interests granted to the Grantee in the Securities Purchase Agreement between the Grantor
and the Grantee dated December 31, 2018, as amended, modified or supplemented from time to time (the &ldquo;<B>Purchase Agreement</B>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">THIS GRANT has been
granted in conjunction with the security interest granted to the Grantee under the Purchase Agreement. The rights and remedies
of the Grantee with respect to the security interest granted herein are without prejudice to, and are in addition to those set
forth in the Purchase Agreement, all terms and provisions of which are incorporated herein by reference as though set forth in
full herein. In the event that any provisions of this Grant of Security Interest Agreement are deemed to conflict with the Purchase
Agreement, the provisions of the Purchase Agreement shall govern.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">THIS GRANT shall
terminate and be of no force and effect immediately upon the complete fulfilment of all of the Obligations (as defined under the
Purchase Agreement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black"></FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="color: Black">IN WITNESS
WHEREOF, the undersigned have executed this Grant of Security Interest Agreement as of the date first above stated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><B><U>Grantor:</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: left; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="text-underline-style: double; color: Black; letter-spacing: 0pt"><U>CLEANSPARK,
INC.</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">By: _________________</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Name:
______________</FONT>_</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: blue"><FONT STYLE="color: Black; letter-spacing: 0pt">Title:
________________</FONT></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="color: Black">&nbsp;</FONT></P>

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______________</FONT>_</P>

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________________</FONT></P>




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