# EDGAR Filing Document

**Accession Number:** 0002068385
**File Stem:** 0001493152-26-030363
**Filing Date:** 2026-6
**Character Count:** 390820
**Document Hash:** 230ae3a6ac3105b86abbb5da05fad39b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-030363.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001493152-26-030363

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SharonAI Holdings Inc.
- **CENTRAL INDEX KEY:** 0002068385
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292798
- **FILM NUMBER:** 261130699

**BUSINESS ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE, SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151
- **BUSINESS PHONE:** 949-720-7133

**MAIL ADDRESS:**
- **STREET 1:** 745 FIFTH AVENUE, SUITE 500
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10151

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SharonAI Holdings, Inc.
- **DATE OF NAME CHANGE:** 20251218

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Roth CH Holdings, Inc.
- **DATE OF NAME CHANGE:** 20250513

---

| | |
|:---|:---|
|  | **Filed Pursuant to Rule 424(b)(3)** |
| **PROSPECTUS SUPPLEMENT NO. 1<br> (to Prospectus dated April 21, 2026)** | **Registration No. 333-292798** |

---

**SHARONAI HOLDING INC.**

**5,302,072 Shares of Class A Ordinary Common Stock**

**Up to 214,982 Shares of Class A Ordinary Common Stock Upon Exercise of Certain Private Warrants**

**Up to 230,000 Shares of Common Stock Underlying Public Warrants**

This prospectus supplement updates and supplements the prospectus dated April 21, 2026, which forms a part of our registration statement on Form S-1 (No. 333-292798) for which Post-Effective Amendment No. 2 was filed with the Securities and Exchange Commission (the "SEC") on April 21, 2026 and declared effective by the SEC on April 21, 2026 (the "Prospectus"). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in our Quarterly Report for the period ended March 31, 2026 and filed with the SEC on May 15, 2026 (collectively, the "Q1 Quarterly Report"). Accordingly, we have attached the Q1 Quarterly Report to this prospectus supplement.

Our Common Stock is listed on the Nasdaq Capital Market under the symbol "SHAZ". On June 26, 2026, the last reported sales price per share of our Common Stock was $82.05.

This prospectus supplement updates and supplements the information in the Prospectuses and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto. This prospectus supplement should be read in conjunction with the Prospectus and if there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

**See the section titled "Risk Factors" beginning on page 19 of the Prospectus, as well as risks and uncertainties described under similar headings in any amendments or supplements to the Prospectus to read about factors you should consider before buying our securities.**

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus supplement or the Prospectus. Any representation to the contrary is a criminal offense.

**The date of this prospectus supplement is June 26, 2026.**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q**

(Mark One)

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from ________________ to ________________

Commission File Number: **001-43129**

**SHARONAI HOLDINGS INC.**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 41-2349750 |
| (State or other jurisdiction of | (I.R.S. Employer |
| incorporation or organization) | Identification No.) |
| 745 5th Ave, Suite 500<br> New York, NY | 10151 |
| (Address of principal executive offices) | (Zip code) |

---

(347) 212-5075

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Class A Ordinary Common Stock, par value $0.0001** | **SHAZ** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 13, 2026, the issuer had a total of 16,607,910 Class A Ordinary Common Stock and 136,341 Class B Super Common Stock, par value $0.0001 per share, outstanding.

**SHARONAI HOLDINGS INC.**

**FORM 10-Q**

**FOR THE QUARTER ENDED MARCH 31, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Item** |  | **Number** |
|  | **[Part I – Financial Information](#sq_001)** |  |
| Item 1. | [Financial Statements](#sq_002) | 3 |
| Item 2. | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#WG_001) | 20 |
| Item 3. | [Quantitative and Qualitative Disclosures About Market Risks](#WG_002) | 26 |
| Item 4. | [Controls and Procedures](#WG_003) | 26 |
|  | **[Part II – Other Information](#WG_004)** |  |
| Item 1. | [Legal Proceedings](#WG_005) | 27 |
| Item 1A. | [Risk Factors](#WG_006) | 27 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#WG_007) | 27 |
| Item 3. | [Defaults Upon Senior Securities](#WG_008) | 27 |
| Item 4. | [Mine Safety Disclosures](#WG_009) | 27 |
| Item 5. | [Other Information](#WG_010) | 28 |
| Item 6. | [Exhibits](#WG_011) | 28 |
|  | [Signatures](#WG_012) | 29 |

---

**PART I - FINANCIAL INFORMATION**

**Item 1. Financial Statements**

**SHARONAI HOLDINGS INC.**

**CONSOLIDATED CONDENSED BALANCE SHEETS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $164288288 | $71073024 |
| &nbsp;&nbsp;&nbsp;Trade and other receivables | 5043589 | 749677 |
| &nbsp;&nbsp;&nbsp;Convertible notes receivable | 51013699 |  |
| &nbsp;&nbsp;&nbsp;Investment in NUAI shares | 8490885 |  |
| &nbsp;&nbsp;&nbsp;Convertible note proceeds receivable |  | 15171072 |
| &nbsp;&nbsp;&nbsp;Assets held for sale | 1165427 | 1135490 |
| &nbsp;&nbsp;&nbsp;Other current assets | 688193 | 288191 |
| **Total current assets** | **230690081** | **88417454** |
| Property and equipment, net | 14802568 | 15207775 |
| Right of use assets, net | 6906463 | 7140877 |
| Equipment and lease prepayments | 42453168 |  |
| Certificates of deposits | 989749 | 915397 |
| Other long-term assets |  | 3414432 |
| Goodwill | 18044215 | 18044215 |
| **TOTAL ASSETS** | $**313886244** | $**133140150** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Trade and other payables | $20981761 | $3433320 |
| &nbsp;&nbsp;&nbsp;Warrant liability | 6675 | 890000 |
| &nbsp;&nbsp;&nbsp;Note payable | 5997 | 2254968 |
| &nbsp;&nbsp;&nbsp;Convertible notes | 199358226 | 129017286 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current portion | 1116796 | 1072820 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | - | 2701932 |
| **Total current liabilities** | **221469455** | **139370326** |
| Finance lease liabilities, net of current portion | 3785968 | 3918081 |
| **TOTAL LIABILITIES** | **225255423** | **143288407** |
| Stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock- Class A (15,998,830 and 11,832,164 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively) | 1600 | 1183 |
| &nbsp;&nbsp;&nbsp;Common Stock- Class B (136,341 shares issued and outstanding as of March 31, 2026 and December 31, 2025) | 14 | 14 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 153743335 | 33861613 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (63444954) | (43529190) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1458994) | (372992) |
| &nbsp;&nbsp;&nbsp;Noncontrolling interest | (210180) | (108885) |
| **TOTAL STOCKHOLDERS' EQUITY (DEFICIT)** | **88630821** | **(10148257)** |
| **TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** | $**313886244** | $**133140150** |

---

See accompanying Notes to Consolidated Condensed Financial Statements.

**SHARONAI HOLDINGS INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue | $294014 | $325092 |
| Cost of Revenue | 525816 | 313382 |
| **Gross profit (loss)** | **(231802)** | **11710** |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 382158 | 467623 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4015219 | 1007430 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1318001 | 506418 |
| &nbsp;&nbsp;&nbsp;Other income | (3127957) | (808513) |
| **Loss from operations** | **(2819223)** | **(1161248)** |
| **Non-operating income (expense), net:** |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets |  | (328433) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 883325 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of NUAI shares | (1509115) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (70227754) |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment in TCDC | 65919712 |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | 1259886 | (12391) |
| **Loss before income taxes** | **(6493169)** | **(1502072)** |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (13518652) | 62582 |
| **Net loss** | **(20011821)** | **(1439490)** |
| Net loss attributable to non-controlling interest | (96057) | (6910) |
| **Net loss attributable to SharonAI Holdings Inc.** | $**(19915764)** | $**(1432580)** |
| **Net loss per share, basic and diluted** | $**(1.43)** | $**(1.34)** |
| **Weighted-average number of shares outstanding** | **13959245** | **1067213** |

---

See accompanying Notes to Consolidated Condensed Financial Statements.

**SHARONAI HOLDINGS INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE LOSS**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Net loss | $(20011821) | $(1439490) |
| &nbsp;&nbsp;&nbsp;Net loss attributable to non-controlling interest | (96057) | (6910) |
| Net loss attributable to SharonAI Holdings Inc. | (19915764) | (1432580) |
| Foreign currency translation adjustments | (1091240) | (105513) |
| **Other comprehensive loss** | **(1091240)** | **(105513)** |
| Other comprehensive loss attributable to noncontrolling interest | (5238) | (506) |
| **Other comprehensive loss attributable to SharonAI Holdings Inc.** | **(1086002)** | **(105007)** |
| **Comprehensive loss attributable to SharonAI Holdings Inc.** | $**(21001766)** | $**(1537587)** |

---

See accompanying Notes to Consolidated Condensed Financial Statements.

**SHARONAI HOLDINGS INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)**

(Unaudited)

**Three Months Ended March 31, 2026**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock- <br> Class A** | **Common Stock- <br> Class B** | **Common Stock- <br> Class B** | **Options<br> Reserve** | **Options<br> Reserve** | **Options<br> Reserve** | |
|  | **#** | $**#** | **#** | $**#** | **#** | **$** | **Additional Paid-In Capital**<br>**$** |
| **Balance at December 31, 2025** | **11832164** |  | **136341** |  | **65489** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -)** **))** **))** |  |
| Issuance of common stock – NASDAQ offering | 4166666 |  |  |  |  |  |  |
| Share issuance costs | **-** |  |  |  |  | **-**) |  |
| Share based compensation | **-** |  |  |  |  | **-** |  |
| Net loss | **-** |  |  |  |  | **-**) |  |
| Equity adjustment from Foreign Currency Translation (CTA) | **-** |  | - |  | - | **-** |  |
| **Balance at March 31, 2026** | **15998830** |  | **136341** |  | **65489** | **-** |  |

---

**Three Months Ended March 31, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Series A<br> Preferred** | **Series B<br> Preferred** | **Series B<br> Preferred** | **Common Stock-<br> Class A** | **Common Stock-<br> Class A** | **Options<br> Reserve** | **Options<br> Reserve** | **Options<br> Reserve** | |
|  | **#** | $**#** | **#** | $**#** | **#** | $**#** | **#** | **$** | **Additional Paid-In Capital**<br>**$** |
| **Balance at December 31, 2024** | **15000** |  | **27000** |  | **9703042** |  | **65489** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -** | **33304160)** |
| Share based compensation |  |  |  |  |  |  | (2835) | **-** | 467623 |
| Net loss |  |  |  |  |  |  |  | **-**) |  |
| Equity adjustment from Foreign Currency Translation (CTA) | - |  | - |  | - |  | - | **-** | - |
| **Balance at March 31, 2025** | **15000** |  | **27000** |  | **9703042** |  | **62654** | **-** | **33771783** |

---

See accompanying Notes to Consolidated Condensed Financial Statements.

**SHARONAI HOLDINGS INC.**

**CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS**

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **CASH FLOWS FROM OPERATING ACTIVITIES** |  |  |
| Net loss for the period, including noncontrolling interest | $(20011821) | $(1439490) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 1318001 | 382131 |
| &nbsp;&nbsp;&nbsp;Share based compensation | 382158 | 467623 |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets |  | 328433 |
| &nbsp;&nbsp;&nbsp;Intangible assets (FIL) revenue |  | (77758) |
| &nbsp;&nbsp;&nbsp;Intangible assets (FIL) cost of revenue |  | 33663 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets |  | 275000 |
| &nbsp;&nbsp;&nbsp;Deferred tax liability |  | (112767) |
| &nbsp;&nbsp;&nbsp;Unrealized (gains) losses on foreign currency exchange | (3206678) | (102591) |
| &nbsp;&nbsp;&nbsp;Change in fair value of NUAI shares | 1509115 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liability | (883325) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | 70227754 |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment in TCDC | (65919712) |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of property and equipment |  | (808513) |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | (4588742) | (66677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (1400349) | 11698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets |  | 4534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 4307291 | (223391) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 13518652 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (2701932) | - |
| **Net cash provided by (used in) operating activities** | **(7449588)** | **(1328105)** |
| **CASH FLOWS FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Deposit paid on property and equipment | (42453168) |  |
| &nbsp;&nbsp;&nbsp;Purchase of certificates of deposit | (50218) |  |
| &nbsp;&nbsp;&nbsp;Payment for the purchase of property and equipment | (66712) | (32963) |
| &nbsp;&nbsp;&nbsp;Proceeds received from the sale of TCDC investment | 9850000 | - |
| **Net cash provided by (used in) investing activities** | **(32720098)** | **(32963)** |
| **CASH FLOWS FROM FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net of issuance costs | 119499981 |  |
| &nbsp;&nbsp;&nbsp;Cash received from convertible note issuance | 15171072 |  |
| &nbsp;&nbsp;&nbsp;Payment for lease liabilities | (219721) | (109225) |
| &nbsp;&nbsp;&nbsp;Repayment of note payable | (2249124) | - |
| **Net cash provided by (used in) financing activities** | **132202208** | **(109225)** |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | 1182741 | (109814) |
| **Net cash increase/(decreases) in cash and cash equivalents** | **93215263** | **(1580107)** |
| Cash and cash equivalents at beginning of period | 71073024 | 4424805 |
| **Cash and cash equivalents at end of period** | $**164288288** | $**2844698** |

---

*Refer to Note 19 for the supplemental cash flows information.*

See accompanying Notes to Consolidated Condensed Financial Statements.

**SHARONAI HOLDINGS INC.**

**NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS**

(Unaudited)

**Note 1. Description of Business**

*Unless otherwise stated in this Notes to Consolidated Condensed Financial Statements, references to "we," "us," "our," "Company" or "our Company" are to SharonAI Holdings Inc. and its subsidiaries.* 

The consolidated condensed financial statements cover SharonAI Holdings Inc. ("the Company" or "SAI") and its controlled entities ("the Group").

SharonAI Inc ("SA Inc.") is a digital infrastructure provider, incorporated in the state of Delaware in the United States of America on February 15, 2024.

On April 29, 2024, SA Inc. and Alternative Asset Management Pty Ltd ("AAM"), who had identical ownership interest as SA Inc., completed a share exchange. AAM did not have business operations but owned certain mining assets. Pursuant to the transaction there was no change in relative voting interest amongst the existing shareholders of both entities. See Note 2(b) for additional reporting considerations for the share exchange.

On June 30, 2024, SA Inc. acquired the majority equity interest of Distributed Storage Solutions Limited ("DSS"). DSS is a cloud storage provider providing robust data storage infrastructure in the Filecoin network with additional focus on high performance computers (HPC) and artificial intelligence, which was determined to be a business combination.

In January of 2025, SA Inc. formed a 50:50 joint venture with New Era Helium, Inc. ("NUAI"), named Texas Critical Data Centers LLC ("TCDC"), to fund, develop, and construct a planned 250MW net-zero energy data center behind the meter with a natural gas-fired power plant within the Permian Basin in Western Texas. New Era Helium, Inc. is a Nasdaq listed industrial gas company that is expected to provide a portion of the natural gas required by the power plant.

On January 28, 2025, the Company entered into a Business Combination Agreement ("BCA") with Roth CH Acquisition Co. ("Roth") and subsequently on October 21, 2025 filed an S-4 registration statement in participation with Roth with the Securities and Exchange Commission ("SEC").

On June 9, 2025, the Company made a strategic decision to cease its participation in the operations associated with the Filecoin ecosystem in order to focus its resources and efforts on the continued growth of its high-performance GPU-as-a-Service (GPUaaS) business. This decision aligns with the Company's long-term strategy to concentrate on providing scalable, on-demand computing infrastructure for artificial intelligence, research, and other data-intensive applications.

As of June 30, 2025, all activities related to the Company's prior Filecoin-related operations had been fully wound down. This transition reflects a broader shift toward infrastructure services with more predictable and scalable revenue opportunities and supports the Company's goal of building a focused, capital-efficient technology services platform.

On December 17, 2025, the Company completed its previously announced business combination pursuant to the Business Combination Agreement dated January 28, 2025, as amended, with Roth and Roth CH Holdings Inc. In connection with the closing, Roth domesticated from the Cayman Islands to the State of Delaware by merging into Roth CH Holdings Inc., which subsequently changed its name to SharonAI Holdings Inc. Immediately following the domestication, SharonAI Inc. merged with a subsidiary of SharonAI Holdings Inc., with SharonAI Inc. surviving the merger as a wholly owned subsidiary of SharonAI Holdings Inc. As a result of the transaction, former equity holders of SharonAI Inc. received an aggregate of 10,506,472 shares of Class A common stock and 136,341 shares of Class B common stock of SharonAI Holdings Inc., subject to the terms and conditions of the Business Combination Agreement. In connection with the business combination, the Company assumed approximately $3.9 million of liabilities, consisting primarily of accounts payable and accrued expenses, accrued liabilities, and warrant liabilities.

For accounting purposes, the transaction was treated as a reverse recapitalization, with SharonAI Inc. determined to be the accounting acquirer and Roth treated as the acquired entity. See Note 2 to the consolidated condensed financial statements for additional information regarding the accounting treatment of the business combination.

Following the closing of the business combination, the Class A Ordinary Common Stock and warrants of SharonAI Holdings Inc. began trading on the OTC Market under the ticker symbols "SHAZ" and "SHAZW," respectively.

In February 2026, SharonAI Holdings, Inc. completed its initial public offering and listed its Class A Ordinary Common Stock on the Nasdaq Stock Market.

**Note 2. Summary of Significant Accounting Policies**

**Basis of presentation**

The accompanying consolidated condensed financial statements include the balances and results of operations of the Company and have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchanges Commission ("SEC") and in conformity with generally accepted accounting principles in the U.S. ("US GAAP").

**Principles of consolidation**

Pursuant to the share exchange with the holders of AAM's equity, which had the same ownership structure as SA Inc. before and after the share exchange, the Group financial statements have been prepared on a consolidated basis by applying the predecessor value method as if the AAM share exchange had been completed at the beginning of the earliest reporting period.

The consolidated condensed statements of operations, consolidated condensed statements of changes in equity and consolidated condensed statements of cash flows of SA Inc. and AAM for the relevant periods include the results and cash flows of SA Inc. and AAM from the earliest date presented.

The consolidated condensed balance sheets as of March 31, 2026 and March 31, 2025 have been prepared to present the assets and liabilities of the subsidiaries using the existing book values from the common shareholders' perspective. No adjustments are made to reflect fair values, or to recognize any new assets or liabilities as a result of the share exchange.

On December 17, 2025, the Company completed a business combination with Roth pursuant to the Business Combination Agreement. Following the transaction, SharonAI Inc. became a wholly owned subsidiary of SharonAI Holdings Inc. For accounting purposes, the transaction was treated as a reverse recapitalization in accordance with Accounting Standards Codification (ASC) 805-40, Business Combinations- Reverse Acquisitions. Under this method of accounting, SharonAI Inc. was determined to be the accounting acquirer and Roth was treated as the acquired entity for financial reporting purposes. Accordingly, the transaction was accounted for as a capital transaction, with no recognition of goodwill or other intangible assets. The net assets of Roth were recorded at historical cost, and the consolidated financial statements reflect the historical financial position and results of operations of SharonAI Inc. prior to the transaction.

On December 23, 2025, we (i) effected a 1-for-50 reverse stock split of its outstanding common stock, including both shares of its Class A Ordinary Common Stock and Class B Super Common Stock, and (ii) reduce its authorized common stock to 100,136,341 shares, being 100,000,000 shares of Class A Ordinary Common Stock and 136,341 shares of Class B Super Common Stock. In addition to reducing the shares of common stock outstanding, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options, warrants and unit purchase options and conversion of convertible notes outstanding immediately prior to the reverse stock split, with a proportional increase in the respective exercise/conversion prices. All share and per share information, including share-based compensation, throughout this Quarterly Report on Form 10-Q has been retroactively adjusted to reflect the stock split.

Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. These reclassifications had no impact on the previously reported net loss and accumulated deficit

For all other business combinations, the Group's consolidated financial statements include the financial position and performance of controlled entities from the date on which control is obtained until the date that control is lost. For all periods presented, the consolidated financial statements include the Group.

All inter-company transactions are eliminated in consolidation.

**Use of estimates**

The preparation of consolidated condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and related disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. However, the information furnished reflects all adjustments (consisting of normal recurring adjustments), which are, in the opinion of management, necessary in order to make the unaudited consolidated financial statements not misleading. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Foreign currency translation**

The financial statements of the Group's subsidiaries with functional currencies other than the U.S. dollar are translated into U.S. dollars using period-end exchange rates for assets and liabilities, historical exchange rates for stockholders' equity and weighted average exchange rates for operating results. Translation gains and losses are included in accumulated other comprehensive (loss) income in stockholders' equity. Foreign currency transaction gains and losses are included in other expenses in the consolidated condensed statements of operations and comprehensive loss. The Company recorded realized foreign currency transaction loss of $4 thousand and an unrealized foreign currency transaction loss of $1,087 thousand for the quarter ended March 31, 2026 and realized foreign currency transaction gain of $0.3 thousand and an unrealized foreign currency transaction loss of $105 thousand for the quarter ended March 31, 2025. These are included in other income, in the consolidated statements of operations and comprehensive loss.

**Note 3. Revenue and Other Income**

Schedule of Revenue

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue |  |  |
| &nbsp;&nbsp;&nbsp;Digital Asset Mining Revenue | $- | $80633 |
| &nbsp;&nbsp;&nbsp;Provision of GPU Infrastructure services | 294012 | 243970 |
| &nbsp;&nbsp;&nbsp;Other revenue | 2 | 489 |
| **Total Revenue** | $**294014** | $**325092** |

---

***Other income***

Schedule of Other Income

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Other income |  |  |
| &nbsp;&nbsp;&nbsp;Gain on Disposal of Property and Equipment | $- | $808513 |
| &nbsp;&nbsp;&nbsp;Foreign currency gain or loss | 3127957 | - |
| **Other Income** | $**3127957** | $**808513** |

---

**Note 4. Income Tax** 

The Company's effective income tax rate was (208.2%) and 5.1% for the three months ended March 31, 2026 and 2025, respectively. The effective income tax rate for the three months ended March 31, 2026 differed from the 21.0% federal statutory rate primarily due to the nonrecognition of fair value loss on convertible notes, the US federal and state tax expense associated with the sale of the Company's 50% interest in TCDC, and the change in valuation allowance maintained against certain deferred tax assets. The effective income tax rate for the three months ended March 31, 2025 differed from the 21.0% federal statutory rate primarily due to the change in valuation allowance maintained against certain deferred tax assets, state income taxes, and the impact of research and development tax incentives. The income tax expense (benefit) was $13,519 thousand and ($63) thousand for the three months ended March 31, 2026 and 2025, respectively.

**Note 5. Certificates of Deposit**

At March 31, 2026, the Company held certificates of deposit (CDs) totaling $990 thousand which are restricted due to their use as collateral for bank guarantees issued for equipment managed service contracts. The CDs have either a 6-month or 12-month term and are maintained in a bank account in the Company's name. Interest earned on the CDs is accrued to the Company. Under the terms of the service contracts, the supplier may claim the funds in the event of a material default by the Company in fulfilling its payment obligations. These arrangements do not transfer ownership or control of the CDs but restrict their use for the duration of the CD term. Additionally, in conjunction with the Company's new service contracts in 2025, the supplier required the Company to maintain these CD's throughout the duration of the contract period, or until the supplier agrees to release them. This resulted in a long-term restriction on the CDs.

**Note 6. Trade and Other Receivables**

Schedule of Trade and Other Receivables

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Trade receivables | $570642 | $44142 |
| GST receivable | 4472947 | 705535 |
| **Total trade and other receivables** | $**5043589** | $**749677** |

---

**Note 7. Convertible notes receivable**

In January 2026, in connection with the sale of the Company's 50% membership interest in Texas Critical Data Centers, LLC ("TCDC"), the Company received a $50.0 million senior secured convertible promissory note from New Era Energy & Digital Inc. ("NUAI"). The note bears interest at 10.0% per annum and matures on June 30, 2026. Under the terms of the agreement, the Company may elect to convert up to 20% of the outstanding principal into shares of NUAI common stock based on a contractual conversion formula. The note is secured by NUAI's ownership interest in TCDC and guaranteed by TCDC.

The Company recorded the note at fair value upon issuance, which approximated its principal amount, and subsequently accounts for the instrument at amortized cost under ASC 310. Management evaluated the embedded conversion feature under ASC 815 and concluded that the estimated fair value of the embedded derivative was not material to the consolidated condensed financial statements. For the three months ended March 31, 2026, the Company recognized approximately $1.0 million of interest income related to the note.

Subsequent to March 31, 2026, NUAI repaid the full outstanding principal balance and accrued interest in cash, and no conversion rights were exercised.

**Note 8. Investment in NUAI shares**

As part of the consideration received from the sale of TCDC, the Company received common shares of NUAI, which were initially measured at fair value based on the quoted market price on the transaction date. Management concluded that no liquidity or marketability discount was necessary as the shares were traded in an active market with sufficient trading volume to support orderly disposition without materially impacting market price. The investment is subsequently remeasured using quoted market prices in an active market, with changes in fair value recognized in earnings.

**Note 9. Property and Equipment**

Schedule of Property and Equipment

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| **Computer equipment** |  |  |
| At cost | $17371820 | $16863167 |
| Accumulated Depreciation | (2621093) | (1666017) |
| **Total Computer Equipment** | **14750727** | **15197150** |
| **Other equipment** |  |  |
| At cost | 56922 | 11829 |
| Accumulated Depreciation | (5081) | (1204) |
| **Total Other Equipment** | **51841** | **10625** |
| **Total property and equipment, net** | $**14802568** | $**15207775** |
| **Right of use assets** |  |  |
| At cost | 8453632 | 8236478 |
| Accumulated Depreciation | (1547169) | (1095601) |
| **Total right of use, net** | **6906463** | **7140877** |
| **Total property and equipment, net** | $**21709031** | $**22348652** |

---

Depreciation expense related to computer equipment amounted to $1,318 thousand for the quarter ended March 31, 2026 and $382 thousand for the quarter ended March 31, 2025. Foreign currency translation adjustments of $93 thousand and $5 thousand were recognized for the same period.

**Note 10. Equipment and lease prepayments**

Equipment and lease prepayments represent advance payments for goods and services to be received in future periods. As of March 31, 2026, prepayments primarily relate to deposits and milestone payments for high-performance computing equipment with WWT Australia Pty Ltd, and down payments under an Equipment-as-a-Service (EaaS) / Device-as-a-Service (DaaS) arrangement with Lenovo Global Financial Services (Australia & New Zealand) Pty Limited.

Prepayments associated with hardware and managed services arrangements will be recognized as property and equipment or leases as the underlying assets are delivered and placed into service or as services are rendered.

**Note 11. Warrant Liabilities**

The Company accounts for the 22,250,000 warrants that were assumed from Roth as part of the BCA (representing 11,500,000 Public Warrants and 10,750,000 Private Placement Warrants exercisable for 230,000 shares of Class A Ordinary Common Stock and 214,982 shares of Class A Ordinary Common Stock, respectively) which are exercisable of 444,982 shares of Class A Ordinary Common Stock in accordance with the guidance contained in ASC 815-40. Such guidance provides that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. The warrants do not meet the criteria to be considered indexed to the Company's stock due to settlement provisions that result in holders of warrants receiving variable settlement amounts determined by the reference table. Additionally, an event that is not within the entity's control could require net cash settlement, thus precluding equity classification. Accordingly, the Company will classify each warrant as a liability at its fair value. This liability is subject to re-measurement at each consolidated balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company's consolidated condensed statement of operations.

**Warrants** — Public Warrants may only be exercised for a whole number of Class A ordinary shares. No fractional warrants will be issued upon separation of the Units and only whole warrants will trade. Accordingly, unless holders purchase at least two Units, they will not be able to receive or trade a whole warrant. The Public Warrants will become exercisable 30 days after the completion of an initial business combination.

The Company will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle such Public Warrant exercise unless a registration statement under the Securities Act with respect to the Class A ordinary shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No Public Warrant will be exercisable, and the Company will not be obligated to issue any Class A ordinary shares upon exercise of a Public Warrant unless the Class A ordinary shares issuable upon such Public Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Public Warrants.

The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of an initial business combination, it will use its commercially reasonable efforts to file with the SEC a post-effective amendment to the registration statement filed in connection with its IPO or a new registration statement covering registration under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Public Warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of an initial business combination, and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the Public Warrants expire or are redeemed, as specified in the warrant agreement; provided that if the Class A ordinary shares is at the time of any exercise of a Public Warrant not listed on a national securities exchange such that they satisfy the definition of a "covered security" under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but it will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. If a registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants is not effective by the 60th day after the closing of an initial business combination, Public Warrant holders may, until such time as there is an effective registration statement and during any period when the Company will have failed to maintain an effective registration statement, exercise Public Warrants on a "cashless basis" in accordance with Section 3(a)(9) of the Securities Act or another exemption, but the Company will use its commercially reasonably efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. This registration statement was filed with the SEC on January 16, 2026 and declared effective by the SEC on February 13, 2026.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $900.00 *.* Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

● in whole and not in part;

● at a price of $0.01 per warrant;

● upon not less than 30 days' prior written notice of redemption to each warrant holder; and

● if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $900.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three trading days before the Company sends the notice of redemption to the warrant holders.

If and when the Public Warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

Redemption of warrants when the price per Class A ordinary share equals or exceeds $500.00. Once the Public Warrants become exercisable, the Company may redeem the Public Warrants:

● in whole and not in part;

● at a price of $0.10 per warrant;

● upon a minimum of 30 days' prior written notice of redemption to each warrant holder; provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares based on the redemption date and the fair market value of the Class A ordinary share;

● if, and only if, the last reported sale price of the Class A ordinary share equals or exceeds $500.00 per share (as adjusted per share sub-divisions, share dividends, reorganizations, reclassifications, recapitalizations and the like) for any 20 trading days within the 30-trading day period ending three trading days before the Company send the notice of redemption to the warrant holders; and

● if the last reported sale price of the Class A ordinary share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders is less than $900.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like), the Private Placement Warrants must also be concurrently called for redemption on the same terms as the outstanding Public Warrants, as described above.

In addition, if (x) the Company issues additional Class A ordinary shares or equity-linked securities (excluding the forward purchase securities) for capital raising purposes in connection with the closing of an initial business combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company's board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the "Newly Issued Price"), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of an initial business combination on the date of the consummation of an initial business combination (net of redemptions), and (z) the volume weighted average trading price of the Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates an initial business combination (such price, the "Market Value") is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $900.00 per share redemption trigger price described above under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00" and "Redemption of warrants when the price per Class A ordinary share equals or exceeds $500.00" will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $500.00 per share redemption trigger price described above under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $200.00" will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the IPO, except that the Private Placement Warrants and the Class A ordinary shares issuable upon the exercise of the Private Placement Warrants are not transferable, assignable or saleable until 30 days after the completion of an initial business combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder's option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees (except for a number of Class A ordinary shares as described above under "Redemption of warrants when the price per Class A ordinary share equals or exceeds $900.00"). If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable by the Company in all redemption scenarios and exercisable by such holders on the same basis as the Public Warrants.

**Note 12. Notes Payable**

On July 15, 2025, the Company entered into a Convertible Promissory Note Agreement with YA II PN, Ltd. for proceeds of $500,000. On October 1, 2025, the Company issued a second tranche under the agreement for additional proceeds of $2,000,000. The notes bore interest at 10% per annum, increasing to 18% upon an event of default, and matured on July 15, 2026.

The notes included a contingent conversion feature linked to the closing of the Company's Business Combination Agreement ("BCA"). Prior to the closing of the BCA, the conversion price was fixed at $60.62 per share, resulting in a fixed and determinable number of shares. The Company concluded that the conversion feature qualified for the own-equity scope exception and did not require bifurcation. Accordingly, the notes were accounted for as a single debt instrument at amortized cost.

On December 15, 2025, the Company entered into an amendment to the notes and related agreements, pursuant to which the parties agreed to temporarily suspend certain obligations through January 20, 2026. In connection with the amendment, the Company agreed to make an initial payment in December 2025 and a final payment consisting of the remaining outstanding principal, accrued interest, redemption premiums, and contractual fees.

In January 2026, the Company completed the final payment required under the amended agreements and fully extinguished the note payable. As of March 31, 2026, no amounts remained outstanding under the agreement.

**Note 13. Convertible Notes**

On December 17, 2025, the Company issued $2.25 million of convertible notes bearing interest at 10% per annum and maturing December 17, 2026. The notes automatically convert into Class A Ordinary Common Stock at $6.00 per share.

On December 19, 2025, SharonAI, Inc. and SharonAI Pty Ltd (collectively, the "Company") issued unsecured redeemable convertible notes with an aggregate principal amount of approximately $103.4 million to several institutional investors.

The Convertible Notes accrue interest at 12.0% per annum if an initial public offering ("IPO") does not occur within four months of issuance, increasing to 15.0% per annum if an IPO has not occurred within 12 months. The notes mature 24 months from the issue date and automatically convert upon an IPO or certain corporate transactions, subject to specified terms.

The Company elected the fair value option under ASC 825 for the Convertible Notes. The notes are initially recorded at fair value and subsequently remeasured at each reporting date, with changes in fair value recognized in earnings, except for changes attributable to instrument-specific credit risk, which are recognized in other comprehensive income.

As of March 31, 2026, the fair value of the Convertible Notes was approximately $199.4 million. During the three months ended March 31, 2026, the Company recognized a $70.2 million loss from changes in fair value of convertible notes. The change in fair value was primarily driven by changes in valuation assumptions, including the estimated fair value of the Company's equity and the probability and timing of a potential additional IPO on the ASX or other conversion trigger.

**Note 14. Leases**

The Company leases GPU and associated computer and networking equipment under non-cancelable finance lease agreements. Lease terms generally range from 3 to 5 years and may include options to extend or terminate the lease. Lease agreements may contain both lease and non-lease components, which the Company accounts for as a single lease component for all asset classes under a practical expedient election. The Company also elected the short-term lease exemption for all leases with original terms of 12 months or less, whereby such leases are not recognized on the consolidated balance sheet.

**Lease cost**

The components of lease cost were as follows:

Schedule of Lease Cost

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Description** |  |  |
| Finance lease – interest | $102788 | $19755 |
| Finance lease – amortization | 269462 | 134973 |
| **Total Lease Cost** | $**372250** | $**154728** |

---

**Maturity analysis of lease liabilities**

Future minimum lease payments at March 31, 2026 and December 31, 2025 are as follows:

Schedule of Future Minimum Lease Payments

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| **Description** |  |  |
| 2026 | 1019783 | 1324782 |
| 2027 | 1359710 | 1324782 |
| 2028 | 1359710 | 1324782 |
| 2029 | 1232808 | 1201139 |
| 2030 | 389086 | 379091 |
| **Total** | **5361097** | **5554576** |
| Less: Imputed interest | 458333 | 563675 |
| **Present value of lease liabilities** | $**4902764** | $**4990901** |

---

**Other information**

Schedule of Other Information of Lease

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Weighted-average remaining lease term (years) | 3.6 | 3.9 |
| Weighted-average discount rate: | 5.72% | 5.72% |
| ROU assets obtained in exchange for ROU Liability | $- | $- |
| Operating cash impact of finance leases | $(282459) | $(288927) |

---

**Note 15. Common Stocks**

The Company has two classes of common stock — Class A Ordinary Common Stock and Class B Super Voting Common Stock. Both classes have identical economic rights, including rights to dividends and distributions. However, the classes differ in voting rights. Each share of Class A Ordinary Common Stock entitles the holder to one (1) vote per share, while each share of Class B Super Voting Common Stock entitles the holder to one hundred sixty (160) votes per share.

**Note 16. Share-Based Compensation**

The Group grants Options and Restricted Stock Units (RSUs) under the 2024 Equity Incentive Plan (the "2024 Plan") to Board Members, Advisory Board Members, Employees and Contractors. The grants have a combination of performance based and time-based hurdles and vesting periods. On January 16, 2025, the Group granted 48,484 options which have a contractual term of 10 years. The options have an exercise price of $6.71 per share and convert on a 1:1 basis. The Group ascertains the fair value of the Options and RSUs using a Black-Scholes pricing model. The fair value of equity to which employees become entitled is measured at grant date and recognized as an expense over the vesting period, along with a corresponding increase to equity. As of March 31, 2026, the Group has the following share-based compensation:

*Stock Options*

Share-based compensation expense of $382 thousand has been recognized for the three-month period ending March 31, 2026, for options based on the pro rata expense of the service-based options over the vesting period. As of March 31, 2026, 22,793 options had vested.

*Stock Option Activity*

Schedule of Stock Option Activity

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Activity** | **Number of Options** | **Weighted-Average Exercise Price** | **Weighted-Average Remaining Contractual Term (Years)** | **Aggregate Intrinsic Value** |
| Outstanding at December 31, 2025 | 90442 | 6.71 | 0.90 |  |
| &nbsp;&nbsp;&nbsp;Granted |  | 6.71 |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  | 6.71 |  |  |
| &nbsp;&nbsp;&nbsp;Forfeited | 7830 | 6.71 |  |  |
| Outstanding at March 31, 2026 | 82612 | 6.71 | 8.75 | $1323344 |
| Exercisable at March 31, 2026 | **22793** | 6.71 |  | $365116 |

---

*Restricted Stock Units (RSUs)*

Schedule of Performance-Based RSUs Activity

---

| | | |
|:---|:---|:---|
| **Activity** | **Performance-Based RSUs** | **Weighted-Average Grant Date Fair Value** |
| Balance as of December 31, 2025 | 275564 | 1837850 |
| Granted | 1054422 | 2832974 |
| Vested<sup>1</sup> | (299284) | (1216638) |
| Vested in prior periods | 39 | 260 |
| Forfeited | (163268) | (1088998) |
| **Unvested at March 31, 2026** | **867473** | **2365448** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) RSUs listed as vested are
 not exercisable but representative of the pro-rata portion of the RSU grant vested in the period

At March 31, 2026, compensation costs related to these unvested stock-based compensation awards not yet recognized in the consolidated condensed statements of operations was $2,365,448.

**Note 17. Employee Benefit Plan**

The Group's employees that are located in Australia participate in a Superannuation defined benefit scheme. Superannuation is Australia's mandatory retirement savings system, requiring employers to contribute 11.5% of an employee's earnings into a regulated fund. Contributions receive concessional tax treatment, with employer payments taxed at 15% within the fund. Superannuation is typically preserved until retirement age (55–60), with limited early access exceptions. Funds are regulated by Australian Prudential Regulation Authority, Australian Securities and Investments Commission, and the Australian Taxation Office, and offer various investment options, often including insurance coverage. Withdrawals can be taken as a lump sum or income stream, subject to tax rules. Legislative changes may affect contribution limits, taxation, and access conditions.

**Note 18. Fair Value Measurement**

The Group measures the following assets and liabilities at fair value on a recurring basis:

The Group's recurring fair value measurements include the following:

● Convertible notes – measured at fair value under the fair value option

● Warrant liability – measured at fair value

● Shares in NUAI– measured at fair value

 

*Fair value hierarchy*

ASC Topic 820, Fair Value Measurement and Disclosures ("ASC Topic 820") requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 established a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC Topic 820 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quote prices for similar assets or liabilities in active markets; quoted prices for identical assets in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The table below shows the assigned level for each asset and liability held at fair value by the Group:

Schedule of Assigned Level for Each Asset and Liability Held at Fair Value

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fair value hierarchy** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| As of March 31, 2026 |  |  |  |  |
| **Recurring fair value measurements** |  |  |  |  |
| Shares in NUAI | $8490885 |  |  | $8490885 |
| Convertible notes |  |  | $199358226 | $199358226 |
| Warrant liability | $6675 |  |  | $6675 |
| As of December 31, 2025 |  |  |  |  |
| **Recurring fair value measurements** |  |  |  |  |
| Convertible notes |  |  | $129017286 | $129017286 |
| Warrant liability | $890000 |  |  | $890000 |

---

Shares in NUAI are classified within Level 1, as they are measured using quoted market prices in an active market.

The Group elected the fair value option for its convertible notes. The fair value of the convertible notes is determined using valuation techniques that include significant unobservable inputs, including assumptions related to expected volatility, discount rates, and the probability and timing of conversion. Accordingly, the convertible notes are classified within Level 3 of the fair value hierarchy.

The warrant liability is classified within Level 1, as it is measured using quoted market prices in an active market.

There were no transfers between Levels 1, 2, or 3 during the quarter ended March 31, 2026 or year ended December 31, 2025.

**Note 19. Supplemental Disclosure of Cash Flow Information**

Schedule of Supplemental Disclosure of Cash Flow Information

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Supplemental information:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid for interest | $74840 | $40748 |
| Non-cash transactions: |  |  |
| &nbsp;&nbsp;&nbsp;ROU assets obtained in exchange for lease liability |  | 2342295 |
| &nbsp;&nbsp;&nbsp;NUAI shares received in exchange for sale of TCDC | 10000000 |  |
| &nbsp;&nbsp;&nbsp;Convertible notes received in exchange for sale of TCDC | $50000000 | $- |

---

**Note 20. Commitments**

*Hardware Procurement*

In March 2026, the Company entered into a noncancelable purchase commitment with World Wide Technology (WWT) for the procurement of high-performance computing equipment. The total contractual value is approximately $92 million, of which a portion has been paid and recorded as a prepayment. The remaining unpaid balance represents the Company's commitment. Payment terms require 20% upfront, with the balance payable within 15 days of invoice upon shipment. As of March 31, 2026, no liability has been recognized, as the equipment has not yet been delivered.

*Data Center Services Commitment*

At March 31, 2026, the Company has remaining contracted capacity of **70 MW**, including a 15 MW commitment under a long-term data center services agreement entered into in March 2026 with GreenSquareDC Entity for a facility located in Australia. The 15 MW arrangement has an initial term of 120 months from the Ready-for-Service date (targeted September 26, 2026), with monthly recurring fees based on contracted kilowatt capacity. As of March 31, 2026, no liability has been recognized because services have not commenced.

*Capital Expenditure Commitments Related to Customer Services Arrangement*

In connection with the $1.26 billion customer services arrangement with ESDS Software Solution Limited entered into during the quarter ended March 31, 2026, the Company expects to incur capital expenditures of approximately $720.0 million for the purchase of equipment and related infrastructure required to support the contracted services. As of March 31, 2026, these commitments primarily relate to planned equipment purchases that had not yet been incurred or recognized as liabilities in the Consolidated Condensed financial statements.

*Lenovo Managed Services Commitment*

On December 12, 2025, the Company entered into a Statement of Work with Lenovo Global Financial Services (Australia & New Zealand) Pty Limited for managed infrastructure services. The arrangement has a term of 60 months from commencement and provides for monthly service fees based on contracted infrastructure and services.

As of March 31, 2026, the Company has made an upfront payment representing approximately 50% of the total contract value, which has been recorded as a prepayment. The remaining unpaid portion represents a future service commitment. No expense has been recognized as services have not yet commenced. The arrangement represents a contractual commitment subject to certain conditions precedent.

*ASE Managed Services*

In connection with the termination of its data center services arrangement under the Digital Storage Solutions (DSS) agreement, the Company entered into a noncancelable commitment with Andrew Sjoquist Enterprises (ASE), a managed service provider, totaling approximately AUD$400 thousand over five years.

The commitment qualifies as an unconditional purchase obligation under ASC 440-10-50. As of March 31, 2026, no liability has been recognized, as the obligation represents future services to be received.

**Note 21. Net Income (loss) per share**

Basic net income (loss) per share is computed by dividing net income (loss) applicable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution of securities that could share in the earnings of an entity using the treasury method or the if-converted method, if applicable. The calculation of diluted net income (loss) per share gives effect to common share equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Share-based options, warrants, and convertible notes are considered common share equivalents and are only included in the calculation of diluted earnings per common share when net income is reported and their effect is dilutive.

The following securities were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive:

● Stock options and RSUs: 1,249,330 shares

● Warrants: 444,982 shares

● Convertible notes: 8,251,027 shares

A reconciliation of the numerators and denominators is as follows:

Schedule of Reconciliation of Numerators and Denominators

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Numerator:** |  |  |
| Net loss available to common shareholders | $(20011821) | $(1439490) |
| Less: Net loss attributable to the noncontrolling interest | (96057) | (6910) |
| Net loss attributable to common shareholders | $**(19915764)** | $**(1432580)** |
| **Denominator:** |  |  |
| Basic and diluted weighted average number of common shares outstanding | 13959245 | 1067213 |
| **Basic and diluted net loss per common share outstanding** | $**(1.43)** | $**(1.34)** |

---

**Note 22. Segment Information**

The Company operates in one operating segment, and therefore one reportable segment, focused on the provision of High Performance Compute Services (HPC). The determination of a single business segment is consistent with the consolidated financial information regularly provided to the Group's chief operating decision maker ("CODM"), who is the Chief Executive Officer.

The Group's method for measuring profitability on a reportable segment basis is operating profit or loss, which the CODM uses to assess performance for the Group and in deciding how to allocate resources. The CODM does not review disaggregated assets by segment. The Group adopted ASU 2023-07 in December 2024. The most significant provision was for the Group to disclose significant segment expenses that are regularly provided to the CODM. The Group's CODM periodically reviews cost of revenues and selling, general and administrative expenses, excluding share-based compensation, by segment and treats them as significant segment expenses.

The following table presents segment expenses, other segment items, and segment operating loss for the period:

Schedule of Segment Expenses, Other Segment Items, and Segment Operating Loss

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue | $294014 | $325092 |
| Less: Segment Expenses |  |  |
| Costs of revenue | 525816 | 313382 |
| Selling, general and administrative expenses | 4015219 | 1007430 |
| Other segment items<sup>(1)</sup> | 1700159 | 974041 |
| Other income <sup>(2)</sup> | (3127957) | (808513) |
| Segment expenses | 3113237 | 1486340 |
| **Segment loss from operations** | $**(2819223)** | $**(1161248)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other segment items for the reportable segment include share-based
compensation and other expenses.

(2) Other income includes foreign currency transaction gains and losses.

**Note 23. Transactions with Related Parties**

SharonAI and SharonAI Pty Ltd have entered into an independent contractor agreement-corporate with James Manning and Manning Group Pty Ltd ATF MG Office Trust ("<u>Manning Consulting Agreement</u>"). Pursuant to the Manning Consultant Agreement, Mr. Manning, SharonAI's Non-Executive Chairman, director and greater than 10% stockholder, as the key person, provides certain services to SharonAI and SharonAI Pty Ltd relating to commercial opportunity development, discovery of future data center sites, future data center acquisition and construction advisory, transaction advisory services and key relationship introduction and development. In consideration for these services, Manning Group Pty Ltd ATF MG Office Trust is entitled to receive an annual remuneration of AUD$334,500 (approximately $211,000 based on a conversion rate of $1.00AUD to $0.63USD), exclusive of Australian goods and services taxes. The Manning Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months' notice. This agreement was terminated in April 2026 with no notice period or payment.

SharonAI Pty Ltd has entered into an independent contractor agreement with Nicholas Hughes Jones related entity Inbocalupo Consulting Pty Ltd ("<u>Inbocalupo Consulting Agreement</u>"). Pursuant to the Inbocalupo Consultant Agreement and combined with Mr. Hughes-Jones employment agreement, Mr. Hughes-Jones who until July 2025 was SharonAI's Senior Vice President Business Development and is a currently the Company's Head of Business Development and a current greater than 10% stockholder, as the key person, provides certain services to SharonAI and SharonAI Pty Ltd relating to business development services. In consideration for these services, Inbocalupo Consulting Pty Ltd is entitled to receive an annual remuneration as adjusted on 1 January 2026 of AUD$236,923 (approximately $165,846 based on a conversion rate of $1.00AUD to $0.70 USD), exclusive of Australian goods and services taxes. The Inbocalupo Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months' notice. This agreement was terminated in April 2026 with no notice period or payment.

SharonAI Pty Ltd has entered into an independent contractor agreement with Broadfoot Group Pty Ltd ("<u>Broadfoot Consulting Agreement</u>"). Pursuant to the Broadfoot Consultant Agreement, Mr. Broadfoot, SharonAI's Chief Financial Officer, Treasurer, Corporate Secretary, and Mrs. Broadfoot, as the key persons, provides certain services to SharonAI and SharonAI Pty Ltd relating to Chief Financial Officer support and executive assistant services to the CFO. In consideration for these services, Broadfoot Group Pty Ltd is entitled to receive an annual remuneration as adjusted on 1 January 2026 of AUD$236,923 (approximately $165,846 based on a conversion rate of $1.00AUD to $0.70 USD), exclusive of Australian goods and services taxes. The Broadfoot Consulting Agreement has an ongoing term that can be terminated by either side upon three (3) months' notice. This agreement was terminated in April 2026 with no notice period or payment.

On March 23, 2026, the Company issued 90,893 shares of its Class A Ordinary Common Stock to Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) in consideration for, and as full and final satisfaction of, the Company's reimbursement obligation arising under the reimbursement provisions of the Independent Contractor Agreement dated October 14, 2024, for the 90,893 Class A Ordinary Common Stock transferred by Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust). The issuance of the shares of Class A Ordinary Common Stock was made in reliance on the exemption from registration under the Securities Act afforded by Section 4(a)(2) and/or Rule 506 promulgated hereunder. Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) is owned by and affiliated with Nicholas Hughes-Jones, the Company's Head of Corporate Development.

**Convertible Note Financing Participation**

In December 2025, the Company completed a convertible note financing as part of its capital raise program. Certain related parties participated in this financing.

● Manning Capital Pty Ltd, an entity affiliated with the Company's Non-Executive Chairman and greater than 10% stockholder, subscribed for approximately AUD$700,000 (US$465,500) of convertible notes.

● Inbocalupo Pty Ltd, an entity affiliated with the Company's Head of Business Development and greater than 10% stockholder, subscribed for approximately AUD$1,250,000 (US$831,250) of convertible notes.

● Strat Capital Pty Ltd ATF Alpha Juliett Trust, an entity affiliated with Andrew Leece, the Company's Chief Operating Officer, subscribed for approximately AUD$250,000 (US$166,250) of convertible notes.

The notes were issued on the same terms and conditions as those offered to unrelated third-party investors.

**Note 24. Subsequent Events**

The Company evaluated subsequent events from March 31, 2026 through the date the consolidated financial statements were issued in accordance with ASC 855, *Subsequent Events*. The following events occurred subsequent to March 31, 2026:

In April 2026, the Company received the remaining outstanding principal amount under the US$50.0 million Senior Secured Convertible Promissory Note from New Era Energy & Digital, Inc.

In April 2026, in connection with the true-up share issuance related to NUAI shares received, the Company received an additional 893,724 shares of New Era Energy & Digital, Inc. common stock.

On April 26, 2026, the Company entered into a Securities Purchase Agreement with certain qualified institutional buyers for the private placement of $350.0 million aggregate principal amount of 6.00% Convertible Senior Notes due 2031. The offering closed on April 30, 2026. The Notes bear interest at 6.00% per annum, payable quarterly, and are convertible into the Company's Class A ordinary shares at an initial conversion price of approximately $48.24 per share, subject to certain adjustments. The Notes mature on May 1, 2031, unless earlier converted or repurchased in accordance with their terms. Net proceeds from the offering are expected to be used for GPU and network procurement and general working capital purposes related to AI cloud deployments. As of the date of this report, this transaction has not yet closed.

On April 30, 2026, SharonAI Holdings (the "Company") and its wholly-owned indirect subsidiary, SharonAI Pty Ltd, entered into employment agreements with James Manning, Tim Broadfoot, Andrew Leece, and Nick Hughes-Jones, each effective May 1, 2026. Under these agreements, Mr. Manning was appointed Chief Executive Officer, Mr. Broadfoot was appointed Chief Financial Officer, Mr. Leece was appointed Chief Operations Officer, and Mr. Hughes-Jones was appointed Senior Vice President of Business Development. The agreements provide for annual base salaries, together with eligibility for short-term and long-term incentive awards, including restricted stock units and certain one-time listing awards.

In May 2026, the Company entered into multiple long-term agreements with third-party data center infrastructure providers for approximately 29.6 MW of additional capacity to support future operations. The arrangements are expected to commence beginning in late 2026.

On May 13, 2026, the Company entered into an additional customer contract with a global technology company with major Asia-pacific presence with an aggregate total contract value of approximately $950 million.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*Management's Discussion and Analysis of Financial Condition and Results of Operations analyzes the major elements of our balance sheets, statements of operations and cash flows. The following discussion and analysis of our financial condition and results of operations should be read together with the interim Consolidated Condensed financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q, as well as our audited consolidated financial statements and related notes as disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. All amounts are in U.S. dollars.*

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report contains forward-looking statements about our expectations, beliefs or intentions regarding, among other things, our product development efforts, business, financial condition, results of operations, strategies or prospects. Forward-looking statements can be identified using forward-looking words such as "believe," "expect," "intend," "plan," "may," "should," "could," "anticipate," "will," "will be," "will continue," "will likely result," "project," "estimate," "strategy" or their negatives or other variations of these words or other comparable words, or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by us with the United States Securities and Exchange Commission (the "**SEC**"), press releases or oral statements made by or with the approval of one of our authorized executive officers. These forward-looking statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in those provisions, and we are including this statement for purposes of complying with those safe-harbor provisions.

Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made and are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. In particular, information included under "Risk Factors," "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and other sections of this report contain forward-looking statements. Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of the Company's management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause our actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including but not limited to: changes in economic conditions, legislative or regulatory changes, availability of capital, competition, and generally accepted accounting principles. Whether any such forward-looking statements are in fact achieved will depend on future events, some of which are beyond our control. Except as may be required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements to reflect new information, events or circumstances occurring after the date of this report. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

**Business Overview**

We are an Australian neocloud operator, purpose-built to power the next generation of artificial intelligence ("**AI**") and high-performance computing ("**HPC**"). Our infrastructure is architected from the ground up to meet the specific, intensive and complex demands of modern AI training and inference workloads, machine learning, and Generative AI.

We provide enterprise, government and research organizations with sovereign, low-latency access to advanced accelerated computing hardware, including NVIDIA Corporation's ("**NVIDIA**") B200, B300 and GB300 GPUs. Through strategic partnerships with global technology leaders NVIDIA, NEXTDC Limited ("**NEXTDC**"), Cisco Systems Inc. ("**Cisco**"), World Wide Technology ("**WWT**"), Lenovo Group Limited ("**Lenovo**"), VAST Data Inc. ("**VAST**") and Megaport Limited ("**Megaport**"), the Company delivers an integrated AI ecosystem of solutions to customers without the complexity of them needing to manage their own physical infrastructure.

**Key Corporate Milestones**

We accomplished the following key milestones in the fiscal quarter ended March 31, 2026 and the second quarter of 2026:

On January 28, 2025, Roth CH Acquisition Co., a publicly traded Cayman Islands company trading on the OTC Market ("**Roth CH"**), entered into a business combination agreement, with Roth CH Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Roth CH ("**Merger Sub**"), SharonAI Inc. ("**SharonAI**") and Roth CH Holdings, Inc. ("**Roth CH Holdings"**) (the "**BCA**"). Under the BCA, Roth CH merged with and into Roth CH Holdings on December 16, 2025 and was renamed "SharonAI Holdings Inc." and became domesticated in the State of Delaware, and Merger Sub merged with and into SharonAI Inc. becoming the wholly owned subsidiary of the Company. The transaction completed in December 2025.

As a result of the BCA transaction, equity holders of SharonAI Inc. received securities of SharonAI Holdings. Shares of SharonAI Holdings Inc. Class A common stock began trading on the OTC Markets under the ticker symbol "SHAZ.".

To fund our expansion, we have undertaken two material capital raisings, and a divestment of a non-core asset.

We successfully completed a US$103 million pre-initial public offering ("**Pre-IPO**") capital raising in the form of unsecured convertible notes in January 2026, introducing new institutional and strategic shareholders. As part of this transaction, Digital Alpha Advisors LLC, which has a strategic collaboration agreement with Cisco, invested in SharonAI via the unsecured convertible note and remain strategic shareholders in the Company.

Also in December 2025, we announced a strategic pivot, transitioning from a hybrid model of site development to a pure-play neocloud operator for the short term. We had previously formed a 50:50 joint venture, Texas Critical Data Center LLC ('**TCDC**"), with New Era Energy & Digital Inc ("**New Era**") in January 2025, to fund and develop a data center site with a natural gas fired power plant in the Permian Basin of western Texas. We sold our 50% interest in TCDC to our joint venture partner, New Era, for consideration of US$70 million (which was subsequently modified to approximately $74 million post adjustments), paid via cash, secured promissory note and equity in New Era. The transaction completed in January 2026.

On January 22, 2026, Mr. Wolfgang Schubert, resigned as the Company's Chief Executive Officer and from the Company's board of directors (the "**Board**"). In connection with Mr. Schubert's resignation as Chief Executive Officer of the Company, on January 22, 2026, the Board appointed Mr. James Manning, Non-Executive Chairman, director and greater than 10% stockholder of the Company, as its Chief Executive Officer.

In February 2026, we listed on the NASDAQ Capital Markets, raising US$125 million in a concurrent underwritten public offering before costs. This transaction was a key strategic step that is expected to enable us access to the largest public capital market in the world, providing us with capital raising alternatives which could lower our weighted average cost of capital while minimizing near-term equity dilution.

On March 31, 2026, through its wholly-owned subsidiary (together, the "Company"), entered into (i) a Master Services Agreement (the "MSA") and (ii) Service Order No. 1 (the "Service Order," and together with the MSA, the "Agreements") with ESDS Software Solutions Limited and certain of its subsidiaries (together, the "Customer"), pursuant to which the Company agreed to provide high-performance managed GPU compute and cloud infrastructure services to the Customer. The Service Order has an initial term of 60 months commencing on the Service Start Date (as defined in the Service Order), with a total contract value of approximately USD $1,260,000,000. The Customer has an option to extend for an additional 24 months. Service fees are payable monthly in advance. The Customer is required to provide security in the form of letters of credit or bank guarantees in an aggregate amount of USD $140,000,000.

On April 26, 2026, the Company entered into a Securities Purchase Agreement with certain qualified institutional buyers for the private placement of $350.0 million aggregate principal amount of 6.00% Convertible Senior Notes due 2031. As of the date of this report, this transaction has not yet closed.

In May 2026, the Company entered into multiple long-term agreements with third-party data center infrastructure providers for approximately 29.6 MW of additional capacity to support future operations. The arrangements are expected to commence beginning in late 2026.

On May 13, 2026, the Company entered into an additional customer contract with a global technology company with major Asia-pacific presence with an aggregate total contract value of approximately $950 million.

**Key Factors Affecting Operating Results**

The Company's operating results for the quarter were primarily influenced by continued strategic activity following corporate transactions completed in 2025. During the period, the Company completed the sale of its investment in TCDC, which favorably impacted financial performance for the quarter. Concurrently, the Company continued to make significant investments in the development and deployment of proprietary operating software and cloud computing platforms. These investments are expected to support the acquisition of higher quality customers, deliver operational efficiencies, and position the business for long-term revenue growth and profitability. The Company views these developments as critical to its forward strategy, despite their limited impact on short-term results.

The first quarter of 2026 showed a net loss of $20,012 thousand.

**Industry Trends**

During the prior year, the Company has strategically shifted its focus from providing storage services to developing and delivering GPU Cloud services, aligning with the growing demand for high-performance computing (HPC) and AI-driven workloads. This transition reflects a response to changing market dynamics and the increasing need for scalable, on-demand GPU infrastructure to support machine learning, AI training, and other compute-intensive applications.

The market for GPU Cloud services has shown strong theoretical demand, with significant interest from AI developers, research institutions, and enterprises seeking cost-effective, scalable compute resources. The Company anticipates that once its GPU deployments are fully operational and its orchestration layers are in place to facilitate seamless customer interaction and resource management, it will be well-positioned to capture an increase in revenue from this expanding industry.

However, the Company operates in a highly dynamic and competitive landscape, with several key challenges that could impact its ability to scale efficiently. Access to essential GPU hardware remains constrained, with supply chain limitations, geopolitical restrictions, and high demand from hyperscalers and AI-focused enterprises driving longer lead times and increased acquisition costs. The evolving nature of AI and high-performance computing technologies also presents a risk of obsolescence, requiring continuous adaptation and investment in next-generation infrastructure.

Additionally, rising operational costs, particularly for power, colocation services, and network infrastructure, are increasing the cost base for GPU Cloud services. These inputs are critical to the Company's ability to deliver competitive pricing and maintain sustainable margins in a market where efficiency and performance optimization are key differentiators.

The Company is actively working to optimize its deployment strategies, secure long-term supplier agreements, and refine its orchestration technology to enhance scalability, utilization, and cost efficiency. As the GPU Cloud platform reaches full-scale deployment, the Company expects to capitalize on the strong demand for AI and HPC compute resources while mitigating the impact of rising costs and supply chain constraints.

**Results of Operations**

***Results of Operations for the quarter ended March 31, 2026 compared to quarter ended March 31, 2025***

 **

The following table sets forth key components of the results of operations during the quarters ended March 31, 2026 and 2025.

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Revenue | $294014 | $325092 |
| Cost of Revenue | 525816 | 313382 |
| **Gross profit (loss)** | **(231802)** | **11710** |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 382158 | 467623 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 4015219 | 1007430 |
| &nbsp;&nbsp;&nbsp;Other expenses | 1318001 | 506418 |
| &nbsp;&nbsp;&nbsp;Other income | (3127957) | (808513) |
| **Loss from operations** | **(2819223)** | **(1161248)** |
| **Non-operating income (expense), net:** |  |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of digital assets |  | (328433) |
| &nbsp;&nbsp;&nbsp;Change in fair value of warrant liabilities | 883325 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of NUAI shares | (1509115) |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (70227754) |  |
| &nbsp;&nbsp;&nbsp;Gain on sale of investment in TCDC | 65919712 |  |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | 1259886 | (12391) |
| **Loss before income taxes** | **(6493169)** | **(1502072)** |
| &nbsp;&nbsp;&nbsp;Income tax (expense) benefit | (13518652) | 62582 |
| **Net loss** | **(20011821)** | **(1439490)** |
| Net loss attributable to non-controlling interest | (96057) | (6910) |
| **Net loss attributable to SharonAI Holdings Inc.** | $**(19915764)** | $**(1432580)** |

---

***Revenue***

Q1 2026: $294 thousand\| Q1 2025: $325 thousand

Total revenue for the three months ended March 31, 2026 and 2025 was $294 thousand and $325 thousand, respectively. The decrease was primarily attributable the discontinuation of Filecoin activities in the second quarter of 2025.

 ****

***Cost of Revenue***

Q1 2026: $526 thousand\| Q1 2025: $313 thousand

Cost of revenue for the three months ended March 31, 2026 and 2025, was $526 thousand and $313 thousand, respectively, an increase of approximately $213 thousand. The increase was primarily driven by costs incurred in delivering GPU cloud computing operations. Key components included data center costs- comprising colocation facility fees, internet connectivity, and power consumption necessary to support high-performance infrastructure. The Company also incurred service fees under managed service agreements with third-party suppliers who provide and maintain the computer data storage equipment used in its operations. These fees include the use, upkeep, and performance monitoring of the hardware infrastructure.

 ****

***Share-Based Compensation***

Q1 2026: $382 thousand\| Q1 2025: $468 thousand

This figure represents stock-based compensation expenses issued to employees, executives, or advisors as part of recruitment and retention. Given the company's new formation, share-based compensation is a tool to attract key talent and align leadership with long-term growth objectives. The value of share-based payments represents the amount of share based payments that has reached the performance criteria of the issuances (if any) pro rata expensed over the time based vesting term.

 ****

***Selling, General, and Administrative Expenses (SG&A)***

Q1 2026: $4,015 thousand\| Q1 2025: $1,007 thousand

Selling, general and administrative (SG&A) expenses for the quarter primarily reflect foundational investments to establish and scale the Company's operations. The increase in expenses was largely attributable to employee-related costs, professional fees for legal, consulting, and audit services. Management expects SG&A expenses to stabilize over time as the Company transitions from its initial setup and transactional activities to a more routine operating phase, with these foundational costs becoming less significant in future periods.

 ****

***Other Expenses***

Q1 2026: $1,318 thousand\| Q1 2025: $506 thousand

This category includes depreciation and amortization expenses recognized during the quarter related to both new and existing property, and equipment, as well as intangible assets acquired through recent business combinations. These non-cash charges reflect the systematic allocation of the cost of long-lived assets over their estimated useful lives and are primarily associated with infrastructure used in the Company's data storage operations and GPU cloud service operation.

 ****

***Other Income***

Q1 2026: $3,128 thousand\| Q1 2025: $808 thousand

This category captures the impact of material unrealized gains and losses arising from the remeasurement of cross-currency balances under applicable foreign exchange accounting standards. These foreign currency translation adjustments, while non-operational in nature, can introduce volatility into reported results depending on exchange rate movements during the period.

 ****

***Change in Fair Value of Digital Assets***

Q1 2026: $0 \| Q1 2025: (328) thousand

At March 31, 2026, the Company no longer holds any digital assets, as all such holdings were fully disposed of during the third quarter of 2025.

The decrease in fair value of digital assets in Q1 2025 reflects a decline in the market value of cryptocurrency previously held in connection with the Company's Filecoin data storage operations.

 ****

***Change in Fair Value of Warrants***

Q1 2026: $883 thousand\| Q1 2025: $0 thousand

The change in fair value of warrants for the quarter ended March 31, 2026, reflects the remeasurement of warrants classified as liabilities under ASC 480 and ASC 815. These warrants are initially recorded at fair value on the date of issuance and subsequently remeasured at each reporting period. Changes in fair value are recognized as non-cash gains or losses in the consolidated statements of operations. The fair value measurement considers factors such as the Company's stock price, expected volatility, risk-free interest rates, remaining contractual term, and other relevant inputs. Management applies professional judgment in determining whether warrants meet the criteria for equity classification and in estimating their fair value, and views the resulting changes as non-cash adjustments that do not affect the Company's liquidity or operational cash flows.

 ****

***Change in fair value of NUAI shares***

Q1 2026: $(1,509) thousand\| Q1 2025: $0

The change in fair value of NUAI shares for the three months ended March 31, 2026 reflects a loss of $1.5 million. The NUAI shares were received as part of the consideration from the sale of the Company's TCDC investment in January 2026. Upon initial recognition, the shares were measured at $10.0 million and are subsequently remeasured at fair value based on quoted market prices.

 **

***Change in Fair Value of Convertible Notes***

 **

Q1 2026: ($70,228) thousand \| Q1 2025: $0

On December 19, 2025, the Company issued convertible notes to a subset of investors, including related parties, to secure funding until the IPO. The Company elected to account for convertible notes under fair value option. Accordingly, the notes are initially recognized and subsequently remeasured at fair value at each reporting date, with changes in fair value recognized in the statement of operations.

 ****

***Gain on sale of investment in TCDC***

Q1 2026: $65,920 thousand\| Q1 2025: $0

For the three months ended March 31, 2026, the Company recognized a gain on sale of its investment in TCDC of $65.9 million. Under the sale agreement, the Company is entitled to total contractual consideration of $70.0 million, consisting of $10.0 million in cash consideration, $10.0 million in NUAI common shares, and a $50.0 million senior secured convertible promissory note due June 30, 2026. The gain recognized during the period primarily reflects the excess of the fair value of consideration received over the carrying value of the Company's investment in TCDC at the date of disposal.

 ****

***Interest Income, Net***

Q1 2026: $1,260 thousand\| Q1 2025: $(12) thousand

Net interest income for the three months ended March 31, 2026 was $1,260 thousand, compared with net interest expense of $12 thousand in the prior-year period. The increase was primarily attributable to interest earned on the $50.0 million convertible note and higher interest income from bank deposits, partially offset by interest expense on lease liabilities under right-of-use assets.

 ****

***Income Tax Benefit (Expense)***

Q1 2026: $(13,519) thousand\| Q1 2025: $63 thousand

Income tax expense for the three months ended March 31, 2026 was $13.5 million, compared with an income tax benefit of $63 thousand in the prior-year period. The significant increase in income tax expense was primarily attributable to the tax impact of the gain recognized on the sale of the Company's investment in TCDC.

 ****

 **

***Liquidity and Capital Resources***

 **

Liquidity represents the Company's ability to generate adequate resources to fund operations, meet contractual obligations, and support ongoing and future business activities. The Company's primary liquidity requirements relate to working capital, capital expenditures associated with infrastructure expansion, and general corporate purposes. Key drivers of liquidity include cash flows from operations, the timing of customer receipts, vendor payment terms, and strategic investment activities.

As of March 31, 2026, the Company held cash of $164.29 million. The Company strengthened its liquidity position through multiple financing activities, including the issuance of approximately $104 million of pre-IPO convertible notes during 2025 and the receipt of approximately $125 million in gross proceeds from its February 2026 Nasdaq Stock Market listing.

As disclosed in Note 13, Convertible Notes, to the consolidated condensed financial statements, the Company continues to have outstanding note payables with terms that may require cash settlement, conversion into equity, or repayment upon maturity depending on future events. Other than scheduled repayments associated with these notes, no significant principal repayments are contractually required within the next 12 months. The Company continues to monitor its liquidity position and obligations in light of operational funding needs and market condition

Management continuously evaluates the Company's capital structure and may seek additional financing, including equity issuances, debt facilities, or hybrid instruments, to support the expansion of its GPU infrastructure and related platform capabilities. The Company has historically accessed external capital to fund growth and believes it will be able to continue doing so as needed.

The Company has incurred operating losses to date and expects to continue investing in scaling its infrastructure and operations. These factors indicate that additional capital will be required to support ongoing activities and meet obligations as they become due.

The Company is actively engaged in capital raising discussions with existing and prospective investors. Management believes that these efforts, together with operational cash flows and strategic investment plans, will provide sufficient liquidity to support the Company's continued operations.

***Cash flow analysis***

The following table provides a summary of the cash flow statement for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| Net cash provided by (used in) operating activities | $(7449588) | $(1328105) |
| Net cash provided by (used in) investing activities | $(32720098) | $(32963) |
| Net cash provided by (used in) financing activities | $132202208 | $(109225) |

---

***Operating activities***

Net cash used in operating activities was $7,450 thousand for the quarter ended March 31, 2026. Operating cash flows reflected receipts from the data storage operations and GPU cloud services, offset by operating expenditures, including product development costs, infrastructure-related expenses to support expansion, and professional fees.

Net cash flows used in operating activities was $1,328 thousand for the quarter ended March 31, 2025. Cash flows from operating activities during the period were primarily driven by the continuation of the Company's Filecoin storage operations and the emerging revenue from its growing GPU cloud services business. The Filecoin operations ceased during the second quarter of 2025.

 ****

***Investing activities***

Net cash used in investing activities was $32,720 thousand for the three months ended March 31, 2026, primarily reflecting the Company's payment for the deposit on capital expenditures, partially offset by proceeds received from the sale of TCDC investment.

Net cash flows used in investing activities was $33 thousand for the quarter ended March 31, 2025. Cash flows used in investing activities during the period primarily reflect capital outflows used for payment for the purchase of equipment.

 ****

***Financing activities***

Net cash provided by financing activities was $132,202 thousand for the quarter ended March 31, 2026, primarily driven by proceeds from the issuance of common stock in February 2026 and the receipt of the remaining proceeds from convertible notes issued in December 2025. These cash inflows were partially offset by repayments of the Yorkville loan and lease liabilities.

Net cash flows used in financing activities was $109 thousand for the quarter ended March 31, 2025. Cash flows used in financing activities during the period was for the payment of lease liabilities.

 ****

 ****

***Future cash requirements***

The company is in a position of stable cash balance to continue its intrinsic operations and expansion of products. The Company also expects to raise further funds to acquire additional equipment and participation in joint venture requirements for further increase in business expansion.

 ****

***US Taxes***

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The legislation permanently extends certain expiring provisions of the Tax Cuts and Jobs Act, introduces changes to the international tax framework, and reinstates favorable tax treatment for select business-related provisions. The OBBBA includes multiple effective dates, with some measures applicable beginning in 2025 and others taking effect in subsequent periods. We are currently evaluating the potential impact of the OBBBA on our consolidated condensed financial statements.

***Research and development, patents, and licenses***

 ****

Our research and development, or R&D, program is focused on the software elements of computing and are in the initial stages of researching a range of programs to improve efficiency and accessibility of our products. We are currently only conducting research in Australia under the R&D Tax incentive scheme. We do not operate a separate division or forecast budget for R&D activities instead evaluating expenses occurred through the year on an arrears basis.

The R&D Tax Incentive in Australia is a government program that provides tax offsets to businesses investing in eligible research and development activities. Companies with an annual turnover below AUD$20 million receive a refundable tax offset of their corporate tax rate plus an 18.5% premium, while larger businesses receive a non-refundable offset based on their R&D intensity. To qualify, activities must involve systematic experimentation to generate new knowledge, adhering to scientific principles. Businesses must register their R&D activities with AusIndustry and then claim the offset through the Australian Taxation Office. The incentive is designed to support innovation, technology development, and business growth, but companies must ensure reporting and compliance to be eligible.

***Off-Balance Sheet Arrangements***

As of the reporting date, SharonAI has entered into certain contractual obligations that are not recognized on the balance sheet but may have a material effect on the Company's financial condition, results of operations, or liquidity. These off-balance sheet arrangements primarily consist of data center colocation facility commitments and managed service agreements.

*Colocation Facility Commitments*

The Company has entered into colocation agreements for data center facilities under non-cancellable operating lease arrangements. These agreements are generally structured with five-year terms, with costs that fluctuate based on the quantity of deployed equipment and power usage. The Company's future obligations under these agreements are contingent upon business expansion, changes in IT infrastructure needs, and energy consumption levels.

Although these commitments do not appear as liabilities on the balance sheet under applicable accounting standards, they represent a significant financial obligation that impacts future cash flows. If the Company's colocation needs increase or energy prices rise, the total financial exposure under these agreements could materially increase. Conversely, the Company's ability to reduce these commitments may be limited due to contract terms and renewal obligations.

*Managed Service Agreements*

The Company has multiple agreements for managed service equipment and associated services with third-party vendors. These agreements involve commitments totaling approximately $34,000 per month, with remaining contract durations ranging from 2 to 5 years. The Company's obligations under these contracts include ongoing infrastructure support, equipment maintenance, and service-level agreements (SLAs).

Although these obligations do not meet the criteria for balance sheet recognition, they represent recurring financial commitments that impact operating expenses and liquidity. If the Company seeks to renegotiate, terminate, or scale these agreements, penalties or additional costs may be incurred.

*Potential Effects on Liquidity and Financial Condition*

The Company continuously evaluates its off-balance sheet arrangements to assess their impact on liquidity, financial position, and operational flexibility. Factors that could materially affect these commitments include:

● Changes in power costs: Volatility in energy pricing could increase the total cost of colocation facility commitments.

● Scalability of IT infrastructure: Higher-than-expected deployment of new equipment may lead to increased costs under colocation agreements.

● Service provider risks: Changes in vendor pricing, contract renewals, or service disruptions could impact the cost-effectiveness of managed service agreements.

At this time, the Company does not believe that these off-balance sheet arrangements create material risks beyond those disclosed in its financial statements and risk factors. However, the Company will continue to monitor and manage these obligations in alignment with its operational and financial strategies.

**Critical Accounting Estimates and Significant Judgements**

The preparation of the financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. There have been no material changes to our critical accounting policies and estimates as set forth in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

As a smaller reporting company, the Company has elected not to provide the disclosure required by this item.

**Item 4. Controls and Procedures**

***Evaluation of Disclosure Controls and Procedures***

Disclosure controls and procedures are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in such reports is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer (the "Certifying Officers"), as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of management, including our Certifying Officers, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, as of March 31, 2026. Based on this evaluation, our Certifying Officers concluded that our disclosure controls and procedures were not effective as of March 31, 2026.

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. Management has determined that the following is a material weakness:

In the period ended December 31, 2025, management identified a material weakness in the Company's internal control over financial reporting related to the accounting for complex financial instruments and transactions. The Company did not design and maintain effective controls to appropriately evaluate and apply U.S. GAAP to such transactions. We have also concluded that this material weakness continued to exist as of March 31, 2026. In light of this material weakness, we have enhanced our processes to identify and appropriately apply applicable accounting requirements to better evaluate and understand the nuances of the complex accounting standards that apply to our financial statements, including making greater use of third-party professionals with whom we consult regarding accounting applications. Additionally, the Company is addressing the ineffective controls by expanding its accounting and financial reporting group and their capabilities to ensure consistent, complete, and accurate financial reporting and disclosure controls and procedures are achieved. The elements of our remediation plan can only be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects. We believe our efforts will enhance our controls relating to accounting for complex financial transactions, but we can offer no assurance that our controls will not require additional review and modification in the future as industry accounting practice may evolve over time.

Disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives. Because of the inherent limitations in any control system, no evaluation of disclosure controls and procedures can provide absolute assurance that all control deficiencies and instances of fraud, if any, have been detected.

***Changes in Internal Control over Financial Reporting***

During the quarter ended March 31, 2026, management implemented remediation measures to address the previously identified material weakness related to accounting and financial reporting resources and expertise. These actions included strengthening accounting personnel and enhancing review controls within the financial reporting process. The material weakness will not be considered remediated until management completes the design and implementation of the remediation actions described above and the controls operate for a sufficient period of time, and management has concluded, through testing, that these controls are operating effectively.

Other than the remediation activities described above, there were no changes in the Company's internal control over financial reporting during the quarter ended March 31, 2026 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

**PART II - OTHER INFORMATION**

**Item 1. Legal Proceedings**

We are not currently a party to any material legal or administrative proceedings.

**Item 1A. Risk Factors**

Risk factors that affect our business and financial results are discussed in Part I, Item 1A "Risk Factors," in our Annual Report on Form 10-K for the year ended December 31, 2025 as filed with the SEC on March 31, 2026 ("Annual Report"). Except as set forth below, there have been no material changes in our risk factors from those previously disclosed in our Annual Report. You should carefully consider the risks described in our Annual Report, which could materially affect our business, financial condition or future results. The risks described in our Annual Report are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results. If any of the risks actually occur, our business, financial condition, and/or results of operations could be negatively affected.

***Changes to United States trade, tariff, import/export regulations or AI-related laws which may require SharonAI to restrict or terminate customer relationships***

The United States has recently enacted and proposed to enact significant new tariffs. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, sanctions, export controls, treaties, tariffs, national security and the use and deployment of artificial intelligence technologies. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, sanctions, export controls, treaties, tariffs, national security and the use and deployment of artificial intelligence technologies. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict the Company's access to suppliers or customers and have a material adverse effect on the Company's business, financial condition and results of operations.

Additionally, the United States has proposed and implemented laws and policy measures that restrict the provision of AI related technology, services or infrastructure to entities connected with certain countries and jurisdictions.

If new or expanded US or any other foreign government laws, regulations or government directives are introduced, or existing measures are amended or interpreted more restrictively, the Company may be required to limit, suspend or terminate its ability to provide services to certain customers, including customers that are otherwise compliant under Australian law. This may occur with limited notice and irrespective of existing contractual arrangements.

The termination or restriction of customer relationships could result in lost revenue, contract disputes, increased compliance costs, reputational damage and operational disruption. In some circumstances, the Company may also be exposed to penalties, fines, sanctions or enforcement action if it fails to comply with applicable laws and regulations, including export controls and trade restrictions. The Company may also face increased costs associated with monitoring and adapting to rapidly evolving regulatory requirements. Any such outcomes could materially and adversely affect the Company's financial performance, growth prospects and business operations. There can be no assurance that the Company will be able to identify and comply with all applicable laws and regulations in a timely manner, or that compliance will not require significant expenditure of management time and financial resources.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

On March 23, 2026, the Company issued 90,893 shares of its Class A Ordinary Common Stock to Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) in consideration for, and as full and final satisfaction of, the Company's reimbursement obligation arising under the reimbursement provisions of the Independent Contractor Agreement dated October 14, 2024, for the 90,893 Class A Ordinary Common Stock transferred by Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust). The issuance of the shares of Class A Ordinary Common Stock was made in reliance on the exemption from registration under the Securities Act afforded by Section 4(a)(2) and/or Rule 506 promulgated hereunder. Inbocalupo Pty Ltd (as trustee for the Inbocalupo Trust) is owned by and affiliated with Nicholas Hughes-Jones, the Company's Head of Corporate Development.

**Item 3. Defaults Upon Senior Securities**

None.

**Item 4. Mine Safety Disclosures**

Not applicable.

**Item 5. Other Information**

**Related Party Transactions**

In December 2025, the Company completed a convertible note financing as part of its capital raise program. Certain related parties participated in this financing.

● Manning Capital Pty Ltd, an entity affiliated with the Company's Non-Executive Chairman and greater than 10% stockholder, subscribed for approximately AUD$700,000 (US$465,500) of convertible notes.

● Inbocalupo Pty Ltd, an entity affiliated with the Company's Head of Business Development and greater than 10% stockholder, subscribed for approximately AUD$1,250,000 (US$831,250) of convertible notes.

● Strat Capital Pty Ltd ATF Alpha Juliett Trust, an entity affiliated with Andrew Leece, the Company's Chief Operating Officer, subscribed for approximately AUD$250,000 (US$166,250) of convertible notes.

The notes were issued on the same terms and conditions as those offered to unrelated third-party investors.

On May 15, 2026, the Company issued a press release entitled "Sharon AI Reports First Quarter 2026 Results" which press release which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The Company has prepared presentation materials (the "Presentation Materials") that its management intends to use from time to time. The Presentation Materials are attached hereto as Exhibit 99.2 and are incorporated herein by reference. In addition, the Company posted the Presentation Materials on its website (www.sharonai.com) on May 15, 2026.

**Material changes to the procedures by which security holders may recommend nominees to the board of directors.**

None.

**Director and Officer Trading Arrangements**

During our quarter ended March 31, 2026, none of our directors or executive officers adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1 trading arrangement" as such terms are defined under Item 408 of Regulation S-K of the Exchange Act.

**Item 6. Exhibits**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | [Amended and Restated Certificate of Incorporation of registrant, incorporated by reference to Exhibit 3.1 of the registrant's Current Report on Form 8-K filed with the SEC on December 22, 2025.](https://www.sec.gov/Archives/edgar/data/2068385/000182912625010236/sharonaiholdings_ex3-1.htm) |
| 3.2 | [Amended and Restated Bylaws of the registrant, incorporated by reference to Exhibit 3.2 of the registrant's Current Report on Form 8-K filed with the SEC on December 22, 2025](https://www.sec.gov/Archives/edgar/data/2068385/000182912625010236/sharonaiholdings_ex3-2.htm) |
| 3.3 | [Certificate of Amendment to Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the registrant's Current Report on Form 8-K filed with the SEC on December 23, 2025.](https://www.sec.gov/Archives/edgar/data/2068385/000182912625010276/sharonaiholdings_ex3-1.htm) |
| 10.1+ | [Director Appointment Letter by and between Drew Kelton and SharonAI Holdings Inc. dated January 13, 2026, incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on January 14, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000288/sharonaiholdings_ex10-1.htm) |
| 10.7 | [Membership Interest Purchase Agreement dated January 16, 2026, between SharonAI Inc. and New Era Energy & Digital Inc., incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on January 22, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000443/sharonaiholdings_ex10-1.htm) |
| 10.8 | [Senior Secured Convertible Promissory Note dated January 16, 2026, issued by New Era Energy & Digital Inc., incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed with the SEC on January 22, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000443/sharonaiholdings_ex10-2.htm) |
| 10.9 | [Guaranty dated January 16, 2026, between SharonAI Inc. and Texas Critical Data Centers LLC, incorporated by reference to Exhibit 10.3 to the registrant's Current Report on Form 8-K filed with the SEC on January 22, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000443/sharonaiholdings_ex10-3.htm) |
| 10.10 | [Security and Pledge Agreement dated January 16, 2026, among SharonAI Inc., New Era Energy & Digital Inc. and Texas Critical Data Centers LLC, incorporated by reference to Exhibit 10.4 to the registrant's Current Report on Form 8-K filed with the SEC on January 22, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000443/sharonaiholdings_ex10-4.htm) |
| 10.11 | [Deed of Trust and Security Agreement dated January 16, 2026, between SharonAI Inc. and Texas Critical Data Centers LLC, incorporated by reference to Exhibit 10.5 to the registrant's Current Report on Form 8-K filed with the SEC on January 22, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000443/sharonaiholdings_ex10-5.htm) |
| 10.12 | [Separation Agreement by and between Wolfgang Schubert and SharonAI Operations LLC dated January 22, 2026 incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on January 23, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000505/sharonai_ex10-1.htm) |
| 10.13+ | [Consulting Agreement by and between Wolfgang Schubert and SharonAI Operations LLC dated January 22, 2026 incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed with the SEC on January 23, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000505/sharonai_ex10-2.htm) |
| 10.14+ | [Offer Letter Agreement by and between James Manning and SharonAI Pty Ltd dated January 22, 2026 incorporated by reference to Exhibit 10.3 to the registrant's Current Report on Form 8-K filed with the SEC on January 23, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000505/sharonai_ex10-3.htm) |
| 10.15 | [Form of Lock-up Agreement, incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on February 19, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000182912626000835/sharonaiholdings_ex10-45.htm) |
| 10.16+ | [Director Appointment Letter by and between Benjamin Adams and SharonAI Holdings Inc. dated February 22, 2026, incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on February 24, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000149315226007829/ex10-1.htm) |
| 10.17\*# | [Master Services Agreement (the "MSA") and (ii) Service Order No. 1 (the "Service Order," and together with the MSA, the "Agreements") with ESDS Software Solutions Limited and certain of its subsidiaries](#mm_001) |
| 10.18 | [Form of Securities Purchase Agreement, incorporated by reference to Exhibit 10.1 to the registrant's Current Report on Form 8-K filed with the SEC on April 28, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000149315226019260/ex10-1.htm) |
| 10.19 | [Form of Registration Rights Agreement, incorporated by reference to Exhibit 10.2 to the registrant's Current Report on Form 8-K filed with the SEC on April 28, 2026](https://www.sec.gov/Archives/edgar/data/2068385/000149315226019260/ex10-2.htm) |
| 31.1\* | [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](#mm_002) |
| 31.2\* | [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](#mm_003) |
| 32.1\*\* | [Certification of Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](#mm_004) |
| 99.1 | [Press Release dated May 15, 2026](#mm_005) |
| 99.2 | [Presentation Materials](#mm_006) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB\* | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104\* | Cover Page Interactive Data File - the cover page from the Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 is formatted in Inline XBRL |

---

---

| | |
|:---|:---|
| \* | Filed herewith. |
| \*\* | Furnished herewith. |
| + | Indicates a management contract or any compensatory plan, contract or arrangement. |
| # | Portions of this exhibit (indicated by asterisks) have been redacted in compliance with Regulation S-K Item 601(b)(10)(iv). |

---

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SHARONAI HOLDINGS INC.** | **SHARONAI HOLDINGS INC.** |
| Date: May 13, 2026 | By: | */s/ James Manning* |
|  |  | James Manning |
|  |  | Chairman, Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
|  | **SHARONAI HOLDINGS INC.** | **SHARONAI HOLDINGS INC.** |
| Date: May 13, 2026 | By: | */s/ Timothy Broadfoot* |
|  |  | Timothy Broadfoot |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

**Exhibit 10.17**

**[\*] Certain information in this document has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential.**

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (the "**MSA**") is made on 31 March 2026 (the "**Effective Date**")

Between:

**1.** **SAI AU NO.2 PTY LTD**, a company incorporated in Australia (ACN: 695 331 063), having its registered
 office at U 303 44 Miller St, North Sydney NEW SOUTH WALES, Australia ()"**Service Provider** ");

**and**

**2.** **SPOCHUB SOLUTIONS PRIVATE LIMITED**, a company incorporated under the Companies Act 2013, having
 Corporate Identification No. U72900MH2021PTC355918 and having Legal Entity Identifier (LEI)
 Code 335800RYBFDD8JCN9Y10, and its registered office at P.No. B-24/25, NICE Area, MIDC, Satpur,
 Nashik, Maharashtra, India – 422 007 ()"**First Customer** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **ESDS Cloud FZ-LLC**, a company incorporated with the Dubai Development Authority, United Arab
 Emirates with trade license number 96100 and registered address at Ex 17, Ground Floor, Bldg
 7 Co Work, Dubai Outsource City, Dubai, UAE ()"**Second Customer** ");

(Where both First Customer and Second Customer will together be known as "**Customer**"),

**4.** **ESDS SOFTWARE SOLUTIONS LIMITED**, a company incorporated in India, with registration number
 U72200MH2005PLC155433 and registered address at NICE Industrial Area, Plot No. B- 24 &
 25, NICE Area, MIDC, Satpur Colony, Nashik, Maharashtra 422007, India ()"**Parent** ").

The Customer and Service Provider are hereinafter referred to individually as a "**Party**" and together as the "**Parties**".

**WHEREAS**:

A. Service
 Provider specialises in providing secure, high-performance colocation, cloud infrastructure,
 and managed data centre services.

B. The
 Customer desires to engage Service Provider to render certain computing services. Service
 Provider agrees to accept such engagement and perform the services in accordance with the
 terms set forth herein and any Service Order entered into by the Parties.

C. This
 MSA and the relevant Service Order (as defined below) set out the terms and conditions upon
 which Service Provider and the Customer will perform their respective obligations required
 for the performance of the Services that are the subject of each Service Order.

The Parties agree as follows:

**1.** **DEFINITIONS & INTERPRETATION** 

1.1. In
 this MSA, the following definitions and rules of interpretation shall apply:

"**Acceptable Use Policy**" means Service Provider's general Acceptable Use Policy governing the Customer's and End Customers' use of Services, including, but not limited to, online conduct, and the obligations of the Customer, its Representatives and End Customers in Service Provider's Data Centres as set out in Schedule 5.

"**Additional Fees**" means fees or charges payable by the Customer in addition to the Fees specified in a Service Order, including: (a) third-party costs reasonably incurred by the Service Provider on the Customer's behalf (together with a reasonable margin for the Service Provider); and (b) fees for additional services requested by the Customer or otherwise performed outside the scope of the Services. Additional Fees will be calculated by reference to the rates specified in the relevant Service Order or, where not specified, the Service Provider's then-current standard (and reasonable) rates.

1 <br> Commercial in confidence

"**Advance**" means the sum payable up-front in advance by the Customer to Service Provider pursuant to and as further set out in the applicable Service Order.

"**Affiliate**" means, in relation to any Party, any other Party that directly or indirectly Controls or is Controlled by or is under common Control with such Party (including, for the avoidance of doubt, in relation to Service Provider).

"**Average Hourly Rate**" means the weighted average hourly rate based on the hourly rate(s) applicable to the provision of the Services as set out in a Service Order during a given Service Order Year, calculated as follows by way of this working example: if the hourly rate from 1 February 2026 to 31 August 2026 is $3/hour and from 1 September 2026 to 30 January 2027 changes to $4/hour, the Average Hourly Rate shall be ($3 x 7 months + $4 x 5 months) / 12 months = $3.41/hour.

"**Applicable Law**" means all legislation, statutes, ordinances, laws, treaties, decrees, codes, resolutions, acts, rules, orders, directives, regulations, standards, decisions, judgments, injunctions, authorisations, by-laws and any other legal requirements of any Competent Authority.

"**Authorised Users**" means those employees and independent contractors of the Customer who are authorised by the Customer to use the Services on the Customer's behalf under this MSA and any End Customer.

"**Background Intellectual Property Rights**" or "**Background IPR**" means all Intellectual Property Rights (including without limitation any modifications or derivatives thereof) other than Foreground Intellectual Property Rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) belonging
 to a Party (or which it uses under a valid licence from a third party) prior to the Effective
 Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) developed
 by a Party (or on behalf of a Party) independently of this MSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without
 reference to or use of the other Party's Intellectual Property Rights.

"**BOM**" or "**Bill of Materials**" shall have the meaning given to such terms in the applicable Service Order.

"**Business Day**" means a day other than a Saturday, Sunday, or public holiday in India when banks in India are open for business.

"**Cloud Infrastructure**" means an HPC scalable cluster as a complex solution consisting of Computing Servers, CDU, Storages, Networking and other equipment inter-connected and assembled in accordance with the Customer's Technical Requirements for machine learning purposes for an exclusive use of the Customer.

"**Cloud Services**" means the standard market offering of Service Provider set out in a Service Order and as ordered by the Customer. Unless otherwise explicitly identified, the term "Cloud Services" as used herein includes any Software and Infrastructure as a Service provided to the Customer.

"**Competent Authority**" means any government, semi or local government, regulatory, statutory, public or other body having jurisdiction over or in connection with Service Provider, the Customer, the Services (or anything in connection with any of them).

"**Computing Server**" means a computing unit consisting with one or a few CPU, GPU, networking and other units.

"**Commissioning Certificate**" means a mutual document executed by and between the Parties certifying that the Cloud Infrastructure has been successfully installed, commissioned, tested, and accepted by the Customer, thereby signalling readiness for operational use and triggering the obligation on the Service Provider's side to start delivering Computing Services pursuant to the terms and conditions of this MSA. Form of Commissioning Certificate is Schedule 6.

2 <br> Commercial in confidence

"**Confidential Information**" means all confidential or proprietary information (however recorded or preserved and whether marked as confidential or which by its nature should reasonably be considered confidential) disclosed by one Party or its Affiliate, or any of their respective employees, officers, subcontractors, professional advisers, lenders or representatives (collectively, "**Representatives**" and each a "**Representative**"), to the other Party and the other Party's Representatives, including the existence and terms of this MSA, the business, affairs, customers, clients, Service Providers, plans, intentions, market opportunities, operations, processes, products, services, data, financial or operations records and working papers, know-how, or trade secrets of the disclosing Party.

"**Content**" means software (including machine images), data, text, audio, video or images.

"**Control**" means in relation to A Party, the legal, beneficial or equitable ownership, directly or indirectly, of more than fifty percent (50%) of the aggregate of all voting equity interests in an entity. "Controlled by" and "under common Control" shall be construed accordingly).

"**Controller**", "**Processor**", "**Data Subject**", "**Personal Data**", "**personal data breach**", "**Processing**" and "**appropriate technical and organisational measures**" shall each have the meaning given to it in the Data Protection Legislation.

"**Controller Data Breach**" shall have the meaning given to it in Clause 11.8 of this MSA.

"**Customer Data**" means any data provided or made available by or on behalf of the Customer to Service Provider in connection with the Services including any data submitted into the Software by the Customer or its Authorised Users, including via any third party application authorised by the Customer, but excluding any system logs, usage data, telemetry, or other operational data generated by the Software and other Service Provider systems.

"**Data Protection Legislation**" means all applicable privacy and data protection laws, including the EU General Data Protection Regulation (Regulation 2016/679) ("**GDPR**"), the GDPR as it forms part of the law of England and Wales, Scotland and Northern Ireland by virtue of Section 3 of the European Union (Withdrawal) Act 2018 ("**UK GDPR**"), the Data Protection Act 2018, and any applicable national implementing laws, regulations and secondary legislation in England and Wales relating to the processing of personal data and the privacy of electronic communications, as amended, replaced or updated from time to time, including the Privacy and Electronic Communications Directive (2002/58/EC) and the Privacy and Electronic Communications (EC Directive) Regulations 2003 (SI 2003/2426).

"**Deliverable**" means an element of the Service prepared or provided by Service Provider for the benefit of the Customer pursuant to a Service Order or SLA.

"**Deliverable Defects Notice**" has the meaning given to it in Clause 9.2 of this MSA.

"**Delivery Date**" means deadline date when the Service Provider notify the Customer of completion of Installation Works.

"**Dispute**" means any issue, controversy, dispute, disagreement, difference or claim that may arise out of or in relation to this MSA or a Service Order or with respect to negotiation, execution or breach (or any allegation thereof) of this MSA or a Service Order.

"**Documentation**" means those printed or online instructions, manuals, screens, and diagrams distributed or otherwise provided to the Customer that pertain to the Services from time to time.

"**Due Date**" means thirty (30) days of the date of any invoice for payment issued by Service Provider to the Customer, or such other date stipulated as the due date in respect of a particular payment in the applicable Service Order.

"**End Customer**" means any end customer to which the Customer sells and/or distributes the Services.

"**End Customer Contracts**" has the meaning given to it in Clause 4.7(b).

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"**Effective Date**" means the date of this MSA.

"**Exit Services**" has the meaning given in Clause 22.5.

"**Force Majeure Event**" means an exceptional event or circumstance, natural catastrophic storms or floods, earthquake, hurricane, tornadoes, cyclones, typhoon, volcanic activity, lightning, Epidemic (only if declared as such by a Competent Authority) and Pandemic (only if declared as such by the World Health Organisation), explosions, terrorism, flood, embargo, riot, sabotage, strikes, labour stoppages or other unforeseeable industrial disturbances, governmental acts, a major failure of the electrical grid affecting the Services or a major failure of the Internet, which in each case is beyond a Party's reasonable control and that directly or indirectly delays or prevents timely performance of that Party's obligations under this MSA.

"**Foreground Intellectual Property Rights**" or "**Foreground IPR**" means any Intellectual Property Rights that subsist in or arise in connection with: (i) the performance of the Services (including without limitation in connection with any Documentation, Software and/or Improvements); (ii) the performance of this MSA; (iii) the performance of any other work which has been carried out pursuant to a specific request by the Customer; (iv) by the Customer's or any Authorised Users use of the Services, Documentation, Software and/or Improvements; and (v) otherwise in connection with this MSA.

**"Installation Stage"** is a stage, which takes place from the execution of the Service Order until the Service Provider performs Installation works, preparing the Cloud Infrastructure for testing and further use by the Customer.

**"Installation Works"** has meaning given in cl. 5.2

"**Improvements**" means any modifications, adaptations, developments, or any derivative works of any kind to the Services or Software made during the Term of this MSA.

"**Indemnification Conditions**" has the meaning given to it in Clause 19.3.

"**Infrastructure as a Service**" or "**Infrastructure**" means processing, servers, GPUs, hardware, storage, networks, systems, tools, data centre facilities and/or other fundamental computing resources as offered by Service Provider and specified in the relevant Service Order.

"**Initial Term**" has the meaning given to it in Clause 3.1 of this MSA.

"**Insolvency Event**" means, with respect to a Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) entering
 into a composition or arrangement with its creditors other than for the sole purpose of a
 solvent reconstruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an
 inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 person becoming entitled to appoint or appointing a receiver or an administrative receiver
 over that Party's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a
 creditor or encumbrancer attaches or takes possession of the whole or any part of that Party's
 assets which is not discharged within 14 days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 event occurs, or proceeding is taken, in any jurisdiction that has an effect equivalent or
 similar to any of the events mentioned in (a) to (d) above.

**"Interest Rate"** means 1% (one per cent) per month on the outstanding overdue amount.

"**Intellectual Property Rights**" means patents, utility models, rights to inventions, copyright and related rights, trademarks and service marks, trade names and domain names, rights in get-up, goodwill and the right to sue for passing off or unfair competition, rights in designs, rights in computer software, database rights, rights to preserve the confidentiality of information (including know-how and trade secrets) and any other intellectual property rights, including all applications for (and rights to apply for and be granted) renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist, now or in the future, in any part of the world.

4 <br> Commercial in confidence

"**Losses**" means all losses, liabilities, damages, regulatory fines and penalties, costs, expenses (including reasonable legal and other professional fees) and charges.

"**Malicious Code**" means Viruses, worms, Trojan horses and other harmful or malicious code, files, scripts, agents or programs.

**Minimum Requirements** means the minimum requirements that the Customer's and any End Customer's infrastructure and systems must meet, as specified in the applicable Service Order.

"**OEM**" means the original equipment manufacturer, in respect of any hardware procured by Service Provider in connection with the deployment of any Services to the Customer pursuant to this MSA.

"**Party Representative**" means the persons nominated by the Parties to act as their respective representatives as identified in Clause 23.19 of this MSA.

"**Product Specific Terms**" has the meaning given to it in Clause 4.46 of this MSA.

**"Permitted Territory"** for the purpose of storage and processing of data denotes the Data Centre site as given in the relevant Service Orders.

"**Professional Services**" means any administration, installation, or similar professional services provided by Service Provider under a Service Order, as more specifically described in the relevant Service Order which do not involve the transfer or making available of technical knowledge, experience, skill, know-how, or processes to the Customer including technical design and technical plans. Such services are not intended to result in the Customer acquiring the ability to apply the technology or skills independently.

"**Relevant Records**" means data, records, materials, documents in any media and format within the possession or control of the Customer and/or its Affiliates from time to time which relate to the Services, excluding any data which the Customer is prohibited from sharing due to confidentiality arrangements agreed with third parties or due to any Applicable Law.

"**Renewal Term**" has the meaning given to it in Clause 3.1 of this MSA.

"**Security Measures**" means the technical and organisational security measures specified in Schedule 3.

"**Services**" means the provision by Service Provider of the specific services agreed with the Customer as specified in the Service Order including, where so specified in the Service Order, Cloud Services and Professional Services.

**"Service Fees"** means the fees payable by the Customer to Service Provider for use of the Services in accordance with the terms of this MSA and the relevant Service Order and/or any other payment obligations set out in the Service Order (and references to "**Fees**" shall also be construed accordingly).

"**Service Level**" or "**SLA**" means the agreement referred to in Clause 7 of this MSA.

"**Service Order**" means a document issued by Service Provider substantially in the form attached at Schedule 1, including all its Appendices, any Product Specific Terms, supplements, or addenda thereto, for the Customer's purchases of Services from Service Provider that is executed by both Parties, and the first Service Order shall be "**Service Order No. 1**" and the second Service Order shall be "**Service Order No. 2**" and so on (and "**Service Orders**" shall be construed accordingly).

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"**Service Order Customer Representative**" means in respect of each Service Order the person nominated by the Customer to act as its representative and who shall be specified in the Service Order.

"**Service Order Effective Date**" means the effective date of the relevant Service Order.

"**Service Order Initial Term**" means, in respect of a Service Order, the period commencing on the Service Order commencement date and continuing for the duration specified in that Service Order.

"**Service Order Service Provider Representative**" means in respect of each Service Order the person nominated by Service Provider to act as its representative and who shall be specified in the Service Order.

"**Service Order Term**" has the meaning given to it in the relevant Service Order.

"**Service Order Year**" means a period of twelve (12) months commencing on the Service Order Effective Date and thereafter, for each consecutive twelve (12) month period, commencing on the anniversary of the Service Order Effective Date.

"**Statement of Work**" or "**SOW**" means the statement of work being a written document attached to a Service Order that describes the Services to be performed.

"**Start of testing Certificate**" means a mutual document executed by and between the Parties, certifying that the Service Provider has successfully installed the Cloud Infrastructure and it is ready for testing. Form of Start of testing Certificate is Schedule 3

"**Software**" means the downloadable software programs offered by Service Provider that are identified on a Service Order or otherwise granted remote access pursuant to the terms and conditions of this MSA in connection with the Customer's use of the Services.

"**Special Conditions**" means any terms expressly identified as "Special Conditions" in a Service Order.

"**Specification**" means the functional specification for a Service as set out in the applicable Documentation.

"**Support Services**" has the meaning given to it in Clause 7 (Service Levels) of this MSA.

**"Target Commencement Date**" means the date by which the Parties expect the GPUs to be in a "Powered-On" state.

"**Technical Requirements**" means Bill of Materials and Quantity for Cloud Infrastructure, setting up and testing requirements of the Customer for the Cloud Infrastructure set out in the relevant Service Order.

"**Term**" in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 MSA, means the Initial Term and any Renewal Term (or a shorter period if this MSA is terminated
 early in accordance with the terms of this MSA); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a
 Service Order, means the Service Order Term (or a shorter period if the Service Order is
 terminated early in accordance with its terms and/or the terms of this MSA).

"**Terms and Conditions**" means the Acceptable Use Policy, Clause 8.1.1 (Restrictions) of this MSA, Clause 8.2 (Monitoring) of this MSA and any other provisions of this MSA applicable to the End Customer's access to or use of the Services..

"**Territory**" means all countries across Asia, Europe & Africa or any such other territory as the Parties may agree in writing from time to time.

"**Testing Period**" has the meaning given to it in Clause 9.2 of this MSA or as may be stated in the Service Order.

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"**Usage Limit**" means the maximum allowance or quantity of a Service to be available to the Customer under this MSA, as specified in the Service Order or applicable Product Specific Terms.

"**Virus"** means any thing or device (including any software, code, file or programme) which may: prevent, impair or otherwise adversely affect the operation of any computer software, hardware, network, data, or the user experience, including worms, Trojan horses, viruses and other similar things or devices.

1.2. In
 this MSA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause,
 section, schedule, appendix, annexure and paragraph headings are for convenience only and
 shall not affect the interpretation of this MSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless
 the context otherwise requires, words in the singular shall include the plural and in the
 plural shall include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 reference to writing or written includes e-mail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) references
 to Clauses and schedules are to the Clauses and schedules of this MSA; references to paragraphs
 are to paragraphs of the relevant schedule to this MSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any
 words following the terms including, include, in particular for example or any similar expression
 shall be construed as illustrative and shall not limit the sense of the words, description,
 definition, phrase or term preceding those terms.

**2.** **SCOPE OF SERVICES** 

2.1 The
 Service Provider shall provide the Customer with Computing Services by granting exclusive
 access to installed and tested Cloud Infrastructure with Computing Servers powered with **8,208 NVIDIA GPU B300** and other specifications as of the Technical Requirements with SLA of
 99.95% throughout the Service Term. The Customer shall pay the Service Provider for Computing
 Services on a per-hour basis in the amount and in the procedure provided in this MSA.

2.2 The
 Service Provider shall provide the Customer with the access to the Computing Services via
 the Internet or Dedicated WAN and VPN channel(s) with access to the Service Provider´s
 API or the graphical user interface (GUI), or other secure ways. The Customer shall ensure
 that it is technically and organizationally capable of accessing the Computing Services via
 the Service Provider´s API or GUI or other secure ways.

2.3 The
 Service Provider shall install the Cloud Infrastructure specified in the cl. 2.1 within 2
 Phases further described in relevant Service Orders, including, among others the following
 details:

---

| | | | |
|:---|:---|:---|:---|
| **Phase** | **GPU Quantity** | **GPU Option** | **Delivery Dates** |
| Phase 1 | 8208 | B300 | September 2026 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 the Service Provider delay Phases, then either the payments shall be postponed or the liability
 and termination clauses shall apply up to the choice of the Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 the Customer delay payments, then the corresponding Delivery Dates of the Service Provider
 shall be postponed accordingly.

2.4 In
 the event and to the extent of any conflict or inconsistency between the documents forming
 the Agreement (unless expressly stated otherwise), the conflict or inconsistency shall be
 resolved in the following order of precedence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Special Conditions expressly identified as such in a Service Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the terms of this MSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the relevant Service Order (excluding Special Conditions);

A provision in a higher-ranking document will prevail over a lower-ranking document only to the extent of the inconsistency.

7 <br> Commercial in confidence

2.5 The
 Customer may request modification of the Cloud Infrastructure subject to terms outlined in
 this Agreement and payment of Additional Fees by executing a Service Order setting out the
 scope, pricing and other applicable terms and conditions of such modification ()"**Modification** ").
 The Parties shall commence the Modification in accordance with terms of the Agreement subject
 to technical feasibility study and financial implications report from Nvidia and Dell (Vendor
 & implementation partner).

2.6 The
 Service Provider may offer the Customer early access to Computing Services before the Services
 Start Date ()"**Early Access** "). If such option is available, the Service
 Provider shall send to Customer a notice about readiness of Cloud Infrastructure for Early
 Access. Thereafter, commencement procedures shall follow according to Section 3 of this Agreement.

2.7 The
 Service Provider undertakes to perform all its obligations under this Agreement personally
 and shall not engage any third party (subcontractors, agents or other intermediaries) for
 the performance of such obligations without the prior written consent of the Customer. If
 the Service Provider, upon the Customer's prior written consent, engages any third
 party for the performance of any of the Service Provider's obligations under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Service Provider shall be responsible for the acts and omissions of the third parties it
 engages, to the same extent as if those acts or omissions were those of the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 engagement of third parties will be at no cost to the Customer and will not result in or
 lead to any increase of the Total Amount Payable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Service Provider shall prohibit the engaged third party from further subcontracting without
 the Customer's prior written consent.

2.8 The
 Service Provider covenants towards the Customer as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Service Provider shall ensure that all Customer Data shall be stored and processed exclusively
 within the Permitted Territory. All physical infrastructure, including servers and backup
 systems used to provide the Services, must be physically located within the Permitted Territory.
 The Service Provider is strictly prohibited from transferring, moving, or replicating Customer
 Data to any location outside the Permitted Territory without Customer's prior express
 written consent, which must not be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding
 any other provision in this Agreement regarding "operational efficiency", "maintenance",
 or "cloud elasticity", the Service Provider shall not migrate Customer Data to
 a different jurisdiction for technical or operational reasons. Any migration of Customer
 Data outside the Permitted Territory is permitted only if (a) required by a mandatory change
 in Law, and (b) preceded by at least ninety (90) days' written notice to Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Service Provider shall promptly inform the Customer about any events or circumstances which
 may affect the due performance by the Service Provider under this Cl. 2.7 or breach the warranty
 or cause the misrepresentation under cl. 9.13, including but not limited to a change in the
 laws of the Permitted Territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any
 material breach of Cl. 2.7, or breach of the warranty specified in Cl. 9.13, in each case
 shall constitute a Residency Breach. Upon the occurrence of a Residency Breach, Customer
 shall have the right to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Terminate
 this Agreement or any affected Service Order for cause if such breach is not remedied within
 a reasonable cure period after written notice; and if the Customer exercises its termination
 right under this paragraph (i):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Receive
 a pro-rata refund of any prepaid fees for the remainder of the term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Trigger
 the Disentanglement Period immediately, during which the Service Provider shall provide the
 assistance envisaged by Cl. 13.11 in accordance with the disengagement provisions of this
 Agreement.

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---

| | |
|:---|:---|
| **3** | **TERM** |

---

3.1 This
 MSA shall commence on the Effective Date and shall, unless terminated earlier in accordance
 with the terms of this MSA, continue in full force and effect for a period of seven (7) years
 (the "**Initial Term**") if other is not provided in the Service Order(s).

3.2 Customer
 may, in its sole discretion, by giving the Service Provider not less than 3 months'
 written notice, extend this MSA beyond the expiry of the Initial Term of this MSA for an
 additional period of up to three (3) years (a "**Renewal Term** ").

3.3 The
 Service Order Initial Term for each Service Order shall commence on the Service Order Effective
 Date and shall continue until the expiry of the Service Order Initial Term, unless terminated
 earlier strictly in accordance with the terms of this MSA and/or the relevant Service Order.
 For clarity, except as expressly set out in this Agreement, neither Party may terminate this
 MSA or any Service Order for convenience.

3.4 The
 Parties intend that each Service Order (unless otherwise terminated in accordance with its
 terms) should be fulfilled for the full period (including any extension agreed between both
 parties at that time and/or renewal period) contemplated by that Service Order.

3.5 Except
 as expressly provided in this Agreement, each Service Order operates independently. A breach,
 default or termination in respect of one Service Order will not, of itself, constitute a
 breach or default under any other Service Order.

---

| | |
|:---|:---|
| **4** | **ACCESS TO SERVICES** |

---

4.1 **Appointment:** Subject to the terms and conditions of this MSA and the relevant Service Order, Service
 Provider appoints Customer, and Customer accepts the appointment, as Service Provider's
 non-exclusive reseller of the Services in accordance with the terms of this MSA and the relevant
 Service Order.

4.2 **Territory**:
 Without prejudice to any other term of this MSA and subject to Applicable Law, the Parties
 shall not (directly or indirectly) knowingly and actively solicit, induce, or attempt to
 solicit or induce any customer of the other Parties in relation to the provision or receipt
 of services similar to the Services during the Term. Subject to the foregoing, the Parties
 are free to market, distribute, sell or license the Services in any manner whatsoever, directly
 or indirectly, to customers within or outside the Territory.

4.3 **Use of Services:** Customer may only use the Services (including without limitation the Cloud
 Services, and any requested Professional Services) for the purposes of Customer reselling
 such Services to the End Customer in accordance with this MSA and as specified in a Service
 Order and/or Statement of Work.

4.4 **License Grant:** Subject to the terms of this MSA and any relevant Service Order, Service Provider
 hereby grants to the Customer a limited, revocable, non-exclusive, non-transferable, non-sublicensable,
 restricted right to market, offer for sale, sell and distribute the Services strictly under
 the End Customer Contracts directly to the End Customers for the End Customers' internal
 business purposes during the Service Order Term, in accordance with this MSA (including without
 limitation the Documentation) and the relevant Service Order.

4.5 **Service Orders/Affiliate Usage:** Customer/its Affiliates may place orders under this MSA by executing
 Service Order(s) in the form attached at Schedule 1. The Service Order shall only become
 effective and legally binding upon the signature by the Customer/its Affiliate (as applicable)
 and Service Provider.

4.6 **Product Specific Terms:** The Customer understands and agrees that certain Services may be subject
 to supplemental terms (the "**Product Specific Terms**") which shall be made
 available to the Customer from time to time and such terms shall be deemed incorporated by
 reference into the relevant Service Order applicable to the relevant Services. The Customer
 further acknowledges that Services may evolve over time and that specific functionality may
 be added or removed from time to time.

9 <br> Commercial in confidence

4.7 **Customer Responsibilities:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Customer shall comply with the terms of this MSA and all Applicable Law in relation to its
 use of the Services. Without prejudice to the generality of the foregoing, the Customer shall
 ensure that its use of the Services, its Authorised Users' use and its Content will
 not violate the Acceptable Use Policy or any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Customer shall provide Service Provider with redacted copies of all agreements the Customer
 has with its End Customers in connection with the sale, distribution and/or any other use
 of the Services (the "**End Customer Contracts**") under the MSA and any relevant
 Service Order. The copies of these End Customer Contracts must be provided to Service Provider
 within two (2) days of the **effective date of the End Customer Contract, and from time to time any amendments thereto.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Customer must ensure that its infrastructure and systems and those of any End Customer meet
 the Minimum Requirements at all times. The Service Provider is not responsible for any failure
 or degradation of the Services arising from the failure to meet the Minimum Requirements.

4.8 **Authorised Users:** The Customer agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Cloud Services are made available to the Customer (or, where relevant, an Affiliate under
 a Service Order with an Affiliate) solely for the purposes of the Customer reselling to End
 Customers in accordance with this MSA (including without limitation Clauses 4.1, 4.2, 4.3
 and 4.4 of this MSA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Customer may only permit its Authorised Users to access and use the Cloud Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Customer is responsible for identifying and authenticating all Authorised Users and ensuring
 their compliance with the terms of this MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Customer is responsible and liable for all activities that occur under the Customer's
 and Authorised Users' usernames, passwords or accounts or as a result of the Customer's
 or Authorised Users' access to the Cloud Services, whether such access or use is permitted
 by or in violation of this MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any
 act or omission that would constitute a breach of this MSA and/or the relevant Service Order
 if committed by the Customer, will be deemed to constitute a breach of the MSA and/or the
 relevant Service Order if committed by Customer's Authorised Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Customer acknowledges and agrees that each Authorised User must keep a secure password for
 their use of the Cloud Services which must be kept confidential, and any access credentials
 may not be used by more than one individual.

4.9 **Dependencies:** The Customer is responsible for providing any Dependencies stated in a Service Order
 and shall ensure that its network and systems comply with the relevant specifications provided
 by Service Provider from time to time necessary for the operation of the Cloud Services.
 The Customer shall be solely responsible for procuring and maintaining all network connections
 and telecommunications links from its systems to Service Provider's data centres in
 order to access and use the Cloud Services.

4.10 **Reserved Rights**: Customer does not have the right to distribute any other Service Provider products
 or services not set forth in a Service Order, and does not have the right to sub-contract,
 appoint or otherwise authorise any third party to act as a dealer, agent, or reseller for
 the distribution of the Services without Service Provider's prior written consent.
 All rights not specifically and expressly granted in writing to the Customer under this MSA
 are hereby expressly reserved to Service Provider.

10 <br> Commercial in confidence

4.11 Notwithstanding
 any other term of this MSA (and any relevant Service Order) and without prejudice to Clause
 4.10 and Clause 15, Customer acknowledges and agrees that Service Provider (and/or its licensors
 (as applicable) shall retain all rights, title and interest in and to the Infrastructure.
 Nothing in this MSA and/or the relevant Service Order shall be construed to grant the Customer
 (and/or any Authorised User any ownership interest or rights to the Infrastructure except
 for the rights to use the Services as expressly set out in this MSA and the relevant Service
 Order.

4.12 Right
 of First Refusal – Melbourne Data Centre

The Service Provider will provide the Services from the data centre specified in the first Service Order issued under this Agreement. The Service Provider intends to commence offering its services from an additional data centre located in Melbourne, Australia (**Melbourne DC**).

The Customer will have a right of first refusal to procure additional or increased capacity services from the Melbourne DC before such capacity is offered by the Service Provider to third parties. The Service Provider will notify the Customer in writing when capacity becomes available at the Melbourne DC.

The Customer must exercise its right of first refusal by written notice to the Service Provider by the later of (a) 30 June 2026; or (b) thirty (30) days after receipt of the Service Provider's written notification. If the Customer does not exercise the right within that period, the Service Provider may offer the relevant capacity to third parties.

Any services provided from the Melbourne DC will be subject to a separate Service Order and may be subject to different commercial and technical terms, including pricing, as agreed between the parties in good faith.

---

| | |
|:---|:---|
| **5** | **COMMENCEMENT OF THE COMPUTING SERVICES** |

---

5.1 The
 Parties agree to commence the Computing Services partially or in full after successful completion
 of Installation and Co-testing stages in accordance with the Technical Requirements.

5.2 **Installation Stage**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Service Provider shall complete all the installation, commissioning and connection to the
 monitoring system works of Cloud Infrastructure, including NVIS testing completion, according
 to Technical Requirements within the specified Delivery Dates of the Agreement ()"**Installation Works** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Service Provider shall notify the Customer of the completion of Installation Works in writing
 within 1 (*one*) day and the parties shall proceed to the Co-testing stage.

5.3 **Co-testing Stage**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Parties shall within 10 Business Days jointly test, evaluate, review, and check the quantity
 and quality of the Computing Services and Cloud Infrastructure for the compliance with all
 Technical Requirements and with the warranties and representations made by the Service Provider
 to the Customer under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon
 receiving written confirmation that the Computing Services and Cloud Infrastructure comply
 with Technical Requirements (in terms of quantity, quality and testing results) and warranties
 and representations made by the Service Provider to the Customer herein, the Customer shall,
 within 1 (*one*) business days provide the Service Provider with signed version of the
 Commissioning Certificate and the Service Provider shall sign and return it to the Customer
 within 1 (one) business day.

11 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If
 the Customer does not provide written aforementioned confirmation, the Customer shall provide
 the Service Provider with the written notice of rejection, which shall specify, in reasonable
 detail, the list of errors, or any other discrepancies or non-compliances, and upon receipt
 of any such notice of rejection. The Service Provider shall promptly identify, thoroughly
 investigate, effectively resolve, and eliminate the said errors, discrepancies, and non-compliances,
 at no cost to the Customer, within the reasonable timelines agreed between the Parties with
 reference to the nature of the issues. This process will include, among others, timely communication
 of progress updates by the Service Provider to the Customer and implementation of necessary
 corrective measures by the Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the Co-testing stage does not complete within 10 business days (excluding delays caused by
 the Customer or third parties and agreed remediation periods), the Parties may extend the
 term in writing. If the Co-testing stage is not completed within that period due to causes
 materially attributable to the Service Provider (excluding any delay caused by the Customer,
 the End Customer, or any third party), and the Computing Services and Cloud Infrastructure
 fail to operate substantially in accordance with the Technical Requirements, the Customer
 may give the Service Provider written notice requiring the Service Provider to remedy the
 issue. If the Service Provider fails to remedy the issue within sixty (60) days after receiving
 such notice, the Customer reserves the right to terminate this Agreement, subject to applicable
 liability provisions.

5.4 The
 Service Provider shall commence the provision of the Computing Services to the Customer on
 the date of signing by the Parties of the Commissioning Certificate.

---

| | |
|:---|:---|
| **6** | **SETTLEMENTS** |

---

6.1 **Total Amount Payable** for Computing Services for entire initial Service Term set out in the
 relevant Service Order, inclusive of all taxes and exclusive of any Early Access, comprise
 the sum of Total Amount Payable determined in relevant Service Orders. Following the expiry
 of such initial term the Service Provider may increase the Fees on each anniversary of the
 date of a Service Order by the higher of 3% or the increase in the CPI over the previous
 4 calendar quarters immediately prior to the date of adjustment.

6.2 Notwithstanding
 the foregoing or any other provision of this Agreement or relevant Service Order, the Service
 Provider can increase the Fees at any time, including during the initial Service Term in
 respect of electricity input cost increase. Any rates or Fees which are based on an assumed
 rate of input cost of electricity, as specified in the Service Order, if the electricity
 input cost increases beyond the assumed rate, then the Service Provider may increase the
 Fees or rates to reflect the proportionate increase in the electricity input cost. If such
 increase for electricity is for more than 5 % of the original assumed rate, the Service Provider
 will provide reasonable evidence supporting increase. The Service Provider will use reasonable
 endeavours to provide Customer with advance notice of any such increases where practicable,
 however, any such increase will apply from the effective date imposed by the relevant third-party
 Service Provider, regardless of when notice is provided.

6.3 **Additional Services and Changes**. Notwithstanding any other provision of this Agreement or relevant
 Service Order, if the Customer requests services, work, modifications or changes that are
 not included in the Services or the relevant Service Order, or additional work is reasonably
 required as a result of the Customer's acts, omissions, instructions or Customer Equipment,
 the Service Provider may perform such work subject to the Customer paying the applicable
 Additional Fees. By way of example, Additional Fees will be payable in relation to: (a) usage
 exceeding the contracted capacity; (b) remote hands, technical support or other services
 requested by the Customer outside the scope of the Services; (c) installation, modification
 or provisioning of connectivity, cross-connects or related infrastructure; (d) emergency,
 after-hours or other out-of-scope work; (e) remediation, compliance or facility protection
 measures required due to Customer Equipment or the Customer's activities; and (f) third-party
 costs reasonably incurred on the Customer's behalf. Where reasonably practicable, the
 Service Provider will notify the Customer of the applicable Additional Fees before performing
 the relevant work.

12 <br> Commercial in confidence

6.4 **Currencies**.
 All prices, costs and amounts in Agreement are calculated and nominated in U.S. Dollars (USD).
 Payments shall be made either in USD, UAE Dirhams (AED). If payments are made in AED, paying
 Party shall use the exchange rate will be fixed and 1 (One) Dollar USD will be equal to 3.6725
 (Three point six thousand, seven hundred and twenty-five) Dirhams.

**6.4** **Calculation**.
 The Parties use and shall use the following formula to calculate payment amounts for a period
 based on parameters mentioned in cl. 5.1:

*(Cost of 1 GPU per hour \* GPU Quantity \* Number of hours per period) + (Cost of Performance Storage + Cost of Object Storage + Cost of P2P + Cost of Internet Connectivity) \* period*

**6.5** **Payment Schedule.** 

**6.5.1** The
 Customer shall pay for Computing Services in advance, quarterly, in amounts and within deadlines
 specified in the Payment Schedule (specified in relevant Service Orders) dependent on the
 specification of the Cloud Infrastructure ()"**Quarterly Payment** ").

*In terms of Quarterly Payments, the quarter means a calendar quarter consisting of 3 (three) consecutive calendar months starting from the Services Start Date in accordance with the Payment Schedule table.*

 

**6.5.2** The
 Parties may provide the advance payment conditions in each Service Order. The Parties hereby
 agree that the next payment after the advance payment must be made only after the Parties
 execute relevant Commissioning Certificate.

**6.5.3** The
 Customer upon execution of this Agreement shall secure the payments as provided in Chapter
 13 of the Agreement.

**6.5.4** The
 Parties agree to recalculate the Quarterly Payment for the next quarter during the Service
 Term in case of Modification accordingly in accordance with the formula specified in the
 cl. 5.3. Such recalculation may be made either by written addendum executed by the parties
 or by conduct of the Parties, when the Service Provider provide the Customer Invoice with
 updated sum and the Customer pay under such Invoice therefore providing consent.

**6.5.5** For
 avoidance of any doubt, the Co-testing Stage is a non-billable grace period.

**6.6** **Mode of payment and miscellaneous.** 

**6.6.1** An
 Invoice shall be sent to paying party as an invoice electronically in .pdf format via email
 10 (*ten*) calendar days prior to the deadline specified in the Payment Schedule table
 or other due dates.

**6.6.2** Any
 Party issuing an Invoice shall specify its billing details. Payment made using such details
 constitute a proper performance of paying Party.

**6.6.3** All
 payments under the Agreement shall be made by bank transfer of funds by the Party to the
 account of the other Party in accordance with the following billing details of the Parties

**6.6.4** The
 Customer's obligation to pay any amount under this Agreement shall be deemed fulfilled
 on the date monetary funds are credited to Service Provider's bank account.

**6.6.5** It
 is specifically stated and agreed by the Parties in this Agreement that no additional payments
 are made by the Customer to the Service Provider other than what is specified in this Agreement,
 for any reasons whatsoever, for the performance or in connection with the performance of
 the Agreement.

**6.6.6** If
 the Customer in good faith disputes any amount invoiced by the Service Provider for any outstanding
 payments (if applicable), the Customer may withhold the disputed amount and the Customer
 shall pay per the terms and conditions of this Agreement any undisputed amounts and will
 notify the Service Provider in detail in writing as to the nature of the disputed charges
 and the reason for the Customer's disagreement. The Service Provider shall respond
 by providing documentation in reasonable detail for the disputed charges.

**6.6.7** The
 Parties pay their bank fees at their own cost.

13 <br> Commercial in confidence

---

| | |
|:---|:---|
| **7** | **SERVICE LEVELS** |

---

Subject to the Customer's payment of all applicable Service Fees and Advances, the Service Provider shall provide Cloud Services and support for the Cloud Services as set out in the applicable Service Order ("**Support Services**") in accordance with Schedule 7. Service Provider is not obliged under the terms of this MSA to provide any customer service or Support Services to any Authorised User other than Customer's administrators, such responsibility (if any) shall remain with the Customer. The Service Provider will issue reports to the Customer in relation to the Service Levels at the end of each quarter, in a form agreed between the parties, acting reasonably.

---

| | |
|:---|:---|
| **8** | **USAGE GUIDELINES** |

---

**8.1.1** **Restrictions:** The Customer shall not, and shall not attempt to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2** access,
 use or permit the use of all or any part of the Cloud Services for any unauthorised or unlawful
 purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.3** license,
 sublicense, sell, resell, transfer, assign, distribute, or otherwise commercially exploit
 or make available to any third party or assist any third party in obtaining access to the
 Cloud Services in any way;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.4** copy,
 modify, duplicate, create derivative works from, frame, mirror, republish, download, display,
 transmit or distribute all or any portion of the Cloud Services in any form or by any means;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.5** reverse
 engineer, decompile, disassemble the Cloud Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.6** remove
 or obscure any copyright or other proprietary notices from any portion of the Cloud Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.7** use
 the Cloud Services to store or send Content:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. containing
 Malicious Code or malware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. which
 is obscene, offensive, vulgar, threatening, illegal or fraudulent, false, deceptive or promotes
 bigotry, racism, abuse, hatred, harassment or harm against any individual or group, in each
 case as aforesaid which is in contravention of any Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. which
 violates privacy rights as provided under Applicable Law (including but not limited to the
 Data Protection Legislation), or constitutes an infringement of intellectual property or
 other proprietary rights; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. is
 otherwise unlawful or tortious intended to damage any system or data or cause damage or injury
 to any person or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.8** use
 the Cloud Service for crypto mining, or operating a coin service, exchange or other service
 for the purposes of generating, distributing, or transacting in digital currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.9** interfere
 with or disrupt the integrity or performance of the Cloud Services or the data contained
 therein or other equipment or networks connected to the Cloud Services, including by imposing
 an unreasonable or disproportionately large load on Service Provider's or a third party
 provider's infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.10** circumvent,
 disable, bypass or interfere with security-related features of the Cloud Services, or features
 that enforce limitations on use of the Cloud Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.11** conduct
 any high-risk activities or critical applications requiring fail-safe performance, such as
 the operation of nuclear facilities, air traffic control or other transportation systems,
 or life support systems, where the use or failure of the Cloud Services could lead to death,
 personal injury, or severe physical or environmental damage;

14 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.12** to
 provide services to any countries or regions that are subject to any embargoes imposed by
 Applicable Law or any end-user who it knows will utilise them in the design, development
 or production of weapons or intended for military or military-intelligence end-use; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.13** perform
 any security testing of the Cloud Services or of any infrastructure or facilities used to
 provide the Services, including network discovery, port/service identification, vulnerability
 scanning, password cracking, remote access testing or penetration testing, without Service
 Provider's prior written consent.

**8.2** **Monitoring:** Service Provider may monitor, track and analyse how the Cloud Services are used in order
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2.1** comply
 with and/or exercise any of its obligations and/or rights (as applicable) under this MSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) improve
 the Cloud Services, including to develop updates, upgrades, modifications or derivative works
 thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) collect,
 use, compile and derive quantitative data for industry analysis, benchmarking, analytics
 and other internal business performance purposes.

provided that, notwithstanding anything contained herein or any Service Order, Service Provider shall not monitor or access the Content of the Customer Data, or reconstruct, decipher, or otherwise interpret such Customer Data in any form whatsoever.

**8.3** **Terms and Conditions**: Customer shall ensure that the End Customer Contracts and/or any other
 agreement between Customer and an End Customer in connection with the sale and/or distribution
 of the Services to such End Customer validly incorporates the Terms and Conditions and the
 Terms and Conditions are and continue to be legally binding on the End Customers for the
 Service Order Term. Customer shall: (a) promptly notify Service Provider of any actual or
 suspected breach by End Customer of the Terms and Conditions of which Customer becomes aware
 of; and (b) promptly notify Service Provider of any infringement or alleged infringement
 of Service Provider's Intellectual Property Rights.

---

| | |
|:---|:---|
| **9** | **ACCEPTANCE** |

---

**9.1** **Generally:** If Service Provider and the Customer have agreed in writing in any Service Order that a certain
 Service or a specific Deliverable under the Services is subject to an acceptance test, then
 the Service or the Deliverable, as the case may be, shall be tested by the Customer in accordance
 with Clause 9.2 below.

**9.2** **Testing Process:** Any formal acceptance test applicable to the Services shall be conducted on
 the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Service
 Provider shall notify the Customer in writing that the Service or the Deliverable is ready
 for testing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless
 otherwise provided in the Service Order, upon receipt of such notice, the Customer shall
 test the Service or the Deliverable for a maximum of two weeks ()"**Testing Period** ")
 and in a manner consistent with acceptance criteria, which criteria shall be jointly developed
 and mutually agreed between Service Provider and the Customer prior to the Go-Live Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During
 such Testing Period, the Customer may either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. confirm
 in writing to Service Provider that the Service or the Deliverable is accepted; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. deliver
 written notice to Service Provider detailing any specific claimed defects in the Service
 or the deliverable, which defects shall be limited to the failure of the Service or the Deliverable
 to conform to the applicable specifications in all material respects ()"**Deliverable Defect Notice** "). If no notice is given to Service Provider in accordance with this
 Clause 9.2 prior to the expiration of the Testing Period, then without prejudice to any warranty
 obligations of Service Provider as set out hereunder or in the applicable Service Order,
 the Service or the Deliverable shall be deemed accepted by the Customer as of the first day
 after expiry of the Testing Period; and

15 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 receipt of a Deliverable Defects Notice in accordance with Clause 9.2 (c) ii, Service Provider
 shall proceed to remedy any bona fide defects, whereupon the Service or the Deliverable shall
 be retested in accordance with the testing process defined in this Clause 9.2. For the avoidance
 of doubt, no "acceptance" terms shall apply to Cloud Services.

---

| | |
|:---|:---|
| **10** | **SUSPENSION** |

---

**10.1** **Customer Action:** Notwithstanding anything to the contrary in this MSA, and without prejudice to
 any other rights or remedies hereunder to which Service Provider may be entitled, Service
 Provider may suspend, disable or limit the Customer's (including the Customer's
 Affiliates') and Authorised Users access to all or part of the Services on written
 notice, in case of occurrence of the following events until the relevant event mentioned
 below has been resolved by the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Customer is in material breach of this MSA, any relevant Service Order and/or any Applicable
 Law; for the purpose of this MSA, "material breach" by the Customer shall mean:
 (a) accessing the Services in breach of Usage Guidelines or Applicable Law; (b) breach of
 the obligations set out in Clause 17 (*Confidential Information*); (c) infringing the
 Intellectual Property Rights of Service Provider set out in Clause 15 (Intellectual Property
 Rights); and/or (d) breach of the representations set out in Clause 11.1 (*Customer Data*) *;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Customer's use of the Cloud Services materially disrupts or poses a security threat
 to the Cloud Services or to any other customer or vendor of Service Provider; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Customer has ceased to continue the Customer's business in the ordinary course or an
 Insolvency Event in relation to the Customer has occurred.

**10.2** **Protective Actions:** Service Provider may also, from time to time, suspend, disable or limit all
 or part of the Services on notice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) due
 to a Force Majeure Event which prevents the Services from being provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where
 there is a material threat to, or material attack on, the Cloud Services or if continued
 use may result in material harm to the Cloud Services or its users;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 continued performance of its obligations under this MSA could result in Service Provider
 being in breach of Applicable Law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) upon
 directions by a Competent Authority.

**10.3** **Notice:** Service Provider shall use commercially reasonable efforts to provide an immediate notice
 to the Customer, taking into account the urgency of the particular circumstances necessitating
 such suspension, and in all events provide frequent updates regarding resumption of access
 to the Cloud Services following any service suspension.

**10.4** **Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.1** In
 the event of suspension of Services by Service Provider pursuant to Clause 10.1, and if the
 suspension of Services has continued for thirty (30) days from the date of suspension and
 the breach has remained uncured/unremedied within the aforesaid period, this shall constitute
 an irremediable material breach by the Customer and Service Provider may terminate in accordance
 with Clause 22.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.2** In
 the event of a suspension of Services pursuant to Clause 10.2 which was not caused (directly
 or indirectly) by any act or omission of the Customer (or any of its Affiliates), (a "**Material Protective Action Suspension** "), then on a Party serving written notice on the other
 Party (a "**Material Protective Action Suspension Notice** "), the Parties
 shall negotiate in good faith to agree on such alternative service or solution or amendments
 to the existing Services with the objective of the cessation of the Material Protective Action
 Suspension.

16 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4.3** In
 the event of any failure to achieve a mutual agreement on such alternative service or solution
 or amendments to the existing Services which would lead to the cessation of the Material
 Protective Action Suspension and/or the Services not being resumed within thirty (30) calendar
 days from the date of any Material Protective Action Suspension Notice pursuant to Clause
 9.4(b), then the relevant Service Order shall be terminated on written notice by either Party
 of a further thirty (30) days; provided however, Service Provider shall refund to the Customer
 any prepaid fees for the affected Services on a pro-rata basis for the period following termination
 within sixty (60) days of the last notice issued by the terminating Party, except to the
 extent that the Material Protective Action Suspension was caused directly or indirectly by
 the Customer or any of its Affiliates, and the provisions of Clauses 22.4 and 22.5 shall
 apply. For the avoidance of doubt, such refund shall constitute the Customer's sole
 and exclusive monetary remedy in respect of the suspension and termination of the affected
 Services.

**10.5** **Resumption:** Service Provider shall resume providing access to the Services as soon as reasonably practicable
 after the event or threat giving rise to the Service suspension is cured and shall provide
 frequent updates regarding resumption of access to the Cloud Services.

**10.6** **Liability:** Save and except as expressly provided in this Clauses 10.4(c) and 10.5 or the applicable
 Service Order, Service Provider will have no liability, including liability to third parties,
 for any damage, liabilities, losses (including any loss of data or profits), or any other
 consequences that the Customer (or any of its Affiliates) and/or any Authorised User may
 incur as a result of a Service suspension in accordance with this Clause 10 and Clause 14.8(b).
 Any service levels documented in the applicable SLAs (unless otherwise agreed in the SLAs)
 shall not apply during the period of suspension pursuant to this Clause 10 and Clause 14.8(b)
 and the Customer shall not be eligible to receive any service credits as provided thereunder.

---

| | |
|:---|:---|
| **11** | **CUSTOMER DATA** |

---

**11.1** **Generally:** For any Customer Data that the Customer uploads, stores or shares, the Customer hereby represents
 and warrants that it either owns or has the authority, including all rights, licences, consents
 and releases, that are necessary to enable their use.

**11.2** **Back-ups:** Service Provider shall not be responsible for, and the Customer accepts full responsibility
 for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inputting
 and maintaining the Customer Data (and except as otherwise expressly agreed in this MSA),
 its security and integrity, including by encrypting the Customer Data and managing encryption
 keys;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) backing
 up the Customer Data or any other data, and the Customer acknowledges that the Services (unless
 otherwise agreed in a Service Order) do not include any dedicated back-up or disaster recovery
 facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 safety and integrity of any back-ups of the Customer Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) except
 as otherwise expressly agreed in this MSA, extracting, transferring, or recovering any data
 (including the Customer Data) whether during the Term or otherwise (including providing any
 assistance with any such activities).

**11.3** **Monitoring and Removal:** Except for any explicit obligations under this MSA or Applicable Law, including
 the Data Protection Legislation, the Customer acknowledges that Service Provider has no control
 over the Customer Data hosted as part of the provision of the Cloud Services, and will not
 actively monitor or have access to the Contents of such Customer Data. Service Provider reserves
 the right but not the obligation to remove, or request that the Customer remove, any Customer
 Data from the Cloud Services that is reasonably believed to be unlawful or harmful to the
 Cloud Services or if a third party brings or threatens legal action regarding such data.

17 <br> Commercial in confidence

**11.4** **Delays:** Service Provider is not responsible for any delays, delivery failures, or any other loss
 or damage resulting from the transfer of the Customer Data over communications networks and
 facilities, including the internet, and the Customer acknowledges that the Services may be
 subject to limitations, delays, and other problems inherent in the use of such communications
 facilities.

**11.5** **Processing:** The Customer is solely responsible for any Customer Data, including any Personal Data, financial,
 health or governmental information, or any other information which may be subject to Data
 Protection Legislation. The Customer shall only transmit to Service Provider the minimum
 amount of Personal Data as strictly necessary for Service Provider to perform its obligations
 under this MSA.

**11.6** **Personal Data**: The Parties acknowledge that each Party shall be acting as separate Controllers
 in relation to their respective Processing of Personal Data in the context of their business
 operations and comply with the requirements on each of them under Data Protection Legislation.
 For the purposes of providing and receiving the Services under the MSA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it
 is not contemplated that Service Provider will have nor require access to any Personal Data
 from Customer under this MSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer
 shall refrain from providing to Service Provider any Personal Data that it Processes in the
 context of its business operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) should
 Customer share or enable access to any Personal Data to Service Provider (whether intentionally
 or mistakenly), Customer shall be in breach of the requirements applicable to Controllers,
 notably in terms of purpose limitation and data minimisation, under Data Protection Legislation
 and be responsible for handling the Controller Data Breach (as defined in Clause 11.8 below)
 that Customer will have thereby caused or facilitated in accordance with Data Protection
 Legislation.

**11.7** For
 clarity, the Parties do not intend that Service Provider will act as a Controller or Processor
 of Customer Personal Data in connection with the provision of the Services.

**11.8** **Controller Data Breach:** Each Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 writing report to the other Party any accidental or unlawful alteration, unauthorised disclosure
 of, or access to Personal Data in relation to which the other Party acts as a Controller
 excluding any Personal Data from Customer under this MSA (a "**Controller Data Breach** ")
 without undue delay, and not later than twelve (12) hours, after becoming aware of such Controller
 Data Breach to enable the other Party to meet the required timeline set out under Data Protection
 Legislation in relation to the mandatory notification of personal data breaches (as this
 term is defined under Data Protection Legislation); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cooperate,
 inform, including by sharing information about the nature and consequences of the Controller
 Data Breach that is reasonably requested by the other Party, and provide such assistance
 as is reasonably required to enable the other Party to comply with its own obligations as
 a separate Controller under Data Protection Legislation, including where applicable to notify
 affected individuals, supervisory authorities or regulatory bodies, and undertake remedial
 measures.

---

| | |
|:---|:---|
| **12** | **SECURITY** |

---

**12.1** **Information Security:** Service Provider will implement and maintain reasonable and appropriate technical,
 organisational, administrative and physical measures designed to protect the security (including
 protection against unauthorised or unlawful processing and against accidental or unlawful
 destruction, loss or alteration or damage, unauthorised disclosure of, or access to the Customer's
 Data), confidentiality and integrity of the Customer's Data in accordance with the
 Security Measures, throughout the Service Order Term.

18 <br> Commercial in confidence

**12.2** **Review:** The Security Measures shall be reviewed and updated periodically to address new technologies,
 changes in industry-standard practices and security threats, provided that any such update
 does not materially reduce the overall level of security and shall be reviewed and updated
 to comply with any requirements of Applicable Law, from time to time.

---

| | |
|:---|:---|
| **13** | **COMPLIANCE** |

---

**13.1** **General:** Each Party shall comply with all Applicable Law relating to such Party in connection with
 this MSA.

**13.2** **Sanctions List:** Each Party represents that it (and in the Customer's case, its Authorised
 Users) is not on any government prohibited, denied, or unverified-party, sanctions, debarment,
 or exclusion list or export-controlled related restricted party list and has not and will
 not have any dealings whatsoever with any such sanctioned person or party.

**13.3** **Anti-Bribery:** Neither Party shall, directly or indirectly through a third-party, in relation to this MSA
 unlawfully give, receive, promise, attempt to give or to receive or in any way facilitate,
 the giving and/or receiving of anything of value to any person for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securing
 an improper advantage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) inducing
 or influencing any person to take any action or refrain from taking any action to obtain
 or retain business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) inducing
 or influencing any person to use his/her influence with any government or public international
 organisation, or any department, agency or other instrumentality thereof, for either of the
 foregoing.

**13.4** **Export Controls and Regulations:** The Customer agrees to comply with all applicable export, import,
 trade and economic sanctions laws and regulations, as amended, including without limitation
 U.S. Export Administration Regulations, Office of Foreign Assets Control Regulations, and
 rules and regulations issued by the Bureau of Industry and Security of the U.S. Department
 of Commerce.

**13.5** **Changes in Law:** If, as a consequence of changes in Applicable Law, Service Provider's ability
 to deliver the Services or any part thereof to fulfil its obligations under the relevant
 Service Order, becomes substantially adversely affected, or would put Service Provider in
 breach of Applicable Law, Service Provider shall notify the Customer with a view to offering
 an alternative service or another solution. The Parties shall negotiate in good faith to
 agree on such alternative service or solution. Failure to achieve a mutual agreement on such
 alternative service or solution within thirty (30) calendar days will give Service Provider
 and the Customer the right to terminate the relevant Service Order or any part thereof immediately
 on written notice and Service Provider shall in case of such termination within thirty (30)
 calendar days of such written notice pay to the Customer the amounts specified in the Service
 Order and the provisions of Clauses 22.4 and 22.5 shall apply.

---

| | |
|:---|:---|
| **14** | **SERVICE FEES AND PAYMENT** |

---

**14.1** **Service Fees**: The Customer shall pay the Service Fees and Advances set out in the Service Order
 in the amounts and in accordance with the terms specified in the Service Order and otherwise
 in accordance with any payment terms specified under this MSA.

**14.2** **Professional Services:** Unless otherwise agreed in the Service Order, Professional Services shall be
 provided on a time and materials basis at the rates set out in the then applicable price
 list, provided to the Customer by Service Provider at the time of the request from the Customer
 for the Professional Services. Hourly rates, fixed prices and maximum prices exclude cost
 for travel time, travel costs, accommodation and similar costs and the Customer shall reimburse
 Service Provider for reasonable travel, accommodation and similar costs incurred in connection
 with Professional Services. Additional terms and conditions in respect of fees, invoicing
 and payment shall be set out in the Service Order.

19 <br> Commercial in confidence

**14.3** **Advances**:
 Nothing in this MSA or any Service Order shall oblige Service Provider, and Service Provider
 shall not be in breach of any of its obligations for any failure, to commence provision of
 the Services or achieve "Powered-On" state for any GPUs unless and until Service
 Provider has received in cleared funds, and confirmed in writing to the Customer, receipt
 of the amount equal to the first Advance under the relevant Service Order. If Service Provider
 has not received payment of the first Advance within ten (10) days following the effective
 date of the relevant Service Order (or such other date stipulated in the relevant Service
 Order for such payment), then, without prejudice to any other rights and remedies Service
 Provider may have under this MSA or any Service Order, Service Provider shall invoice the
 Customer for the amount equivalent to the price increase of the BOM that is incurred by Service
 Provider as a result of the Customer's delay in such payment.

**14.4** **Taxes:** Service Fees and Advances are stated exclusive of value added tax or other applicable sales
 tax, carriage costs, customs, duties and other similar taxes which shall be added to Service
 Provider's invoice(s) at the appropriate rate.

**14.5** **Withholding:** The Customer shall make all payments under this MSA without withholding or deduction of,
 or in respect of, any and all taxes, unless required by law. If any such withholding or deduction
 is required, the Customer shall, when making the payment to which the withholding or deduction
 relates, pay to Service Provider such additional amount as will ensure that Service Provider
 receives the same total amount that it would have received if no such withholding or deduction
 had been required.

**14.6** **Payments**:
 The Customer undertakes to pay Service Provider for the Services for each quarter as specified
 in Clause 14.1. Service Provider or Service Provider shall invoice the Customer for the Service
 Fees and Advances at the intervals specified in the Service Order describing the Services
 performed during the preceding quarter and, unless stated otherwise in the Service Order
 and subject to Clause 14.9 below, the Customer shall pay each invoice within the Due Date
 by the payment method specified in the Service Order. If not specified in the Service Order,
 any payments to Service Provider or Service Provider shall be made by electronic bank transfer/wire
 to Service Provider's bank account (or as nominated by Service Provider from time to
 time). Upon written request, Service Provider may require the Customer to pay the Service
 Fees to an Affiliate of Service Provider (to such bank account notified to Customer) and
 such payment by Customer and receipt of the relevant Service Fees by such Affiliate shall
 constitute full satisfaction of the relevant outstanding Service Fees.

**14.7** **Currency and Payment Mechanics**: Payment obligations can be met by AED or USD. Where payment is
 made in AED, the Customer agrees to bear all exchange rate risk and make good any shortfall
 in the USD equivalent on conversion. Service Provider must receive full USD invoice amount
 in their account for every payment.

Any rounding amount errors resulting in excess or shortfall of the invoice amount, can be adjusted in the next quarterly payment.

**14.8** **Overdue Amounts**: If Service Provider has not received payment of undisputed amounts by the Due
 Date, and without prejudice to any other rights and remedies Service Provider may have (including
 its rights of termination as set out herein), Service Provider may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 the event the Customer's payment default extends beyond the Due Date for payment, issue
 a written notice to the Customer, providing fifteen (15) days from the date of the written
 notice to remedy the default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if
 the payment default is not remedied within the fifteen (15) days' period as provided
 in sub-clause (a) above, then Service Provider may suspend delivery of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) charge
 the Customer interest accruing on a daily basis on any overdue amounts calculated at the
 Interest Rate, commencing on the Due Date and continuing until fully paid.

**14.9** **Payment disputes:** Any disputes that the Customer may have regarding an invoice shall be made
 in good faith and be notified to Service Provider within thirty (30) days from the date of
 the invoice, failing which the Customer shall be deemed to have accepted the invoice. In
 case of a payment dispute, the Customer shall make payment of the entire undisputed amount
 within the Due Date and only the amount which is in dispute shall be subject to dispute resolution
 in accordance with Clause 23.20.

20 <br> Commercial in confidence

**14.10** **Restructuring — insertion of holding company** 

(a) If, following the Commencement
 Date, the Customer undergoes a corporate restructuring by which a new entity is inserted above the Customer as its direct or indirect
 holding company (whether by way of a share-for-share exchange, scheme of arrangement, or otherwise) (a Restructuring), the Customer
 must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify Service Provider in writing within 5 Business Days of the Restructuring becoming effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) procure that the new holding company executes and delivers to Service Provider a deed of guarantee and indemnity in a form as Service Provider may reasonably require within 10 Business Days of the Restructuring becoming effective,

(b) guaranteeing
 the due performance of all of the Customer's obligations under this Agreement.

**14.11** **Change of control — acquisition** 

(a) If,
 following the Commencement Date, there is a change of Control (as defined in section 50AA
 of the Corporations Act 2001 (Cth)) (Change of Control) of the Customer, the Customer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify Service Provider in writing within 5 Business Days of the Change of Control becoming effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) procure that the acquiring entity (or, if the acquiring entity is not the ultimate holding company of the Customer following the Change of Control, the ultimate holding company) executes and delivers to Service Provider a deed of guarantee and indemnity in a form as Service Provider may reasonably require within 10 Business Days of the Change of Control becoming effective,

(b) guaranteeing
 the due performance of all of the Customer's obligations under this Agreement.

---

| | |
|:---|:---|
| **15** | **INTELLECTUAL PROPERTY RIGHTS** |

---

**15.1** **Background IPR:** Each Party shall retain exclusive ownership of its Background IPR. Except for the
 licence granted to each Party hereunder, nothing in this MSA grants to a Party any rights,
 title or interest in or to any Background IPR of the other Party by implication, estoppel
 or otherwise.

**15.2** **Services and Software:** All Intellectual Property Rights and other proprietary rights subsisting
 in or arising in connection with the Services (including without limitation the Cloud Services
 and the Professional Services but excluding any Intellectual Property Rights and other proprietary
 rights subsisting or arising in relation to any software applications in the software applications
 layer where such software is not provided by (or on behalf of) Service Provider), the Documentation
 and/or the Software belong to and remain vested in (or automatically upon creation shall
 immediately vest in) Service Provider or, when applicable, Service Provider's third
 party licensors. This MSA does not entail any assignment of any such Intellectual Property
 Rights or transfer of other proprietary rights to the Customer by Service Provider. The Customer
 may not alter or remove any trademarks, service marks, copyright notices or other markings
 from the Services (including without limitation the Cloud Services and the Professional Services),
 the Documentation and/or the Software or their associated packaging.

**15.3** **Foreground IPR:** Without prejudice to Clause 15.2, all Foreground IPR, including in and to the Improvements,
 shall immediately upon creation vest in and be owned by Service Provider.

**15.4** **Customer Feedback**. Without prejudice to Clause 15.2 and 15.3, if the Customer, any of the Customer's
 Affiliates, any Authorised Users or any third party acting on behalf of the Customer sends
 or transmits any communications or materials to Service Provider suggesting or recommending
 changes to the Services, including without limitation, enhancements, bug reports, new features
 or functionality relating thereto, or any comments, questions, suggestions, or similar feedback
 ()"**Customer Feedback** "), then all such Customer Feedback save and except
 to the extent including any Background IPR of the Customer, shall be deemed to be Foreground
 IPR which shall immediately vest in and be owned by Service Provider and Service Provider
 shall be free to use or exploit such Foreground IPR (without any attribution or compensation
 to any party, any ideas, know-how, concepts, techniques, or other Intellectual Property Rights
 contained in such Customer Feedback) for any purpose whatsoever, notwithstanding any other
 obligation or limitation between the Parties under this MSA.

21 <br> Commercial in confidence

**15.5** **Licence to Background IPR**: To the extent any Foreground IPR developed by or on behalf of Service
 Provider under this MSA includes any Background IPR of the Customer, the Customer hereby
 grants, and shall procure that any third-party service providers and other Service Provider
 group companies hereby respectively grant, an irrevocable, fully paid-up, sublicensable and
 worldwide licence for as long as the Intellectual Property Rights subsist to use the Background
 IPR incorporated within the Foreground IPR in the context of their business operations, including
 to use, commercialise and exploit any such Foreground IP and any deliverables that use, incorporate
 or otherwise exploit any such Foreground IP.

**15.6** If
 any Intellectual Property Rights become owned inconsistently with Clauses 15.2, 15.3, 15.4
 and/or 15.5, then the Customer hereby assigns to Service Provider and/or shall procure the
 assignment (with full title guarantee) of all right, title, and interest in the relevant
 Intellectual Property Rights to Service Provider and shall procure the waiver in favour of
 Service Provider of all moral rights relating to such Intellectual Property Rights and Service
 Provider shall have the exclusive right to apply for all proprietary right protections with
 respect to such Intellectual Property Rights.

---

| | |
|:---|:---|
| **16** | **OPEN-SOURCE SOFTWARE** |

---

**16.1** **License:** To the extent the Cloud Services and/or Software contain open-source software, it is licensed
 pursuant to the terms of the applicable open-source license agreement. Nothing contained
 in this MSA shall restrict any rights provided specifically for any open-source software
 by the open-source licensor; however, any rights that are broader than those granted in this
 MSA shall be applicable solely to the open-source software component.

**16.2** **Warranty:** Any open-source software is provided "AS IS", without warranty or liability of
 any kind, express or implied, including but not limited to the warranties of merchantability,
 fitness for a particular purpose and non-infringement. In no event shall Service Provider
 or the authors or copyright holders of the open-source software be liable for any claim,
 damages, or other liability, whether in an action in contract, tort or otherwise, arising
 from, out of or in connection with the open-source software or the use or other dealings
 in the open-source software.

---

| | |
|:---|:---|
| **17** | **CONFIDENTIAL INFORMATION** |

---

**17.1** **Confidentiality Obligation:** Each Party agrees to protect (with at least the same degree of care that
 it uses to protect its own confidential information, but no less than a reasonable degree
 of care), and keep confidential and not use for any purpose other than the proper performance
 of its obligations under this MSA, all Confidential Information of the other Party, as applicable.

**17.2** **Written Disclosure:** Each Party may only disclose or reveal any of the other Party's Confidential
 Information disclosed to it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 those of its personnel or Representatives and to those of its Affiliates (and its Affiliates
 Representatives) who need to receive the Confidential Information in connection with this
 MSA or the relevant Service Order (provided that each Party shall ensure that any such personnel
 to whom it discloses the other Party's Confidential Information comply with the confidentiality
 obligations at least as restrictive as set out in this MSA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 of the following persons who have agreed to be bound by a duty of confidentiality relating
 to the Confidential Information at least as restrictive as set out in this MSA: (i) its professional
 advisers (including auditors) as necessary for the purposes of receiving professional advice
 (including audit services) in relation to this MSA or the relevant Service Order: or (ii)
 in the case of Service Provider any third party conducting bona fide due diligence into the
 business of Service Provider and/or its Affiliates, as necessary for the purposes of that
 due diligence;

22 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 any court, governmental or administrative authority competent to require the same, or as
 required by any Applicable Law, legislation or regulation (provided the non-disclosing Party
 is promptly notified and given the reasonable opportunity to seek injunctive relief or any
 possible limitations or restrictions on disclosure in advance, to the extent permitted by
 Applicable Law, and if disclosure is so compelled then the disclosing Party must only disclose
 that portion of Confidential Information that the disclosing Party is obligated to); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with
 the specific consent in writing by the non-disclosing Party to whom the Confidential Information
 belongs in advance of, and in connection with, a particular disclosure only.

**17.3** **Oral Disclosure:** If Confidential Information is disclosed orally by one Party to the other,
 regardless of whether or not a disclosing Party states at the time of oral disclosure that
 the information is Confidential, there shall be a presumption for a period of 30 days that
 such information is, and shall be treated as, being Confidential. Within a 30 days'
 period, the disclosing Party shall confirm in writing to the receiving Party that the oral
 information disclosed is Confidential. If no confirmation is received within the 30 days'
 period, then the information may be regarded and treated as not being Confidential.

**17.4** **Exceptions:** The confidentiality obligations set out in this Clause 17 shall not apply to Confidential
 Information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 or becomes generally available in the public domain otherwise than arising in connection
 with a breach of its confidentiality obligation by the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is
 lawfully in the recipient's possession free of any restrictions as to its use or disclosure
 at the time of disclosure by the disclosing Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is
 lawfully acquired from an independent third party who did not itself obtain it under an obligation
 of confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is
 independently developed without access or reference to any Confidential Information disclosed
 by the disclosing Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is
 required to be disclosed pursuant to a requirement of a Competent Authority. In the event
 such disclosure is required, the Party from whom such disclosure is sought by the Competent
 Authority shall provide reasonable notice before any such disclosure to the non-disclosing
 Party to whom the Confidential Information relates to enable that Party to take any action
 it deems appropriate in the circumstances.

**17.5** **Expiration:** Irrespective of any expiration or termination of this MSA, the receiving Party's duty
 to protect the disclosing Party's Confidential Information expires two (2) years after
 the termination or expiry of the Term of this MSA, provided that any Confidential Information
 constituting trade secrets or relating to Intellectual Property Rights shall be protected
 for so long as such information remains not in the public domain or protected under applicable
 law..

**17.6** **Return or Destruction:** At the disclosing Party's request whether before or after termination
 or expiry of the Term of this MSA, and subject to the terms and conditions of this MSA, Applicable
 Law or a Party's document retention policy, the receiving Party will promptly return
 (or if requested to, destroy) all Confidential Information received from the disclosing Party,
 together with copies thereof and make no further use of any Confidential Information, data,
 Software, equipment, property and other items belonging to the other Party.

---

| | |
|:---|:---|
| **18** | **WARRANTIES** |

---

**18.1** **Corporate Warranties:** Each Party represents that it has the legal power to enter into this MSA.
 Each Party further represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this
 MSA has been duly executed and delivered and constitutes a valid and binding agreement enforceable
 against such Party (as applicable) in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no
 authorisation or approval from any other person is required in connection with such Party's
 (as applicable) execution, delivery, or performance of this MSA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 execution, delivery, and performance of this MSA does not violate the terms or conditions
 of any other agreement to which it is a party or by which it is otherwise bound.

23 <br> Commercial in confidence

**18.2** **Cloud Services Warranty:** Service Provider warrants that during the Term for which they are
 provided, the Cloud Services, when used in accordance with the terms and conditions of this
 MSA, will function in substantially the manner as described in the Documentation. If the
 Customer contends that the Cloud Services provided do not perform as warranted, the Customer
 must promptly provide a written notice to Service Provider detailing the issue. Service Provider
 shall instruct a qualified third-party consultant to troubleshoot the issue and determine
 and confirm whether this constitutes a breach of warranty as set out in this Clause 16.2.
 Subject to such confirmation, the Customer's exclusive remedy and Service Provider's
 entire liability shall be the correction of the issue that directly caused the breach of
 warranty, or, if Service Provider cannot correct the issue in a commercially reasonable manner
 and within thirty (30) days following the confirmation from the third-party consultant, the
 Customer may terminate the relevant Service Order (in full or part) immediately on written
 notice and in case of such termination, Service Provider shall refund (pro-rata) to the Customer
 within forty-five (45) days of written notice from the Customer as aforesaid, any pre-paid
 fees in respect of Cloud Services not yet delivered at the date of the termination. To the
 extent the third-party consultant determines that the issue of which the Customer notified
 Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is
 not a breach of warranty as set in this Clause 18.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has
 arisen as a result of or in connection with Customer's use or operation of the Cloud
 Services or failure to use or operate the Cloud Services in accordance with any documented
 instructions provided by Service Provider to the Customer under this MSA,

the Customer shall reimburse Service Provider for all costs and expenses incurred by Service Provider in engaging the third-party consultant and Service Provider shall not be in breach of warranty and shall have no liability vis a vis Customer in relation to this issue, including the remediation thereof.

**18.3** **Professional Services Warranty:** Service Provider warrants that it will perform any Professional Services
 using reasonable care and skill and in a manner consistent with industry standards applicable
 to the provision of such services. As the Customer's exclusive remedy for a breach
 of the foregoing warranty, if the Customer notifies Service Provider in writing within ten
 (10) days of completion of the applicable Professional Services, Service Provider will, at
 its own expense and as its sole obligation, reperform the Professional Services.

**18.4** **Exclusions:** Service Provider is not responsible for any issues related to the performance, operation
 or security of the Services that arise from the Customer Data or third-party applications
 or services provided by third parties with which the Cloud Services may interoperate.

**18.5** **Customer Warranty:** The Customer warrants that the use of the Cloud Services and any Customer Data
 will be in accordance with this MSA (including any related Service Order) and all Applicable
 Law.

**18.6** **Warranty Disclaimer:** Save for and except the warranties set out in this Clause 18 (Warranties)
 and Clause 9 (Acceptance), the Services, the Software and any information provided by or
 on behalf of Service Provider to the Customer are provided "as is". Service Provider
 does not warrant that the functions contained in the Cloud Services, or that the Professional
 Services will meet the Customer's requirements or expectations, or that the operation
 and results of the Cloud Services will be uninterrupted or error-free, or that defects in
 the Cloud Services will be corrected. Except for the express warranties set out in this MSA,
 Service Provider and its Service Providers expressly disclaim, to the fullest extent permitted
 by Applicable Law, all other warranties, including, but not limited to, the implied warranties
 of merchantability, fitness for a particular purpose, title and non-infringement of third-party
 rights. No oral or written information or advice given by Service Provider or its authorised
 representatives shall create a warranty or in any way increase the scope of any warranty
 provided in this MSA. The Customer acknowledges that the Service Provider does not review,
 validate, monitor or control any datasets, models, training data, prompts, configurations,
 code, inputs or outputs used in or generated through the Services. Without limiting the foregoing,
 the Service Provider does not warrant or represent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the accuracy, completeness, reliability, legality, safety or suitability of any AI Outputs (as defined below);

24 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the functionality, correctness, performance, availability or behaviour of any Customer applications, software, models, machine learning systems or workloads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the validity of any prompts, application logic, datasets or training data used by the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that AI Outputs will be free from errors, hallucinations, bias, harmful content or inaccuracies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the achievement of any business, operational or commercial outcome.

"**AI Outputs**" means any data, content, results, predictions, inferences, classifications, embeddings, models, generated code or other outputs generated by or through the Services, including through any artificial intelligence, machine learning, large language model or automated decision-making functionality, whether generated directly by the Service Provider's systems or indirectly through Customer workloads, prompts, datasets, training data or configurations.

**18.7** <u>Ownership Rights</u>. The Service Provider represents and warrants for the benefit of the Customer
 that:

**18.7.1** to
 the best of its knowledge, it is and will, during the entire Service Term and the effective
 term of this Agreement, be the owner and/or lawful licensee of all works used by Service
 Provider in preparing and rendering any and all Computing Services and Cloud Infrastructure,

**18.7.2** it
 has and will, during the entire Service Term and the effective term of this Agreement, have
 full and sufficient right to assign, transfer, or grant the rights, consents, approvals,
 authorizations, registrations, and/or licenses granted in, contained in, or related to the
 Computing Services and Cloud Infrastructure pursuant to this Agreement,

**18.7.3** to
 the best of its knowledge, all Computing Services and Cloud Infrastructure have not been
 and will, during the entire Service Term and the effective term of this Agreement, not be
 published, provided, or made accessible under circumstances which have caused a loss of copyright
 or any other intellectual property rights therein, and

**18.7.4** to
 the best of knowledge of the Service Provider, that all Computing Services and Cloud Infrastructure
 do not and will, during the entire Service Term and the effective term of this Agreement,
 not infringe any patent, copyright, trademark, or any other intellectual property rights
 (including trade secrets), privacy or similar rights of any third party, nor have any claims
 (whether or not embodied in action, past or present) of such infringement been threatened
 or asserted, or is such a claim pending, against Service Provider (or, insofar as Service
 Provider is aware, any entity or person from which Service Provider has obtained such rights).

**18.8** <u>Conformity, Performance and Compliance</u>. The Service Provider represents and warrants for the benefit
 of the Customer that:

**18.8.1** all
 Computing Services and Cloud Infrastructure shall be prepared in a workmanlike, professional,
 and competent manner and with professional diligence and skill, adhering to industry standards
 and best practices,

**18.8.2** all
 Computing Services and Cloud Infrastructure are and will, during the entire Service Term
 and the effective term of this Agreement, operate effectively and promptly and function on
 the designated machines and compatible operating systems for which they are specifically
 engineered and designed,

**18.8.3** all
 Computing Services and Cloud Infrastructure in every material aspect are and will, during
 the entire Service Term and the effective term of this Agreement, conform to the specifications
 agreed upon by the Parties, and are and will, during the entire Service Term and the effective
 term of this Agreement, materially adhere to the Technical specifications,

25 <br> Commercial in confidence

**18.8.4** the
 Service Provider will take all reasonable measures and carry out any necessary actions aimed
 at ensuring the safety of the Customer's Confidential Information and maintaining the
 operability and functionality of the Computing Services and Cloud Infrastructure, and

**18.8.5** Service
 Provider will use reasonable endeavours to perform its obligations hereunder in full compliance
 with applicable laws and regulations.

**18.9** <u>Compliance with Laws and Regulations.</u> The Service Provider represents and warrants for the benefit
 of the Customer that:

**18.9.1** the
 Service Provider shall at all times use reasonable endeavours to comply with all applicable
 laws, rules and regulations applicable to the Service Provider in the performance of this
 Agreement, and the Service Provider shall comply and duly perform al terms and conditions
 of this Agreement,

**18.9.2** the
 Service Provider shall be responsible for and has obtained all requisite sanctions, consents,
 approvals, licenses, authorizations, and registrations, if any, required under applicable
 law for the Service Provider to provide the Computing Services and Cloud Infrastructure and
 will, during the entire Service Term and the effective term of this Agreement, maintain these
 sanctions, consents, approvals, licenses, authorizations, and registrations in force,

**18.9.3** the
 Service Provider shall be responsible for any fees, costs, or expenses which were incurred
 or may be incurred by the Service Provider in connection with its compliance with applicable
 laws and regulations in providing the Computing Services and Cloud Infrastructure,

**18.9.4** the
 Service Provider shall be responsible for fines and penalties imposed on it or the Customer
 to the extent resulting from the Service Provider's breach of such applicable laws
 and regulations in connection with the provision of the Computing Services and Cloud Infrastructure,

**18.9.5** as
 of date of this Agreement is not aware of any encumbrances, restrictions, pledges or call
 rights issued by Service Provider to any of its shareholders which would prevent the Service
 Provider from performing its obligations under this Agreement;

**18.9.6** that
 the Service Provider shall maintain its business activities in full compliance with, observe
 and comply with, all applicable government, state, and municipal laws and regulations for
 the prevention of bribery and corruption, as well as bear responsibility and liability for
 all its operational activities and the consequences thereof.

**18.10** <u>Existence.</u> The Service Provider represents and warrants for the benefit of the Customer that to the
 best of its knowledge:

**18.10.1** the
 Service Provider is and will, during the entire Service Term and the effective term of this
 Agreement, be duly organized and existing, and is and will, during the entire Service Term,
 be in good standing, and is and will, during the entire Service Term, be qualified to do
 business under the laws of any jurisdiction where the ownership of assets or conduct of its
 business require it to be so qualified,

**18.10.2** the
 Service Provider possesses and will, during the entire Service Term and the effective term
 of this Agreement, possess any and all licenses, consents, approvals, licenses, authorizations,
 and registrations, including, without limitation, governmental approvals, required to perform
 the Computing Services contemplated by this Agreement, and

**18.10.3** the
 Service Provider is and will, during the entire Service Term and the effective term of this
 Agreement, be qualified to perform the Computing Services.

**18.11** <u>Duly Authorized.</u> The Service Provider represents and warrants for the benefit of the Customer
 that to the best of its knowledge:

**18.11.1** the
 Service Provider's execution, delivery, and performance of this Agreement has been
 duly authorized by all appropriate corporate action,

26 <br> Commercial in confidence

**18.11.2** the
 Service Provider has taken all necessary corporate and other actions under applicable laws
 and the Service Provider's constituent and internal documents to authorize the execution,
 stamping, registration, delivery, and performance of this Agreement,

**18.11.3** this
 Agreement constitutes a valid, binding and enforceable obligation, and

**18.11.4** the
 Service Provider has not done and will, during the entire term when this Agreement stands
 in force, not do any acts, deeds, or things, which would or are likely to curtail, limit,
 restrict, affect, or prejudice its right to enter into this Agreement and perform this Agreement
 as well as to provide the Computing Services to the Customer under this Agreement.

**18.12** <u>No Material Defects; Conformity with the Technical Requirements.</u> The Service Provider represents
 and warrants for the benefit of the Customer that:

**18.12.1** the
 Computing Services and the Cloud Infrastructure shall be free from material errors or other
 material defects; and shall materially conform to the Technical Requirements, and

**18.12.2** the
 Computing Services and Cloud Infrastructure do not and will, during the entire Service Term
 and the effective term of this Agreement, not contain any hidden (undocumented) functionality
 leading to financial or other damage for the Customer.

**18.13** <u>Performance.</u> The Service Provider represents and warrants for the benefit of the Customer that:

**18.13.1** the
 Service Provider has and will, during the entire Service Term and the effective term of this
 Agreement, maintain the experience and skill to perform the Computing Services required to
 be performed by it under the Agreement and will perform such Computing Services in a timely,
 workmanlike manner, and

**18.13.2** at
 a minimum, the Service Provider will, during the entire Service Term and the effective term
 of this Agreement, maintain staffing levels and continuity of personnel consistent with its
 obligations to perform the Computing Services under the Agreement and in the event of a delay
 or other problem, the Service Provider will train and staff additional personnel as needed.

**18.14** <u>Personnel Qualifications.</u> The Service Provider represents and warrants for the benefit of the Customer
 that each of the Service Provider's personnel assigned to perform the Computing Services
 or any other obligations under the Agreement shall have the proper skill, training, and background
 so as to be able to perform in a competent and professional manner and all work will be so
 performed.

**18.15** <u>Taxes.</u> The Service Provider represents and warrants for the benefit of the Customer that the Service
 Provider shall bear and make timely payments of all the taxes and other dues imposed on the
 Service Provider under applicable law in connection with the provision of the Computing Services
 and Cloud Infrastructure and performance of this Agreement.

**18.16** <u>No Conflict.</u> The Service Provider represents and warrants for the benefit of the Customer
 that to the best of its knowledge:

**18.16.1** neither
 the execution, delivery, nor performance of this Agreement will, during the entire Service
 Term and the effective term of this Agreement, conflict with or violate any other agreement,
 license, contract, instrument or other commitment or arrangement to which the Service Provider
 is a party or is bound, and

**18.16.2** the
 Service Provider shall not interfere and shall not allow any third party to interfere with
 the Customer's peaceful and uninterrupted use of the Computing Services and Cloud Infrastructure
 under the Agreement.

**18.17** <u>No litigation/Dispute.</u> The Service Provider represents and warrants for the benefit of the
 Customer that:

**18.17.1** there
 is no litigation, and the Service Provider does not know of any material threat of litigation,
 in each case that will affect the performance of its obligations under the Agreement, and
 there will, during the entire Service Term and the effective term of this Agreement, be no
 such litigations,

27 <br> Commercial in confidence

**18.17.2** there
 are and will, during the entire Service Term and the effective term of this Agreement, be
 no proceedings pending or threatened against the Service Provider, and there are and will
 be no notices issued against the Service Provider under the Insolvency and Bankruptcy Code,
 2016,

**18.17.3** the
 Computing Services and the Cloud Infrastructure are not and will be not the subject of any
 dispute, arbitration, or legal action, and there are and will, during the entire Service
 Term and the effective term of this Agreement, be no outstanding payments due on any statutory
 or other dues,

**18.17.4** the
 Service Provider will maintain its corporate existence and will not dissolve or liquidate
 or enter into an agreement with any party, including but not limited, to a compromise with
 its creditor(s) such that its corporate existence is or may be questioned,

**18.17.5** the
 Service Provider will immediately notify the Customer in writing in the event of receipt
 of any notice, order of initiation of any legal proceedings, or any similar document, which
 may prejudice any interest or right of the Customer before any government or other authorities
 or other persons or entities.

**18.18** <u>All Rights; No infringement.</u> The Service Provider represents and warrants for the benefit
 of the Customer that to the best of its knowledge:

**18.18.1** the
 Service Provider has and will, during the entire Service Term and the effective term of this
 Agreement, have all rights and authorizations necessary to grant access and use rights to
 the Computing Services and the Cloud Infrastructure, and to perform any the Computing Services
 as contemplated in the Agreement,

**18.18.2** the
 Service Provider shall pass through to the Customer any software and third party end-user
 warranties and indemnities relating to the Computing Services or the Cloud Infrastructure,
 if any, and to the extent Service Provider is not permitted to so pass-through, the Service
 Provider agrees to enforce such warranties and indemnities on behalf of the Customer,

**18.18.3** the
 Computing Services, the Cloud Infrastructure, and all elements thereof to be provided by
 the Service Provider, and any Services performed by the Service Provider to the Customer,
 will not violate, misappropriate, or infringe upon any intellectual property right of any
 person or entity;

**18.18.4** there
 are no claims of any person or entity against the Service Provider relating to any intellectual
 property that is the subject of, to be provided under, or to be used directly or indirectly
 pursuant to this Agreement.

**18.19**  **<u>Location Warranty</u>** . Provider represents, and warrants, that all infrastructure, including but
 not limited to physical servers, storage media, networking hardware, and backup systems used
 to host, store, or process Customer's Data, are and shall remain physically located
 exclusively within the Permitted Territory. Provider further warrants that no part of the
 Services will be provided using hardware located outside the Permitted Territory without
 Customer's prior express written consent. A breach of this warranty shall be deemed
 a material breach of this Agreement, entitling Customer to termination for cause pursuant
 to the terms of this Agreement.

---

| | |
|:---|:---|
| **19** | **INDEMNITY** |

---

**19.1** **Service Provider Indemnity:** Service Provider shall not, in any circumstances, have any liability
 including in respect of the indemnity provided hereunder if any alleged infringement is based
 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) modification
 of the Services by anyone other than Service Provider; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 Customer's or any Authorised User's use of the Services otherwise than in accordance
 with this MSA or in a manner contrary to the instructions given to the Customer by Service
 Provider; or

28 <br> Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to
 the extent any liability arises as result of the Customer's or any Authorised User's
 use of the Services after notice of the alleged or actual infringement from Service Provider
 or any appropriate authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use
 or combination of the Services with any other products, software, hardware or data not approved
 by Service Provider, in circumstances where, but for such combination, no infringement would
 have occurred.

**19.2** **Customer Indemnity:** Subject to the Indemnification Conditions being met, the Customer shall indemnify,
 defend and hold harmless Service Provider and its Affiliates against any allegation, action
 or claim made or brought against Service Provider and/or its Affiliates by a third party
 and/or Losses incurred or suffered by Service Provider and/or its Affiliates arising from
 or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 Customer's or any Authorised User's use of the Services in violation of this
 MSA, the relevant Service Order, the End Customer Contracts and/or any Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 unauthorised or unlawful receipt, processing, transmission or storage of Personal Data by
 Service Provider in the performance of its obligations as permitted under this MSA, resulting
 from breach of the Customer's obligations regarding such data under this MSA and/or
 Applicable Law (including without limitation Data Protection Legislation).

**19.3** **Indemnification Conditions:** A Party's right to the benefit of an indemnity under this MSA is conditional
 upon that Party complying with the following "**Indemnification Conditions** ".
 The indemnified Party must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 relation to a claim by a third party, within ten (10) Business Days of becoming aware of
 a claim giving rise to an indemnity under this MSA, notify the indemnifying Party in writing
 of such claim or allegation, setting forth in reasonable detail the facts and circumstances
 surrounding the claim;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) give
 the indemnifying Party sole control of the defence of any such claim or allegation and any
 related settlement negotiations, provided that an indemnified Party may participate in its
 defence at its own cost and expense, and shall not make any admission of liability or take
 any other action that limits the ability of the indemnifying Party to defend or settle the
 claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 reasonable co-operation to the indemnifying Party in the defence and settlement of such claim,
 at the indemnifying Party's expense.

---

| | |
|:---|:---|
| **20** | **LIMITATION OF LIABILITY** |

---

**20.1** **Exclusions of Consequential and Related Damages:** In no event shall either Party be liable for any
 consequential, indirect, special, incidental, contingent, punitive or exemplary damages (whether
 foreseeable or unforeseeable), loss of profit, loss of business, loss of goodwill, loss of
 or corruption of data, loss caused or contributed to by any agent or Representative of a
 Party, loss caused as a result of the Services being unavailable as a result of planned downtime,
 loss arising from any failure of the Customer's infrastructure and/or utilities, loss
 caused as a result of the Services being unavailable due to a Force Majeure Event, or loss
 caused by the failure or delay of any third party application or service or network (including
 as provided by an OEM) however caused and, whether arising under contract, tort (including
 negligence) breach of statutory duty or otherwise, whether or not the Party has been advised
 of the possibility of such damages. The foregoing exclusions will not apply to the extent
 prohibited by Applicable Law.

**20.2** **General Limitation:** Subject to Clauses 20.1, 20.3 and 20.4, each Party's (together with
 all of its Affiliates') total aggregate liability to the other, whether in contract,
 tort (including negligence), breach of statutory duty or otherwise arising under or in connection
 with a Service Order, shall not exceed, an amount equal to the Average Hourly Rate multiplied
 by the total number of GPUs deployed under the relevant Service Order, multiplied by twelve
 (12), multiplied by three hundred and sixty-five (365) in respect of all claims arising in
 a given Service Order Year.

**20.3** **Hardware Limitation**: Subject to Clauses 20.1, 20.3 and 20.4, to the extent that Service Provider
 is in default of any of its obligations under the MSA or this Service Order as a result of
 or in connection with faulty, malfunctioning or defective hardware (in whole or in part)
 purchased from an OEM, Service Provider shall only be liable to the Customer for any direct
 loss or damage caused to the Customer up to the amount of any compensation it has recovered
 from the OEM, after deducting Service Provider's reasonable costs and expenses incurred
 in obtaining such compensation, including legal fees ()"**Net Recovered Amount** "),
 and Service Provider shall not be liable in any way for any amounts claimed by the Customer
 beyond the Net Recovered Amount.

29 <br> Commercial in confidence

**20.4** **General Exclusions:** Nothing in this MSA excludes or limits either Party's liability for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.1** death
 or personal injury caused by its negligence or breach of this Agreement by a Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.2** fraud
 or fraudulent misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.3** Service
 Provider's payment obligations consequent to termination of the Service Order except
 as limited by termination payments as set out in the Service Order issued pursuant to this
 MSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.4** the
 Customer's payment obligations (including without limitation the Customer's obligation
 to pay the Service Fees and Advances under Clause 14 (Service Fees and Payment) of this MSA
 and termination payments as set out in the Service Order issued pursuant to this MSA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.5** a
 breach of its obligations under Clause 17 (Confidential Information) or intellectual property
 obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.6** its
 obligations under Clause 19 (Indemnity)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.4.7** for
 any liabilities that cannot be excluded under Applicable Law.

**20.5** **Limitation Period:** Unless prohibited by Applicable Law, no claim regardless of form, arising out
 of or in connection with this MSA may be brought by the Customer more than one (1) year after
 the event giving rise to the cause of action has occurred or was known or ought reasonably
 to have been known by the Customer. If under Applicable Law any part of this Clause 20 is
 invalid, then Service Provider hereby limits its liability to the maximum extent allowed
 by Applicable Law.

---

| | |
|:---|:---|
| **21** | **INSURANCE** |

---

**21.1** **Required Coverage:** At all times during the term of this MSA, Service Provider shall procure and
 maintain, at its sole cost and expense, insurance coverage with a reputable insurance provider
 of no less than the following types and amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.1** Public
 Liability Insurance with limits no less than USD 1,000,000 per occurrence and USD 2,000,000
 in the aggregate, such policy will include coverage for 3rd party bodily injury and property
 damage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.2** Worker's
 Compensation and employers' liability insurance with limits no less than the minimum
 amount required by applicable law for each accident, including occupational disease coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.3** Cyber
 Liability Insurance, including third party coverage, with limits no less than USD10,000,000
 per occurrence and USD 20,000,000 in the aggregate for all claims each policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.4** insurance
 for the replacement value of any Service Provider Equipment installed and used by the Service
 Provider at the data centre facility used for the provision of the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.5** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.1.6** Professional
 Liability with limits no less than USD 1,000,000 per claim and USD 2,000,000 in the aggregate
 for all claims each policy year.

**21.2** The
 Service Provider must ensure that the data centre facility operator maintains insurance policies
 customary for reputable data centre and colocation facilities of similar size, scale and
 criticality, covering the data centre facility against risks property damage and public liability,
 with reputable insurers and on commercially reasonable terms. The Service Provider will,
 upon reasonable request, provide the Customer with confirmation (by way of a certificate
 of currency) that such insurance is maintained.

30 <br> Commercial in confidence

**21.3** The
 Customer must, at its own cost, take out and maintain insurance policies with reputable insurers
 covering such risks as a person in the position of the Customer would reasonably insure against,
 such as third party liability and cybersecurity risks.

**21.4** **Certificates of Insurance:** Certificates of insurance evidencing currency of insurance policies described
 in this Clause 21 shall be furnished by each Party to the other Party on written request.

---

| | |
|:---|:---|
| **22** | **TERMINATION** |

---

**22.1** The
 Parties are entitled to terminate this Agreement at any time by mutual written agreement.

**22.2** **Termination by the Customer for Cause:** The Customer may terminate this MSA and any Service Order
 with immediate effect by giving written notice to Service Provider if Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) commits
 a material breach of any terms of the relevant Service Order, which breach is irremediable
 or (if such breach is remediable) fails to remedy that breach within thirty (30) days after
 being notified in writing to do so; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) suspends,
 ceases, or threatens to suspend or cease carrying on its business or a substantial part thereof
 in the manner affecting the performance of the Services, or suffers an Insolvency Event,
 Customer may terminate any Service Order and the MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Service Provider delays any critical Delivery Date for more than 60 (sixty) days or the delay
 of the Co-testing Stage exceeds 1 (one) month and any agreed remediation period or other
 specified in this Agreement period, in each instance where the Service Provider is the sole
 cause of such delay.

For clarity, the Service Provider will be entitled to a reasonable extension of time to the relevant Delivery Dates and the Co-testing completion date to the extent that any delay is caused or contributed to by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Customer or its personnel (including other service providers and Service Providers); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Force Majeure Event.

**22.3** **Termination by Service Provider for Cause**: The Service Provider may terminate any Service Order with
 immediate effect by giving written notice to the Customer if the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) fails
 to pay the Advances or the undisputed Service Fees by the Due Date under the relevant Service
 Order and fails to remedy the non-payment within (30) thirty days from the date of any written
 notice requiring the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commits
 a material breach of any terms of the relevant Service Order (apart from the payment defaults
 mentioned above), which breach is irremediable or (if such breach is remediable) fails to
 remedy that breach within thirty (30) days after being notified in writing to do so; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if
 the Customer suspends, ceases, or threatens to suspend or cease carrying on its business
 or a substantial part thereof, or suffers an Insolvency Event, Service Provider may terminate
 any Service Order and the MSA.

**22.4** **Effect of Termination:** On termination of a Service Order and/or this MSA for any reason:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Service
 Provider's obligation to provide the relevant Services will immediately cease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 licences granted under this MSA shall immediately be terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any
 rights, remedies, obligations or liabilities of the Parties that have accrued up to the effective
 date of termination, including the right to claim damages in respect of any breach of this
 MSA which existed at or before the effective date of termination shall not be affected or
 prejudiced.

31 <br> Commercial in confidence

**22.5** **Exit Services:** In the event of any expiration or termination of a Service Order and/or this
 MSA (save in respect of a termination of a Service Order and/or this MSA pursuant to Clauses
 22.1 or 22.3), Service Provider shall provide such assistance and the exit Services as agreed
 by the Parties for no more than [\*] days following the expiry or termination of a
 Service Order and/or this MSA to enable the Customer to transition the provision of the Services
 provided by Service Provider either in-house or to a third party ()"**Exit Services** ").
 The scope of such Exit Services shall be agreed by Service Provider and the Customer in writing
 in a Service Order and/or SOW within a ten (10) day period and the MSA shall stand extended
 and remain valid and in force until completion of such transitional assistance. The Customer
 shall bear all costs incurred by or on behalf of Service Provider to assist the Customer
 in the context of this transitional period and provision of the Exit Services, and shall
 also pay Service Provider's applicable fees for performing such Exit Services.

**22.6** **Termination Payments:** Any refunds payable by the Service Provider to the Customer upon termination
 of this Agreement shall only be made where expressly provided for under this Agreement or
 the applicable Service Order, and shall be issued strictly in accordance with the relevant
 provisions of this Agreement or such Service Order. Upon termination of this Agreement for
 any reason, the Customer must pay all applicable termination payments, charges or fees specified
 in this Agreement or any applicable Service Order.

**22.7** **Effect of Termination of a Service Order**. Both Parties hereby agree that each Service Order
 entered into under this MSA constitutes a separate and independent contractual commitment.
 Accordingly, subject to Clause 3.4, the suspension, termination, expiration, or any other
 action affecting a particular Service Order shall not, in itself, alter, impact, or otherwise
 affect the validity, performance, commercial terms, operational obligations, or any other
 rights and obligations of the Parties under any other Service Order executed pursuant to
 this MSA, unless otherwise expressly agreed in writing by the Parties.

---

| | |
|:---|:---|
| **23** | **MISCELLANEOUS** |

---

**23.1** **Entire MSA:** This MSA constitutes the entire agreement between the Parties and supersedes and
 extinguishes all previous agreements, promises, assurances, warranties, representations,
 and understandings between them, whether written or oral, relating to its subject matter.

**23.2** **Non-reliance**:
 Each Party acknowledges that it has not been induced to enter into this MSA or the relevant
 Service Order by any promise, assurance, warranty, representation, and/or understanding other
 than those contained in this MSA or the relevant Service Order and, having negotiated and
 freely entered into this MSA and the relevant Service Order, agrees that it shall have no
 remedy in respect of any other such promise, assurance, warranty, representation, and/or
 understanding except in the case of fraud. Each Party acknowledges that its legal advisers
 have explained the effect of this Clause 23.2.

**23.3** **Non-exclusivity:** This MSA shall not prevent either Party from entering into similar agreements with third
 parties, or from independently developing, using, selling, or licensing documentation, products
 and/or services which are similar to those provided under this MSA.

**23.4** **Language:** The original of this MSA has been written in the English language. The Customer hereby waives
 any right the Customer may have under the laws of the country in which the Services are provided
 to have this MSA written in another language. The Documentation is provided in English and,
 when available, in other languages. In the event of any ambiguity or inconsistencies between
 the English version and a version of this MSA in any other language, then the English language
 version shall, without exception, prevail.

**23.5** **Amendment:** No amendment, modification, or supplement of any provisions of this MSA shall be valid or
 effective unless made in writing and signed by a duly authorised representative of each Party.

**23.6** **Survival:** Expiry or termination of this MSA or the relevant Service Order for whatever reason shall
 not affect or prejudice the provisions of this MSA and the relevant Service Order which expressly
 or by their nature survive termination including Clauses 14, 15, 17, 19, 20, 22 and 23.

32 <br> Commercial in confidence

**23.7** **Assignment:** A Party shall not assign, novate, transfer, sub-contract, or otherwise dispose of any
 of its rights or obligations under this MSA and any relevant Service Order without the prior
 written consent of the other Party, which consent must not be unreasonably withheld or delayed.
 A Party may freely assign, novate, transfer or otherwise dispose of any of its rights or
 obligations under this MSA and any relevant Service Order upon prior written notice to the
 other Party, including to: (a) any of its Affiliate; (b) any purchaser of the whole or substantially
 all of the business undertaking of the Party to which this MSA or the relevant Service Order
 relates, and (c)(i) any financial institution, lender, bank or other person of the Party
 (or any of its group company) to whom this MSA has been assigned or charged as security for
 any financing or refinancing or other banking or related facilities; and/or (ii) to any person
 entitled to enforce any security granted by the Party (or any its group company), provided
 that, in the case of assignment, transfer or novation by the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 assignee or transferee (as the case may be) is not a competitor of the Service Provider or
 its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 assignee or transferee (as the case may be) has equivalent or greater financial and operational
 capability to perform the obligations under this MSA and the relevant Service Order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 assignee or transferee (as the case may be) agrees in writing to be bound by the terms of
 the MSA and the relevant Service Order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such
 assignment or transfer shall not relieve the Customer of its obligations under this MSA or
 any Service Order unless effected by a novation to which the Service Provider is a party
 or otherwise expressly agreed by the Service Provider in writing.

Notwithstanding the foregoing, Service Provider may subcontract the performance of its obligations without consent, but remains responsible for the acts and omissions of its subcontractors, as if they were acts or omissions of the Service Provider.

**23.8** **Notices:** All communications relating to this MSA shall be in writing and delivered by recorded delivery
 only to the Party concerned at the relevant address shown at the top of this MSA (or such
 other address as may be notified from time to time in accordance with this Clause 23. Any
 such communication shall be validly given and take effect if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivered
 personally, upon delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) posted
 (including by international courier), at 9.00 am on the third Business Day after posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) delivered
 via electronic transmission, upon confirmation of transmission by reply or read-receipt,
 provided in all cases that any communication delivered outside of normal business hours on
 a Business Day or on a day that is not a Business Day, then such communication shall be deemed
 to be delivered at 9.00 am on the next Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) addressed
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. in
 the case of Service Provider, to Legal at legal@sharonai.com and copied to Service Provider's
 Party Representative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in
 the case of the First Customer, to its Party Representative, Prasad Deokar, Company Secretary
 at Prasad.Deokar@spochub.com;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in
 the case of the Second Customer, to its Party Representative, Piyush Somani, CEO at piyush@esds.co.in;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. in
 the case of the Parent, to its Party Representative, Rajesh Gaikar, Senior Vice President
 at Rajesh@esds.co.in.

33 <br> Commercial in confidence

**23.9** **Subcontractors:** The Customer understands that Service Provider will subcontract certain elements of the Cloud
 Services to third-party Service Providers and other Service Provider group companies. During
 the term of this MSA, Service Provider may, provided it is in compliance with Applicable
 Law, change subcontractors or third-party Service Providers at its sole discretion.

**23.10** **Relationship:** This MSA and/or any relevant Service Order does not make the Customer, its employees, associates
 or agents as employees, agents or legal representatives of Service Provider for any purpose
 whatsoever. The relationship between the Parties is that of independent contractors (i.e.
 on principal to principal basis) and nothing in this MSA shall be construed to create a partnership,
 joint venture, or agency relationship between the Parties, nor authorise any Party to make
 or enter into any commitments for or on behalf of the other Party. Each Party confirms it
 is acting on its own behalf and not for the benefit of any other person. The Parties acknowledge
 that the arrangements between them are non-exclusive. Subject to Clause 4.2, nothing contained
 in this MSA shall prohibit either of the Parties from conducting business activities with
 other third parties.

**23.11** **Marketing:** Each Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) grants
 the other Party permission to use its name and logo in marketing materials, only with prior
 written approval and for the purpose and period specified by that Party, referencing the
 Party as a customer / service provider (as the case may be), provided that no Confidential
 Information is disclosed by Service Provider in connection with such use without the prior
 written consent of the Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) must
 not advertise or issue any information, publication, document or article for publication
 or media release or other publicity relating to this MSA without the prior written approval
 of the Party unless disclosure is required by applicable securities laws or stock exchange
 rules in connection with any offering, listing, or continuous disclosure obligation of ,
 that Party including in any registration statement, prospectus, or exchange filing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) must
 refer any enquiries from the media concerning this MSA immediately to Service Provider.

**23.12** **Audit:** Service Provider may (itself or via its authorised agents) audit the Customer's compliance
 with the terms of this MSA (including without limitation its obligations under Clause 4 (Access
 to the Services), Clause 8 (Usage Guidelines), Clause 13 (Compliance with Laws), and Clause
 14 (Service Fees and Payment) and applicable Service Orders. The Customer shall provide reasonable
 cooperation with such audits as Service Provider may request including without limitation
 access to Relevant Records. The Parties agree that no Customer Data would be provided to
 Service Provider for the audit under this Clause 23.12.

**23.13** **Waiver:** No failure or delay by a Party to exercise any right or remedy provided under this MSA or
 by law shall constitute a waiver of that or any other right or remedy, nor shall it prevent
 or restrict the further exercise of that or any other right or remedy. No single or partial
 exercise of such right or remedy shall prevent or restrict the further exercise of that or
 any other right or remedy.

**23.14** **Third party rights:** A person who is not a Party to this MSA shall not have any right to enforce
 any term of this MSA, and this MSA does not give rise to any rights under the Contracts (Rights
 of Third Parties) Act 1999 to enforce its terms.

**23.15** **Force Majeure:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 Party is responsible for failing to fulfil its obligations under this MSA (except for payment
 obligations) due to a Force Majeure Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 a Party suffers or becomes aware that it is reasonably likely to suffer, a Force Majeure
 Event, then such Party shall notify the other Party as soon as reasonably practicable in
 writing, specifying reasonable details of the Force Majeure Event and the anticipated impact
 on the Party's performance of this MSA. Any dates or times by which each Party is required
 to render performance under this MSA shall be postponed automatically to the extent that
 the Party is delayed or prevented from meeting them as a result of a Force Majeure Event.

**23.16** **Governing Law:** The MSA and any Dispute arising out of or in connection with its subject matter
 or formation (including non-contractual disputes or claims) shall be governed and construed
 in all respects by the laws of Singapore.

**23.17** **Severability:** If any provision or part-provision of this MSA is or becomes invalid, illegal or unenforceable,
 it shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable
 in the relevant jurisdiction. If such modification is not possible, the relevant provision
 or part-provision shall be deemed deleted. Any modification to or deletion of a provision
 or part-provision under this Clause shall not affect the validity and enforceability of the
 rest of this MSA.

**23.18** **Counterparts:** This MSA may be executed in any number of counterparts and electronically, each of which
 when executed shall constitute a duplicate original, but all the counterparts shall together
 constitute the one agreement.

34 <br> Commercial in confidence

**23.19** **Governance and Party Representatives:** Each Party shall appoint an individual with sufficient skill,
 knowledge, and experience, and the requisite power and authority to act on behalf of that
 Party and bind it contractually in respect of all matters relating to this MSA. The Party
 Representatives shall be those names identified in this Clause 23.19. At regular intervals,
 as shall be agreed between the Parties, the Parties shall procure that their respective Party
 Representatives shall manage and oversee, in person or virtually, matters or issues relating
 to the Services and the performance of the Parties' obligations under this MSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 all matters arising under this MSA, the Party Representative for Service Provider shall be:
 Andrew Leece unless otherwise advised by the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For
 all matters arising under this MSA, the Party Representative for the First Customer shall
 be: Piyush Somani;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 all matters arising under this MSA, the Party Representative for the Second Customer shall
 be: Piyush Somani;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For
 all matters arising under the MSA, the Party Representative for the Parent shall be: Piyush
 Somani;

Each Party may update from time to time the person nominated as the Party Representative by giving the other Party written notice of such a change. Failure to notify the other Party of such a change shall not render any notice otherwise validly given addressed to the then existing named Party Representative.

**23.20** **Dispute Resolution and Arbitration**: If a Dispute arises, either Party may issue to the other
 Party a notice setting out the detail and nature of the Dispute ()"**Notice of Dispute** ").
 The Parties shall meet within thirty (30) days of the Notice of Dispute to resolve the Dispute
 amicably by discussions between each of the Party Representatives as listed in this MSA.

**23.21** If
 the Parties fail to resolve the Dispute by amicable negotiation within thirty (30) days of
 the Notice of Dispute, such Dispute shall be escalated to the Parties' senior management
 for further negotiations.

**23.22** If
 the Parties fail to resolve the Dispute at senior management level within a further thirty
 (30) days, then the Parties shall mediate the Dispute, which mediation shall take place within
 60 days of the failed senior management level negotiations.

**23.23** Any
 and all Disputes that have not been settled during the mediation shall be finally resolved
 by final and binding arbitration:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to
 be administered by the International Chamber of Commerce ()"**ICC**") under
 the ICC Arbitration Rules then in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) there
 shall be one arbitrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 seat shall be Singapore; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 language of the arbitration shall be English.

**23.24** Negotiation
 and mediation as set out in this Clause 23, are conditions precedent to any Party referring
 the Dispute to arbitration. However, if a Party refuses to negotiate or mediate the Dispute
 then that condition precedent shall be deemed to have been satisfied, and either Party may
 proceed to arbitration. Neither Party shall challenge the jurisdiction of the arbitral tribunal
 where it has procrastinated or refused to negotiate or mediate the Dispute in accordance
 with this Clause 23.

**23.25** Any
 time period stipulated in this Clause 23 may be reduced for the sole purposes of avoiding
 the expiration of an applicable statute of limitations in respect of the Dispute.

**23.26** Nothing
 in this Clause 23 shall prevent a Party from applying to the competent courts to seek urgent
 interlocutory or interim relief.

**23.27** Notwithstanding
 the submission of a Dispute to arbitration or the activation of the dispute resolution procedures
 set out in this Clause 23, the Parties shall continue to perform their respective obligations
 under this MSA pending the resolution of any such Dispute.

**23.28** Insider
 Trading. The Customer and any End Customer must not, and must ensure their respective Personnel
 do not, use any Confidential Information or other non-public information obtained in connection
 with this Agreement or the Services to deal in, or procure any other person to deal in, any
 securities of the Service Provider or Service Provider's Affiliates and must comply
 with all applicable insider trading laws.

**23.29** The
 obligations in this Clause 23 shall survive the expiry or termination of this MSA for any
 reason.

(*execution page follows*)

35 <br> Commercial in confidence

**IN WITNESS WHEREOF**, the Parties and Parent have executed this MSA as an agreement on the date first written:

---

| |
|:---|
| **Signed for and on behalf of SAI AU NO.2 PTY LTD**<br> **acting by its duly authorised representative** |
| /s/ James Manning |
| Signature |

---

Name: James Manning <br>Title: CEO

---

| |
|:---|
| **Signed for and on behalf of SAI AU NO.2 PTY LTD**<br> **acting by its duly authorised representative** |
| /s/ Tim Broadfoot |
| Signature |

---

Name: Tim Broadfoot <br>Title: CFO

---

| |
|:---|
| **Signed for and on behalf of SPOCHUB SOLUTIONS PRIVATE LIMITED**<br> **acting by its duly authorised representative**<br>|
| /s/ Pryush Sumani |
| Signature |

---

Name: Piyush Somani <br>Title: Chairman & Managing Director

---

| |
|:---|
| **Signed for and on behalf of ESDS Cloud FZ-LLC**<br> **acting by its duly authorised representative**<br>|
| /s/ Pryush Somani |
| Signature |

---

Name: Piyush Somani <br>Title: CEO

---

| |
|:---|
| **Signed for and on behalf of ESDS Software Solution Limited**<br> **acting by its duly authorised representative** |
| /s/ Pryush Somani |
| Signature |

---

Name: Piyush Somani <br>Title: CEO

36 <br> Commercial in confidence

**SCHEDULE 1 – FORM OF SERVICE ORDER**

This Service Order and its Appendices is subject to the terms and conditions of the Master Services Agreement dated [XX] March 2026 between **SAI AU NO.2 PTY LTD**. (hereafter "**Service Provider**" or "**CSP**"), **SPOCHUB Solutions Private Limited, ESDS Cloud FZ-LLC** (collectively, the "**Customer**") and **ESDS Software Solutions Ltd,** ("**Parent**") including its Schedules, Appendices, Annexures, which are incorporated by reference in this Service Order.

---

| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Data** |
| 1 | Service Order Project | [insert] |
| 2 | Service Order Effective Date | [insert] |
| 3 | Description | See Appendix B (Statement of Work) |
| 4 | Service Order Price | See Appendix A (Pricing) |
| 5 | Service Order Service Provider Representative | Attention: [insert]<br>Position: [insert]<br>Title: [insert]<br>Email: [insert] |
| 6 | Service Order Customer Representative | Attention: [insert]<br>Position: [insert]<br>Title: [insert]<br>Email: [insert] |
| 7 | Target Commencement Date | [insert] |
| 8 | Payment of Service Fees and Advances | [insert] |
| 9 | Go-Live Date | Testing Period [will/will not] be required.<br>[insert anticipated date for commencement if Testing Period required] |
| 10 | Service Order Term | [insert] |
| 11 | Parent Support required for Service Order | [Yes/No]<br>[If yes, then choose one or all below |
| 12 | Limitation of liability under Service Order | [insert if applicable otherwise insert 'N/A']<br>The total liability of Service Provider under or in connection with this Service Order shall not exceed the amount paid by the Customer to the Service Provider under this Service Order during the twelve (12) months period immediately preceding the first event giving rise to a claim<br>The total liability of Customer to Service Provider under or in connection with this Service Order shall not exceed the amount paid by the Customer to the Service Provider under this Service Order during the twelve (12) months period immediately preceding the first event giving rise to a claim |
| 13 | Minimum Requirements | [specify the requirements that the Customer's and End Customer's infrastructure and systems meet] |
| 14 | Special Conditions |  |

---

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**Appendices:**

Appendix A: Scope and Statement of Work

Appendix B: Pricing and Billing

Appendix C: BOM

Appendix D: Termination Payments

Appendix E: Service Level Agreement (SLA)

Appendix F: Service Description

This Service Order is executed as an agreement by its duly authorised representatives

---

| | |
|:---|:---|
| **SERVICE PROVIDER** [FULL NAME] | [CUSTOMER NAME] |
| Name and Title | Name and Title |
| Date | Date |

---

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**SCHEDULE 2**

**RESERVED**

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**SCHEDULE 3**

**SECURITY MEASURES**

Description of the technical and organisational security measures implemented by Service Provider:

**Human Resources Security**

● Permanent employees, temporary employees, and sub-contractors of Service Provider have signed confidentiality and non-disclosure agreements (or are individually bound by equivalent confidentiality obligations) upon employment or appointment.

● Security policies and individuals' responsibilities for good information security are communicated to all relevant personnel and agents upon employment and at other appropriate times (for example once a year).

● Personnel are informed of information security risks associated with travel and working from remote locations. Such awareness communications address risks such as a) "shoulder surfing", b) interception of phone conversations made in public places or using cellular transmissions, c) risks from internet cafes and similar non-company computers, d) risks from wireless access and e) keystroke logging. The awareness communications promote Service Provider's required practices to mitigate such risks.

**Access to Facilities**

● Access to offices, and within such offices, to work areas, storage areas and computer rooms is restricted to authorised personnel only through an adequate electronic access control system and security personnel or other dedicated employees (e.g. receptionist). Access after Service Provider's regular working hours are controlled and monitored by the electronic access control system.

● Such offices, work areas, storage areas and computer rooms (where information is processed) are equipped with alarms to detect unauthorised access attempts as well as fire, water or other events as appropriate that may render such locations inoperable.

● Effective access control procedures are in place to a) account for keys, b) remove duplicate access cards and c) remove/disable access cards issued to any departing member of personnel with access to premises and records. Individual cards are deactivated (or locks changed for keys that may have been lost or duplicated) promptly at the end of the individual's employment or assignment.

● Access for visitors is subject to procedures that seek to prevent unauthorised access to offices and information.

● Computer servers (including but not limited to file servers as well as application/database servers and systems management servers) are only installed in dedicated computer rooms that are equipped with access control and climate monitoring (which includes prompt detection and alerting for variations of power, temperature, smoke and humidity).

● Visitors to computer rooms are accompanied at all times and if appropriate registered before entering such rooms.

**Personal Computer Security**

● All laptop and desktop computers have password-protected screensaver software that activates the screensaver automatically after a reasonable period of a powered-on computer becoming idle. Users are not permitted to disable the screensaver software on their computer.

● Passwords granting access to computers, applications and accounts are not hard coded into any computer or file or transmitted in clear text.

● Personnel are specifically informed not to write down, share or manually synchronise passwords for accounts that grant access to your network, computers, and applications.

● Hard disks in laptop and desktop computers are subject to a multiple overwrite process before disposal. Other media potentially containing data are disabled/destroyed or otherwise sufficiently formatted or overwritten to prevent unauthorised data access.

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● Where a specific laptop or desktop computer is issued to personnel, data on this computer's hard drive is erased (or if required, saved to an alternative and sufficiently secure electronic storage location, for retention) before this computer is issued to any subsequent user.

● Personnel are formally instructed to immediately report thefts and other losses of devices/media containing company information (including laptops, mobile phones/PDAs). Any loss/theft of such devices/media is followed with the necessary actions to prevent unauthorised network access (e.g. by removal from Active Directory) and unauthorised disclosure of information (e.g. by executing 'remote kill' commands and/or disabling automatic receipt of email).

● Personnel are informed of policies and expectations regarding use of (non-Service Provider owned) consumer devices (including USB keys, mobile phones, portable hard disks) and internet services (including social networking sites and personal mail/storage sites), to prevent unauthorised disclosure of information. Reasonable measures are in place to enforce (or at least assess compliance with), where practicable, such rules and expectations.

**Network and Application Access**

● Documented procedures and access policies are established and communicated to request, approve, administer and review user IDs (also known as "system accounts" or "accounts") and passwords for network and applications access.

● Access requests for application/data access are approved at least by the requestor's supervisor or the application/data owner. Approved access is assigned individually to a person in accordance with that person's approved job/position responsibilities and considerations regarding segregation of duties.

● Users with approved network access are assigned an initial default password that cannot be easily guessed and expires within 48 hours following creation. Upon first logon to the network, it is enforced that this initial password is changed.

● Passwords are required to contain a minimum of eight characters that are not easily guessed. Recommended passwords should meet at least 3 of the following 4 criteria (contain upper case characters, contain lower case characters, contain a mix of numerals and non-alphanumeric characters). Accounts granting access to networks and applications are automatically locked out after a predefined number of unsuccessful logon attempts (ten or less), and such lockouts are investigated before reactivating accounts and/or resetting passwords. Network and application settings are maintained to keep concurrent logon connections to a minimum.

● Default user IDs and passwords are disabled or changed from their initial values to prevent abuse of default system administrator accounts and features. Workstation administrative passwords are changed at least once per year.

● Accounts granting access to the network and to applications are regularly reviewed to detect and disable/remove inactive user IDs. User IDs of terminated personnel are disabled on the day of termination. User master files for network and application access are reconciled to lists of departing/departed personnel periodically to ensure unrequired system access has been removed promptly.

● System access rights (of collaboration / document management systems as well as file servers storing information) are reviewed at least once per year in liaison with application/data owners to validate that all users' system access permissions are commensurate with approved position responsibilities.

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**Backup Management, Disaster Recovery and Continuity Management**

● Back-up jobs, schedules and procedures, including those for storage and recycling of backup media, are organised to facilitate short-term disaster recovery of all data. Data sets on backup tapes are retained not more than 31 days before their recycling for subsequent backups.

● Data backup media are catalogued and stored in rooms/cabinets that provide fire protection and prevent unauthorised access. Data backup media are subject to secure transport to, and secure storage at, offsite storage locations providing the same protection.

● Contingency and disaster recovery plans covering computer facilities and critical applications/document repositories are documented, updated, and tested/evaluated on an annual basis.

● Up-to-date anti-virus software is installed on all servers and workstations connecting to Service Provider's network. The anti-virus software is configured to identify and remove, disable or quarantine computer viruses automatically, and receives automatic updates (client/engine/pattern file updates) to ensure this capability is maintained on an ongoing basis.

● Critical security patches (for computer/network operating systems, internet browsers, database software, and graphic software) are reviewed in a timely manner following their release by their respective software vendors and applied to ensure all computers are adequately protected from malicious code.

**Change Management**

● Formal change management procedures are documented, communicated and adhered to for the development and maintenance of custom-built computer applications, to ensure sufficient review and approval of software code and system configuration changes and to segregate the ability to modify computer programs and move these into production. Critical applications have separate environments (and appropriately configured access rights) for development/testing/QA and production.

**Other Security Matters**

● System administrator and "super-user" privileges to computers (servers and workstations) and application/system management software are limited to a small number of qualified and authorised personnel, in accordance with their approved job responsibilities.

● Log files recording critical security and system administrator activities (including creation of new users, password resets, changes of access rights, clearance of audit logs) are maintained and independently reviewed on a regular basis.

● Access to local area networks from value-added networks and the internet is prevented through the use of properly configured firewalls.

● Remote network access capabilities are provided in a controlled and secure manner to ensure that remote network access only occurs for approved business purposes and by authorised personnel only.

● Fax cover sheets and emails systematically contain statements advising unintended recipients that the message is private; that unauthorised use, copying or dissemination of the information is prohibited by law; and that the sender must be notified if a message is received in error.

● Employees are informed that highly confidential data transmissions must be subject to additional data protection measures as Service Provider makes available, (e.g. encryption of e-mail traffic and messages via TLS/secureFTP/HTTPS protocols to protect such communications).

● A procedure is established and communicated to ensure that significant security incidents (e.g. theft of computers containing client data, outage of computer room) are immediately escalated to appropriate management at Service Provider, for containment and remediation.

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**SCHEDULE 5**

**Acceptable Use Policy – Service Provider Platform and Services**

1. **Introduction** 

This Acceptable Use Policy ("**AUP**") outlines the acceptable and prohibited uses of the AI infrastructure and services provided by Service Provider ("**Service Provider Platform**"). Our goal is to ensure the responsible, legal, and ethical use of our resources, including the Service Provider Platform. All users of our services (including all contracting parties ("**Customers**") and each of their respective users (including without limitation Authorised Users) ("**Users**") must adhere to this AUP and all Applicable Law, including local regulations of the jurisdiction(s) in which the services are being performed or Service Provider Platform is being accessed, data protection laws, export control laws and sanctions laws. Each of Service Provider's Customers shall be responsible for compliance with this AUP on its own behalf and by each of its end users from time to time (irrespective of whether such end users' access or use was specifically authorised or permitted by the Customer).

Customers are responsible for maintaining accurate account and registration details and must not impersonate any person or entity or misrepresent their affiliation with any person or entity. Customers are responsible for safeguarding all credentials used to access the Service Provider Platform and must ensure that such credentials are not shared except with Authorised Users.

This AUP is not exhaustive, and Service Provider reserves its rights to take any action in respect of any matter it considers falls within the scope of this AUP in connection with the use if the Service Provider Platform, regardless of whether the Content or uses are specifically described below.

2. **General Principles** 

At all times while accessing and using the Service Provider Platform or related services, all Users must:

● Comply with all applicable local, national, and international laws and regulations, directly or indirectly relating to the access and use of the Service Provider Platform.

● Use the services and the Service Provider Platform responsibly and ethically, ensuring their activities do not infringe upon the rights or safety of others.

● Without limiting the foregoing, ensure that their access and use of the Service Provider Platform is at all times in accordance with international laws including but not limited to all applicable data and technology laws and regulations relating to data protection, privacy, online safety, cyber security and international trade compliance.

● Ensure that their use of the Service Provider Platform does not exceed authorised usage limits, circumvent technical restrictions, or otherwise interfere with the fair use of the Service Provider Platform by other users.

3. **Prohibited Uses** 

All Users are strictly prohibited from using the Service Provider Platform to promote, undertake, facilitate, aid, abet or conceal any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Illegal Activities** 

● Engage in activities that are illegal under UK law or applicable international laws, or that are otherwise unlawful, harmful, infringing, offensive, discriminatory or which facilitate illegal activity or depict sexually explicit or obscene Content or cause damage or injury to any person or property.

● Facilitate or participate in fraud, deception, identity theft, or other forms of criminal activity.

● Host, share, store, access, use or create Content that violates intellectual property rights of any third party without proper authorisation, including but not limited to any rights in or to copyright, patent, trademark, trade secret, privacy or publicity, and publishing Content intended to assist others in unlawfully circumventing technical measures intended to protect any such rights.

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&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Harmful or Malicious Activities** 

● Develop, deploy, access (intentionally, knowingly or recklessly), store, distribute or transmit any worms, Trojan horses, malware, timebombs, lock-out features or other ransomware, viruses, phishing, or hacking tools or other similar tools designed for unauthorised access, data theft, or harm to individuals, organisations, or critical infrastructure.

● Engage in activities that compromise or violate the security, integrity, or availability of Service Provider's systems, network, or other users' services, or any other network, computer or communication system, software application, or network or computing device.

● Conduct distributed denial-of-service (DDoS) attacks, traffic manipulation, or other actions designed to disrupt the availability of networks or services.

● Create, store, access or disseminate any Content that incites or threatens violence against any person, promotes terrorism, is intended to harass, abuse or invade the privacy of any individual, creates a risk to the physical safety or health of any individual or to public safety or health, or that threatens or encourages harm on the basis of race, ethnicity, national origin, religion, caste, sexual orientation, sex, gender, gender identity, serious disease or disability, or immigration status.

● Unlawfully sell or distribute any form of controlled substance, including but not limited to any illegal or prescription drugs.

● Probe, scan, penetrate, or test the vulnerability of the Service Provider Platform, or breach Service Provider's security or authentication measures, whether by passive or intrusive techniques, or conduct any security or malware research on or using the Service Provider Platform, without Service Provider's prior written consent.

● Any other activities or undertakings that cause, or could reasonably be likely to cause, harm to Service Provider's business, operations or reputation.

● Use the Service Provider Platform for unauthorised crypto-mining or other activities that unreasonably consume or monopolise computing resources.

&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Misuse of AI and Machine Learning** 

● Copy, modify, duplicate, create derivative works from, frame, mirror, republish, download, display, transmit or distribute all or any part of the Service Provider Platform without Service Provider's prior written consent.

● Reverse compile, disassemble, reverse engineer or otherwise reduce to human-perceivable form all or any part of the Service Provider Platform (including any related object code and source code).

● Develop or deploy AI models or algorithms for unethical or prohibited purposes and practices, including but not limited to disinformation, manipulation, untargeted facial scraping, work-related emotion recognition, social scoring fraud, criminal profiling, unlawful biometric categorisation, unrestricted mass facial recognition monitoring or automated decision-making without transparency.

● Train or deploy AI applications designed for surveillance, discrimination, harassment, or violation of privacy rights.

● Engage in AI development that may contribute to social harm, including but not limited to bias in AI decision-making or reinforcement of stereotypes.

&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Sanctions Compliance** 

● Conduct transactions (i) with, or on behalf of, sanctioned individuals or entities or (ii) from, through or within any sanctioned territories, or develop applications that would facilitate such transactions.

● Use Service Provider's services in a manner that would violate UK or any other applicable sanctions laws and regulations, including attempts to circumvent or evade these restrictions.

● Engage in any activity that would result in Service Provider being in breach of any UK or other applicable export control or sanctions laws or obligations.

&nbsp;&nbsp;&nbsp;&nbsp;3.5 **Violation of Privacy and Data Protection Laws** 

● Collect, store, process, disclose or distribute personal data without proper authorisation or in violation of applicable data protection laws, including the UK General Data Protection Regulation (GDPR).

● Engage in data scraping, profiling, or data mining of private individuals without explicit consent.

● Process personal data in a manner inconsistent with applicable privacy notices or lawful processing bases required under applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;3.6 **High-Risk AI Activities** 

Users must not develop, train, deploy or operate any AI model or system using the Service Provider Platform that is designed or reasonably likely to:

● develop, design, or assist in the development of biological, chemical, nuclear or other weapons;

● facilitate large-scale cyber intrusion, exploitation of software vulnerabilities, or automated cyber-attacks;

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● create deceptive synthetic media or deepfakes intended to impersonate individuals or organisations in a fraudulent or harmful manner;

● enable unlawful surveillance, tracking, or profiling of individuals at scale;

● otherwise create a material risk of physical harm, unlawful activity, or significant societal harm.

● Service Provider may suspend or restrict workloads that reasonably appear to involve such activities.

&nbsp;&nbsp;&nbsp;&nbsp;3.7 **Infrastructure Abuse** 

Users must not use the Service Provider Platform in a manner that:

● unreasonably consumes, monopolises, or degrades shared infrastructure resources;

● circumvents resource allocation limits, technical restrictions or fair-usage mechanisms implemented by Service Provider;

● interferes with the performance, reliability, or availability of the Service Provider Platform or services provided to other customers;

● uses automated scripts, bots, or similar mechanisms to artificially manipulate usage metrics, benchmarking results, or system performance measurements.

4. Ethical
 AI Use Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Fairness and Transparency** 

Users shall strive to develop AI systems that are fair, transparent, and accountable. All reasonable commercial efforts should be made to minimise algorithmic bias, and any limitations or potential biases in AI models should be disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Data Privacy and Security** 

Users are expected (and may be legally required) to implement their own data privacy and security measures to safeguard personal information and comply with GDPR and other relevant data protection standards.

&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Non-Discrimination and Inclusivity** 

AI models shall not be used to discriminate against individuals based on protected characteristics such as race, gender, ethnicity, religion, or sexual orientation.

&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Responsible AI Deployment** 

AI applications that interact with end-users shall be designed and implemented to avoid harm. Users must take responsibility for ensuring their AI systems do not deceive, manipulate, or otherwise harm individuals or society.

&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Responsibility for AI Outputs** 

Customers are solely responsible for the outputs generated by any AI systems or models deployed, trained, hosted or operated using the Service Provider Platform, including any decisions, actions or consequences arising from such outputs.

&nbsp;&nbsp;&nbsp;&nbsp;4.6 **Training Data Responsibility** 

Customers are solely responsible for ensuring that any datasets, models, prompts, or other inputs used in connection with the Service Provider Platform:

● are lawfully obtained and used;

● do not infringe any intellectual property rights, privacy rights, database rights, or other proprietary rights of any third party;

● comply with all applicable data protection and privacy laws.

Service Provider does not review, verify or approve training data, datasets, models, or outputs used on the Service Provider Platform and shall have no responsibility or liability for such materials.

5. **Monitoring** 

The Service Provider Platform and Users' access and use thereof may be monitored, subject to Applicable Laws, for the purposes of verifying compliance with this AUP.

Service Provider reserves the right, but has no obligation (unless required by Applicable Laws and regulations and/or a lawful and mandatory request from a competent regulatory authority, law enforcement or other public agency), to investigate any suspected breach of this AUP or misuse of the Service Provider Platform by any User, provided Service Provider has actual knowledge or reasonable grounds to justify such investigation. In connection with such investigations, Service Provider may report any activity that it reasonably suspects may violate any law or regulation to appropriate law enforcement officials, regulators, or other appropriate third parties. Such reporting may include disclosing, reviewing and preserving appropriate User information consistent with applicable law. Service Provider may also cooperate with appropriate law enforcement agencies, regulators, or other appropriate third parties to help with the investigation and prosecution of illegal conduct by providing network and systems information related to alleged violations of this AUP.

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**Compliance with Law Enforcement Requests.** Service Provider may comply with any lawful request, order, or direction from a competent regulatory authority, law enforcement agency, or court requiring the restriction, suspension, disclosure, or removal of content or workloads associated with the Service Provider Platform. Service Provider shall not be liable to any Customer or User for actions taken in good faith to comply with such requests.

6. **Violations of AUP** 

&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Reporting Violations** 

If any Customer of Service Provider becomes, or should reasonably become, aware of any suspected violation of this AUP, the Customer must promptly notify Service Provider by providing a full explanation of the suspected violation. Service Provider may request further information from the Customer and/or Customer's assistance to help stop or remedy the violation.

Any person may report suspected violations of this AUP to Service Provider at security@sharonAI.com We will investigate such reports and take appropriate action based on our findings.

&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Consequences of Violations** 

If Service Provider determines, in its good faith discretion, that any User has failed to adhere to this AUP, Service Provider may take any of the following actions:

● Suspend or terminate access or use by the Customer (and all associated User's) of the Service Provider Platform and any other services, regardless of whether the violation is committed unintentionally or without the Customer's permission.

● Remove, disable access to, or modify any offending Content or resource, as well as intercept or block any traffic to/from such offending Content or resource.

● Disclose user data (including network and systems information related to such alleged violation) to relevant law enforcement or regulatory authorities, where legally permitted or required to do so.

● Commence, institute or conduct any legal action deemed appropriate by Service Provider to protect its legitimate interests.

Nothing in this AUP shall be construed as an obligation on Service Provider to take any action within a specified period or with respect to any actual or suspected violation, and Service Provider may exercise its rights in connection with this AUP at any time within its sole discretion.

Service Provider shall not be liable for any loss, damage or liability incurred by the Customer or any User arising from Service Provider exercising its rights under this AUP, including suspension, restriction or termination of access to the Service Provider Platform.

7. **Modifications to AUP** 

Service Provider reserves the right to modify this AUP at any time. Changes will take effect upon posting an updated version of this AUP on our website or notifying users by email. Continued use of the Service Provider Platform or any related services after any such change shall constitute acceptance by the User of the new terms.

8. **Acknowledgment** 

By using the Service Provider Platform and Service Provider's services, Users agree to this AUP and affirm their commitment to ethical, legal, and responsible AI practices.

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**Schedule 6**

ACCEPTANCE testing

**Start of testing certificate**

**Date**: [*Insert Date*]

**Service Provider:** [Service Provider Name]

**Customer Name**: [Customer Name]

**Agreement**: Master Tech Service' Agreement

**CERTIFICATION**

This is to certify that the INSTALLATION STAGE of the above-referenced Master Services Agreement has been COMPLETED and VERIFIED. All hardware procurement, facility preparation, infrastructure installation, and initial diagnostics have been successfully executed in accordance with the specifications outlined in **Annexure A** (Hardware and Infrastructure Specifications).

**[\*]**

**Signatures:**

For and on behalf of **Vendor:**

---

| | |
|:---|:---|
| Authorized Representative | Authorized Representative |
| Name: | [Print Name] |
| Title: | [Title] |
| Date: | |

---

For and on behalf of **Client:**

---

| | |
|:---|:---|
| Authorized Representative | Authorized Representative |
| Name: | [Print Name] |
| Title: | [Title] |
| Date: | |

---

Commercial in confidence

**Schedule 7**

**Service Levels and Support Services**

**Overview**

This Service Level Agreement (SLA) outlines our commitment to service availability, response protocols, and customer sole remedies for failure to meet those service levels. It forms part of the contractual agreement between the customer and the service provider.

**Uptime Commitment**

We are committed to delivering a highly available service with the following objectives:

Monthly Uptime Target: 99.95% for applicable Services - following successful completion of Co-testing and the Services being agreed by the parties to be operating in the live production environment.

Notwithstanding the foregoing or any other provision of the MSA or the relevant Service Order, in each Service Order Year the Service Provider will be entitled to an aggregate of ninety (90) days during which the Service Provider will use reasonable endeavours to meet the 99.95% availability target; however, during such days the Service Levels, Service Credits and any other remedies associated with the 99.95% availability commitment will not apply.

**Measurement Method** 

Uptime is measured at [\*] intervals using Sharon AI's monitoring systems - both internal monitoring tools and external synthetic monitors. "**Downtime**" means, subject to SLA exclusions, periods during which the applicable Service is unavailable due to SharonAI-controlled failures and unable to process compute requests. Downtime is rounded up to the nearest full minute. For multi-region deployments, uptime is calculated per region. For cluster-based services, uptime is calculated across all nodes in the cluster.

**Support Response Targets**

We provide tiered response times depending on the urgency of the support request:

---

| | |
|:---|:---|
| **TIER** | **RESPONSE** |
| **TIER 1** | **Critical service disruption:**<br>Response within [\*] hours (available based on your contracted support level). |
| **TIER 2** | **Standard operational issues**:<br>Response within [\*] hours. |
| **TIER 3** | **Non-Critical Operational Requests**:<br>Response within [\*] hours. |

---

Response times relate solely to acknowledgement and initial investigation and do not constitute resolution commitments.

**Service Credits**

If monthly uptime for an affected Service falls below the applicable target, the Customer may be eligible for a service credit against future invoices as follows.

**Service Credit Thresholds**

---

| | |
|:---|:---|
| **Monthly Uptime** | **Credit (% of affected MONTHLY FEE)** |
| **[\*]%** | [\*]% |
| **[\*]%** | [\*]% |
| **Below [\*]%** | [\*]% |

---

Commercial in confidence

**Credit Eligibility**

To qualify for Service Credits pursuant to this SLA, the Customer must:

&nbsp;&nbsp;&nbsp;&nbsp;1. Notify
 SharonAI of the incident within [\*] hours of the downtime.

&nbsp;&nbsp;&nbsp;&nbsp;2. Submit
 a written credit request within [\*] days of the affected billing period.

&nbsp;&nbsp;&nbsp;&nbsp;3. Provide
 reasonable supporting evidence, including logs and timestamps demonstrating the impact.

&nbsp;&nbsp;&nbsp;&nbsp;4. Maintain
 account standing, with no overdue balances.

**Service Credit Conditions**

Service Credits apply only to the affected services for the relevant billing period. The maximum available service credits to Customer in respect of any Service Order in any billing month are capped at [\*]% of the monthly Fee payable for the affected Services for that billing month. Unused service credits will expire [\*] months after issuance of the respective service credit. Service credits are the sole and exclusive remedy for SLA breaches. Service credits are non-transferable and have no cash value.

Service credits:

&nbsp;&nbsp;&nbsp;&nbsp;1. are
 the Customer's sole and exclusive remedy for SLA failures; and

&nbsp;&nbsp;&nbsp;&nbsp;2. may
 not be combined with any other remedy, termination right or damages claim.

**SLA Exclusions**

Service Levels do not apply to any unavailability, degradation or failure caused by:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Scheduled Maintenance** 

Including maintenance with at least 48 hours' prior notice or emergency maintenance requiring immediate action to protect customer services.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **External Factors** 

Issues beyond our network (e.g., third-party services failures, natural disasters, DDoS attacks on customer services, Force Majeure Event(s)).

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Customer-Related Issues** 

Customer-related issues, including:

Customer configurations, , applications, models, code, configurations or datasets;

excessive resource consumption caused by Customer workloads

security incidents originating from Customer environments;

Customer's breach of the Agreement, Acceptable Use Policy or non-payment.

Commercial in confidence

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Network Security Events** 

Such as infrastructure-targeted attacks or upstream provider outages outside our system.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Artificial intelligence - related issues** 

Artificial intelligence model behaviour, inference results, hallucinations, bias or output quality;

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Professional Services** 

Professional Services activities or implementation work.

**Service Scope Summary [\*]**

**Incident Management & Communication**

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| | |
|:---|:---|
| **INCIDENT** | **Communication** |
| **Service Status** | Real-time updates are available via the Customer Access Portal |
| **Incident Alerts** | Major incident notifications are provided by email |
| **Post-Incident Reports** | A detailed root cause analysis (RCA) will be delivered within 72 hours for major incidents upon written request. |

---

**Australia-Specific Commitments & Data Sovereignty**

All data is processed and stored in Australian data centres. We adhere to the Australian Notifiable Data Breaches (NDB) scheme and applicable privacy laws.

**SLA Modifications**

This SLA takes effect upon service activation and remains valid throughout the service agreement term. Notwithstanding the foregoing, SharonAI may update this SLA upon 30 days' written notice to the Customer.

**END OF ANNEXURES**

Commercial in confidence

**SERVICE ORDER**

This Service Order and its Appendices is subject to the terms and conditions of the Master Services Agreement between Spochub Solutions Pvt Ltd, ESDS Cloud FZ-LLC and ESDS Software solutions Ltd ("**Customer**"), and SAI AU NO.2 PTY LTD (hereafter "**Service Provider**) dated 31 March 2026 ("**MSA**"), including its Schedules, Appendices, Annexures, which are incorporated by reference in this Service Order.

Defined terms used in this Service Order have the same meaning as those in the MSA, unless otherwise defined herein. This Service Order includes the Appendices and attachments specified herein and as attached.

---

| | | |
|:---|:---|:---|
| **Item** | **Reference** | **Data** |
| 1. | Service Order Project and number | Service Order No.1 |
|  |  | 8,208 NVIDIA B300 GPU cluster with 17.83 PB VAST storage |
| 2. | Service Order Effective Date | 31 March 2026 |
| 3. | Description | See Appendix A (Scope of Work)  |
| 4. | Service Order Price | See Appendix B (Pricing and Billing)  |
| 5. | Service Order Service Provider Representative | Attention: Linton Burling <br>Title: Chief Revenue Officer <br>Email: Linton.Burling@sharonai.com  |
| 6. | Service Order Customer Representative | Attention: Piyush Somani <br>Title: CEO <br>Email: Piyush@esds.co.in  |
| 7. | Delivery Date | Subject to the terms of clause 5 of the MSA, 23:59 hrs (AEST / Australian Eastern Standard Time) on 16 September 2026 when the Computing Servers and other part of Cloud Infrastructure is installed and ready for check of the Customer and further testing. |
| 8. | Service Start Date | Subject to the terms of clause 5 of the MSA, Delivery Date + 10-day Co-testing Stage period) or the actual date when the Parties execute Commissioning Certificate. |
| 9. | Grace Period | Notwithstanding anything to the contrary in the MSA or this Service Order, the Parties agree that a period for Co-testing stage is grace period Delivery Date, during which no service fees shall be payable by the Customer under this Service Order. <br>Grace period terminates with execution of Commissioning Certificate of Computing Services. |

---

10. Liquidated
 Damages 1) Termination
 Payments payable under this Service Order No 1 shall apply on all GPUs as outlined in **Appendix D.** 

---

| | | |
|:---|:---|:---|
| 11. | Service Order Term | **Effective from**: Service Order Effective Date. |
|  |  | **Service Order Term**: 60 months (from Service Start Date) excluding grace periods as set out in **Table B of Appendix B** for the full 8,208 NVIDIA B300 GPU cluster subject to any earlier termination in accordance with the MSA and this Service Order. |
|  |  | For the purposes of clause 3 of the MSA, the first 60 months (following the grace periods as set out in Table B of Appendix B) constitutes the initial term after which the Service Provider can adjust the Fees. |

---

12. Limitation
 of liability under Service Order In
 accordance with the terms of the MSA.

13. Service
 Levels **Schedule 7 of the MSA (Service Level Agreements)** shall apply to any references to the Service Levels in this Service Order.

14. Service
 Description The
 services to be delivered by the Service Provider are defined in Appendix F.

15. Dependencies
 and Delays The
 following, and any other actions or tasks that may be notified by Service Provider to Customer
 in writing from time to time, that are necessary for Service Provider to provide the Services,
 shall be deemed to be "**Dependencies**" for which the Customer is responsible
 for providing and/or complying with (and/or procuring the provision and/or compliance with
 from any Authorised User) in accordance with Clause 4.9 of the MSA: Customer
 to provide: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)
BGP Autonomous System Number &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)
any RIPE IP address space required. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)
 Technical / Incident Contact details In
 the event that the Customer fails to provide and/or comply with any Dependency (and/or fails to procure the provision and/or compliance
 by any Authorised User with any Dependency), (a "**Dependency Failure**") and this results in Service Provider failing
 to hit any milestone, Service Levels and/or complying with any obligation under the MSA and/or this Service Order then Service Provider
 shall not be regarded as being in breach of any such milestone, Service Level and/or obligation. Where Service Provider incurs incremental
 costs and expenses as a result of any such Dependency Failure then those costs shall be borne by Customer.

16. Special
 Conditions 1. The
 Customer acknowledges that it has no right to terminate this Service Order during the first thirty-six (36) months of the Service
 Order Initial Term (**Minimum Term**) other than in accordance with clause 22.2 of the MSA. At the end of the Minimum Term the
 Customer may terminate this Service Order for convenience, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the
 Customer must provide the Service Provider with no less than six (6) months written notice; and

B. the
 Customer must pay, within thirty (30) days of the issue or such termination notice, the amounts set out in Appendix D (Termination
 Payments).

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| | |
|:---|:---|
|  | For the avoidance of doubt, the foregoing notice of termination for convenience may only be given after expiry of the Minimum Term and the Service Order will continue during the applicable notice period. |
|  | Notwithstanding any other provision of this Service Order or the Master Services Agreement, if the Customer purports to terminate the Service Order prior to the expiration of the Minimum Term for any reason other than pursuant to clause 22.2 of the MSA, such action will constitute a termination in breach of this agreement, and the Customer shall be liable to pay, within thirty (30) days of termination the amounts set out in Appendix D (Termination Payments) without prejudice to any other rights or remedies of the Service Provider. |
| 2. | If the Customer wishes to extend the term of this Service Order for further 2 years, the Customer must notify the Service Provider in writing during year 4 of the Service Order Term. Following such notice, the parties will negotiate in good faith the terms of the extension, including any adjustments to Fees and other relevant commercial or technical terms. |

---

---

| | |
|:---|:---|
| **3.** | **Infrastructure Dependencies and Usage Requirements** |
|  | (a) The Service Provider may suspend or restrict the Services (in whole or in part) to the extent reasonably required to comply with any requirement, limitation or direction of an upstream data centre operator. |
|  | (b) The Customer must not exceed any allocated capacity (including power, compute, storage or network capacity) or otherwise create any imbalance, interference or disruption to the Services or underlying infrastructure. |
|  | (c) The Customer is liable for, and must pay on demand, any additional charges, costs or liabilities incurred by the Service Provider arising from a breach of this clause, including any excess usage charges or charges imposed by upstream providers. |

---

---

| | |
|:---|:---|
| **4.** | **Security** |
| 4.1 Letter of Credit and Interim Security | 4.1 Letter of Credit and Interim Security |
| (a) The Customer must provide the security specified in this Service Order in the form and by the times set out in this clause 4, Appendix G and Appendix H. | (a) The Customer must provide the security specified in this Service Order in the form and by the times set out in this clause 4, Appendix G and Appendix H. |
| (b) As an interim measure pending provision of the Letter of Credit required under clause 4.2 (**Main Security**), the Customer must provide interim security in accordance with Appendix G and Appendix H by no later than seven (7) business days from Service Order Execution Date. (**Interim Security**). | (b) As an interim measure pending provision of the Letter of Credit required under clause 4.2 (**Main Security**), the Customer must provide interim security in accordance with Appendix G and Appendix H by no later than seven (7) business days from Service Order Execution Date. (**Interim Security**). |
| (c) The Customer acknowledges that the Interim Security is temporary credit support only and does not satisfy the Customer's obligation to provide the Main Security under clause 4.2. | (c) The Customer acknowledges that the Interim Security is temporary credit support only and does not satisfy the Customer's obligation to provide the Main Security under clause 4.2. |
| 4.2 Main Security | 4.2 Main Security |
| (a) The Customer must procure and deliver to the Service Provider, by no later than 15 May 2026, a letter of credit (LC#1, LC#2 and LC#3) or bank guarantee, in favour of the Service Provider, issued by a financial institution, and reasonably acceptable to the Service Provider. | (a) The Customer must procure and deliver to the Service Provider, by no later than 15 May 2026, a letter of credit (LC#1, LC#2 and LC#3) or bank guarantee, in favour of the Service Provider, issued by a financial institution, and reasonably acceptable to the Service Provider. |
| (b) The Main Security must: | (b) The Main Security must: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be in an amount specified in Appendix G, as adjusted from time to time under clause 4.3; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be in an amount specified in Appendix G, as adjusted from time to time under clause 4.3; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be payable on demand; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be payable on demand; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be in form and substance reasonably satisfactory to the Service Provider; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) be in form and substance reasonably satisfactory to the Service Provider; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remain valid for the period reasonably required by the Service Provider, including any required renewal or replacement period; and | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) remain valid for the period reasonably required by the Service Provider, including any required renewal or replacement period; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) otherwise comply with any requirements notified by the Service Provider acting reasonably in relation to its form, issuer and terms. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) otherwise comply with any requirements notified by the Service Provider acting reasonably in relation to its form, issuer and terms. |
| (c) The Service Provider may approve or reject the proposed form, issuer and terms of the Main Security, acting reasonably. | (c) The Service Provider may approve or reject the proposed form, issuer and terms of the Main Security, acting reasonably. |

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---

| |
|:---|
| 4.3 Adjustment of Main Security Amount |
| (a) The amount of the Main Security may be increased, reduced, replaced or otherwise adjusted by the Service Provider from time to time to reflect: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the remaining contract value under this Service Order; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Service Provider's exposure in respect of termination payments or other amounts payable under this Service Order or the MSA; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any adjustment to Fees under this Service Order or the MSA; and |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any other change in the commercial exposure of the Service Provider under this Service Order. |
| (b) The Customer must, within 10 Business Days after request by the Service Provider, procure any amendment, replacement or top-up of the Main Security required by the Service Provider under clause 4.3(a). |
| 4.4 Failure to Provide or Maintain Security |
| (a) If the Customer fails to: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide the Interim Security in accordance with clause 4.1; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide the Main Security in accordance with clause 4.2; or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain, renew, replace or top-up the Main Security in accordance with this clause 4, |
| then, without limiting any other rights of the Service Provider, the Service Provider may: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) suspend performance of the Services; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) delay any Delivery Date or Service Start Date; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) draw on, apply or retain the Interim Security, or if the InterimSecurity has been replaced with the Main Security, the Main Security; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) re-price this Service Order; and/or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) treat such failure as a material breach of this Service Order. |
| 4.5 Recourse to Security |
| (a) The Service Provider may have recourse to the Interim Security or may draw down under the Main Security at any time the Service Provider is entitled to do so under this Service Order, the MSA or the terms of the relevant security instrument. For the avoidance of any doubt (and without limiting the Service Provider's rights to retain Main Security (once provided) pursuant to relevant provisions of the MSA and Annexure D), the Customer acknowledges and agrees that if the parties will not to proceed with this Service Order for any reason (including following any re-price under clause 4.4(a)(D)) or a failure by the Customer to provide the Main Security in accordance with terms of this Service Order, the Service Provider will be entitled to immediately have recourse to and retain the Interim Security (USD 21M (or any higher amount as may be agreed in writing between the parties)) as a genuine pre-estimate of loss, without the need to prove actual loss, subject only to any mandatory requirements of applicable law and the Customer irrevocably waives any right to challenge or seek recovery of such amount. |
| (b) Without limitation, the Service Provider may have recourse to the Interim Security or draw down under the Main Security where: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount payable by the Customer under this Service Order or the MSA is due and unpaid; |

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---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Customer breaches this Service Order or the MSA; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Service Order is terminated as a result of the Customer's breach or default; |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Customer suffers, or the Service Provider reasonably considers that the Customer is likely to suffer, an Insolvency Event; or |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Service Provider is otherwise entitled to payment, compensation, indemnity, damages, costs or loss from the Customer under this Service Order or the MSA or otherwise has a bona fide claim against the Customer; |
| (c) The Customer must not seek to restrain, enjoin or otherwise delay any recourse to the Interim Security or any drawdown under the Main Security, except in the case of manifest fraud. |
| 4.6 Release of Interim Security |
| Subject to clause 4.5 and provided the Service Provider has received the Main Security in compliance with clause 4.2, the Service Provider must release or refund the Interim Security in accordance with Appendix G and/or Appendix H. |
| 5. Financing and KYC Information |
| The Customer acknowledges that it is reasonable for the Service Provider and its Affiliates to require information under this clause to obtain or maintain debt financing, including for KYC and similar regulatory requirements. As a condition of entering into a Service Order, the Service Provider may request, and the Customer must provide, information reasonably required for that purpose, including: (a) corporate structure and group position of the Customer Entity; (b) pricing and cost of finance; (c) information relating to the Customer's end customer (including identity); (d) details of any corporate guarantees or credit support arrangements; (e) key contractual terms relevant to revenue stability (including payment terms, term and termination rights); (f) financing arrangements relevant to receivables, step-in rights or revenue flows; (g) financial modelling relating to utilisation of the services; (h) whether receivables are pledged and any priority arrangements; and (i) periodic financial information, and any other information reasonably requested for that purpose (including to satisfy KYC or other regulatory requirements of financiers). The Service Provider may disclose such information to its financiers or prospective financiers subject to confidentiality obligations. |
| 6. The Customer acknowledges that its issuing bank (the "Issuing Bank") may require one or more amendments, modifications or supplements to this Agreement as a condition precedent to the issuance of the Letter of Credit in favor of the Service Provider. |
| In the event the Issuing Bank requires any such amendment, modification or supplement, Service Provider shall have the sole and exclusive discretion, acting reasonably, to approve, consent to, or reject any proposed change. Service Provider shall not unreasonably withhold, condition or delay its consent to any amendment, modification or supplement that does not materially alter or change the terms, conditions, rights or obligations of the parties under this Agreement or the transactions contemplated hereby. |

---

---

| |
|:---|
| For the avoidance of doubt, no amendment, modification or supplement shall be effective unless and until it is documented in a written instrument executed by both parties and Service Provider has given its prior written consent in accordance with this Section. |
| Nothing in this Condition shall be construed to require Service Provider to consent to any change that would materially and adversely affect Service Provider's rights, increase Service Provider's obligations, or otherwise materially change the commercial terms of this Agreement. |
| 7. Foreign Exchange Approvals and Regulatory Compliance Warranty |
| The Customer represents, warrants and covenants that: |
| (a) it has obtained, and shall maintain throughout the term of this Agreement, all approvals, permissions, licences and authorisations required under applicable Indian law to make payments and remittances, including in foreign currency, to the Service Provider, including without limitation any approvals required under the Foreign Exchange Management Act, 1999 ("FEMA") and the rules, regulations and directions issued thereunder by the Reserve Bank of India ("RBI"); |
| (b) all payments and remittances to be made by the Customer under this Agreement are valid current account transactions and are freely permissible without any prior approval of the RBI, under the applicable RBI regulations, including the Foreign Exchange Management (Current Account Transactions) Rules, 2000, or any successor regulations, and any RBI Master Directions applicable to such transactions, and are not subject to any restriction, condition or limitation that would delay or prevent payment; |
| (c) where required, the Customer has submitted or shall submit all necessary declarations, filings or forms (including Form 15CA and Form 15CB under the Indian Income Tax Act, 1961) to the relevant Indian tax and regulatory authorities and authorised dealer bank(s) prior to effecting any remittance under this Agreement, and shall provide copies and evidence of submission upon request; |
| (d) no regulatory, governmental or other approval, consent or authorisation is outstanding or pending that would prevent, delay or restrict the Customer from making any payment or remittance due under this Agreement, and no authorised dealer bank or intermediary is entitled to withhold, delay or refuse any remittance where the Customer has complied with applicable law; |
| (e) the Customer shall promptly notify the Service Provider in writing if any approval, authorisation, consent or permission referred to in this clause is withdrawn, revoked, amended or otherwise ceases to be in full force and effect, and shall take all necessary steps to obtain any replacement or substitute approval as soon as practicable; and |
| (f) all payments under this Agreement shall be made in full, free and clear of any set-off, counterclaim, deduction or withholding (except as required by law), and the Customer shall be solely responsible for compliance with all foreign exchange, tax and regulatory requirements in India. |

---

---

| |
|:---|
| **Indemnity:** The Customer shall indemnify, defend and hold harmless the Service Provider from and against any losses, costs, claims, penalties or liabilities arising from or in connection with: (i) any breach of the representations, warranties and covenants set out in this clause; or (ii) any failure or delay in payment due to the Customer's failure to obtain or maintain the required approvals or comply with applicable Indian law, including foreign exchange regulations or Customer's non-compliance with applicable Indian law (including FEMA, RBI regulations or tax requirements), including any refusal, delay or objection by any authorised dealer bank or regulatory authority, and such amounts shall be payable on demand and not subject to any limitation of liability under this Agreement. |
| **Payment certainty and fallback**: The Customer's obligation to pay all amounts due under this Agreement is absolute and unconditional and constitutes a separate and independent debt obligation, and is not affected by any foreign exchange restriction, banking process, regulatory requirement or delay. The Customer waives any right to withhold, defer or delay payment for any reason (including any failure or refusal by an authorised dealer bank or regulatory authority), except to the extent prohibited by law. If, for any reason, the Customer is unable to remit payment through its authorised dealer bank in India, the Customer must promptly procure that payment is made by an alternative lawful method (including through an affiliate, offshore account or other permitted mechanism) so that the Service Provider receives the full amount due by the due date. |

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**Appendices:**

Appendix A: Scope and Statement of Work

Appendix B: Pricing and Billing

Appendix C: BOM

Appendix D: Termination Payments

Appendix E: Service Level Agreement (SLA)

Appendix F: Service Description

Appendix G: Security

Appendix H: Security over Pledged UAE Bank Account

**Appendix A: Scope and Statement of Work (including all deliverables)**

1. **Purpose** 

This Statement of Work (**SOW**) defines the scope, objectives, responsibilities, and acceptance criteria for the provision of onsite services for this Project by Service Provider and its subcontractor, Dell Inc.

Service Provider agrees to ensure that the requirements of this Appendix are flowed down to Dell Inc in its subcontract with the Service Provider.

2. Service
 Provider to deliver a complete, installed, and operational GPU rack solution in accordance
 with the Bill of Materials (**BOM**) set out in Appendix C of this Service Order, to meet
 the Customer's technical and operational requirements, being:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 high-performance managed GPU compute and storage services consisting of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 8,208
 NVIDIA B300 GPUs deployed using NVIDIA's NCP Reference Architecture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 5
 PB VAST High Performance and 12.83 PB VAST Object Storage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Highly
 available front-end firewalls (Fortinet FG-4200) capable of 100Gbps throughput, licensed
 with Hyperscale features; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. OOB
 Management connectivity

together referred to as the **Project**.

3. **Scope of Work** 

Service Provider, by its subcontract with [\*] will provide preconfigured rack systems, ship them to the designated installation site, and perform onsite installation, integration, and verification. Service Provider will also provide site readiness, access, and necessary infrastructure for installation.

4. **Responsibilities** 

4.1 <u>Service Provider's Responsibilities are to</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 technical requirements and designate a project team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide
 required documentation (site survey, data center layout, naming conventions).

4.2 <u>Service Provider shall ensure that its subcontract with [\*] provides for [\*] to</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide
 and ship preconfigured racks to the installation site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) perform
 onsite installation and solution bring-up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 installation documentation (rack elevations, port mapping, cabling layout); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) coordinate
 deliveries and handle unpacking and disposal of shipping materials.

5. **Schedule & Work Hours** 

Onsite activities will be performed Monday to Friday during 08:00hrs to 17:00hrs local time in Sydney, Australia, unless otherwise agreed in writing. Any weekend, after hour or public holiday work must be agreed upon and documented through a change order.

6. **Change Control & Exclusions** 

6.1 Subject
 to 6.2, any change in Scope, schedule, or deliverables in this Service Order must be documented
 and agreed upon by both Parties in writing.

6.2 To
 the extent the following activities are required, Service Provider may make the necessary
 changes to the Scope, schedule or deliverables in this Service Order without agreement of
 the Customer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) main power/water connections to facility infrastructure, application installation, and any task not explicitly stated in this Service Order but necessary to provide the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) where Service Provider needs to undertake any repair, upgrade, routine or emergency maintenance work on or in relation to the Infrastructure or other activity in the ordinary course of business and provision of the Services, and in such cases (except for emergencies) Service Provider shall give the Customer reasonable prior written notice, where reasonably practicable in each case, before Service Provider (or its appointed subcontractor) undertakes the activity.

7. **Acceptance Criteria** 

7.1 The
 project will be considered complete when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 equipment in the agreed BOM is installed and operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 equipment passes power-on self-tests (POST) and diagnostics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Computing
 Servers pass cluster-level tests as per the agreed validation procedure.

(d) All
 equipment passes the tests of the Customer described below

7.2 The
 Customer will do the tests and Service Provider shall provide reasonable support to Customer
 during testing, including technical assistance, access to relevant systems, and prompt resolution
 of any issues identified.

7.3 Customer
 shall execute the Start of Testing Certificate in the form set out in MSA within 5 business
 days of commencement of Co-testing Stage. Customer shall notify Service Provider in writing
 of any failures to meet the acceptance criteria set out in Section 7.1 within 5 business
 days of discovery.

7.4 Following
 successful completion of testing and satisfaction of all acceptance criteria set out in Section
 7.1, the Parties shall execute the Acceptance Certificate in the form set out in Appendix
 F.

**Appendix B: Pricing and Billing**

**Total Amount Payable** for Computing Services for entire term of the service order, inclusive of all taxes and exclusive of any Early Access, amounts to USD. The Total Amount Payable is calculated with the clause 5.1 and 5.3 of the MSA and based on a maximum load plan and on the following parameters:

---

| | | | |
|:---|:---|:---|:---|
| **Cost for** | **Per Unit** | **Per Quarter** | **Amount (USD) – 60 months** |
| Quantity of GPU (8208) ($3.30 per GPU hour) | $27086.40 | $59359845.60 | $1187196912 |
| Performance (Hot) VAST Storage 17.83 PB ([\*] per TB month) | $547737.60 | $1643212.80 | $32864256 |
| Management nodes (included) |  |  |  |
| Fortinet Firewall (Fortinet FG-4200) ([\*] per GPU hour) | $22.47 | $49070.97 | $981419.49 |
| Backup Node (infra only – included) |  |  |  |
| Support Platform incl licensing ([\*] per GPU hour) | $985 | $2158627.50 | $43172550 |
| **TOTAL AMOUNT** |  |  | $**1264215137.49** |

---

The Fees are as set out below and shall be invoiced in accordance with Table A.

**Table A: Payment Fees schedule**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Event / Timeline** | **LC/BG/Source** | **Amount (USD)** | **Period** | **Cumulative (USD)** |
| By 15 May 2026 | [\*] | 63210756.87 | Security | 63210756.87 |
| By 15 May 2026 | [\*] | 13578486.26 |  | 76789243.12 |
| By 15 May 2026 | [\*] | 63210756.87 | Security | 140000000 |
| Month 1 (30 days post Start Service date) | [\*] | 63210756.87 | Month 1-3 |  |
| Months 4 to 32 | Monthly payments | 21,070,252.29 x 29 | Months 4-32 |  |
| Month 33 | [\*] | 13578486.25 | Month 33 |  |
| Month 33 | [\*] | 7491766.13 | Month 33 |  |
| Months 34 to 36 | [\*] | 63210756.87 | Months 34-36 |  |
| Months 37 – 60 | Monthly payments | 21,070,252.29 x 24 | Months 37-60 |  |
| TOTAL |  | USD 1,264,215,137.49 |  |  |

---

**Payment terms**: invoiced monthly in advance, payable within thirty (30) days from the date of invoice.

For the purposes of this Service Order:

&nbsp;&nbsp;&nbsp;&nbsp;a. "**Bill of Materials**" or "**BOM**" means all materials and equipment required
 in connection with the provision of the Services and the Infrastructure and/or as set out
 in this Service Order including without limitation Appendix A (Scope and Statement of Work),
 Paragraph 4 of this Appendix B (Pricing and Billing) and Appendix C (BOM).

b. Any
 adjustment to the Fee made by the Service Provider under clause 6.2 of the MSA due to an
 increase to the electricity input costs will be applied to the GPU hourly rates set out in
 this Service Order, on a proportionate basis reflecting the increase in electricity input
 costs.

**Customer Tools and Platform**

The Customer acknowledges that the Service Provider's Services are provided through the Service Provider's standard pre-configured platform and GPU orchestration portal. The Customer further acknowledges that it is unable to deploy or operate its own personnel or infrastructure in Australia and will access and manage the Services through the Service Provider's platform.

If the Customer requests the use, integration or support of Customer-provided tools, software or orchestration systems, the Service Provider may require reasonable technical, operational and security due diligence prior to enabling such integration. The Service Provider may also impose reasonable technical conditions or limitations to ensure compatibility, security and operational integrity of the Services.

For clarity and without limiting the generality of the terms of the MSA relating to the Additional Fees, any work, configuration, integration, support, testing or modifications required to enable or support the use of such Customer tools will incur Additional Fees, which will be payable by the Customer.

**Tax**

Notwithstanding any other term of the MSA and this Service Order, the Parties agree to use reasonable endeavours to eliminate (and, where not possible, mitigate) any withholding tax risk and/or permanent establishment exposure for Service Provider in respect of India.

**Appendix C: BOM**

The Parties agree that this Bill of Materials is subject to adjustments consequent upon requirements of the OEM / Manufacturer's cluster design. In the event there are such adjustments to the materials set out in this BOM, then the Parties agree that adjustments shall be agreed and documented in an amendment agreement.

As of 23 March 2026, the following BOM is included: [\*]

This BOM will be validated by [\*] and [\*] prior to ordering. The Customer will be provided the consolidated and validated BOM for their review.

**Appendix D:**

 ****

**Termination Payments**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** Without
 prejudice to the Parties' rights and remedies in the MSA, the following termination
 payments shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** in
 the case of termination by Service Provider for cause pursuant to clause 22.3 of the MSA
 or for if the Customer purports to terminate this Service Order during the Service Order
 Initial Term (including during any applicable grace period set out in Table B of Appendix
 B and the 60 months period immediately following such grace period) for any reason other
 than under clause 22.2, Customer shall make payments as set out under Table A below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** in
 the case of termination by Customer for cause pursuant to clause 22.2 of the MSA, Service
 Provider shall make payments as set out under Table B below.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** Any
 delay in payments pursuant to the tables below beyond the timeframe provided for such payment
 in the MSA shall, without prejudice to the Customer's rights under applicable law and
 this Agreement, be subject to interest at the Interest Rate until the overdue amount has
 been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Non-Standard Hardware** means the Fortinet Firewall (Fortinet FG-4200) referred in Appendix B, Table
 A

&nbsp;&nbsp;&nbsp;&nbsp;**4.** In
 the event that Service Start Date is earlier than anticipated then the Parties shall adjust
 all subsequent dates in this Service Order accordingly.

The Parties agree that the sums set out below represent a genuine pre-estimate of loss calculated at the time the MSA is entered into.

**Table A: Termination Payments by Customer** 

---

| | |
|:---|:---|
| **Period** | **Termination payments on Customer** |
| Before Service Start Date | [\*] will be forfeited and retained by Service Provider |
| After Service Start Date, during the Minimum Term | [\*] of the agreed entire total contract value minus payments to date of termination. |
| After the Minimum Term, with 6 months' notice | [\*] of remaining contract value plus Non-Standard Hardware remaining value paid in full |
| Year 6 & 7 (if extended) | To be agreed if extended |

---

**Table B: Termination Payments by Service Provider** 

---

| | |
|:---|:---|
| **Termination Timeline** | **Termination Payment on Service Provider** |
| Any | [\*] |

---

**Appendix E – Service Level Agreement**

As per Schedule 7 of the MSA.

**Appendix F:** 

**SERVICE DESCRIPTION**

**Part 1 – Service Summary**

**The following services will be delivered by the Service Provider as part of this Service Order:**

---

| | |
|:---|:---|
| **Service Element** | **Service Provision** |
| Service Type | Bare Metal |
| Cooling | Liquid |
| Architecture | Blackwell - HGX B300 |
| Resiliency | SLA 99.95% - Yearly |
| Remote Hands | Required |
| Connectivity | Not in scope of this Service Order |
| Connectivity - Resiliency | Not in scope of this Service Order |
| Connectivity - Speed | 100G |
| Connectivity - IP | Service Provider Addressing |
| Timing Service | Not Required |
| Infrastructure Procurement | Service Provider-defined / Service Provider Owned |
| Firewall Delivery Model | Dedicated Firewall HW |
| Firewall Service | Hands-Off |
| Network Service | Hands-Off |
| Compute Service | HW Only Monitored & Managed |
| Storage Type | Dedicated Platform |
| Storage Service | Customer-Managed |
| OOB Type | Managed |

---

**Part 2 – Service Descriptions**

---

| | |
|:---|:---|
| **Service Type** | **Service Type** |
| Bare Metal | The Service Provider will provision hardware and will monitor and manage hardware failures. Customer will be provided OOB access to compute nodes and is responsible for the OS upwards. Customers will also be provided access to a number of control-plane servers for management. |
| **Cooling Requirement** | **Cooling Requirement** |
| Liquid | Direct liquid-to-liquid cooling between rack systems and facility systems |
| **GPU Architecture** | **GPU Architecture** |
| Blackwell - HGX B300 | Air or Liquid Cooled HGX B300 with Intel or AMD |
| **Hardware Availability** | **Hardware Availability** |
| SLA 99.95% - Yearly | SLA - 4h 23m of allowed downtime per annum |
| **Remote Hands** | **Remote Hands** |
| Required | The Service Provider will provide on-demand on-premises engineering resources |
| **Connectivity - Responsibility** | **Connectivity - Responsibility** |
| Service Provider Responsible | Not provided within this Service Order scope |
| **Connectivity - Resiliency** | **Connectivity - Resiliency** |
| Diverse Carriers / Diverse Connections | The Service Provider will provide two diverse connections from diverse carriers. |
| **Connectivity - Speed** | **Connectivity - Speed** |
| 100G | Not provided within this Service Order scope |
| **Connectivity - IP Layer / Network Layer** | **Connectivity - IP Layer / Network Layer** |
| Service Provider Addressing | Not provided within this Service Order scope |
| **Timing Service (PTP / NTP)** | **Timing Service (PTP / NTP)** |
| Not Required | The Service Provider will not provide a GPS service and the customer does not required on-premise timing equipment |
| **Infrastructure Procurement** | **Infrastructure Procurement** |
| Service Provider-defined / Service Provider Owned | The customer will utilised Service Provider-defined and owned infrastructure. The Service Provider will deploy the relevant vendor reference architecture according to GPU type. |
| **Firewalls – Delivery Model** | **Firewalls – Delivery Model** |
| Dedicated Firewall HW | The Service Provider will provision a dedicated HW platform for the customer. |
| **Firewalls - Service** | **Firewalls - Service** |
| Hands-Off | The Customer will be wholly responsible for managing and maintaining firewalls, including change and configuration management. |
| **Network - Service** | **Network - Service** |
| Hands-Off | The Customer is responsible for managing and maintaining the network elements (switching) including firmware updates and network element security. Service Provider will provide ports to enable access to high-performance storage and control-plane servers. |
| **Compute - Service** | **Compute - Service** |
| HW Only Monitored & Managed | The Service Provider will monitor the hardware for faults and implement fixes with notification to the customer. |
| **Storage Provision** | **Storage Provision** |
| Dedicated Platform | The Service Provider will deploy a dedicated storage solution for the Customer. The Customer takes responsibility for ensuring platform software is updated and the platform is secured. |
| **Storage - Operational Model** | **Storage - Operational Model** |
| Customer-Managed | (Shared Platform / Dedicated Platform) The Service Provider will monitor the storage solution but the Customer will be responsible for management and configuration control. |
| **OOB - Operational Model** | **OOB - Operational Model** |
| Managed | The Service Provider will provide credentials to a shared OOB platform and OOB connectivity to hosts |

---

**Appendix G:** 

**Security**

In consideration of the Service Provider agreeing to provide the services set out in the SO and the MSA to the Customers as set out above, each Customer on a joint and several basis agrees to provide in favour of the Service Provider the Main Security and the Interim Security set out in this Appendix G and Appendix H and in such form and amount as the Service Provider shall require.

**Main Security**

Letter of Credit: one hundred and forty million US dollars (USD $140M) as may be adjusted from time to time in accordance with clause 4 of the Special Conditions.

**Interim Security** 

The Interim Security of not less than USD $21 million must be delivered to Service Provider by no later than seven (7) business days from Service Order Effective Date.

The Interim Security referred to in clause 4 of the Special Conditions may be provided in one of the following forms, subject to the Service Provider's prior written approval:

---

| | |
|:---|:---|
| **Option 1:** | **Escrow Arrangement** |

---

Deposit of the agreed interim amount of USD $21M into an escrow account with an escrow agent and on terms acceptable to the Service Provider.

---

| | |
|:---|:---|
| **Option 2:** | **Deposit** |

---

Payment of the agreed interim amount of USD $21M directly to the Service Provider, including in cash, USDT or such other form as the Service Provider may approve in writing. In the case of deposit, Service Provider agrees to fully refund the deposit amount to Customer on receipt of the Letter of Credit in clause 4.2.

---

| | |
|:---|:---|
| **Options 3:** | **Account security pledge** |

---

A grant by the Customer to the Service Provider within seven (7) business days of this Service Order Effective Date of a first-ranking security right over the Customer's bank account for the amount of USD $21M on the terms of **Annexure H**.

---

| | |
|:---|:---|
| **Options 4:** | **Other forms of security** |

---

Other forms of security (including a bank guarantee or fixed deposit pledge) may be accepted, provided they comply with the requirements of clause 4 of the Special Conditions, are on terms reasonably acceptable to the Service Provider, and are received by the Service Provider no later than seven (7) business day of this Service Order Effective Date.

**Form and Control**

Any Interim Security must be provided:

(a) on terms that give the Service Provider effective control and ability to access or apply the Interim Security; and

(b) in form and substance acceptable to the Service Provider, acting reasonably.

**Transition to Letter of Credit**

The Interim Security may be:

(a) replaced by the Letter of Credit pursuant to in clause 4 of the Special Conditions; or

(b) increased, amended or converted into the Letter of Credit,

in each case in accordance with clause 4 of the Special Conditions.

**Appendix H**

**Security over Pledged UAE Bank Account**

By (i) a service order and its Appendices (the "**SO**") and (ii) a the Master Services Agreement between Spochub Solutions Pvt Ltd, ESDS Cloud FZ-LLC and ESDS Software solutions Ltd and SAI AU NO.2 PTY LTD dated 31 March 2026 (the "**MSA**") the parties have agreed that ESDS Cloud FZ-LLC ("**Security Provider**") and SAI AU NO.2 PTY LTD (the "**Service Provider**") shall enter into this account security pledge in respect of the Pledged Account.

Defined expressions in the SO shall have the same meanings when used in this Agreement unless the context otherwise requires. References to the "Customer" in this Agreement include the Security Provider to the extent necessary to ensure the validity, perfection or enforceability of any Security created under this Agreement, and any such obligation is to be performed by the Security Provider to that extent.

Customer hereby grants to the Service Provider a first-ranking security right (by way of pledge/mortgage) over all present and future credit balances, funds, deposits, and all rights, title and interest in and to the following bank account maintained with a UAE-licensed financial institution (the "**Pledged Account**") which must at all times maintain a minimum credit balance of not less than twenty-one million US dollars (USD 21M) (or such higher amount as may be agreed in writing between the parties):

a) **Bank**: Emirates NBD *("* **the Bank** ");

&nbsp;&nbsp;&nbsp;&nbsp;b) **Account Holder**: ESDS Cloud FZ-LLC *;* 

c) **Account Number / IBAN**: [\*];

d) **Currency**: USD *;* 

e) **BIC Code**: [\*];

**Any other identifying details**: Call Account*.*

The Customer assigns to the Service Provider absolutely all of the Customer's right, title and interest, present or future, in the Pledged Account and the amount for the time being standing to the credit of the Pledged Account.

The Customer covenants with the Service Provider to observe and perform all its obligations to the Service Provider under the SO and MSA.

The Agreement is created and governed by Federal Law No. 4 of 2020 on Securing Rights over Moveable Assets (as amended) (the "**Movables Security Law**") and covers all fluctuating credit balances and future deposits into the Pledged Account.

The Customer acknowledge and confirm that:

&nbsp;&nbsp;&nbsp;&nbsp;1. the
 description of the Pledged Account set out in this Agreement to be adequate for all purposes
 under the Movables Security Law and further agrees that it will not contend to the contrary
 under any circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;2. the
 terms of this Agreement, and the assignment effected, and security created, by it apply to
 the Pledged Account in existence at the date of this Agreement and which come into existence
 during the Service Order Term; and

&nbsp;&nbsp;&nbsp;&nbsp;3. it
 will not at any time, in any manner, seek to rely on the non-existence of any part of the
 credit balance as at the date of this Agreement as releasing the Customer from the performance,
 in whole or in part, of any of its liabilities or obligations arising under this Agreement.

This Agreement shall remain in force until the end of the Service Order Term as a continuing security and, in particular:

&nbsp;&nbsp;&nbsp;&nbsp;1. the

 are only capable of being extinguished, limited or otherwise adversely affected by an express
 and specific term in a document signed by or on behalf of the Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;2. no
 failure or delay by or on behalf of the Service Provider to enforce or exercise any security
 or a right of the Service Provider under this Agreement shall preclude or stop the Service
 Provider (either permanently or temporarily) from enforcing or exercising it.

This Agreement is in addition to and is not in any way prejudiced by, and shall not prejudice any other security as set out or in connection with the SO and MSA.

**Control Mechanisms (Perfection and Enforcement under UAE Law)**

To perfect the security right and make it enforceable against ESDS Cloud FZ-LLC, third parties and the Bank, ESDS Cloud FZ-LLC shall, at its sole cost and expense and within 5 Business Days of the date of this Agreement (or such later period as the Service Provider may permit in writing):

&nbsp;&nbsp;&nbsp;&nbsp;1. Execute
 (and procure that the Bank executes) a tripartite **Account Control Agreement** (in form
 and substance satisfactory to Service Provider) between ESDS Cloud FZ-LLC, Service Provider
 and the Bank. The Account Control Agreement shall expressly provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the
 Bank will follow Service Provider's written instructions (without further consent from
 ESDS Cloud FZ-LLC) regarding any withdrawal, transfer, payment or set-off from the Pledged
 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) no
 withdrawals, transfers or debits may be made from the Pledged Account without Service Provider's
 prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the
 Bank will immediately notify Service Provider of any attempt by ESDS Cloud FZ-LLC (or any
 other person) to withdraw or transfer funds, or of any attachment, freezing order or other
 claim affecting the Pledged Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the
 Bank will provide Service Provider with copies of all account statements and transaction
 reports on a real-time basis (view only access online);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) on
 the occurrence of a Recourse to Security event (as set out in paragraph 4.5 of the SO Special
 Conditions), the Bank will, upon Service Provider's first written demand, pay the entire
 credit balance of the Pledged Account directly to Service Provider or as Service Provider
 may direct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) the
 Bank waives any right of set-off or lien it may have in respect of the Pledged Account (except
 for ordinary banking charges and fees).

&nbsp;&nbsp;&nbsp;&nbsp;2. Deliver
 to Service Provider a written acknowledgment from the Bank confirming

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the
 pledge referred to in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the
 existence and details of the Pledged Account, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) that
 the bank will comply with the control mechanisms set out above.

&nbsp;&nbsp;&nbsp;&nbsp;3. Register
 (or procure the registration of) the security right over the Pledged Account in the Emirates
 Integrated Registries Company (or any successor register maintained pursuant to the Movables
 Security Law) in the name of Service Provider as secured party, and provide Service Provider
 with evidence of such registration.

Until the security right is fully perfected in accordance with the above, ESDS Cloud FZ-LLC shall (i) maintain the Pledged Account in a blocked or restricted status (no withdrawals permitted without Service Provider's consent) and (ii) shall not, and shall procure that no other person, bank or creditor shall, deal with, withdraw from or encumber the Pledged Account in any way.

The Customer expressly agrees that, to the extent legally permissible it waives:

&nbsp;&nbsp;&nbsp;&nbsp;1. any

 created pursuant to the Movables Security Law (the "**Secured Transactions Register** ");

&nbsp;&nbsp;&nbsp;&nbsp;2. any
 right it may have to claim indemnification from the Service Provider under Article 16(3)
 of the Movables Security Law for any failure by the Service Provider to strike off the registration
 in the Secured Transactions Register of the Security created pursuant to this Agreement within
 the 5 business day time limit mentioned in Article 16(2) of the Movables Security Law;

&nbsp;&nbsp;&nbsp;&nbsp;3. any
 right it may have to claim indemnification from the Service Provider under Article 40 of
 the Movables Security Law; and

&nbsp;&nbsp;&nbsp;&nbsp;4. any
 right of termination, release or abatement of the registration in the Secured Transactions
 Register of the Security created pursuant to this Agreement that The Customer may have under
 Article 16 of the Movables Security Law and Article 17 of the Secured Transactions Executive
 Regulations (as set out in Cabinet Decision No. 29 of 2021 Issuing the Executive Regulations
 of Federal Law No. (4) of 2020 Securing Rights Moveable Assets (as amended by Cabinet Decision
 No. 129 of 2023)).

**Enforcement**

Upon the occurrence of a Recourse to Security event (as set out in paragraph 4.5 of the SO Special Conditions), the Service Provider may (without prejudice to any other rights under this Agreement or the Movables Security Law or whether a notice has been served by the Service Provider) enforce the pledge by:

&nbsp;&nbsp;&nbsp;&nbsp;a) withdrawing
 all or any part of the credit balance on the Pledged Account and to use the amount withdrawn
 in or towards discharging the any outstanding liabilities under the SO or MSA; and/or

&nbsp;&nbsp;&nbsp;&nbsp;b) instructing
 the Bank to pay the credit balance directly to the Service Provider; and/or

&nbsp;&nbsp;&nbsp;&nbsp;c) exercising
 self-help remedies available under Article 28 of the Movables Security Law (including set-off
 or direct claim against the credit balance); and/or

&nbsp;&nbsp;&nbsp;&nbsp;d) taking
 any other enforcement action permitted by the Movables Security Law or the Account Control
 Agreement, including sale or appropriation of the funds.

ESDS Cloud FZ-LLC shall promptly execute and deliver any further documents, notices or instruments (including amendments to the Account Control Agreement) that Service Provider may reasonably require to maintain, perfect, protect or enforce the security right over the Pledged Account.

For the avoidance of doubt, nothing in this Section limits Service Provider's rights under any other security, guarantee or remedy provided in this Agreement and the Service Provider may take any action described above notwithstanding that any maturity or roll-over date attached to any part or parts of the credit balance may not yet have arrived.

ESDS Cloud FZ-LLC shall also do any act and execute any document (including a document which amends or replaces this Agreement) which the Service Provider specifies for the purpose of enabling or assisting the Bank or the Service Provider to comply, in relation to the credit balance and/or the Pledged Account with any requirement (legally binding or not) applicable to the Bank or the Service Provider and, in particular, any requirements of a banking supervisory authority with regard to netting or cash collateral.

**Termination**

This Agreement shall terminate only upon: (a) full and irrevocable payment and discharge of all secured obligations; and (b) written confirmation from Service Provider that all obligations have been satisfied. Upon termination, Service Provider shall promptly release the Pledged Account and execute any documents reasonably necessary to evidence such release including release of the charge registration at the Emirates Integrated Registries Company.

**Governing Law** 

This Agreement shall be governed by, and construed in accordance with Dubai Law.

**Jurisdiction**

&nbsp;&nbsp;&nbsp;&nbsp;a) The
 civil and commercial courts of the Emirate of Dubai have exclusive jurisdiction to settle
 any dispute arising out of or in connection with this Agreement (including a dispute regarding
 the existence, validity or termination of this Agreement) (a "Dispute").

&nbsp;&nbsp;&nbsp;&nbsp;b) The
 Customer accepts that the civil and commercial courts of the Emirate of Dubai are the most
 appropriate and convenient courts to settle Disputes and accordingly it will not argue to
 the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;c) This
 clause is for the benefit of the Service Provider only. As a result, the Service Provider
 shall be prevented from taking proceedings relating to a Dispute in any other courts with
 jurisdiction. To the extent allowed by law, the Service Provider may take concurrent proceedings
 in any number of jurisdictions.

**EXECUTION**

 **PLEDGOR**
**SIGNED** by) for and on
behalf of) **ESDS Cloud FZ-
LLC.**)) in the presence of:)
Witness' signature:) Witness' name:) Witness'
address:) **SERVICE
PROVIDER** **SIGNED**by) for and on behalf of)
**SAI AU NO.2 PTY LTD**)) in the presence of:) Witness' signature:) Witness' name:) Witness' address:)

This Service Order is executed as an agreement by its duly authorised representatives

**Signed for and on behalf of Service Provider** 

**acting by its duly authorised representative/s**

---

| | |
|:---|:---|
| Signature |  |
| Name: | James Manning |
| Title: | CEO |
| Signature |  |
| Name: | Tim Broadfoot |
| Title: | CFO |

---

**Signed for and on behalf of Spochub Solutions Pvt. Ltd**

**acting by its duly authorised representative** 

---

| | |
|:---|:---|
| Signature |  |
| Name: | Piyush Somani |
| Title: | **Chairman & Managing Director** |

---

**Signed for and on behalf of ESDS Cloud FZ-LLC.** 

**acting by its duly authorised representative** 

---

| | |
|:---|:---|
| Signature |  |
| Name: | Piyush Somani |
| Title: | **CEO** |

---

**Signed for and on behalf of ESDS Software Solutions Ltd.** 

**acting by its duly authorised representative** 

---

| | |
|:---|:---|
| Signature |  |
| Name: | Piyush Somani |
| Title: | **CEO** |

---

**Exhibit 31.1**

**Certification of Chief Executive Officer of SharonAI Holdings Inc.**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, James Manning, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of SharonAI Holdings Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in
 all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
 presented in this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;c. Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit and risk management committee of the registrant's board of directors
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 15, 2026 | */s/ James Manning* |
|  | James Manning |
|  | Chief Executive Officer, President and Chairman |
|  | (Principal Executive Officer) |

---

**Exhibit 31.2**

**Certification of Chief Financial Officer of SharonAI Holdings Inc.**

**Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**

I, Timothy Broadfoot, certify that:

1. I
 have reviewed this Quarterly Report on Form 10-Q of SharonAI Holdings Inc.;

2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
 the period covered by this report;

3. Based
 on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in
 all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
 presented in this report;

4. The
 registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a. Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b. Evaluated
 the effectiveness of the registrant's disclosure controls and procedures, and presented in this report our conclusions about
 the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;c. Disclosed
 in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's
 most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The
 registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
 reporting, to the registrant's auditors and the audit and risk management committee of the registrant's board of directors
 (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a. All
 significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
 reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

---

| | |
|:---|:---|
| Date: May 15, 2026 | */s/ Timothy Broadfoot* |
|  | Timothy Broadfoot |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

**Exhibit 32.1**

**Statement of Chief Executive Officer and Chief Financial Officer**

**Pursuant to Section 1350 of Title 18 of the United States Code**

Pursuant to Section 1350 of Title 18 of the United States Code as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, James Manning, the Chief Executive Officer and Principal Executive Officer and Timothy Broadfoot, the Chief Financial Officer and Principal Financial and Accounting Officer, of SharonAI Holdings Inc. (the "Company"), each hereby certifies that based on the undersigned's knowledge:

1. The
 Company's Annual Report on Form 10-Q for the period ended March 31, 2026 (the "Report") fully complies with the
 requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The
 information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
 of the Company.

---

| | |
|:---|:---|
| Date: May 15, 2026 | /*s/ James Manning* |
|  | James Manning |
|  | Chief Executive Officer<br> (*Principal Executive Officer*) |
| Date: May 15, 2026 | */s/ Timothy Broadfoot* |
|  | Chief Financial Officer<br> (*Principal Financial and Accounting Officer*) |

---

**Exhibit 99.1**

**Sharon AI Reports First Quarter 2026 Results**

**Acceleration of AI Cloud Growth in Australia and Asia-Pacific Continues**

**New York, USA, 15<sup>th</sup> May 2026** - Today, SharonAI Holdings Inc. (NASDAQ:SHAZ) and its subsidiaries ("Sharon AI" or "the Company"), a leading Australian Neocloud, announced the release of its financial and operational results for the first quarter of 2026.

**Key activities in first quarter 2026 included:**

● Nasdaq
 IPO: Sharon AI IPO which took place in February 2026, raising US$125m, led by Oaktree Capital
 Management L.P. & Two Seas Capital LP.

● Completion
 of the Sale of 50% holding in Texas Critical Data Centers (TCDC) joint venture for approximately
 US$74M: with that recycled capital expected to accelerate the growth of the company's
 core Australian AI Cloud business

● Key
 customer wins - Canva Inc, GMI Cloud

● Key
 customer win - ESDS Software Solutions – US$1.25BN TCV, five-year, take or pay contract
 for an 8K B300 cluster with revenue expected to commence in the third quarter of 2026

● Sharon
 AI and Cisco Launch Australia's First Secure AI Factory - Cisco Strategic Enterprise
 go-to-market Partnership – 1K B300 cluster deployment with NEXTDC

● Strategic
 Partnership with World Wide Technology for Large Scale, High-Performance AI Infrastructure
 Engineering & Supply Chain Solutions

● Sharon
 AI, Lenovo Infrastructure and Vast Data AI Operating System - 1K B200 cluster deployment
 with NEXTDC

● Sharon
 AI Co-Founder & Chairman Mr. James Manning appointed Chief Executive Officer

**Events subsequent to 31 March 2026;**

● Key
 customer win – global technology company with major Asia-pacific presence – US$950M
 TCV, five-year contract, with revenue expected to commence by the end of each of the third
 quarter and fourth quarter of 2026

● US$350M
 convertible note announced, led by Oaktree Capital Management L.P. and Two Seas Capital L.P.
 to expand GPU and network procurement

● Expanded
 expected data center capacity from 70MWs to 100MWs for deployment in 2026 and early 2027,
 data center capacity pipeline continues to grow

● Significant
 additions to technical and management team to support expected growth

● Sharon
 AI presents at Macquarie Australia Conference and Canaccord Rapid Insights Conference in
 May 2026

**James Manning, Co-Founder and CEO, Sharon AI** said *"We are pleased to have exited the first quarter of 2026 with significant business momentum, and this has accelerated into the second quarter. Our AI Cloud business has expanded significantly, and we continue to see both Australian and Rest of World demand materially outweighing available supply. Having now upgraded our expected data center capacity twice this year, from initially 55MW, to 70MW, to now 100MW, and with the previously announced US$350M convertible note, we are well placed to continue to grow our customer base over the coming quarters. We continue to see strong demand across enterprise, hyperscale, research, government and AI native sectors throughout Australia and Asia-Pacific."*

-ENDS-

**Disclosure Information**

Sharon AI primarily uses its Investor Relations page (https://sharonai.com/investors/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. The Company also notes that, at times, it uses other communication mediums including, but not limited to, its X account (sharon__ai) and/or LinkedIn account (sharon-AI) to disseminate information about the Company, and can be additional sources of information outside press releases, regulatory filings with the Securities and Exchange Commission (SEC) and any other conference calls, webcasts, investor days, etc. that the company may hold.

**About Sharon AI**

SharonAI Holdings Inc. (NASDAQ: SHAZ) and its subsidiaries ("Sharon AI"), a leading Australian Neocloud, is a High-Performance Computing company focused on Artificial Intelligence and Cloud GPU/CPU Compute Infrastructure. Our AI Cloud platform and compute infrastructure is accelerating the build of AI factories and sovereign AI solutions, powering the next wave of accelerated computing adoption. For more information, visit www.sharonai.com.

**Contacts**

Sharon AI Media Enquiries:

Ross Barrows – Head of Capital Strategy & Investor Relations

Ross.barrows@sharonai.com

Zachary Nevas

IMS Investor Relations

+1 203.972.9200

sharonai@imsinvestorrelations.com

\# \# \#

**Forward-Looking Statements**

This press release may contain, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which are not historical facts, and which are not assurances of future performance. Forward-looking statements are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. In some cases you can identify these statements by forward-looking words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "should," "would," "project," "strategy," "plan," "expect," "goal," "seek," "future," "likely" or the negative or plural of these words or similar expressions or references to future periods. Forward-looking statements in this release include specific statements regarding the completion of the offering and the intended use of proceeds. Examples of such forward-looking statements include but are not limited to express or implied statements regarding Sharon AI's management team's expectations, hopes, beliefs, intentions or strategies regarding the future including, without limitation, statements regarding:

● Service and product offerings;

● Receipt and use of proceeds;

● The deployment of assets and expansion of network procurement;

● Sharon AI's ability to engage with additional potential customers;

● Expansion of Sharon AI's data center footprint and capacity;

and

● The strengthening of Sharon AI's partner network.

In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. You are cautioned that such statements are not guarantees of future performance and that actual results or developments may differ materially from those set forth in these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements include, among others, all of the risks described in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K filed with the SEC. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the SEC, which are available at www.sec.gov.

The forward-looking statements and other information contained in this news release are made as of the date hereof and Sharon AI does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

**Exhibit 99.2**

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